Newsletter
October 2016
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In This Issue
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First Set Of GST Draft Rules Released: Key Highlights
Indian Companies brace themselves for the new
Accounting Standards
Rules for Grant of Foreign Tax Credit in India
Premature withdrawal of funds from Capital Gains
Deposit Account
Due Date Chart 15
Notifications and Circulars 17
Seminars and Courses 21
Seminar
Batches for Professional Courses
About Us 26
Contact Us 29
2
TRENDING TOPICS
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First Set Of GST Draft Rules
Released: Key Highlights
Background
With its eyes firmly set on the GST goal, the
Ministry of Finance on Monday released draft
rules and formats on payment, registration,
and invoice. The rules have been released
ahead of the GST Council meet scheduled on
30 September. The Ministry has sought
feedback on the draft rules by 28 September.
Here are the quick highlights of the draft rules:
Draft Rules On Registration
Even before applying for registration, Part
A of the new form seeks to verify PAN
through Income Tax Portal and mobile
number and email id through OTP.
Application for registration is to be made
online either directly on the GSTN Portal
or through Facilitation Centres (these will
be notified separately)
26 forms have been floated including
forms for show-cause notice for
cancellation of registration, order for
amending registration, application for
revocation of cancelled registration etc.
Application seeks details of estimated
GST liability – IGST, CGST, SGST.
No fee is payable for filing application for
registration.
Draft Rules On Invoice
The draft format for Electronic Reference
Number of Invoice has been provided.
There’s a 30-day time limit for raising
invoice from the date of supply of
services but no time limit provided for
supply of goods.
Bill of Supply will be issued by suppliers
when non-taxable goods or services are
supplied or by supplies under
Composition Scheme.
Certain essential details for
supplementary invoice, debit note, credit
note, ISD invoice are also provided.
Draft Rules On Payment
Electronic Tax Liability Register, E-
Register for Cash Payments, E-Register
for Credits.
Tax can be paid through net banking,
credit or debit card, NEFT/RTGS, Over
the Counter (only up to Rs.10,000).
Generation of unique ID for every
transaction – to be correlated with Tax
Liability Register.
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At a headline level, the rules contemplate more
of electronic interactions between the tax
authorities and businesses, with only need-
based physical intervention (like verification of
premises on the application filed for
registration).
Further, all the PAN details are to be verified
online with the CBDT database, which is not
the case currently. Integration of GST and
CBDT databases would mean that GST
authorities could have access to income tax
filings of businesses and vice versa. This
should help in minimizing the leakage of tax,
both income tax and GST.
There is also a provision that the transporter of
goods need not carry the copy of the invoice, if
an invoice reference number has been
obtained by the supplier upon uploading the
invoice details on the government portal. This
would reduce the paper work for the
transporters and help in smooth movement of
goods.
There are more than 26 forms prescribed in the
draft rules for all sorts of situations such as
assessment, notices, etc. There seems to be a
move towards an exhaustive GST regime to
minimize State intervention that usually distorts
uniformity. Today the problem with the state
VAT laws is the variation across states, which
requires businesses to learn and re-learn
constantly.
The rules requires that a Bill of Supplies be
provided if the supplies are non-taxable or
under special schemes such as composition
levy. This will not have tax implications but is
probably important for statistical and internal
data purposes.
The rules provide for everything electronic from
payments registers, credit registers, etc. This
puts a lot of emphasis on digital data and
electronic money. It is again a welcome change
but may be challenge, given the large
population outside the cities and towns that
may not have access.”
Conclusion
The framework seems to be fairly close to the
current state VAT regulations. The invoicing
and registration related provisions clarify the
manner in which key processes will have to be
undertaken by a taxpayer. While the window
provided to give feedback is only two days,
industry bodies are aligning themselves to
highlight key aspects that need to be discussed
in the context of these documents.
GSTCloud.in
Indian Companies brace
themselves for the new
Accounting Standards
6
Background
The new accounting standards will have an
overarching influence across sectors
Starting June 2016 quarter, many companies
reported their results under IND AS, the
accounting standards derived by converging
the Indian Accounting Standards with the
International Financial Reporting Standards
(IFRS). The adoption of these standards has
resulted in a majority of companies reporting
adjustments related to income tax,
financial instruments (including derivatives)
and revenue recognition.
Deferred taxes under IND AS are more
broadly defined, resulting in deferred taxes
on more items such as undistributed
earnings from subsidiaries and joint ventures
and unrealised profits on intra-group
transactions.
Applicability
The Indian Accounting Standards (Ind AS)
are be applicable to the companies as
follows:
i. On voluntary basis for financial
statements for accounting periods
beginning on or after April 1, 2015, with
the comparatives for the periods ending
31st March, 2015 or thereafter;
ii. On mandatory basis for the accounting
periods beginning on or after 1st April’16,
with comparatives for the periods ending
31st March, 2016, or thereafter, for the
companies specified hereafter :
a) Companies whose equity and/or debt
securities are listed or are in the process of
listing on any stock exchange in India or
outside India and having net worth of Rs.
500 Crore or more.
b) Companies other than those covered in (ii)
(a) above, having net worth of Rs. 500
Crore or more.
c) Holding, subsidiary, joint venture or
associate companies of companies
covered under (ii) (a) and (ii) (b) above.
iii. On mandatory basis for the accounting
periods beginning on or after April 1, 2017,
with comparatives for the periods ending
31st March, 2017, or thereafter, for the
companies specified below:
a) 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 net worth of less than rupees
500 Crore.
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b) Companies other than those covered in
paragraph (ii) and paragraph (iii)(a) above
that is unlisted companies having net
worth of rupees 250 crore or more but
less than rupees 500 Crore
c) Holding, subsidiary, joint venture or
associate companies of companies
covered under paragraph (iii) (a) and (iii)
(b) above.
However, Companies whose securities are
listed or in the process of listing on SME
exchanges shall not be required to apply Ind
AS. Such companies shall continue to comply
with the existing Accounting Standards unless
they choose otherwise.
iv. Once a company opts to follow the Indian
Accounting Standards (Ind AS), it shall be
required to follow the Ind AS for all the
subsequent financial statements.
v. Companies not covered by the above
roadmap shall continue to apply existing
Accounting Standards prescribed in
Annexure to the Companies (Accounting
Standards) Rules, 2006.
Current Scenario
India has decided to be the first to adopt IFRS
9 equivalent — IND AS 109, the new
standard on financial instruments.
IND AS 109 provides extensive guidance on
identification, classification, recognition and
measurement of financial instruments.
Additionally, it provides guidance on de-
recognition of financial instruments and hedge
accounting and has extensive disclosure
requirements.
Presently, there is no comprehensive
mandatory guidance on financial instruments
under Indian GAAP. At a high level, the use of
fair value and present value in recording
financial instruments such as investments,
derivatives and long term deposits has
increased. Additionally, the new model for
the recognition of impairment losses, i.e. the
‘expected credit loss’ model, has also led to
an increased charge on impairment loss.
Based on IND AS quarterly results declared
during Q1 2016, the impact of this standard
is seen on various companies and Industries
such as automotive, power and mining,
metals and telecom.
IND AS 18, Revenue, covers transactions
from sale of goods, sale of services and use
by others of assets belonging to the
entity. Adoption of IND AS has resulted in
reduction of revenue due to netting of
awards and incentives to customers
and linked transactions involving sale and
subsequent repurchase from suppliers.
Significant adjustments
In Q1 2016 IND AS results, companies have
reported adjustments to revenue on such
arrangements, including reduction of
revenue due to gross vs net presentation of
revenue based on whether the entity is
acting in the capacity of a principal or agent.
Technology, pharmaceuticals, life sciences
and healthcare, metals and automotive are a
few sectors that have reported significant
adjustments to their reported revenue on
adoption of IND AS.
Reporting of revenue gross of excise duty,
with a corresponding adjustment to expense,
was one of the major adjustments to revenue
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that was seen during the June 2016 quarterly
result. However, many companies continued
with the SEBI format for quarterly results,
resenting revenue net of excise duty. In order
to have a uniform approach with respect to
disclosure, SEBI recently issued a clarification
allowing companies to present financial
results inclusive of excise duty, instead of net
of excise duty, as specified in the Companies
Act, 2013.
Finally, the impact was noted in the area of
employee benefits, resulting in higher
expense due to recognition of stock
compensation using fair value of the share-
based awards. Adjustments were also noted
due to actuarial gains/losses on defined
benefit obligations getting accounted in other
comprehensive income under IND AS instead
of the income statement. At an overall level,
the impact of adoption is clearly pervasive and
not restricted to only one sector or Industry.
Conclusion
The adoption of IND AS requires the
retroactive restatement of certain historical
period information presented within a
company’s first set of IND AS-based financial
statements. These restated periods will show
a variety of changes to a company’s key
metrics, including reported top line, bottom
line, financial position and net worth. Also, the
quantum of disclosures will increase multi fold.
This will surely allow companies to tell their
story to investors and also provide more
meaningful information for informed users of
financial information. However, companies
will have to invest time and effort into
preparing for the extensive data
requirements and disclosures.
The adoption of IND AS puts India at the
centre stage of high quality and transparent
financial reporting. Finally, this phased IND
AS transition process adopted by India is
helpful, especially for Phase-II companies,
including banks, NBFCs and insurance
companies as they benefit from the transition
experience and journey from Phase-I
companies.
CaClubIndia.com
8
Rules for Grant of Foreign Tax
Credit in IndiaBackground
Central Board of Direct Taxes (CBDT) has, vide
Notification no. 54/2016 dated 27th June 2016
notified Rules for grant of Foreign Tax Credit
(FTC). The said rules are applicable from
Assessment Year 2017-18 onwards.
Earlier, the CBDT had released draft FTC rules
on 18th April 2016 for public comments and on
the basis of comments received, the final rules
are notified. The Rules provide clarity on the
mechanism of obtaining foreign tax credit in
India, of foreign taxes paid. The intended
beneficiaries of the Rules are Indian residents
that earn foreign income.
The CBDT has now made it easier for Indian-
resident taxpayers, including large Indian
companies having overseas operations, to
claim credit for the taxes borne by them
abroad.
Credit of foreign taxes (referred to as foreign
tax credit, or FTC) was already
allowed under tax treaties with other countries
and the Income Tax Act, but the
absence of specific rules often led to litigation.
Denial of FTC by tax authorities also resulted in
double taxation on the same income in the
hands of Indian resident tax payers. FTC
eliminates double taxation on the same
income.
To illustrate: A parent company headquartered
in India earns interest on debt given to its
foreign subsidiary and is subject to a 10%
withholding tax. The Indian company will pay
tax in India on its global income (including the
foreign source interest income). The new rules
will make it easier for it to claim an FTC for the
10% tax withheld in foreign subsidiary.
Applicability
These rules are applicable for a Resident
taxpayer and the rules provides that a
resident taxpayer can claim a credit for
foreign taxes paid in
A treaty jurisdiction i.e. a country/
specified territory with which India has a
double taxation avoidance agreement or
an exchange of information agreement,
and
In any other country where income tax
includes excess profits tax or
business profits tax charged by the
central or local authority in that country
To claim a credit, two requirements
envisaged are :
(i) the foreign tax must have been paid, and
(ii) credit may be claimed for the year in
which the corresponding income is
offered to tax in India9
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FTC in respect of financial year
mismatch
The rules provide that FTC shall be allowed, in
respect of the amount of any foreign tax paid
outside India, by way of deduction or otherwise
in the year in which the income corresponding
to such tax has been offered/ assessed to tax
in India. Where income on which foreign tax
has been paid or deducted, is offered to tax
in more than one year, credit of foreign tax
shall be allowed across those years in the
same proportion in which the income is offered
to tax or assessed to tax in India.
For example, in the US, taxes could be paid
on a calendar year basis (Jan – Dec), as
opposed to India where taxes are paid on a
financial year basis (Apr – March). In such
cases, the Rules provide that where income is
taxable across two years, credit shall be
proportionately distributed across those years
based on when income is offered to tax in
India.
Indian Taxes Covered
The rule clarifies that FTC shall be available
against tax, surcharge and education cess.
Also, FTC shall not be available in respect of
any interest, fee or penalty. This is in line with
judicial precedents in the context of tax
treaties, which have held tax relief to be
available in respect of surcharge and
education cess, in addition to regular income
taxes on the basis that these taxes are
“substantially similar” to income taxes.
Foreign Taxes Covered
The rules provide that foreign tax credit shall
be available in respect of following
foreign taxes:
In respect of a country with which India
has a Double Taxation Avoidance
Agreement, the tax covered under such
agreement, and
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In respect of other countries, the tax
payable as per the laws of that country in
the nature of income tax.
Clause (iv) of Explanation to Section 91 of the
Act provides that the expression Income tax, in
relation to any country includes any excess
profits tax or business profits tax charged on
the profits by the Government of any part of
that country or a local Authority in that country.
Thus as mentioned above, FTC would not be
available for taxes not covered by
the relevant tax treaty, such as state taxes paid
in the US or branch profits’ taxes paid
overseas. Besides, the tax credit would be
restricted to the rate of tax payable under the
tax treaty, even if the actual tax paid as well as
the Indian tax payable is higher. So, if excess
taxes have been withheld by the foreign payer
out of abundant precaution, or on account of
their local laws, tax credit would be available
only for tax payable under the treaty terms.
For example, the US levies a higher rate of
withholding of 30% if a foreign entity (say, an
Indian Company) does not have a tax
identification number. In such cases, credit in
India would be available only to the extent of
applicable rate prescribed under the tax treaty.
Credit in respect of Disputed Taxes
The Rules provide that no credit shall be
available for any amount of foreign tax which is
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disputed in any manner by the taxpayer.
Therefore, a tax credit is not applicable in a
situation where foreign tax was paid by the
taxpayer on demand during scrutiny by the
foreign tax authorities, but such taxes have
been disputed by the taxpayer, under appeal
proceedings. However, in respect of disputed
foreign tax, FTC shall be allowed if the
assesse within six months from the end of the
month in which the dispute is finally settled
furnishes the following:
Evidence of settlement of dispute; and
Evidence to the effect that the liability for
payment of such foreign tax has
been discharged by him; and
An undertaking that no refund in respect of
such amount has directly or Indirectly been
claimed or shall be claimed. The move to
provide credit for ‘disputed foreign taxes’
upon final settlement of dispute is a
welcome relief. However, the procedure for
allowing such credit, especially when the
assessments are time-barred needs to be
prescribed. Also, depending on the tax
administrative efficiency of the concerned
foreign jurisdiction, it may take several
years for the final dispute to be resolved.
This time gap may lead to an undesirable
situation where taxes have been doubly
paid in India and a foreign jurisdiction for a
long duration for a transaction which was,
in the first place not taxable.
Computation of Foreign Tax Credit
FTC shall be aggregate of the amounts of
credit computed separately for each
source of income arising from a particular
country or specified territory.
FTC shall be lower of tax payable under
the Act on such income and
foreign tax paid on such income. Where
the foreign tax paid on doubly taxed
income exceeds the tax payable on such
income as per DTAA, then
such excess shall be ignored while
computing the foreign tax credit.
FTC shall be determined by converting
the foreign currency at the
Telegraphic Transfer (TT) Buying rate as
on the date of payment/deduction of
such foreign tax
Certain jurisdictions such as Singapore
follow a credit pooling system where tax
credits are not divided into various
heads. This mechanism enables
businesses to effectively utilize tax
credits and avoid double taxation due to
characterization issues. However, the
Indian system seems to follow the more
traditional form of credit segregated on
the basis of income sources.
Foreign tax Credit against MAT
The Rules further provide that:
FTC shall also be allowed against the
tax payable under MAT (section
115JB or 115JC of the Act) in the same
manner as is allowable against
the tax payable under the normal
provisions of the Act.
Where FTC available against tax
payable under section 115JB or 115JC
of the Act, is in excess of the FTC
available against the tax payable under
the normal provisions, then such excess
shall be ignored while computing the
amount of MAT credit available under
section 115JAA or 115JC of the Act.
However, the Rules are unclear on how the
computation mechanism would work in such
a case, as there may be a mismatch in the
source of income tax–between MAT and
taxes paid in the foreign country.
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How to Claim Foreign Tax Credit:
Documents Required
Taxpayers will have to furnish the following
documentary evidence for availing
the credit:
Certificate from the concerned tax
authority of the foreign country specifying
the nature of income and amount of tax
deducted/ paid by the taxpayer. In case of
foreign tax deduction, certificate of tax
deducted may be furnished,
Acknowledgement/ challan/ slip/ bank
counterfoil in respect of tax paid by
the taxpayer, and
A declaration that the amount of foreign
tax, in respect of which credit is being
claimed, is not in dispute.
Form No. 67 will be required to be filed for
claiming FTC.
Form No. 67 shall also be furnished in case
where the carry backward of
loss of the current year results in refund of
foreign tax for which credit has
been claimed in any previous year or years.
The required documents shall be filed on or
before the due date of filing the
return of income.
Conclusion
The Rules are a welcome relief to global
Indian businesses earning significant
income abroad specifically the clarity on
timing mismatches across jurisdictions,
foreign exchange fluctuation, disputed foreign
income and ease in documentation
requirements. Also, clarity on grant of FTC
against the MAT liability is a big positive.
However, there are several points that still
need to be addressed – such as ability to
claim underlying tax credit for dividend
distribution taxes, buyback taxes and tax
sparing which are unique to the Indian tax
system.
CaClubIndia.com
12
Premature withdrawal of funds from
Capital Gains Deposit Account
13
Background
The Income Tax Act has laid out exemptions
under Section 54 and Section 54F to help
taxpayers save tax on capital gains.
Exemption under Section 54 is available
on long-term Capital Gain on sale of a
House Property.
Exemption under Section 54F is available
on long-term Capital Gain on sale of any
asset other than a House Property.
To reiterate, both the exemptions are
available only on long-term capital gains.
Common requirements between the
two Sections
A new residential house property must be
purchased or constructed to claim the
exemption
The new residential property must be
purchased either 1 year before the sale or
2 years after the sale of the
property/asset.
Or the new residential house property
must be constructed within 3 years of
sale of the property/asset
If you are not able to invest the specified
amount in the manner stated above
before the date of tax filing or 1 year from
the date of sale, whichever is earlier,
deposit the specified amount in a public
sector bank (or other banks as per the
Capital Gains Account Scheme, 1988).
Only ONE house property can be
purchased or constructed.
Starting FY 2014-15 it is mandatory that
this new residential property must be
situated in India. The exemption shall not
be available for properties bought or
constructed outside India to claim this
exemption.
Differences between these two Sections:
If the cost of the new residential property
is lower than the total sale amount, then
the exemption is allowed proportionately.
For the remaining amount, you can
reinvest the money under Section 54EC
within 6 months.
Now, what if one needs the funds
immediately i.e. before the maturity of the
bonds or he doesn’t want to invest/block
the funds in property again. Yes, the same
would be taxable in the previous year in
which the funds are withdrawn, but the
assesse would be the King of his own
funds after paying the requisite taxes.
Now the question comes how he will
release his own funds from the bank. Just
giving an application to the bank for
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withdrawal of funds won’t help. Bank will
need permission from the Jurisdictional
assessing officer for the release of funds.
I had a recent experience in such case
and we had submitted the following
documents to get permission from the AO:
Acknowledgement copy along with the
copy of return
Computation of Income
Statement of Capital Gains working
Sale deed of the property sold on
which capital gains was
earned
Valuation report of the property sold.
Copy of the bonds in which the capital
gains was invested.
Copy of the passbook/bank statement in
which the sale proceeds was invested and
the same were then invested in capital
gain bonds.
Form –G in triplicate.
An explanatory note to convince the AO
for the same.
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If the ITO is satisfied and no further documents
are required, then he may sign and stamp the
form considering the TDS implications. This
may take a week. So inform your clients well in
advance about the same. Always take the
Form in triplicate since the ITO will retain
one copy, One copy will be submitted to the
Bank for release of your funds and the third
one for your own records because it would be
a sure case for scrutiny.
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DUE DATE CHART (October 2016)Due Date Category Particulars Form/Challan/Site
06th Oct 2016
Service Tax
Payment
Payment for the month of
September 2016www.aces.gov.in
Central Excise
Payment
Payment for the month of
September 2016www.aces.gov.in
07th Oct 2016 TDS
Deposit of TDS for the
month of September 2016ITNS 281
Deposit of TCS for the
month of September 2016Form 26QB
10th Oct 2016Central Excise
Monthly Return
Return for the month of
September 2016ER-1
15th Oct 2016 Provident Fund
Payment of Provident
Fund for the month of
September 2016www.epfindia.com
21st Oct 2016 ESIPayment of ESIC for the
month of June 2016www.esic.in
17th Oct 2016 Income Tax
Annual Return of Income
for A.Y. 2016-17
Corporate Assessee
Non Corporate
Assessee (accounts
required to be audited)
Working partner of a
firm, whose accounts
required to be audited.
www.Incometax
indiaefiling.gov.in
NOTIFICATIONS
AND CIRCULARS
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Notification/ Circular Reference No.
Class or classes of buyers to whom provisions of sub-
section (1D) of Section 206C shall not apply
As per Finance Act, 2016 every person , being the seller
shall, collect tax deducted at source at the rate of 1% from
the purchaser when the consideration exceeds 2lacs under
Section 206C(1D), however the provision shall not apply to
the following class or classes of buyers , namely:
Government;
Embassies, Consulates, High Commissions, Legation
or Commission and trade representation, of a foreign
State;
Institutions notified under United Nations
(Privileges and Immunities) Act, 1947
Notification No.
75/2016,
dated 19-08-2016
Extension of due date for quarterly furnishing of
15G/15H declarations
Notification No.
10/2016, dated
31st August 2016
Approval of Eligible Projects or Schemes under
Section 35AC of the Income-tax Act, 1961
Section 35AC, as amended by the Finance Act, 2016,
provides that no deduction under this Section shall be
allowed in respect of any assessment year commencing on
or after 1st April, 2018.
Press Release, dated
19-08-2016
Closure of financial accounts under Rule 114H(8)
of the Income-tax Rules, 1962 under alternative
procedure of FATCA
For providing immediate relief to the account holders
(financial institutions) and in wider public interest, it has
been decided that, the financial institutions may not close
the accounts by 31st August 2016 in respect of which
self-certifications have not been obtained.
Press Release, dated
31-08-2016
Direct Tax Law
18 Source: ICAI e-Journal
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19 Source: ICAI e-Journal
Indirect Tax LawNotification/ Circular Reference No.
Exemption of water supply services provided to the
Central Government, a local authority or a government
authority
The Central Government vide Circular No. 199/09/2016-ST,
Dated: August 22, 2016 has clarified that exemption is
available vide Mega Exemption Notification No. 25/2012
-ST dated 20.06.2012 to the following services
provided to the Government, a local authority or a
governmental authority, by way of:
a) construction, erection, commissioning, installation,
completion, fitting out, repair, maintenance,
renovation or alteration of pipeline, conduit or plant
for:
(i) water supply
(ii) water treatment, and
b) water supply
Circular No.
99/09/2016-ST, Dated:
August 22, 2016
Service tax Abatement for transport of passengers by
air embarking from or terminating in Regional
Connectivity Scheme (RCS) Airport for a period of 1
year
The Central Government inserted a new entry 5A to grant
service tax abatement of 90% on the value of service of
transport of passengers, with or without accompanied
belongings by air.
Notification No.
38/2016-Service Tax,
Dated: August 30,
Amendment in Entry 62 of Mega Exemption
Notification: Time period for Services provided by
Government or a local authority amended.
All services provided in Entry 62 prior to 1st April
2016 would stand exempted and not only the ones
provided during financial year 2015-16
Notification No.
22/2016-Service Tax,
Dated: April 13, 2016
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20
Others (MCA/ SEBI/ RBI)Notification/ Circular Reference No.
Cabinet approves simplification and liberalisation of FDI
Policy 2016 in various sectors
The Cabinet has further relaxed the norms for FDI in respect
of trading of food products manufactured or produced in
India and it has now been provided that 100% FDI under
automatic route for trading, including through E-commerce,
is permitted in respect of foods products manufactured
and/or produced in India.
Press Release dated
31st August 2016
Foreign Investment in other Financial Services Sector
The Union Cabinet has given its approval to amend
regulation for foreign investment in the Non-Banking
Finance Companies (NBFCs). The present regulations on
NBFC stipulates that FDI would be allowed on automatic
route for only 18 specified NBFC activities after fulfilling
prescribed minimum capitalisation norms mentioned therein.
Press Information
Bureau, GOI, dated
August 10, 2016
MCA Amendment in Schedule V of Companies Act 2013
The New Section II in Part II with respect to payment of
managerial remuneration in case of no profit or inadequacy
of profits has been substituted in place of the old Section
II. For complete text of the notification, please refer the link:
http://www.mca.gov.in/Ministry/pdf/Notifiation_12092016.pdf
Notification no. SO (E)
dated 12th September
2016
Non-Banking Financial Company-Systemically
Important Non-Deposit taking Company and Deposit
taking Company (Reserve Bank) Directions, 2016
RBI has notified the said Master Direction dealing with
NBFC-ND-SI.
For complete text of the circular, please refer the link:
https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10586&Mo
de=0
RBI Master Direction
no. DNBR. PD.
008/03.10.119/2016-
17 dated 1st
September 2016
Source: ICAI e-Journal
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Seminars and Discussions
Taxation Matters
22ICAI CPEC Website
S.No. PoU Topic Place Date Contact DetailsCPE
Hours
1.
New Udaan
Bhawan CPE
Study Circle
Goods and Services
Tax (GST) – Supply,
Time and Place of
Supply of Goods
New Udaan Bhawan, Opposite
Terminal 3, IGI Airport, New
Delhi 110037
12th Oct 16
15:00 - 17:00
CA Chitresh Gupta
Phone:99103679182
2.Bikaner Branch
of CIRC of ICAI
Opportunities In GST
– Impact Study”ICAI Bhawan, C-6-7-8,
Shiv Valley, G.S. Road, Bikaner
10th Oct 16
16:00- 18:00
CA. Madhukar
Hiregange2
3.Alwar Branch of
CIRC
Opportunities In GST
– Impact Study”
‘ICAI Bhawan’, Behind
Stadium, CA, Lane Scheme
No.8 Extension, Alwar
10th Oct 16
16:00- 18:00
CA. Madhukar
Hiregange2
4.
Chittorgarh
Branch of CIRC
of ICAI
Opportunities In GST
– Impact Study”9, Ashutosh Nagar, Near Uco
Bank, Chittorgarh (Raj.)
10th Oct 16
16:00 - 18:00
CA. Madhukar
Hiregange2
5.Central India
Regional Council
Lecture Meeting on
GST
Hotel Best Western Ace Manor,
Near Hotel Country Inn
Sahibabad, Ghaziabad
15th Oct 16
16:00-19:00
Verma Brijesh
Chandra3
6.Central India
Regional Council
Lecture Meeting on
GST
Hotel Best Western Ace Manor,
Near Hotel Country Inn
Sahibabad, Ghaziabad
21st Oct 16
16:00 - 19:00
CA. Harbansh Lal
Madan3
7.
Vile Parle CPE
Study Circle of
WIRC
Changing Section
Under GST
Navinbhai Thakkar Hall,
Shradhanand Road, Vile Parle
(East). Mumbai
12th Oct 16
17:30-20:30
CA Sunil
Gabhawala3
8.
Andheri (West)
CPE Study Circle
of WIRC
Time & Place of
Supply of Goods In
GST
Navinbhai Thakkar Hall,
Shradhanand Hall, Vile Parle
East Mumbai 57.
15th Oct 16
17:00 - 20:00Naresh Seth 3
9.
Central Kolkata
Study Circle of
EIRC
Direct Tax Dispute
Resolution Scheme,
2016
Emami Conference Hall office
of Association of Corporate
Advisors & Executives, 6, Lyons
Range, Kolkata – 700001
22nd Oct 16
15:00-19:00
Phone:
98310th709224
10.Guntur Branch of
SIRC
Opportunities In GST
– Impact Study”
Guntur Branch of SIRC of ICAi
Srinivasaraothota
Guntur
10th Oct 16
16:00 - 18:00
CA Madhukar
Hiregange2
11.Bangalore
Branch of SIRC
Seminar on Sector-
wise Impact of GST
Taxation
Narayana Auditorium,
Bangalore Branch of SIRC of
ICAI, No.16/O, Millers Tank
Bed Area, Vasant Nagar,
Bangalore-560052.
15th Oct 16
10:00-17:30
CA Rajendra
Kumar P
9444017087
6
12.ACAE Study
Circle of EIRC
Input Credit Under
GST and Concept of
Supply
Emami Conference Hall office
of Association of Corporate
Advisors & Executives, 6, Lyons
Range, Kolkata – 700001
25th Oct 16
17:00 - 20:009831016916 3
13.DTPA Study
Circle of EIRC
GST- An In-depth
Analysis
DTPA Conference Hall 3,
Government Place (West),
Income Tax Building Kolkata 01
21st Oct 16
16:00 - 19:009830088400 3
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Other Matters
Seminars and Discussions
Company Law Matters
ICAI CPEC Website
S.No. PoU Topic Place Date Contact DetailsCPE
Hours
1.
DTPA Chartered
Accountants
Study Circle of
EIRC
Board Report and
Issues In Annual
Filing & Functioning
of NCLT
DTPA Conference Hall 3,
Government Place (West),
Income Tax Building 2nd Floor,
Room No. 2/32, Kolkata-700001
18th Oct 16
16:00 - 19:009163111995 3
2.Eastern India
Regional Council
Furnishing Financial
Transaction Statement
under Income Tax Act
and Rules
EIRC Auditorium
Eastern India Regional Council
The ICAI, 7, Russell Street,
Kolkata – 700071
20th Oct 16
17:30-19:309830024795 2
3.Southern India
Regional Council
Lecture Meeting on
Ind AS-2- Inventory
The Insitute of Chartered
Accountants of India
No. 122 MG Road
Nungambakkam Chennai
26th
Oct 16
18:30-20:30Phone: 9443331208 3
4.Surat Branch of
WIRCValuation of Business
2nd Floor, Saifee Building ,
Dutch Garden Road, Nr.
Makkaipul, Nanpura, Surat –
395001
15th Oct 16
15:00 - 18:00
Rajiv Singh
Phone:
981812210th5
3
5.Eastern India
Regional Council
Problems in the
Assessment of Penny
Stocks, Cash Trails,
Commodity
Transactions and
Allied Issues
EIRC Auditorium, Eastern India
Regional Council
The ICAI, 7, Russell Street,
Kolkata – 700071
21st Oct 16
17:30 - 19:30
Mr. N. K. Poddar
Phone:98310113512
S.No. PouU Topic Place Date Contact DetailsCPE
Hours
1.
ORR CPE Study
Circle For Members
In Industry of ICAI
FRS Overview
Accounting and
Auditing
Mphasis Ltd. Bagmane World
Technology Centre, WTC 3,
Block B, Marthahalli Outer
Ring Road, K R Puram,
Bangalore – 560 048
12th Oct 16
14:00-17:00
Mr Rammohan
Bhave
Phone:9167446744
3
2.Southern India
Regional Council
Fiscal Reforms In A
Federal Framework
The Insititute of Chartered
Accountants of Indian
No. 122 MG Road
Nungambakkam Chennai
21st Oct 16
18:00- 20:00
Dr. Vijay Kelkar
Phone: 80560114492
3.
Saras Baug CPE
Study Circle of
WIRC of ICAI
Annual Return
Filling Under
Companies Act’13
Tilak Road, Pune 41100215th Oct 16
8:30-10th:30
Prajot Tungare
Phone:94220807042
Batches for Upcoming
Courses
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Certificate Course on Wealth Management
and Financial Planning
Eligibility for Admission
No candidate shall be admitted to the said
course unless he/she is a member of the ICAI
at the time of admission.
Course Fee
Rs. 15000/- (Rupees Fifteen Thousand only)
Overall Scheme
The participants would be required to
attend the course sessions on weekends
(Saturday/ Sunday). They would also be
required to devote time for self-study.
CPE Hours
Appropriate CPE hours will be provided to all
the registered members as per the CPE
guidelines.
Please send the filled registration form
& Demand draft in below given
Address,
Kindly Contact: Secretary, Committee for
Capacity Building of Members in Practice,
The Institute of Chartered Accountants
(ICAI), ICAI Bhawan, First Floor,
Administrative, Block, A-29, Sector-62,
Noida, Distt.- Gautam Budh Nagar (U.P.),
P.C.201309
E-mail: [email protected],
Telephone: 0120-3045994
Objective of the Course
The objective of this Course is to equip the
members with the principles of Management of
Wealth as well as devising effective Investment
Strategy and the practical procedural aspects
and to build the competency level of the
members of the Institute to position them as
multidisciplinary financial consultants. This
Course is intended at enlightening the members
of the SMP segment & CA Firms. The emphasis
is on developing skill sets which would be
required for advising clients to make sound
financial decisions while practicing and serving
clients in diverse practice areas as compliance,
taxation etc.
Duration of the Course
20 days (only in Saturdays and/or Sundays)
24
Certificate Course on Forensic
Accounting & Fraud PreventionCourse Duration
7 Days
Course Fees
Rs.20,000/- per delegate payable Online or
by DD/ Pay-Order drawn in the favour of
“The Secretary, ICAI” payable at Delhi.
Further Details and Assistance
ICAI Course Coordinator
Secretary, Committee on IT, ICAI
E-Mail: [email protected]
Tel: +91 120-3045 961 / 963
Nodal Officer
CA. Amit Gupta
Assistant Secretary, CIT, ICAI
E-mail:- [email protected]
Tel: +91 120-3045 961 / 963
Other Useful Links
Online Payment
Online Registration Form
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Background
The Council of the Institute of Chartered
Accountants of India, recognizing the need for
Forensic Accounting and Fraud Prevention, in
the emerging economic scenario, has decided
to launch this Certificate Course on Forensic
Accounting and Fraud Prevention using IT and
CAATs. Forensic Accounting and Fraud
Prevention specialisation is in increasing
demand considering increasing incidents of
cyber crimes and frauds detection. It is the
practice of utilizing accounting, auditing,
CAATs/ Data Mining Tools, and investigative
skills to detect fraud/ mistakes.
Learning Outcomes
Assessment of the damages
Fact finding to see whether fraud/
embezzlement has taken place
Collection of evidences
Investigating and analyzing financial
evidences
CPE Hours
The CPE credit of 20 Hours will be given to the
participants.
ABOUT US
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S.P. Chopra & Co. is a professional services firm established in
1949; Ranking amongst the top 20 firms in India
11 full time partners and staff strength of over 100
Offices in New Delhi, Mumbai, Canada and Dubai
Our firm offers Accounting, Assurance and Consultancy as its core business
lines for domestic and global businesses of medium to large size.
We have been empanelled with Reserve Bank of India, Royal Audit
Authority of Bhutan, United Nations and World Bank. We are also a
member of the Prime Global (an Independent association of more than
350 accounting firms all over the World).
27
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Business Process Outsourcing
Accounting and Book-keeping
Tax Return preparation
Payroll processing
Financial Reporting
Advisory
Business Risk and Control
Standard Operating Procedures
(SOPs)
Financial Due Diligence
Transaction Support
Assurance Services
Statutory and Tax Audit
IFRS Convergence and
Reporting
Internal Financial Control (IFC)
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Mob: 9899110300