Annual report-2011 BCAS - NABARD · 2018. 9. 22. · Soni, Nitin Shingala, Rajesh Kothari – Past...

62nd Annual Report 2010-11Bombay Chartered Accountants’ Society

ANNUAL REPORT2010-11

Bombay Chartered Accountants’ Society

B CSA

BCAS Suburban Study Circle

On dais seen from left are GirirajSoni, Nitin Shingala, Rajesh Kothari – Past President, Mayur Nayak – President Yogesh Thar, Kinjal Shah

2nd Residential Study Course 2010 on International FinancialReporting Standards

On the dais seen from left are Mukesh Trivedi, Atul Deshmukh, Himanshu Kishnadwala – Past President, Khozema Anajwala, Suril Shah

The Manging Committee 2010-2011

Standing from left are : Sunil Gabhawalla, Naushand Panjwani, Jayesh Gandhi, Mukesh Trivedi, Himanshu Vasa, Narayan Pasari, Toral Mehta, Gaurang Gandhi, Nandita Parekh, Sonalee Godbole, Manish Sampat, Ameet Patel, Shardul Shah, Krishnakumar Jhunjhunwala

Sitting from left are : Raman Jokhakar, Nitin Shingala, Pradip Thanawala,Mayur Nayak, Deepak Shah, Narayan Varma, Chetan Shah


61st Annual General Meeting

On the dais seen from left are Raman Jokhakar - Incoming Hon. Treasurer, Deepak Shah - Joint Secretary, Mayur Nayak - Incoming President, Ameet Patel - Outgoing President, Nitin Shingala - Joint Secretary, Nandita Parekh - Outgoing Hon. Treasurer, Pradip Thanawala - Incoming Vice President

Keki Mistry, Speaker releasing the Taxation of Charitable Trust publication at the 61st AGMStanding to his Left Kishore Karia – Past President of BCAS

Shriji Arvind Singhji Mewar, lighting the lamp, marking inauguration of the 14th ITF Conference at Udaipur

Others seen from right are :Mayur Nayak – President, Pinakin Desai – Past President

62nd Annual Report 2010-11 Bombay Chartered Accountants’ Society

President Mayur Nayak lighting the traditional lamp, marking inauguration of the 44th RRC at Matheran

Others seen from right are:Uday Sathaye – Past President, Krishnakumar Jhunjhunwala, Chief Guest K. C. Narang – Past President

Mr. S. E. Dastur, Senior Advocate addressing Public Lecture on Direct Tax Provisions of the Finance Bill, 2011

Audience at Public Lecture on Direct Tax Provisions of the Finance Bill, 2011

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62nd Annual Report 2010-1101

Contents

Arvind H. Dalal

Narayan K. Varma

Pradip N. Kapasi

Pradyumna N. Shah

Shariq M. Contractor

Ex-Officio Members

Mayur B. Nayak

Pradip K. Thanawala

BC

AS

FO

UN

DA

TIO

N T

RU

STEES

Office Bearers

President

Mayur B. Nayak

Vice-President

Pradip K. Thanawala

Hon. Joint Secretaries

Deepak R. Shah

Nitin P. Shingala

Hon. Treasurer

Raman H. Jokhakar

Elected Members

Himanshu V. Vasa

Jayesh M. Gandhi

Mukesh G. Trivedi

Nandita P. Parekh

Naushad A. Panjwani

Shardul D. Shah

Sonalee A. Godbole

Toral N. Mehta

Co-opted Members

Chetan M. Shah

Gaurang V. Gandhi

Krishna Kumar Jhunjhunwala

Manish P. Sampat

Narayan R. Pasari

Sunil B. Gabhawalla

Ex-Officio Members

Ameet N. Patel

Narayan K. Varma

MA

NA

GIN

G C

OM

MITTEE 2

01

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1


Page no.

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

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

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

BCAS at Your Service.......................................................4

62nd Annual Report ........................................................5

Acknowledgements .......................................................11

List of Sub-Committees .................................................14

Sub-Committee wise events:

Accounting & Auditing ...................................................16

Human Resources .........................................................18

Indirect Taxes & Allied Laws ............................................20

Infotech & 4i.................................................................22

International Taxation ....................................................23

Seminar .......................................................................27

Taxation .......................................................................28

Other Programmes ........................................................29

Details of BCAS Clinics ..................................................30

Publications ..................................................................30

BCAS in News ...............................................................34

Contributors to Though Mailers........................................34

Analysis of Articles, Features, Etc. in BCAJ ........................34

New Initiatives ..............................................................35

Report of the Auditors ...................................................37

Financial Statements/Annual Accounts .............................38

BCAS Foundation Report/Annual Accounts ........................46

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62nd Annual Report 2010-11Bombay Chartered Accountants’ Society 02

The 62nd Annual General Meeting of the Members of the Society will be held on Wednesday, 6th July 2011

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 Extraordinary General Meeting held on 13th April, 2011.

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, 2011.

4. To announce the results of election of President, Vice President, two Secretaries, Treasurer and eight Members

of the Managing Committee.

5. To appoint Auditors for the year 2011-12.

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

Please note that this year, as in the previous 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 printed copy, she/he

may send a request to the Society and we will send you the printed copy by post/courier or the printed copy may be

collected by the member from the Society’s office. This step is taken to reduce consumption of paper and thereby

save trees.

By order of the Managing Committee

CA. Deepak R. Shah

Place: Mumbai CA. Nitin P. Shingala

Date: 20th May, 2011 Hon. Joint Secretaries

NOTICE OF ANNUAL GENERAL MEETING

ANNUAL GENERAL MEETING AND 63RD FOUNDING DAY CELEBRATION

Day & Date :

Venue : Y. B. Chavan Auditorium, Ground Floor (Main Hall), Y. B. Chavan Pratishthan, Gen.

Jagannath Bhosale 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

Speaker : Shri Narendra Modi, Chief Minister of Gujarat

Topic : Topic of Interest

Wednesday, 6th July, 2011

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BCAS shall be principle-centered and

learning-oriented organization to promote

quality service and excellence in the

profession of Chartered Accountancy and

shall be proactive to change.

BCAS shall harness talent of and

disseminate knowledge to members, build

skills and networks amongst them and

encourage them to adhere to the highest

ethical standards and professional

integrity.

BCAS shall provide to students an

environment conducive to the pursuit of

knowledge and encourage them to achieve

their potential to become complete

Chartered Accountants. BCAS shall also

conduct citizens' education programmes.

BCAS shall be a catalyst for bringing out

better and more effective Government

policies and laws and for clean and efficient

administration and governance.

REGISTERED OFFICE


7, Jolly Bhavan 2, Ground Floor, New Marine Lines, Mumbai - 400 020

Website: www.bcasonline.org | Email: [email protected]

BCASWebTV : www.bcasonline.tv

Tel : + 91 22 61377600 | Fax : + 91 22 61377666

Our Vision

62nd Annual Report 2010-11 Bombay Chartered Accountants’ Society 03

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BCAS at your service

A voluntary organisation established on 6th July 1949, BCAS has more than 8,500 members from all over the country

at present and is a principle-centred and learning-oriented organisation promoting quality service and excellence in

the profession of Chartered Accountancy and is a catalyst for bringing out better and more effective Government

policies & laws and for clean & efficient administration and governance.

The Bombay Chartered Accountant Journal (BCAJ) is a publication with a track record of over 40 years

and is considered as an outstanding publication by tax and accounting professionals in practice or in industry. It

includes analytical articles and updates on the subjects such as Direct Tax, Indirect Tax, International Tax,

Accounting and Auditing and Information Technology.

BCAS Web TV is a new initiative of BCAS based on the Internet Video

Streaming Service where you can see video or hear audio recordings

of select events conducted by BCAS .

Every year BCAS publishes Referencer along with a CD which is an indispensable tool for

professionals as well as those in the industry. We also publish books on varied topics of professional interest such as

Tax Audit Manual, Audit Check-list, TDS, Fraud, Transfer Pricing and FEMA.

BCAS makes representations to various authorities on different laws as well as on procedural

issues, with a view to making them just and friendly to the general public. The representations include pre and post

budget memoranda to the Ministry of Finance, Government of India, Ministry of Company Affairs, and Central Board

of Direct Taxes among others.

BCAS conducts various educational activities such as seminars, workshops, residential

refresher courses, study circles, lecture meetings, distant learning programmes on Service tax and TDS.

BCAS conducts following free clinics: Accounts & Audit Clinic, Charitable Trust Clinic and RTI

Clinic to help the members & non-members in respective areas. Eminent experts provide free advice at these clinics

on pre-fixed days.

The website of BCAS viz. www.bcasonline.org, apart from giving the latest news, circulars and

notifications relevant for professionals, also serves as a "Knowledge Portal", and is an excellent source of

information.

The diverse activities of BCAS include:

BCA Journal:

BCAS Web TV (www.bcasonline.tv):

Publications:

Representations:

Educational Activities:

Free Advisory Clinics:

BCAS Website:

on your computer or on your internet enabled

mobile device

Please visit us at our Cyber Addresses, and share your views with us:

Linkedin : http://in.linkedin.com/in/bcasglobalTwitter : http://twitter.com/bcasglobalFacebook Group : globalcharteredaccountantsOur blog : http://globalcharteredaccountants.wordpress.comOur website : www.bcasonline.orgOur web T.V. : www.bcasonline.tv

We hope to interact with you more often, as we are truly, just a click away!!

BCASYoung at heart

in tune with the times…

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62nd ANNUAL REPORT 2010–11

We are pleased to present to you the 62nd Annual

Report and audited accounts of the Society for the year

ended on 31st March, 2011.

This year has been distinct on many counts. On the

international front, economy appears to be limping

back to normalcy post-recession, whereas Indian

economic growth has remained robust despite scams,

disturbances and agitations. On the international

political front, we saw a lot of upheavals, first the

peaceful ousting of Mubarak in Egypt; followed by

uprisings in Libya, Yemen and other Middle East

countries and so on. On the domestic front, India

received prime attention, as heads of frontline

countries visited India. Some spectacular

achievements of India were successful organization of

the Commonwealth Games and the Cricket World Cup

and India winning the Cricket World Cup and so on.

However, corruption in high places has remained a

major disturbing factor, with the surfacing of a number

of scams. No wonder, helpless Indians in large numbers

joined the fight against corruption spearheaded by Shri

Anna Hazare. The BCAS, too, joined in extending

support to the movement, as it always aims to be a

catalyst for a clean and efficient administration and

governance.

All these events did and will influence our personal and

professional lives. Commodity and particularly oil

prices would continue to be under pressure which, in

turn, would increase inflation. We – professional would

be expected to play a proactive role in advising our

clients to assist in controlling costs and remain

competitive.

On the Society front, the year witnessed a number of

new initiatives. The thrust of the activities of the

Society was to reach out to more members through use

of technology, study tours and programmes at distant

locations, as also to provide thought leadership to

members, to face challenges posed by amendments to

the legislations and other social developments, in

essence being proactive to emerging changes.

A detailed account of the activities of Society is given in

the Annexure hereto. However, highlights of some of

the important initiatives and/or events are enumerated

hereunder:–

The functioning of BCAS is unique in that its activities

are carried on by various committees, each headed by

a past president of the Society. In this way, it not only

CHANGE IS THE ONLY WAY TO GROW...

REORGANISATION OF COMMITTEES

provides continuity to the activities of the Society but

also the benefit of wisdom of past presidents, thereby

providing direction and impetus for execution of

Society’s activities within its valueframe. This year, the

Membership and Public Relations Committee, was

reconstituted with the objective of increasing

membership of the Society and enhancing its brand

image through effective public relations. Innovation

and Technology goes hand in hand. Therefore, the 4i

Committee (i.e., Imaginative Ideas and Innovative

Initiatives) was merged with Information Technology

Committee to make use of technology in innovating

new ideas for the benefit of its membership.

Through concerted efforts, the membership of the

Society crossed the 8,500 mark. A membership card

has been launched with a view to providing additional

benefits to members. The membership card and the

new BCAS Brochure giving detailed information about

the Society were released at the hands of Senior

Advocate, Mr. Sohrab E. Dastur, at the annual budget

meeting on 4th March, 2011.

With a view to reaching out to Chartered Accountants in

industry, the Society has launched Corporate

Membership by amending its bye-laws, under which a

company can sponsor its employees/directors or

partners (in case of LLP) who are also CAs, to become

members of the Society. This historic step will help the

Society to reach more members in industry.

Almost one-third of BCAS membership is outside

Mumbai. The BCAS in that sense a truly all-India

organisation. In order to reach out to members at

distant locations, several new initiatives were taken.

Suburban study circle was commenced in Andheri in

MEMBERSHIP IN NEW LIGHT…

REACHING OUT TO INDUSTRY… CORPORATE

MEMBERSHIP

TAKING BCAS TO MEMBERS’ DOORSTEP…

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November, 2011 which elicited good response with

membership of around one hundred. Lecture meetings

were organised in suburbs which were successful and

well appreciated.

Seminars/Conferences were organised jointly with

local organisations at Ahmedabad and Bengaluru to

service BCAS members from and around those cities.

Study tours were organised at Chakan, near Pune,

Bengaluru and Mysore wherein members from many

other cities participated.

The launch of BCAS Web TV proved a boon to reach

members across India and overseas. Similarly, the live

webcast and webinars have helped to take BCAS to

members’ doorstep.

The Society believes in working in tandem with like-

minded institutions for the benefit of the members of

the profession and accordingly organised several joint

programmes in Mumbai with other institutions.

Further, a two-day conference on “Total Dissection of

Direct Taxes Code” was organized jointly with the

Chartered Accountants’ Association, Ahmedabad

(CAA) in December 2010 at Ahmedabad. A study tour

to Bengaluru and Mysore to visit WIPRO, Infosys and

Toyota Factory was organized in January 2011 jointly

with the Karnataka State Chartered Accountants’

Association (KSCAA), whereafter a half-day conference

was also oragnized with KSCAA at Bengaluru. A lecture

meeting on the “Right to information Act” was

organized at Coimbatore jointly with the Auditors’

Association of Southern India.

Today we face crisis of “Thinking”. People hardly have

any time to “think” in this fast changing and dynamic

world. The pace of change has overtaken all of us – be it

technology, legislations or economy. The world in

general and our nation in particular looks to

GOING BEYOND BOUNDARIES… JOINT

INITIATIVES/PROGRAMMES

THOUGHT LEADERSHIP…

intelligentsia for leadership. The BCAS took the lead

and had risen to the occasion.

In order to motivate our members to think on some of

the burning issues concerning our nation, family,

profession and economy, etc. a monthly mailer titled

“Thought Mailer” was started during year. Eminent

members of the Society are invited to write such

thought mailers which have received an overwhelming

response.

A need was felt to have a brain storming session on

various serious issues concerning our profession such

as CPE credit, Joint Representations, Students related

matters, reforms in ICAI Elections, ‘CA and Social

activism’, etc. BCAS took the lead in organising this

meeting. Representatives of various voluntary bodies

of CAs from Ahmedabad, Bengaluru, Coimbatore and

Kolkata participated. Associations from Pune, Chennai

and Indore, etc., though not physically present,

extended their support and solidarity to the decisions

taken at the joint session.

The success of the brain storming session led to

ushering in a new era of mutual co-operation and

networking of voluntary bodies of CAs across the

country.

The Direct Taxes Code (DTC) Bill was introduced in the

Parliament in the winter session. The two-day Seminar

on DTC during November 2010 elicited overwhelming

response. The Bill has been referred to the Standing

Committee of the Parliament. The Society was invited

to put across its points of view before the said Standing

Committee. The BCAS presented its views on some

crucial issues and submitted a detailed representation

and answered various queries raised by the Hon’ble

Members of Parliament.

The Union Budget 2011-12 sought to amend the

service tax rules to introduce “Point of Taxation Rules”

(POT). The said POT rules were aimed at collection of

service tax on accrual basis, which would have serious

LEADERSHIP IN ACTION…

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impact on professionals who maintain their books of

account on cash basis. The BCAS took the lead and

called a meeting of various associations of

professionals to protest jointly. Representatives of the

Society met Members of Parliament and Chairman

CBEC and explained them the serious implications and

hardships to professionals. An appeal was made to

members to send e-mails to the Prime Minister and the

Finance Minister to lodge individual protests against

the POT. Sister organisations were asked to motivate

their members to join in, all of which paid dividends in

that the POT rules were amended to allow CAs to pay

service tax on receipt or cash basis.

On 5th April 2011, Shri Anna Hazare launched the

agitation against corruption by an indefinite fast to

compel Government to pass the Jan Lok Pal Bill which

could, interalia, book corrupt politicians and

bureaucrats. CAs, both as tax payers and tax

practitioners, are one of the worst victims of

corruption. The BCAS, therefore, made an appeal to its

membership to support the cause, and this received a

very good response.

Besides the above, several representations were made

to various authorities, such as RBI, FIPB (on matters

concerning FEMA), Maharashtra Government (on MVAT

and the State Budget), ICAI (on Exposure Drafts of

Accounting Standards), Ministry of Finance (pre-and

post-Budget representations) and Ministry of

Corporate Affairs, etc.

The BCAS continued to serve its membership with a

difference. Invariably, all programmes organised

during the year received good response.

The 4th Residential Study Course (RSC) on Service Tax

was held at the Silent Hill Resorts at Manor on the

banks of Vaitarna River was well attended, with many

outstation delegates from across India. The unique

feature of this RSC was that the entire faculty was from

the profession of law.

SERVING THE MEMBERSHIP WITH A

DIFFERENCE…

The International Tax and Finance Conference, 2010

(14th in a row) was organised at the picturesque lake

city, Udaipur. It turned out to be an historic event, with

tryst with the Mewar dynasty, as the Conference was

inaugurated by H.R.H. Shriji, i.e. Arvind Singhji Mewar,

a descendant of the Royal family. A high level of

technical deliberations on international taxation added

flavour to the otherwise well planned and well attended

conference.

A good mix of members in practice and industry

deliberated on the subject of IFRS at the Gateway Hotel

(Taj, Nashik) in December 2010 at a fairly high level.

This Residential Study Course was jointly organised

with the Indian Merchants’ Chamber. The “fair

valuation of financial instruments” generated a good

amount of interest amongst participants and a good

appetite for studies which culminated in a two day

intensive study course in March 2011.

The flagship 44th Residential Refresher Course (RRC)

of the BCAS was organised at the panoramic hill

station, Matheran, with 225 delegates participating.

For the first time, the general membership was asked

to suggest topics and speakers for the RRC. Again, for

the first time, two papers were discussed

simultaneously at the RRC, i.e. Service Tax and

International Tax. The new arrangement elicited good

response from participants as it gave them an

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opportunity for attending a paper of their choice. On

one of the days, a unique evening programme, namely,

“RRC Nostalgia” was organised, at which memories of

past RRCs right from the first RRC were re-lived by past

presidents and members present thereat.

In order to spread awareness about the growing

importance of the Internal Audit practice, especially for

SME firms, “February 2011” was declared as “Internal

Audit Month”. A long duration Study Course on Internal

Audit, articles on Internal Audit in the BCAJ, lecture

meeting and study circle meetings on Internal Audit,

etc. were some of the highlights of activities carried out

in that month.

Senior Advocate, Mr. Sohrab E.

Dastur, continued to enthral

members at his annual analytical

talk on the Finance Bill. About

2,000 members were present at

the venue and over 3,000 people

from across the globe watched

him address live through the

webcast.

Other seminars, workshops, lecture meetings and

study circles continued to disseminate knowledge and

keep members abreast of latest developments in

different fields. Through long duration courses titled

“Professional Accountants” the Society continued to

make the office staff of members better accounts

personnel.

Meetings organised by the Human Resources

Committee on a variety of non-technical but life

transforming subjects, including the annual Leadership

Camp, attracted good participation from members and

their families.

The BCAS and its sister organisation, the BCAS

Foundation, have intensified their activities on the

social front. NGOs and NPOs have a unique role to play

in social and economic

well-being of the

society. During the

year, members of

BCAS paid visits to

temples of mercy and

contributed their mite,

to name a few:

Pragnya Chakshu at

S u r e n d r a n a g a r,

Kidney Hospital at

Nadiad, Mulchand Jivraj High School at Limbdi,

Ashktashram at Dakor, Anuben’s Ashram at Vadodara,

Government High School at Pondicherry, which was

partly rebuilt after tsunami by the BCAS foundation.

Two eye camps were organised at the eye hospital run

by Dr. Kanu Vaidya, Vansda, Valsad, Gujarat and

projects of social welfare were undertaken at

Dharampur, Gujarat.

People continue to throng Charitable Trust and RTI

clinics for guidance. Both these clinics are run by

volunteers for the general public, where free advice

and guidance are provided. Clinic on Accounting and

Auditing also received good attention from members.

The Society continued its crusade of mass awareness

on “Right to Information” through workshops, lectures

and screening of an emotional Marathi movie titled “ek

cup chaay”.

As a part of service to people at large, the Membership

and PR Committee, published two booklets under the

“Citizens’ Education Series”: (i) Custom Baggage Rules

and (ii) Fundamental Rights and Duties of Indian

Citizens.

The Society’s effort to reduce paper consumption is

continued with and the annual report will be made

available to members electronically.

One of the serious handicaps of our future generation-

especially students from Municipal school, is the lack of

English speaking ability. This deficiency results in low

self-esteem and lack of confidence, besides being

unemployable. Therefore, the BCAS Foundation in

association with Dharma Bharati Mission and others

have launched a novel project called, “Teach English

Project”.

Technology has revolutionised our lives. If used rightly

DISCHARGING SOCIAL RESPONSIBILITY…

SERVICES THROUGH TECHNOLOGY…

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and effectively, it can prove to be boon to the human

race. In order to reach to members across the country,

the Society undertook a number of new technological

initiatives, such as the launch of a Web TV at the 44th

RRC, webcast and webinars.

In order to spread the awareness amongst its

members, a number of webinars on the emerging

subject, namely, “XBRL” (eXtensive Business Reporting

Language) were organised during the year.

The BCAS continues to make its mark on social

networking sites with its followership growing by the

day. In order to equip its members, a workshop on use

of social networking sites was organised.

It is said books are nothing but frozen thoughts. The

“BCAJ”, the flagship publication continued its journey

and remains in high esteem amongst its readership.

The Society entered into an arrangement with the

Organization for Economic Cooperation and

Development (OECD) and reprinted its following two

publications for making them available to members at

reduced rates:

1. Model Tax Convention on Income and on Capital;

and

2. Transfer Pricing Guidelines for Multinational

Enterprises and Tax Administrations.

The BCAS calendar continued to serve as useful

reminders for compliances and as such, remained high

in demand. Some other useful publications during the

year were in the arena of Service Tax Laws, Real Estate

Laws, Reporting under CARO (Accounting and

Auditing) and Citizens’ Education Series, etc. The BCAS

Referencer, as usual, was in great demand from

members.

Students are our future. It is the duty of any

organisation to take care of its future generation, more

SHEDDING LIGHT ON FROZEN THOUGHTS …

PUBLICATIONS

BUILDING THE FUTURE… STUDENTS

so at the BCAS where its motto is to harness talent. An

inspirational talk by the noted film actor, Mr. Anupam

Kher, on “Power Within” marked the beginning of

Students’ activities during the year.

On 14th March 2011, CA.

Padmashri T. N. Manoharan’s

address to about 800 CA students

on the subject of “how to prepare

and write for CA Examinations”

through a live webcast. Up to now

more than 4,000 students/

members have benefited from this video.

Besides the Students’ Orientation programme and the

public speaking workshop, a full-day course on

Personality Development was also been organised.

The 3rd Annual Day of Students was successfully

organised at which Mr. Bhavin Turakhia, Director of

Directiplex, shared his success story which motivated

students.

We are pleased to inform you that the activities of the

Society resulted in a nominal surplus of ` 6,88,261/-.

The reason for this is attributed to the reduction in the

cost of printing the journal and the incidental surplus in

some of the programmes organised by the Society. The

BCAS, being a non-profit organisation, strives to

organise programmes on no surplus-no deficit basis;

however, this year in some of the programmes, due to

overwhelming response from members at the last

moment, resulted in some incidental surplus.

The Society was compelled to increase the fees which

remained unchanged for past 10 years, despite

increase in establishments and other costs. We must

record our sincere thanks and appreciation to one and

all, for readily accepting our decision to increase fees.

Let us assure you that every paisa will be used for the

benefit of the organisation and in improving services

and in furthering the objects of the BCAS.

In addition to the above, several new initiatives were

also taken up during the year, a few of which are

enumerated hereunder:–

Training is the key to success. BCAS staff was imparted

formal training in team building and soft skills.

Similarly, a full-day training was organised for the

benefit of Core Group during the year.

CRUCIAL BALANCING ACT... FINANCIAL

RESULTS…

INNOVATION IS THE KEY TO SUCCESS…NEW

INITIATIVES

Training

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Power Summit

Intensive Study Course on Transfer Pricing

Internal Audit Study Course in its new avatar...

Study Circle on International Economics

Online Study Circle Meeting

SAD DEMISE

A two-day Power Summit on “Practice Management,

Capacity Building and Networking” organised by the

Society in April 2011 at Mumbai which was well attended

by members from all over India. The Summit provided

them a unique opportunity of networking and exploring

possibilities of strategic partnership, besides unveiling the

best practices to manage one’s professional practice.

Continuing its innovative practices, the BCAS has

pioneered in commencing the first-ever long duration

systematic study course on Transfer Pricing. One hundred

members from Mumbai and elsewhere participated and

benefited therefrom.

February, 2011 was the Internal Audit month which began

with an intensive “Six-Day Internal Audit Studies

Foundation Course”. The course was well structured and

participants have given an excellent feedback.

Indian economy is now integrated to the world economy

to a large extent. The effect of fluctuation in world

currencies leads to changes in economic parameters of

different countries. In order to study various aspects of

International Economics, a new study group was formed

under the International Taxation Committee. The group

has received a good response from members.

The first-ever online study circle meeting was held on

22nd March, 2011 on the topic of Google Docs. Members

participated from different locations and interacted with

each other at ease.

During the year the Society lost two dedicated members, namely, Mr. Hiten Shah, member of the Managing Committee on 14th June 2010 and Mr. Manesh Gandhi, convener of the Taxation Study Circle on 10th Oct. 2010. BCAS records the contribution by these core group

members and offers homage to them.

We are perhaps living in the most exciting times of

technological evolution. The pace at which technology is

changing, our minds do not. Dr. R. A. Mashelkar, a

renowned scientist, in his celebrated talk on “Mind vs.

Mindset” describes three essential qualities for success

and i.e. Innovation in mind, Compassion in heart and

Passion in the belly.

We, at the BCAS, are aware of challenges ahead. Good

governance is one of the most challenging areas

occupying the centre stage in India both in the corporate

sector and Government arena. CAG’s report in 2G scam is

revealing. Post Satyam episode, the focus on auditors has

increased especially from the ‘regulators’. The recent

decisions of the Mumbai High Court, in the case of PWC

Vs. SEBI and the Kolkata High Court, in the case of G. M.

Basu & Co. Pvt. Ltd., regarding the power of SEBI on

intermediaries, without encroaching on ICAI’s disciplinary

jurisdiction are worth noting. Our educational

programmes especially on internal audit covering review

of internal controls and compliance are tailored to impact

and assist us in the discharge of our duties as auditors.

The other major challenge is to attract and retain young

talent to secure the future of the organisation. And to that

end, we must experiment with new ideas, procedures and

processes without being afraid of failures, for innovation is

the key to sustained success. We must be passionate

about our success, our growth, but at the same time, be

compassionate to all those millions who are starving and

deprived. The BCAS with a lot of activities in technical

subjects as also social activities through BCAS Foundation

is constantly striving to strike the balance.

Through use of technology, distances have been reduced

amongst the people. There is no need for one to travel

frequently. We are living in the era of webcast, webinar,

online meetings, online chatting, instant messaging, e-

learning, e-library and so on. Technology is ready to

change our lives, but are we ready to change?

We are sure that the BCAS will rise to the occasion, as

always, and provide the needed leadership without being

afraid of walking on a road less travelled, as that alone

would make the difference ultimately.

We solicit your support as well as your company on the

journey, towards the 63rd year of the Society and, we are

sure we can count on you, as hitherto.

For and on behalf of the Managing Committee of the

Bombay Chartered Accountants Society.

Mumbai Mayur B. Nayak

May 20th, 2011 President

THE ROAD LESS TRAVELLED… WAY FORWARD…

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Acknowledgements

We acknowledge with gratitude the valuable support of :

Contributors to BCA Journal, BCAS Referencer, Budget Publications and other publications.

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

Chairmen, Co-Chairmen, 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 study courses.

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

Management of General Motors, WIPRO, Toyota and Infosys for educational study tour.

Management of different venues where we organised our programmes.

Trainers who trained BCAS Staff, Core Group, Students and Members on various occasions.

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 programmers jointly with us:

All India Federation of Tax Practitioners

Chamber of Tax Consultants

Chartered Accountants' Association, Ahmedabad

Dharma Bharati Mission

Forum of Free Enterprise

Indian Merchants' Chamber

Karnataka State Chartered Accountants' Association, Bengaluru

Nani A. Palkhivala Memorial Trust

Public Concern for Governance Trust

Sales Tax Practitioners Association of Maharashtra

The Auditors Association for Southern India

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 hard work

We are grateful to the following donors

Amita Memorial Trust for Lecture meeting and Leadership Course for Student

Chandanben M. Bhatt Elocution Fund

Dilip N. Dalal Oration Fund for Lecture Meeting

Guru Smruti Sanshodhan Nidhi for Research Activity

Lavino Kapur Cottons Student Education Fund

Lavino Kapur Cottons Research Fund

P. M. Trivedi Prize Fund for Journal Contributors

Pragnya Girish Sharedalal Foundation and Nila Vinod Zaverchand Vasa Foundation for their contributiontowards Finance Bill publications.

Senior Citizens Students Education Fund

Shailesh Kapadia Memorial Fund for Publications

Other donors who have donated to the BCAS Foundation

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STATEWISE BREAKUP OF MEMBERSHIP

As on 31st March, 2011

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State Life Ordinary Total

Total 2,946 5,499 8,445

Andhra Pradesh 103 135 238

Assam 4 6 10

Bihar 4 4 8

Chandigarh 0 3 3

Chhattisgarh 2 4 6

Dadra Nagar Haveli 0 2 2

Goa 9 18 27

Gujarat 213 331 544

Haryana 10 10 20

J & K 1 0 1

Jharkhand 2 1 3

Karnataka 91 95 186

Kerala 15 24 39

Madhya Pradesh 23 41 64

Maharashtra - Mumbai 1,968 3,878 5,846

Maharashtra - Other

than Mumbai 229 551 780

New Delhi 43 71 114

Punjab 0 9 9

Orissa 2 3 5

Rajasthan 28 56 84

Tamil Nadu 106 133 239

Uttar Pradesh 30 65 95

West Bengal 45 57 102

Abroad 16 2 18

Uttarakhand 1 0 1

Uttaranchal 1 0 1

Areawise Membership


Rest of India1801

Mumbai5569

Rest of Maharashtra

1057 Abroad18

Membership Breakup


Life1803

New Life1143

Ordinary5499

BCAS WEBSITE ENROLMENT GROWTH

650314207

24603

34026

46101

57226

67811

76914

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

2003 -04 2004 -05 2005 -06 2006 -07 2007 -08 2008 -09 2009 -10 2010 -11

Hours of Education


Seminars, Workshops, Conferences127198

Lecture Meetings21958

Study Groups587

Study Circles1681

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NETWORKING STATISTIC CHART

Facebook Group

836

Linkedin1462

Twitter86

Domestic Tax219

IFRS

511

International Tax

173

Service Tax19

VAT11

Global Chartered Accountants

31Infotech for Accountants

13

Facebook Page427

BCAS StudentsForum

178

MEMBERSHIP

79578057

7917 7925

8445

2006-2007 2007-2008 2008-2009 2009-2010 2010-2011

Membership

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Bold Italic = Past President; Italic = Managing Committee Member

List Of Sub-committees

14

Anand R. Paurana Aruna R. Shah Arvind H. Dalal Ashutosh A. Pednekar Atul H. Shah

Bhupendra V. Dalal Deepjee A. Singhal Haren B. Jokhakar Harish N. Motiwalla Hemendra N. Shah

Himanshu V. Vasa Jayesh M. Gandhi K. C. Narang Kunjan N. Gandhi Manish P. Sampat

Manish S. Patel Nandita P. Parekh Narendra P. Sarda Neesha N. Samant Nikhil D. Patel

Nilesh S. Vikamsey Paresh H. Clerk Pranay H. Marfatia Preeti S. Cherian Rajesh D. Patel

Rajesh S. Shah Raman H. Jokhakar R. J. Damanwala Vijay S. Maniar Vipul K. Choksi

Mem

bers

:

ACCOUNTING & AUDITINGChairman : Himanshu V. Kishnadwala

Convenors : Abhay R. Mehta, Mukesh G. Trivedi, Suril V. Shah

Mem

bers

:

Apurva B. Shah Ashok M. Solanki Atul C. Bheda Bharatkumar K. Oza Gracy M. Mendes

Hemant P. Gandhi Hemendra N. Shah Jinal A. Shah K. C. Narang Mahendra D. Turakhia

Manish R. Reshamwala Manori S. Shah Mihir C. Sheth Mukesh G. Trivedi Nilesh M. Parekh

Pradeep A. Shah Raman H. Jokhakar Shariq M. Contractor Shweta A. Fafadia Smita H. Acharya

Toral N. Mehta Vijay U. Bhatt Vinod Kumar . Jain Vipin P. Batavia

HUMAN RESOURCESChairman : Rajesh R. Muni

Convenors : Aliasgar Z. Kherodawala, Ashish B. Fafadia, Manish P. Sampat

Mem

bers

:

INDIRECT TAXESAND ALLIED LAWS

Chairman : Govind G. Goyal

Convenors : Suhas S. Paranjpe, Sunil B. Gabhawalla, Toral N. Mehta

A. R. Krishnan Ashit K. Shah Bharat M. Shemlani Bhavna G. Doshi C. B. Thakar

Chirag N. Sheth Janak K. Vaghani Kanu S. Chokshi Naresh K. Sheth Naushad A. Panjwani

Parind A. Mehta Pradip N. Kapasi Pranay H. Marfatia Puloma D. Dalal Rajiv J. Luthia

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

Santosh M. Jain Surendra S. Gupta Tushar K. Doctor Uday V. Sathaye Udayan . Choksi

Mem

bers

:

INFOTECH & 4i

A. Z. Kherodawala Anil J. Sathe Ashish B. Fafadia Atul C. Bheda Dinesh K. Doshi

Giriraj O. Soni Himanshu V. Vasa K. C. Narang Kamlesh L. Doshi Kinjal M. Shah

Manish J. Unadkat Narayan K. Varma Naresh A. Ajwani Natwar G. Thakrar Naushad A. Panjwani

Nikunj S. Shah Ninad B. Karpe Nirav B. Dalal Nitin P. Shingala Pinky H. Shah

Pranay S. Kochar Samir L. Kapadia Sanjay B. Chokshi Saroj V. Maniar S. M. Contractor

Sunil B. Gabhawalla Tarunkumar G. Singhal

Chairman : Ameet N. Patel

Convenors : Jinal A. Shah, Nandita P. Parekh, Shardul D. Shah

INTERNATIONAL TAXATION

Chairman : Pinakin D. Desai

Co-Chairman : Rajesh S. Kothari

Convenors : Dhishat B. Mehta, Gaurang V. GandhiSushil U. Lakhani

Mem

bers

:

Anil D. Doshi Arvind H. Dalal Chetan M. Shah Dhaval J. Sanghavi Dilip J. Thakkar

Durgashanker Sharma Ganesh Rajgopalan Gautam S. Nayak Harish N. Motiwalla Kirit P. Dedhia

Kishor B. Karia Mayur B. Desai Naresh A. Ajwani Natwar G. Thakrar Nitin P. Shingala

Paresh C. Budhdev Paresh P. Shah Rajesh P. Shah Rajiv G. Shah Shefali K. Goradia

Tarunkumar G. Singhal Tilokchand P. Ostwal Vishal V. Gada Vispi . Patel

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*Ex-officio: Mayur B. Nayak, Pradip K. Thanawala

*2010-2011


Ashok K. Dhere* Bharat S. Raut Bhupendra V. Dalal* C. N. Vaze Deepak R. Shah

Gaurang V. Gandhi Gautam S. Nayak* Jagdish D. Shah Jagdish T. Punjabi Jinal A. Shah

K. C. Narang* Kanu M. Modi Kishor B. Karia* Nandita P. Parekh Narayan K. Varma*

Pradip N. Kapasi Puloma D. Dalal Rajaram M. Ajgaonkar Rutvik R. Sanghvi Sunil B. Gabhawalla

Tarun J. Ghia Tarunkumar G. Singhal

JOURNAL Chairman : Sanjeev R. Pandit*

Co-Chairman : Anil J. Sathe*

Convenors : Anup P. Shah,* Sonalee A. Godbole*

Mem

bers

:

Abhay R. Mehta Ameet N. Patel Bhargava K. Vatsaraj Deepak R. Shah Kanu S. Chokshi

Manish R. Reshamwala Meena H. Shah Narayan K. Varma Nayan C. Parikh Neel P. Majithia

Nina P. Kapasi Parimal B. Parikh Rajeev N. Shah Rajesh G. Kapadia Salil B. Lodha

Sangeeta S. Pandit Shariq M. Contractor Toral N. Mehta Yatin K. Desai

MEMBERSHIP& PUBLIC RELATIONS

Chairman : Pranay H. Marfatia

Co-Chairman : Rajesh S. Shah

Convenors : Manori S. Shah, Narayan R. Pasari, Naushad A. Panjwani

Mem

bers

:

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

Nandita M. Chokshi Narayan R. Pasari Nayan C. Parikh Nina P. Kapasi Pranay H. Marfatia

Salil B. Lodha Satish B. Kanodia Saurabh P. Shah

SEMINARChairman : Uday V. Sathaye

Convenors : Krishna K. Jhunjhunwala, Rajeev N. Shah, Yatin K. Desai

Mem

bers

:

Ameet N. Patel Anil J. Sathe Arvind H. Dalal Devendra H. Jain Dilip V. Lakhani

Gautam S. Nayak Harshal Bhuta Hitesh D. Gajaria Late Manesh N. Gandhi Manori S. Shah

M. C. Kisnadwala 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

Rajesh S. Shah Rutvik R. Sanghvi Saurabh P. Shah Sonalee A. Godbole Tilokchand P. Ostwal

Vipul N. Gandhi Yogesh A. Thar

Chairman : Kishor B. Karia

Convenors : Anil D. Doshi, Chetan M. Shah, Kirit R. KamdarTAXATION

Mem

bers

:

Bold Italic = Past President; Italic = Managing Committee Member

* Member, Editorial Board

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ACCOUNTING & AUDITING COMMITTEE

Subject Speaker / Chairperson Date

Recent Developments in IFRS — Globally and in India N. P. Sarda 8.12.2010

Challenges and Opportunities for Internal Auditors in thecoming Decade Porus Doctor 23.2.2011

Issues in Bank Audit Akeel Master 23.3.2011

2nd Residential Study Course on IFRS

Fair Value — Methodologies & Applicability in IFRS Ramesh Lakshman 23.12.2010

First-time Adoption of IFRS in India Sudhir Soni 24.12.2010

Revenue Recognition (with focus on Infrastructure & Khozema Anajwala,Real Estate Sector) Atul Deshmukh 25.12.2010

Internal Audit Studies Foundation Course

Overview & SIAs

• Internal Audit Overview Nandita Parekh

• Positioning of IA in the Corporate framework Nandita Parekh

• Evolution of IA, with specific reference to the Indian Nandita Parekhenvironment, Regulatory framework facilitating IA

• Preface to SIA and relevant SIAs Nandita Parekh 7.2.2011

IA Objective – Internal Controls, Compliances,Resource optimization, Ethics and Governance Nandita Parekh

IA Process – planning (audit charter, audit plan,scope determination, scope review) including SIA Bhargav Vatsaraj

IA Process – resource mobilization & pre-preparation Bhargav Vatsaraj

IA Controls and IA Process

Internal Controls – the heart of IA Nandita Parekh 8.2.2011

Internal Controls – Case Study Nandita Parekh

IA Process – execution: field work & working papers Atul Shah

Report Writing Preeti Cherian

IA Process

Situation analysis – Probing skills Shailin Desai 9.2.2011

Escalation – process Shailin Desai

Basics of Risk Management and Risk Assessment Himanshu Vasa

Basics of Risk Management and Risk Assessment Continued Himanshu Vasa

IA Process & IT environment

Case Studies Deepjee Singhal 10.2.2011

Case Studies continued Deepjee Singhal

IA in IT environment – orientation (Specific focus on the Kunal Pandeneed to understand, appreciate and utilize the IT environment of the auditee for effective IA)

IA in IT environment – practical examples (Tally, ERP, Kunal Pandeweb-based system)

LECTURES

COURSES

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IA Skills & IA in IT environment

IA – Bag it, Sell it, Present it Ravindra Rao 11.2.2011

Use of CAATs (for IA evidence collection) Jayram Rajshekar

Building an Internal Audit Team Himanshu Vasa

Presentation skills Himanshu Vasa

IA skills

Data Mining & Analytics for IA Nikunj Shah 12.2.2011

Data Mining & Analytics for IA continued Nikunj Shah

Seminar on NBFCs (including audit aspects) 14.8.2010

Overview of RBI Regulations, expectations from companies andauditors Dr. Toli Roy

Public Deposits and RBI Regulations for NBFCs (including draftCIC guidelines) Jayant Thakur

Audit procedures and reporting in NBFCs Viren Mehta

Careers in Internal Audit — An exploratory programme Neesha Samant, 11.12.2010especially for our young members and student members Shailin Desai,

Nischal Shah

Fair Value of Financial Instruments Ramesh Lakshman 25.3.2011,26.3.2011

IFRS Study Circle

Fair value under IFRS Saket Modi 25.8.2010

IFRS 1 First-time Adoption of International FinancialReporting Standards Yagnesh Desai 5.10.2010

Revenue Recognition in IFRS Manan Lakhani 27.1.2011

Internal Audit Studies

IS Audit of Stock Brokers** Kinjal Shah 12.7.2010


Internal audit of SME sector – challenges and opportunities* Deepjee Singhal 29.1.2011

Estimation of Fees for New Internal Audit Assignments Nandita Parekh 18.2.2011

* Jointly with Suburban Study Circle of BCAS

** Jointly with Information Technology Study Circle of BCAS

Representation on Exposure Drafts of AS 20 (Revised), Ind - AS 41 & AS 14 (Revised)

Comments to the Exposure Draft of Scheduled XIV to theCompanies Act, 1956 to the ICAI

SEMINAR / WORKSHOP

STUDY CIRCLES

REPRESENTATIONS

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HUMAN RESOURCES COMMITTEE


Talk on How to prepare for & write CA Exams* T.N. Manoharan 14.3.2011

*jointly with Infotech & 4i Committee

Professional Accountants Course – Batch – X

Basic Principles of Income Tax Nitin Shingala 13.4.2010

Service Tax – Basic Principles & Practical Aspects Tushar Doctor 16.4.2010

Pivot Table in EXCEL Nikunj Shah 17.4.2010

Asst. Procedures & Appeals of Income Tax Nitin Shingala 20.4.2010

Tally – Practical Training Kamlesh Doshi 23.4.2010

Interpersonal Skills Prof. Misha 24.4.2010

TDS Procedures & Returns Sonalee Patvardhan 30.4.2010

Office Systems, Communication & Reporting Pratibha Pai 4.5.2010

Accounting Standards Raman Jokhakar 7.5.2010

Tally – Practical Training Kamlesh Doshi 11.5.2010

Excise Duty – Basic Principles & Practical Aspects Samir Kapadia 14.5.2010

Custom Duty – Basic Principles & Practical Aspects Samir Kapadia 15.5.2010

Financial Accounts, Practical Aspects Prof. Lakdawala 18.5.2010

Statutory Audit, Tax Audit, Internal Audit Prof. Lakdawala 21.5.2010

VAT – Basic Principles & Practical Aspects Vikram Mehta 25.5.2010

VAT & Profession Tax Vikram Mehta 28.5.2010

Negotiating Skills and Assertiveness Training Nayan Marfatia 4.6.2010

Culture and Communication Pratibha Pai 5.6.2010

Interpretation & Analysis of Financial Accounts Amit Nandu 8.6.2010

Ratio Analysis, Management & Financial Reporting Amit Nandu 11.6.2010

Costing, Budget & MIS Sapna Mallya 12.6.2010

PD, Interviews & Appraisal Prof. Misha 15.6.2010

Lecture on Journey of Life Sanjeev Nayyar 19.6.2010

Exam 25.6.2010

Convocation 5.8.2010

8th Residential Leadership Camp on Redefining Success! Subroto Ghosal 19.6.2010,20.6.2010

Monsoon Trek 2.10.2010

Professional Accountants Course – Batch – XI

Accounting Standards Raman Jokhakar 23.11.2010

Service Tax - Basic Principles and Practical Aspects Tushar Doctor 27.11.2010

Basic Principles of Income Tax Ameet Patel 30.11.2010

Assessment Procedures and Appeals of Income Tax Ameet Patel 3.12.2010

LECTURES

COURSES

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Journey of Life Sanjeev Nayyar 4.12.2010

Interpersonal Skills Prof. Misha 7.12.2010

Excise Duty – Basic Principles and Practical Aspects Sameer Kapadia 10.12.2010

Customs Duty – Basic Principles and Practical Aspects Sameer Kapadia 11.12.2010

Office Systems, Communication and Reporting Pratibha Pai 14.12.2010

Tally Kamlesh Doshi 17.12.2010

Pivot Tables Inside Out Nikunj Shah 18.12.2010

Negotiating Skills and Assertiveness Training Nayan Marfatia 21.12.2010

VAT - Basic Principles and Practical Aspects Tushar Doctor 24.12.2010

VAT & Profession Tax Tushar Doctor 28.12.2010

Office Systems, Communication and Reporting Prof. Pratibha Pai 4.1.2011

Financial Accounting - Practical Aspects Prof. Lakdawala 7.1.2011

Statutory Audit, Tax Audit & Internal Audit Prof. Lakdawala 8.1.2011

Interpretation & Analysis of Financial Accounts Prof. Amit Nandu 11.1.2011

Costing, Budget and MIS Prof. Sapna Malya 15.1.2011

Ratio Analysis, Management and Financial Reporting Prof. Amit Nandu 18.1.2011

Personality Development, Interviews & Appraisals Prof. Misha 21.1.2011

Tax Deduction at Source – Procedures & Returns Sonalee Patwardhan 28.1.2011

Tally Kamlesh Doshi 29.1.2011

Exam 1.2.2011

Convocation 4.2.2011

Effective Communication and Public Speaking Murli Mehta, Vivek Patki 6.2.2011,9.2.2011,13.2.2011

Two-day Orientation Workshop specially designed for ArticleStudents

Importance of Communication and Inter-personal Skills Atul Bheda 25.2.2011

Introduction to Accounting Standards Raman Jokhakar

Code of conduct for articled students and ICAI regulationsrelating to students Jayant Gokhale

Introduction to Internal Audit Priti Cherian

Introduction to Direct Taxes Nina Kapasi 26.2.2011

Introduction to Auditing Raksha Shah

Introduction to Service Tax Tushar Doctor

Introduction to MVAT Samir Kapadia

Human Resource Development

How to Get More Out of Life Mihir Sheth 13.4.2010

The Ultimate Mantra for a Happy, Successful and Complete Living Jignesh Sanghvi 11.5.2010

Second Freedom Struggle of India Swami Sachidanand 17.5.2010Bharathi

Give and Be Blessed Pradeep A Shah 8.6.2010

Assertiveness - Communication in day-to-day Situations Dr. Ambrish K. Bhatt 13.7.2010

SEMINAR/WORKSHOP

STUDY CIRCLES

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INDIRECT TAXES & ALLIED LAWS COMMITTEE

Universal Laws of Success Miken Ajmera 10.8.2010

Real Health, Not Medicines Nandita Shah 1.10.2010

Happiness @ Work M. K. Ramanujam 8.10.2010

Brahmavidya – Your key to Health and Happiness Dr. Nitante Shevde 9.11.2010

Passion for Growth B. Jagannadham 14.12.2010

Arthashastra and Modern Management Strategies Anil Naik 11.1.2011

Performance Measurement Tools M. Ramji 24.2.2011

Health at Work Dr. Devanshi Gandhi 8.3.2011

Student Crash Course

Classes for P. C. C. and Final CA Students (Nov., 2010)commenced on ** 15.7.2010

Classes for I. P. C. C. and Final CA Students (May, 2011)commenced on ** 17.1.2010

** Jointly with ICAI

Professional Accountant Batch I to X - Gathering 5.8.2010

STUDENTS’ FORUM

Students Annual Day/Elocution Competition-2010 12.6.2010

Recent Controversial Judgements on CENVAT Credit S. S. Gupta 4.8.2010

Interactive Meeting with Commissioners of Service Tax** B. Ravichandran,K. K. Sharma 1.10.2010

Recent Important Decisions in Service Tax V. Sridharan 19.1.2011

Indirect Tax Provisions of the Finance Bill* Gautam Doshi,Dadi Engineer 3.3.2011

Service Tax Provisions of Finance Bill, 2011 Vikram Nankani 9.3.2011

* Jointly with Forum of Free Enterprise and Council forFair Business Practices

** Jointly with Indian Merchants Chamber

4th Residential Study Course (RSC) on Service Tax

Case studies on Refunds & Rebates M.H. Patil 2.7.2010

GST – Way forward Santosh Dalvi 3.7.2010

Case studies on Works Contracts (incl. EPC Contracts) V. Sridharan

SEZ – Indirect Tax issues Prasad Paranjpe 4.7.2010

Case studies on Service Tax K.S. Ravi Shankar

Service Tax on Builders and Developers – A. R. Krishnan,A PANEL DISCUSSION Sunil Gabhawalla,

Sagar Shah 7.8.2010

OTHER PROGRAMMES

LECTURES

COURSES

SEMINAR/WORKSHOP


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Competition Commission – Advantage to Tax Practitioners** R. Prasad,R. N. Sahai,Ashish Deshraj 3.12.2010

MVAT Audit and Levy of VAT on Builders & Developers

VAT on under-construction contracts Rajat Talati 15.1.2011

Some Important Issues on MVAT Audit And Reporting innew Form 704 Kiran Garkar

MVAT and Allied Laws

Inauguration & Intricate Issues Under MVAT Act, 2002 C.B. Thakar 15.1.2011

Filing of Returns (including E-filing & payment of taxes,Assessment Procedures, Intererest, Penalties & Prosecutions Ashvin Acharya 29.1.2011

Practical Aspects under Business & Refund Audit Deepak Bapat 12.2.2011

Intricate Issues under Input Tax Credit & Refunds (Set-off) Kiran Garkar 19.2.2011

Intricate Issues Under Works Contracts/Lease Tax & Provisions ofComposition Schemes under MVAT Act Mayur Parekh 12.3.2011

Export & Import of Services, Valuation of Services Rules, 2006 Manish Gadia 19.3.2011

Construction Services, Works Contract Services, Management,Maintenance & Repair Services, Renting of immovable Property Naresh Sheth 2.4.2011

Information Technology Services, Health Services, CommercialCoaching & Training, Supply of Tangible Goods Services Ashit Shah 16.4.2011

CENVAT Credit Rules, 2004 Rajiv Luthia 30.4.2011

Valuation under Indirect Tax laws

Customs Act Rohan Shah

Maharashtra Value Added Tax Act Parind Mehta 19.3.2011

Service tax A. R. Krishnan

Excise Act Balbir Singh

** Jointly with All India Federation of Tax Practitioners –Western Zone and Chamber of Tax Consultants

Indirect Tax Laws

Panel Discussion on Case Studies on Service Tax implications on Bharat Raichandani,cross border transactions Naresh Ajwani 2.4.2010

Discussion on important provisions of The Finance Act, 2010 Shailesh Sheth 20.5.2010

New services & certain important decisions Shailesh Sheth 29.6.2010

Health Service Port Service Commercial Coaching or Training Centre *Pritam Mahure,Udayan Choksi 20.7.2010

Implication of recent changes in MVAT on builders/developers Parind Mehta,Deepak Thakkar 17.8.2010

Adjustment of excess payment of service tax H.H. KamdarCENVAT credit Bhavin MehtaGTA service provided by individual transporters Hemant Shah 28.10.2010Miscellaneous (Catering, Comm. Coaching, ISD, Ref.) Jayesh Gogari

CENVAT credit and issues on refunds and certain other decisions onCommercial Coaching, Outdoor Career and Compliance ofpre-deposit Jayesh Gogri, H.H. Kamdar 23.11.2010

Decision of Hon’ble Supreme Court on Association of Leasing and *Shailesh Sheth,Financial Service companies reported in 2010 Bharat Shemlani 20.12.2010

Recent amendment in the construction service and renting ofimmovable property for commercial use service P.K. Sahu 20.1.2011

STUDY CIRCLES

* Chairman

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INFOTECH & 4i COMMITTEE

** Jointly with Internal Audit Study Circle of BCAS

Recent issues under Import of Service *Bharat Raichandani,Girish Raman

Recent issues under Import of Service Girish Raman 21.2.2011

Amendment to CENVAT Credit Rules by Finance Bill; 2011-12 M. H. Patil 17.3.2011

*Chairman

Reprsentation to the Chairman, Central Board of Excise andCustoms on the draft Point of Taxation (for Services provided orreceived in India) Rules, 2010 under the Service Tax Act

Pre-Budget Memorandum on MVAT vis-a-vis Service Tax

Pre-Budget Memorandum on State VAT to Dy. Chief Minister of Maharashtra

Point of Taxation Rules, 2011 under Service Tax

Finance Bill, 2011 — Post Budget memorandum on Indirect Tax

The Power Within — An Inspirational Talk Anupam Kher 16.8.2010

Talk on How to prepare for & write CA Exams* T.N. Manoharan 14.3.2011

*Jointly with Human Resource Committee

3-Day Course on XBRL Meena Jha, Kajal Shah, 12.11.2010Vinod Kashyap, toAman Puri, 14.11.2010Sonal Maheshwari

Between Contracts & Arbitration Dr. Kirty Dave,Nikhil Bhatia,Kanak Kothari 15.5.2010

Harnessing the Power of Social Media Hareesh Tibrewala 26.6.2010

Financial Crime in Cyber Space Srinivas Yanamandra 23.10.2010

Webinar – Application of XBRL & Major XBRL Implications Vinod Kashyap 11.9.2010, 22.9.2010,6.10.2010,16.10.2010,23.10.2010,30.10.2010,3.11.2010, 24.12.2010,19.1.2011,2.2.2011

Information Technology

Functions in MS-Excel Devangi Shah 17.6.2010



28.1.2011

REPRESENTATIONS

LECTURES

COURSES

SEMINAR/WORKSHOP

STUDY CIRCLES


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INTERNATIONAL TAXATION COMMITTEE

Audit Tools in Tally 9. ERP Rajendra Pankhania 13.12.2010

Audit Tools in Tally 9, ERP – Part II & TDLS (additionalunctionalities) Rajendra Pankhania 21.12.2010

Cloud Computing Nilesh Vani 13.1.2011

Cloud Computing- Part II using Google Docs Dipesh Vora 22.3.2011

TDS from payments to Non-Residents — Recent Position T. P. Ostwal 12.5.2010

Transfer Pricing Analysis and Benchmarking in Light of RecentExperiences and Judgment Vispi T. Patel 8.9.2010

Currency of Wars Rashmin Sanghvi 16.2.2011

International Tax & Finance Conference, 2010

Concept of beneficial ownership Nitin Karve 19.8.2010

Tax credit under tax treaties Ketan Madia 20.8.2010

Cross border taxation of Partnership Hitesh Gajaria

Case Studies on International Taxation – Panel discussion Mukesh Butani, Vispi Patel 21.8.2010

OECD transfer pricing guidelines Shikha Gupta 22.8.2010

IPRs – Structuring and taxation Pranav Sayta

Study Course on FEMA

Overview of FEMA (including framework, hierarchy among circulars,notifications, PN, etc.) Dilip K. Sheth 22.10.2010

Important definitions under FEMA (including residential status) Anil D. Doshi

Provisions applicable to expats / people going overseas and compliances under FEMA Mayur Shah

Overview of Foreign Direct Investment (FDI) and Overseas DirectInvestment (ODI) Paresh P. Shah

Investments in immovable properties in & Outside India and 23.10.2010Branch/L.O./Project Office – Inbound & Outbound Hinesh Doshi

Borrowings [other than ECB] Naresh Ajwani

Exports / Imports of goods and services Shabbir Motorwala

Eleventh Intensive Study Course on Double Taxation Avoidance Agreement

Role of Treaties & Sources of International Tax Laws Kishor Karia 21.12.2010, 22.12.2010

Residence - Including Case Studies Mayur Desai 4.1.2011

The concept of Permanent Establishment Yogesh Thar 6.1.2011

Business Income & Associated Enterprise Keyur Shah 8.1.2011

Profit allocation to P. E., B. I. & A. E. Case Studies Yogesh Thar 8.1.2011

Profits from operation of ships, aircraft & inland waterways Paresh Shah 11.1.2011transport

Income from Immovable Property & Other Income Anil Doshi 13.1.2011


LECTURES

CONFERENCE & COURSES

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Passive Incomes – Interest and Dividend Sharad Jain 15.1.2011

Passive Incomes – Royalty / FTS / FIS Section - 115A Geeta Jani 15.1.2011

Passive Incomes – Examples / Case Studies on Royalties & FTS/FIS Radhakrishna Rawal 18.1.2011

Independent & Dependent Personal Services Mayur Nayak 20.1.2011

Pension, government services, students receipts Directors’ Fees / Remuneration Harish Motiwalla 27.1.2011

Income of Artistes, Sportsmen, Athletes & Entertainers Jayesh Kariya 29.1.2011

Capital Gains & Capital Taxes Naresh Ajwani 29.1.2011

Anti Avoidance Rules & Treaty Shopping (including Limitationof Benefits) Darpan Mehta 1.2.2011

Provisions of TDS Sushil Lakhani 3.2.2011

Double Tax Relief Dhishat Mehta 8.2.2011

Mutual Agreement Procedures T. P. Ostwal 10.2.2011

Most favoured nation and Force of attraction rules Vishal Gada 12.2.2011

Non-discrimination Paresh Parekh 12.2.2011

How to read a Treaty Pinakin Desai 15.2.2011

Advance Ruling Procedures Paresh Parekh 17.2.2011

Exchange of Information & Collection of Taxes Himanshu Parekh 19.2.2011

Introduction to Transfer Pricing Rules Shikha Gupta 19.2.2011

Relevant provision of FEMA Dilip Thakkar 22.2.2011

First Intensive Study Course on Transfer Pricing

Overview of Transfer Pricing T.P. Ostwal

Associated Enterprise and International Transaction Shikha Gupta 19.3.2011

Comparability study Vispi Patel

Concept of ALP, Methods of determining ALP (in brief), and MAM Keval Doshi

Transaction Methods – CUP Shikha Gupta

Transaction Methods – RPM Manish Bafna

Transaction Methods – CPM Maulik Doshi 26.3.2011

Profit Methods – PSM Anish Chakravarty

Finding and selection of comparable Vispi Patel,Yashodhan Pradhan,Kedar Karve 8.4.2011

Profit Methods – TNMM Rakesh Alshi

Transfer Pricing Rules in India Waman Kale

Finding and selection of comparables

Tax treaties and transfer pricing including dispute resolutions 9.4.2011through MAP Hasnain Shroff

Documentation Anis Chakravarty

Documentation Sharad Jain

Link between TP and attribution of profits to PE Rajesh Athavale

Drafting of Audit report and TP Study Vaishali Mane 16.4.2011

Drafting of Audit report and TP Study – Continued Karishma Phatarphekar

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Finding and selection of comparables

transfer pricing 23.4.2011

Typical transactions Kishor Karia

Financial Services Sector Sunil Kothare

Transfer pricing controversies Manisha Gupta 30.4.2011

Business reorganization - Mergers, Demergers, Sale of shares Sanjay Tolia

OECD Transfer pricing regulations Rakesh Alshi

Transfer pricing litigations Harshal Shah

Establishing transfer pricing policy of an Indian MNC Samir Gandhi,

International strategy for transfer pricing compliances Bhupendra Kothari 7.5.2011

Safe harbour, Thin Capitalization, APAs Sanjay Kapadia

Intangible property and Intra group services Sanjay Kapadia

Locational savings and transfer pricing Darpan Mehta

Cost Contribution Arrangements Rohan Phatarphekar 14.5.2011

Financial Transactions Dhaivat Anjaria

Important International decisions on TP regulations Sanjay Kapadia

Approach of Revenue and their expectations – Indian experience R. S. Upadhyay 21.5.2011

Financial services and financial transactions Ian Clarke

Workshop Mehul Shah

Practical Aspects of Five Important Articles of DTAAs

Articles 5 and 7 i.e. – Permanent Establishments and Business Nitin KarveProfits

Article 4 i.e. Residence Sushil Lakhani

Article 12 i.e. Royalty, Fees for Technical Services and Fees for Included Services Geeta Jani 9.4.2010

Article 15 i.e. Dependent Personal Services Parizad Sirwalla

Article 23 i.e. Foreign Tax Credits Chythanya K. K

Practical Aspects of Five Important Articles of DTAAs

Article 4 i.e. Residence and Place of Effective Management Rajendra Nayak

Articles 5 and 7 i.e. Permanent Establishments and Business Profits Shefali Garodia

Article 8 i.e. Shipping and Aircraft Sushil Lakhani 26.2.2011

Article 11 i.e. Interest and Tax Treatment of Finance Products Keyur Shah

Article 12 i.e. Royalty, Fees for Technical Services and Fees Padamchand Khinchafor Included Services

International Tax and Finance Group I

The Role of Public and Private International Law in International Rajesh Simhan,Taxation Mihir Shedde 6.5.2010

Issues arising out of Draft Contents of the 2010 Update to the OECD Model Tax Convention Vishal Gada 6.8.2010

Outbound Structuring - Implications of CFC Regulations andPOEM under DTC** Vishal Gada 23.12.2010

Approach to Valuation of Shares under DCF Method Rajesh Manjrekar 20.1.20113.2.2011

Locational savings and Darpan Mehta

SEMINAR/WORKSHOP

STUDY CIRCLES

** Jointly with ITF II Study Circle

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Taxation of Entertainers and Sportspersons Isha Sekhri 29.3.2011

International Tax and Finance Group II

Fees for Technical Services Toral Shah 12.4.2010

Royalties & FTS – General discussion Toral Shah, 20.4.2010Uma Mahadevkar

Royalty & FTS – General discussion on talk of Mr. Padamchand Kunal Gandhi,Khincha at ITF 2009 Bharat Kokal,

Jayant Shah 25.5.2010

Case Studies on Royalties & FTS – Group Discussion Group Discussion 9.8.2010

Article 7 of OECD Model Convention Group Discussion 9.9.2010

Article 7 of Doble Tax Conventions Rutvik Sanghvi, Anand Darji 28.10.2010

Article 7 (Paras 3 to 7) Rutvik Sanghvi,Anand Darji 23.11.2010

Outbound Structuring – Implications of CFC Regulations andPOEM under DTC** Vishal Gada 23.12.2010

Article 14 – Independent Personal Services Jay Shah, Kunal Gandhi 27.1.2011

Art. 13 – Capital Gains Dinesh Acharya, 14.2.2011Deepak Shah

Art. 15 – Dependent Personal Services Toral Shah, 25.2.2011Pankaj Chopra

Article 15 – Dependent Personal Services Toral Shah, 15.3.2011Pankaj Chopra

** Jointly with ITF I Study Circle

Klaus Vogal

Article 25 - Mutual Agreement Procedure Dhishat B. Mehta, 17.4.2010Tarunkumar G. Singhal

Limitation of Benefits Sushil Lakhani,Kuntal Dave

Limitation of Benefits Sushil Lakhani,Kuntal Dave 29.6.2010




Singapore Tax System Shanker Iyer 14.9.2010

What to do? How to do? Where to take the group? Kishor Karia,T.P. Ostwal 24.2.2011

FEMA

Intense Discussion on Case Studies Rajesh P. Shah, 15.4.2010

Intense Discussion on Case Studies Satish Kanodia 13.5.2010

Intense Discussion on Case Studies (New Case Studies) 10.6.2010

Understanding the Discounted Cash Flow Method Parag Ved 8.7.2010

Practical Approach of the Discounted Cash Flow Method Parag Ved 5.8.2010

Practical Approach and Aspect of the Compounding Application Rajesh P. Shah 22.11.2010

Practical Approach for filing FCRA permission Bharat Kokal 16.12.2010

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SEMINAR COMMITTEE

Case Studies relating to buying and selling of Immovable Pankaj Bhuta, 1.2.2011,properties in India and Outside India Rajesh L. Shah 15.2.2011

Case Studies relating to buying and selling of Immovable Pankaj Bhuta,properties Outside India FDI Guidelines in Real Estate Sector Rajesh L. Shah 17.3.2011

International Tax Decisions*

Recent International Tax Decisions – EPC Contracts Hemal Jobalia 14.6.2010

Indian Cases and International Cases Shefali Goradia 12.7.2010

Select international tax decisions Girish Dave 6.9.2010

Recent Tax Decisions on Transfer Pricing Shikha Gupta 18.10.2010

Select decisions on International Taxation M. P. Lohia 29.11.2010

Select decisions on International Taxation Geeta Jani 20.12.2010

Select decisions on International Taxation Nitin Karve 21.3.2011

International Economics Study Group

Follow up of Lecture Meeting on “Currency Wars” Rashmin Sanghavi 22.3.2011

Representaion to the Director of Industrial Policy and Promotion(DIPP) on the subject of Foreign Direct Investments in LLPs

Representation on FDI in Limited Liabilities Partnership

Representation on Issues of Shares for Consideration other than Cash

Representation to RBI in respect of FEMA and related issues(Compounding issues, nominal defaults, Voluntary disclosure,regularisation)

* Jointly with Chamber of Tax Consultants

Study Tour to General Motors at Talegaon 28.8.2010

Study Tour to Wipro, Infosys, Toyota at Bengaluru 7.1.2011 to9.1.2011

Half Day Conference jointly with the Karnataka StateChartered Accountants’ Association

IFRS – Traditional issues & implementation Challenges *S. Krishna Swamy,Vinayak Pai 9.1.2011

Recent Developments in International Taxation *Padamchand Khincha,Bijal Ajinkya

* Chairman

44th Residential Refresher Course, Matheran, Maharashtra

Case Studies in Taxation Saurabh Soparkar 22.1.2011

Recent Judgments in Direct Taxes K. C. Devdas 23.1.2011

Bank Audit – Opportunities and Concerns Mukund Chitale

Case Studies in International Taxation Geeta Jani 24.1.2011

Case Studies in Service Tax Sunil Gabhawalla

IFRS - Recent Developments Khurshed Pastakia

Capital Gains – Some Current Issues Pradip Kapasi 25.1.2011

REPRESENTATIONS

STUDY TOURS

COURSES


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Tax aspects of Business Reorganisation (including conversion ofNon-corporate entity into LLP and vice versa) Rajan R. Vora 16.6.2010

Filing of Income-tax returns for A.Y. 2010-11 Chetan M. Shah, 23.6.2010Bhargava K. Vatsaraj

Recent Developments in Direct Taxation Pinakin Desai 14.7.2010

Taxation of Real Estate – Some Important Aspects includingProject Completion Method, S. 50C, Development and Redevelopment and 80-IB(10) Pradip N. Kapasi 20.10.2010

Taxation of Gifts (including valuation) Gautam S. Nayak 30.10.2010

Important Practical and Legal Issues arising out of First and SecondAppeal and relevant amendments related to appeals in DTC Dr. K. Shivaram 24.11.2010

Family Settlement Will and Nomination Balkrishna V. Jhaveri 15.12.2010

Electronic Tax Payments and Quarterly TDS Returns –recent updates and issues Delnaz Mistry 31.1.2011

Direct Tax Provisions of the Finance Bill, 2011 S. E. Dastur 4.3.2011

Union Budget 2011-12* Girish Jhakotia, 6.3.2011Hitesh Gajaria,Rajiv Luthia

Union Budget 2011-12* Kanu H. Doshi, 6.3.2011Hitesh Gajaria

Recent Developments in TDS Mahendra Sanghvi 19.3.2011

* Jointly with Forum of Free Enterprise and Council for Fair Business Practices

How to Conduct a Tax Audit Himanshu Kishnadwala,Anil Sathe 4.9.2010

Direct Tax Code Bill, 2010 Gautam Doshi, 26.11.2010Gautam Nayak, & Hitesh Gajaria, 27.11.2010Kishor Karia,Pinakin Desai,Rajan Vora

Total Dissection of Direct Tax Code* Hitesh Gajaria, 18.12.2010 Kishor Karia, &Pinakin Desai, 19.12.2010Saurabh Soparkar,Sunil Talati,Yogesh Thar

* Jointly with Chartered Accountants Asociation, Ahmedabad

Direct Tax Laws

Recent developments in section 271(1)(c) of the Income-tax Act, 1961 Jinal Shah, Anil Sathe 3.6.2010

Analysis of Sec. 14A of Income-tax Act, 1961 Harshal Bhuta 16.11.2010

Recent Judgments Madhur Agarwal 2.12.2010

Taxability of Computer Software as Royalty under *Sanjeev Pandit,Income-tax Act, 1961 Ankit Shah 24.2.2011


LECTURES

SEMINAR/WORKSHOP

STUDY CIRCLES

TAXATION COMMITTEE

* Chairman

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OTHER PROGRAMMES

Taxability of Computer Software as Royalty under *Sanjeev Pandit,Income-tax Act, 1961 Ankit Shah 31.3.2011* Chairman

Procedure for Registration of Digital Signature & upload ofIncome Tax Returns using Digital Signature to the CBDT

Important Issues Relating to TDS Credit Requiring ImmediateRemedial Actions to the CBDT

Representation on Direct Taxes Code, 2010

Representation in person before the Standing Committee ofthe Parliament on core issued of Direct Taxes Code Bill

Representatiion & Suggestions on the Constitution (One Hundredand Fourteenth Amendment) Bill, 2010 – Increase of RetirementAge limit of the High Court Judges from 62 yrs. to 65 yrs.

Finance Bill 2011 - Post budget memorandum on Direct Tax

Founding Day Celebration Lecture

Lessons from the Global Financial Crisis and the Role of Housingin the Indian Economy Keki M. Mistry 6.7.2010

*** Amita Memorial Lecture Meeting Sis. ShivaniUnlocking the Treasures of Life (Brahmakumari) 10.1.2011

*** Jointly with Chamber of Tax Consultant

Nani A. Palkhivala Memorial Lecture MeetingThe Emerging Scenario in Education Kapil Sibal 7.2.2011


Issues & Controversies u/s 14A of the IT Act *Rajesh Kothari, 13.11.2010Yogesh Thar

Issues in VAT audit with reference to new VAT audit report *Govind Goyal, Subhash Chhajed 18.12.2010

First Time adoption of IFRS Jayesh Gandhi 8.1.2011

Internal Audit of SME sector – Challenges and opportunities** Deepjee Singhal 29.1.2011

Issues in CENVAT credit Sunil Gabhawalla 19.2.2011

Important Judgments under Transfer Pricing Nihar Jambusaria 19.3.2011

*Chairman** Jointly with Internal Audit Studies of BCAS

BCAS Foundation

Ek Cup Chya – Movie 6.10.2010

Celebration of 5th Anniversary of RTI* Dhananjay Chandrachud 12.10.2010

Whistleblowers 7.1.2011#RTI – address on Right to Information 4.2.2011

Chalo English Sikhhayen (The Teach English Project) -##Preparapory Meetings 11.2.2011

Workshop on Right To Information Act** Narayan Varma 22.3.2011

* Jointly with Indian Merchants’ Chamber** Jointly with Indian Merchants’ Chamber and Public Concern for Governance Trust# Jointly with The Auditors Association of Southern India## Jointly with the Dharma Bharti Mission, Public Concern for Governance Trust

REPRESENTATIONS


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Accounts and Audit Clinic

Advisors : Sanjeev Pandit, Himanshu Kishnadwala and Jayesh GandhiDates : 2 Apr, 7 May, 4 Jun, 2 Jul, 6 Aug, 3 Sept, 1 Oct., 12 Nov., 3 Dec. 2010, 7 Jan, 4 Feb, 11 Mar 2011

Charitable Trust Clinic

Trustees : Ratanshaw Damanwala, Shariq Contractor, Gautam Nayak, Anil Sathe and Atul ShahDates : 2 Apr, 7 May, 4 Jun, 2 Jul, 6 Aug, 3 Sept, 1 Oct., 12 Nov., 3 Dec. 2010, 7 Jan, 4 Feb, 11 Mar 2011

CLINICS

Referencer 2010-11

Compilers: A. R. Krishnan, Abhay R. Mehta, Anand Patwardhan, Anish Mehta, Ankoosh Mehta, Anup Shah, Ashwin Damania, B. V. Jhaveri, Bakul B. Modi, Bhavesh Vora, Chandrashekahr Vaze, Chetan M. Shah, Deepti Ahuja, Dharmesh Shah, Durgashanker Sharma, Ganesh Rajgopalan, Gaurang Gandhi, Govind Goyal, Harsh K. Shah, Hasmukh Kamdar, Hemag Jariwala, Hiten Shah, Hitesh D. Gajaria, Jagdish Punjabi, Janak Vaghani, Koosal Lehory, Manilal G. Simaria, Manoj Shah, Mukesh Trivedi, Nitin Shingala, Paras Savla, Pramodkumar Parida, R. Krishna Murthy, R. K. Tanna, Rajesh S. Shah, Raman Jokhakar, Ratanji Khambatta, Reepal Tralshawala, Sanjay Choksi, Saurabh Shah, Shardul Shah, Shariq M. Contractor, Sonalee A. Godbole, Sujal Shah, Tushar Doctor, Uday Sathaye, Vipin Batavia, Vipul Choksi

Editors: Deepak R. Shah, Rajeev N. Shah, Yatin K. Desai

Theme: Women Achivers Anjolie Ela Menon, Arundhati Roy, Jhumpa Lahiri, Kiran Desai, Shobha De, Chanda Kochhar, Kiran Mazumdar Shaw, Naina Lal Kidwai, Preetha Reddy, Shahnaz Hussain, Indira Gandhi, Kiran Bedi, Justice M. Fatima Bibi, Air Marshal Padma Bandopadhyay, Pratibha Devisingh Patil, Barkha Dutt, Ekta Kapoor, Hema Malini, Mira Nair, Shobhana Bhartia, Asha Bhosle, Lata Mangeshkar, M. S. Subbulakshmi, Mallika Sarabhai, Sonal Mansingh, Anjali Bhagwat, Bachendri Pai, Karnam Malleswari, Mary Kom, P. T. Usha, Saina Nehwal

Month of Release: June, 2010

Committee: Seminar & Public Relations Committee

Right To Information

Activists : Hema Sampat, A. K. Asher and Narayan VarmaDates : 10, 17, 24 Apr, 8, 15, 22 May, 12, 19, 26 Jun, 10, 17, 24 Jul, 14, 21, 28 Aug, 18, 25 Sept, 9, 16, 23 Oct., 13, 20, 27 Nov., 11, 18 Dec. 2010, 8, 15, 22 Jan, 12, 19, 22, 26 Feb, 12, 19, 26 Mar 2011

PUBLICATIONS

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Laws & Business - A Compendium

This publication covers important laws relevant to businesses. It is divided into five sections – Real Estate Laws, Financial Laws, Civil Laws, Commercial Laws, Criminal Laws. Under each section, chapters on specific laws are given in a easy to understand language. The laws covered include laws required for common use - stamp duty on various instruments/transactions, FSI & TDR, SEZ, Business Restructuring, Law of insolvency, Gifts, Wills, HUF, Probates, Securities related laws, Understanding Terms Sheets, Arbitration (domestic and international), LLP, law of limitation and many more.

Author: Anup P. Shah

Month of Release: July, 2010

Committee: Indirect Taxes and Allied Laws

Taxation of Charitable Trusts

First published in 1976, this publication in its 7th edition, is a classic amongst the BCAS publications. With the law of taxation of charitable trusts becoming increasingly complex with definition changes and hues added by the proposed tax code, this book serves as a torch in haze. Not only the professionals, but also those involved in management of charitable trusts will immensely benefit from this revised edition.

Authors: Arvind H. Dalal, Gautam S. Nayak, Shariq M. Contractor

Month of Release: July, 2010

Committee: Taxation

Service Tax - Basic Concepts and Procedures (Revised and Updated up to November, 2010)

This publication explains the general provisions of Service Tax. It covers the full spectrum of service tax fundamentals such as registration, important concepts, import and export of services, valuation, reverse charge mechanism, refund, penalty and other procedural aspects. We hope that it will assist the professionals as well as the taxpayers in meeting their obligations.

Author: Bharat M. Shemlani

Month of Release: November, 2010


Service Tax – Business Auxiliary Services (Revised and Updated up to November, 2010)

This publication provides conceptual understanding of the law and procedures and elucidates various intricate aspects of the Service Tax on Business Auxiliary Services and Business Support Services. This publication attempts to explain the complexities in a simple and lucid language.

Authors: Sunil B. Gabhawalla, Raman H. Jokhakar



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Service Tax - Construction Related Services (Revised and Updated up to November, 2010)

‘Real Estate and Housing’ is an important sector of the economy. Construction activity is key activity in economic growth. Frequent changes in Service Tax and VAT legislation, issue of new Notifications/Circulars and conflicting judicial pronouncements have made the law related to indirect taxes on construction and real estate sector a complicated and difficult piece of legislation. It was, therefore, felt necessary to have a publication in a simple and lucid language explaining Service Tax and VAT laws affecting the construction and real estate sector.

Authors: Naresh K. Sheth, Sagar N. Shah



Service Tax - Goods Transport Agency Services (Revised and Updated up to November, 2010)

This publication contains provision of service tax relating to transportation of goods by road. The publication also deals with various issues and its possible solution in real life situation and explains the provisions in laid manner.

Authors: Rajiv J. Luthia, Rajkamal R. Shah



Model Tax Convention on Income and on Capital

This publication is the eighth edition of the condensed version of the OECD Model Tax Convention on Income and on Capital. This shorter version contains the full text of the Model Tax Convention on Income and Capital as it read on 22 July 2010.

Author: OECD

Month of Release: February, 2011

Committee: International Taxation

Calendar 2011-12

A desktop reminder of due dates of compliances with various laws of immense utility to professionals and cliets.

Month of Release : December, 2010

Committee: Membership & Public Relations Committee

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OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations

The OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations provide guidance on the application of the “arm’s length principle”, which is the international consensus on transfer pricing, i.e. on the valuation, for tax purposes, of cross-border transactions between associated enterprises. In a global economy where multinational enterprises (MNEs) play a prominent role, transfer pricing is high on the agenda of tax administrators and taxpayers alike.

Author: OECD Month of Release: February, 2011

Committee: International Taxation

Custom Baggage Rules

This is the first publication of the “Citizens’ Education Series”. This publication contains useful information in layman’s language on the subject of Custom Baggage Rules. This publication attempts to answer various questions on baggage allowance with or without payment of duty, the quantum of foreign exchange/currency a person can bring in or carry out of India, etc.

Author: Paresh P. Shah

Month of Release: March, 2011

Committee: Membership & Public Relations

Fundamental Rights And Duties of Indian Citizens (At a Glance)

This publication is aimed at informing citizens about their fundamental rights and duties under the Indian Constitution, as also how to enforce them, say, by filing a petition under Public Interest Litigation process or invoking provisions of Right to Information Act, as expedient, from time to time.

Author: Shyam Lata


Committee: Membership & Public Relations

Real Estate Laws

This publication deals with many important aspects of the Real Estate Sector and the multiplicity of Statutes such as Coastal Regulation Zone, Foreign Direct Investment, Leasing of Properties, Land Acquisition Act, Mill Lands, Slum Rehabilitation, Gifts of Immovable Properties, etc.

Authors: Naushad Panjwani, Ameet Hariani



Union Budget 2011-12

Compilers: Direct Taxes – Arvind Dalal, Narayan Varma, Pinakin Desai, Rajan Vora, Kishor Karia, Rajesh S. Shah, Shariq Contractor, Gautam Nayak, Sanjeev Pandit, Rajesh Kothari, Yogesh Thar, Chetan Shah, Kirit Kamdar, Saroj Maniar, Anil Doshi, Narsh Ajwani, Nina Kapasi, Pinky Shah, Sonalee Godbole

Indirect Taxes – Pranay Marfatia, Govind Goyal, Hasmukh Kamdar, Puloma Dalal, Bakul Modi, Raman Jokhakar, Toral Mathuria, Rajkamal Shah, Bharat Shemlani, Naresh Sheth, Suhas Paranjpe


Committee: Taxation, Indirect Taxes and Allied Laws

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BCAS IN NEWS Times Of India Wednesday 3rd November 2010

ANALYSIS OF ARTICLES, FEATURES, ETC. IN BCAJ

FROM APRIL 2010 TO MARCH 2011 - TAX AND NON-TAX (No. of Pages)

SUBJECT Total No. of Pages

Direct Tax 302

International Tax 118

Indirect Tax 114

Accountancy & Auditing 103

Allied Laws 27

ICAI and Its Members 29

Information Technology 20

R TO I 55

Spotlight 16

Article / Features ofGeneral Interest 645

TOTAL 1429

Direct Tax 302

International Tax118

Indirect Tax 114

Accountancy & Auditing

103Allied Laws 27

ICAI and its Members 29

Information Technology 20

R To I55

Spotlight16

Article /Features of General Interest

645

CONTRIBUTORS TO THOUGHT MAILERS

THOUGHT MAILERSMonth Subjects Authors

December, 2011 What Should a Chartered Accountant do About Climate Change?

January, 2011 Probity In Public Life – An Imminent Need T. N. Manoharan

February, 2011 How Lateral Thinking helps? S. Krishnaswamy

March, 2011 Challenge: the foundation of success Dr. Anil Naik

Nawshir Mirza

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A New Initiative

BCAS Web TV

Annual General Meeting 2010

Date: 6th July, 2010

Founding Day Celebration Lectures on Lessons from the Global Financial Crisis and the Role of

Housing in the Indian Economy


by Keki M. Mistry

Lecture meeting on Recent Developments in Direct Taxation


by Pinakin Desai

The Power Within – An Inspirational Talk

Date: 16th August, 2010

by Anupam Kher

Lecture meeting on Recent Developments in IFRS — Globally and in India

Date: 8th December, 2010

by N. P. Sarda

Lecture meeting on Family Settlement Will and Nomination

Date: 15th December, 2010

by Balkrishna V. Jhaveri

Lecture meeting on Unlocking the Treasures of Life

Date: 10th January, 2011

by Sis. Shivani (Brahmakumari)

Lecture meeting on Recent Important Decisions in Service Tax

Date: 19th January, 2011

by V. Sridharan

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Lecture meeting on Electronic Tax Payments and Quarterly TDS Returns

– recent updates and issues

Date: 31st January, 2011

by Delnaz Mistry

Lecture meeting on Direct Tax Provisions of the Finance Bill, 2011

Date: 4th March, 2011

by S. E. Dastur

Lecture meeting on Service Tax Provisions of Finance Bill, 2011


by Vikram Nankani

Talk on How to Prepare for and write CA Exams


by T.N. Manoharan

Lecture meeting on Recent Developments in TDS


by Mahendra Sanghvi

Lecture meeting on issues in Bank Audit

Date: 23rd March, 2011

by Akeel Master

Lecture meeting on FDI Policy plus Industry-Specific Issues (Real

Estate, NBFC and Training Sectors)

Date: 20th April, 2011

by Anup Shah

Lecture meeting on Recent Amendments in Schedule VI of

the Companies Act, 1956

Date: 04th May, 2011

by P. R. Ramesh

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BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY[P. T. Regn. No. : f-2451 (BOM.)]

Report of the Auditors

We have audited the annexed Balance Sheet of The Bombay Chartered Accountants’ Society as on 31st March 2011 and also the annexed Income & Expenditure Account for the Year ended on the date. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India.Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We further report that:

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

(b) The receipts and disbursements are properly and correctly shown in the accounts.

(c) The cash balance and vouchers in the custody of the manager or trustee on the date of audit were in agreement with the accounts.

(d) All books, deeds, accounts, vouchers or other documents or records required by the auditor were produced before him.

(e) A register of movable and immovable properties is properly maintained, the changes threin are communicated from time to time to the regional office, and the defects and inaccuracies mentioned in the previous audit report have been duly complied with.

(f) All the necessary information required by us has been furnished to us by the Treasurer whenever called upon.

(g) No property or funds of the Trust were applied for any object or purpose other than the object or purpose of the Trust.

(h) There are no amounts, which are outstanding for more than one year. During the year no amount has been written off.

(i) For repairs etc. exceeding Rs.5,000/- tenders are invited.

(j) The money of the society have not been invested contrary to the provisions of Section 35 of the Act.

(k) There is no alienation of the immovable property contrary to the provisions of Section 36.

(l) So far as it is ascertainable from the books of accounts and according to the information and explanation given to us by the Treasurer, there were no special matters which are required to be brought to the notice of the Deputy Charity Commissioner.

(m) So far as it is ascertainable from the books of accounts and according to the information and explanation given to us there were no cases of irregular, illegal or improper expenditure or failure or omission to recover money or other properties belonging to the Trust or of loss, waste of money or other property thereof.

(n) The Budget has been filed in the Form provided by Rule 16 A.

2. (a) The maximum and minimum of the members of the Managing Committee is maintained.

(b) The Meetings are held regularly as provided in Rules & Regulations.

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

(d) None of the members of the Managing Committee has any interest in the investment of the Society.

(e) None of the members of the Managing Committee is debtor or creditor of the Society.

(f) No irregularities were pointed out by the Auditors in the accounts of the previous year.

3 We certify that the amounts of contributions Rs.32,22,950/- which are claimed as contributions towards Corpus are contributions received during the year with the specific directions that they shall form part of the Corpus of the Public Trust as an Earmarked Fund of the Capital nature.

We have verified all the communications in writing received from the Donors to that effect and have satisfied ourselves that such Donations are towards Corpus within the meaning of explanation and u/s. 58 of Bombay Public Trust Act, 1950 and are invested in accordance with the provisions of the said Act.

For P.M.Dharia & Co. (Regd.)

Chartered Accountants

Firm Regn. No. 102462-W

P. M. Dharia

Partner

ICAI M. No. 3744

Place : Mumbai

Dated : 20th May, 2011

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Balance Sheet

BOMBAY CHARTERED

As per our report of even date.

For P. M. Dharia & Co. (Regd.)



Mumbai P. M. Dharia

Dated: 20th May, 2011 Partner

ICAI M. No. 3744

Mumbai

Dated: 20th May, 2011

FUNDS AND LIABILITIES Sch. 31.03.2011 31.03.2010

No. Rs. Rs. Rs.

TRUST FUND OR CORPUS :

Balance as per last Balance Sheet 17,709,487 16,884,487

Add : Life Membership Fees received

during the year 3,043,200 708,000

Entrance Fees received during the year 144,750 117,000

20,897,437 17,709,487

EARMARKED & OTHER FUNDS I 35,597,358 35,693,737

LIABILITIES AND PROVISIONS :

Advances, Deposits and Other Liabilities IIA 4,130,304 2,749,574

Subscription in Advance IIB 9,001,045 1,688,250

Liabilities For Expenses 1,787,000 674,203

14,918,349 5,112,027

INCOME & EXPENDITURE ACCOUNT :

Balance as per last Balance Sheet 8,079,633 9,014,257

Add / (Less):Current Year's Surplus / (Deficit) 688,261 (934,624)

8,767,894 8,079,633

TOTAL 80,181,038 66,594,884

Significant Accounting Policies IX

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as at 31st MARCH, 2011

For Bombay Chartered Accountants' Society

Deepak Shah

Mayur Nayak Pradip Thanawala Nitin Shingala Raman Jokhakar

President Vice President Jt. Hon. Secretaries Hon. Treasurer

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

ACCOUNTANTS’ SOCIETY

PROPERTY AND ASSETS Sch. 31.03.2011 31.03.2010

No. Rs. Rs. Rs.

FIXED ASSETS III

Immovable Properties 15,015,616 16,683,990

Other Fixed Assets 3,107,591 3,688,266

18,123,207 20,372,256

INVESTMENTS IV 33,500,000 29,000,000

CLOSING STOCK V 170,554 104,879

ADVANCES & DEPOSITS VI 1,497,114 1,122,312

ACCRUED INTEREST ON INVESTMENTS 173,333 379,220

CASH & BANK BALANCES VII 26,716,830 15,616,217

TOTAL 80,181,038 66,594,884

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As per our report of even date.

For P. M. Dharia & Co. (Regd.)



Mumbai P. M. Dharia


ICAI M. No. 3744

Mumbai

Dated: 20th May, 2011

EXPENDITURE Sch. 31.03.2011 31.03.2010 No. Rs. Rs. Rs.

EXPENDITURE IN RESPECT OF PROPERTY :

Repairs & Maintenance 128,660 225,509

Insurance 22,032 22,333

Depreciation 1,668,374 1,853,749

1,819,066 2,101,591

ESTABLISHMENT EXPENSES :

Personnel Expenses & Retainership Fees 5,195,109 4,397,663

Telephone Charges 162,573 136,176

Printing & Stationery 612,208 457,652

Bank Charges & Locker rent 50,956 15,967

Postage & Courier 149,626 150,056

Insurance 4,738 5,513

Miscellaneous Expenses 270,031 364,601

Repairs & Maintenance 209,650 307,790

Computer & Internet Expenses 727,613 561,086

Electricity Charges 381,851 383,700

Library Expenses 78,257 85,273

Loss on Sale of Office Equipment – 177

Professional Fees 3,000 3,000

Gratuity (contribution to LIC) 85,557 191,179

Internal Audit Fees 175,880 175,029

Rent 218,750 163,730

8,325,799 7,398,592

–

EXPENDITURE ON THE OBJECTS OF THE TRUST :

Educational :

Journal & Other Publications VIIIA 10,034,675 9,028,204

Refresher Courses & Seminars VIIIB 9,446,000 8,028,084

19,480,675 17,056,288

DEPRECIATION ON MOVABLE PROPERTY : 823,170 950,490

Surplus transferred to Balance Sheet 688,261 –

Total 31,136,971 27,506,961

Income and Expenditure Account

BOMBAY CHARTERED

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ACCOUNTANTS’ SOCIETYfor the year ended 31st March, 2011 REGN.NO. : PT/F-2451 (BOM.)

For Bombay Chartered Accountants' Society

Deepak Shah

Mayur Nayak Pradip Thanawala Nitin Shingala Raman Jokhakar

President Vice President Jt. Hon. Secretaries Hon. Treasurer

INCOME Sch. 31.03.2011 31.03.2010 No. Rs. Rs. Rs.

SUBSCRIPTION 4,920,300 4,876,200

INCOME FROM EARMARKED INVESTMENTS : 260,800 232,284

Less : Transferred to Respective Funds 260,800 232,284

– –

INCOME FROM OTHER INVESTMENTS :

Interest from Banks 918,269 1,823,820

Interest on Securities 2,626,013 1,886,989

3,544,282 3,710,809

INCOME FROM OTHER SOURCES :

Donations 15,003 –

Balance Written Back 33,270 154

Profit on sale of Fixed Assets 3,152 –

INCOME FROM EDUCATIONAL ACTIVITIES:

Journal & Other Publications VIIIA 11,963,049 8,764,319

Refresher Courses & Seminars VIIIB 10,657,915 9,220,855

22,620,964 17,985,174

Deficit transferred to Balance Sheet – 934,624

Total 31,136,971 27,506,961

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EARMARKED & OTHER FUNDS Schedule I

Notes: a) Utilised for Lecture Meeting expenses. b) Utilised for Students' Elocution Competition. c) Utilised for Union Budget Booklet 2011-12. d) Utilised for the book Laws & Business. e)

Utilised for subsidy on Journal to Articled Students. f) Utilised for Prize for Best Article in BCAS Journal. g) Utilised for BCAS Web TV installation charges. h) Figures in brackets pertain to

previous year.

ADVANCES, DEPOSITS AND OTHER LIABILITIES SUBSCRIPTION IN ADVANCE Schedule IIA Schedule IIB

31.03.2011 31.03.2010 Rs. Rs.

Advances 3,959,106 2,596,095

Deposits 65,500 65,500

Other Liabilites 105,698 87,979

Total 4,130,304 2,749,574

31.03.2011 31.03.2010 Rs. Rs.

Entrance Fees 31,750 15,000Membership Subscription 5,275,315 814,500Journal Subscription 3,670,480 833,250Journal Subscription - Articled Students 23,500 25,500 Total 9,001,045 1,688,250

Purposes Balance Received / Transferred Total Utilised / Balance

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

Funds 1.4.2010 during Account during 31.03.2011

the year the year

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

A] EARMARKED FUNDS :–

Amita Memorial Leadership Development Leadership Training

Fund activity for young C.A.s 100,000 - - 100,000 - 100,000

Chandanben Maganlal Bhatt Elocution Fund Elocution Competition 157,008 10,000 - 167,008 - 167,008

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 450,000 25,000 - 475,000 - 475,000

Publication Fund

Shailesh Kapadia Memorial Publication Fund Publication 512,754 - - 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 3,258,546 35,000 - 3,293,546 - 3,293,546

(2,903,546) (355,000) - (3,258,546) - (3,258,546)

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 - - 12,560 12,560 12,560 (b) -

Dilip N. Dalal Oration Fund Lecture Meeting - - 8,544 8,544 - 8,544

Guru Smruti Sanshodhan Nidhi Research Activity 830,833 - 24,058 854,891 - 854,891

Pragnya Girish Share Dalal Foundation Union Budget publication - - 35,000 35,000 35,000 (c) -

Publication Fund

Research & Accounting Publication Fund Publication 203,017 - - 203,017 - 203,017

Shailesh Kapadia Memorial Publication Fund Publication 34,040 - 41,020 75,060 75,060 (d) -

Lavino Kapur Cottons Students 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 279,802 - 65,058 344,860 - 344,860

P. M. Trivedi Prize Fund Journal Contributors - - 1,200 1,200 1,200 (f) -

B 1,347,692 - 260,800 1,608,492 197,180 1,411,312

(1,258,572) - (232,284) (1,490,856) (143,165) (1,347,691)

C] Technology Initiative Fund C 622,120 - - 622,120 195,000 (g) 427,120

(1,362,831) - - (1,362,831) (740,711) (622,120)

D] UTILISED FUNDS :–

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

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

Nanubhai Desai Library Fund 2,500 - - 2,500 - 2,500

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

Technology Initiative Fund 1,877,880 - 1,877,880 1,877,880

D 30,465,380 - - 30,465,380 - 30,465,380

(29,724,669) (740,711) - (30,465,380) - (30,465,380)

TOTAL (A+B+C+D) 35,693,738 35,000 260,800 35,989,538 392,180 35,597,358

(35,249,618) (1,095,711) (232,284) (36,577,613) (883,876) (35,693,737)

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CLOSING STOCK31.03.2011 31.03.2010

Rs. Rs.

Publications 132,616 65,786

Paper for Journal - 2,809

Events Stationery 19,513 12,734

Mementos 18,425 23,550

Total 170,554 104,879

Schedule V

CASH AND BANK BALANCES31.03.2011 31.03.2010

Rs. Rs.

Fixed deposits with Banks 24,105,978 14,213,831

Balances in Savings Accounts 2,584,884 1,393,558

Balances in Current Accounts 12,492 3,478

Cash and Cheques in hand 13,476 5,350

Total 26,716,830 15,616,217

Schedule VII

INVESTMENTS : (LONG-TERM - AT COST) Schedule IV

31.03.2011 31.03.2010

Rs. Rs.

A] EARMARKED INVESTMENTS :

1. Government of India 8% Savings Bonds 3,295,000 3,260,000

A 3,295,000 3,260,000

B] OTHER INVESTMENTS :

1. Government of India 8% Savings Bonds 9,705,000 6,740,000

2. Deposit with HDFC Ltd. 20,500,000 19,000,000

B 30,205,000 25,740,000

TOTAL (A+B) 33,500,000 29,000,000

ADVANCES & DEPOSITS Schedule VI

31.03.2011 31.03.2010 Rs. Rs.

Advances 473,998 267,425

Deposits 177,088 161,180

Tax Deducted At Source 648,160 434,518

Other Receivables 197,868 259,189

Total 1,497,114 1,122,312

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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 the rates 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 issued by 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

For Bombay CharteredAccountants' Society

Signature to Schedules "I" to "IX”

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

Chartered Accountants Firm Regn. No. 102462-W

Mumbai P. M. Dharia


ICAI M. No. 3744

Pradip ThanawalaPresident Vice President

Deepak ShahNitin Shingala Raman Jokhakar

Jt. Hon. Secretaries Hon. Treasurer

Mayur Nayak

Mumbai Dated: 20th May, 2011

JOURNAL & OTHER PUBLICATIONS

INCOME EXPENDITURE

31.03.2011 31.03.2010 31.03.2011 31.03.2010

Rs. Rs. Rs. Rs.

Journal 5,341,258 4,527,610 5,117,562 5,674,627

Referencer 3,718,538 2,557,249 2,789,886 1,947,730

Publications 2,903,253 1,679,460 2,127,227 1,405,847

Total 11,963,049 8,764,319 10,034,675 9,028,204

Schedule VIIIA

REFRESHER COURSES & SEMINARS

INCOME EXPENDITURE

31.03.2011 31.03.2010 31.03.2011 31.03.2010

Rs. Rs. Rs. Rs.

Meetings, Seminars & Workshops 5,438,782 3,849,717 4,429,281 3,297,309

Residential Refresher Courses & Conferences 4,682,450 4,747,688 4,565,328 4,289,885

Students' Programmes 536,683 623,450 451,391 422,840

Total 10,657,915 9,220,855 9,446,000 8,028,084

Schedule VIIIB

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

Report of the Auditors

We have audited the annexed Balance Sheet of BCAS Foundation as on 31st March 2011 and also the annexed Income & Expenditure Account for the Year ended on the date. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India.Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We further report that:-

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

(b) The receipts and disbursements are properly and correctly shown in the accounts.

(c) The cash balance and vouchers in the custody of the manager or trustee on the date of audit were in agreement with the accounts.

(d) All books, deeds, accounts, vouchers or other documents or records required by the auditor were produced before him.

(e) A register of movable and immovable properties is properly maintained, the changes threin are communicated from time to time to the regional office, and the defects and inaccuracies mentioned in the previous audit report have been duly complied with.

(f) All the necessary information required by us has been furnished to us by the Treasurer whenever called upon.

(g) No property or funds of the Trust were applied for any object or purpose other than the object or purpose of the Trust.

(h) There are no amounts, which are outstanding for more than one year. During the year no amount has been written off.

(i) For repairs etc. exceeding Rs.5,000/- tenders are invited.

(j) The money of the society have not been invested contrary to the provisions of Section 35 of the Act.

(k) There is no alienation of the immovable property contrary to the provisions of Section 36.

(l) So far as it is ascertainable from the books of accounts and according to the information and explanation given to us by the Trustee, there were no special matters which are required to be brought to the notice of the Deputy Charity Commissioner.

(m) So far as it is ascertainable from the books of accounts and according to the information and explanation given to us there were no cases of irregular, illegal or improper expenditure or failure or omission to recover money or other properties belonging to the Trust or of loss, waste of money or other property thereof.

(n) The Budget has been filed in the Form provided by Rule 16 A.

2. (a) The maximum and minimum of the members of the Trustees is maintained.

(b) The Meetings are held regularly as provided in Rules & Regulations.

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

(d) None of the members of the Managing Committee has any interest in the investment of the Society.

(e) None of the members of the Managing Committee is debtor or creditor of the Society.

(f) No irregularities were pointed out by the Auditors in the accounts of the previous year.

3. We certify that the amounts of contributions Rs.250,000/- which are claimed as contributions towards Corpus are contributions received during the year with the specific directions that they shall form part of the Corpus of the Public Trust as an Earmarked Fund of the Capital nature.

We have verified all the communications in writing received from the Donors to that effect and have satisfied ourselves that such Donations are towards Corpus within the meaning of explanation and u/s. 58 of Bombay Public Trust Act, 1950 and are invested in accordance with the provisions of the said Act.

For P.M.Dharia & Co. (Regd.)



P. M. Dharia

Partner

ICAI M. No. 3744

Place : Mumbai

Dated : 20th May, 2011

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

SCHEDULE VIII (vide Rule 17(1))

BCAS FOUNDATION

Balance Sheet as at 31st March, 2011

31.03.2010 Liabilities 31.03.2011Amount (in Rs.) Rs. Amount (in Rs.)

TRUST FUND & CORPUS 678,120 Balance as per last Balance Sheet 828,121 150,001 Add: Received during the year 125,001 828,121

953,122

OTHER EARMARKED FUNDS:

CHALO ENGLISH SIKHAYEIN

– Balance as per last Balance Sheet –

– Add: Received during the year 250,000

– Add: Earmarked out of accumulated Income & Expenditure balance 100,000

– 350,000

EDUCATION & C.A. RELIEF FUND

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

INCOME & EXPENDITURE ACCOUNT

615,602 Balance as per Last Balance sheet 672,415

– Less: Earmarked out of above balance for Chalo English Sikhayein (100,000)

615,602 572,415

56,813 Add : Surplus Transferred from I & E A/c 200,296

672,415 772,711

1,865,289 TOTAL RS. 2,440,586

31.03.2010 Properties & Assets 31.03.2011

Amount (in Rs.) Rs. Amount (in Rs.)ADVANCES AND DEPOSITS :

20,110 Tax Deducted at Source 20,110

14,000 Educational Loan Scholarship 14,000

INVESTMENTS

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

1,100,000 Fixed Deposit with HDFC Ltd. 1,600,000

1,750,000 2,250,000

BALANCE WITH BANK

81,179 In Savings Account with Axis Bank Ltd. 156,476

1,865,289 TOTAL RS 2,440,586



Mumbai P. M. Dharia


ICAI M. No. 3744

Mayur NayakPradip Thanawala

(TRUSTEES)

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Income & Expenditure Account for the year ended 31st March, 2011

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

SCHEDULE VIII (vide Rule 17(1))

BCAS FOUNDATION

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

31.03.2010 Expenditure 31.03.2011

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

306 ESTABLISHMENT EXPENSES: –

EXPENDITURE ON OBJECTS OF TRUST:

195,700 Educational Expenses 134,883

56,813 Surplus for the year transferred to Balance Sheet 200,296

252,819 TOTAL Rs. 335,179

31.03.2010 Income 31.03.2010

Amount in Rs. Rs. Amount in Rs.

Interest on Bank A/c. / F.Ds. & Saving Account 177,671

Donations Received

92,328 From BCAS Members through programme contribution 129,880

50,051 Other Donations 27,628

142,379 157,508

252,819 TOTAL RS. 335,179

110,440



Mumbai P. M. Dharia


ICAI M. No. 3744

Mumbai P. M. Dharia

Dated: 20th May, 2011 Partner ICAI M. No. 3744

Pradip Thanawala

(TRUSTEES)

Mayur Nayak



Mayur NayakPradip Thanawala

(TRUSTEES)


61st Annual General Meeting

On the dais seen from left are Raman Jokhakar - Incoming Hon. Treasurer, Deepak Shah - Joint Secretary, Mayur Nayak - Incoming President, Ameet Patel - Outgoing President, Nitin Shingala - Joint Secretary, Nandita Parekh - Outgoing Hon. Treasurer, Pradip Thanawala - Incoming Vice President

Keki Mistry, Speaker releasing the Taxation of Charitable Trust publication at the 61st AGMStanding to his Left Kishore Karia – Past President of BCAS

Shriji Arvind Singhji Mewar, lighting the lamp, marking inauguration of the 14th ITF Conference at Udaipur

Others seen from right are :Mayur Nayak – President, Pinakin Desai – Past President

62nd Annual Report 2010-11 Bombay Chartered Accountants’ Society

President Mayur Nayak lighting the traditional lamp, marking inauguration of the 44th RRC at Matheran

Others seen from right are:Uday Sathaye – Past President, Krishnakumar Jhunjhunwala, Chief Guest K. C. Narang – Past President

Mr. S. E. Dastur, Senior Advocate addressing Public Lecture on Direct Tax Provisions of the Finance Bill, 2011

Audience at Public Lecture on Direct Tax Provisions of the Finance Bill, 2011


ANNUAL REPORT2010-11


B CSA


On dais seen from left are GirirajSoni, Nitin Shingala, Rajesh Kothari – Past President, Mayur Nayak – President Yogesh Thar, Kinjal Shah

2nd Residential Study Course 2010 on International FinancialReporting Standards

On the dais seen from left are Mukesh Trivedi, Atul Deshmukh, Himanshu Kishnadwala – Past President, Khozema Anajwala, Suril Shah

The Manging Committee 2010-2011

Standing from left are : Sunil Gabhawalla, Naushand Panjwani, Jayesh Gandhi, Mukesh Trivedi, Himanshu Vasa, Narayan Pasari, Toral Mehta, Gaurang Gandhi, Nandita Parekh, Sonalee Godbole, Manish Sampat, Ameet Patel, Shardul Shah, Krishnakumar Jhunjhunwala

Sitting from left are : Raman Jokhakar, Nitin Shingala, Pradip Thanawala,Mayur Nayak, Deepak Shah, Narayan Varma, Chetan Shah

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