1 JANUARY 2016 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 Members, “I have many ideas and dreams and this one lifetime is just not enough for me”. These are the words of our beloved Shri Narayanbhai Varma, who believed in living life to the fullest. With his sad demise, the BCAS lost one of its greatest pillars to destiny. Guided by his zestful passion for a higher cause, I would pay tribute to this giant personality by stating; “Death has taken away mortal being from us, but his soul and his good deeds will always guide us through the treacherous future by providing the zest and energy, he possessed, to perform and take BCAS to even greater heights”. Narayanbhai was one of the founder Trustees of the BCAS Foundation. Under his guidance, the BCAS and the BCAS Foundation had recently funded earthquake risk reduction and renovation of a primary school building in Uttarakhand. It is indeed a matter of pride for BCAS that this project has been awarded the Second Design Awards 2015 Prize by the HUDCO. December has been a hectic month for the Society in making various representations. The Society made its Pre-Budget Memorandum on Direct and Indirect Tax 2016-17 to the Government and also made important Representation on ICDS and on the draft guidelines issued on “place of effective management”. The Society is hopeful that the government will give due weightage to the representations. All the representations have been circulated to the members for their benefit. Interesting meetings on Crowd Funding & SME listing and on Labour Laws have been planned for the month of January. Also a full day Seminar has been planned on the Media & Entertainment Industry which will give a 360 degree view of various issues, from accounting and regulatory to cross border taxation and structuring, affecting this industry. The details of which are announced separately in this newsletter. Members are requested to enroll early, to avoid any disappointment. With the onset of the New Year, it is time to introspect through the year 2015 and reflect on our accomplishments, missed opportunities, and unfinished agenda. The beginning of New Year is also the time 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: Raman H. Jokhakar 98208 77976 | [email protected]Vice-President: Chetan M. Shah 98202 23402 | [email protected]Hon. Jt. Secretary: Narayan R. Pasari 98200 38095 | [email protected]Hon. Jt. Secretary: Sunil B. Gabhawalla 98213 23921 | [email protected]Hon. Treasurer: Manish P. Sampat 98200 10064| [email protected]Vol. 18 n No. 10 n January 2016 Half Day Seminar on Labour Laws ................................................................................................23.01.2016..................................................... BCAS, 7, Jolly Bhavan No. 2, New Marine Lines............................... 4 Full Day Seminar – Media and Entertainment Industry ................................................... 12.02.2016......................................................Pallazio, 8th Flr, Palladium Hotel, Lower Parel..................................3 Workshop on Internal Financial Controls, Ind As & The Companies Act, 2013....... 05.02.2016 & 06.02.2016......................Hotel Residency, Coimbatore.............................................................5 Students Study Circle on Component Accounting etc.....................................................22.01.2016......................................................BCAS, 7, Jolly Bhavan No. 2, New Marine Lines.............................. 6 Sixth Intensive Study Course on Transfer Pricing............................................................... 06.02.2016 to 02.04.2016...................Babubhai Chinai Hall, IMC, Churchgate...............................................8 ...................................................All Saturdays (excluding 05.03.2016) 6th Residential Study Course on IFRS / Ind AS................................................................. 18.02.2016 to 20.02.2016..................Hotel Rhythm, Tungarli, Lonavala -410401..................................... 7 Star gazing : Wonders of the Night Sky - Event ......................................................................30.01.2016...................................................... Umbroli, Badlapur .......................................................................................... 11 49th Residential Refresher Course.........................................................................................22.01.2016 to 25.01.2016....................Novotel Imagica, Khopoli......................................................................9 Lecture Meetings..................................................................................................................................... 10.02.2016, 17.02.2016............................................................................................................................................................................ 1 LECTURE MEETINGS Speaker: K. Vaitheeswaran, Advocate Subject: Important Case Laws of 2015 on Indirect Taxes Venue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai – 400020. Day, Date & Time: Wednesday, 17th February 2016, 6.15 p.m.* Speaker: Hiro Rai, Advocate Subject: Important Income Tax Decisions of 2015 Venue : Jaihind College Auditoruim, ‘A’ Road, Churchgate, Mumbai – 400020. Day, Date & Time: Wednesday, 10th February 2016, 6.15 p.m.* *(Fellowship over a cup of tea at 5. 45 p.m.) to dream with eyes open. People change with time, so do their aspirations. The New Year Resolutions provide an opportunity to move closer to one’s goals. Professionals always find it difficult to achieve work-life balance. Here, I would like to share ten New Year resolutions that would help in achieving work-life balance, thereby ensuring successful 2016; 1. Learn to delegate: We always wonder why we are so much occupied in doing mundane things and have no time to do anything else. The answer to this is to delegate and focus on important areas of practice management. Leaders will be those who empower others. 2. Promote your Firm’s Image: With increasing competitiveness, it is upon us to position ourselves as a “go to” firm. Go all out (but within the code of ethics) to showcase your strengths and try to find your niche. 3. Make planning a weekly or at least a monthly event: Planning is vital if you want a healthy, growing profession. Planning lets you take stock of what worked and what didn’t, and helps you set PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.
“I have many ideas and dreams and this one lifetime is just not enough for me”. These are the words of our beloved Shri Narayanbhai Varma, who believed in living life to the fullest. With his sad demise, the BCAS lost one of its greatest pillars to destiny. Guided by his zestful passion for a higher cause, I would pay tribute to this giant personality by stating; “Death has taken away mortal being from us, but his soul and his good deeds will always guide us through the treacherous future by providing the zest and energy, he possessed, to perform and take BCAS to even greater heights”.
Narayanbhai was one of the founder Trustees of the BCAS Foundation. Under his guidance, the BCAS and the BCAS Foundation had recently funded earthquake risk reduction and renovation of a primary school building in Uttarakhand. It is indeed a matter of pride for BCAS that this project has been awarded the Second Design Awards 2015 Prize by the HUDCO.
December has been a hectic month for the Society in making various representations. The Society made its Pre-Budget Memorandum on Direct and Indirect Tax 2016-17 to the Government and also made important Representation on ICDS and on the draft guidelines issued on “place of effective management”. The Society is hopeful that the government will give due weightage to the representations. All the representations have been circulated to the members for their benefit.
Interesting meetings on Crowd Funding & SME listing and on Labour Laws have been planned for the month of January. Also a full day Seminar has been planned on the Media & Entertainment Industry which will give a 360 degree view of various issues, from accounting and regulatory to cross border taxation and structuring, affecting this industry. The details of which are announced separately in this newsletter. Members are requested to enroll early, to avoid any disappointment.
With the onset of the New Year, it is time to introspect through the year 2015 and reflect on our accomplishments, missed opportunities, and unfinished agenda. The beginning of New Year is also the time
Harnessing Talent and Providing Quality Service A Monthly Newsletter of the Bombay Chartered Accountants’ Society
BCASNewsletterFor Members only. For Private Circulation only. Price: R10
Half Day Seminar on Labour Laws ................................................................................................23.01.2016..................................................... BCAS, 7, Jolly Bhavan No. 2, New Marine Lines...............................4
Full Day Seminar – Media and Entertainment Industry...................................................12.02.2016......................................................Pallazio, 8th Flr, Palladium Hotel, Lower Parel..................................3
Workshop on Internal Financial Controls, Ind As & The Companies Act, 2013.......05.02.2016 & 06.02.2016......................Hotel Residency, Coimbatore.............................................................5
Students Study Circle on Component Accounting etc.....................................................22.01.2016......................................................BCAS, 7, Jolly Bhavan No. 2, New Marine Lines..............................6
Sixth Intensive Study Course on Transfer Pricing...............................................................06.02.2016 to 02.04.2016...................Babubhai Chinai Hall, IMC, Churchgate...............................................8
6th Residential Study Course on IFRS / Ind AS.................................................................18.02.2016 to 20.02.2016..................Hotel Rhythm, Tungarli, Lonavala -410401.....................................7
Star gazing : Wonders of the Night Sky - Event ......................................................................30.01.2016......................................................Umbroli, Badlapur..........................................................................................11
49th Residential Refresher Course.........................................................................................22.01.2016 to 25.01.2016....................Novotel Imagica, Khopoli......................................................................9
Speaker: K. Vaitheeswaran, AdvocateSubject: Important Case Laws of 2015 on Indirect TaxesVenue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai – 400020.Day, Date & Time: Wednesday, 17th February 2016, 6.15 p.m.*
Speaker: Hiro Rai, AdvocateSubject: Important Income Tax Decisions of 2015Venue : Jaihind College Auditoruim, ‘A’ Road, Churchgate, Mumbai – 400020.Day, Date & Time: Wednesday, 10th February 2016, 6.15 p.m.*
*(Fellowship over a cup of tea at 5. 45 p.m.)
to dream with eyes open. People change with time, so do their aspirations. The New Year Resolutions provide an opportunity to move closer to one’s goals. Professionals always find it difficult to achieve work-life balance. Here, I would like to share ten New Year resolutions that would help in achieving work-life balance, thereby ensuring successful 2016;
1. Learn to delegate: We always wonder why we are so much occupied in doing mundane things and have no time to do anything else. The answer to this is to delegate and focus on important areas of practice management. Leaders will be those who empower others.
2. Promote your Firm’s Image: With increasing competitiveness, it is upon us to position ourselves as a “go to” firm. Go all out (but within the code of ethics) to showcase your strengths and try to find your niche.
3. Make planning a weekly or at least a monthly event: Planning is vital if you want a healthy, growing profession. Planning lets you take stock of what worked and what didn’t, and helps you set
PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.
2 JANUARY 2016
(Continued from page 1)
new directions or adjust previous goals. Not only will this help you avoid costly mistakes and stay on track, but you will feel more focused and relaxed. Develop time management skills. One of the best ways to reduce stress is to be organized.
4. Be updated: To justly service our clients and profession, we need to be updated on the knowledge front. BCAS organises various relevant seminars, workshops, lecture meetings, etc. of topical interest. Make it a point to attend most and be ahead of the curve.
5. Networking: There’s nothing like talking with other fellow professionals for sparking new ideas, refining old ones and making contacts. It will surely revitalise you and your profession. Interpersonal skills are the currency of today. The Residential Courses of the BCAS provides a great platform for networking. We have at least four to five such courses in a year. Resolve to attend most.
6. Measure Client Satisfaction: A feedback system should be developed to measure client satisfaction with our services. This will not only keep us alert but will undoubtedly improve our services. Success depends on looking for feedback and acting on it by making continuous improvements.
7. Staff Training: Regular staff training will ensure imparting of quality service and compliance with laws. Our articles should be encouraged to enroll as Student Member of the Society and to take an active part in the student study circle meetings and other activities. There has to be a culture that supports leadership development. Training is essential to the long-term success of the firm.
8. Give something back to your community: There are all kinds of worthy organisations that make a difference in your community. Make a New Year’s resolution to find a cause that matters to you, and give what you can. Make this the year that you serve on a committee, be a mentor, volunteer, a writer, or try to make
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 : Hema D. SampatClinic Co-ordinator: Mrs. Madhuri Haware – 61377613
Advisory Panel : Dr. Gautam N. Shah and Tushar K. DoctorClinic Co-ordinator: Mrs. Madhuri Haware – 61377613
Advisory Panel : Sanjeev R. Pandit, Himanshu V. Kishnadwala, Jayesh M. Gandhi Clinic 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 every 2nd, 3rd and 4th Saturday from 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 16th and 23rd January 2016 and 13th, 20th and 27th February 2016. Please call to obtain a prior appointment.
The next Charitable Trust Clinic will be held on 5th February 2016 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 6th February 2016 from 4 p.m. to 5 p.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.
the place you live a better place. BCAS welcomes you all to contribute in many such ways.
9. Upgrade: Be techno-savvy. Upgrade your office computer systems. Use audit tools and practice management software. Always remember, today’s science is tomorrow’s technology, and by doing so, you shall always be an early adopter of technology. In today’s world, response time should be measured in minutes, not hours. It will be possible by embracing technology.
10. Be ready to face the challenges, have a foresight: Here I will like to narrate the inspiration lines written by Sufi mystic Rumi;
I am born with potentialI am born with goodness and trustI am born with ideas and dreamsI am born with greatnessI am born with confidenceI am born with courageI will defeat the problem and succeedI am born with wingsSo, I am not meant for crawlingI have wings, I will flyI will fly and fly.
Don’t wait for things to happen, make them happen and see everything as an opportunity.Wish you all a Happy New Year.
Fees include Service tax, Course Material, Lunch, Refreshments and ` 50/- towards BCAS Foundation
WHY THIS SEMINAR?
- The Media & Entertainment Industry has seen a turnaround recently with new business models and investment vehicles being adopted.
- The industry faces a great deal of accounting and regulatory issues arising out of the governing laws, regulations, operational issues, etc.
- This Seminar examines some of the key financial, accounting and regulatory issues encountered by the industry.
Sr.no Topics Faculties
1 - Know the industry – current issues – Business models, cash flows, vehicle for investments, etc. (Industry overview and typical situations)
Mr. Jehil Thakkar
2 - Direct tax issues in media and entertainment industry, including: • Cross border taxation of entertainers, sportsmen and news channel • Transfer pricing provisions, as may be applicable
CA. Pranav Sayta
3 - Indirect tax issues in media and entertainment industry, including: • Service tax, VAT and customs duty
Adv. Prasad Paranjape
4 - Accounting and auditing aspects – Revenue recognition, Multi rights, valuation, etc.
CA. Murtuza Onali Kachwala
WHO SHOULD ATTEND?
- Professional, practising as well as from the industry.- Tax practitioner.- Anyone interested in the topic.
KEY TAKEAWAYS
- Overview of the Industry and understanding the current business models.
- Better understanding of cross border tax issues faced by M&E industry
- Indirect tax obligations.- Discussion on accounting and auditing aspects of M&E
industry.
FULL DAY SEMINAR – MEDIA AND ENTERTAINMENT INDUSTRY
(Fee includes, Service Tax, Breakfast, Lunch, Tea/Coffee and Course Material)
All members are requested to enroll for this seminar at the earliest so as to avoid disappointment.
WHY THIS SEMINAR ?
To enable people working with these Acts, to be updated on the current legal positions and to analyse their rights and liabilities under this Acts.
In view of numerous amendments and disputes and litigation at various forum, the knowledge of labour laws is paramount importance. The learned speakers will apprise the participants about the recent amendments and controversy in the labours laws.
Srno
Topics Speakers
1 ESI, Bonus and Gratuity Act, Shop and Establishment Act Shri Ramesh Soni
2 PF Act, Maternity Benefit Act, and SexualHarassment Act
Shri Talakshi R. Dharod
WHO SHOULD ATTEND?
- Accounts Heads and Employees dealing with these Act
- Chartered Accountants involved in these matters
- Consultants addressing the above acts
KEY TAKEAWAYS
- Working knowledge of the above Acts
- A refresher course for a person to be updated on the above laws
- An opportunity to interact with some of the best consultants in this field
- To Understand the Rights and Liabilities associated with these acts
HALF DAY SEMINAR ON LABOUR LAWS
Chairman: Kanu S. Chokshi
Convenors: Jayant M. Thakur, Preeti Oza & Samir L. Kapadia
Co-ordinators : Manish Reshamwala & Preeti Oza
jointly with The Chamber of Tax Consultants
CORPORATE & ALLIED LAWS COMMITTEE
5JANUARY 2016
DATE: Friday, 5th February 2016 &
Saturday, 6th February 2016
TIME: 8.30 a.m. to 5.00 p.m.
VENUE: The Residency, Coimbatore
FEES: ` 9000/- per participant
Fees include Service Tax, Course Material, Lunch, Refreshments and R50/- towards BCAS Foundation.
The Companies Act, 2013 requires reporting by management and certification by auditors on Internal Financial Controls. Further there is a roadmap notified by Ministry of Corporate Affairs for applicability of new set of Accounting Standards – Indian Accounting Standards (IndAS) which are converged with IFRS.
This requirement makes it imperative for Company Management as well as Auditors to familiarise themselves with what the law requires, how to comply with the law, what are the practical ways to obtain assurance on Internal Control on Financial Reporting within the overall scope of Internal Financial Controls and practical application of IND AS.
Srno
Topics Speakers
1 Internal Financial Control CA. Nandita Parekh
2 IND AS CA. Zubin Billimoria
3 Referesher on Companies Act, 2013 Mr. M. R. Thiagarajan
VENUE: BCAS, 7 Jolly Bhavan No. 2, New Marine Lines,
Mumbai 400020
SPEAKER : Mr. Pushkar Adhikari
Fixed Asset accounting is a vital area without which construction of financial statements and their audit is incomplete.
The sphere of fixed asset accounting has seen two major transitions:
Schedule XIV of Companies Act, 1956 to Schedule II of Companies Act, 2013.
Change from rate based approach of depreciation to useful life based approach
Schedule II of the Companies Act, 2013 to Component Accounting
Bringing in line Indian fixed asset accounting by the adoption of the globally accepted best practices of fixed accounting
This Study Circle aims at deciphering various aspects of these laws, compliances and regulations, so as to put you on strong footing to face professional as well as academic challenges.
WHO SHOULD ATTEND?
- CA Students
- CS Students
- CWA Students
- Students appearing for CA Final in
May/Nov 2016
- Professionals and enthusiasts
KEY TAKEAWAYS
- Transitioning from Companies Act, 1956 to Companies Act, 2013 for Asset accounting
- Laying the base for fixed asset accounting as per Ind AS 16- Property Plant and Equipment
- Understanding component accounting
- Understanding the reconstruction of fixed asset registers for accounting for fixed assets
- Exam specific problems to cover new syllabus on Ind AS for CA final.
STUDENTS STUDY CIRCLE COMPONENT ACCOUNTING AND TRANSITIONING OF FIXED ASSET
ACCOUNTING TO SCHEDULE II OF COMPANIES ACT, 2013
Chairman: Nitin P. Shingala
Co-Chairman: Mihir C. Sheth
Study Circle Convenors: Raj Khona and Viren Doshi
HUMAN DEVELOPMENT & TECHNOLOGY INITIATIVES COMMITTEE
7JANUARY 2016
Chairman: Harish N. MotiwallaCo-Chairman: Rajesh R. Muni
Convenors: Abhay R. Mehta, Nikhil D. Patel & Mukesh K. Gilda
ACCOUNTING & AUDITING COMMITTEE
6TH RESIDENTIAL STUDY COURSE ON IFRS / IND AS
The Ministry of Corporate Affairs has already released the revised roadmap for implementation of Indian Accounting Standards (IndAS) the converged accounting standards to International Financial Reporting Standards (IFRS). The IndAS shall be mandatorily applicable phase wise as follows:
Phase I
For the following classes of companies in respect of their financial statements for accounting periods commencing on or after 1st April, 2016.
• Companies whose equity and / or debt securities are listed or are in the process of being listed on any Stock Exchange in India or outside India and having a net worth of R500 crores or more.
• Companies other those covered above and having a net worth of R500 crores or more.
.• Holding, subsidiary, joint venture and associate companies of the companies indicated above.
Phase II
For the following classes of companies in respect of their financial statements for accounting periods commencing on or after 1st April, 2017.
• Companies whose equity and / or debt securities are listed or are in the process of being listed on any Stock Exchange in India which are not covered in phase 1..
• All companies having a net worth of Rs. 250 crores or more and not covered in the earlier phase.
• Holding, subsidiary, joint venture and associate companies of the companies indicated above.
The adoption of these IFRS converged standards will go a long way in enhancing the transparency in and quality of financial reporting by Indian corporate, as IndAS is expected to fill many gaps in Indian GAAP. IndAS will also be instrumental in taking India up in the governance and transparency ratings globally.
BCAS has been a front runner in imparting knowledge on such a game changer and had commenced the tr aining for equipping its members in IFRS in the year 2009. BCAS has structured Sixth Residential Study Course to equip the professionals with relevant skills and be a part of the smooth transition. The 6th Residential Study Course (RSC) is in continuation of the ongoing learning process of IFRS at BCAS.
Where : Hotel Rhythm, Old Mumbai-Pune Highway, Tungarli, Lonavala -410401
When : 18th, 19th and 20th February, 2016.
Fees (Including Service Tax @14.50%, R 50/-contribution to the BCAS Foundation & excluding Transportation)
Category Double Occupancy (In ` )
Single Occupancy (In ` )
Members
Upto 9.1.2016 (Early Bird)
16,030/- 27,480/-
From 10.1.2016 18,320/- 29,770/-
Non-Members
Upto 9.1.2016 (Early Bird)
19,465/- 33,205/-
From 10.01.2016 21,755/- 35,495/-
Discussion and Presentation Papers Details
Sr. No
Subject Paper Writers
1 Case Studies on Fair Value in IndAS &Its Applications
CA. Ramesh Lakshman
Paper for Group Discussion
2 Case Study on Consolidation (incl. Foreign Subsidiaries)
CA. Zubin Billimoria
Paper for Group Discussion
3 Case Study on Ensuring completeness inidentifying GAAP differences between Indian GAAP and IndAS, including drafting of Financial Statement
CA. Rakesh Aggarwal
Paper for Group Discussion
4 Foreign Exchange Accounting underIndAS
CA. Ramesh Lakshman
Presentation Paper
5 Impact Analysis of Conversion to Ind AS on Energy & Commodities Industry (Incl.Disclosure Standards)
CA. Sanjay Chauhan
Presentation Paper
8 JANUARY 2016
DATE: All Saturdays, 6th February to 2nd April 2016 - Total 32 sessions (excluding 5th, March 2016)
In case of any contingency, the Society may be required to change
the venue and/or the date at short notice.
Fees detailsEarly Bird Member Non MemberTill 15th January: R13,740/- R17,175/-
From 16th January: R15,458/- R18,893/-
Fees include Breakfast , Lunch, Study Material andR50/- towards BCAS Foundation.Enrolment is restricted to 60 participants on first-comefirst- 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.
The Sixth Intensive Study Course on ‘Transfer
Pricing (TP)’ to be conducted in classroom style,
will be spread over 32 sessions in all , covering
various aspects of TP including:
• Associated Enterprises • International
transactions n Concept of ALP • Transfer pricing
methods – Transactional and profit methods
• Most appropriate method • Selection of
comparables • Safe harbor rules • Thin
capitalization rules • APAs • OECD transfer
pricing guidelines • Intangible property • Intra
group services • Cost contribution
arrangements • Domestic transfer pricing
• Comparability study • 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.
WHO SHOULD ATTEND?
- Chartered Accountants- Professionals in Industry- CAs’ Practicing in International Taxation
KEY TAKEAWAYS
- In depth coverage of transfer pricing law and it’s controversies
- Practical knowledge including use of database for immediate use in practice
- Elaborate update of the law for experienced professionals
Workshop Co-ordinators: Dhaval J. Sanghavi, Ganesh Rajgopalan & Namrata Dedhia
INTERNATIONAL TAXATION COMMITTEE
9JANUARY 2016
49TH RESIDENTIAL REFRESHER COURSE22ND JANUARY 2016 TO 25TH JANUARY 2016 AT NOVOTEL IMAGICA, KHOPOLI
Where : Novotel Imagica, Khopoli
When : 22nd January 2016 to 25th January 2016.
Who : The RRC is open only for Ordinary, Life and Corporate Members of BCAS and not for Journal subscribers and website members of BCAS.Fees : ` 17,500/- per participant on twin sharing basis (without travel facility) including Service Tax, Course Material, Stay, all meals, entry to Imagica Theme Park on 25th January, 2016 with rides and ` 50 contribution to the BCAS Foundation.
Special Arrangements : Refer Note No. 5 below. Once enrolled, requests for the refunds will not be entertained.
SUBJECTS PAPER WRITERSGoods and Services Tax (GST) Adv. Shailesh Sheth Paper for Presentation
ICDS - Ease of Doing Business CA. Sanjeev Pandit Paper for Presentation
Issues and pitfalls in Audit as per SAs(Standards on Auditing)
CA. Jayant Gokhale Paper for Discussion
Audit issues under Companies Act, 2013 CA. Jayesh Gandhi Paper for Discussion
Issues under Sec 14A 56(2) (vii) (viia) & (viib) of Income Tax Act, 1961 CA. Gautam Nayak Paper for Discussion
Charitable Institutions – Tax Issues CA. Rajesh Kadakia Paper for Discussion
Notes :
1. Participants are requested to fill the enrolment form giving choice of their room partner so as to enable the Committee to allocate the partner of their choice.
Kindly note that the decision of the Committee will be final in case of allotment of rooms & room partners.
2. Delegate Substitution:
In the event of inability of the registered delegate to attend the RRC for any reason, he/she should promptly inform the Committee by email ([email protected]) indicating the “subject” as “49th RRC – INABILITY TO ATTEND” with a copy marked to [email protected], [email protected] & [email protected]. At its discretion, BCAS may permit substitution. The substitute too needs to be a member of BCAS. The Committee reserves the right not to admit any substituted person to the conference in the event a delegate substitutes him/her in his/her place without the prior written consent of the Committee.
3. The RRC will begin on 22nd January 2016 and will conclude on 25th January 2016 after lunch. Delegates can check-in at the hotel from 12.00 noon onwards on 22nd January 2016.
4. Enrolment will be restricted to first 200 members only on first-come-first-served basis out of which 80 seats are reserved for outstation delegates. (other than Local limits of Mumbai)
5. Seminar Committee has worked out extended package for the benefit of family members of the participants, who can join on 25th January, 2016. The package rate will be ` 9000/- per room on twin sharing basis including Dinner on 25th January, 2016, breakfast & lunch on 26th January, 2016. Family members can join on 25th January, 2016 to enjoy theme park for which coupons will be made available on payment of approximately ` 2000/- (per person inclusive of Entry Fee & Buffet Lunch). Entry & lunch coupons for member participant in RRC will be provided by BCAS. Interested members may send separate cheque in the name of “Adlabs Entertainment Ltd. – NovotelImagica” for ` 9000/- towards extended stay for 2 persons as mentioned above. If family members of any participant wish to join only for enjoying theme park on 25th January, 2016 can do so on payment of approximately ` 2000/- per person without any stay arrangement. Theme Park is open from 11 a.m. to 8 p.m.
For further details please contact – Chairman, Seminar Committee (Mobile No. 9821211211)
Chairman: Uday V. SathayeConvenors: Bharatkumar Oza & Rajeev N. Shah
SEMINAR COMMITTEE
10 JANUARY 2016
BCAS on the web
• BCAS on the web: Log on to http://www.bcasonline.org/knowledgeresources.aspx and open yourself to a universe of knowledge. Find events, lecture meetings & RRC papers here.
• Missed any event? Now you can watch our events on BCAS Web TV. Also watch our old videos on You Tube Channel.
• Know what’s latest and happening at BCAS, follow us on Twitter and Facebook.
• Connect with us at LinkedIn to get all updates of our events and publications.
Live Screening of Budget
The BCAS has made arrangements for live screening of the Finance Minister’s presentation of Budget 2016 at the BCAS office on Saturday, 29th February 2016, from 11.00 a.m. onwards. BCAS members are invited to watch the live screening and exchange notes and opinions thereon instantly with fellow professionals over a cup of hot tea/coffee. As the seats are limited, kindly confirm your attendance by e-mail to [email protected] at the earliest.
BCAS KNOWLEDGE RESOURCE UPDATE
Title: Video Recording of three Indirect Tax Study Circle Meetings on GST Series held on 4th July, 18th July and 1st August 2015.
Format: DVDs ( set of 6 DVDs) Discipline: Goods and Service Tax
Who can benefit:
Chartered Accountants in Practice, Legal Advisors, Financial Controllers, Compliance Professionals, Students, Management Professionals, Business Consultants, Businessmen, Accountants, Libraries, Universities, Colleges, Practitioners, Consultants, etc.
Speakers: Mr. Shailesh Sheth, Mr. Jayraj Sheth, Mr. Parind Mehta
E-mail : [email protected] Imprest : if you are a BCAS member through your imprest account
For Information : 91-22-61377600Pay at the publication counter by cash or through cheque/pay order payable at Mumbai in the name of “Bombay Chartered Accountants’ Society”
Price: ` 300/- Members & Non-Members Please add an additional ̀ 35/- if you require the same by post. For Air Mail charges - check with BCAS Office.
Features: The Indirect Tax Study Circle of the Society conducted a GST Series Meetings comprising of 3 meetings on 4th July 2015, 18th July, 2015 and on 1st August 2015 to discuss various aspects of proposed GST law, a long pending most important indirect tax reform in this country. The objective of the program was to educate the members about the broad framework of GST and to identify brain trust issues on which the members may deliberate in the forthcoming study circle meetings for possible solutions. This will help the members in guiding their clients and business community at large to prepare them for the emerging law.
In the first meeting Adv. Shailesh Sheth addressed the members on the Topic – ‘Why GST?’ The members discussed about issues facing current indirect tax structure in India, ideal GST framework, that the similar law prevailing in other countries and GST as a possible solution in India. In the second session, CA Jayraj Sheth dealt with GST provisions from Indian perspectives. He broadly addressed the members about historical background of GST in India and proposed GST framework in India. In the last meeting, CA Parind Mehta enlightened the members about intricacies of 122nd Constitutional Amendment Bill 2014. Members also discussed about the requisites of IT framework in GST. The members gained around 10 Hrs of knowledge and learning experience.
DVDs contain video recording of all the three study circle meetings.
11JANUARY 2016
12 JANUARY 2016
Subscribe Now!!!Lecture Meeting on “Recent Development in Securities
Laws” by Somasekhar Sundaresan held on 16th December, 2015 is available on BCAS Web TV.
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. The rates are subject to change based on notification from time to time.
Particulars Total Charges*
Ordinary, Life and Associate of Corporate Membership R 687
Journal R 687
Non-members R 687
Students WEB TV service complimentary with annual subscription.
*Inclusive of Service Tax.
13JANUARY 2016
16 JANUARY 2016
FROM RBIContributed by : Gaurang V. Gandhi
The Reserve Bank of India has issued the following 6 circulars, 17 Master Directions & 1 Notification
Notification No. FEMA 357/2015-RB dated December 07, 2015Foreign Exchange Management (Manner of Receipt and Payment)(Amendment) Regulations, 2015
This Notification has amended the Regulation 5 of Notification No. FEMA 14/2000-RB dated 3rd May, 2000, (Manner of Receipt and Payment), as under: -
After sub-regulation (2)(b) following shall be added at (c), namely: -‘Any other mode of payment in accordance with the directions issued by the Reserve Bank of India to authorised dealers from time to time.’
A. P. (DIR Series) Circular No. 33 dated December 10, 2015Exim Bank’s GoI supported Line of Credit of USD 268.35 million to the Government of United Republic of Tanzania
Exim Bank has made available, subject to certain terms and conditions, to the Government of the United Republic of Tanzania a Line of Credit of US $ 268.35 million for financing the extension of Lake Victoria pipeline to Tabora, Igunga and Nzega, Tanzania. Eligible goods and services including consultancy 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 (other than consultancy services) can be procured by the sellers from outside India.
The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and 72 months from the execution date of the credit agreement in case of other supply contracts.
A. P. (DIR Series) Circular No. 34 dated December 10, 2015Exim Bank’s GoI supported Line of Credit of USD 55 million to the Government of Republic of Congo
Exim Bank has made available, subject to certain terms and conditions, to the Government of the Republic of Congo a Line of Credit of US $ 55 million for financing the setting up of a Greenfield 600 TDP rotary Kiln Cement Plant Project in the Republic of Congo. Eligible goods and services including consultancy 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 (other than consultancy services) can be procured by the sellers from outside India.
The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and 72 months from the execution date of the credit agreement in case of other supply contracts.
A. P. (DIR Series) Circular No. 35 dated December 10, 2015Guidelines on trading of Currency Futures and Exchange Traded Currency Options in Recognized Stock Exchanges – Introduction of Cross-Currency Futures and Exchange Traded Option Contracts
Presently, residents and eligible non-residents can trade in US $ - INR, Euro - INR, GBP - INR and Yen JPY - INR currency futures contracts and US $ - INR currency option contract on recognized stock exchanges.
This circular now permits with immediate effect,
1. residents and FPI to also take positions, within the position limits as prescribed by the exchanges, in,(a) Cross-currency futures in the currency pairs of EUR-
USD, GBP-USD and USD-JPY (b) Exchange traded cross-currency option contracts
in EUR-INR, GBP-INR and JPY-INR in addition to the existing USD-INR option contract.
The above contracts are in addition to the existing contracts that can be undertaken without having to establish underlying exposure.
2. Banks to undertake trading in all permitted exchange traded currency derivatives within their Net Open Position Limit (NOPL) subject to limits stipulated by the exchanges.
Detailed terms and conditions are Annexed to this circular as under: -
Annex I Currency Futures (Reserve Bank) (Amendment) Directions, 2015
Notification No. FMRD. 1/ED(CS)-2015 dated December 10, 2015
Annex IIIPosition Limits for market participants in the Exchange Traded Currency Derivatives
A. P. (DIR Series) Circular No. 36 dated December 17, 2015Exim Bank’s GoI supported Line of Credit of USD 5.38 million to the Fiji Sugar Corporation Limited
17JANUARY 2016
Exim Bank has made available, subject to certain terms and conditions, to the Fiji Sugar Corporation Limited a Line of Credit of US $ 5.38 million for financing upgradation of sugar industry in Fiji. Eligible goods and services including consultancy 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 (other than consultancy services) can be procured by the sellers from outside India.
The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and March 24, 2021 in case of other supply contracts.
A. P. (DIR Series) Circular No. 37 dated December 17, 2015Exim Bank’s GoI supported Line of Credit of USD 34.50 million to the Government of the Democratic Republic of Congo
Exim Bank has made available, subject to certain terms and conditions, to the Government of the Democratic Republic of Congo a Line of Credit of US $ 34.50 million for financing the development of power distribution project in Bandundu Province of the Democratic Republic of Congo. Eligible goods and services including consultancy 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 (other than consultancy services) can be procured by the sellers from outside India.
The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and 72 months from the execution date of the credit agreement in case of other supply contracts.
A. P. (DIR Series) Circular No. 38 dated December 17, 2015Exim Bank’s GoI supported Line of Credit of USD 109.942 million to the Government of the Democratic Republic of Congo
Exim Bank has made available, subject to certain terms and conditions, to the Government of the Democratic Republic of Congo a Line of Credit of US $ 109.942 million for financing a power transmission and distribution project for the Katende Hydroelectricity power project in Kasai Province in the Democratic Republic of Congo. Eligible goods and services including consultancy 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 (other than consultancy services) can be procured by the sellers from outside India.
The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and 72 months from the execution date of the credit agreement in case of other supply contracts.
FED Master Directions dated January 4, 2016
On January 4, 2016 RBI has issued the following 17 Master Directions (There is no Master Direction 1 & Master Direction 11). Each Master Direction consolidates / complies various instructions issued by RBI, from time to time, with respect to the Regulations covered in the Master Directions.
RBI will continue to issue directions to Authorized Persons through A.P. (DIR Series) Circulars in regard to any change in the Regulations or the manner in which relative transactions are to be conducted and the Master Direction will also be amended suitably.
2. Master Direction – Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses
3. Master Direction – Money Changing Activities
4. Master Direction – Compounding of Contraventions under FEMA, 1999
5. Master Direction – External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers
6. Master Direction – Borrowing and Lending transactions in Indian Rupee between Persons Resident in India and Non-Resident Indians / Persons of Indian Origin
7. Master Direction – Liberalised Remittance Scheme (LRS)
8. Master Direction – Other Remittance Facilities
9. Master Direction – Insurance
10. Master Direction – Establishment of Liaison / Branch / Project Offices in India by foreign entities
12. Master Direction – Acquisition and Transfer of Immovable Property under Foreign Exchange Management Act, 1999
13. Master Direction – Remittance of assets
14. Master Direction – Deposits and Accounts
15. Master Direction – Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad
16. Master Direction – Export of Goods and Services
17. Master Direction – Import of Goods and Services
18. Master Direction – Reporting under Foreign Exchange Management Act, 1999
19. Master Direction – Miscellaneous
18 JANUARY 2016
BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY
Staff Contact Details
Sr No Name Role Email ID Direct Line1 Ms. Shital Monde, Reception Board Line [email protected] 613776002 Mr. Amit Singh, Events Manager Co-ordinator for Lecture meetings, Seminars,
ENROLMENT FORM49th RRC of BCAS at Novotel Imagica Khopoli
Friday, 22nd January 2016 to Monday, 25th January 2016
Name: ....................................................................................................................................... BCAS Membership No. ….......................................……...…............Address: ……………………………………………………………………………………………………………................................................……………………………………………………………………………..…………Age : ..................................................................................... Tel. Office: ............................................................................. Tel. Residence: ..................................Mobile : .......................................................................................................................... Email : ...................................................................................................................Member: Rs. 17500/- Per ParticipantKindly state your preferenceRoom Partner ................................................................................................................................................................................................................................................Meal: Jain….................................................................................................…….. Veg…...................................................………… Non Veg ………....................................I would like to act as – Group Leader for paper (1) ..........................................................................................................................................................(2)............................................................................................................................................. (3)..........................................................................................................................(4)..............................................................................................................................................................................................................................................................................
The decision of the Committee will be final in case of allotment of room hotel & room partner(s).
First 200 members will be enrolled on first-come-first-served basis out of which 80 members will be enrolled from places other than local limits of Mumbai.
Kindly note that no refund will be given in case of cancellation for any reason.Enclosed Cheque No. ........................................................ drawn on ................................................................................... Bank Dated...................................for Rs ................................ (Rupees .......................................................................) Note: Outstation Members to pay only by DD/PO/At par cheque payable at Mumbai, drawn in favour of “Bombay Chartered Accountants’ Society”.
Signature of Member
19JANUARY 2016
BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY
6th Residential Study Course on IFRS / Ind ASNote:1. Please use block letters and fill complete details.
2. Photograph is a must for issue of Photo ID card for the Conference.
3. Outstation members should pay by Demand Draft/Cheques ‘at par’ only payable at Mumbai. The Cheque/ DD will be in the name of “Bombay Chartered Accountants’ Society”.
I would like to lead the group discussion for the paper [please Circle the Serial no. of the relevant paper]
I understand and acknowledge that:
• In the event of my inability to attend the Conference for any reason, I will promptly inform the Committee and will
not substitute any other person to attend the Conference in my place. I understand that the Committee reserves the
right not to admit any person to the Conference in the event I substitute him/her in my place.
• I will not change the room allotted to me without the consent of the organisers.
• Claim for refund will not be entertained and that the Committee’s decision in this respect shall be final.
Signature
BCAS Membership No.
(If applicable)
Name (Mr. /Ms.)
Age
Firm/Company Name
Mailing address
Tel. (O)
(R)
(F)
(Mobile)
Email (Kindly fill in the email address carefully and legibly to enable proper and prompt communication)
Choice of Food Jain / Non-Jain
Choice of Room partner
No. Subject
1 Case Studies on Fair Value in IndAS & Its Applications
2 Case Study on Consolidation (incl. Foreign Subsidiaries)
3 Case Study on Ensuring completeness in identifying GAAP differences between Indian GAAP and IndAS, including drafting of Financial Statement
Payment Details:
Demand Draft/Cheque No.
Dated
Drawn on Bank
Rs.
Rupees in words
20 JANUARY 2016
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 Pvt. Ltd., 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
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 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30
p.m. to 2 p.m. Members are requested to co-operate in this regard. • Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed.
Name : ...............................................................................................................................................................................................................................Address : ...........................................................................................................................................................................................................................E-mail : ........................................................................................ Mobile : ........................................... Tel. : .......................... Fax : ..............................Age : .................................................................................................................Gender : ..........................................................................................(M/F)BCAS Memb. No. : .......................................................................... Tel. (O) : .................................... Tel. (R) : ......................... Fax : .............................Name of Company/ Firm .................................................................................................................................................................................................. Choice of food (wherever applicable) ............................................................................Jain ..................Veg ....................Non Veg .....................Cash/Draft/Cheque no. .................. Drawn on .......................................................................................................................................................Bank,Dated ......................... for an amount of r..................................................................................................................................................... is enclosed.
Date : ................... (Signature)
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Workshop On Internal Financial Controls, Ind As And The Companies Act, 2013........05.02.2016 & 06.02.2016................ R9,000 Per participant.............................................................................
Workshop
Wonders of the Night Sky.........................................................................30.01.2016 .......... R1,000 per Member..................... R1,100 per Non-member................R900 per Student..............
Event
49th Residential Refresher Course............................................................................22.01.2016 to 25.01.2016.................R17,500 per Participant...............................................................................6th Residential Study Course on IFRS / Ind AS........................18.02.2016 to 20.02.2016........................................................................................................................................................................
Early Bird upto 09.01.2016 For Members...............16,030 (Double Occupancy).....................................27,480 ( Single Occupancy)
For Non-members........19,465(Double Occupancy)......................................33,205 ( Single Occupancy)
From 10.01.2016 For Members................18,320 (Double Occupancy).....................................29,770 ( Single Occupancy)
For Non-members.........21,755 (Double Occupancy)....................................35,495 ( Single Occupancy)
Residential Course
Students Study Circle On Component Accounting etc. .............................................. 22.01.2016........................................................................................................................................................ Study Circle
Sixth Intensive Study Course On Transfer Pricing ...................................................... 06.02.2016 to 02.04.2016
Early Bird till 15.01.2016 For Members...............R13,740 For Non Members.......................R17,175 From 16.01.2016 For Members...............R15,458 For Non Members........................R18,893
Study Course
Half Day Seminar On Labour Laws ........................................................................... 23.01.2016...................................... R916 per Member............. .......... R1,145 per Non-member..................Full Day Seminar – Media And Entertainment Industry.............................................. 12.02.2016 ......................................R3,720 per Member.....................R4,870 per Non-member.................
