INCOME TAX BAR ASSOCIATION E-book_annual...NOTICE OF ANNUAL GENERAL MEETING The 70th Annual General Meeting (AGM) of The Income Tax Bar Association, Ahmedabad will be held at The Gujarat

INCOME TAX BAR ASSOCIATIONAAYAKAR BHAVAN, NAVRANGPURA, AHMEDABAD-380 009.

P: 079-48011947 E: [email protected] W: www.incometaxbar.org

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GOVERNING BODY FOR THE YEAR 2016-17

DHRUVEN V. SHAH President

CHAITANYA A. NAYAKVice President

KARTIKEY B. SHAHHon. Secretary

CA VISHVES A. SHAHHon. Jt. Secretary

ASHUTOSH R. THAKKARHon. Treasurer

OFFICE BEARERS

BHARATKUMAR H. PATEL

KANAIYALAL H. VIDHVANI

CA NIKIT D. SHAH

CA RAJENDRA R. KABRA

RAJESH J.SHAH

CA RITESH G. GANDHI

RUPANG R. SHAH

TEJASH R. SHAH

MANAGING COMITTEE

SHAILESH C. DESAI

LATESH K. PARIKH

BAKUL R. PARIKH

INVITEE MEMBER

NOTICE OF ANNUAL GENERAL MEETING

The 70th Annual General Meeting (AGM) of The Income Tax Bar Association,

Ahmedabad will be held at The Gujarat Chamber of Commerce & Industry, Ashram

Road, Ahmedabad on 2nd May 2017 Tuesday on 5.30 pm to transact the Following

Business.

1. To Approve The Minutes of the Last Annual General Meeting.

2. To Brief the Activity of Managing Committee for the Activity Year 2016-17.

3. To Approve Audited accounts for the year ended on 31st March 2017.

4. To unveil the photographs of the deceased members.

5. To Distribute prize under P.N. Shah Memorial Fund , Priyakant C. Shah

Memorial Fund, Late Ishwarlal M. Shah Memorial Fund and A.C.Parikh &

Co. Article Award.

6. To Appoint Hon. Auditor for Financial Year 2017-18.

7. To Declare President, Officer Bearers and Members of Managing

Committee for Activity year 2017-2018.

8. To Handover charge to Incoming President and his team for Activity year

2017-18.

9. Any Other work with prior permission of chair.

Date:- 21/04/2017 Karitkey B. Shah CA Vishves A. Shah Place:-Ahmedabad (Hon. Secretary) (Hon. JT. Secretary)

NOTES:

1. Members are requested to send their queries in writing regarding the accounts of the

association at the office of the Association before 5 days of The Annual General

meeting. No other queries regarding accounts raised in the AGM shall be entertained.

2. Members may bring Annual Report with them at the AGM.

3. Members are requested to pay their outstanding dues if any as early as possible to

Association office. Members may pay their dues also through online by signing up into

Association’s website.

4. Annual General Meeting will be followed by dinner for members. If Members wish to

bring their Family Members (including Child above 3 Years) Charges of Rs.350/- per

person will be collected in addition. The passes will be available from 24th April to 29th

April 2017 from I.T. Bar Association during office hours between 11.00 am to 5.00 pm.

ELECTION MEETING NOTICE

Notice is hereby given that the Sixteen (16th) Election Meeting of the Income Tax Bar Association,

Ahmedabad will be held on 29th April 2017 Saturday at 3.00 pm at the Association Hall to Elect

President, Vice president, Hon. Secretary, Hon. Jt. Secretary, Hon. Treasurer and Eight Members

of Managing Committee For Activity Year 2017-18.

Date:-21/04/2017 Karitkey B. Shah CA Vishves A. Shah Place:-Ahmedabad (Hon. Secretary) (Hon. JT. Secretary)

NOTES:

1. Only Regular Members desirous to contest for the post of office bearers and Members of

the Managing Committee may collect their Nomination Form from Income Tax Bar

Association Office ( Except on Sunday) during the office hours.

2. Nomination Form duly filled in and submitted to the Income Tax Bar Association Office up

to 5.00 pm on or before 25th April 2017 along with fees prescribed under the Rules and

Regulation of the Association. (Office Bearer Rs. 500/- and Members of Managing

committee Rs. 250/-)

3. Nomination Form can be withdrawn by giving notice in writing to Scrutineers on or before

05.00 pm of 26th April, 2017.

4. Final List of Candidates who have valid Nomination Forms will be placed on the notice

board at 5.00 pm on 27th April 2017.

5. In case of no Election, The Proceedings of Election Meeting shall be taken at Annual

General Meeting to be held on 2nd May 2017.

Respected seniors and dear professional colleagues….!!!

I feel immense privilege and humility to lead oldest and glorious Association as

President of it. I commenced my academic journey from a small village “Umreth” in

Gujarat and then came to Ahmedabad for higher studies and professional

academics. Working as a Taxation Lawyer offered infinite horizons to rise up and

with Almighty's grace it became possible for me to chair the highest position of this

August association.

I feel proud and privilege to inaugurate two historic milestones, one is WEB

PORTAL of Income Tax Bar Association working on Real Time System

(www.Incometaxbar.org) with digital payment facilities and Second is “DIGITIZED

PHOTO MEMORIAL SCHEME” exhibiting on LED screen memorizing

remembrance of our deceased members. At this juncture I would like to express

my gratitude to worthy Donors for their financial support which enabled us to fulfil

our dreams. I should not forget my deepest gratitude to rest of the office bearers

whose pain and hard work executed this mammoth task into reality. I would like to

express my sincere thanks to Chairman of Photo Memorial Committee Shri.

Umesh Majmudar, Co- Chairmans Shri Bhupendra R. Patel, Shri Hemang Patel

and Members of Photo Memorial Committee for guidance.

This year is a Silver Jubilee Year of our Historic initiative 'KARDATA JAGRUTI

ABHIYAN' (1991-2016) initiated with a Noble intention of increasing taxpayers'

awareness regarding legal compliance. As per our tradition we kept lecture on

Critical Analysis of Union Budget -2017 by Eminent International Tax Expert,

Popular Columnist and TV Host Shri Mukesh M. Patel under the banner of

'KARDATA JAGRUTI ABHIYAN'. I would like to express my sincere thanks to

Chairman of Kardata Jagruti Abhiyan Shri. Shailesh C. Desai, Co- Chairman Smt.

Gauri P. Popat, Shri Darshan Vakil and Members of Committee for guidance.

PRESIDENT COMMUNIQUE


Our greatest weakness lies in giving up.

The most certain way to succeed is

always to try just one more time.

-- Thomas A. Edison

Association's most popular booklet “KARVERA SATHI” in Gujarati incorporating

major important amendments and useful information from the statute published

this year. I feel proud to announce that we sold 25000 booklets throughout this

activity year. I express my sincere thanks to Chairman of Karvera Sathi Shri. Samir

S. Jani and Co- Chairman Shri Jayprakash J. Soni and Shri Shailesh C. Desai.

From this year we launched “E- IT Mirror” a mouthpiece of Income Tax Bar

Association for the first time. In a way this step is in the direction of adopting digital

era. It will save cost to the association majorly and communicate with member

instantly. I sincerely appreciate the efforts of Chairman of IT Mirror Committee CA

Kaushik D. Shah in publishing E- IT Mirror. We have published 3 issues of E- IT

Mirror under the guidance and support of Chairman CA Kaushik D. Shah, Co-

Chairman Shri Jayprakash J. Soni and Shri. Rajesh P. Shah. I also thank all the

Members of IT Mirror Committee.

We have arranged 8 Study Circle Meetings for the benefits of members. The

dignitaries' speakers have offered their deliberations on various subjects. Criteria

of selection of subjects are such that it is related to most burning issue of the

profession and on that member's required immediate solution. I feel overjoyed to

tell you that member's strength in each and every study circle were not less than

130 which is first time in the history of association.

We have organised the two Residential Refresher Course (RRC), domestic RRC

at Kovalam in Month of April-2016 and international RRC at Magical Thailand in

Month of January -2017. We are very much thankful to the participants for

enrolment in both RRC.

We have arranged 10 cultural programs including Yog Shivir and Motivational

lecture under the able guidance and wholehearted support of Chairman of Cultural

Committee Shri Kanubhai R. Patel. The Participants have benefited a lot from this

event on professional and personal level. We acknowledge the support from

Karnavati Club, Sardar Patel Stadium Sports Club and H.L. Alumni for memorable

cultural programs. We thank Event Manager Shri Mehul Patel from M/s. Mad world

for his honorary professional services for wonderful arrangements of entrainment

programs throughout the year. We also thankful to Co- Chairman Shri Jignesh M.

Shah, Shri Nirav R. Chokshi and Members of Cultural Committee for their support

and active participation.

We arranged two cricket matches with professional bodies and it gives me

immense pleasure to tell you that after a lot of excitement we won match played

against The Gujarat Sales Tax Bar Association.

I had a privilege to felicitate Hon'ble Justice Easwar and Committee Members of

Justice Easwar Committee especially Shri Mukesh M. Patel and got an opportunity

to felicitate Hon'ble CBDT Chairman Shri Sushil Chandra with Hon'ble Principal

Chief Commissioner of Income Tax Shri. B. D. Gupta, Hon'ble Director General of

Income Tax Shri. P. C. Modi and other dignitaries during my tenure. I sincerely

thanks and acknowledge the efforts of Shri Bakul R. Parikh President - AGFTC for

arranging Hon'ble Justice Easwar Committee Meeting and Visit of Hon'ble CBDT

Chairman Shri Sushil Chandra to Gujarat during my tenure. I had a privilege to

felicitate Shri Dhiresh T. Shah honoured by Hon'ble Governor of Gujarat and Shri

P.G. Mehta honoured by Hon'ble President of India.

I sincerely appreciate the hard work, efforts and guidance of CA Gopal C. Shah for

honorary service as an Auditor of Association for FY 2016-2017. I am personally

indebted for his acceptance as an Auditor.

I would be failing in my duties if I do not express my deepest gratitude to Past

Presidents, seniors in Profession, who served the profession with the highest level

of selflessness, integrity and sacrifice so that association can earn a high stature in

professional society. I specially acknowledge and thanks to Senior Past President

Shri Upendra J. Bhatt who have been always a guiding light and mentor throughout

in this journey.

Though period of one year is too short to manage activities of Association, keeping

it vibrant enough for the benefit of members and to keep watch on every

compliance but still me and my committee tried our best to fulfil the expectations

and to leave Glorious mark in its History. We are sure that members will remember

us as Technological innovators who brought association and its activities on

digitalised platform.

I sincerely appreciate and thank my office bearers whose selfless and dedicated

support helped to achieve all the endeavours in an accurate manner. This

achievement can't be achieved without their standing with me.

In the end, I would like to thank Members of Managing Committee, Invitee

Members Shri Shailesh Desai, Shri Latesh K. Parikh and Shri Bakul R. Parikh,

Chairman, Co- Chairman of Various Committees for continuous guidance and

whole hearted support. I sincerely thank Shri Bakul I. Shah Senior Vice President

of AGFTC for his guidance throughout the year. I personally thank Office Staff Mr

Maunik Nayak and Mrs Meghna Nayak for their cooperation and working with me

as my family member throughout my tenure. I sincerely thank President, Secretary

and members of Executive Committee of other Professional Bodies for their whole

hearted support.

At last most important we sincerely dedicate this proud moments to all the

respected fraternity Members of this esteemed Association whose immense faith,

Confidence and support in our team has brought this achievements in this activity

year. We look forward to your continued support so that this practice of excellence

continues.

I wish prosperity and happiness to members and their families on this occasion and

pray for the success in all of their endeavours.

With regards�

DHRUVEN V. SHAH

President

Date : 21/04/2017

Place : Ahmedabad

SEVENTY ANNUAL ACTIVITY REPORT BRIEF REPORT OF ACTIVITIES FOR THE YEAR 2016-17

“THE BEST WAY TO FIND YOURSELF IS TO LOSE YOURSELF IN THE SERVICE OF OTHERS”

- MAHATMA GANDHI

With this great wordings from a great man, we the office bearers and members of managing committee of the activity year 2016-2017 with great pleasure and a deep sense of commitment towards our esteemed Association present herewith the Activities and Events carried out during this activity year. We sincerely thank all the members for their wholehearted support and utmost co-operation given to us throughout the year. This encouraged us in organizing useful and meaningful programs.

1) LOVE YOU ZINDAGI BY JAY VASAVADA ON 21/05/2016.

Shri Jay Vasavada gave an insightful speech regarding life lessons. He categorically explained that do not put your joy and dreams for tomorrow. Whatever you have desired should be prioritized and implemented instantly. The audience remained spellbound for nearly 2 hours, listening to the meaningful talk delivered by the eminent faculty. This program organized jointly with Karnavati Club, Ahmedabad at Karnavati Club on 21/05/2016.

2) DR JAGDISH TRIVEDI AND HARSHIL MEHTA & ORCHESTRA ON 28/05/2016.

Harshid Mehta and his Orchestra team sung some of the most famous Gujarati songs which are still fresh in minds of audience. It was a great delight to realize the power of Guajarati language and its rich tradition conveyed by Gujarati songs. Humor by Dr. Jagdishbhai Trivedi was unique and it really gives Goosebumps to the audience.

3) YEH SHAM MASTANI BY SACHIN PATWARKAR ON 04/04/2016.

Group specially came from Mumbai sung everlasting songs from the movies of Greatest Actor of all time Rajesh Khanna and it was a remembrance to a legend and its legacies. It was soulful hearing and members surely had a great time out of their busy life.

4) SERVICES MADE AVAILABLE IN I T BAR TEA CLUB :-

• Installed New RO Machine in Income Tax Bar Association office for consumption of purified water looking to the health of Members of Association.

• Installed hi speed internet facility in association office. Tea Club members availed facility of Wi-Fi internet on their mobiles.

• Enrolled as an Institutional member of ALL INDIA FEDERATION OF TAX PRACTITIONERS.

On 7 June, 2016 office bearers gave lunch party to past presidents, speakers, tea-club th

members and members of managing committee for their appointment for the activity year 2016-17 at IT Bar Association Tea club room. Guests who have attended relished the delicacy and appreciated efforts. From 1-7-2016 association has started to wish birthday wishes on everyday basis to those members whose birthdays follows on particular dates.

5) YOGA SHIBIR AT SARDAR PATEL STADIUM FROM 22/06/2016 TO 28/06/2016.Journey within should be supreme goal of every human being's life. It can be achieved through actual realization of body, mind and soul. Association organized jointly with Ahmedabad Municipal Corporation and with VR1 Foundation YOGA Camp to celebrate the spirit of world Yoga day. More than 2700 participants have taken part in this spiritual endeavor. More than 60 participants were from Income Tax Bar Association. In this seven days program starting from 22/06/2016 to 28/06/2016. The Participants have learned Pranayama, Yogic Kriyas and Yoga exercises.

6) FIRST STUDY CIRCLE AT ATMA HALL ON 24/06/2016.

Members showed tremendous participation in form of attendance. More than 160 members attended and upgraded their knowledge. We felicitated Mr. Harendra Dave for gracing the position of president of TAAG, Mr. Pramod N. Popat, Past President on his birthday on 01/06/2016, Invitee members who accepted our invitation, Mr. Upendra Bhatt being guest of honor for the Study Circle and Speakers for their educative speeches. Members raised their meaningful queries and speakers instantly resolved it. Members enjoyed delicious dinner after the end of session.

7) INTERACTIVE SESSIONS ON IDS, 2016 WITH I. T. DEPARTMENT

High officials including principal CCIT, CCITs, CITs, Add. CITs, and assessing officers remained present at GCCI for detailed explanations and resolutions of queries on Income Declaration Scheme, 2016. Tax payers and tax professionals gathered in large numbers for having meaningful insight about the scheme. Representative from income tax department explained all the sections and rules of the scheme in detail. Audience gave a patient hearing to understand the applicability.

8) SECOND STUDY CIRCLE AT ATMA HALL ON 02/07/2016

Association gave a chance to young and dynamic Chartered Accountants. Association invited speaker CA Darshak Thakkar to upgrade technical knowledge regarding changes in filing returns for AY 2016-17. CA Rinkesh Shah put in lot of efforts to make aware the audience the effects of ICDS that will take place in Tax Audit Report as well as ITRs. Association honored past President Gauri Popat for her achievements in her community. Association wished Past President Shri Jayprakash Soni on his birthday and felicitated him with bouquet. After the end of the speech members enjoyed delicious traditional Gujarati Dinner and appreciated the cuisine.

9) INCOME DECLARATION SCHEME SEMINAR AT AHMEDABAD BRANCH OF ICAI IN ASSOCIATION WITH VARIOUS TAX PROFESSIONAL BODIES ON 02/07/2016.

Dignitaries from income tax department explained audience that it is life time opportunity for tax evaders to bring their assets and incomes on paper and to relieve themselves from penalties and prosecutions. Members raised their queries regarding implementation of the scheme and obtained satisfactory reply from Tax Authorities.

10) MEETING WITH REVENUE AUTHORITIES ON IDS 2016 07/07/2016

Meeting organized by Principal Commissioner of Income Tax for appealing to cover maximum tax evaders in tax net through IDS 2016. Office bearers made useful correspondence with personnel and received clarifications on every issue related to IDS. Office bearers assured revenue authorities that we will surely make IDS 2016 popular among their members.

11) THIRD STUDY CIRCLE AT ATMA HALL ON 16/07/2016

Unveiling ceremony of Past President Upendra J Bhatt's book on “Guidance on certain issues arising in scrutiny assessment". On this occasion we invited Senior Past President Mukesh M. Patel as Guest of Honor. Shri Mukesh M. Patel gave brief introduction of Shri Upendra Bhatt and his contribution to various Associations and in various professional activities. Office bearers including speakers and Guest of honor performed unveiling ceremony of the book. Both speakers gave their excellent speeches on the subjects allotted to them. CA Palak Pavagadhi kept his lecture as an interactive session.

TH12) DRAMA 102 NOT OUT ON 24 JULY, 2016 AT KARNAVATI CLUB.

Drama was all about teachings from Father to his Son that in no way person should be demoralize or depress in his life. Life has many colors and realities. In life we may have unwanted loss but it is up to us to come out of it and try to live the meaning of life. Drama has also the blend of wit and humor. Its one-liners really gave Goosebumps to the audience. In all it was a memorable event and members really appreciated the association's efforts.

13) FOURTH STUDY CIRCLE AT ATMA HALL ON 13/08/2016.

Association came up with the subject on some recent major controversial issues in different sections of Income tax act where there was an urgent need of clarity by an expert as matters were also travelling up to Tribunal. Another topic was related to efficient use of Tally software which became a synonym for writing of accounts. It can also clarify complexity of use of software for doing an efficient audit.

For the first time we have kept pre-registration for the seminar on a compulsory basis for valid reasons still we saw a sense of discipline and commitment among the members as more than 140 members enrolled. Global Software being the joint organiser of the seminar distributed a special concession in purchase of their software and a kit to all the participants.

Second lecture was delivered by an Eminent expert and Author of various books and articles on Income Tax Shri CA Mehul Thakkar on “Insight of few sections relevant for handling assessments in section 43CA,56,64,50C,147,263 & 78. Members engrossed in his lecture and remained spellbound during the whole period. His observations for the interpretation of statutes is at par excellence.

At the end of the lecture members enjoyed delicious dinner especially mouth-watering “Sukhdi”.

14) PHOTO MEMORIAL COMMITTEEE MEETING ON 01/08/2016.

Photo memorial committee meeting held under the chairmanship Shri Umesh Majmudar for digitized the Photo Album of deceased Members on LED Screen at the office of Association. All the members present unanimously passed resolutions.

15) RRC COMMITTEE MEETING ON 11/08/2016.

RRC Committee meeting held under the chairmanship of Shri Latesh K. Parikh for digitized the Photo Album of RRC on LED Screen at the office of Association and for the forthcoming International RRC. All the members present have unanimously passed resolutions.

16) JANMASHTAMI CELEBRATION AT GOLDEN GLORY HALL,KARNAVATI CLUB ON 25/08/2016

The way Krishna touched the hearts of millions nobody ever can. It is said that Krishna will inspire millions of generations through his living and message through Bhagvad Gita. India we celebrate birth of Lord Krishna as a festival and look at his life as spiritual message. Devotees are so excited about birth of their Lord.

Income tax Bar Association wished this time to be a part of this religious festival and hence it arranged in association with Karnavati club a program on Janmashtami at Golden Glory Hall of Karnavati Club.

At 7.30 pm there was a program of Matki Phod to rememorize Lord Krishna's naughty activities in his child hood with his friends. Makhan was the most favorite delicacy of Lord Krishna.

At 8.00 pm there was a lecture by famous writer, orator and columnist Shri Jay Vasavada on Krishnatva. Audience remained spellbound and engrossed for nearly two and half hours in this amazing spiritual lecture on Lord Krishna.

At 10.00 pm program of Bhajans on Lord Krishna started. Audience felt total bliss hearing soulful Bhajans.

At 12.00 am Audience welcomed the birth of their Lord. There was a celebration and sense of happiness everywhere.

During an event Farali snacks distributed to the Members.

It was a Blissful and memorable event.

17) DINNER WITH MEMBERS OF HONOURABLE JUSTICE EASWER COMMITTEE AT HOTEL GRAND BHAGWATI BANQUATE ON 30/08/2016.

It was a prestigious meet as high officials from department and well known persons of industry and professionals witnessed this auspicious gathering. Hon'ble Justice Easwer made introductory remark and explained purpose of their visit. Hon'ble Principle CCIT Shri P C Modi addressed the august gathering and explained that no one should fear from Income tax authorities. On the contrary we would like to help taxpayer in every way. Talk is succeeded by a delicious dinner and personal meet.

18) INTERACTIVE SESSION WITH HONOURABLE JUSTICE EASWER COMMITTEE AT GCCI ON 31/08/2016.

It was highly prestigious gathering where representatives of various Tax associations across Gujarat, Department high cadre officials, Industrialists members of GCCI along with Members of Justice Easwer committee made their presence felt. After delicious Lunch, the Session continued nearly about Three hours. It was magnificent interactive session where everyone witnessed the level of commitment of members to help genuinely assesses in overcoming their problems. Hon'ble Justice Easwer rapped up the session by giving insightful speech and also assured all of us that genuine grievances will be communicated in efficient manner.

PUBLICATION OF I T MIRROR FIRST EDITION ON 15/09/2016 VOL. I19)

It was delightful to present members' first issue of I T Mirror for this activity year in digital version via Email to every member. In this issue we covered articles of experts on critical issues. Though issue was exhaustive in nature it has surely served knowledge extravaganza.

20) SEMINAR HELD ON TALLY – RELEASE OF 5.4 WITH VISION OF GST AND COMMON ERRORS WHILE FILING RETURNS WHICH RESULTS IN SCRUTINY ASSESSMENTS AT GCCI ON 01/10/2016.

It was a Fifth educational program in a row and this time we decided to give Technological experience to our members. For that, we invited personnel of Tally solutions and H K computers to enlighten our members with the use of Tally, their new release 5.4 and use of Tally as a future vision of GST. They explained ease of handling GST through various powerful functions, Mobile Tally and also literature available on their website. Mr. Pankaj Girla, Zonal Sales Manager, Tally, assured that New release of Tally with future vision of GST will certainly make our life simpler as far as automated filing is concerned.

Second lecture was conducted by CA JIGNESH J SHAH on limited and Complete Scrutiny Assessments and Common Errors in Filing of Income tax Returns and Tax Audit Reports. Through this lecture, members can come to know the exact reason for scrutiny and they can well convenience authorities with proper reply for queries raised. All the participants gave patient hearing and speaker made this session more of interactive with the participants. At the end of the lecture participants enjoyed delicious dinner.

21) DIWALI GET TOGATHER AT SARDAR PATEL SEVA SAMAJ HALL ON 13/11/2016.

Diwali is a festival of lights and prosperity. As per the tradition of our association every year we arranged a Diwali get together after the holidays. This time also we planned a memorable evening with members along with delicious dinner. New attraction was a musical band named Viral Band. All the members attended appreciated the decoration, fountain and divas in the entrance. Everybody appreciated delicious dinner served to them. Members and their family members enjoyed soulful music from the artists and enjoyed the unforgettable evening. Office Bearers and committee members of Income tax bar association and ladies wing warmly welcomed all the guests and felt gratitude for the appreciation.

22) FIFTH STUDY CIRCLE AT ATMA HALL ON 24/11/2016.

Our first Topic was on understanding technical aspects and procedure of Migration from VAT No. to GST No. Second topic was on getting best legal advice regarding implications on cash deposits into the bank in the era of Demonetization.

First lecture delivered by CA Sandesh Mundra on “Discussion on Technicalities of Migration from VAT No. into GST No. He nicely explained step by step procedure to convert VAT No. into GST. He also explained what are the problems that may arise while conversion and how to get over from it. It was very smooth and perfect.

Second lecture was delivered by Advocate Ankit Talsania on Implication of Tax provision on cash deposit. It was very detailed and conceptual. He explained how tax treatments will take place in future. After the end of lecture he has answered questions raised by an audience.

(23) SIXTH STUDY CIRCLE HELD AT ATMA HALL ON 17/12/2016.

First lecture was delivered by eminent faculty CA Kaushik D Shah in his straightforward and lucid speech with the help of power point presentation. He discussed basic sections of unexplained income from section 68 to 69B in a very conceptual manner and also discussed judgements in Assessee's favour in different situations at length. He gave clarity

thregarding Pradhan Mantri Garib Kalyan Yojna,2016 passed on 15 December,2016 with presidential ascent. He discussed serious consequences for those who are not taking benefit under this scheme. It was indeed a conceptual clarity for all the members present.

Second lecture was delivered by eminent Advocate Upendra Bhatt. It was in form of FAQs in which around 57 questions were framed and in answer of that he explained what should be the stand a person can take? He prepared and delivered all this material in mother tongue Gujarati so that some of the members can make themselves well conversant with the consequences. In the end Hon. Secretary of the association gave a brief outline

stregarding Direct Tax Dispute Resolution Scheme, 2016 ending on 31 December, 2016. Brochures and leaflets distributed to the members. At the end of the session members enjoyed delicious lunch.

(24) HEMANT KUMAR MUSICAL EVENING ON 18/12/2016 ON SUNDAY AT 7.30 PM AT SPORTS CLUB

Hemant Da lived larger than life in singing industry. Shri surojit Guha gave a rebirth to Voice of Hemant Da. He was so perfect and soulful that every age person zoomed their souls with his enchanted voice. Other singers were equally good who gave justice to the voice of Lata Di. Audience relieved the era of Hemantda in short period of time for this event. Khandekar Bros orchestra too really played soulful music. Sound setup was at par excellence. In all it was a beautiful and memorable event.

(25) PUBLICATION OF I T MIRROR SECOND EDITION ON 31/12/2016 VOL. II

We released Second edition of IT Mirror before the Members. This Issue covered the topics on technical aspects taken care of in current legal complexities.

(26) 58TH RESIDENTIAL REFRESHER COURSE AT THAILAND BETWEEN 4TH TO 11TH JANUARY, 2017.

th 58 RRC at Thailand included visit to Bangkok and Phuket city. It was a memorable tour. Participants enjoyed arrangement, places, Indian food and resorts at every place. In all it was a well-planned tour. In Phuket participants enjoyed Phuket city tour, phi phi island, krabi four islands tour and Ban-Thai property. In Bangkok participants enjoyed Bangkok city tour, safari world and marine park, Indira market, MBK mall, delicious dinner ride in open cruise at chaophraya river and avani hotels & resorts.

Lectures on Tax incidence in case of demonetization by Shri Upendra Bhatt and Taxation in case of NRI by Shri Shailesh C Desai delivered in this RRC. Participants enjoyed the informative sessions. RRC ended on a happy note and with lots of beautiful memories that everyone will rejoice for their lifetime.

(27) SEVENTH STUDY CIRCLE AT ATMA HALL ON 27/01/2017.

Twenty first Century is an Era of Digitization. Internet, Google, Online Money Transfer, Wikipedia etc. are synonyms of success. If you are not aware and conversant with the Digital Technology than you are spending more time and energy compared to others. This is the reason our Honourable Prime Minister Shri Narendra Modi has taken an oath to convert our country into Digital economy. His Mantra is “Go Digital Go Cashless”.

Income Tax Bar Association believes in stepping up with the change and that is the reason, we launched our two pioneer tasks. One was Launching of Digitised Photo Memorial and launching of Association's own Website working on Real time System.

First session was Inauguration of digitised photo memorial scheme. President Dhruven V Shah briefed the commencement of photo memorial scheme and importance of it. He explained reasons and narrated advantages of digitalisation. Our Past president and Chairman of Photo memorial committee Shri Umesh Majmudar and Co-Chairman Shri Hemang Patel, inaugurated this digital scheme by his worthy hands. After that since from the inception audience witnessed all digital photos of our deceased members along with details. Shri Umesh Majmudar concluded session by his speech and thanked everyone present in large numbers.

Second session was Inauguration of Website of Income Tax Bar Association. President Dhruven V Shah conducted the session explaining each and every aspect of the website. He thanked Office bearers being the key elements for executing this mammoth task. Our Past president shri Shailesh C desai inaugurated the website and started of online portal. President explained the tedious procedure they have undergone for realising this dream. He narrated all the tabs and most importantly procedure of online payment towards membership fees and fraternity contribution. He welcomed members of I T Bar ladies wing and narrated their activities in whole year. Audience were spellbound seeing amazing task that came true.

Third session was a lecture on critical analysis on Benami transactions (prohibition) amendment act, 2016 by Eminent Advocate Shri Tushar Hemani. He emphasised on explanation of definitions and consequences on literal application of the act. It was indeed an eye opener for all the legal professionals. Audience were spellbound during his speech.

(28) CRICKET MATCH ON 28/01/2017 INCOME TAX BAR ASSICIATION V/S CA ASSOCIATION.

Players of both teams played this match with great sportsman spirit. At the end CA association won this match and prizes were sponsored by A C Parikh & Co distributed to a winner in the category of Man of the match, Best Batsman, Best Bowler and Best Fielder.

(29) UNION BUDGET MEETING HELD ON 02/02/2017 ON 10.15 AM AT BHAIKAKA BHAVAN, NR. LAW GARDEN, AHMEDABAD

Income Tax Bar Association is the only association in the country which arranges immediate seminar on explanation on Budget proposals right after the announcement of union budget by honourable finance minister. Continuing our tradition this year we kept critical analysis on proposals of budget by eminent international tax expert Shri Mukesh M Patel. We arranged this program under the banner of Kardata Jagruti Abhiyan of which we celebrated silver jubilee.

With this we also celebrated silver jubilee of I T Bar Ladies wing. Co-chairperson Mrs Gauri Popat briefed the commencement and purpose of initiation of this pioneer program Kardata Jagruti Abhiyan. Main purpose of this initiative was to bring awareness programs

to the taxpayers regarding tax laws and stand of department in any issue. Our honourable speaker gave an excellent speech that helped an audience to understand the union budget-2017 in a lucid way. He warned taxpayers regarding things to be kept in mind for the future. The audience gave a patient hearing to this technical speech. Association felicitated Shri Harish Shah for his selfless contribution for being Chairman of Kardata Jagruti Abhiyan Committee for maximum number of times and arranging educative seminars. Association felicitated Shri Dhiresh T Shah for being awarded by Honourable Governor of Gujarat for his distinguished contribution in the field of social welfare. As a token of celebration of silver jubilee Thabdi Penda distributed to the participants which is sponsored by our Chairman of Kardata Jagruti Abhiyan committee Shri Shailesh C Desai.

TH (30) 8 STUDY CIRCLE AT ATMA HALL ON 09/02/2017.

CA Mehul Thaker delivered one of the best speech on “HOW TO RESPOND TO NOTICES RECEIVED FOR CASH DEPOSITS DURING 9TH NOV TO 30TH DEC 2016 AND ISSUES RELATING TO IT”. This was very burning and relevant issue for the professionals after demonetization. This study circle meeting was arranged at very short notice and still it witnessed a fantastic presence of 145 members.

(31) CULTURAL SHOW “ABHINAD” ORGANISED AT H L COLLEGE IN ASSOCIATION TH

WITH H L COLLEGE ALUMNI ASSOCIATION ON 18TH & 19 FEBRUARY,2017.

18/02/2017

It was an evening of soothing melodies and musical saga. Both singers have charismatic voice which enthralled an audience. It was an evening of fusion of old and new songs. Jyoti Christian with her magical voice mesmerised the crowd. Similarly, Charit Dixit sung some chartbusters with his unconventional voice. Overall it was an evening to be remembered.

19/02/2017

It is said that Laughter is a best medicine and hence kings of comedy invited to give real Goosebumps to the present audience. All three comedians have their unique style to do a mimicry. Dharsi Baredia won maximum hearts as he imitate many famous personalities voice instantly. Audience really enjoyed their time of life.

(32) CRICKET MATCH ON 19/02/2017 ON SUNDAY INCOME TAX BAR ASSOCIATION V/S GSTBA.

Players of both teams played this match with great sportsman spirit. At the end, Income Tax Bar association won this match with great margin. Prizes sponsored by A C Parikh & Co and distributed to a winner in the category of Man of the match, Best Batsman, Best Bowler and Best Fielder. It was one of the excellent victory of Income Tax Bar Association.

President Dhruven V. Shah and Secretary Kartikey B. Shah gave an ice-cream party on following day of match in appreciation and celebration of great victory of association and in honour of players under the able leadership of Captain Mr Manish J shah.

(33) MOTIVATIONAL LECTURE ARRANGED ON 27/03/2017 AT 9.00 AM ON MONDAY AT ATMA HALL, ASHRAM ROAD.

This event was sponsored by “Ananta Knowledge Unbound” a pioneer English coaching, personality development and overseas counselling institute its Director Nipurnika K Shah gave an excellent speech explaining the brief about institute and its activities through PPT slides.

The lecture on “Fearless Life and Development of Character” was delivered by well-known and very famous among Guajaratis Shri Sanjay Raval. In one word if I can describe this lecture than that is “Magnificent”. He taught only one thing in many words and that is be the driver of your vehicle and do not settle in less. He advised audience to come out of rigidity and smell the real fragrance of life. It was full of humour but with a strong healing message. Audience were engrossed and mesmerised totally in lecture and departed with a life lesson.

(33) ACCOUNTS

As per the Audited Accounts result of current year shows the Net Surplus of Member’s Benevolent Scheme Account of `.6,43,206/- and Net Surplus of Income Tax Bar Association is ̀ .2,50,880/-.

(34) OBITUARY AND PHOTO MEMORIAL

During this Activity Year we have lost five Members as Mentioned Below :

The Association will always remember their active participation in activities of the Association. It is a great loss to the Association. Let us pray to almighty that the souls of the deceased may rest in external peace.

The Association received ̀ .21000/- each from the family members of Following Deceased Members.

(35) MEMBERSHIP GROWTH:

It's give immense pleasure to share with you that during this activity year 38 New Membership Forms have received and approved in the Members of Managing Committee.

Sr. No.

1.

2.

3.

4.

5.

Name of Deceased Member

Jaysukh M. Lalani

Ramnivas B. Rathi

Hemant C. Patel

Dinesh K. Shah

Jay R. Shah

Sr. No.

1.

2.

Name of Deceased Member

Rajnikant K. Chokshi

Ramnivas B. Rathi

INCOME TAX BAR ASSOCITION LADIES WING

ACTIVITY YEAR 2016-2017

The Ladies’ Wing of the Income Tax Bar Association is important professional women’s

organization with over 66 members in the activity year 2016-2017. This wing was established

in year 1991 as an Income Tax Bar Association Ladies’ Wing forum for creating fellowship

amongst ladies Members. The activities of the Wing inspire, motivate and encourage women

to participate in entrepreneurial activities.

The Wing invites speakers and arranges panel discussions and workshops on women

empowerment, Social Services and women’s welfare.

The Wing have marked silver jubilee anniversary this activity year. Following are the list of

activities performed by the women’s wing in activity year 2016-17.

We thank all the members for making all the activities memorable, without whom we could not

have succeeded in celebrating these activities organised.

We also thank Past chairpersons, Invitee Members for their wholehearted support and

guidance in organising events and activities throughout the year.

Sr No Date Activity Remark

1 24/06/2016 Shiv Sagar Banquet, Nr. Vijay Cross RoadNavrangpura, AhmedabadInaugural session by worthy hands of Smt. Rita Latesh ParikhSmt. Kirtida Bhupendra PatelSmt. Alpa Darshan JaniSmt. Babita Jignesh ShahSmt. Rupal Nirav ChokshiAnd Members of Managing Committee Housie With Games By Varsha Punjabi

Lunch

4 6 M e m b e r s h a v e pa r t i c ipa ted in th i smeeting.

2 23/07/2016 Income Tax Bar Association OfficeGame & Housie By Smt Kalaben Amin

High Tea3 8 M e m b e r s h a v e pa r t i c ipa ted in th i smeeting. All members were greeted with Cardand Rakhi

3 24/07/2016 Karnawati Club, S.G. Highway,AhmedabadDrama 102 Not Out


4 25/08/2016 K a r n a w a t i C l u b , S . G . H i g h w a y, AhmedabadCelebration of Janmashthmi and SpiritualLecture by Shri Jay Vasavda.

Farali Snack

5 10/09/2016 TPPC Hall, Mithakhali Six Roads,Navrangpura, AhmedabadNutriotion andFitness For Women By Nutritionist ExpertNamrata Sheth

High TeaPlants to all for green Environment.43 Members participated in this activity

6 13/11/2016 Diwali Get Together CelebrationAt Sardar Patel Sewa Samaj, Ahmedabad

Dinner with Live Music40 Members participated in this Event.

7 26/11/2016 High On Tea Café, Nr. Vijay Cross Road,Navrangpura, AhmedabadWomen Empowerment and EntertainmentsBy RJ Aayush and RJ Nishitha from RED FM 93.5 of Bhabhi Ka Show,

High Tea

Yoga Book distributed to a l l 3 9 M e m b e r s pa r t i c ipa ted in th i s activity

8 18/12/2016 SPORTS CLUB, Navrangpura, AhmedabadLive Musicial Evening by Surojit Guha – Hemant Kumar’s Memorable Songs were performed.

Musical Night35 Members participatedin this activity

9 24/12/2016 Hotel AL DORADO BanquetNr. Mithakhali Six Road, Ahmedabad Christmas Celebrations with Live Music and Dance, Games by Varsha D Punjabi

High Tea S u r p r i s e S p o t photographs clicked andGifted as memorabiliato all members present.44 Members participatedin this activity

10 04/01/2017TO11/01/2017

International Residential Refresher Course atMAGICAL THAILAND.


11 15/03/2017 MOVIE @ Time Cinema, C. G. Road, A-Bad.Super Hit Movie "Badrinath Ki Dulhaniya"

Hot Coffee - Pop Corn 34 Members participatedin this activity

13/04/2017 Annual Meeting @ Dinner Bell BanquetAnnual Meeting with Annual Gift. Games and Entertainment by Game Jokey Mr. Romil & Varsha Punjabi

lunchAnnual Gift of Sprout Maker.51 Members participatedin this activity

12

Anita C. Nayak Jignasha B. ThakkarZankhana A. ThakkarRuchi V. Shah Varsha D. Punjabi

MANAGING COMMITTEE

SPECIAL INVITEES

Alpa D. Jani Babita J. Shah Kartida B. Patel Rupal N. Chokshi

NIRALI DHRUVEN SHAHChairperson

NIPURNIKA KARTIKEY SHAHConvenor

AUDITOR'S REPORT

To The Members,

Income Tax Bar Association, Ahmedabad

We have audited the annexed Balance Sheet as at 31st March 2017 and Income &

Expenditure account for the year ended on that date of INCOME TAX BAR

ASSOCIATION, AHMEDABAD – Registration NO.F/8533/ AHMEDABAD with the Books

of Account and vouchers relating thereto. These financial statements are the

responsibility of the Association’s management. Our responsibility is to express an

opinion on these financial statements based on our audit.

We have conducted our audit in accordance with auditing standards generally accepted

in India. Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether the financial statements are free of material misstatement. An

audit includes examining on a test basis, evidence supporting the amounts and

disclosures in the financial statements. An audit also includes assessing the accounting

principles used and significant estimates made by management as well as by evaluating

the overall financial presentation. We believe that our audit provides a reasonable basis of

our opinion. Further to our comments we report that:

1. The accounts are maintained regularly and in accordance with the provisions of

the Act and the Rules;

2. Receipts and disbursements are properly and correctly shown in the accounts;

3. The Cash balance and vouchers are in the custody of the Manager/Office Staff

on the date of the audit and are in agreement with accounts;

4. All Books, Deeds, Accounts, Vouchers and Other Documents and records

required by us were Produced before us;

5. All the necessary information and explanation required by us has been

furnished to us by Office Bearers of The Association, whenever called upon;

6. No property or funds of the Association were applied for any objects or purpose

other than the objects or purpose of the Trust;

7. No tenders were invited for repairs or construction as no repairs or construction

involving expenditure exceeding Rs.5000/- was carried out during the year;

8. The Association has not invested its fund contrary to the provisions of section 35

of the Bombay Public Trust Act,1950;

9. The Association does not own any immovable property; hence the question of

alienation thereof contrary to the provisions of Section 36 of the Bombay Public

Trust Act, 1950 does not arise;

10. We further report that the accounts are maintained on cash basis, except

accrued interest and receipts for Karvera Sathi.

11. In our opinion and to the best of our information and according to the

explanation given to us, the said accounts give true and fair view:

(A) In case of Balance Sheet, of the state of affairs as on 31st March, 2017 and

(B) In case of Income & Expenditure Account, of the excess of income over

expenditure for the year ended on that date.

Comments Forming Parts Of Audit Report:-

1. The managing committee has taken actionsto resolve the point 1 to 13 of the

Comments forming part of our previous audit report dated 25th April, 2016.

2. As informed by the managing committee, an old post office account with Vasna

branch was written off in previous year. Later it was discovered that the said

account was named in the name of a past president by the post office instead of

Income Tax Bar Association. The same has been written back in to the books of

accounts. The necessary documentary evidences were produced for

verification. We suggest to recover the amount in the name of Income Tax Bar

Association.

3. The association has paid an amount of Rs. 111000 through a committee

resolution towards Retirement Benefits to a past employee Shri Mitesh Bhatt.

The same expense has been booked under prior period items as provision was

not made for the same in any previous year.

4. We suggest to make proper rules and regulations for employment related

statutory provisions under the applicable laws.

5. The latest copy of the PTR (Public Trust Record Register) is not produced

before me.

Date : 21st April, 2017Place: Ahmedabad

For, Gopal C. Shah & Co.Chartered Accountants

Firm No. 103296w

(Gopal C. Shah)Proprietor

M. No. 34967

Notes forming part of Accounts:

1. Long term investments are stated at cost.

2. Figures of the previous year have been regrouped or rearranged wherever

necessary.

As per our report of even date attached.



Firm No. 103296w


M. No. 34967

INCOME TAX BAR ASSOCIATIONIncome-Expenditure Account for the year ended on 31st March, 2017

As per our separate report of even date

For & on behalf of the Managing Committee

Income Tax Bar Association





For, Gopal C. Shah & Co.

Chartered Accountants

Firm No:- 103296W

(Gopal C. Shah)

Proprietor

M. No. 34967

Place : AHMEDABAD

Date : 21/04/2017

See accompanying notes to the financial statements For & on behalf of

the Managing Committee Income Tax Bar Association

Expenditure 2016-2017 2015-2016 Income 2016-2017 2015-2016

Stationery & Printing Exps 19,599 28,827 Membership Fees Income 4,54,800 4,19,500

Postage Exps 17,356 25,941 Enterance Fees 33,000 36,000

Meeting and study circle Exps 2,42,931 91,231 Less : Tfr to Genral Reserve 33,000 - 36,000

(Net of .Donation Recd 72990)

A.G.M. Exp 1,38,802 1,49,717 Interest Income

A C Parikh Article Award - - On Investment 9,69,893 9,46,548

Books, Periodicals & Less:- Tf r To Funds A/c

Subscription Exp 14,330

12,499

Kardata Jagruti Abhiyan 20,080

20,080

Bonus 19,438

8,812

Member Benevolent Fund 4,64,570

4,93,172

Misc. Exp 13,098

6,410

R.T.Shah Lec. Series Fund 8,000

8,000

Conveyance Exp 12,140

15,500

4,77,243 4,25,296

I T Mirror Computer Designing 9,450

51,271

Karvera Sathi Booklet Income 1,96,240 1,34,448

Salary Exp 1,86,600

1,97,135

(Net of Expenses)

Repairing Exp 15,134

32,225

57th RRC Kovalam A/c - -

Bank Charges 852

310

(Net Amout Given ) - -

Diwali & Cultural Exp 2,30,142 1,65,153 2,795 7,714

Accountant Salary - - Maintaince Charges 11,400 1,89,500

Members' Software Prog. Exp -

Nomination Fees 4,500 4,500

Internet Connection Exp 6,203

9,520

Kardata Jagruti Abhiyan A/c

E.G.M. Exp -

29,844

Interest Income 20,080

20,080

Photo Memorial Exp 1,980

2,950

Less: Expenses 25,680

16,030

Staff Welfare Exp -

-

Trf To Fund In B/S (5,600)

- 4,050

Cricket Match Exp 31,768

-

Depreciation 30,600

32,206

R.T.Shah Lecture Series

Sairam (Hasiyaro) Exp. -

5,000

Interest Income 8,000

8,000

Drama Exp -

46,895

Less: Expenses -

-

SMS Charges 20,126

9,922

Trf To Fund In B/S 8,000

- 8,000

Adc Locker Rent 5,496

-

Contri. To Charity Commi. 5,317

16,729

Entertainment Program

Income Tax 1,890

Pass Income 1,09,495

-

Less: Expenses 1,09,495 -

- -

Donation For Advertisement 5,000 -

Excess of Income Over 2,50,880 2,65,863 Miscellaneous Income 7,164 342

Expenditure Late Fees 79,100 24,550

Donation For New Website 1,06,000

Less: Expenses incurred 72,000 34,000

TOTAL ` 12,72,242 12,05,850 TOTAL ` 12,72,242 12,05,850

INCOME TAX BAR ASSOCIATIONBalance Sheet As at 31st March 2017










Firm No:- 103296W

(Gopal C. Shah)

Proprietor

M. No. 34967

Place : AHMEDABAD

Date : 21/04/2017



Capital & LiabilitiesS

C

H

As at

31.3.2017

As at

31.03.2016Assets

S

C

H

As at

31.3.2017

As at

31.03.2016

Earmarked Funds 1 23,69,118 22,94,118 Fixed Assets 4 3,14,581 3,07,115

Other Funds 2 24,15,666 23,91,266 Investments 5 61,11,491 58,28,313

Other Current Liabilities 3 2,33,339

2,54,840

Current Assets

Deposits 6 12,000 22,000

Prior Period Items -

65,478

Loan and Advances 7 32,312 1,45,206

Sundry Debtors 8 20,200 20,200

AGFTC Life Membership Fees 9,977 -

Cash and Bank

Income-Expenditure Account Cash on Hand 5,608 562

Op Bal. 16,90,272 14,24,409 Bank Balance 9 4,07,584 3,72,578

Add: Current year 2,50,880 2,65,863

Less : Transferred 45,522 -

18,95,630 16,90,272

TOTAL ` 69,13,753 66,95,974 TOTAL ` 69,13,753 66,95,974

INCOME TAX BAR ASSOCIATIONSchedule For The Year 2016-17

2016-17

Add /Less

During the

year

2015-16

A.C.Parikh Artical Award 15,000

-

15,000

A.C.Parikh Cricket Match Award 10,000

-

10,000

All India Taxman Library Fund 25,000

-

25,000

Compulsory Audit Writ &Repr.Fund 15,696

-

15,696

Furniture (Library & Tea Club) Fund 1,10,000

-

1,10,000

General Fund 7,93,312

33,000

7,60,312

H.M.Talati Trophy 15,000

-

15,000

Infrastructure Fund A/cs 72,000

-

72,000

Karadata Jagruti Abhiyan Fund 2,51,000

-

2,51,000

Late Ishwarlal M.Shah Fund 31,000

-

31,000

Liabrary Fund 24,806

-

24,806

N.R.Divatia Memo.Cricket Fund 21,000

-

21,000

Photo Memorial Fund 8,52,001

42,000

8,10,001

P.N.Shah Friends & Family Trust 17,001

-

17,001

Priyakant C.Shah Memorial Prize 15,000

-

15,000

R T Shah Lecture Series Fund 1,00,000

-

1,00,000

Shri Ramanlal G.Shah Liabrary Fund 1,302

-

1,302

23,69,118 75,000 22,94,118

Sch. 2. Other Funds

Air Condition Machine Fund 1,00,000

-

1,00,000 Computer Fund 39,330

-

39,330 High Secondary Corpus Fund 20,000

-

20,000

Television Fund 29,000

-

29,000

Kardata Jagruti Abhiyan Surplus 8,409

(5,600)

14,009

R. T. Shah Knowledge L. Series 26,277

8,000

18,277

Life Membership Fees 21,70,650

-

21,70,650

LED Photo Memorial Fund 22,000

22,000

-

24,15,666

24,400

23,91,266

Sch. 3 Other Current Liabilities

Advance Maintenance Charges 11,050

10,500

Advance Subscription A/c -

-

Tds Payable 50

2,480

Karverasathi A/c 2017-18 1,01,700

-

Karverasathi A/c 2016-17 -

1,28,850

Rameshchandra Sheth - 20,000

Recover against fraud - to be settled 78,695 78,695

Benevolent Fund 41,844 14,315

2,33,339 2,54,840TOTAL `

Sch.1. Earmarked Funds

Particulars

TOTAL `

TOTAL

`

SC

HE

DU

LE

- 4

F

ixed

Assets

INC

OM

E T

AX

BA

R A

SS

OC

IAT

ION

Sch

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For

The Y

ear

2016-1

7

Sr.

No

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art

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Rate

(%

)

Bala

nce a

s

on

01.0

4.2

016

Ad

dit

ion

Sale

/ W

rite

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Bala

nce a

s

on

31.0

5.2

016

Dep

recia

tio

n

Du

rin

g t

he

year

Bala

nce A

s

on

31.0

3.2

017

1F

urn

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& F

ixutu

res

10.0

0 4

3,4

44

-

2,5

00

40,9

44

4

,094

3

6,8

50

2C

rick

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10.0

025,4

35

18,2

10

-

43,6

45

3

,454

4

0,1

91

3Lib

rary

Books

10.0

099,4

25

-

-

99,4

25

9

,943

8

9,4

82

4M

icro

phone

10.0

01,5

33

-

-

1,5

33

1

53

1,3

80

5C

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0375

-

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375

225

1

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efr

igera

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10.0

0778

-

-

778

78

7

00

7A

ir C

onditio

ner

Mach

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10.0

095,5

78

-

-

95,5

78

9

,558

8

6,0

20

8R

. O

. W

ate

r F

ilter

Syst

em

10.0

06,6

44

6,0

00

6,6

44

6,0

00

6

00

5,4

00

9Tele

visi

on S

et

10.0

08,1

93

-

-

8,1

93

8

19

7,3

74

10

Tele

phone Intr

um

ent

10.0

01,4

12

-

-

1,4

12

1

41

1,2

71

11E

lect

ric

Burn

er

10.0

02,3

48

-

-

2,3

48

2

35

2,1

13

12

IT B

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Websi

te21,9

50

-

-

21,9

50

-

2

1,9

50

13

LE

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L10.0

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20,0

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10.0

03,0

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3,0

00

300

2,7

00

3,0

7,1

15

47,2

10

9,1

44

3,4

5,1

81

30,6

00

3,1

4,5

81

TO

TA

L`

INCOME TAX BAR ASSOCIATIONSchedule For The Year 2016-17

Sch. 5 Investment

Bank of Baroda F.D. A/C

B.O.B.G.O.I.8%BOND

ICICI Bank F.D.

IC.I.C.I GOI 8% BOND

Kalupur Comm.Coop.Bank F.D.

S.H.C.L. GOI 8%BOND

SILVER COIN (47)

Accured Interest

Sch. 6 Deposits

Atma Hall Deposit

St. Xaviers Loyola Hall Deposit

Town Hall Deposit

Sch. 7 Loan and Advances

Adv For Anti- virus Software

Dy Chief Commissioner

Loan to Staff - Maunik

TDS Receivable

Roank Mrudang and Shital Cash A/c

Shri Ronak Sheth and committee

Sch. 8 Sundry Debtors

Chetak Travels (Indore)

Golden Jubilee Seminar

Sch. 9 Bank Balance

A'bad Di.Co op.Bank T-64

A'bad Di.Co op.Bank T-69

Bank of Baroda C/A 03330200000061

ICICI Bank A/c No.018901001387

Cheque On Hand

Indian Bank S.B.A/c

P.N.Bank Benevolent S.B.A/C92872

P.N.Bank S.B.A/c80655

Post Office S.B.A/c (Vasna) 2229645

TOTAL

`

TOTAL `

Particulars

TOTAL

`

TOTAL `

TOTAL

`

2016-17

Add /Less

During the

year

2015-16

50,88,206

22,80,000

-

13,90,000

2,26,000

4,26,000

-

6,45,000

6,24,487

6,24,487

-

4,46,000

16,826

16,826

1,55,972

-

61,11,491

58,28,313

-

10,000

12,000

12,000

-

-

12,000

22,000

- - -

-

-

6,000

32,312

78,278

-

17,752

-

43,176

32,312

1,45,206

10,000

10,000

10,200

10,200

20,200

20,200

2,484

2,389

41,706

40,110

2,41,072

65,206

51,838

2,55,812

57,000

5,356

5,147

2,272 2,184

1,801 1,730

4,055 -

4,07,584 3,72,578

AUDITOR'S REPORT

To The Members,

Income Tax Bar Association – Members Benevolent Scheme,

Ahmedabad

We have audited the annexed Balance Sheet as at 31st March 2017 and Income &

Expenditure account for the year ended on that date of INCOME TAX BAR

ASSOCIATION – MEMBERS BENEVOLENT SCHEME, AHMEDABAD with the Books of

Account and vouchers relating thereto. These financial statements are the responsibility

of the Association’s management. Our responsibility is to express an opinion on these

financial statements based on our audit.

We have conducted our audit in accordance with auditing standards generally accepted

in India. Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether the financial statements are free of material misstatement. An

audit includes examining on a test basis, evidence supporting the amounts and

disclosures in the financial statements. An audit also includes assessing the accounting

principles used and significant estimates made by management as well as by evaluating

the overall financial presentation. We believe that our audit provides a reasonable basis of

our opinion. Further to our comments we report that:

1. The accounts are maintained regularly and in accordance with the provisions of

the Act and the Rules;

2. Receipts and disbursements are properly and correctly shown in the accounts;

3. The Cash balance and vouchers are in the custody of the Manager/Office Staff

on the date of the audit and are in agreement with accounts;

4. All Books, Deeds, Accounts, Vouchers and Other Documents and records

required by us were Produced before us;

5. All the necessary information and explanation required by us has been

furnished to us by Office Bearers of The Association, whenever called upon;

6. We further report that the accounts are maintained on cash basis, except

accrued interest.

7. In our opinion and to the best of our information and according to the

explanation given to us, the said accounts give true and fair view:

(A) In case of Balance Sheet, of the state of affairs as on 31st March, 2017 and

(B) In case of Income & Expenditure Account, of the excess of income over

expenditure for the year ended on that date.

Comments Forming Parts of Audit Report:-

1. The managing committee has taken actions to resolve the point 1 to 4 of the

Comments forming part of our previous audit report dated 25th April, 2016.

Notes forming part of Accounts:

1. Long term investments are stated at cost.

2. Contribution is received from members in advance and is shown as member’s

deposit in Balance Sheet and the same was utilized to pay to the nominee of

deceased members.

3. Figures of the previous year have been regrouped or rearranged wherever

necessary.

As per our report of even date attached.



Firm No. 103296w


M. No. 34967



Firm No. 103296w


M. No. 34967

INCOME TAX BAR ASSOCIATION - MEMBERS BENEVOLENT SCHEMEBalance Sheet As at 31st March, 2017










Firm No:- 103296W

(Gopal C. Shah)

Proprietor

M. No. 34967

Place : AHMEDABAD

Date : 21/04/2017

Capital & Liabilities ` Assets `

Capital Account / Surplus Current Assets

Life Membership Fees Benevolent 14,36,600

I T Bar Association 41,844

Members' Benevolent Scheme 41,09,081

Loans & Advances

Add : Excess of Income over Exps. 6,43,206

61,88,887

Accrued Interest 1,67,378

Liabilities Investments

Members' Deposits BOB FD 7,85,000

Op. Bal : (13,350) ICICI Bank FD 39,57,140

Add : During the year 12,68,850 KCCB FD 6,40,000

Less : Benevolent paid 7,00,000

HDFC Goi 8% Bond 10,75,000

Less : Tfr to Corpusfund -

5,55,500

Cash & Bank Balances

ICICI Saving Account 78,025

Cash on hand -

TOTAL ` 67,44,387 TOTAL ` 67,44,387



INCOME TAX BAR ASSOCIATION - MEMBERS BENEVOLENT SCHEMEIncome-Expenditure Account for the year ended 31st March, 2017

Expenditure ` Income `

Bank Charges 114

Bank Interest 6,577

Interest on Fixed Deposit 4,57,993

Late Fees Recovered 1,75,600

Miscellaneous Income 3,150

Excess of Income Over 6,43,206 Expenditure

TOTAL ` 6,43,320 TOTAL ` 6,43,320










Firm No:- 103296W

(Gopal C. Shah)

Proprietor

M. No. 34967

Place : AHMEDABAD

Date : 21/04/2017

See accompanying notes to the financial statements



ROLL OF HONOUR - 1947 TO 2016-17

PRESIDENT

Late Shri Ramanlal G. Shah Late Shri Chaturbhai S. Patel Late Shri Chaturbhai S. Patel Late Shri Lalbhai C. Shah Late Shri Jayantilat M. Shah Late Shri Lalbhai C. Shah Late Shri Lalbhai C. Shah Late Shri Jayantilal B. Shah Late Shri Shantilal K. ShahLate Shri Mahendrabhai J. DesaiLate Shri Chandulal M. Shah (Auditors) Late Shri Bhaidas M. Mehta Late Shri Lalbhai L. Parikh Late Shri Himatlal M. Talati Late Shri Himattal M. Talati Late Shri Madhusudan C. Mashruwata Late Shri Chandulat M.Shah Late Shri Bhikabhai A. Shah Late Shri Thakorbhai P. Amin Late Shri Jivanlal C. Shah Late Shri Vinod R. Shah Late Shri Vinod R. Shah Late Shri Niranjan R. Divatia Late Shri Dhirubhai B. Shah Late Shri B.L. BhattLate Shri M.M. MehtaLate Shri S.S. Kaji Shri L.G. ThakkarLate Shri C.V. Mehta Shri R.K. ShahLate Shri P.H. ParikhLate Shri P.R. ParekhLate Shri C.R. AminLate Shri Balubhai H. ShahLate Shri Jaymal J. Thakore Late Shri Kanubhai S. Thakkar Shri Chinubhai N. Shah Late Shri V.J. Shah Shri Dhiresh T. Shah Shri Pravinchandra C. Shah Late Shri Praduman N. Shah Late Shri B.M. Kothari Shri Ashok C. Parikh Shri Harish N. Shah Shri Mukesh M. Patel Shri Dinesh S. Shah Shri Upendra J. Bhatt Shri Jayprakash J. Soni Shri Bharat K. Jani Shri Umesh A. Majmudar Shri Ketan M. BhattLate Shri Kirtikar K. Shah Shri Latesh K. Parikh Shri Kanubhai R. Patel Shri Praful C. Shah Shri Jayesh C. Mehta Shri Shailesh C. Desai Shri Hiren R. Vakit Shri Pramod N. Popat Shri Snehal K. Thakkar Miss Gouri G. Chandani Shri Bhupendra R. Patel Shri Hemang S. Patel Shri Jignesh M. Shah Shri Darshan S. Jani Shri Asim A. Parikh Shri Jignesh A. Bhagat Shri Rupesh R. Shah Shri Ronak R. Sheth (Upto 28/12/2015) Shri Dhruven V. Shah Shri Dhruven V. Shah

SECRETARY

Late Shri Lalbhai C. ShahLate Shri Lalbhai C. ShahLate Shri Lalbhai C. ShahLate Shri Jayantilal B. ShahLate Shri Jayantilal B. ShahLate Shri Jayantilal B. ShahLate Shri M.M. VyasLate Shri P.R. ParekhLate Shri T.P. AminLate Shri T.P AminLate Shri K.M. JaniLate Shri V.R. ShahLate Shri M.M. MehtaLate Shri N.R. DivetiaLate Shri N.R. DivetiaLate Shri D.V. PhanseLate Shri P.H. ParikhLate Shri C.R. Amin Shri R.K. Shah Shri R.K. ShahLate Shri B.H. ShahLate Shri B.H. ShahLate Shri N.F. ShahLate Shri S.M. Patwa Shri L.G. Thakkar Shri L.G. ThakkarLate Shri C.V. MehtaLate Shri V.J. ShahLate Shri V.J. ShahLate Shri K.S. ThakkarLate Shri K.S. Thakkar Shri D.S. Shah Shri C.N. Shah Shri P.C. ShahLate Shri B.M. KothariLate Shri B.M. KothariLate Shri P.N. ShahLate Shri P.N. Shah Shri Ashok C. Parikh Shri Ashok C. Parikh Shri Harish N. Shah Shri Ketan M. Bhatt Shri Jayprakash J. Soni Shri Jayprakash J. Soni Shri Umesh A. MajmudarLate Shri Kirtikar K. Shah Shri Bharat K. Jani Shri Latesh K. Parikh Shri Aseem L. Thakkar Shri Praful C. Shah Shri Kashyap B. Pandya Shri Ramesh A. Sheth Shri Jayesh C. Mehta Shri Pranay V. Shah Shri Hiren R. Vaikl Shri Pranay V. Shah Shri Pramod N. Popat Shri Snehal K. Thakkar Miss Gouri G. Chandanani Shri Hemang S. Patel Shri Hemang S. Patel Shri P.G. Mehta Shri Asim A. Prikh Shri Devang A. Doctor Shri Dhruven V. Shah Shri Rajesh J. Shah Shri Shalin N. Parikh Shri Mrudang H. Vakil Shri Mrudang H. Vakil (Upto 28/12/2015) Shri Kartikey B. Shah Shri Kartikey B. Shah

YEAR

1947194819491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004-052005-062006-072007-082008-092009-102010-112011-122012-132013-142014-152015-162015-162016-17


GLIMPSES�OF�I.T.�BAR�LADIES�WING�ACTIVITIES�2016-17

GLIMPSES�OF�I.T.�BAR�LADIES�WING�ACTIVITIES�2016-17
