NEWSLETTER OF NORTHERN INDIA REGIONAL COUNCIL OF THE ICAI
VOL. XLV, NO. 12
March, 2016
PRICE: RS. 5.00
Regional Council 2016-19
From the Desk of the Chairman...From the Desk of the Chairman...From the Desk of the Chairman...
Dear Professional Colleagues,
This is my first write up as Chairman, NIRC. At the outset I am
thankful to the Almighty, my seniors in the Central Council, my
colleagues in the Regional Council, Members and students at
large for reposing faith and trust in me and electing me as
Chairman NIRC for the period 2016-17. Though I am elected
in the capacity as Chairman as NIRC but I will work with you as
a colleague/team member for betterment of profession. I will
dedicate all my time for the betterment of the profession. My
aim is take the profession to the new heights in terms of
growth and better opportunities for professional brothers and
sisters.
I congratulate the Newly Elected President, ICAI CA. M Devarajja
Reddy and the newly elected Vice President, ICAI CA. Nilesh S.
Vikamsey. I also congratulate newly elected Central Council
Members, Regional Council Members of all Regions, Branch
office bearers on being elected on the August body. I hope all
the Newly elected team of ICAI will work in a cohesive way for
betterment and growth of the profession.
There is an urgent need to bring fresh ideas and methods for
updation of knowledge of members. The efforts will be made
to develop and introduce new speakers in addition to old and
experience hand. The seminars/conferences will be organised
on the topic most relevant at a time to the profession.
My aim will be to provide better infrastructure and to ensure
the smooth flow of work by introduction of latest technology.
We will try to ensure that all the information required by
members whether it is related to NRO or seminars/
conferences all otherwise is available online. This will save the
time and make the working environment hassle free.
The students are the future of the profession. We need to take
special care for the requirement. We need to provide an
My priorities for the next twelve month will be as
under:
For Members
For Students Chair
man
EDITORIAL BOARD (PROVISIONAL)
Date: 4th March, 2016Place: New Delhi
CA. Deepak Garg
Chairman, NIRC of ICAI
M : 9811064105
Grievance cell for the Members and Students
Bank Audit Assignment-Expectations from professionals
Members Campus Placement-February/March-2016
My aim is to make the working of NIRC of ICAI grievance free. We will
dedicate a full time counsellor for the purpose of handling the grievances
of Members and Students. Time limit will be fixed in which NIRC will
ensure the solution to the problem. I request all the Members and
students to give their suggestion for the improvement of the working
environment of NIRC of ICAI. Members and Students suggestion box has
been installed at 4th and 5th floor of NIRC of ICAI. If any members and
students have any grievance they can e-mail at [email protected].
Bank Audit, which is a vital assignment for most of the members of the
profession, is round the corner. By the time this issue of the Newsletter
reaches you, most of the members would be planning an effective
strategy for execution of statutory audit of Banks and Branches, as the
case maybe.
Members are advised to deliver a proficient service adhering to the
Central banker's guidelines. ICAI is organising a series of CPE programs
for the advantage of its members and a revised version of A Guidance
Note on Bank Audit 2016 edition has been made available to assist the
members. A word of caution to the members is not to consider the bank
assignment lightly, since the stakeholders in the society are closely
watching the role of auditors of banks to report any non- conformity
impacting the banks stability and incurring losses of public money. I
would be also like to share with my fraternity that we have been
appropriately representing that the autonomy given to banks in the
current procedure of appointment of Central Statutory Auditors and
Branch Statutory Auditors of Public-sector banks (PSBs) can lead to the
impairment of independence and thus is not in overall interest.
ICAI regularly hosts campus Placement events at various locations both
for the experienced members in industry and also for the new and young
members looking for openings in the industry. The institute's placement
programme is a pioneering platform for ICAI members as they get a
splendid chance to be interviewed and selected by their dream
organisations. At this event, young members get to meet and explore
their professional potential in a reciprocally positive environment. I wish
to inform that the forthcoming Campus Placement Programme is being
organised at 22 centres across India during February-March 2016. I
request all the members to share this information among the companies
known to them, who may possibly like to recruit CA professionals.
environment in which they are able to undergo their article ship training
in free and fair manner and at the same time they are able to prepare for
their studies as well as update their knowledge through the workshop
and seminars organised by NIRC of ICAI.
For various courses like GMCS-1 and GMCS-2 there is a need to further
update the technology and provide the online facility not only in terms of
registration but also in terms of payment.
NIRC of ICAI organised the following programmes during the month for
the benefit of Members at large. The programmes were held namely
Seminar on Capital Market, Seminar on Direct and Indirect Taxes,
Discussion on Union Budget 2016. The programmes were well attended
by large numbers of Members.
During the last month NIRC has organised following programme/
Seminars namely CA Student festival, How to face CA Final Exam for
SFM, Seminar on IND AS and Amendments in corporate and Allied Laws,
Seminar on How to face CPT Exams and Seminar on Service Tax for the
benefits of the CA students. A large number of students participated in
the said seminars.
Research is a backbone of the profession. In my tenure there will be
more thrust on the activities relating to the research on the topics
relevant to the profession. I invite the members at large to send their
name alongwith the name of research group at mail id : [email protected]
which they would like to contribute and share their knowledge for the
profession. We are in the process of forming the research group and it
will be ensured all the research group become functional in contribute
towards profession by having interactive session. The research group
will be motivated to hold seminars on their topics and will be encourage
to being background material relevant to the profession.
The election to the office bearers of branches are almost over. I
congratulate the newly elected Chairman and other office bearer,
Members of the Managing Committee of the branches. I ensure them
whole hearted support for their activities for the coming year.
NIRC is going to organise the Branch Orientation Programme in the
month of April, 2016. We have invited the Hon'ble President and Hon'ble
Vice-President, ICAI on the said programme. The programme will be
organised for all the members of the Managing Committee of the
Branches falling within the jurisdiction of NIRC of ICAI. This will be an
interactive programme where the thought process will be initiated so
that the member can freely share their views on the different aspects.
The details of the programme will be announced soon after discussion
and approval of the concerned committee. I invite all the members of the
Managing Committee to participate with their full strength to make the
programme a grand success.
Regional Council Activities
Student Activities
Research Group Activities
New Office bearers of the Branch
Branch Orientation Programme
Date: 4th March, 2016Place: New Delhi
CA. Sumit Garg
Secretary, NIRC of ICAI
M : 9560064645
From the Desk of the Secretary...From the Desk of the Secretary...From the Desk of the Secretary...
Wish a great day ahead with lots of happiness,
success and healthy life to all my friends
I thank everyone for your support and efforts in
NIRC elections and choosing me to represent
yourself at large. Getting elected was never
possible without your support, wishes and active
participation. It is indeed a matter of immense
pleasure, and I feel proud that I converted your
wishes into reality. Due to God's grace, I got elected
as Secretary of NIRC, and I affirm my professional
colleagues, that I shall take every step to meet your
expectations and serve my responsibility with
dedication, sincerity and integrity.
As the outset, great leader has taken charge of our
prestigious institute ICAI, I would like to
congratulate Honorable CA. M. Devaraja Reddy and
CA Nilesh S Vikamsey on their being elected to the
august office of President and Vice-President
respectively of ICAI. I hope that our premium
profession will grow under their strong leadership
and guidance.
As you are aware that our new elected Team NIRC
took charge on this 26th of Feb, 2016. We are fully
committed to groom our profession at large and will
work hard for professional betterment. As a team, NIRC has organized various programs
for the members of the Profession during the last
month. We have organized seminar on Union
Budget on 1st of March 2016 guided by the
prominent speakers of Direct and Indirect taxation,
full day conference for Women Chartered
Accountants on 5th March. 2016, and a seminar on
bank Audit is going to be held on 18th March. 2016.
You are requested to please join the seminar in
large number. All the held programs were well
attended by large numbers of members. I, on
behalf of Team NIRC would like to say thanks to all
the guest members, prominent speakers for
sparing their valuable time and sharing their in-
depth knowledge and expertise with CA fraternity.
Seeking suggestions for various activities of
Professional Development
A vigorous effort has been taken by the Professional
Development Committee towards exploring
potential opportunities for the members of the
Institute in different sectors of the economy. It has
been endeavoring to determine the professional
developmental needs and simultaneously identifying
concerns which can impact the profession. Every year,
the Committee prepares multipurpose panel from
which it collates necessary information to provide
panel of Chartered Accountants/firms to Reserve
Bank of India, NABARD and various other authorities
as per criteria specified by them. The Professional
Development Knowledge Portal www.pdicai.org
provides the members with timely and necessary
information on practice, development and
professional opportunities to the members.
Before concluding, I would like to say that your words
of appreciation and suggestions provides us the
guidelines to act in an efficient and effective manner,
and I wish that you will always make an active
participation by sharing your views, contributing
articles to Newsletter, as your active participation will
take all of us to new heights. I sincerely thanks to all
the Team Members for giving their best inputs in
making this News Letter.
At the end, I take this opportunity to extend to you all
my greetings on the occasion of Holi. May god
wish you all the colours of life, colours of joy, colours
of happiness, colours of friendship, colours of love and
all other colours you want to fill in your life.
Sec
reta
ryDear Professional Colleagues,
5
any other reason even if it can be otherwise
inferred and/ or gathered from the records.
He is confined to the recorded reasons to
support the assumption of jurisdiction. He
cannot record only some of the reasons and
keep the others up his sleeves to be
disclosed before the Court if his action is
ever challenged in a Court of law.
• MANU-BH-0078-2016 in Nai Rajdhani
Path Pramandal Vs. CIT (TDS) and Ors,
Hon'ble Bihar High Court held that a careful
reading of the Circular 275/201/95-IT(B),
dated 29.01.1997, clearly shows that no
demand, as envisaged by Section 201(1) of
the Act, can be enforced against the
deductor if the tax, due to be paid by the deductee, has already been paid by the
deductee.
• MANU-KA-0204-2016 in Dell International Services India Private Limited
vs. ACIT, Hon'ble Karnataka High Court held that the jurisdiction of the Tribunal
being a last fact finding authority, is empowered to examine the documents
placed by the assessee in support of its claim. It is settled law that remand is not
a power to be exercised in a routine manner and should be used fairingly as an
exception only when the facts warranted such course of action. When the
materials are available on record, the Tribunal ought to have arrived at a
conclusion rather than further remanding the matter back to the Assessing
Officer that too, after giving a positive finding that the methodology adopted by
the assessee is on a scientific and reasonable basis.
• MANU-WB-0048-2016 in CIT, Kolkata-I Vs. Birla Corporation Ltd. Hon'ble
Kolkata High Court held that the Scheme of statute makes it very clear that
liability of interest as per the situation is on both the sides. Where assessment is
completed at an income higher than the returned income, the tax payable by
Assessee is specified in the notice of demand issued under Section of Act,
1961. In case of shortfall in payment of tax vis-à-vis the tax finally due on the
assessed income, the Assessee is liable to pay interest under Section 234B of
Act, 1961. In the same way where amount of tax paid by Assessee is found
higher and an amount is found refundable to Assessee, a similar obligation has
been fastened upon Revenue. Where the prepaid taxes are in excess of
assessed tax, Assessee is entitled for refund of excess tax along with the
interest.
• MANU-KA-0318-2016 in Principal CIT vs. C. Gopalaswamy, Hon'ble
Karnataka High Court held that Assessee was eligible to claim deduction u/s.
54F of Act in respect of building under construction despite same having not
being constructed within stipulated period of three years for availing of benefit.
As condition precedent for claiming benefit under section 54F of Act was capital
gain realized from sale of capital asset should have been parted by Assessee
and invested either in purchasing residential house or in constructing
residential house. Further, if Assessee had invested money in construction of
residential house, merely because construction was not complete in all respects
within period stipulated that would not disentitle Assessee from claiming benefit
under section 54F of Act.
• 2016-381-ITR-0453 in Standard Chartered Finance Ltd. vs. CIT, Hon'ble
Apex Court held that in those situations where there is no assessment
order passed, there cannot be a notice for reassessment in as much as the
question of reassessment arises only when there is an assessment in the
first instance.
To conclude this update series, I'd like to convey that education is a never
ending process & lifelong investment. Yesterday belonged to those, who kept
on learning. Today belongs to those, who keep on learning & de-learning.
Tomorrow will belong to those, who will develop the habit of Learning, De-
learning & RE-LEARNING.
March, 2016 NIRC NEWSLETTER
Vic
e C
hairper
son
Direct Taxes - Legal Updates
It's my privilege to serve the profession as Vice Chairman of NIRC of
ICAI for the year 2016-17. I'm highly indebted to all my professional
colleagues, seniors & stalwarts of the profession, friends and my family
for showing their faith in me and allow me to be a part of profession's
forward march.
It's my pleasure to present the updates for the month of
February 2016, which was brought into force by various
changes and amendments of Acts, Ratios, circulars and
notifications etc.
1. DIRECT TAXES
a. Income Tax
• MANU-DE-0453-2016 in CIT vs. Vatika Landbase Pvt. Ltd. Hon'ble
Delhi High Court held that the only person competent to give evidence
on the truthfulness of the contents of the document is the writer
thereof. So, unless and until the contents of the document are proved
against a person, the possession of the document or handwriting of that
person on such document by itself cannot prove the contents of the
document.
• MANU-DE-0454-2016 in Rustagi Engineering Udyog Pvt. Ltd. vs.
DCIT, Hon'ble Delhi High Court held that the powers of the Income-tax
Officer to reopen assessment though wide are not plenary. The words of
the statute are "reason to believe" and not "reason to suspect".
• MANU-KA-0323-2016 in Bangalore Urban & Rural District Co-
0perative Milk Producers Societies Members and Employees Welfare
Trust Bangalore Milk Union Ltd. Vs. The Director of Income Tax
(Exemptions), Hon'ble Karnataka High Court held that an object
beneficial to a section of the public is an object of general public utility.
To serve a charitable purpose, it is not necessary that the object should
be to benefit the whole of mankind or all persons in a particular country
or State. It is sufficient if the intention to benefit a section of the public
as distinguished from a specified individual is present. Therefore
registration u/s 12A and recognition u/s of the Act cannot be denied.
• MANU-SC-0197-2016 in Jagraon Exports vs. C.I.T-I, Hon'ble Apex
Court held that sale proceeds generated from the sale of scrap would
not be included in the total turnover for the purpose of deduction u/s
80HHC of the Act.
• MANU-SC-0201-2016 in CIT, Kanpur and Ors. Vs. Society for the
Promn. of Edn., Allahabad, Hon'ble Apex Court held that once an
application is made u/s 12AA of the Act and in case the same is not
responded to within six months, it would be taken that the application is
registered under the provision as deemed registration of the application
• MANU-DE-0373-2016 in Honda Cars India Ltd. vs. DCIT, Hon'ble
Delhi High Court held that neither the petitioner is admittedly a foreign
Company, nor the TPO has proposed any variation to the return filed by
the petitioner. The consequence of this is that the AO cannot propose an
order of assessment that is at variance in the income or loss return. TPO
Officer has accepted the return filed by the petitioner. Therefore, the
petitioner for the purposes of Section is not an "eligible assessee".
Since the petitioner is not an eligible assessee in terms of Section
144C(15) (b), no draft order can be passed in the case of the petitioner
u/s 144C(1).
• MANU-DE-0388-2016 in Sabharwal Properties Industries Pvt. Ltd.
and Ors vs. ITO, Hon'ble Delhi High Court held that having regard to the
entire scheme and purpose of the Act, the validity of the assumption of
jurisdiction u/s 147 can be tested only by reference to the reasons
recorded u/s 148(2) of the Act and the AO is not authorised to refer to
CA. Pooja AggarwalVice-Chairperson, NIRC of ICAI
Dear Professional Colleagues,“In pursuit of excellence, don't think about failure. If we are jumping into any
situation, we should think, we are going to be successful. And when you know
that you are doing the right things, just relax and perform, forget about the
outcome. When you put in the work, the results will come - FOR SURE.” -
Michael Jordan
The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 6
March, 2016 NIRC NEWSLETTER
the time of rendering such services for which rewards are claimed.
• Services rendered in Mode 1: Cross Border Trade and Mode-2: Consumption
abroad only will be eligible.
• The notified services and rates of rewards are listed in Appendix 3D.
• Have minimum net free foreign exchange earnings of US$15,000 in preceding
financial year for eligibility under the Scheme.
• For Individual Service Providers and sole proprietorship, such minimum net free
foreign exchange earnings criteria would be US$10,000 in preceding financial year.
• Payment in Indian Rupees for service charges earned on specified services (Listed
in Appendix 3E) to be treated as receipt in deemed foreign exchange.(Yet not
notified)
• In case of IEC holder is a manufacturer of goods as well as service provider, then
the foreign exchange earnings and Total expenses / payment / remittances shall be
taken into account for service sector only.
Services sector has made rapid strides in the past decade and emerge as the largest
and one of the fastest-growing sectors of the Indian economy. The services sector is
not only the dominant sector in India's GDP, but has also attracted significant foreign
investment flows, contributed significantly to exports as well as provided large-scale
employment. The Government of India recognises the importance of promoting
growth in services sectors and provides several incentives in wide variety of sectors
such as Healthcare, Tourism, Education, professional, Research & Development,
Advertising, Management Consulting Communications, Construction and Related
Engineering Services, transport services, environmental services, recreational
cultural and sporting services, among others.
One of the most important schemes called “Service Exports from India Scheme”
(SEIS) has been introduced by the Government under new Foreign Trade Policy
2015-20.Under the scheme w.e.f 01.04.2015 all service providers of notified
services, shall be rewarded under SEIS, regardless of the constitution or profile of the
service provider at rates of 3% or 5% (whichever applicable) of net foreign Exchange
Earning. New “Service Exports from India Scheme” not only replaces Served from
India Scheme (SFIS) available under the Foreign Trade Policy-2009-2014, but it
rationalize the incentives under the erstwhile schemes, removes various kind of
restriction of use of scrip issued under the Scheme and significantly enlarges the
scope of the earlier scheme. Unlike earlier Scheme, this scheme has been made
applicable to exports by SEZ units also.
OBJECTIVE OF THE SCHEME
Objective of Service Exports from India Scheme (SEIS) is to encourage export of
notified Services from India. This Scheme has been announced on 01.04.2015 under
the New Foreign Trade Policy-2015-2020 and has come into effect from 01.04.2015.
In other words, the rewards under the scheme are admissible on exports of notified
services rendered on or after 01.04.2015.
SALIENT FEATURES OF THE SCHEME
• Apply to “Service Providers located in India” instead of Indian Service Providers.
• Provides for rewards to all Service providers of notified services, who are
providing exporting services from India, regardless of the constitution or profile
of the service provider.
• Rewards under SEIS are based on net foreign exchange earned.
(Net foreign Exchange = Gross earning of foreign exchange-total
expenses/payment/remittances relating to services sector in the Financial Year)
• Reward issued as duty credit scrip is freely transferable and usable for payments
of excise duty, customs duty and service tax etc.
• Debits are eligible for CENVAT credit or drawback.
• Certain specified categories of services are not eligible for benefit under the
Scheme.
• Scrip can be used for payment of (i) Customs Duties for import of inputs or goods,
except items listed in Appendix 3A; (ii) Payment of excise duties on domestic
procurement of inputs or goods, including capital goods (iii) Payment of service tax
on procurement of services and (iv) payment of Customs Duty and fee (in case of
bona fide default under authorization)
• The services and rates of rewards notified are applicable for services exports
made between 01.04.2015 to 31.03.2016.
ELIGIBILITY CRITERIA FOR REWARD UNDER THE SCHEME
Service Providers of notified services, located in India, shall be rewarded under SEIS,
subject to conditions as may be notified.
• To claim reward under the scheme, Service provider shall have an active IEC at
Service Exports from India Scheme (SEIS) under Foreign Trade Policy
CA. Hansraj Chugh
SERVICES & RATES OF REWARDS
S. No. SECTORS Admissible
Rate
1
BUSINESS SERVICES
A.
PROFESSIONAL SERVICES
5%
B.
RESEARCH AND DEVELOPMENT SERVICES
5%
C.
RENTAL/LEASING SERVICES WITHOUT OPERATORS 5%
D.
OTHER BUSINESS SERVICES
3%
3%
2.
COMMUNICATION
SERVICES
5%
3.
CONSTRUCTION AND RELATED ENGINEERING SERVICES 5%
4.
EDUCATIONAL SERVICES (Please refer Note 1) 5%
5.
ENVIRONMENTAL SERVICES
5%
6. HEALTH-RELATED AND SOCIAL SERVICES 5%
7. TOURISM AND TRAVEL -RELATED SERVICES
A HOTELS AND RESTAURANTS (INCLUDING CATERING) 3%
B. Travel agencies and Tour Operators Services 5%
C. Tourist guides services 5%
8. RECREATIONAL, CULTURAL AND SPORTING SERVICES (other than
audiovisual services)
5%
9. TRANSPORT SERVICES (Please refer Note 2)
A. MARITIME TRANSPORT SERVICES 5%
B. AIR TRANSPORT SERVICES 5%
C. ROAD TRANSPORT SERVICES 5%
D. SERVICES AUXILIARY TO ALL MODES OF TRANSPORT 5%
INELIGIBLE CATEGORIES UNDER SEIS
• Supply of service through Mode-3- Commercial Presence and Mode-4 presence of
natural persons are not eligible under SEIS.
• Foreign exchange remittances other than those earned for rendering of notified
services would not be counted for entitlement.
• Other sources of foreign exchange earnings such as equity or debt participation,
donations, receipts of repayment of loans etc. and any other inflow of foreign
exchange, unrelated to rendering of service- Not Eligible for benefit under the
Scheme.
The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 7
March, 2016 NIRC NEWSLETTER
4. Explanation (aa) of 139 (9)- Defective
Return : A return which is otherwise valid would not
be treated defective merely because self-
assessment tax and interest payable in accordance
with the provisions of section 140A has not been
paid on or before the date of furnishing of the return.
AMENDEMENT IN ASSESSMENT - SECTION 143
OF THE INCOME TAX ACT, 1961
1. Section -143(1) –Processing :
An opportunity to the assessee, before making any
adjustment under clause of sub-section (1) of
section 143 to explain and rectify the same within
thirty days of issuance of such intimation and the
response so received be considered before making
such adjustments. In case no response is received
within such time, the adjustment of the amount
indicated in the intimation be made.
Following adjustments (proposed )are made
by Assessing officer :
I. an incorrect claim, if such incorrect claim is
apparent from any information in the return;ii. disallowance of loss claimed, if return of the
previous year for which set off of loss is claimed
was furnished beyond the due date specified
under sub-section (1) of section 139;iii. disallowance of expenditure indicated in the
audit report but not taken into account in
computing the total income in the return;iv. disallowance of deduction claimed under
sections 10AA, 80-IA, 80-IAB, 80-IB, 80-IC, 80-
ID or section 80-IE, if the return is furnished
AMENDEMENT IN RETURN OF INCOME -
SECTION 139 OF THE INCOME TAX ACT, 1961
(These amendments will take effect from 1st day of
April, 2017 and will, accordingly apply in relation to
assessment year 2017-2018 and subsequent
years.)
1. sixth proviso to sub-section (1) of the
section 139- Filling the income tax Return for
All Assessee : A person during the previous year
earns total income exceeds the basic exemption
limit before giving effect to the said clause of section
10 (38) , 10A, 10B or 10BA or Chapter- VI-A shall
also be liable to file return of income for the previous
year within the due date.
2. 139 (3)- Loss of Return : A person will not
allowed to carry forwarded his loss(es) suffered in
the following cases :-
• Loss from Non-Speculation business or
profession (Section-72)• Loss from speculation business (Section-73)• Loss from Specified Business u/s 35AD (
Section -73A) ( Proposed )• Loss from Capital Gains (Section-74)• Loss from owing and maintaining Races Horses
( Section -74A)In the other words, a person cannot carry forward
the aforesaid losses in case of belated filing of ROI.
3. 139 ( 5) Revised Return : Only ROI including
for loss filed within due date under section 139(1) or
belated return under section 139(4) any time
before end of the relevant assessment year or
Completion of the assessment whichever is earlier.
CA. C.M Jain
BUDGET PROPOSAL RELATING TO CHAPATER XIV- PROCEDURE FOR ASSESSMENT
The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 8
March, 2016 NIRC NEWSLETTER
beyond the due date specified under sub-section (1)
of section 139; orv. addition of income appearing in Form 26AS or
Form 16A or Form 16 which has not been
included in computing the total income in the
return:(These amendments will take effect from the 1st
April, 2017 and will, accordingly, apply in relation to
the assessment year 2017-2018 and subsequent
years.)
2. 143(1D)-Intimation before the competition
of assessment u/s 143(3) : Section to provide
that before making an assessment under sub-
section (3) of section 143, a return shall be
processed under sub-section (1) of section 143.
(These amendments will take effect from the 1st
April, 2017 and will, accordingly, apply in relation to
the assessment year 2017-2018 and subsequent
years.)
3. 143 (2) - Compulsory service of Notice for
assessment proceeding : notice under the said
sub-section may be served on the assessee by the
Assessing Officer or, as the case may be, the
prescribed income-tax authority under the
circumstances specified therein requiring him to
produce or caused to be produced on a specified date
before the Assessing Officer any evidence on which
the assessee may rely in support of the return. (This
amendment will take effect from 1st June, 2016)
AMENDEMENT IN INCOME ESCAPING
ASSESSMENT - SECTION 147 OF THE INCOME
TAX ACT, 19611. Clause (ca) of Expl-2 of Section 147 Deemed
case of escapement: Its case shall be deemed to
be a case where income chargeable to tax has
escaped assessment where on the basis of
information or document received from the
prescribed income-tax authority it is noticed by the
Assessing Officer that the income of the assessee
exceeds the maximum amount not chargeable to
tax, or the assessee has understated the income or
has claimed excessive loss, deduction, allowance or
relief in the return. (This amendment will take effect
from 1st June, 2016)
AMENDEMENT IN TIME LIMIT FOR
C O M P L E T I O N O F A S S E S S M E N T ,
REASSESSMENT AND RECOMPUTATION -
SECTION 153 OF THE INCOME TAX ACT, 1961
Section -153 : The changes proposed in
existing time limit are as under:–
a. the period, for completion of assessment under
section 143 or section 144 be changed from
existing two years to twenty one months from the
end of the assessment year in which the income
was first assessable;
b. the period for completion of assessment under
section 147 be changed from existing one year
to nine months from the end of the financial year
in which the notice under section 148 was served;
c. the period for completion of fresh assessment in
pursuance of an order under section 254 or
section 263 or section 264, setting aside or
cancelling an assessment be changed from
existing one year to nine months from the
end of the financial year in which the order under
section 254 is received by the Principal Chief
Commissioner or Chief Commissioner or Principal
Commissioner or Commissioner, or the order
under section 263 or section 264 is passed by the
Principal Commissioner or Commissioner.
NIRC of ICAICongratulates
CA. Girish AhujaNominated as a Part TimeNon Official Director on the Central Board of Directors
of State Bank of India, for a period of three years.
The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 9
March, 2016 NIRC NEWSLETTER
For the assessment year 2016-2017 surcharge is 12 % of income tax, where taxable
income exceeds Rs 1 crore.
- Co-operative societies are required to a minimum tax based on adjusted total income
(AMT) which shall be computed by increasing the deduction claimed by assessee under
any section included in Chapter VI-A of the heading 'C – Deductions in respect of
certain incomes' (but excluding any deduction u/s 80P) and deduction claimed u/s
10AA, with the total income as assessed by AO. In other words, the cooperatives,
which are only entitled to deduction u/s 80P, shall not be affected by the AMT
provisions.
EXEMPTION TO CO-OPERATIVE SOCIETY
- any income of a co- operative society formed for promoting the interests of the
members of either the Scheduled Castes or Scheduled Tribes or both referred to in
clause (26B):
Provided that the membership of the co- operative society consists of only other co-
operative societies formed for similar purposes and the finances of the society are
provided by the Government and such other societies;].
- Section 80 P provides certain exemptions to co-operative societies.
Where the co-operative society is also entitled to the deductions available under
sections 80HH, 890HHA, 80HHB, 801, 80J, 80JJ and 80JJA. The deduction under this
section [i.e. 80 P (I)] shall be allowed with reference to the total income as reduced by
the deduction allowable respectively under sections 80HH, 80HHA, 80HHB, 80HHC,
80J, 80JJ and 80I.
DEDUCTION UNDER SECTION 80 P
- The following amounts are allowed as deduction under this section. However, from the
assessment year 2007-08 onwards, deduction under section 80 P is not available to a
co-operative bank. A primary agricultural credit society, a primary co-operative
agricultural and rural development bank will continue to get deduction under section
80P.
- The whole of the amount of the profits attributable to any one or more of the following
activities in the Case of a co-operative society engaged in:-
(i) Carrying on the business of banking or providing credit facilities to its members, or
(ii) A cottage industry, or
(iii) The marketing of the agricultural produce grown by its members, or
(iv) The purchase of the agricultural implements, seeds, live-stock or other articles
intended for agricultural for the purpose of supplying them to its members, or
(v) The processing, without the aid of power, of the agricultural produce of its
members, or
(vi) The collective disposal of the labour of its members, or
(vii) Fishing or allied activities, that is to say, the catching, curing, processing,
preserving storing or marketing of fish or the purchase of materials and
equipment in connection therewith for the purpose of supplying them to its
members,
- This apart, when a primary cooperative society is engaged in supplying milk, oil seeds,
fruits or vegetables grown by its members to a federal cooperative or to the Govt or
local authority or a Govt Company or a statutory corporation – the whole of the
amounts of profits and gains of such business is deductible.
- Further, full deduction is available in respect of any income by way of interest or
dividends derived by the cooperative society from its investment with any other
cooperative society and in respect of any income derived by the cooperative society
from the letting of warehouses for storage, processing or facilitating the marketing of
commodities.
SECTION 2(19) of INCOME TAX ACT, 1961
Co-operative society means a co-operative society registered under the Co-operative
Society Act 1912 or under any law for the time being in force in any State for the registration
of Co-operative societies. Thus only a registered co-operative society is enabling to enjoy
the status of co-operative society under the Act. One can formed a business under the
organizational setup of Co-operative Society. This form of organization is best suited for
persons with small means to combine their resources and efforts in the promotion of
production, distribution or consumption of goods or services in which they have a common
interest. For the purpose of taxation it is treated as separate assessable entity under Income
Tax Act.
A regional rural Bank is deemed to be a Co-operative societies- Circular No. 319 dated
11.1.1992.
PRINCIPLE OF MUTUALITY
Co-operatives, like housing cooperatives, who collects monthly subscription from the
members and spends the same to meet the various expenses of the society for providing
services to members like maintenance, security etc. Even if any surplus is generated, it is
not chargeable to tax as it is exempt based on the “Concept of Mutuality”. Essential
requirement of this concept is that “All the contributors to the common fund must be
entitled to participate in the surplus & all the participators to the surplus must be
contributors to the common trade”.
COMPLIANCE OF INCOME TAX PROVISIONS
- Co-operative society has to get PAN, TAN etc. like any other form of business.
- It has to pay advance income tax in three installments: within 15th September –
30%, within 15th December – 60% and within 15th March – the whole amount of such
advance tax as reduced by the amount paid in earlier installment(s).
- It has to comply with all the TDS provisions except:
I. U/s 193, No Tax shall be deducted from any interest payable on debentures issued
by any co-operative society.
ii. U/s 194A No Tax shall be deducted on interest other than interest on securities, if
such income is credited or paid by a co-operative society to his own member or
member of any other society.
iii. Co-operative society is not covered u/s 115-O hence not required to pay tax on
distributed profits, TDS provisions for dividends u/s 194 is not applicable.
All other TDS compliances are mandatorily to be fulfilled.
- Co-operative society is required to maintain books of accounts and other
documents u/s 44AA. Its accounts are required to be audited by Chartered Accountant
u/s 44AB notwithstanding the fact that its accounts are subjected to audit by the
administrative department (Directorate of Cooperative Audit) as provided in the State
Cooperative Laws.
- It requires filing its ROI in ITR-5 up to 30th September. Just like a Company, without
filing a 'loss return' within the stipulated time, business loss and loss under the head
capital gains of a cooperative cannot be carried forward. Loss under the head income
from house property and unabsorbed depreciation also cannot be carried forward if
loss return is not filed at all. Provisions relating to e-filing and use of digital
signature are also applicable.
- Rates of income tax applicable to co-operative societies for the assessment year 2016-
2017 are given below for the convenience of co-operative societies to work out their
liability to tax.
Income Tax Rate
On total income upto Rs. 10,000 10%
Total income in excess 10,000 upto 20,000 20%
Total income in excess of 20,000 30%
And education cess is 2% and Secondary higher education cess is 1%.
Taxation of Co-Operative Societies
CA. Nitin KanwarTreasurer, NIRC
The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 10
March, 2016 NIRC NEWSLETTER
Direct Tax Proposals for Individual Tax Payers
CA. Mukesh Bansal
Some of important direct tax proposal in Finance Bill 2016 impacting individual tax payers
have been summarise below.
1. Tax Rates for Individual Tax Payers.
In the case of every individual, being a resident in India, who is of the age of sixty years or
more but less than eighty years at any time during the previous year, Exemption limit is Rs.
300000. in the case of every individual, being a resident in India, who is of the age of eighty
years or more at any time during the previous year, Exemption Limit is Rs. 500000.
The amount of income-tax computed as above shall be increased by a surcharge at the rate
of fifteen percent. of such income-tax in case of a person having a total income exceeding
one crore rupees, with marginal relief. For financial year 2016-2017, additional surcharge
called the "Education Cess on income-tax" and "Secondary and Higher Education Cess on
income-tax" shall continue to be levied at the rate of two per cent. and one per cent.
respectively, on the amount of tax computed, inclusive of surcharge (wherever applicable),
in all cases. No marginal relief shall be available in respect of such Cesses.
2. Increase in limit of rebate in income-tax allowable under Section 87A (w e f A Y
2017-18)
With the objective to provide relief to resident individuals in the lower income slab, it is
proposed to amend section 87A so as to increase the maximum amount of rebate available
under this provision from existing Rs.2,000 to Rs.5,000 for resident individual whose total
incomes does not exceed five hundred thousand rupees (Rs. 500000).
3. Taxation of income by way of dividend (wef AY 2017-18)
It is proposed to amend the Income-tax Act so as to provide that any income by way of
dividend in excess of Rs. 10 lakh shall be chargeable to tax in the case of an individual, Hindu
undivided family (HUF) or a firm who is resident in India, at the rate of ten percent. The
taxation of dividend income in excess of ten lakh rupees shall be on gross basis.
4. Tax Collection at Source (TCS) on sale of vehicles; goods or services (wef
01.06.2016)
In order to reduce the quantum of cash transaction in sale of any goods and services and for
curbing the flow of unaccounted money in the trading system and to bring high value
transactions within the tax net, it is proposed to amend section 206C to provide that the
seller shall collect the tax at the rate of one per cent from the purchaser on sale of motor
vehicle of the value exceeding ten lakh rupees and sale in cash of any goods (other than
bullion and jewellery), or providing of any services (other than payments on which tax is
deducted at source under Chapter XVII-B) exceeding two lakh rupees.
5. Tax incentives for start-ups (wef A Y 2017-18)
With a view to providing an impetus to start-ups and facilitate their growth in the initial
phase of their business, it is proposed to provide a deduction of one hundred percent of the
profits and gains derived by an eligible start-up from a business involving innovation
development, deployment or commercialization of new products, processes or services
driven by technology or intellectual property. The benefit of hundred percent deduction of
the profits derived from such business shall be available to an eligible start-up which is setup
before 01.04.2019. Further, in order to promote the start-up ecosystem in the country, it is
envisaged in 'start-up India Action Plan' to establish a Fund of Funds which intends to raise
Rs 2500 crores annually for four years to finance the start-ups. Keeping this objective in
view, it is proposed to insert a new Section 54EE to provide exemption from capital gains tax
if the long term capital gains proceeds are invested by an assessee in units of such specified
fund, as may be notified by the Central Government in this behalf, subject to the condition
that the amount remains invested for three years failing which the exemption shall be
withdrawn. The investment in the units of the specified fund shall be allowed up to Rs. 50
lakh. With an objective to provide relief to an individual or HUF willing to setup a start-up
company by selling a residential property to invest in the shares of such company, it is
proposed to amend section 54GB so as to provide that long term capital gains arising on
account of transfer of a residential property shall not be charged to tax if such capital gains
are invested in subscription of shares of a company which qualifies to be an eligible start-up
subject to the condition that the individual or HUF holds more than fifty per cent shares of the
company and such company utilises the amount invested in shares to purchase new asset
before due date of filing of return by the investor.
6. Incentives for Promoting Housing for All (wef A Y 2017-18)
With a view to incentivise affordable housing sector as a part of larger objective of 'Housing
for All', it is proposed to amend the Income-tax Act so as to provide for hundred per cent
deduction of the profits of an assessee developing and building affordable housing projects if
the housing project is approved by the competent authority before the 31stMarch, 2019
subject to certain conditions which inter alia, include:
(i) The project is completed within a period of three years from the date of approval,
(ii) The project is on a plot of land measuring not less than 1000 sq. metres where the
project is within 25 km from the municipal limits of four metros namely Delhi, Mumbai,
Chennai & Kolkata and in any other area, it is measuring not less than 2000 sq. metres where
the size of the residential unit in the said areas is not more than thirty sq. metres and sixty
sq. metres, respectively,
(iii) Where residential unit is allotted to an individual, no such unit shall be allotted to him or
any member of his family, etc.
In furtherance of the goal of the Government of providing 'housing for all', it is proposed to
incentivise first-home buyers availing home loans, by providing additional deduction in
respect of interest on loan taken for residential house property from any financial institution
up to Rs. 50,000. This incentive is proposed to be extended to a house property of a value
less than fifty lakhs rupees in respect of which a loan of an amount not exceeding thirty five
lakh rupees has been sanctioned during the period from the 1stday of April, 2016 to the
31stday of March, 2017. It is also proposed to extend the benefit of deduction till the
repayment of loan continues. The deduction under the proposed section is over and above
the limit of Rs 2,00,000 provided for a self-occupied property under section 24 of the Act.
7. Sovereign Gold Bond Scheme, 2015 (wef A Y 2017-18)
With a view to providing parity in tax treatment between physical gold and Sovereign Gold
Bond, it is proposed to amend Section 47 of the Income-tax Act, so as to provide that any
redemption of Sovereign Gold Bond under the Scheme, by an individual shall not be treated
as transfer and therefore shall be exempt from tax on capital gains.
8. Tax Treatment of Gold Monetization Scheme, 2015. (wef A Y 2016-17)
The Gold Monetization Scheme, 2015 has since been introduced by the Government of
India. Wth a view to extend the same tax benefits to the scheme as were available to the
Gold Deposit Scheme, 1999 it is proposed to amend Clause (14) of section 2, so as to
exclude Deposit Certificates issued under Gold Monetisation Scheme, 2015 notified by the
Central Government, from the definition of capital asset and thereby to exempt it from
capital gains tax. It is also proposed to amend clause (15) of section 10 so as to provide that
the interest on Deposit Certificates issued under the Scheme, shall be exempt from income-
tax.
9. Increase in time period for acquisition or construction of self-occupied house
property for claiming deduction of interest ( AY 2017-18)
In view of the fact that housing projects often take longer time for completion, it is proposed
that second proviso of clause (b) of section 24 be amended to provide that the deduction
under the said proviso on account of interest paid on capital borrowed for acquisition or
construction of a self-occupied house property shall be available if the acquisition or
construction is completed within five years from the end of the financial year in which capital
was borrowed.
10. Simplification and rationalisation of provisions relating to taxation of
unrealised rent and arrears of rent. (AY 2017-18)
It is proposed to simplify these provisions and merge them under a single new section 25A
and bring uniformity in tax treatment of arrears of rent and unrealised rent. It is proposed to
provide that the amount of rent received in arrears or the amount of unrealised rent realised
subsequently by an assessee shall be charged to income-tax in the financial year in which
such rent is received or realised, whether the assessee is the owner of the property or not in
that financial year. It is also proposed that thirty per cent of the arrears of rent or the
unrealised rent realised subsequently by the assessee shall be allowed as deduction.
11. Introduction of Presumptive taxation scheme for persons having income from
profession. (AY 2017-18)
New section 44ADA is proposed to be inserted in the Act to provide for estimating the income
of an assessee who is engaged in any profession referred to in sub-section (1) of section
44AA such as legal, medical, engineering or architectural profession or the profession of
accountancy or technical consultancy or interior decoration or any other profession as is
notified by the Board in the Official Gazette and whose total gross receipts does not exceed
fifty lakh rupees in a previous year, at a sum equal to fifty per cent. of the total gross receipts,
or, as the case may be , a sum higher than the aforesaid sum earned by the assessee. The
scheme will apply to such resident assessee who is an individual, Hindu undivided family or
partnership firm but not Limited Liability partnership firm.
Under the scheme, the assessee will be deemed to have been allowed the deductions under
section 30 to 38. Accordingly, the written down value of any asset used for the purpose of the
SR. No.
1
2
3
4
Income Slabs (Rs.)
Upto 250000
250001 to 500000
500001 to 1000000
Above 1000000
Tax Rates
NILL
10%
20%
30%
The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 11
March, 2016 NIRC NEWSLETTER
profession of the assessee will be deemed to have been calculated as if the assessee had
claimed and had actually been allowed the deduction in respect of depreciation for the
relevant assessment years..It is also proposed that the assessee will not be required to
maintain books of account under sub-section (1) of section 44AA and get the accounts
audited under section 44AB in respect of such income unless the assessee claims that the
profits and gains from the aforesaid profession are lower than the profits and gains deemed
to be his income under sub-section (1) of section 44ADA and his income exceeds the
maximum amount which is not chargeable to income-tax.
12. Increase in threshold limit for audit for persons having income from profession
(AY 2017-18)
In order to reduce the compliance burden, it is proposed to increase the threshold limit of
total gross receipts, specified under section 44AB for getting accounts audited, from twenty
five lakh rupees to fifty lakh rupees in the case of persons carrying on profession.
13. Increase in threshold limit for presumptive taxation scheme for persons
having income from business ( AY 2017-18)
In order to reduce the compliance burden of the small tax payers and facilitate the ease of
doing business, it is proposed to increase the threshold limit of one crore rupees specified in
the definition of "eligible business" to two crore rupees. It is also proposed that the
expenditure in the nature of salary, remuneration, interest etc. paid to the partner as per
clause (b) of section 40 shall not be deductible while computing the income under section
44AD as the said section 40 does not mandate for allowance of any expenditure but puts
restriction on deduction of amounts , otherwise allowable under section 30 to 38. It is also
proposed that where an eligible assessee declares profit for any previous year in accordance
with the provisions of this section and he declares profit for any of the five consecutive
assessment years relevant to the previous year succeeding such previous year not in
accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit
of the provisions of this section for five assessment years subsequent to the assessment
year relevant to the previous year in which the profit has not been declared in accordance
with the provisions of sub-section (1). For example, an eligible assessee claims to be taxed
on presumptive basis under section 44AD for Assessment Year 2017-18 and offers income of
Rs. 8 lakh on the turnover of Rs. 1 crore, For Assessment Year 2018-19 and Assessment Year
2019-20 also he offers income in accordance with the provisions of section 44AD. However,
for Assessment Year 2020-21, he offers income of Rs.4 lakh on turnover of Rs. 1 crore. In
this case since he has not offered income in accordance with the provisions of section 44AD
for five consecutive assessment years, after Assessment Year 2017-18, he will not be
eligible to claim the benefit of section 44AD for next five assessment years i.e. from
Assessment Year 2021-22 to 2025-26. Further as the turnover limit of presumptive taxation
scheme has been enhanced to rupees two crore, it is proposed to provide that eligible
assessee shall be require to pay advance tax. However, in order to keep the compliance
minimum in his case, it is proposed that he may pay advance tax by 15th March of the
financial year.
14. Automation of various processes and paperless assessment. (Wef 01.06.2016)
It is proposed to amend the relevant provisions of the Act so as to provide adequate legal
framework for paperless assessment in order to enhance efficiency and reduce the burden of
compliance. A series of changes are proposed to achieve this end. It is proposed to amend
sub-section (1) of section 282A so as to provide that notices and documents required to be
issued by income-tax authority under the Act shall be issued by such authority either in
paper form or in electronic form in accordance with such procedure as may be prescribed.
It is also proposed to amend the existing provision of section 2 by inserting new clause (23C)
to define the term "hearing" to include communication of data and documents through
electronic mode.
15. Taxation of Non-compete fees and exclusivity rights in case of Profession (A Y
2017-18)
It is proposed to amend clause (va) of section 28 of the Act to bring the non-compete fee
received/receivable( which are recurring in nature) in relation to not carrying out any
profession, within the scope of section 28 of the Act i.e. the charging section of profits and
gains of business or profession. Further, it is also proposed to amend the proviso to clarify
that receipts for transfer of right to carry on any profession, which are chargeable to tax
under the head "Capital gains", would not be taxable as profits and gains of business or
profession. It is also proposed to amend section 55 so as to provide that the 'cost of
acquisition' and 'cost of improvement' for working out "Capital gains" on capital receipts
arising out of transfer of right to carry on any profession shall also be taken as 'nil'
16. Enabling of Filing of Form 15G/15H for rental payments (wef 01.06.2016)
The provision of sub-section 194-I of the Act, inter alia, provides for tax deduction at source
(TDS) for payments in the nature of rent beyond a threshold limit. The existing provisions
provide threshold of Rs. 1,80,000 per financial year for deduction of tax under this section.
In spite of providing higher threshold for deduction tax under this section, there may be
cases where the tax payable on recipient's total income, including rental payments , will be
nil. The existing provisions of section 197A of the Income-tax Act, inter alia provide that tax
shall not be deducted, if the recipient of certain payments on which tax is deductible
furnishes to the payer a self- declaration in prescribed Form.No. 15G/15H declaring that the
tax on his estimated total income of the relevant previous year would be nil. In order to
reduce compliance burden in such cases, it is proposed to amend the provisions of section
197A for making the recipients of payments referred to in section 194-I also eligible for filing
self-declaration in Form no 15G/15H for non-deduction of tax at source in accordance with
the provisions of section 197A.
17. Rationalisation of tax treatment of Recognised Provident Funds, Pension
Funds and National Pension Scheme (AY 2017-18)
Under the existing provisions of the Income-tax Act, tax treatment for the National Pension
System (NPS) referred to in section 80CCD is Exempt, Exempt and Tax (EET) i.e., the
monthly/periodic contributions during the pension accumulation phase are allowed as
deduction from income for tax purposes; the returns generated on these contributions
during the accumulation phase are also exempt from tax; however, the terminal benefits on
exit or superannuation, in the form of lump sum withdrawals, are taxable in the hands of the
individual subscriber or his nominee in the year of receipt of such amounts. However,
commutation of Government Pension and superannuation fund is exempt from taxation. The
monthly contribution, annual accrued income, advances/ withdrawals for specific purposes
and final withdrawal from the Recognised Provident Funds (RPFs) on superannuation are
also accorded EEE status i.e. Exempt, Exempt, Exempt. In order to bring greater parity in tax
treatment of different types of pension plans, it is proposed to amend section 10 so as to
provide that in respect of the contributions made on or after the 1stday of April, 2016 by an
employee participating in a recognised provident fund and superannuation fund, up to 40 %
of the accumulated balance attributable to such contributions on withdrawal shall be exempt
from tax. Under the existing provisions, any payment from an approved superannuation
fund made to an employee in lieu of or in commutation of an annuity on his retirement at or
after a specified age or on his becoming incapacitated prior to such retirement is exempt
from tax. It is proposed to amend the said provisions so as to provide that any payment in
commutation of an annuity purchased out of contributions made on or after the 1stday of
April, 2016, which exceeds forty per cent of the annuity, shall be chargeable to tax.
Under the existing provisions of section 80CCD, any payment from National Pension System
Trust to an employee on account of closure or his opting out of the pension scheme is
chargeable to tax. It is proposed to provide that any payment from National Pension System
Trust to an employee on account of closure or his opting out of the pension scheme referred
to in Section 80CCD, to the extent it does not exceed forty percent of the total amount
payable to him at the time of closure or his opting out of the scheme, shall be exempt from
tax. However, the whole amount received by the nominee, on death of the assessee shall be
exempt from tax. Under section 17, perquisite includes the amount of any contribution
exceeding one lakh rupees to an approved superannuation fund by the employer in the
hands of the assessee. Under the Part A of Fourth Schedule to the Income-tax Act
contributions made by employer to the credit of an employee participating in a recognised
provident fund, which are in excess of twelve percent of the salary of the employee, are
liable to tax in the hands of the employee. However, there is no monetary limit for the
contribution made by the employer though there is a monetary ceiling for employee's
contribution. The limit of contribution by the employee eligible under section 80C of the Act
has been increased from one lakh rupees to one lakh and fifty thousand rupees vide Finance
Act (No.2), 2014. Therefore, in order to bring parity in the monetary limit for contribution by
the employer and the employee, it is proposed to amend the said section and said schedule
so as to provide the limit of employer's contribution to one lakh and fifty thousand rupees,
without attracting tax Further with a view to bring all the pension plans under one umberalla,
it is also proposed to amend:
(I) the said schedule so as to provide exemption to one-time portability from a recognised
provident fund to National Pension System;
(ii)(ii) clause (13) of section 10 so as to provide that any payment from an approved
superannuation fund by way of transfer to the account of the employee under NPS referred
to in section 80CCD and notified by the Central Government shall be exempt from tax.
18. Rationalisation of advance tax payment schedule under section 211 (wef
01.06.2016)
It is proposed to rationalise schedule for advance tax payment and prescribe the same
advance tax schedule for all assessees other than an eligible assessee in respect of eligible
business as referred to in section 44AD. Thus there will be four quarterly instalments for all
Assessee. It is further proposed that an eligible assessee in respect of eligible business
referred to in section 44AD opting for computation of profits or gains of business on
presumptive basis, shall be required to pay advance tax of the whole amount in one
instalment on or before the 15th March of the financial year.
19. Payment of interest on refund (wef 01.06.2016)
In order to ensure filing of return within the due date it is proposed to amend section 244A to
provide that in cases where the return is filed after the due date, the period for grant of
interest on refund may begin from the date of filing of return. In the interest of fairness and
equity, it is further proposed to provide that an assessee shall be eligible to interest on
refund of self-assessment tax for the period beginning from the date of payment of tax or
filing of return, whichever is later, to the date on which the refund is granted. For the purpose
of determining the order of adjustment of payments received against the taxes due, the
prepaid taxes i.e. the TDS, TCS and advance tax shall be adjusted first.
It is also proposed to provide that where a refund arises out of appeal effect being delayed
beyond the time prescribed under sub-section (5) of section 153, the assessee shall be
entitled to receive, in addition to the interest payable under sub-section (1) of section 244A,
an additional interest on such refund amount calculated at the rate of three per cent per
annum, for the period beginning from the date following the date of expiry of the time
allowed under sub-section (5) of section 153 to the date on which the refund is granted. It is
clarified that in cases where extension is granted by the Principal Commissioner or
Commissioner by invoking proviso to sub-section (5) of section 153, the period of additional
interest, if any, shall begin from the expiry of such extended period.
March, 2016 NIRC NEWSLETTER
The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 13
FROM THE EYES OF A CHARTERED ACCOUNTANT
From the time immemorial, the literature has taught us the methodology
and system of Auditing Practices as well as the standard of Practices in our
daily routine as an Auditor. There are many stories from the Literature
which gives us insight connection to our Profession as an auditor and as a
professional. Our main motto has also been derived from the Literature
YA ESA SEPTESHU JAGRITI. I have picked up some of the stories from the
Literature so as to relate it to our professional practice.
Statutory and or Internal Audit of Banks:
One such story I have come across was written by a Hindi Author Munshi
Prem Chand by the Title " Parda" means Curtain. The protagonist had given
loan to one person who was unable to recover it even visiting him daily. A
Beautiful Parda (Curtain) was hung on the door. He would not dare to enter
the house and standing outside he would shout and abuse asking for the
recovery of loan which he had given. Today in our banking sector the loans
are granted after due diligence as per norms set and under the guidelines
issued from time to time. Even then the loans become N P A. The story
which was written way back some ninety years itself teaches many lessons.
The loan which was given to the person by the protagonist, he never did due
diligence as to the capacity of the person to pay back and or to use the
money for some profits, It became irrecoverable. In the same way the
banking sector is suffering in the back Drop of loans becoming Non
Productive.
Internal Audit and control:
One such story I came across when I was in my Eighth standard. The Story
revolves around two brothers. The elder brother was living in the forest.
And one day younger brother out of love and affection went to meet him.
The elder one was away from his hut and younger brother waited for him to
return. It was after noon till then his brother had not turned up and he felt
hungry. There was nothing to eat in the hut. He looked around at the tree
which was full of fruits. He plucked some of it and ate. His brother came
and exchanged greetings. While they were chatting , the elder brother
looked at the tree and asked his younger brother if anybody else came to his
place. The younger brother replied that since morning he is here and
nobody else has visited. "What is wrong" younger brother asked. The elder
brother said that some body has plucked the fruits from the tree. Younger
brother replied that as he was hungry and he plucked and ate. Oh, well,
"you have committed theft"Well If You feel that I have committed theft I am
ready to face the Punishment." Younger brother said. The story thus goes
on and in the end the younger brother was punished for the theft. This story
revolves around the internal control system where the elder brother was
keeping a close watch over the produce and its accounting. It also gives an
insight to our crime and punishment theory.
Principles of Accounting.
This story written by Munshi Prem Chand is "Idgah" The protagonist of the
story is a child (Hamid) of about 10 years who is living with his grand mother
in the village . It is the day of Eid and all the children are ready to go to the
fair. Grand mother gives him just five paise and with that he buys a Tong
(Chimta). His other friends who have enough money buy sweets, toys, etc.
On the way back Hamid proves to everyone that he has bought an item of
enduring nature (Capital Expenditure) and all of his friends have made
wasteful expenses on sweets and toys made of mud which are of Revenue in
nature. The Tong (Chimta) which he bought was required by his
grandmother so that when she makes bread (Roti) will not have to bear the
heat of the stove (Chullah)
Commitment to the Profession:
There is a greatest story of love and commitment by the title " Usne Kaha
Tha" written by the writer Chander Dhar Sharma Guleri. The Protagonist in
the story committed to that whatsoever happens to him he will save the
husband and her son of his childhood beloved. In the end he loses his life.
We are appointed for specific engagement in our profession and by agreeing
to the terms and conditions, we should be Committed to the said
engagement. In whatever capacity we are working whether in service or in
professional practice, we have to adhere to the principal of commitment.
Morality in Profession:
In the early sixties, when I was a student in the College, there was a chapter
on Stock Exchange in the Indian Economics book authored by Dr K. K.
Dewet who was also the Principal of Dyal Singh College, the first line of the
chapter read as "Money is the root of all evils" Our profession is a noble
profession and we are taught to be morally upright. My thought goes to the
story by the title of "Namak Ka Daroga" by Munshi Prem Chand. This upright
Daroga would not let pass the vehicle carrying the salt without payment of
tax in spite of being threatened by the higher ups. This sort of courage and
conviction is required while doing our duty as a professional. There are
many stories which can be related to our profession. There is no end to such
stories, we just need to relate it to our profession.
CA. J.C Kapoor
NIRC of ICAICongratulates
CA. Ashok gupta, (M.No. 81882)
Appointed as Non-official Part-time Director on
the Board of Directors of Central Coalfield Limited
for a period of Three years
March, 2016 NIRC NEWSLETTER
The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 14
Imported Goods), Rules, 2007 (hereinafter referred to as "Valuation Rules, 2007"),
the importer has himself made an averment that the transactions are between
related persons in accordance with Rule 2(2) of the Valuation Rules, 2007, and there
is a, prima facie, justification for further enquiry, the concerned case of import is
referred to the SVB of the concerned Custom House, where a separate case file is
opened and a registration number is assigned to the case. Similar reference to SVB to
look into valuation on account of special relationship can be ordered by
Commissioner concerned where such relationship comes to light on any intelligence
or while enquiring into transactions of any importer with a particular supplier.
As per Rule 2 (2) of Customs Valuation (Determination of Value of Imported Goods)
Rules, 2007 (Customs Valuation Rules), persons shall be deemed to be "related" only
if:-
(i) they are officers or directors of one another's businesses
(ii) they are legally recognized partners in business
(iii) they are employer and employee;
(iv) any person directly or indirectly owns, controls or holds 5 per cent or
more of the outstanding voting stock or shares of both of them;
(v) one of them directly or indirectly controls the other ;
(vi) both of them are directly or indirectly controlled by a third person;
(vii) together they directly or indirectly control a third person;
(viii) they are members of the same family.
According to Explanation I to Rule 2 (2) of the Customs Valuation Rules, the term
"person" also includes legal persons. Further according to Explanation II to Rule 2 (2)
of the Customs Valuation Rules, Persons who are associated in the business of one
another in that one is the sole agent or sole distributor or sole concessionaire,
however described, of the other shall be deemed to be related for the purpose of
these rules, if they fall within the criteria of this sub-rule (2) of Rule 2 .
Apart from the above, those who are having Collaboration Agreement, Technical
Assistance Agreement or any other agreement / contract with the foreign supplier
are also required to register with SVB.
The CBEC Circular No 11/2001–Cus dated 23.02.2001 provides the procedure for
registration/finalization of cases referred to SVB. The importer who is related to the
supplier is required to furnish a declaration about the relationship at the time of filing
of Bill of Entry in the Appraising Group. On examination of the circumstances of sale
and keeping in view the invoice value of identical or similar goods, the group will
make a reference to SVB for further investigation of influence of relationship on
assessable value. The SVB of the major Custom House, which is located proximate to
the Head or Corporate Office of the importer, would handle the investigation into
valuation of such importer. The Application or representation for registration for SVB
assessment cannot be made by the importer himself. All references shall be made
through the Appraising Groups of Customs at the time of filing of the Bill of Entry. On
receipt of the reference from Appraising Groups, the case is registered in SVB and a
Provisional Duty Circular (PD Circular) for provisional assessment is issued. Copies of
the same are issued to the importer and to the Appraising Groups as well. The
importer shall indicate the PD Circular No. at the time of provisional assessment of all
their imports in the Appraising Group and execute PD Bond with 1% Extra Duty
Deposit (EDD) on the assessable value of the goods. Along with the PD Circular, a
questionnaire known as SVB Questionnaire is also issued to be filled up by the
importer along with the list of all documents required to be submitted. If the importer
does not file the reply to the SVB Questionnaire within 30 days the EDD may be
increased to 5 % till the finalization of the assessment.
I am glad to share with all my professional colleagues, a brief write up on requirement
and procedure to be complied with while importing to India from a related Party
situated outside India. Trust, this write up will serve as basic guidance that may need
while performing Job.
The lifeblood of the global market is trade. Exporting and importing helps grow
national economies and expands the global market. Every country is endowed with
certain advantages in resources and skills. For example, some countries are rich in
natural resources, such as fossil fuels, timber, fertile soil or precious metals and
minerals, while other countries have shortages of many of these resources.
Additionally, some countries have highly developed infrastructures, educational
systems and capital markets that permit them to engage in complex manufacturing
and technological innovations, while many countries do not. Further, importing goods
from various countries can be a part of corporate planning which is mostly cost
effective for a company having its branches / subsidiaries in various countries. The
cost effectiveness and ease in dealing with a group company leads to special
treatments given to each other.
Example:
“Abhinav & Ayushman are brothers. Abhinav wants to buy a house and
Ayushman is looking to sell one house.
Ayushman is ready to sell the house to Abhinav for Inr 8,000,000 whereas
he knows he can fetch Inr 10,000,000/- from market but because of
relationship he wants to give him discount”
The discount given by Ayushman to Abhinav is quite natural and is human
phenomenon. The same behaviour is often seen between the corporates who are
related to each other may be as a Holding – Subsidiary, Sister Concern having one or
more holding regulators etc. Therefore when ever these companies buy and sell
goods with each other, the sale is done without adding any profit margin or not at
normal market value. This is called an influence on the price of goods due to the
relation between the companies/parties.
As far as pricing between the related companies is concerned it can be a part of
corporate strategy, obligations or through an agreement. But from the perspective of
Revenue, this kind of business behaviour leads to evasion of taxes / duties. Let us
consider an example of an Indian Company (Importer) who is importing a particular
product from its parent company in JAPAN at an invoice value of USD 5000 and pays
customs duty on the said value. But if that Indian concern or any other importer
imports the same product from an unrelated supplier, then the invoice value would be
USD 8000 and applicable customs duty is to be paid on USD 8000.
In the aforementioned scenario, the Customs authorities, is losing customs duty on
USD 3000 since the parties are related. To curb the loss of revenue and to deal with
such kind of scenarios, the authorities developed a Specialized Branch of Customs. .
This branch of customs is called SPECIAL VALUATION BRANCH of Customs (SVB).
The 'Special Valuation Branch' (SVB, for short) is an institution specialising in
investigation of transactions involving special relationships and certain special
features having bearing on value of import goods. SVBs are located only at five
Custom Houses, i.e., Chennai, Kolkata, Delhi, Bangalore and Mumbai and any
decision taken in respect of a particular case in any of these Custom Houses is
followed by all other Custom Houses/formations.
The Special Valuation Branch of that Custom House, which is located proximate to the
Head or Corporate Office of the importer (having special relationships etc. with the
suppliers), handles the investigation into valuation of such importer. Wherever in the
declaration prescribed under the Customs Valuation (Determination of Value of
IMPORT FROM RELATED PARTY- PROCEDURE & REQUIREMENT
CA. Bhumika Shah
March, 2016 NIRC NEWSLETTER
The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 15
On receipt of replies to the SVB Questionnaire and other documents, the SVB will
examine the same and call for any other additional information that is required.
A prima facie case exists for investigation by the SVB where the importer is not able to
provide evidence to the effect that the price has not been influenced by the
relationship or where the importer is not able to demonstrate that the price for the
said goods closely approximates to one of the following values ascertained at or
about the same time –
a. the transaction value of identical goods, or of similar goods, in
respect of sales to unrelated buyers in India;
b. the deductive value for identical goods or similar goods;
c. the computed value for identical or similar goods
d. residual method
Value of Similar/ identical goods – the SVB can resort to this method, if the prices
at which identical/ similar goods are sold to unrelated buyers in India are available. In
practice, such values are either not available or are higher than the transaction value.
SVB can reject such value on various grounds such as Quality factors, Commercial
factors etc.
Deductive value – This method is used where the importer is able to work
backwards after deducting profit margins, general expenses, freight and insurance,
duties/taxes etc. SVB can reject this method if profit margin or any other deduction
shown by the importer is not consistent with those prevalent in the industry in
question.
Computed value – This kind of valuation is resorted to in cases where the seller is
prepared to supply to the authorities the necessary costing of the export goods and to
provide facilities for any subsequent verification which may be necessary .In practice,
seller is seldom ready to furnish the information regarding his commercial accounts.
To ensure delay with reference to registration of the SVB cases, the importers shall
keep below mentioned documents ready:
• IEC Certificate
• PAN Card
• Brief about relationship between buyer and seller
• Articles of Memorandum
• GATT (General Agreement on Tariff & trade) declaration
• SVB Bond (in case of other Custom House, copy of the same)
• B/E, Invoice
Further List of Documents required to be submitted in case of subsidiaries, holding
companies, and those who have collaboration agreement or similar agreements
• Collaboration agreement, Joint Venture Agreement and other
agreements with the supplier of the imported goods or with any
other person acting for the supplier.
• Approval of Government of India/RBI to the agreement, if any.
• Statements for last three years duly certified by the Chartered
Accountant, containing the following information:-
(I) CIF value and landed cost of imports from suppliers of the imported
goods, the collaborator or associated companies.
(ii) CIF value and landed cost of import from other suppliers.
(iii) Value of standard bought out components procured in India.
(iv) Ex-factory value of the goods.
(v) Royalty, net and gross Paid or payable.
• Representative sample invoices of own imports for the last 3 years and
photocopies of the relevant Bills of Entry.
• Annual reports of importing Company for the last 3 years.
• Statement regarding equity participation in/of foreign company for the last 3
years.
• Statement regarding shareholding of/in any Indian company alongwith
particulars of common Directors.
• Current price list of product imported from the supplier of the goods including
spares and warranty parts imported by any other person..
• Representative specimen invoices of procurement of goods procured from
some other person by the supplier and supplied importer.
• Representative specimen invoices of procurement of identical, similar or
connected goods made by companies associated with importer.
• Representative specimen invoices of imports of identical of similar goods by
any other person.
• Representative specimen of invoices and bills of entry of imports of identical,
similar items as spares and warranty parts by the importer or any other person.
• Details of remittances along with method and mode and deferred payments
details, if any.
• Details regarding any other payment made to or on behalf or under the
instructions of the supplier.
On completion of submission of the documentation and written submissions, the
Importer shall be granted an opportunity of being heard. Accordingly, a personal
hearing shall be granted before the Asst/ Deputy Commissioner, Customs. Once the
case is finalized by the SVB, the provisional assessments pending in the Appraising
Groups will be finalized and the EDD paid at the time of provisional assessment will be
adjusted in accordance with the SVB order.
The order by SVB is passed based on the replies/documents furnished by the
importer and is in operation for a period of 3 years. When a reference is made to the
SVB, the assessment is done on the value of the goods already imported or to be
imported in the next 3 years. In case during the 3 years if the importer wishes to
import set of goods which were not included in the SVB order/ assessment earlier,
then the SVB order has to be amended to that effect after assessing the value of new
goods afresh. If the importer is having continuous imports over a period of time
extending beyond 3 years, he has to file replies and documents at least 3 months
before the expiry of 3 years, so as to take up the renewal of the case. If there is no
change in the terms and conditions of the agreement, or pattern of invoicing, the
same shall be specifically stated by the importer in the form of an affidavit. On
examining these documents, the SVB order issued in the past will be renewed for a
further period of 3 years. If there are no imports from the related supplier beyond a
period of 3 years, there is no need for renewal of the SVB order and the file of the
importer will be closed in SVB the records.
In all the cases where the importer is aggrieved by the order passed by SVB, the
importer may file an appeal with the Commissioner of Customs (Appeals), against
the SVB order. This right of appeal is also indicated in the preamble attached in the
order- in –original passed by the SVB.
Apart from investigation of special relationship case, SVB also handles more
complicated cases of additions to declared transaction value as stipulated under Rule
10 of the Valuation Rules. No reference to SVB is necessary where any additions are
sought to be made under Clauses (a) and (b) of Rule 10(1). However, where the
additions sought to be made are considered to be in the nature of 'royalty and licence
fee' under Rule 10 (1)(c), or where the value of any part of proceeds of any
subsequent resale, disposal or use of imported goods accrues to the seller [Rule
(10)(1)(d)] or where any other payments are made or are contemplated to be made
in future by buyer to seller as a condition of sale of imported goods etc., [ Rule
10(1)(e)], the case may be referred to the SVB after following the provisional
assessment procedure.
All cases to be registered in the SVB for special investigation should be with the
specific approval of the concerned Commissioner of Customs.
Where the imports requiring investigation by SVB are noticed in a Custom House or
Customs formation other than Chennai, Kolkata, Delhi, Bangalore or Mumbai Custom
House, all the relevant records should be forwarded to the SVB of the concerned
Custom House that would take up the investigation of the case after following the
provisional assessment procedure.
“ACCEPT THE CHALLENGES SO THAT YOU CAN FEEL THE EXHILARATION OF
VICTORY ”
NIRC of ICAIhas already opened a New Bar Room for Chartered Accountant Members
at
G-7, Civic Centre, Delhifrom 9:30 A.M to 6:00 P.M. Please Visit for the same
Thanks & Regards Team NIRC
March, 2016 NIRC NEWSLETTER
1. Membership fee is applicable from 1st April 2016 to 31st March
2017
2. Intimation of Seminars/Conferences and other events will be
given by E Mail & SMS only
3. Registration and Payment for Annual Membership of NIRC for
Seminars will be through online only at the below link
4. Membership Fee (Rs.)
www.nircseminars.org/register.php
5. Above fee is Valid Upto 150 CPE Hours Seminars, thereafter
Member may renew his membership or attend the Seminar by
making payment of the individual Seminar.
6. NIRC Reserves the Right to Organize Seminar/Conferences/
Works Shops/Event which can be attended on Chargeable bases
Irrespective of the Membership.
ENROLLMENT FOR ANNUAL MEMBERSHIP (SEMINARS) OF NIRC OF ICAI(YEAR 2016-17)
1. 8500/- For Young Members (Enrolled After 01.04.2010)
2.
10000/-
For All Members not in category one above
3.
14000/-
For Firm with three partners-(one out of
Three partners may participate)
4.
23000/-
For Firm with five partners-(Two out of Five partners may participate)
5.
28000/-
For Firm with eight partners-(Three out of Eight partners may participate)
6.
4000/-
Per Partner-for firm more than Eight Partners(40% of Total Partners may participate)
7.
25000/-
Corporate
Membership
(Any Two out of Five Participate)
8.
35000/-
Corporate
Membership
(Any
Three out of Eight may Participate)
16
REGIONAL COUNCIL ACTIVITIES
Date Name of Programme/Venue Chief Guest/Speakers CPE Hrs
6
4
Seminar on Capital MarketVenue: Hotel Radisson Blu, PaschimVihar, Delhi
6th February 2016(Saturday)
129
192
TotalParticipants
Chairman Technical Session
How to Create Value & Worth from Capital Market
Financial Results and Annual Report under SEBI ( Listing Obligations and Disclosure Requirements) Regulations 2015
“Start Ups - A New Avenue in Capital Market (Challenges & Opportunities)”
CA. Sudhir K.Agarwal, Past Chairman, NIRC
CA. Sachin Aggarwal
Sh. Rajeev Goel, Advocate
CS. NitinSomani
20th February 2016 (Saturday)
Seminar on Direct & Indirect TaxesVenue: NDMC Convention Centre, CP, New Delhi
Safeguard in Indirect Taxes while Finalizing Audit
Assessment of AOP & BOI ( including Cooperative Societies, Private Trusts, Charitable Trusts and Mutual Associations)
CA. Ashok Batra
CA. (Dr.) Girish Ahuja
Nil 6001st March 2016 (Tuesday)
Discussion on Union Budget 2016Venue: SathyaSai Auditorium, PragatiVihar, Lodhi Road, New Delhi
Discussion on Union Budget on Direct Tax & Indirect Tax Proposals CA. Atul Kumar Gupta
Central Council Member, ICAI
CA. (Dr.) Girish Ahuja
CA. Ashok Batra
CA. PuneetAgrawal
65th March 2016(Saturday)
Conference for Women Chartered AccountantsVenue: Hindi Bhawan, Rouse Avenue, ITO, New Delhi
Chief Guest
Corporate Governance ( Special Emphasis on ICFR)
An Overview of IND AS & ICDS
Present Indirect Taxes and Proposed GST – Recent Developments
Stress Management
CA. Annapurana Gupta
Hon'ble Member, ITAT
CA. Vandana Gupta
CA. Anuradha Jain
CA. Rohini Aggarwal
Dr. BhavnaBarmi
Students Activities
6th February, 2016 Students Festival of NIRC of ICAI, Venue: Shah Auditorium, ISBT, Kasmiri Gate, Dehli. 750
7th February, 2016 Seminar for CA students of May 2016 attempt on "How to face CA Final Exam for SFM, Venue: ICAI Bhawan, Vishwas Nagar, Delhi 100
21st February, 2016 Seminar for CA students of May, 2016 Examination on IND AS and Amendments in Corporate and Allied Laws, Venue: ICAI Bhawan, Vishwas Nagar, Delhi 610
28th February, 2016 Seminar for CPT Students on How to Face CPT Exams, Venue: ICAI Bhawan, Vishwas Nagar, Delhi 21
28th February, 2016 Seminar for CA Students on Service Tax, Venue: ICAI Bhawan, Vishwas Nagar, Delhi 18
March, 2016 NIRC NEWSLETTER
17
Forthcoming Programmes of NIRC of ICAI
Venue NDMC Convention Centre, Opposite JantarMantar, Connaught Place, Near Parliament Street, New Delhi.
Timing 09.30 AM – 05.30 PM
Fee Rs. 1500/- Rs.1400/- ( If Paid Online before 15th March 2016 at
)No Fee for Annual Members of NIRC ( Seminars 2015-16)www.nircseminars.org
Seminar on Bank Branch AuditCPE HRS.
MEMBERS
6
Earlier Proposed for 19th March. Now Proponed to 18th March 2016 ( Friday)Date & Day 18th March 2016 (Friday)
Venue Hotel, Krishna Residency, Sector-12B Plot No.2 opp. Dwarka Sector-12 Metro Station, Dwarka, Delhi
Timing 09.30 AM – 03.00 PM
Fee Rs.500/-No fee for Annual Member ( 2015-16) of NIRC
Seminar on Bank Branch AuditJointly with Dwarka CPE Study Circle of
NIRC of ICAI
CPE HRS.
MEMBERS
5
Date & Day 20th March 2016 (Sunday)
Venue Auditorium of Institution of Engineers, I. P. Marg (Near ICAI Bhawan, ITO), New Delhi
Timing 05.00 PM – 08.00 PM
Fee Rs.300/-No fee for Annual Member ( 2015-16) of NIRC
Seminar on Concept- Make in India & Start ups
CPE HRS.
MEMBERS
3
Date & Day 21st March 2016 (Monday)
Venue Hotel Atithi Palace, 50, Opp Ram Mandir, Near Hindi Park, Daryaganj, New Delhi-110002
Timing 05.00 PM – 09.00 PM
Fee Rs.600/-No fee for Annual Member ( 2015-16) of NIRC
Seminar Jointly with Darya Ganj CPEStudy Circle of NIRC of ICAI
CPE HRS.
MEMBERS
4
Date & Day 28th March 2016 (Monday)
Venue ICAI Bhawan, Vishwas Nagar, Shahdara, Delhi
Timing 04.30 PM – 07.30 PM
Fee Rs.400/- for both the Days ( Combined)No Fee for Annual Members of NIRC (Seminars 2016-17)
Two Days Workshop on Companies ActCPE HRS.
MEMBERS
6
Date & Day 12th & 13th April 2016 (Tuesday & Wednesday)
Venue Hotel Aura Grand Residency, 439, Jagriti Enclave, Near Karkardooma Metro Station, Delhi 110092
Timing 5.00 PM – 09.00 PM
Fee Rs.600/-No fee for Annual Member (2016-17) of NIRC
Seminar on TaxationJointly with Patpar Ganj CPE Study Circle of
NIRC of ICAI
CPE HRS.
MEMBERS
4
Date & Day 21st April 2016 (Thursday)
Venue India Habitat Centre (Jacaranda Hall), Lodhi Road, New Delhi
Timing 09.30 AM – 05.30 PM
Fee Rs. 1500/- Rs. 1400/- ( If Paid Online before 20thApril 2016 at
)www.nircseminars.orgNo Fee for Annual Members of NIRC (Seminars 2016-17)
Seminar on International TaxationCPE HRS.
MEMBERS
6
Date & Day 23rd April 2016 (Saturday)
Venue Hotel Oasis, HD- 8, Pitampura Main Road, Near Metro Pillar No. 364, New Delhi -110034
Timing 05.00 PM -09.30 PM
Fee Rs.500/-No fee for Annual Member (2016-17) of NIRC
Seminar Jointly with Rohini CPE Study Circle of NIRC of ICAI
CPE HRS.
MEMBERS
4
Date & Day 29th April 2016 (Friday)
A view at the Seminar on Capital Market held on 6th February, 2016
March, 2016 NIRC NEWSLETTER
18
A view at the Seminar on Direct & Indirect Taxes held on 20th February, 2016
A view at the Annual Award Function of NIRC of ICAI held on 20th February, 2016
A view at Election of New Office Bearers of NIRC of ICAI held on 26th February, 2016
A view at the Discussion on Union Budget 2016 held on 1st March, 2016
March, 2016 NIRC NEWSLETTER
19
A view at the Cricket Tournament (Final Match) held on 28th February, 2016
thPublished on 5 March 2016Total Number Of Pages : 20 (Twenty)
At N.D. P.S.O., New Delhi-110002, on March 11-12, 2016
NIRC Newsletter- March, 2016
CHOOSE A CAUSE TO FEEL THE MAGIC
A fund set up by the members. for the membersLife Subscription of the fund
Rs. 2500Ordinary/Annual Subscription of the fund
Rs. 500 per annumPayable in favour of Chartered Accountants
Benevolent fund at New Delhi
Choose to Contribute forChartered Accountant Benevolent Fund
DL( )-01/1192/2015-17U(C)-257-2015-17
C
20