JANUARY 2015 1 7, Jolly Bhavan #2, New Marine Lines, Mumbai - 400020. Tel : + 91 22 613 77 600 ; F : + 91 22 613 77 666 ; Email: [email protected] ; Website : www.bcasonline.org ; WebTV : www.bcasonline.tv Vice-President’s Communiqué Dear Member, A very happy 2015! We all crossed another threshold in time and stepped into 2015. Hope you have had a great start so far. Many of us just returned from the 48th Residential Refresher Course (RRC) at Udaipur. This flagship learning event is a jewel in the BCAS learning calendar. Participants from nearly 30 locations attended. Some from the South took 3 different flights to reach Udaipur. From first timers to those attending perhaps their 40th RRC, from 22 year olds to 80 year olds; more than 200 participants came to network, discuss, learn, bond, and rejuvenate at this stunning resort amidst the desert and mountains. What a way to start a new year! For many of us, New Year is a time for new beginnings. It’s the time filled with promise and anticipation. A time to pause and assess; a time to celebrate and calibrate; a time to start and a time to move on, a time to revisit and relook! It’s the time to refresh our resolve, to be more self aware, a time to look in the mirror and see if the person staring is someone I always wanted to be! Recently, someone sent these words attributed to Einstein: “If you want to live a happy life, tie it to a goal, not to people or things”. Setting goals is a unique way to keep a sharp focus on Harnessing Talent and Providing Quality Service A Monthly Newsletter of the Bombay Chartered Accountants’ Society BCAS Newsletter For Members only. For Private Circulation only. Price: R10 (Continued on page 2) President: Nitin P. Shingala 98200 57694 | [email protected]Vice-President: Raman H. Jokhakar 98208 77976 | [email protected]Hon. Jt. Secretary: Narayan R. Pasari 98200 38095 | [email protected]Hon. Jt. Secretary: Sunil B. Gabhawalla 98213 23921 | [email protected]Hon. Treasurer: Mukesh G. Trivedi 98201 82456 | [email protected]Vol. 17 n No. 10 n January 2015 PROGRAMMES AT A GLANCE DATE VENUE PAGE NO. 2nd Senior Chartered Accountants’ Meet......................................................................30.01.2015 to 01.02.2015.........Hotel Courtyard, Marriot, Pune...................................................... 11 13th Residential Leadership Camp/Spiritual Retreat................................................29.01.2015 to 01.02.2015........Leslie Sawhny Centre, Deolali, Nasik................................... 6 Seminar on Permanent Establishment – Critical Aspects ....................................30.01.2015 .....................................Palladium Hotel, Lower Parel ..................................................... 4 Certificate Course for Professional Accountant.........................................................03.02.2015 onwards.................BCAS Office and H. R. College................................................... 5 Action Replay By A Legend! Standard Costing Demystified................................06.02.2015....................................Jai Hind College Auditorium, Churchgate.......................... 8 Suburban Study Circle....................................................................................................07.02.2015.....................................Direct-I-Plex,Andheri East Subway......................................... 4 Programme on REIT/InvIT...........................................................................................07.02.2015.................................Babubhai Chinai Hall, Churchgate................................... 10 Fifth Intensive Study Course on Transfer Pricing......................................................07.02.2015 to 04.04.2015..... BCAS Office, New Marine Lines............................................. 3 Half day Workshop on Charitable Trusts........................................................................ 13.02.2015......................................Jai Hind College Auditorium, Churchgate........................ 3 2nd Youth Residential Refresher Course........................................................................ 19.02.2015 to 22.02.2015........Byke Resort, Goa............................................................................. 9 5th Residential Study Course on IFRS / Ind AS............................................................... 19.02.2015 to 21.02.2015.........Leadership Development Academy, Lonavla..................... 7 Seminar on Banking Laws.....................................................................................................27.02.2015........................................Babubhai Chinai Hall, Churchgate.................................... 13 Corporate Governance and Independent Directors................................................ 19.03.2015 to 21.03.2015.......SP Jain Institute, Andheri West ............................................... 12 Lecture Meetings.........................................................................................................................21.01.2015, 29.01.2015, 04.02.2015, 13.02.2015, 04.03.2015 ................................................... 1 Speaker: Brahmakumari Shivani Subject: Anger - The Enemy Within Venue: Jai Hind College Auditorium, “A” Road, Churchgate, Mumbai 400 020 Day, Date & Time: Friday, 13th February, 2015, 6.15 p.m. * LECTURE MEETINGS Speaker: Milind S. Kothari, Chartered Accountant Subject: Global Services Transformation - Are Indian CA firms insulated? Venue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400 020 Day, Date & Time : Wednesday, 21st January, 2015, 6.15 p.m.* Speaker : Hiro Rai, Advocate Subject : Important Income-tax Decisions of 2014 Venue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400 020 Day, Date & Time : Thursday, 29th January, 2015, 6.15 p.m.* Speaker : Satya Poddar, Ph. D. Subject : Goods and Services Tax – Curtain Raiser Venue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400 020 Day, Date & Time : Wednesday, 4th February, 2015, 6.15 p.m.* Speaker: S.E. Dastur, Senior Advocate Subject: Direct Tax Provisions of the Finance Bill, 2015 Venue: Yogi Sabhagruha, Shree Swami Narayan Mandir, Dadar (East), Mumbai – 400 014 Day, Date & Time: Wednesday, 4th March, 2015, 6.15 p.m. * * Fellowship over a cup of tea at 5.45 p.m. (Under the auspices of Amita Memorial Trust and jointly with The Chamber of Tax Consultants)
We all crossed another threshold in time and stepped into 2015. Hope you have had a great start so far. Many of us just returned from the 48th Residential Refresher Course (RRC) at Udaipur. This flagship learning event is a jewel in the BCAS learning calendar. Participants from nearly 30 locations attended. Some from the South took 3 different flights to reach Udaipur. From first timers to those attending perhaps their 40th RRC, from 22 year olds to 80 year olds; more than 200 participants came to network, discuss, learn, bond, and rejuvenate at this stunning resort amidst the desert and mountains. What a way to start a new year!
For many of us, New Year is a time for new beginnings. It’s the time filled with promise and anticipation. A time to pause and assess; a time to celebrate and calibrate; a time to start and a time to move on, a time to revisit and relook! It’s the time to refresh our resolve, to be more self aware, a time to look in the mirror and see if the person staring is someone I always wanted to be!
Recently, someone sent these words attributed to Einstein: “If you want to live a happy life, tie it to a goal, not to people or things”. Setting goals is a unique way to keep a sharp focus on
Harnessing Talent and Providing Quality Service A Monthly Newsletter of the Bombay Chartered Accountants’ Society
BCASNewsletterFor Members only. For Private Circulation only. Price: R10
2nd Senior Chartered Accountants’ Meet......................................................................30.01.2015 to 01.02.2015.........Hotel Courtyard, Marriot, Pune...................................................... 1113th Residential Leadership Camp/Spiritual Retreat................................................29.01.2015 to 01.02.2015........Leslie Sawhny Centre, Deolali, Nasik................................... 6 Seminar on Permanent Establishment – Critical Aspects ....................................30.01.2015 .....................................Palladium Hotel, Lower Parel ..................................................... 4Certificate Course for Professional Accountant.........................................................03.02.2015 onwards.................BCAS Office and H. R. College................................................... 5Action Replay By A Legend! Standard Costing Demystified................................06.02.2015....................................Jai Hind College Auditorium, Churchgate.......................... 8Suburban Study Circle....................................................................................................07.02.2015.....................................Direct-I-Plex,Andheri East Subway......................................... 4Programme on REIT/InvIT...........................................................................................07.02.2015.................................Babubhai Chinai Hall, Churchgate............................... . . .. 10Fifth Intensive Study Course on Transfer Pricing......................................................07.02.2015 to 04.04.2015.....BCAS Office, New Marine Lines............................................. 3Half day Workshop on Charitable Trusts........................................................................13.02.2015......................................Jai Hind College Auditorium, Churchgate...... . ................. 32nd Youth Residential Refresher Course........................................................................19.02.2015 to 22.02.2015........Byke Resort, Goa............................................................................. 95th Residential Study Course on IFRS / Ind AS...............................................................19.02.2015 to 21.02.2015.........Leadership Development Academy, Lonavla..................... 7Seminar on Banking Laws.....................................................................................................27.02.2015........................................Babubhai Chinai Hall, Churchgate.................................... 13 Corporate Governance and Independent Directors................................................19.03.2015 to 21.03.2015.......SP Jain Institute, Andheri West ............................................... 12Lecture Meetings.........................................................................................................................21.01.2015, 29.01.2015, 04.02.2015, 13.02.2015, 04.03.2015 ................................................... 1
Speaker: Brahmakumari ShivaniSubject: Anger - The Enemy WithinVenue: Jai Hind College Auditorium, “A” Road, Churchgate, Mumbai 400 020Day, Date & Time: Friday, 13th February, 2015, 6.15 p.m. *
LECTURE MEETINGS
Speaker: Milind S. Kothari, Chartered Accountant Subject: Global Services Transformation - Are Indian CA firms insulated? Venue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400 020Day, Date & Time : Wednesday, 21st January, 2015, 6.15 p.m.*
Speaker : Hiro Rai, Advocate Subject : Important Income-tax Decisions of 2014 Venue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400 020Day, Date & Time : Thursday, 29th January, 2015, 6.15 p.m.*
Speaker : Satya Poddar, Ph. D. Subject : Goods and Services Tax – Curtain Raiser Venue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400 020Day, Date & Time : Wednesday, 4th February, 2015, 6.15 p.m.*
Speaker: S.E. Dastur, Senior AdvocateSubject: Direct Tax Provisions of the Finance Bill, 2015Venue: Yogi Sabhagruha, Shree Swami Narayan Mandir, Dadar (East), Mumbai – 400 014Day, Date & Time: Wednesday, 4th March, 2015, 6.15 p.m. *
* Fellowship over a cup of tea at 5.45 p.m.
(Under the auspices of Amita Memorial Trust and jointly with The Chamber of Tax Consultants)
BCAS 2
(Continued from page 1)
ALL THE THREE CLINICS WILL BE HELD IN THE LIBRARY OF THE SOCIETY
RIGHT TO INFORMATION CLINIC
CHARITABLE TRUST CLINIC
ACCOUNTS & AUDIT CLINIC
Advisory Panel : Narayan K. Varma, Adv. A. K. Asher, Hema D. SampatClinic Co-ordinator: Ms. Bindu Mistry – 61377624
Advisory Panel : Ratanshaw J. Damanwala, Shariq M. Contractor, Gautam S. Nayak, Anil J. Sathe, Atul H. ShahClinic Co-ordinator: Ms. Bindu Mistry – 61377624
Advisory Panel : Sanjeev R. Pandit, Himanshu V. Kishnadwala, Jayesh M. Gandhi Clinic Co-ordinator : Ms. Bindu Mistry – 61377624
Foundation operates a Right to Information (RTI) Clinic on a regular basis. The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI. The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 24th and 31st January, 2015 and 7th, 14th and 21st February, 2015. Please call to obtain a prior appointment.
The next Charitable Trust Clinic will be held on 6th February, 2015 from 5 p.m. to 7 p.m.
Chartered Accountants and Trustees interested in having their queries solved are requested to send their queries by email to [email protected] and call to obtain a prior appointment, latest by noon on the day of the clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc.
The next Accounts & Audit Clinic will be held on 7th February, 2015 from 10.30 a.m. to 11.30 a.m.
Persons interested in having their queries pertaining to accounting and auditing issues solved are requested to send the queries by e-mail to [email protected] one week in advance and call to obtain prior appointment, at least a day before the day of the clinic. Please note that the panel will not answer any queries pertaining to tax issues.
things that matter, a vow of sorts that throws open the fountain of inspiration. Some say goals make your achievement finite. In my view, a goal is not about ‘something’ you want. A goal is not ‘somewhere’ you want to be. A goal is what you want to experience in your life no matter what! It’s inside out and not outside in. Goal may have an external goal post, but it’s not just that, it’s the WHY we need to find that goal post. Once we ask this question – WHY do we want something and keep peeling off layer after layer by asking WHY to every answer we get, we arrive at a point where suddenly we discover the ‘meaning’ behind what may seem like a trivial or impossible goal. That is the real goal – what we want to experience truly and deeply.
When we set a goal, it seems like we have to reach the magical ‘finish line’ in no time and so it requires a mammoth effort. However, that is not so. Small changes, baby steps, can prove to be a big deal. If you have fear of speaking to strangers and you set a goal to go talk to people you don’t know each day, you only have to do a little bit to make that goal manifest. Every day, we have opportunities to say hello to people we don’t know - from the bus conductor to co-passengers to colleagues we normally never greet. These small shifts add up to taking us to our goal of becoming a more outgoing person.
In Sanskrit there is a beautiful word, Sankalpa. I simply love this word. Wikipedia defines it quite well – “the
first practical step by which the sensitivity and potentiality of the mind is increased; it is known as the capacity to harness the will-power and the tool to focus and harmonise the complex body-mind apparatus.” Sankalpa is a mix of idea, creativity, action, determination, whole heartedness and harnessing the ability to manifest what is deep inside our heart. When we set a goal, we can infuse it with the power of Sankalpa. Then Einstein’s words will turn true – we won’t have to live chasing people and things. We will be guided by a deeper meaning that we have found for ourselves and that will take us to where we need to be. Then, when we look in the mirror, we will be able to look at the person and smile or rather wink.
So, let’s leave behind all that is rancid, let’s begin from wherever we are. No matter what our age or station in life be – let’s begin. Life is too short, too uncertain, too beautiful, too precious. Why postpone Joy? Why not live it to the fullest, truest and bestest? Peace, Joy and Love for 2015!
Yours truly,
Raman H. Jokhakar
JANUARY 20153
Charitable Trust plays a very important role in development of the Society and thereby contributes in nation building. However, at times these trusts face various difficulties both under General Law and Taxation Law. For past few years, various amendments are made in Income-Tax Act, 1961 creating more difficulties to these trusts. The treatment given to these trusts are certainly non charitable and one tends to get discouraged with such amendments which lead to administrative as well as financial difficulties.
With a view to address various issues under General Law and also under Tax Laws, Taxation Committee of Bombay Chartered Accountants’ Society, jointly with The Chamber of Tax Consultants has organized a Half Day Workshop on Charitable Trusts. The Workshop will also cover a session on the provisions of the Foreign Contribution Regulation Act.
The relevant details of the Workshop are as under:
Topic Speaker
Provisions of Maharashtra Public Trust Act
Vipin Batavia, Chartered Accountant
Taxation of Charitable Trusts Gautam Nayak, Chartered Accountant
Venue Audio Visual Centre, 4th Floor, Jai Hind College,
“A” Road, Churchgate, Mumbai – 400 020.
Fees
Members (Life, Ordinary & Associate Members)
R 649 + R 81 (ST) = R 730
Non – Members R 750 + R 93 (ST) = R 843
(Fee includes Refreshments, Tea/Coffee and Course Material)
Enrolment form is printed on page 20.
Chairman: Kishor B. KariaCo-Chairman: Sanjeev R. PanditConvenors: Anil D. Doshi, Ganesh Rajgopalan & Jagdish T. Punjabi Co-ordinators: Ashok L. Sharma & Rajeev N. Shah
TAXATION COMMITTEE
Half Day Workshop on Charitable Trusts
Rising health care spending occurs because it is beneficial, not a burden on the economy.
- Robert Hall
The Fifth Intensive Study Course on ‘Transfer Pricing (TP)’ to be conducted in classroom style, will be spread over 33-35 sessions in all, covering various aspects of TP including:
• Associated Enterprises • International Transactions • Concept of ALP • Domestic Transfer Pricing • Comparability study • Transfer Pricing Methods – CUP, RPM, CPM, Transactional and Profit Methods • Selection of Comparables • Safe harbor rules • Thin Capitalization rules • APAs • OECD Transfer Pricing guidelines • Intangible Property • Intra group services • Cost contribution arrangements • Financial service sector - transactions • Transfer Pricing documentation • Drafting audit report and Transfer Pricing study including live case studies of select industries • Transfer Pricing controversies • Transfer Pricing litigations • Transfer Pricing dispute resolution through MAP • International decisions on Transfer Pricing
Faculty will comprise of senior professionals having expertise in the field of Transfer Pricing.
Duration 7th February 2015 to 4th April 2015 (excluding 28th February 2015)
Time 9.00 a.m. to 6.00 p.m. (Saturdays)
Venue 7 th February - BCAS Office, 7, Jolly Bhavan no. 2, New Marine Lines, Mumbai 400 020
Other Saturdays - 2nd Floor, Babubhai Chinai Hall, Indian Merchants’ Chamber, Churchgate, Mumbai 400 020
Fees
Member and Family (Minimum Two Persons)
` 15,000 + ` 1,854 (ST) = ` 16,854
Non-Members (Limited Seats)
` 20,000 + ` 2,472 (ST) = ` 22,472
(Fee includes course material, refreshments, lunch and contribution of ` 50 towards BCAS Foundation.)
In case of any contingency, the Society may be required to change the venue and/or the date at short notice.
Enrolment is restricted to 60 participants on first-come-first-serve basis. To give benefit of this course to a larger spectrum of members, enrollment would be restricted to a maximum of 7 members from the same group of organisations on a first come first served basis and the additional members from that group of organisations would be placed on waiting list . Subject to availability of the seats they may be enrolled one week before the commencement of the Course.
Enrolment form is printed on page 20.
Fifth Intensive Study Course on Transfer Pricing
Chairman : Gautam S. NayakCo-Chairman : Deepak R. ShahConvenors: Chetan M. Shah, Dhishat B. Mehta & Gaurang V. Gandhi Co-ordinators: Dhaval J. Sanghavi & Kirit P. Dedhia
INTERNATIONAL TAXATION COMMITTEE
BCAS 4
With increased globalization, the Concept of Permanent Establishment (PE) has gained significant importance due to its direct impact on the tax revenues of the affected countries, both in India and in other countries. The issue of whether there exists a PE or not, and if yes, how much profit should be attributed to it, is becoming an increasingly challenging issue in tax compliance and tax risk management. Expanded and inclusive manner of treating activities to allege the presence of a PE by the revenue authorities has created uncertainties and the emergence of e-commerce as the preferred method of conducting international trade has created an acute need to re-look at the very concept as we know it today. Further, OECD in the process of re-writing the rules of international taxation by introducing Base Erosion & Profit Shifting (BEPS) Reports has created a new challenge as well as an opportunity for tax professionals.
Considering the importance and the far reaching implications of the concept of PE, this Seminar is specially designed to update members in practice and working in the industry on the various issues connected therewith.
Day & Date Friday, 30th January 2015
Time 9.30 a.m. to 5.30 p.m.(Registration and Snacks start at 9.00 a.m.)
Venue Palladium Hotel, Lower Parel, Mumbai
Fees
Members (Ordinary, Life & Associate Members)
R 3,500 + R 432 (ST) = R 3,932
Non – Members
R 4,000 + R 495 (ST) = R 4,495
(Fee includes course material, breakfast, lunch and contribution of ` 50/- towards BCAS Foundation)
Topics Speakers
Recent Judicial Development on various types of PE (with special emphasis on subsidiaries as a PE and Secondment PE) and Attribution of Profit to the PE
M. P. Lohia, Chartered Accountant
PE in the context of E-commerce (special emphasis on BEPS Report)
Shefali Goradia, Chartered Accountant
Exclusions from the PE - special reference to Liaison Office
Yogesh Thar, Chartered Accountant
Case studies on PE including attribution of profits
Sunil Lala, Advocate
Enrolment is restricted to 125 participants. Limited seats are reserved for non-members on first-come-first-served basis.
Enrolment fees are non-refundable.
Enrolment form is printed on page 20.
Chairman : Gautam S. Nayak Co-Chairman : Deepak R. ShahConvenors : Chetan M. Shah, Dhishat B. Mehta & Gaurang V. GandhiCo-ordinators : Anil D. Doshi, Mayur B. Desai & Kirit P. Dedhia
INTERNATIONAL TAXATION COMMITTEE
Seminar on Permanent Establishment – Critical Aspects
Ministry of Corporate Affairs vide its press release dated January 2, 2015 has issued the roadmap for implementation of IND-AS (IFRS) in India for Companies other than banking companies, insurance companies. IND-AS would be mandatory in phased manner from April 1, 2016. The reporting entity shall be required to provide previous year figures of March 31, 2016 (FY 2015-16) on a comparative basis as per IND-AS.
Further companies on a voluntary basis may draw up their annual accounts as per IND-AS for period commencing from April 1, 2015 (FY 2015-16) and in such cases the previous year figures should be on a comparable basis.
In order to understand the impact of IND-AS we have planned the meeting as under:
Day & Date Saturday, 7th February 2015
Time 4.00 p.m. to 6.00 p.m.
Speaker Chirag H. Doshi, Chartered Accountant
Topic Roadmap to conversion to IND-AS and its key impacts on Financial Statement.
Venue Direct-I-Plex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East), Mumbai 400 069
We look forward to your active participation in the discussion at this meeting.
Special Note: BCAS Members who are not a member of any of the above mentioned Study Circles can attend this meeting on a nominal fee of ` 112/- (Inclusive of Service Tax) per participant.
Enrolment form is printed on page 20.
Suburban Study CircleJointly With
Company Law, Accounting and Auditing Study Circle
Convenors : Giriraj O. Soni & Kinjal M, Shah
COMPANY LAW, ACCOUNTING AND AUDITING STUDY CIRCLEConvenors : Hitesh K. Pasad & Mukesh K. Gilda
SUBURBAN STUDY CIRCLE
True individual freedom cannot exist without economic security and independence. People who are hungry and out of a job are the stuff of which dictatorships are made.
- Franklin D. Roosevelt
JANUARY 20155
BCAS 6
The annual Leadership Camp has evolved into Spiritual Retreat over the past few years. The themes of last three camps have been (i) 2012: Everyday Happiness; (ii) 2013: Living in Harmony and (iii) 2014: Holistic Wellbeing. This year we have selected the theme of: “Body-Mind Balance”.
Participants who have been regularly attending this annual event have experienced tremendous personal growth and have kindled desire for spiritual pursuit. Every Retreat brings fresh ideas and rejuvenates body, mind and intellect of the participants.
About this year’s theme of ‘Body – Mind Balance’:
“A sound mind in a sound body; is a short, but full description of a happy state in this world”. – John Locke. Healthy mind leads to healthy body. Our body and mind are so interconnected that wellness or otherwise of one affects or influences the other. Therefore, balancing or integration of both these vital instruments of our existence is vital for a meaningful and purposeful life.
During the Retreat, participants will be exposed to various techniques of body-mind balancing through interactive sessions, meditation and other activities.
Faculty: Dr. Harish Joshi and Mrs. Kokilaben H. Joshi from Indian Spiritual Healing Foundation, Ahmedabad.
Dr. Harish Joshi is a Neuro-Physician and used to practice medicine before giving up worldly pursuits for spiritual growth. He is an ardent follower of Sri Sri Mahavatar Babaji and has been blessed with divine knowledge of Spiritual Healing (Parashakti Chikitsa) and other Yogic Practices from Babaji. He had been “Art of Living” Teacher and has conducted number of courses for the Indian Army. At present he is imparting divine knowledge of Parashakti Chikitsa to seekers. He is being assisted in his mission, by his wife Smt. Kokila Joshi.
Programme Details:
Days Thursday, Friday, Saturday & Sunday ( Upto Lunch Time)
Dates 29th, 30th, 31st January & 1st February 2015
We recommend members to join this Retreat with spouse. In the past, participants attending with spouse have immensely benefited by this unique programme as they begin to share similar values and vision of life. The Retreat is also open to other close relatives and friends.
Enrolment form is printed on page 20.
Above and beyond the question of how to grow the economy there is a legitimate concern about how to grow the quality of our lives
- Paul Wellstone
As much as we need a prosperous economy, we also need a prosperity of kindness and decency.
- Rod Blagojevich
JANUARY 20157
Chairman: Harish N. MotiwallaCo-Chairman: Rajesh R. MuniConvenors: Abhay R. Mehta, Nikhil D. Patel & Mukesh K. GildaCo-ordinator : Abhay R. Mehta
ACCOUNTING & AUDITING COMMITTEE
5th Residential Study Course on IFRS/Ind ASThe International Financial Reporting Standards (IFRS) are fast emerging as the globally accepted accounting framework with more than 100 countries having adopted or permitting use of IFRS and several other countries having announced adoption of IFRS. In India also, on the heels of Finance Minister’s announcement to introduce Indian Accounting Standards (IndAS), the new set of Accounting Standards converged with IFRS, Ministry of Corporate Affairs (MCA) on 2nd January, 2015 has issued a press release announcing a revised roadmap for implementation of the same. As per the announcement, applicability would be in two phases viz. for companies covered in Phase I: From F.Y. 2016-17 and for companies covered in Phase II: From F.Y.2017-18. With the enactment of Companies Act, 2013, there are certain sections affecting financial statements which also require study and analysis.
Further, with the activities in capital markets and investments in global markets gaining momentum, the converged accounting standards would certainly increase acceptability of financial statements prepared by the Indian companies. This would also have effect on lowering the cost of borrowings and increase in the valuations of the Indian companies.
Realising the importance of the journey of convergence with IFRS/Ind AS and to be a catalyst in the transition to IndAS/IFRS implementation, we at BCAS have structured Fifth Residential Study Course to equip the professionals with relevant skills and be a part of the smooth transition. The 5th Residential Study Course (RSC) is in continuation of the learning process of IFRS which started in the year 2009.
The programme details are presented hereunder:
Day & Date Thursday, 19th February to Saturday, 21st February 2015
1 Case Studies on Consolidation Anand Subramanian, Chartered Accountant
2 Case Studies on PPE/Borrowing Costs/Intangible Assets & Impairment
Sanjay Chauhan, Chartered Accountant
3 Case Study on IFRS 1 - First Time Adoption of IFRS
Sudhir Soni,
Chartered Accountant
Sr. no. Papers for Presentation
1 IFRS 15 (IndAS 115) - Revenue from Contracts with Customers
V. Venkatramanan, Chartered Accountant
2 IndAS - Carve Outs for IFRS, Modified AS for other entities & Industry Perspective for adoption of IndAS
Rakesh Aggarwal, Chartered Accountant
A free economy and strong communities honour the dignity of every person, rewarding effort with justice, promoting upward mobility, and building solidarity among citizens.
- Paul Ryan
In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability.
- John Kenneth Galbraith
Fees Members
(Life, Ordinary & Associate Members)
Non-Members
Early Bird Up to 31st January 2015
From 1st February 2015
Early Bird Up to 31st January 2015
From 1st February 2015
Double Occupancy per person
14,045 15,731 16,854 17,977
Single Occupancy*
25,281 28,090 28,090 30,899
Fee includes Service Tax, Course Material, Stay, Meals from Thursday 19th February 2015 till 21st February 2015 afternoon and contribution of ` 50/- to BCAS Foundation.
*Enrolments are Limited for Single Occupancy
Delegate substitution:
In the event of inability of the registered delegate to attend the Study Course for any reason, he/she should promptly inform the Committee by email at [email protected] indicating the “subject” as “IFRS RSC 2015 – INABILITY TO ATTEND” with a copy marked to [email protected], [email protected], [email protected] & [email protected]. At its discretion, BCAS may permit substitution. The substitute too needs to be a member of BCAS if he/she is replacing a member of BCAS. The Committee reserves the right not to admit any substituted person to the Study Course in the event a delegate substitutes him/her in his/her place without the prior written consent of the Committee.
Refund:
Once enrolled, requests for refunds will not be entertained.
Enrolment form is printed on page 20.
BCAS 8
Imagine yourself sitting in the audience in a packed hall
And
Don Bradman driving an exquisite straight drive on the stage OR
Bjorn Borg swinging his strong arms and scoring an Ace with his famous racket on the stage OR
Muhammad Ali floating like a butterfly and stinging like a bee with his impactful jabs on the stage OR
Pele scoring a superb goal with a flying kick on the stage!
Possible?
Most certainly not.
These legends will never show us an action replay ever again.
But a legend from our profession has agreed for an Action Replay! At our request.
The Infotech& 4i Committee proudly presents a mesmerizing Action Replay by none other than Mr. Narendra P. Sarda, Past President of ICAI.
Thousands of CA students who appeared for the CA exams in the 1970s and 1980s would most certainly attribute their success in the Costing paper to that one memorable lecture by Mr. Sarda in a packed hall. Standard Costing was explained by him in a manner that nobody else has yet been able to replicate till date. His lectures were always attended by hundreds of students. And there was never any doubt in anyone’s mind that Mr. Sarda’s style of teaching was and remains unique. He stopped teaching Standard Costing more than 2 decades ago. And that to our minds, is a great loss for the students who have taken up the CA course since then.
However, the exciting and good news is that Mr Sarda has agreed to take one lecture – after so many years – again on Standard Costing for students. So, here are the details of this “once in a life time” event:
Subject Standard Costing Demystified
Speaker Narendra P. Sarda, Chartered Accountant
Day & Date Friday, 6th February 2015
Time 5.00 p.m. to 8.00 p.m.
(Fellowship over a cup of tea at 4.30 p.m.)
Venue Jai Hind College Auditorium, “A” Road, Churchgate, Mumbai – 400 020
Entry is free for all.
We request our members to share the details of this unique event with their students, and encourage them to attend. Very few youngsters from today’s generation would have had the opportunity of hearing Mr. Sarda on an academic subject. It would be a deserving gift from a CA to his/
Chairman : Ameet N. PatelCo - Chairman : Nandita P. ParekhConvenors : Kinjal M. Shah & Pinky H. Shah
BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY
INFOTECH& 4I COMMITTEE
Action ReplayBy A Legend!
her student. Let us all send as many students as possible to listen to Mr. Sarda. Let us utilize this amazing opportunity and introduce our Guru to our Shishyas.
We are sure that many of the CAs and others would also love to be present – we welcome them also.
To enable us to make appropriate arrangements, we request you to send us a list of participants by email to [email protected] . There is no restriction on the number of participants that you may wish to send, but advance intimation will help us a great deal.
Enrolment form is printed on page 20.
A successful economic development strategy must focus on improving the skills of the area’s workforce, reducing the cost of doing business and making available the resources business needs to compete and thrive in today’s global economy.
- Rod Blagojevich
In the current environment where plastic money rules and where physical give and take of money is slowly getting obsolete, have you...
• Wonderedwhy you need to send cash/cheque to the BCASevery time when a new publication is brought out by the Society?
• Evermissedout obtaining a copyof thepublication sinceyou were out of town and the publication went out of stock by the time you resumed office?
• Missedtheearly-birddiscountthattheBCASallowsonitsmost valued publication, The Referencer, simply because you missed booking it in advance?
• Expectedthatyouwouldgetthesnapshotsoftheproposalsin the Finance Bill at the earliest on your desk soon after the Budget Publication of the Society is released?
Well, we have good news for you. All these issues will be resolved. . . .if you have opted for the Imprest System.
All members, journal subscribers and students can avail the Imprest Scheme.WehavekeptthisSchemeopenfornon-membersalso.
Publications are released on a regular basis by your Society on various subjects.
You are requested to subscribe to a new Imprest Account or replenish your existing Imprest Account with the Society, in case it does not have sufficient balance for these publications.
Payment to the Imprest Account can be made by cheque/DD payable at par in Mumbai in favour of ‘Bombay Chartered Accountants’ Society’ OR you can also make an online payment. For online payment and for further details and to download the form, please log on to www.bcasonline.org
Imprest System for Publications
JANUARY 20159
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JANUARY 201511
BCAS 12
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RECENTLY RELEASED PUBLICATIONS OF BCAS
Taxation of Fees for Technical Services – A Referencer
In this book, the two authors have mainly focused on cross-border payments of Fees for Technical Services. It is an attempt by both the authors to compile various judicial pronouncements on the subject of FTS and classify them according to various typical cross-border services. They have selected important decision(s) pertaining to each typical service and provided a brief overview of such decision(s). This publication would be found useful both by the Taxpayers and the Tax Practitioners/Advisors.
Members : R 450/-Non – Members : R 500/-Postage : R 200/-
FAQs on Accounting Standards
(The 7 authors of the book have tried to simplify the understanding of four basic Accounting Standards - AS2, AS7, AS9 and AS15, which have an important applicability in any business entity.
To make the users of financial statements as well as preparers of financial statements aware about the importance of each accounting standard, the authors have disseminated the Accounting Standard into easy and simple Question and Answer format so as to have ease in understanding and demystifying the accounting standards.
Members : R 60/-Non-Members : R 75/-Postage : R 40/-
Gita for Professionals – 2nd Edition (In English & Gujarati)
The author feels that Conflict is very much a part of life, as experience is. Indeed, it is part and parcel of our existence both at home and elsewhere.
In this book the author has elucidated the concepts of ‘duty and ethics’ by means of parables and anecdotes which at times seem autobiographical. In the second revised and enlarged edition, the author has added a new Chapter containing “Thirteen lessons from the Gita for professionals to make this world a better place to live in”, wherein he not only talks about various aspects of one’s personality such as Humility and Non-violence but also throws light on some of the essentially good acts in life such as Giving, Sacrifice, Forgiveness, Goal- setting, Discipline, Cleanliness, Service to Guru etc.
Price : English - R 75/- Gujarati - R 100/-
Postage : R 50/-
The CD contains the Paper and Presentation and Case Studies of the Residential Refresher Course held from 27th to 29th June 2014.
R 1,500 for 1 CD for Members and
R 1,800 for 1 CD for Non-Members
Postage : R 50
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Subscribe Now!!!Lecture Meeting on Pursuing Excellence in Profession
– A Holistic Approach by Swami Swatmananda, Chinmaya Mission, Mumbai, held on 17th December, 2014 is now available on BCAS Web T V.
BCAS WEB TV
Payment can be made by cheque/DD payable at par in Mumbai in favour of ‘Bombay Chartered Accountants’ Society.’ You can also pay by cash/credit card at the payment counter of BCAS Office. If you have an Imprest Account, then you can instruct us to adjust the subscription through the imprest Account. For further details log on to www.bcasonline.org
Particulars Subscription Charges + Service Taxfrom 1st April 2014 to
31st March 2015
Total Charges
Ordinary, Life and Associates of Corporate Membership R 600 + 12.36% R 674
Students R 600 + 12.36% R 674
Journal subscribers R 900 + 12.36% R 1,011
Non-members R 1,200 + 12.36% R 1,348
JANUARY 201517
FROM RBIContributed by : Gaurang V. Gandhi
The Reserve Bank of India has issued the following 3 circulars.
A. P. (DIR Series) Circular No. 45 dated December 08, 2014Notification No. FEMA. 312/2014-RB dated July 2, 2014Foreign Direct Investment (FDI) in India – Review of FDI policy – Sector Specific conditions
This circular has amended Annexure B of Schedule 1 to Notification No. FEMA. 20/2000-RB dated 3rd May 2000 with regard to sectoral classification / conditionalities for FDI / Foreign Investment so as to align it with the Circular on Consolidated FDI Policy issued by the DIPP on April 17, 2014. The amended clauses are annexed to this Circular.
A. P. (DIR Series) Circular No. 46 dated December 08, 2014Notification No. FEMA. 312/2014-RB dated July 2, 2014Foreign Direct Investment (FDI) in India – Review of FDI policy – Sector Specific conditions – Defence
This Notification & circular have made the following two changes in to Notification No. FEMA. 20/2000-RB dated 3rd May 2000 pertaining to FDI in Defence Sector so as to bring it line with the Press Notes issued by DIPP.
This Notification & circular have made the following two changes in to Notification No. FEMA. 20/2000-RB dated 3rd May 2000 pertaining to FDI in Defence Sector so as to bring it line with the Press Notes issued by DIPP.
The amendments are as under: -1. In Regulation 14(3)(iv)(D) the words “Defence Sector” have been deleted.2. Paragraph 6 of Annexure B pertaining to “Defence Sector” has been substituted as under: -
SI. No. Sector / Activity % of Equity / FDI Cap Entry Route
6 Defence
6.1 Defence Industry subject to Industrial license under the Industries (Development & Regulation) Act, 1951
49% Government route up to 49%
Above 49% to Cabinet Committee on Security (CCS) on case to case basis, wherever it is likely to result in access to modern and ‘state-of-art’ technology in the country.
Note: (i) The above limit of 49% is composite and includes all kinds of foreign investments i.e. Foreign Direct Investment (FDI), Foreign Institutional Investors (Flls), Foreign Portfolio Investors (FPIs), Non Resident Indians (NRIs), Foreign Venture Capital Investors (FVCI) and Qualified Foreign Investors (QFIs) regardless of whether the said investments have been made under Schedule 1 (FDI), 2 (FII), 2A (FPI), 3 (NRI), 6 (FVCI) and 8 (QFI) of FEMA (Transfer or Issue of Security by Persons Resident Outside India) Regulations.
(ii) Portfolio investment by FPIs/FIls/NRIs/QFIs and investments by FVCIs together will not exceed 24% of the total equity of the investee/joint venture company. Portfolio investments will be under automatic route.
6.2 Other Conditions
i. Licence applications will be considered and licences given by the Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, in consultation with Ministry of Defence and Ministry of External Affairs.
ii. The applicant company seeking permission of the Government for FDI up to 49% should be an Indian company owned and controlled by resident Indian citizens.
iii. The management of the applicant company should be in Indian hands with majority representation on the Board as well as the Chief Executives of the company/partnership firm being resident Indians.
iv. Chief Security Officer (CSO) of the investee/ joint venture company should be resident Indian citizen.
v. Full particulars of the Directors and the Chief Executives should be furnished along with the applications.
vi. The Government reserves the right to verify the antecedents of the foreign collaborators and domestic promoters including their financial standing and credentials in the world market. Preference would be given to original equipment manufacturers or design establishments and companies having a good track record of past supplies to Armed Forces, Space and Atomic energy sections and having an established R & D base.
vii. There would be no minimum capitalization for the FDI. A proper assessment, however, needs to be done by the management of the applicant company depending upon the product and the technology. The licensing authority would satisfy itself about the adequacy of the net worth of the non-resident investor taking into account the category of weapons and equipment that are proposed to be manufactured.
viii. The Ministry of Defence is not in a position to give purchase guarantee for products to be manufactured. However, the planned acquisition programme for such equipment and overall requirements would be made available to the extent possible.
ix. The capacity norms for production will be provided in the licence based on the application as well as the recommendations of the Ministry of Defence, which will look into existing capacities of similar and allied products.
x. Investee/joint venture company should be structured to be self-sufficient in areas of product design and development. The investee/joint venture company along with manufacturing facility, should also have maintenance and life cycle support facility of the product being manufactured in India.
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xi. Import of equipment for pre-production activity including development of prototype by the applicant company would be permitted.
xii. Adequate safety and security procedures would need to be put in place by the licensee once the licence is granted and production commences. These would be subject to verification by authorized Government agencies.
xiii. The standards and testing procedures for equipment to be produced under licence from foreign collaborators or from indigenous R & D will have to be provided by the licensee to the Government nominated quality assurance agency under appropriate confidentiality clause. The nominated quality assurance agency would inspect the finished product and would conduct surveillance and audit of the Quality Assurance Procedures of the licensee. Self-certification would be permitted by the Ministry of Defence on case to case basis, which may involve either individual items, or group of items manufactured by the licensee. Such permission would be for a fixed period and subject to renewals.
xiv. Purchase preference and price preference may be given to the Public Sector organizations as per guidelines of the Department of Public Enterprises.
xv. Arms and ammunition produced by the private manufacturers will be primarily sold to the Ministry of Defence. These items may also be sold to other Government entities under the control of the Ministry of Home Affairs and State Governments with the prior approval of the Ministry of Defence. No such item should be sold within the country to any other person or entity. The export of manufactured items would be subject to policy and guidelines as applicable to Ordnance Factories and Defence Public Sector Undertakings. Non-lethal items would be permitted for sale to persons/entities other than the Central or State Governments with the prior approval of the Ministry of Defence. Licensee would also need to institute a verifiable system of removal of all goods out of their factories. Violation of these provisions may lead to cancellation of the licence.
xvi. All applications seeking permission of the Government for FDI in defence would be made to the Secretariat of Foreign Investment Promotion Board (FIPB) in the Department of Economic Affairs.
xvii. Applications for FDI up to 49% will follow the existing procedure with proposals involving inflows in excess of Rs. 1200 crore being approved by Cabinet Committee on Economic Affairs (CCEA).
xviii. Based on the recommendation of the Ministry of Defence and FIPB, approval of the Cabinet Committee on Security (CCS) will be sought by the Ministry of Defence in respect of cases seeking permission of the Government for FDI beyond 49% which are likely to result in access to modern and `state-of-art’ technology in the country.
xix. Proposals for FDI beyond 49% with proposed inflow in excess of Rs. 1200 crores, which are to be approved by CCS will not require further approval of the Cabinet Committee on Economic Affairs (CCEA).
xx. Government decision on applications for FDI in defence industry sector will be normally communicated within a time frame of 10 weeks from the date of acknowledgement.
xxi. For the proposal seeking Government approval for foreign investment beyond 49% applicant should be Indian company/foreign investor. Further condition at para (iii) above will not apply on such proposals.
A. P. (DIR Series) Circular No. 47 dated December 08, 2014Notification No. FEMA.320/2014-RB dated September 5, 2014Foreign Direct Investment (FDI) in India – Review of FDI policy – Sector SpecificConditions – Railway Infrastructure
This Notification & circular have made the following two changes in to Notification No. FEMA. 20/2000-RB dated 3rd May 2000 pertaining to FDI in Railway Infrastructure so as to bring it line with the Press Note issued by DIPP.
The amendments are as under: -
1. The existing Annexure A has been substituted as under: -“Annexure A”Sectors Prohibited for FDIFDI is prohibited in:(a) Lottery Business including Government/ private lottery, online lotteries, etc.(b) Gambling and Betting including casinos etc.(c) Chit funds(d) Nidhi company(e) Trading in Transferable Development Rights (TDRs)(f) Real Estate Business or Construction of Farm Houses(g) Manufacturing of Cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes(h) Activities / sectors not open to private sector investment e.g.
(I) Atomic energy and (II) Railway operations (other than permitted activities mentioned in entry 18 of Annex B).
Note: Foreign technology collaboration in any form including licensing for franchise, trademark, brand name, management contract is also prohibited for Lottery Business and Gambling and Betting activities.”
2. Annexure B has been amended as under: -
a.In the existing entry 12.1, for the clauses (ii) and (iii), the following shall be substituted, namely: “(ii) Infrastructure” refers to facilities required for functioning of units located in the Industrial Park and includes roads (including approach roads), railway line/sidings including electrified railway lines and connectivities to the main railway line, water supply and sewerage, common effluent treatment facility, telecom network, generation and distribution of power, air conditioning.
(iii) “Common Facilities” refer to the facilities available for all the units located in the industrial park, and include facilities of power, roads (including approach roads), railway line/sidings including electrified railway lines and connectivities to the main railway line, water supply and sewerage, common effluent treatment, common testing, telecom services, air conditioning, common facility buildings, industrial canteens, convention/conference halls, parking, travel desks, security service, first aid center, ambulance and other safety services, training facilities and such other facilities meant for common use of the units located in the Industrial Park.”
b. The following new clause 18 has been added and certain other clauses have been re-numbered: -
JANUARY 201519
SI. No. Sector / Activity % of Equity / FDI Cap Entry Route
18 Railway Infrastructure
Construction, operation and maintenance of the following:(i)Suburban corridor projects through PPP, (ii) speed train projects, (iii) Dedicated freight lines, (iv) Rolling stock including train sets, and locomotives/coaches manufacturing and maintenance facilities, (v) Railway Electrification, (vi) Signaling systems, (vii) Freight terminals, (viii) Passenger terminals (ix) Infrastructure in industrial park pertaining to railway line/sidings including electrified railway lines and connectivities to main railway line and (x) Mass Rapid Transport Systems.
100% Automatic
Note:-(i) Foreign Direct Investment in the abovementioned activities open to private participation including FDI is subject to sectoral guidelines of Ministry of Railways.(ii) Proposals involving FDI beyond 49 in sensitive areas from security point of view, will be brought by the Ministry of Railways before the Cabinet Committee on Security (CCS) for consideration on a case to case basis.
BCAS Study Circles 2014–15
Study Circle No. Subject Fee Tick your
choice here
I Direct Tax Laws 449*
II Indirect Tax Laws 449*
III Company Law, Auditing & Accounting 449*
IV FEMA 449*
V Information Technology 449*
VI Human Resource Development 449*
VII ITF 1,123*
VIII BCAS Suburban Study Circle 674*
IX International Economics 1,123*
X Students Study Circle 224*
Study Circle No. Subject Fee Tick your
choice here
* Inclusive of Service Tax of 12.36%
Suburban Study Circle Jointly With Company Law, Accounting and Auditing Study Circle.............................07.02.2015........................ R 112 for non-members of Study Circle
Permanent Establishment – Critical Aspects................................. 30-01-2015...........................................................R 3,932 per member........................... R4,495 per non-member...........Seminar on Banking Laws ................................................................... 27-02-2015........................................................... R 899 per member.............................. R1,236 per non-member............
Standard Costing Demystified.........................................................06-02-2015.......................................................................................................................Free Entry ...........................
13th Residential Leadership Camp/Spiritual Retreat.................29.01.2015 to 01.02.2015..................................................................................................................................................... Member and family (Minimum 2 persons)...................................................................................R 8,500 per person.................... Single person......................................................................................................................R 9,000......................................
2nd Senior Chartered Accountants’ Meet....................................30.01.2015 to 01.02.2015...........................................R 10,000 per person ...............................R 18,000 per couple..................
Certificate Course for Professional Accountants.......................03.02.2015 onwards...........................................R 6,741 per participant ............................................................................
Programme on REIT/Invit.................................................................07.02.2015.........................................................R 2,247 per member............................R 2,809 per non-member........
Corporate Governance and Independent Directors................ 19.03.2015 to 21.03.2015...................................R 21,000...............................................................................................................
2nd Youth Residential Refresher Course ........................................19-02-2015 to 22-02-2015.................................Till 18.01.2015..................................................After 18.01.2015 Member................................................................R 11,235.......................... ................R 13,482................................... Non-member........................................................ R 12,358...........................................R 14,606.................................. Child (6-12 years).................................................R 4,775..............................................Child Under 6 Years- Free..........
Seminar
Action Replay by a Legend
Camp
Meet
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Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MCS/093/2015-17Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 15th of every month • Posted on 15th & 16th of every month
Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia, Mumbai-400013.
• Please fill in the above form and send the same to the Society’s office along with requisite payment. • Please mention your name and membership number on the reverse side of the local cheque/at par
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Half-day Workshop on Charitable Trusts.........................................13.02.2015...........................R 730 per Member........... ................. R843 per Non-member..........................................
Fifth Intensive Study Course on Transfer Pricing .......................07.02.2015 to 04.04.2015...................R 16,854 per Member and Family (Minimum 2 Persons) ................................... ............................................................................................ R 22,472 per Non-member..................................................................................
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