1 FEBRUARY 2018 7, Jolly Bhavan #2, New Marine Lines, Mumbai - 400020. Tel : + 91 22 613 77 600 ; Email : [email protected] ; Website : www.bcasonline.org Vice-President’s Communiqué 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: Narayan R. Pasari 98200 38095 | [email protected]Vice-President: Sunil B. Gabhawalla 98213 23921 | [email protected]Hon. Jt. Secretary: Manish P. Sampat 98200 10064 | [email protected]Hon. Jt. Secretary: Abhay R. Mehta 98202 28182 | [email protected]Hon. Treasurer: Suhas Paranjpe 98690 74643 | [email protected]Watch, Like, Share, Connect with us @ BCAS Global *(Fellowship over a cup of tea at 5.45 p.m.) Dear Members The Union Budget for 2018-19 was recently presented by the Finance Minister. As per the Government, the Budget was guided by a mission to strengthen agriculture, rural development, health, education, employment, MSME and infrastructure sector. Contrary to expectations, despite being the last full fledged Budget of the current Government, the Budget did not announce many populist measures but aimed to address some structural issues only. On the personal tax front, the standard deduction benefit was more or less nullified by the withdrawal of allowances on account of medical reimbursement and conveyance. A few changes here and there, and the Budget would have been a non event for personal tax payers, except for one very important amendment introducing tax on long term capital gains on listed securities. While opinions can be divided, the move perhaps bridges the gap between debt and equity investments to some extent. One wise decision is to grandfather the unrealised gains upto 31.01.2018. On the corporate tax front, a reduction in tax rate to 25% for companies with turnover upto R250 crores will augur well for the economy as chunk of the companies in India fall in this bracket. Any changes in GST have to be recommended by the GST Council and the Finance Minister wisely stayed away from proposing any changes in the GST Legislation. Experts Chat - “Strengthening the Profession”.................................28.02.2018....................................Walchand Hirachand Hall, 4 th Floor, Indian Merchants Chamber, Churchgate, Mumbai........................................................................................................ 01 A Motivational Talk For Young Chartered Accountants.......................... 19.02.2018....................................... BCAS Hall, Jolly Bhavan No.2, New Marine Lines, Mumbai............................ 03 8 th Residential Study Course on Ind AS.............................................................22.02.2018 to 24.02.2018.....The Hotel Gateway by Taj Group, Hinjewadi, Pune............................................ 04 16 th Residential Leadership Retreat.....................................................................23.02.2018 & 24.02.2018.......Rambhau Mhalgi Prabodhini, Keshav Shrushti, Bhayander (W) Dist Thane.. 05 2 nd Joint Residential Refresher Course.............................................................23.02.2018 & 24.02.2018.......The Grand Bhagwati Magdalla Circle, Dumas Road, Surat, Gujarat....................... 07 Interactive Session with Students for Success in CA Exams..............25 02.2018.........................................RVG Hostel, Lallubhai Park Andheri (West), Mumbai - 58............................................. 08 Workshop on Transfer Pricing – CBCR and Master File...........................27.02.2018.........................................BCAS 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai..................................... 08 Four Day Orientation Course on FEMA...........................................................16.03.2018 & 17.03.2018,. 23.03.2018 & 24.03.2018........BCAS Hall, Jolly Bhavan No.2, New Marine Lines, Mumbai.............................. 09 12 th Residential Study Course on GST ......................................................................... 21.06.2018 to 24.06.2018...... Marriott Hotel, Kochi , Lulu International Shopping Mall Pvt Ltd, 34/1111, N.H 47, Edappally Kochi........................................................................................................................ 10 5 th Youth Residential Refresher Course............................................................09.03.2018 to 11.03.2018.......Upper Deck Resort, Lonavla....................................................................................... 11 PROGRAMMES AT A GLANCE DATE VENUE PAGE NO. Please check your spam to see if any BCAS emails you have missed. Tick not spam. In case you are not receiving emails, please feel free to write to our IT Team at [email protected] or contact Mr. Nandkumar Mandavkar at +91 22 61377617 Vol. 20 n No. 11 n FEBRUARY 2018 On the non-tax front, the Finance Minister announced the world’s largest government funded health care programme titled National Health Protection Scheme ( NHPS ) to cover over 10 crore poor and vulnerable families (approximately 50 crore beneficiaries) by providing coverage upto 5 lakh rupees per family per year for secondary and tertiary care hospitalization. It may not be out of place to mention the Rashtriya Swasthya Bima Yojana (RSBY), which provides a family cover of R30,000 to a population of over 33 crore, is already in place but has not been effective due to a variety of reasons. The NHPS should learn from the shortcomings of the RSBY and build upon the same. Past experience suggests that insurance works best when public health infrastructure is well developed rather than having dependence on private players. RSBY seems to have been less effective in States where most of the hospitals empanelled are private ones. At the same time, the quality of service in the public hospitals deserves lot Panellists: Mr. M. Damodaran (Chairman, Excellence Enablers & Former Chairman of SEBI) CA. Mukund Chitale (Former President of ICAI) Padma Shri CA. T. N. Manoharan (Former President of ICAI) In chat with CA. Himanshu Kishnadwala Subject: “Strengthening the Profession” Venue: Walchand Hirachand Hall, 4 th Floor, Indian Merchants Chamber, Churchgate, Mumbai. Day, Date & Time: Wednesday, 28th February 2018 at 6.15 p.m* Experts Chat @BCAS
The Union Budget for 2018-19 was recently presented by the Finance Minister. As per the Government, the Budget was guided by a mission to strengthen agriculture, rural development, health, education, employment, MSME and infrastructure sector. Contrary to expectations, despite being the last full fledged Budget of the current Government, the Budget did not announce many populist measures but aimed to address some structural issues only.
On the personal tax front, the standard deduction benefit was more or less nullified by the withdrawal of allowances on account of medical reimbursement and conveyance. A few changes here and there, and the Budget would have been a non event for personal tax payers, except for one very important amendment introducing tax on long term capital gains on listed securities. While opinions can be divided, the move perhaps bridges the gap between debt and equity investments to some extent. One wise decision is to grandfather the unrealised gains upto 31.01.2018. On the corporate tax front, a reduction in tax rate to 25% for companies with turnover upto R250 crores will augur well for the economy as chunk of the companies in India fall in this bracket. Any changes in GST have to be recommended by the GST Council and the Finance Minister wisely stayed away from proposing any changes in the GST Legislation.
Experts Chat - “Strengthening the Profession”.................................28.02.2018....................................Walchand Hirachand Hall, 4th Floor, Indian Merchants Chamber, Churchgate, Mumbai........................................................................................................ 01
A Motivational Talk For Young Chartered Accountants..........................19.02.2018.......................................BCAS Hall, Jolly Bhavan No.2, New Marine Lines, Mumbai............................ 03
8th Residential Study Course on Ind AS.............................................................22.02.2018 to 24.02.2018.....The Hotel Gateway by Taj Group, Hinjewadi, Pune............................................ 04
Interactive Session with Students for Success in CA Exams..............25 02.2018.........................................RVG Hostel, Lallubhai Park Andheri (West), Mumbai - 58............................................. 08
Workshop on Transfer Pricing – CBCR and Master File...........................27.02.2018.........................................BCAS 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai..................................... 08
Four Day Orientation Course on FEMA...........................................................16.03.2018 & 17.03.2018,.
12th Residential Study Course on GST.........................................................................21.06.2018 to 24.06.2018......Marriott Hotel, Kochi , Lulu International Shopping Mall Pvt Ltd, 34/1111, N.H 47, Edappally Kochi........................................................................................................................ 1 05th Youth Residential Refresher Course............................................................09.03.2018 to 11.03.2018.......Upper Deck Resort, Lonavla....................................................................................... 1 1
PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.
Please check your spam to see if any BCAS emails you have missed. Tick not spam. In case you are not receiving emails, please feel free to write to our IT Team at [email protected] or contact Mr. Nandkumar Mandavkar at +91 22 61377617
Vol. 20 n No. 1 1 n FEBRUARY 2018
On the non-tax front, the Finance Minister announced the world’s largest government funded health care programme titled National Health Protection Scheme ( NHPS ) to cover over 10 crore poor and vulnerable families (approximately 50 crore beneficiaries) by providing coverage upto 5 lakh rupees per family per year for secondary and tertiary care hospitalization. It may not be out of place to mention the Rashtriya Swasthya Bima Yojana (RSBY), which provides a family cover of R30,000 to a population of over 33 crore, is already in place but has not been effective due to a variety of reasons. The NHPS should learn from the shortcomings of the RSBY and build upon the same. Past experience suggests that insurance works best when public health infrastructure is well developed rather than having dependence on private players. RSBY seems to have been less effective in States where most of the hospitals empanelled are private ones. At the same time, the quality of service in the public hospitals deserves lot
Panellists: Mr. M. Damodaran (Chairman, Excellence Enablers & Former Chairman of SEBI) CA. Mukund Chitale (Former President of ICAI) Padma Shri CA. T. N. Manoharan (Former President of ICAI) In chat with CA. Himanshu Kishnadwala Subject: “Strengthening the Profession”Venue: Walchand Hirachand Hall, 4th Floor, Indian Merchants Chamber, Churchgate, Mumbai.Day, Date & Time: Wednesday, 28th February 2018 at 6.15 p.m*
Experts Chat @BCAS
2 FEBRUARY 2018
(Continued from page 1)
of improvement. In this background, it would be the collective responsibility of all the stakeholders to avoid misuse and ensure that the benefits of the ambitious programme reach the right beneficiaries.
The Society organised the much awaited lecture meeting on the direct tax proposals by Sr. Adv. Soli Dastur. Mr. Dastur’s masterly post budget analysis has been one of the most eagerly awaited events in the country and specially on the BCAS forum. However, all good things have to come to an end. After delivering 30 incisive analyses, Mr. Dastur strongly requested the Society that this year’s analysis should be his last. With a heavy heart, the Society has accepted to his request. I would like to thank Mr. Dastur for his unstinging commitment to the profession and our members and would like to record our deepest sense of gratitude to him.
The theme in my previous communication was about relevance of various processes and need for adapting to change in the environment. We at the Society also reflected on the relevance of various processes and on introspection. Amidst a rapidly changing landscape, the printed word has become a less effective way to keep you informed about the Society and its’ events.
Indeed, the birth of the newsletter was envisaged to facilitate speedy transmission of information about various programs and announcements to the members. This is fairly achieved
by newer mediums of communication like emails, Whatsapp and SMS. The Society therefore took a decision to discontinue the newsletter from financial year 2018-19. Instead, a regular feature in the Journal will specifically include all event announcements. This decision will not only result in saving of cost to the Society but also permit a wider reach for these events since the Journal reaches to non members as well.
Along with the inclusion in the Journal, the website www.bcasonline.org and the online payment portal include the details of all forthcoming events. The Society will also be sending email announcements for individual events as well as a consolidated forthcoming event list. It is therefore important that your email address is correctly recorded in the Society’s records and your email software is configured to receive emails from the Society. In case you are not receiving emails from us, we request you to write to us immediately so that we can rectify the situation and add you into our mailing list.
Your Society has lined up a series of educational programs and intensive courses, the details whereof are available elsewhere in the newsletter. I would request you to participate in large numbers and take benefit of the same.
With warm regards
Yours truly
CA. Sunil Gabhawalla
ALL THE THREE CLINICS WILL BE HELD IN THE LIBRARY OF THE SOCIETY
RIGHT TO INFORMATION CLINIC
CHARITABLE TRUST CLINIC
Advisory Panel : Hema D. SampatClinic Co-ordinator: Mrs. Madhuri Haware – 61377613
Advisory Panel : Dr. Gautam N. Shah and CA. Tushar K. DoctorClinic Co-ordinator: Mrs. Madhuri Haware – 61377613
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 Saturdays from 11 am to 1 pm. The next RTI Clinic days accordingly are – 17th, 24th February 2018 and 3rd, 10th, 17th , 24th March 2018. Please call to obtain a prior appointment.
The next Charitable Trust Clinic will be held on 9th March 2018 from 5 pm to 7 pm.
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.
ACCOUNTS & AUDIT CLINICAdvisory Panel : CA. Sanjeev R. Pandit, CA. Himanshu V. Kishnadwala, CA. Jayesh M. Gandhi Clinic Co-ordinator : Mrs. Madhuri Haware – 61377613 The next Accounts & Audit Clinic will be held on Saturday, 3rd March 2018 from 4 pm to 5 pm. Persons interested in having their queries pertaining to implementation of Accounting Standards, Ind AS implementation, Auditing Standards Reporting requirements, Companies Act compliance, issues relating to Accounting aspects and Auditing aspects, etc. are requested to send their 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.
3FEBRUARY 2018
“HOW TO BECOME AN EXTRAORDINARY PROFESSIONAL??”
A MOTIVATIONAL TALK FOR YOUNG CHARTERED ACCOUNTANTS&
FELICITATION OF CAS CLEARED IN NOV’ 2017
We congratulate the young students who have become Chartered Accountants in the past few years. It is only after clearing Final CA
exams and few years of working, that we truly realize that the journey has just began, that clearing the exams was only the first step
towards success. You are standing at that turn of your life, where your decisions will shape your career and your future successes.
In order to help and guide young Chartered Accountants in becoming extraordinary professionals, BCAS is pleased to organize a
motivational talk by CA. Mudit Yadav. The learned speaker through his anecdotes will talk about stepping out of your comfort zone to
be successful and challenging yourself to attain success.
The speaker will try to throw light on the following issues:
• Howtochoosetheidealcareerpathforyourself?
• Differencebetweenanaverageandastarprofessional.
• Habitsofthemostextraordinaryprofessionals.
• Howtodevelopthemindsetofatrueprofessional?
• Howtodevelopasharperexecutivepresence?
• HowcanyoubeapioneerofthefutureofCAprofession?
Felicitation of CAs cleared in Nov. 2017
BCAS also recognizes the success of fresh Chartered Accountants and felicitates the fresh chartered accountants clearing in each
attempt by providing them e-knowledge kits to all eligible students and also free BCAS membership to rank holders.
The November 2017 CA final exam has added more than 9,400 fresh CAs to our fraternity. BCAS is currently running a felicitation
programme, for these students of Nov. 2017 exam. We are pleased to set up a special help desk for registration of students under the
felicitation scheme, before the above session.
Students can carry their mark sheet for Nov. 2017 and become members of BCAS at the helpdesk and get eligible for the felicitation
scheme.
Day & Date Monday, 19th February
Time for session 6:30 p.m. to 8:15 p.m.(Fellowship over a cup of tea at 6:00 p.m.)
Felicitation helpdesk 4:00 p.m. to 6:30 p.m.
Topic "HowtobecomeanExtraordinaryProfessional?"-A Motivational Talk For Young Chartered Accountants& Felicitation of CAs Cleared in Nov'2017
MEMBERSHIP & PUBLIC RELATIONS COMMITTEEChairman: CA. Chetan Shah
Conveners: CA. Bhavesh Gandhi, CA. Jinal Shah, CA. Mrinal MehtaSession Coordinator: CA. Samit Saraf
4 FEBRUARY 2018
8TH RESIDENTIAL STUDY COURSE ON IND AS 22ND TO 24TH FEBRUARY, 2018 AT
THE HOTEL GATEWAY BY TAJ GROUP, HINJEWADI, PUNE
DearMembers,
The adoption of Ind AS has catapulted Indian corporate sector to the centre stage of high quality and transparent financial reporting.
The journey of convergence to IFRS has been nine years long and BCAS has been since the past seven years at the forefront in equipping its members in particular and other stakeholders at large with the knowledge of IFRS and Ind AS.
TheexperienceofimplementingIndASbycompaniesinPhaseIhasbeenquitechallenging.CompaniesinPhaseIIareintheprocess of implementing Ind AS from F.Y.2017-18 (which inter alia requires restatement of financials for F.Y. 2016-17 as Ind AS comparatives) and will have to draw on this experience whereby they should hopefully face less challenges.
The 8th BCAS Ind AS Residential Study Course has been planned to address the implementation challenges and share the experiencesofthePhaseIcompaniesaswellasimpartthisknowledgeofimplementingIndAStotheprofessionalstoensureasmooth transition for the corporate sector.
Tofacilitatethefinance/accountspersonsincompaniesandprofessionalsinandaroundPunetoattendtheRSC,BCAShasalsoreserved enrolment for 15 people on non-residential basis as under:
The 8th Residential Study Course is scheduled on 22nd, 23rd and 24th February, 2018 (Thursday to Saturday). Fees (Including GST @18% and R50/- contribution to the BCAS Foundation
Discussion and Presentation Papers details:
Category Double Occupancy (In R) Single Occupancy (In R)
Members 17,700/- 25,370/-Non-Members 20,650/- 28,320/-
MemberNon-Residential(Pune)
8,555/-
Non-MemberNon-Residential(Pune)
11,505/-
(Including GST @18% and R50/- contribution to the BCAS Foundation).
S r . No
Subject Paper writers Particulars
1 Case Studies in Business Combinations and Consolidated Financial Statements Ind AS 110
ACCOUNTING & AUDITING COMMITTEEChairman: CA. Himanshu V. Kishnadwala
Conveners: CA. Nikhil D. Patel, CA. Chirag H. Doshi, CA. Amit PurohitCourse Coordinators: CA. Rajesh Mody & CA. Ronak Rambhia
5FEBRUARY 2018
SIXTEENTH RESIDENTIAL LEADERSHIP RETREAT 2018
Man is constantly in search of happiness. Every year HDTI Committee organizes Residential Leadership Camp on variedsubjects. This has assisted many of the regular participants to find the meaning in life and become better human beings. The HDTICommitteenowannouncesthe“Sixteenth Leadership Residential Retreat 2018” based on the theme ‘Saptapadi of happiness in Family’ (Seven Steps to family happiness). It will also touch upon ways to build Family brand in profession, vocation or business. The Retreat will be held in February spread across 2 days and 1 night.
The learned faculty Shri Mahendra Garodiya, (who guided us in the Fifteenth non Residential Leadership Workshop 2017 on the theme of Chanakya Business Sutra) has again consented to anchor the programme this year.
(Saptapadi)Sevenstepsbasedonour timetestedvaluesandcultureare:CommonVision,SuccessHabits,Accountability,Un-conditional Love & Respect, Appreciation, Family as a brand and Celebration together.
Takeaways:Through this Workshop, the participants will experience and rediscover this profound knowledge and learn how to apply it in current turbulent times. It how to be happy prosperingmaterially in ethical and humanitarian mannerand with inner happiness. It will resound that prosperity and happiness are not mutually exclusive. It aims to guide the participants to share happiness with family, society, in profession and work environment.
Members are encouraged to register for this workshop with their spouse.
The learned faculty will help the participants to develop personal family programmes including a detailed schedule of implementing the lessons learnt during the workshop.
Program Details:
*ContributionperMember is inclusiveofOnenight,Twodaysstay,Breakfastfortwodays,Lunchfortwodays,Dinnerforoneevening, Study Material and contribution of R50 towards BCAS foundation and Transport on Car pool facility .
Mr. Mahendra Garodiya has authored "Chanakya Business Sutra" and "What’s Stopping your Growth" and is a Management Accountant (CMA/ICWAI).He has been a BusinessCoach tomore than 100 SMEs across India helping themgrowbasedonAncientIndianManagementKnowledge.HiscoachingreliesprimarilyontheIndianPhilosophyofManagementaspropoundedby Chanakya.
Mr.GarodiyahasintenselyfocusedonChanakyanitiandGandhianprinciplesofManagement.Hequalifiedasabusinesscoachthrough the ICF Certification programme and has conducted programmes for IIT, Ahmedabad Management Association, Swami VivekanandCollegeofManagement&Research, SanchiUniversity, KolhapurUniversity andmanyother reputed institutions. Mr. Garodiya has trained more than 1,000 business entrepreneurs and is currently growth partner for 15 companies in varied fields.
R5,085 plus GST @18% R915= R6,000for Members and Spouse Jointly (each)
R5,508 plus GST @18% R992= R6,500 Members registering individually
R5,932 plus GST @18% R1,068= R7,000 for Non-Members
HUMAN DEVELOPMENT & TECHNOLOGY INITIATIVES COMMITTEE
Chairman: CA. Rajesh Muni Co-Chairman: CA. Mihir C. Sheth
Conveners: CA. Mukesh G. Trivedi, CA. Krishna Kumar Jhunjhunwala, CA. Nikunj Shah & CA. Anand Kothari
6 FEBRUARY 2018
Enrolment Form Sixteenth Residential Leadership Retreat 2018
BCAS Membership No (If Applicable)……………………………........................................................................................................................................................................................................................................................………..Mr. / Ms.…………………………............................................................................................................................................................................................………............................................................................................................................................of (firm name)………………………….....................................................................................................................................................................................................................................................................................................................………..Address …………………………................................................................................................................................................................................................................................................................................................................................………..…………………......................................................................................………………….....................………….…………………………PinCode………………..................................................................................................................................................……....Email:…………………………............................................................................................................................................................................................................................................................................................................................................………..Tel (O)……………....………..……...........................................………. Tel (R)…………...............................................................………………. Mobile No:…………......................................................................................................................………..Choice of food (wherever applicable) Jain :- ................................................................................................................Veg :- ............................................................................................................................................We enclose herewith
PleasefindbelowNEFT details Bank Name : Axis Bank Ltd. Branch : New Marine Lines, Mumbai - 400020Saving Account No : 233010100179485 IFS Code : UTIB0000233Swift Code : AXISINBB173
Note: An email communication on transfer of funds through NEFT to be communicated at [email protected] for processing the payment. Registration will be confirmed only post email intimation.Date:______________________________ SignatureofParticipant
The 1st Joint RRC with the Chartered Accountants Association (CAA) Ahmedabad held in October 2016 at Hotel KohinoorContinental was a grand success.
Once again, Bombay Chartered Accountants' Society is privileged to bring to you a CAA (Ahmedabad) initiative, the "2nd Joint RRC" whichistobeheldatHotelGrandBhagwati,SuratonFriday23rd & Saturday 24th February 2018.
Day : 1 - Friday, 23rd February, 2018
Subjects Paper Writers
Talk on Important Aspects of Finance Bill, 2018. CA. Jignesh J. Shah, Ahmedabad
Non Resident Taxation in case of Individuals including FATCA CA. Rutvik Sanghvi, Mumbai
GST (Intricacies of Input Tax Credit ) CA. Avinash Poddar, Surat
Day : 2 - Saturday, 24th February, 2018
Taxation of Receipts under section 56( 2 )(x) CA. Vishesh Sangoi, Mumbai
You will appreciate that, many students may have missed to pass in the November2017 exams, feeling sad, dejected and low. It is our collective responsibility to motivate, guide and help these students. Many new students will also appear for the 1st time in forthcoming exam in May 2018
To motivate them to appear for exams with determination and appropriate preparation, Human Development & Technology Initiative (HDTI) Committee of BCAS has Jointly with RVG, Educational Foundation organised an interactive session titled "SUCCESS IN CA EXAMS". This session, aims at guiding them effective ways to cope up with pressure, prepare better, and successfullypassinCAExams.
We earnestly appeal to esteemed members to kindly encourage all CA students to register and attend this programme. It is free for all students of CA course.
BCAS has planned this Workshop to understand the gamut of issues related to Master File and Country-by-Country Reporting which for FY 2016-17 is due by 31.03.2018. The idea is to provide conceptual understanding of law accompanied by practical learningwithacase-studybasedformat.FacultycompriseofseniorprofessionalshavingexpertiseinthefieldofTransferPricing.
*The enrolment is restricted to 70 participants only.
We have also invited students who scored ranks in exams and will share their Success experience.
Kindly circulate this announcement to all the students in your firm. For Registration kindly contact: Mr. Bilal Ansari/ Mr. Aniket Manjarekar on [email protected] & on Telephone No. 022 61377604
HUMAN DEVELOPMENT AND TECHNOLOGY INITIATIVES COMMITTEEChairman: CA. Rajesh Muni | Co- Chairman : CA. Mihir Sheth
Convenors: CA. Mukesh Trivedi, CA. K. K. Jhunjhunwala, CA. Nikunj Shah, CA. Anand Kothari
INTERNATIONAL TAXATION COMMITTEEChairman: CA. Mayur Nayak
Convenors: CA. Deepak N. Kanabar, CA. Siddharth Banwat, CA. Rutvik SanghviProgramme Co-ordinator: CA. Shreyas Shah
Topic Success in CA ExamsDay, Date & Time Sunday, 25th February 2018 between 2.30 p.m. to 6.30 p.m.
(Registrations from 2.00 p.m.to 2.30 p.m.)Topics & Speaker CA Exam ICAI perspective, Do’s and Don’ts - CA. Mangesh Kinnare
(MemberCentreCouncilMembersofICAI,andMemberExaminationCommittee)How to prepare for Subjects and appear for Exams - CA. Kartik Iyer
Particulars Time SpeakersConceptual understanding and Interpretation of legal provisions relating to Master File and Country-by-country Reporting (CBCR)
5.00to5.45PM
CA.HasnainShroff
CA. Anjul MotaCase Studies / Live example on preparation of Master File and CBCRQ&ASession
5.45to8.00PM
9FEBRUARY 2018
FOUR DAY ORIENTATION COURSE ON FOREIGN EXCHANGE MANAGEMENT ACT (FEMA)
Day & Date 16th & 17th March 2018 (Friday , Saturday) | 23rd & 24th March 2018 (Friday , Saturday)Time 9:00 a.m. to 6:00 p.m.Venue Gulmohar,BCAS,JollyBhavanNo.2,NewMarineLines,Mumbai–400020
Member Non MemberFees R 6,000 Rs7,000GST R 1,080 R 1,260Total R 7,080 R 8,260
(2) Current & Capital Account and change of residential statusPermittedandprohibitedcurrentandcapitalaccount transactionsand formalitiesuponchangeof Residential Status.
CA. Manoj Shah
(3) Facilities for Resident Individuals and Non-Resident IndiansNRIs:NRO,NREandOtherDepositsinIndia,RepatriationofassetsoutsideIndia(1millionUSDScheme)Residents:LiberalisedRemittanceScheme(USD250000Scheme)(LRS).
CA. Rutvik Sanghvi
(4) FDI in Real Estate Sector and buying and selling of Immovable Property in and outside IndiaWhatare theprovisions for investment intoRealEstateSector in India?Whocanbuy immovableproperty in India, which property cannot be acquired, permissible transfer of the property etc.
CA.RajeshPShah
(5) Export & Import of Goods & ServicesMeaningofexport/ import, internationalexhibition/tradefair,Exportofgoodson lease,hire,etc.DeclarationFormsandtheproceduresthereof,ExportofSoftware,ExportofServices,Write-offofunrealized export bills, self-write off of unrealised export bills, agency commission on the export, refund of export proceeds, advance receipt for the export etc.
CA. Gaurang Gandhi
(6) Setting up of a Liaison Office, Branch Office & Project Office in India.Who can set up, routes, permissible activities, bank accounts & repatriation of profits, documents to file, disposing of assets, closure etc.
CA. Natwar Thakrar
(7) Overview of FDIWho can invest in India, sectoral analysis (prohibited & permitted sectors), eligible instruments for investmentandpricing,reportingandremittance,DownstreamInvestment,transferofsharesandround tripping.
CA.AnilDoshi
(8) Sector Specific FDI RegulationsRetail–SingleBrand&MultipleBrand,Ecommerce,Pharmaetc CA. Naziya Siddiqui
(9) FDI in financial sectorsInvestment by a Foreign Venture Capital Investor (FVCI), an Alternative Investment Fund (AIF) , a ForeignPortfolioInvestor(FPI),InvestmentinRealEstateInvestmentTrusts(REITS).
CA. Bhavin Shah
(10) Investment on non-repatriation basis & FDI in Limited Liability Partnership (Schedule 4 & 9 of Notification 20)Whocaninvest inLLP,pricing,reportingandremittance,DownstreamInvestment,transferof interest,who can invest in a company under non-repatriation basis and what are permissible business activities
CA. Niki Shah
(11) External Commercial Borrowing (ECB) and Rupee Denominated Borrowing CA. Shabbir Motorwala(12) Setting up a Branch outside India & Overseas Investment
ProvisionsandcompliancesrequiredCA.PareshPShah
(13) Compounding under FEMAWhat is compounding, what contraventions can be compounded, who can apply for compounding, procedure for applying for compounding, What is the criteria for calculation of compounding amount etc.
TOPICS TO BE ADDRESSED BY EMINENT FACULTIES WILL BE AS UNDER
INTERNATIONAL TAXATION COMMITTEEChairman: CA. Mayur Nayak
Conveners: CA. Deepak N. Kanabar, CA. Rutvik Sanghvi, CA. Siddharth BanwatCourse Co-ordinator: CA. Kirit P. Dedhia and CA. Rajesh P. Shah
The said faculties will share their practical experience and deal with the subject with examples/illustrations.
TheForeignExchangeManagementAct (theAct)was introduced in 1999. To relax foreign exchange restrictionswhich resulted insignificantflowof investment intoIndiaovertheyears -makingIndiaoneofthemost lucrativeFDIdestinations intheworld. Indianoverseas investment policies have also been progressively liberalized and simplified to meet the changing needs of a growing economy. VariousborrowingoptionsarenowavailableforIndianentitieswhichhithertowereadistantdream.FDIinLLPisarealitynow.Recently,Reserve Bank re-wrote various notifications regulating capital account transactions which were in operation till now. Also, options for NonResidentIndianshaveopenedupbyalargeextent.Professionalscanequipthemselvestoanswertheirclientsontheseregulations.CryptocurrenciesarealltherageandoneneedtoknowtheimplicationsunderFEMAandPreventionofMoneyLaunderingAct.This4dayorientationcourseisplannedforprofessionalstolearnandrelearnthewholegamutofFEMAatthehandsofexpertsonthesubject.
10 FEBRUARY 2018
12TH RESIDENTIAL STUDY COURSE ON GST
The Indirect Taxation Committee of BCAS is pleased to announce the 12th Residential Study Course on Indirect Taxes. The details are as follows:-
Address of the Venue:MarriottHotel,Kochi,LuluInternationalShoppingMallPvtLtd,34/1111,N.H47,EdappallyKochi682024.Tel:0484-7177777
Notes:1. The Residential Study Course is open only for Ordinary and Life members of BCAS.
2. EnrolmentwillcommencefromMonday,12th February, 2018, and will be restricted to 150 members only, on first-come-first-served basis.
3. The Course will begin on Thursday 21st June 2018 with Lunch, and will conclude on Sunday 24th June 2018 after lunch. Delegatescancheck-inatthehotelfrom2pmonwardson21st June 2018.
4. All participants will be accommodated in earmarked rooms on twin sharing basis. The participants are requested, therefore, to indicate in the enrolment form your preference of room partner, if any.
5. The Enrolment Fees is inclusive of lodging, boarding, course material and R50/- being contribution towards BCAS Foundation.
6. Kochi is well connected with all major cities in India, through the network of various airlines as well as by railways. And thevenueis inthemidstofcityabout25kmsfromKochi Airport,andaboutErnakulumJunction(South)12kmsorErnakulumNorth9kmsfromKochiRailwayStation.
7. Refunds & Substitution: Once enrolled, requests for refunds will not be entertained. However, the Committee, at itsdiscretion, may permit substitution in specific circumstances, provided such request for substitution is received well before the commencement of RSC and the person to be substituted is an eligible member of BCAS.
8. Members from Kochi can join as non-resident participant (only those members whose address is so registered with BCAS). The fees (inclusive of course material, 3 dinners and 3 lunches) shall be R11,000/- plus GST R1980/- (Total R12,980/-) per member( Non Residential).
The details are as follows:-
Day, Date & Time Thursday to Sunday 21st June to 24th June 2018
Venue MarriottHotel,Kochi
Fees R15,750/- + R2835 (GST) = R18,585/- per member R11,000/- + R1980/- (GST)= R12,980/- per member (non-residential)
Subjects & Paper Writers
Key Note Address CA. Upender Gupta, IRS
Commissioner , GST
Guest Speaker Pullela Nageswara Rao,
Chief Commissioner CGST, Cochin Zone
Talk show
GST related practice – Journey so far & Way ahead Eminent Professionals
Papers for Discussion
"Case Studies on Levy & Supply
(including mixed and composite supplies)"
Rohit Jain
(Advocate)
"Place of Supply, Cross-Border transactions
(including between states), Input Tax Credit, Export & Refunds"
CA. Divyesh Lapsiwala
"Classification issues under GST, Works Contract and Job Work " G.Shivadass
(Advocate)
Papers for Presentation
GST Audit and state of preparedness CA. Naresh Sheth
Procedures under GST, Payment, Returns etc - Issues CA. Rajiv Luthia
M. No.: ……........................................................................................................................................................................................................................................…………………………….
1 The above fees are inclusive of Goods and Service Tax. The rates are subject to change basis notification from time to time.2 6 months and 9 months, proportionate fees for Membership and journal Subscription available.
Newsletter by Post/Courier Email | We shall send our notifications by SMS: Yes/No
• In case of new members and renewals of existing membership, the recipient of the supply can be the member only. Therefore, only the GST registration number of the member ( and not the firm) will be recognized. In case the member is not registered under the GST Law, the same shall be treated as B2C Transaction. It may also be stressed that all pending renewals which are renewed after the transition date will be liable for GST.
(For Individuals)
[IN BLOCK LETTERS PLEASE]
17FEBRUARY 2018
18 FEBRUARY 2018
19FEBRUARY 2018
FROM RBIContributed by : Gaurang V. Gandhi
The Reserve Bank of India has issued the following 2 Circulars
A. P. (DIR Series) Circular No. 16 dated January 25, 2018
Exim Bank's Government of India supported Line of Credit of USD 100 million to the Government of the Republic of Kenya
Exim Bank has made available, subject to certain termsand conditions, to the Government of the Republic of Kenya, a Line of Credit of US $ 100million for financingagriculturalmechanizationprojectinKenya.Eligiblegoodsand services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services can be procured by the sellers from outside India.
The terminal utilization period for the credit is 60 months after the scheduled completion date of the project.
A. P. (DIR Series) Circular No. 17 dated January 25, 2018
Exim Bank's Government of India supported Line of Credit of USD 71.40 million to the Government of Côte d’Ivoire
Exim Bank has made available, subject to certain termsand conditions, to the Government of Côte d’Ivoire, a Line ofCreditofUS$71.40millionforfinancingtheUpgradationoffourMilitaryHospitals inAbidjanKorhogo,BouakeandDaloaregions’inCôted’Ivoire.Eligiblegoodsandservicesof the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services can be procured by the sellers from outside India.
The terminal utilization period for the credit is 60 months after the scheduled completion date of the project.
BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY - STAFF CONTACT DETAILS
Cash/Draft/Cheque No. :……………………….......................…..drawn on ………….…...........……...............………….…..........…………...bank,
Dated …………………...................…..........................….for an amount of R………............…………………….........................………..is enclosed.
Date : ................... (Signature)
Enrolment Form
BCAS Study Circles 2017 –18Sr. No. Study Circle Fee
(R)Tick your
choice hereI Direct Tax Laws 472II Indirect Tax Laws 472III Company Law, Auditing & Accounting 472IV FEMA 472V Information Technology 472
VI Human Resource Development 472VII ITF 1,180VIII BCAS Suburban Study Circle 708IX International Economics Study Group 1,180
Sr. No. Study CircleFee (R)
Tick your choice here
* Above Fee is inclusive of 18% GST
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Study Course8th Residential Study Course Ind AS...........................................................22. 02. 2018 to 24.02.2018................
Residential Leadership Retreat
16th Residential Leadership Retreat..........23.02.2018, 24.02.2018............ Members and Spouse (each) R6,000........ Members registering individually....R6,500... Non-Members..R7,000.....
Workshop
Workshop on Transfer Pricing-CBCR And Master File.............................27.02.2018.................. Members..............R600....... Non-Members.......R850..............................................................
Course
Four Day Orientation Course on FEMA....................................................16.03.2018 & 17.03.2018..................................................................................................................................................... 23.03.2018 & 24.03.2018..... Member.....7,080........ Non Member R8,260...................................................................
• Please fill in the above form and send the same to the Society’s office along with requisite payment. • Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft. • The Cheque/DD will be in the name of “Bombay Chartered Accountants’ Society”. Your participation will be confirmed only after the realization of payment at BCAS, for which a receipt will be provided for your reference. • Kindly note that the cash counter timings are from 10.30 am to 5.30 pm on Monday to Friday and 10.30 am to 1 pm on Saturday. The lunch time is 1.30 pm to 2 pm. Members are requested to co-operate in this regard. • Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed.
Edited, printed & published by Raman Jokhakar on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia Pvt. Ltd., Mumbai-400013.
12th Residential Study Course on GST.....................................................21. 06. 2018 to 24.06.2018.................. Per Member...........R18,585....... Non Residential........R12,980..........................
Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MCS/093/2018-20Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 15th of every month • Posted on 15th & 16th of every month
Double Occupancy (In R)
Single Occupancy (In R)
Members 17700/- 25370/-Non-Members 20650/- 28320/-
Non-Residential (Pune)......................... Member...........R8,555.............. Non Member............R11,505..........................
Interactive Session with Students for Success in CA Exams..................25.02.2018 ...................................................................................N.A.................................................................................. A Motivational Talk For Young Chartered Accountants............................19.02.2018 ...................................................................................N.A.................................................................................
