CREATIVITY WITH COMMITMENT MARCH 2016 Happy Holi for the month of March 2016.pdf · CREATIVITY WITH COMMITMENT MARCH 2016. ... Awareness Programme for Public in areas such as Career

VASAI BRANCH OF WIRC

` 25/- For Members Only

The Institute of Chartered Accountants of India

NEWSLETTER

Happy

Holi

CREATIVITY WITH COMMITMENT MARCH 2016

2 The Institute of Chartered Accountants of India – Vasai Branch of WIRC Newsletter

CREATIVITY WITH COMMITMENT

OUR GUIDE

OUR TORCH BEARERS AT WIRC FOR THE YEAR 2016-17

VASAI BRANCH OF WIRC OF ICAI MANAGING COMMITTEE MEMBERS 2016-17

CA. M. Devaraja ReddyPresident, ICAI

CA. Nilesh S. VikamseyVice-President, ICAI

CA. Shruti ShahChairperson

CA. Vimal AgrawalChairman

CA. Nitesh KothariVice-Chairman

CA. Bhanwar BoranaSecretary

CA. Mukesh SharmaTreasurer

CA. Ankit RathiWICASA-Chairman

CA. Sumeet DoshiCommittee Member

CA. Xavier RajanCommittee Member

CA. Hemant ShahCommittee Member

CA. Lalit BajajBranch Nominee

CA. Hardik ShahVice-Chairman

CA. Kamlesh SabooSecretary

CA. Shilpa ShinagareTreasurer

3The Institute of Chartered Accountants of India – Vasai Branch of WIRC Newsletter


Dear Professional Colleagues,

A hard beginning make the a good ending….

This year on 6th of February there was an occurrence which took place for the 1st time in the Vasai Branch’s history. My heart fills with pride in acknowledging the fact that we received an overwhelming response from the young voters’ in this year’s electioneering which broke all the past records by taking our polls to as high as 750 votes. By looking at the keen energetic response from our young turks we, the elected members are in turn motivated & inspired to do our best for the branch and its members. I would like to congratulate all the elected members of Vasai Branch of WIRC who made it till the end in the electioneering and thank them for their belief in me and thus showed a leap of faith in me by electing me as the Vasai

Branch Chairman for the term 2016-17.

We are also happy to inform you that the efforts of the past team of Vasai Branch under the chairmanship of CA Umesh Mestry were recognised by ICAI & WIRC. “Certificate of Appreciation for WICASA under large category from ICAI & Certificate of Appreciation for Branch and Best WICASA Award & Certificate of Appreciation for Best Research Paper presented under large category from WIRC for 2015-16”. The recognition was also extended to the Vasai Virar CPE Study Circle which received the “Best CPE Study Circle Award for 2015-16” during the leadership of CA. Kalpesh Shah (Convenor-Vasai Virar CPE Study Circle).

There’s a beginning to every story but there’s never a story that begins the same…

The New Year was a new beginning for everyone but the New Year for ICAI began on February 12th, 2016 when we are blessed with our New President & Vice-President of ICAI. CA M. Devaraja Reddy and CA Nilesh Vikamsey are the faces of our esteemed institute and the torch bearers for the term 2016-17. We were also glad to witness the making of 1st Woman WIRC Chairperson in the history of WIRC of ICAI. CA Shruti Shah and her team of Regional Council Members will lead the WIRC of ICAI and help the various branches like us under their umbrella to grow and work for the betterment of the institute for the term 2016-17. I congratulate all the leaders of today and wish them a great journey at ICAI.

It is good to rub, and polish our brain against that of others

The onus lies in “Sharing the knowledge” and installing “Creativity with Commitment”. This will be the motto of our Branch that will help us to be focused and committed towards our goals. This month has been a very thrilling month for us; for this was our 1st month of “Being in Action” and my team of young guns was very enthusiastic & thrilled to keep the branch retain its lively status and work creatively in enhancing its liveliness and presence.

In regards to that, for the 1st time we organised a Live Screening of Union Budget Meeting and published a Handy Budget Booklet for our members. We also organized refreshment activities like CA Daud for Members & CA Students. We started our knowledge sharing activities with a series of Budget Review Sessions that were conducted by scholarly senior members of the profession like CA Vimal Punamiya, CA Ashit Shah which was followed by Campus Placement Programme, Women’s Day Celebrations led by CA Preeti Agarwal, CA Shweta Jain, CA Nidhi Kothari and CA Preksha Jain and Investor Awareness Programme by CA Biharilal Deora.

Forthcoming events…

We have planned for the following events to be scheduled in the coming months:

1. WICASA ELECTIONS for the term 2016-17 on 10th April, 20162. Cricket Tournament for CA Members & Students3. Bank Branch Audit Seminar4. Felicitation of newly qualified CAs5. Investor Awareness Programme6. Mock Test for IPCC & CA FINAL for May 2016 attempt7. Residential Refresher Course at Mahabaleshwar (For more details, refer Page No. 5)

I would like to inform you all that there is an extension of date of completing CPE hours for the Calendar Year 2015 from previous date of 31st December 2015 to 31st March 2016.

With this, I welcome you all to attend and participate in our activities to make the most of it.

And on this note, I wish you all a Very HAPPY HOLI and a Very HAPPY NEW YEAR’S ICAI BEGINNING.

CHAIRMAN’S COMMUNICATIONMANAGING COMMITTEE

CA. Vimal Agrawal Chairman 9320617447

CA. Nitesh Kothari Vice Chairman 9833860870

CA. Bhanwar Borana Secretary 8291454999

CA. Mukesh Sharma Treasurer 9321160020

CA. Ankit Rathi WICASA Chairman 9029059911

CA. Sumeet Doshi Committee Member 9869525956

CA. Xavier Rajan Committee Member 9371720027

CA. Hemant Shah Committee Member 9022405230

CA. Lalit Bajaj Branch Nominee 9867692321

EDITORIAL BOARD

CA. Vimal Agrawal Chairman 9320617447

CA. Bhanwar Borana Secretary 8291454999

CA. Xavier Rajan Committee Member 7755950027

With Warm Regards

CA. Vimal Agrawal Chairman



Vision 2016-17For Members

1. Acquiring Branch Building Premises for consolidation of all activities for Members & Students.

2. Organising National Conference for Members.

3. Conducting Maximum Certificate Courses for enhancing Knowledge in relevant areas.

4. Members Directory

5. Conducting Workshop, Seminars and hands on Training for Profession enhancement.

6. Representations on various concern and issues of Members & various Trade Association.

7. Organising International Tour with foreign Trade Association and chapters of ICAI.

8. Residential Refresher Course jointly with other Branches.

9. To initiate Campus Placement at Large level with respect to employers and Members.

10. Ensuring Proper Co-ordination and smooth functioning between the Branch, Study Circle, WIRC, ICAI and other branches and Institute of Companies Secretary to achieve the vision.

For Students

1. Organising National Convention

2. Mock Test, Industrial & Educational Visits, motivational lectures and conducting in-house Crash Course/Regular Lectures for CPT & IPCC Students.

3. Residential Refresher Course to develop Communication and Team work skills .

4. Debate, Quiz & Elocution, Talent hunts in Youth Festivals.

5. Online Registration for all Training Course

6. Facilitating Students at the larger level with respect to DCO and Publication Counter at Branch Premises.

7. Conducting Sports, Trekking, Marathon, Cultural Activities.

For Society

1. Conducting Sports Activities between CA Profession’s and departments such as Doctors, Advocates, Police Department, Corporators etc.

2. Organising Blood Donation, Tree plantation & Distribution of Books, Clothing at underprivileged Students and Distribution of Medicine & Sweet and fruits at old aged homes.

3. Campaign of Swachh Bharat Abhiyaan initiated by Hon’ble Prime Minister.

4. Awareness Programme for Public in areas such as Career Option, Tax Clinic, Saving & Investment.

5. Cordinating with various Institutes, Colleges & Schools for CA career Counselling amongst Students & for Brand Building.

6. Conducting Seminar for “Make in India” & “Newly Start-Up.”

Sub Committee for the Year 2016-17Sr. No. Sub Committee Name Chairman

1 ITT/Orientation & GMCS Committee CA. Vimal Agrawal

2 Members Committee CA. Nitesh Kothari

3 Program Committee CA. Bhanwar Borana

4 Administration Committee CA. Mukesh Sharma

5 Students Committee (WICASA) CA. Ankit Rathi

6 Newsletter Committee CA. Xavier Rajan

7 Grant, CPE, Research & Representation Committee CA. Sumeet Doshi

8 Committee for Members in Industry CA. Hemant Shah



Forthcoming – ProgrammesFORTHCOMING PROGRAMMES FOR MEMBERSDate Seminar on Timings Venue Speakers Co-ordinators Fees CPE20th March, 2016

Seminar on Bank Branch Audit

9.30 am to 5.00 pm

New Zaika, Near Flyover, Bhayander (West)

CA. Parag Hangnekar CA. Giriraj Soni CA. Ramakrishnan Mani

CA. Nitesh Kothari 9833860870CA. Mukesh Sharma 9321160020CA. Hemant Shah 9022405230

` 650 6 Hrs

3rd April, 2016

Cricket Tournament for CA Members

8.30 am onwards

MBMC Ground, Behind Payyade Hotel, Mira Road (East)

_ CA. Nitesh Kothari 9833860870CA. Bhanwar Borana 8291454999 CA. Mukesh Sharma 9321160020 CA. Ankit Rathi 9029059911 CA. Xavier Rajan 9371720027

Free _

April, 2016 Felicitation of Newly Qualified CAs

10.00 am New Zaika, Near Flyover, Bhayander (West)

_ CA. Nitesh Kothari 9833860870CA. Bhanwar Borana 8291454999

April, 2016 Residential Refresher Course at Mahabaleshwar

– Mahabaleshwar _ CA. Nitesh Kothari 9833860870CA. Bhanwar Borana 8291454999

Will inform shortly

9 Hrs

FORTHCOMING PROGRAMMES FOR STUDENTSDate Seminar on Timings Venue Speakers Co-ordinators Fees CPE21st to 30th March 2016

Mock test for IPCC & Final (May 2016 attempt)

11.00 am to 2.00 pm

Shanti Shopping Centre, Mira Road (East)

_ CA. Ankit Rathi 9029059911 ` 100 _

2nd April 2016

Cricket Tournament for CA Students

8.30 am onwards

MBMC Ground, behind Payyade Hotel, Mira Road (East)

_ CA. Ankit Rathi 9029059911 Free _

Seminar on Bank Branch AuditOrganised by

Vasai Branch of WIRC of ICAI

Day & Date Sunday, 20th March, 2016

Timing 9.30 am to 5.00 pm

Venue New Zaika, Near East-West Flyover, Bhayander (West)

Fees ` 650/- (inclusive of Course Material, Breakfast & Lunch) Please Add ` 50/- to-wards CA Benevolent Fund) } (Cheque should be drawn in favour of “Vasai Branch of WIRC of ICAI”)

Programme Chairman

CA. Vimal Agrawal (Chairman-Vasai Branch of WIRC)

Programme Co-Ordinators

CA. Nitesh Kothari 9833860870 Vice Chairman

CA. Mukesh Sharma 9321160020 Treasurer

CA. Hemant Shah 9022405230 Committee Member

Programme Schedule

Timing Particular Speakers

9.00 am to 9.40 am

Registration & Breakfast

–

9.40 am to 10.00 am

Inauguration Session

–

10.00 am to 11.30 am

Audit planning & Audit certification

CA. Parag Hangnekar

11.30 am to 11.45 am

Tea Break _

11.45 am to 1.00 pm

LFAR CA. Parag Hangnekar

1.00 pm to 1.45 pm

Lunch Break _

1.45 pm to 3.15 pm

Audit through Core banking solutions

CA. Giriraj Soni

3.15 pm to 3.30 pm

Tea Break _

3.30 pm to 5.00 pm

NPA & Audit of Advances

CA. Ramakrishnan Mani

CPE 6 Hrs.



CA. Nidhi KothariMobile No. : 9773283951Email : [email protected]

This is so aptly said : we shouldn’t give them a fish but teach them how to fish in turn the whole family will be taught to fish. That’s the power of ONE SINGLE WOMAN. Multiply it by hundreds, thousands & millions we

have so much power generating. We have to understand How to teach them to handle this power so that their efforts don’t go unnoticed. They deserve all accolades and appreciation not only on a certain Mother’s Day or on Birthdays but every single second of every day and thus it is of utmost importance to teach them “How to make themselves more aligned with the current world.”

Women as a Professional,

Women as a Nurturer,

Women as a House maker,

Women as a Teacher at home,

And Women as a Wife.

These are her everyday roles in her everyday life. Who says

Opportunities for WOMEN as a CHARTERED ACCOUNTANTmultitasking is difficult Women do it casually every day. In fact I believe many of you reading this would also be taking up these 5 roles casually every single day. And trust me that’s appreciable but the story does not end here.

I am writing this to help you explore our professional role and understand how you can make it more effective and more rewarding by keeping all your other roles intact. Being a CA brings you one step closer in achieving your dreams but more steps are required to take you in the right direction at the right time.

Today the way world is evolving, riding in the bandwagon is the best thing you can do. But if you are not technologically advanced you might miss the ride! Thus, in today’s discussion I will be trying to answer these 3 important questions that will help you to conquer your dreams –

a) What are the opportunities available to US?

b) Where should we look for those opportunities?

c) And how to make ourselves technically fit for them?

It is rightly said that “You create your own opportunities” and it is very true for when you are in a certain profession you can’t expect Opportunities to come knocking on your door, we professionals have to go out and hunt them, grab them and make it happen our way. That’s what creating your own opportunities means to us. In regards to that I have listed most of the opportunities that are available to you as a Chartered Accountant and as a Women.

What are the Opportunities? Where to Find them? How to Grab them?

1. Work from Home Where to Find them? www.freelancer.com www.letsintern.com https://thesmartcrowd.lionbridge.com/Home/About

Data Entry Jobs, Work with Start-up for challenging roles, Skills based jobs. (Plus: Languages)

2. Work as a Consultant www.worknhire.com Available from Assignment to Assignment basis.

3. Be an Entrepreneur www.founderdating.com With or without an Idea, you can network and find your co-founders.

4. Do Networking www.meetup.com We all know to do anything we need people. Here you can meet people in your line of interest and meet & network with them.

5. Work with RBI https://opportunities.rbi.org.in/scripts/apply.aspx

To pass an in house exam and get a minimum salary of ` 45k.

6. Be a Lecturer at Govt. University http://www.icai.org/new_post.html?post_id=8378&c_id=352

Requirement: Ph D Degree ICAI offers Ph D programmes with its tied-up universities.

7. Be a Researcher http://www.icaiarf.org/advertisements-consultants-research-foundation.html

Good with Writing & Research skills.

8. Be an Educator at ICAI http://www.icai.org/new_post.html?post_id=10217

Skill of Public Speaking & Presentation & IT skills.

Opportunities for WOMEN as a CHARTERED ACCOUNTANT

पंडित जवाहर लाल नेहरु द्वारा कहा गया मशहूर वाक्य “लोगों को जगान ेके ललये”,

महहलाओं का जागतृ होना जरुरी है। एक बार जब वो अपना कदम उठा लेती है,

पररवार आगे बढ़ता है, गााँव आगे बढ़ता है और राष्ट्र ववकास की ओर उन्मुख होता है। This is so aptly said; we shouldn’t give them a fish but teach them how to fish in turn the whole family will be taught to fish. That’s the power of ONE SINGLE WOMAN. Multiply it by Hundreds, Thousands & Millions we have so much power generating. We have to understand How to teach them to Handle this Power so that their efforts don’t go unnoticed. They deserve all accolades and appreciation not only on a certain Mother’s Day or on Birthdays but Every single second of every day and thus it is of utmost importance to teach them “How to make themselves more aligned with the current world.”

Women as a Professional,

Women as a Nurturer,

Women as a House maker,

Women as a Teacher at home,

And Women as a Wife.

These are her everyday roles in her everyday life. Who says multitasking is difficult Women do it casually every day. In fact I believe many of you reading this would also be taking up these 5 roles casually every single day. And trust me that’s appreciable but the story does not end here.

I am writing this to help you explore our professional role and understand how you can make it more effective and more rewarding by keeping all your other roles intact. Being a CA brings you one step closer in achieving your dreams but more steps are required to take you in the right direction at the right time.

Today the way world is evolving, riding in the bandwagon is the best thing you can do. But if you are not technologically advanced you might miss the ride! Thus, in today’s discussion I will be trying to answer these 3 important questions that will help you to conquer your dreams –

a) What are the opportunities available to US? b) Where should we look for those opportunities? c) And how to make ourselves technically fit for them?

It is rightly said that “You create your own opportunities” and it is very true for when you are in a certain profession you can’t expect Opportunities to come knocking on your door, we professionals have to go out and hunt them, grab



CA. Vikas GuptaMobile No. : 9819952714Email : [email protected]

Union Budget 2016: Transfer Pricing Update

There was lot of expectation of the taxpayers from the Finance bill 2016 which was pronounced by Finance Minister, Arun Jaitley in the area of transfer pricing relating to issue of marketing intangibles,

safe harbuor rules, clarification in case of roll back Advance Pricing Agreement (“APA”) provision, clarity in definition of international transactions, applicability of transactions in case of Specified Domestic Transactions (“SDTs”), Base Erosion Profit Sharing (“BEPS”) Action Plans 8-10 and 13 etc.

In spite of such expectations, the Government has only managed to introduce the Country by Country reporting and master file requirements in line with BEPS Action Plan 13 along with few steps in order to reduce litigation.

This article summarises some of the key amendments made under the Finance Bill 2016 impacting the transfer pricing (“TP”) provisions in India.

A) Country-by-Country reporting

Introduction

The Organization for Economic Co-operation and Development (“OECD”) published its final reports outlining the Action Plans 1 to 15 as part of its BEPS project on 16th September 2014. BEPS project is a joint effort of G20 countries and OECD country members, the objective of which is to achieve greater transparency and coherency in the global tax system.

The BEPS report is derived from dialogue and consultation with developing countries, including India, and the experiences of international organizations working with developing countries.

OECD’s Action 13 provides for revised standards for transfer pricing (“TP”) documentation and adopted a three-tiered approach to TP documentation which includes a Master file, Country-by-Country (“CbC”) report and Local file. A three-tiered structure has been mandated consisting of:

Master File - The master file mainly provides global information about the multinational group (“MNEs”), their organisation structure, overview of description of business activities, information on intangibles and financial activities, explanation of the MNE’s TP policies in the context of its global economic, legal, financial and tax profile.

Local File - The local file mainly provides details of all material inter-company transactions of the particular group entity including details of inter-company agreements, details of APAs, functions, assets & risk analysis and economic analysis in support of arm’s length price of related party transactions.

Budget Analysis - 2016CbC report - CbC report is required to provide jurisdiction wise information on global allocation of income, taxes paid/accrued, the stated capital, accumulated earnings, number of employees and tangible assets and entity-wise details of main business activities etc.

The aforesaid documentation structure intended to provide a starting point in order to assist tax administrations in evaluating the presence of significant transfer pricing risk.

Indian Provision in the context of CbC report

On February 29, 2016, India Finance Minister Arun Jaitley has proposed to amend the existing TP documentation requirements to provide a specific reporting regime in respect of CbC report and Master file in the Income tax Act, 1961 (“the Act”) to meet its commitment to OECD and G20’s BEPS initiative to tackle tax avoidance. However, remaining aspects are expected to be notified by way of amendment in Income tax Rules, 1962 (“the Rules”).

A new Section on CbC reporting has been introduced viz. Section 286 of the Act. Some of the key provisions in relation to CbC are as follows:

Who should file CbC report

a) Parent entity or alternate reporting entity of an international group if it is resident in India;

b) Constituent entity in India belonging to an international group if (i) the parent entity not resident in India does not have an agreement providing exchange of information with India or (ii) there has been a systemic failure of that country and the said failure has been intimated by the prescribed authority to such constituent entity

c) If there are more than one entities of the same group in India, then the group can nominate (under intimation in writing to the prescribed authority) the entity that shall furnish the report on behalf of the group

d) If parent entity which is not resident in India had designated an alternate entity for filing its CbC report with the tax jurisdiction in which the alternate entity is resident, then the entities of such group operating in India would not be obliged to furnish CbC report if the report can be obtained under the agreement of exchange of such reports by Indian tax authorities

e) Constituent entityin India of an international group having parent entity that is not resident in India would be require to provide information only regarding the country or territory of residence of the parent of the international group to which it belongs to the prescribed authority in such form and manner which is not prescribed yet. Further, the timing of reporting such information is also not prescribed.



Applicability

• CbC reporting for India shall apply only if the consolidated revenue of the international group in previous year 2015-16 exceed the prescribed amount which is € 750 million (as per BEPS Action Plan 13) which is equivalent to INR 5,395 crores.Threshold should be seen based on exchange rate as on the last day of the previous year.

• The CbC reporting shall apply with effect from assessment year 2017-18 (Financial Year 2016-17) and CbC report is required to be filed on or before the due date for filing the return of income in India. For example, for financial year 2016-17, the deadline for filing CbC report is 30th November 2017.

Reporting

The contents of CbC report as per proposed Section 286 of the Act contains the following :

• Aggregate information on revenue, profit/loss before income-tax, income-tax paid and income-tax accrued, stated capital, accumulated earnings, number of employees and tangible asset other than cash/cash equivalents – with regard to each country or territory in which the group operates;

• Details of each constituent entity including the country / territory of incorporation and country of residence;

• Nature and details of the main business activities of each constituent entity; and

• Any other information that may be prescribed.

Format of CbC report

• Memorandum to Finance Bill provides that the aforesaid information to be provided in CbC report would be in line with prescribed format / template provided in BEPS Action 13 which may of other countries have also adopted. However, the same will be notified in the Rules at a later date.

Penalties

The Finance Bill provides for penalty in case of non-compliance with the CbC reporting ranging from ` 5,000 per day or ` 50,000 per day and penalty of ` 500,000 for not furnishing or furnishing inaccurate information in CbC report unless the reporting entity shows “reasonable cause” for default:

Indian Provision in the context of Master File

The Memorandum to the finance bill has also introduced the requirement to maintain and furnishing of Master File by the entities being constituent of an international group who shall maintain such information or and document as will be prescribed in the Rules in addition to the information already contained relating to the international transactions.

The aforesaid information and document shall also be furnished to the prescribed authority within such period as may be prescribed and the manner of furnishing may also be provided for in the Rules.

The penalty of INR 500,000 would be levied for non-furnishing of the information and document to the prescribed authority under Master file. However, reasonable cause defence against levy of penalty shall be available to the reporting entity.

Local File

The Finance Bill has not mentioned about any changes to be made in respect of Local file in line with BEPS Action Plan 13.

In summary, CbC reporting will bring out transparency and result in initial challenges for taxpayers in collating information or document from various group entities ensuring that the information collated is proper and true in order to avoid any penalty and hardship to reporting entity.

Therefore, it is vital for the MNEs to evaluate their preparedness for collation and maintenance of data required in the CbC report and Master file as and when Rules prescribed for the same.

B) Transfer Pricing penalties

Currently, under Section 271(1)(c) of the Act, a penalty ranging from 100-300 per cent of tax sought to be evaded is levied by the tax officer invariably in all cases where transfer pricing adjustment made by the transfer pricing officer by treating such adjustment amount as deemed to represent the income in respect of which particulars have been concealed or inaccurate particulars have been furnished.

With effect from 1st April 2016, existing Section 271(1)(c) will be replaced by new proposed Section 270A which provides for penalty in cases for “under-reporting” at the rate of 50 per cent and “misreporting of income” (in case of failure to report any international or SDTs or deemed international transaction under Chapter X of the Act) at the rate of 200 per cent of the tax payable on such under reported or misreported income respectively.

Where the taxpayer had maintained the prescribed TP documentation and declared the international or specified domestic transaction and disclosed all the material facts relating to the transaction, it can be presumed that the taxpayer has not “under reported” income. However, Section 270A has prescribed some instances where penalty can be levied for under reporting of income at the rate of 50 per cent of the tax payable on such under reported income.

The Act already contains penalty for failure to report an international transaction or SDT swhich leads to a penalty of 2 per cent of value of such transaction under Section 271AA of the Act. Thus, it seems that the taxpayer is overburdened with penalty in case of failure to report international or SDTs under both Section 270A and 271AA of the Act. So, one need to see whether there will be any change relating to this before

Budget Analysis - 2016



enactment of the Finance Bill 2016. Having said that, one thing is very clear that Government has laid down a lot of emphasis on true and correct disclosure of international or SDTs by the taxpayers.

Further, new proposed Section 270AA of the Act provides for immunity of penalty levied under Section 270A of the Act in certain cases and subject to fulfilment of certain conditions.

C) Time limit for completion of transfer pricing assessment

The time limit of the completion of the assessment proceedings (where reference has been made to TPOs) will be reduced from 36 months to 33 months. This implies that the TP assessment proceedings will now become time barred in the month of October of a tax year.

D) Extension of limitation period for transfer pricing audits

In the circumstances wherein the time limit for completion of assessment proceedings is stayed (i) by an order or injunction of any court or (ii) for a period to obtain information under the agreement referred in Section 90 or 90A of the Act, the period for completion of assessment proceedings by the Transfer Pricing officer, subsequent to such stay shall be minimum 60 days.This is applicable form 1st June 2016.

E) Appeal to Income Tax Appellate Tribunal (“ITAT”)

The Finance Bill further proposed that tax office cannot file an appeal against the final assessment order to ITAT where the first level appeal is filed before the DRP in order to minimize litigation.

However, one need to wait and see whether this step of Government will really help in reducing the litigation because from the tax office perspective since the DRP decision would be final, the DRP members may feel overburdened while performing their duties especially in the absence of standard guidelines to deal with various open transfer pricing issues.

Budget Analysis - 2016

Live Screening of Budget 2016–17 held on 29th February 2016 at Bhayander (East)

Celebration of Shivaji Jayanti jointly with Nirbhay Bharat Samajik Sangatna held on 19th February 2016 at Bhayander (East)

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Photo – GalleryCA Daud for CA Members & CA Students in association with Mira Bhayander Run held on

7th February 2016 at Mira Road (East)

Campus Interview held on 17th February 2016 at Mira Road (East)

Orientation Programme for Newly Qualified CA held on 7th February 2016 at Bhayander (West)

Group Photo taken at Orientation Programmed in the presence of CA. Mahesh Madkholkar (Past RCM) & CA. Umesh Mestry (Past Chairman-Vasai Branch)

Participants

CA. Ashish Garg CA. Mahesh Madkholkar CA. Saloni Ganesh CA. Vinodchandra Vyas CA. Vrushal Chaudhari Mr. Raghuvir Mukherji

(L-R) Mr. Khushmat Jain (Branch Incharge), CA. Umesh Mestry (Past Chairman- Vasai Branch), CA. Saloni Ganesh (Speaker) & CA Preksha Jain (Past Committee Member) at the dais.

Speakers



Photo – GalleryIndustrial Visit at Make in India Exhibition held on 18th February 2016 at Bandra (East)

Seminar on Insurance as an Opportunity held on 14th February 2016 at Bhayander (East)

Seminar on Motivational lecture held on 3rd February 2016 at Bhayander (West)

(L-R) CA. Piyush Jain (Speaker), Mr. Kiran Khandge (Speaker), CA. K.B.Kothari (Past Vice Chairman- Vasai Branch), Mr. Kshitij Gorge (Speaker), Mr. Khushmat Jain (Branch Incharge) & Mr. Surya Prabhala (Deputy Manager – Marketing Reli-ance Capital Ltd. - Commercial & Home Finance) at the dais

CA. Umesh Mestry (Past Chairman – Vasai Branch), Mr. Khushmat Jain (Branch Incharge), Mr. Lalit Sharma (Vice Chairman- Vasai WICASA) & Mr. Radhey Shyam Maurya (Speaker) at the dais

CA. Umesh Mestry (Past Chairman – Vasai Branch) presenting Memento to Mr. Radhey Shyam Maurya (Speaker)

Participants

Participants

(L-R) Mrs. Sonal Batham, CA. Unmesh Narvekar (Past Chairman-Vasai Branch), CA. K.B.Kothari (Past Vice Chairman- Vasai Branch), CA. Ramesh Batham (Mem-ber) & Mr. Pravin Sankpal (Speaker) at the dais

Speakers

Mr. Radhey Shyam Maurya

Speakers

CA. Piyush Jain Mr. Kiran Khandge Mr. Kshitij Gorge



To

Undelivered please return to :The Institute of Chartered Accountants of India,Vasai Branch of WIRCAddress: Amruta Building, Indralok Phase-II, New Golden Nest Road, Bhayander (East), Thane - 401 105. Telephone: 6556 8900. Email: [email protected] Website: www.vasai-icai.org

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Handover Meeting from Old Committee Members to New Committee Members held on 29th February 2016 at Bhayander (East)

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CREATIVITY WITH COMMITMENT MARCH 2016 Happy Holi for the month of March 2016.pdf · CREATIVITY WITH COMMITMENT MARCH 2016. ... Awareness Programme for Public in areas such as Career