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BCAS Newsletter, February 2008 1
President : Rajesh Kothari, 28089956; Vice-President : Anil Sathe, 24367693; Hon. Secretaries : Pradip Thanawala, 22694248; Mayur Nayak, 26831199; Hon. Treasurer : Deepak Shah : 22420089
PROGRAMMES
AT
A
GLANCE
7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020. Tel. Nos. : 66595601 to 05; Fax : 66595606 E-mail : [email protected]; Website : www.bcasonline.org
Vice-President’s Communiqué . . ✍
Day & Date : Wednesday, 27th February 2008*
Speaker : Arati Vissanji, Advocate
Subject : Recent important judgments on Income-tax
Day & Date : Wednesday, 19th March 2008*
Speaker : Sudha Murty
Subject : Do you need compassion in real life ?(Under the auspices of Dilip N. Dalal Oration Fund)
Day & Date : Wednesday, 26th March 2008*
Speaker : Kishor B. Karia, Chartered Accountant
Subject : Conversion of firm into corporate entity andrecent issues on disallowance u/s.40(a)
Day & Date : Wednesday, 9th April 2008*
Speaker : V. Sridharan, Advocate
Subject : Emerging issues on Service Tax includingCenvat credit
Day & Date : Wednesday, 23rd April 2008*
Speaker : N. P. Sarda, Chartered Accountant
Subject : Certain issues on Accounting Standards withspecial emphasis on AS-22 (deferred tax) andAS-10 — Revised (Fixed Assets)
*Fellowship over a cup of tea at 5.45 p.m.
Lecture MeetingsVenue : 4th floor, IMC, Churchgate, Mumbai-400020.
Time : 6.15 p.m.(unless otherwise specified)
Full-day workshop on Practical Issues in Tax Deduction at Source ............ 29-3-2008 .................... M. C. Ghia Hall, 4th floor, Kala Ghoda, Mumbai. ........ 2
Half-day workshop on TDS from International Transactions .............................. 12-4-2008 .................... Audio Visual Centre, Jai Hind College, Mumbai-400020. 2
‘Being alert and achieving’ .................................................................................... 19-4-2008 .................... BCAS Conference Room, Mumbai-400020. ..................... 4
BCAS Foundation — Book lending facility for CA Students .................................................................................................................................................................... 8
Harnessing Talent and Providing Quality Service February 2008Vol. 10 No. 11
Anil Sathe
For all budget-related announcementsand lecture meetings
please turn to page 3.
Dear Members,
How one looks at events really determines the effect that they haveon one’s life. Just before I started writing this piece, I met a friendwho had lost heavily in the recent stock market crash. He shruggedoff my sympathy talk, saying that the loss was a tuition fee that hehad paid for learning a lesson. I admired his positive attitude. Theonly difficulty with us is that we tend to forget lessons very quicklyand they need to be reinforced periodically.
The Residential Refresher Course — a mega event of our Society,took place in the last month. As usual, it was a great success. Wenow await a national mega event, the budget. I have always felt thatmost of the hype that is created regarding the budget is uncalled for.Economic development is driven by a number of factors, other thantax rates. On the contrary, many of the changes that are made intax laws create an air of uncertainty. I think a dream budget is onein which there are no amendments to tax statutes. Though I wouldwelcome such a budget, it will give the media in general and thepublishing industry in particular, sleepless nights.
Like every other sphere of economic activity, our profession is alsowitnessing substantial changes. Over the last decade or so, thenumber of members joining industry has steadily increased, and nowthose joining practice are significantly less in number. I think, memberswho are in practice should look at this positively. Those who arejoining industry have an opportunity to make a mark for themselvesand occupy positions of eminence, while those who continue inpractice will have to keep themselves equipped with new skills to seizeopportunities as they come.
Let us now await the budget. It can give us the shivers or spreadthe much-awaited warmth !
With warm regards,
BCAS Newsletter, February 20082
Chairman : Kishor KariaConvenors : Dhishat Mehta
Nitin ShingalaSushil Lakhani
Course co-ordinators : Anil Doshi, Tarun Singhal
Half-day workshop onTDS from International Transactions
International Taxation Committee is happy to announce the above half-day workshop. The importance of this subject continues to grow with Indiabecoming integrated with the global markets. In case of any default ofnon-compliance, the assessee faces disallowance u/s.40(a)(i), besidesother penal consequences under the Act. In order to update the membersin practice and in industry, on various issues and controversiessurrounding the subject, this interactive workshop has been planned.
The details of the workshop are as follows :
Day & Date : Saturday, 12th April 2008
Time : 2.00 p.m. to 6.30 p.m.
Venue : Audio Visual Centre, 4th floor, Jai Hind College,‘A’ Road, Churchgate, Mumbai-400020.
Fees : Rs.500 each for MembersRs.700 each for Non-Members (limited seats)(Fees also cover cost towards tea, snacks & studymaterial and Rs.20 as contribution to BCAS Foundation)
Subject Speaker/Trustee
Service and Agency Permanent Establishment Shefali Goradia(including attribution of profit)— Recent Developments & Issues
Brains Trust Session (Questions/Answers) Pinakin DesaiPranav SaytaT. P. Ostwal
Participants are requested to send their queries for the Brains TrustSession to the BCAS office/Convenors before 25th March 2008.
Enrolment is restricted to 100 participants on first-come-first-served basis.Enrolment form is printed on page 8. Enrolment fees are non-refundable.
BCAS Foundation has published a small booklet which provides basicinformation on the Right to Information Act, 2005. We request youto buy these booklets in multiples of 10 and distribute to your friends,relatives, clients, neighbours and so on.
A pack of 10 booklets is priced at Rs.50 (plus Postage Rs.15). Withthat pack, you will get 12 attractive ‘STOP CORRUPTION with RTI’stickers with our compliments for your use. Please send your paymentby Cheque at par/Demand Draft in favour of BCAS Foundation.
Order as many packs of 10 booklets as you like, but please do it fast.
RTI Booklet
Chairman : Pinakin DesaiCo-Chairman : Rajesh ShahConvenors : Ameet Patel
Chetan ShahMayur Desai
Full-day workshop onPractical Issues in Tax Deduction at SourceTaxation Committee is pleased to announce this full-day workshop onPractical Issues in Tax Deduction at Source. The subject hasgained a lot of importance due to the fact that for any default in non-compliance, the assessee faces disallowance u/s.40(a)(ia) of theIncome-tax Act, 1961. This workshop has been organised in order tounderstand various issues and try to solve the same.
The details of the workshop are as follows :
Day & Date : Saturday, 29th March 2008
Time : 9.30 a.m. to 5.00 p.m.
Venue : 4th floor, M. C. Ghia Hall, Kala Ghoda, Mumbai.
Fees : Rs.1,020 per person for membersand Rs.1,270 per person for non-members(Fees also cover cost towards course material, tea &lunch and Rs.20 as contribution to BCAS foundation)
Section Topics to be covered
S. 192 Salary
S. 194A Interest other than ‘Interest on securities’
S. 194C Payments to contractors and subcontractors
S. 194J Fees for professional or technical services
S. 194H Commission or brokerage
S. 194I Rent
Eminent speakers : Dilip Lakhani, Rajan Vora,Milind Mehta and Kirit Kamdar
In view of limited seats, members are requested to register early.Registration will be strictly on first-come-first-served basis. Participantsare requested to send their queries for any of the abovereferred topicsto the BCAS office/convenors before 15th March 2008.
Enrolment form is printed on page 8.
Kind attention : MembersYour Membership Subscription will end on 31st March 2008.
You are requested to renew your subscription now.
Please send your renewal fees toBombay Chartered Accountants’ Society’s Office.
BCAS Newsletter, February 2008 3
Day & Date : Monday, 3rd March 2008
Time : 6.00 p.m.
Venue : Bombay House Auditorium
Speakers : Dadi Engineer, AdvocateGautam Doshi, C.A.
Subject : Indirect Tax Provisions in the Finance Bill, 2008.Jointly organised with Forum of Free Enterprise
Day & Date : Tuesday, 4th March 2008
Time : 6.15 p.m.
Venue : Yogi Sabhagriha, Near Swaminarayan Temple,Dadar (CR).
Speaker : S. E. Dastur, Sr. Advocate
Subject : Direct Tax Provisions in the Finance Bill, 2008.
Day & Date : Friday, 7th March 2008*
Time : 6.15 p.m.
Venue : 4th floor, IMC Churchgate, Mumbai-400020.
Speaker : Vikram Nankani, Advocate
Subject : Service Tax Provisions in the Finance Bill, 2008.
Budget Lecture Meetings
* Fellowship over a cup of tea at 5.45 p.m.
Public Meetings on Budgetjointly organised with Forum of Free Enterprise
Day & Date : Saturday, 1st March 2008
Time : 4.00 p.m.
Venue : K. C. College Hall, Churchgate.
Speaker : Dinesh Vyas
Day & Date : Sunday, 2nd March 2008
Time : 10.30 a.m.
Venue : Borivali Sanskrutik Kendra, Borivali (W)
Speaker : Kanu H. Doshi
Day & Date : Sunday, 2nd March 2008
Time : 10.30 a.m.
Venue : SNDT College, Ghatkopar (W)
Speakers : Dinesh KanabarSunil Kapadia
Day & Date : Tuesday, 4th March 2008
Time : 10.30 a.m.
Venue : Chennai Business School, Opp. SEEPZ, MIDCArea, Marol, Andheri (E).
Speaker : Gautam Nayak
If you have a Will, we have the Ways !
If you have an academic bend of mind and if you are eager to learnnew things in life while making a decent living at the same time,here is an opportunity of a life time !
Bombay Chartered Accountants’ Society (BCAS), a premier bodyof the Chartered Accountants is looking for a person either on parttime or full time basis to manage wealth of information andknowledge generated by scores of programmes and courses thatBCAS offers to its members/society at large.
The job profile inter-alia would include co-ordination of E-learningProgrammes, Website updations, Journal and Publications,managing matters relating to our library and preparation of coursematerial for various seminars, conferences and study circles.
The candidate should be a post graduate in commerce stream orpreferably a chartered accountant. Commerce graduate withrelevant experience in the field may also apply.
Please apply in confidence with expected salary to Col. Raje,General Manager, by e-mailing him at [email protected] or sendyour CV to him at the Society’s office.
Budget Publication(in English, Hindi, Gujarati, and Marathi)
It’s time for the Finance Minister to start preparing his Budget speechand the Budget itself for the year 2008-09. After he presents it to thenation on 28th February 2008 on the floor of the Parliament, the BCASteam will get together to prepare its invaluable Budget Publicationtitled ‘The Finance Bill, 2008 — An Analysis’.
The publication will highlight the intricacies of the Budget proposalsin simple language for the benefit of members and citizens at large.As per last year, we will publish the booklet in 4 languages viz.English, Hindi, Gujarati and Marathi.
Members who wish to distribute copies of this publication to theirfriends, relatives, clients, etc., can book their copies in advance by24-2-2008 at a concessional rate. Later also booklets would beavailable at BCAS counter. The pricing for the same is as under :
Price Postage(if applicable)
If booked on or before 24-2-2008 Rs.25† Rs.20
If booked after 24-2-2008 Rs.30† Rs.20
Copies of English booklets will be available at the Society from 5thMarch 2008 onwards, while for other languages, the same will beavailable from 7th March, 2008 onwards.
† for a set of 5 booklets
BCAS Newsletter, February 20084
Right to Information Clinic
Accounts & Audit Clinic
Panel of Advisors :
Sanjeev Pandit,Himanshu Kishnadwala and
Jayesh Gandhi
The next Charitable Trust Clinic will be held on Friday, 7thMarch 2008, from 5 p.m. to 7 p.m. in the library room ofBCA Society at New Marine Lines.
Chartered Accountants and Trustees interested in having theirqueries solved are requested to call the Society’s office (Mrs.Mistry on extn. 20) and obtain a prior appointment, latest bynoon on the day of the Clinic. Querists are also advised tobring along relevant papers like trust deeds, audited accounts,etc.
Panel of Advisors :
Ratanshaw Damanwala,Shariq Contractor,Gautam Nayak,
Anil Sathe and Atul Shah
The BCAS Clinics
The next Accounts & Audit Clinic will be held on Saturday,1st March 2008, from 10.30 a.m. to 11.30 a.m. in the libraryroom of BCA Society at New Marine Lines.
Persons interested in having their queries pertaining toaccounting and auditing issues solved, are requested to sendthe queries by email to [email protected] one weekin advance and call the Society’s office (Mr. Rajaram onextension 13 or 21) to obtain prior appointment, at least a daybefore the day of the Clinic. Please note that the Panel willnot answer any queries pertaining to tax issues.
Charitable Trust Clinic
BCAS Foundation operates Right to Information (RTI) Clinic on aregular basis. RTI Clinic is operated by Mrs. Hema Sampat, aresearch scholar on the subject of RTI, Mr. A. K. Asher, Advocate& RTI activist and Mr. Narayan Varma, past President, BCAS.
The Clinic provides help and guidance to BCAS members as alsoto non-members, i.e., all citizens, for making applications under theRTI Act and also assists in resolving any related difficulties on thesubject of RTI.
The RTI Clinic operates on every 2nd, 3rd and 4th Saturday fromBCAS office — 11 a.m. to 1 p.m.
The next RTI Clinic days accordingly are 16th and 23rdFebruary 2008 and 8th, 15th and 29th March 2008. Please callthe Society’s office (Mrs. Archana) to obtain a prior appointment.
Chairman : Rajesh MuniConvenors : Hiten Shah
Manish SampatAliasgar Kherodawala
Coordinator : Pravin Shinde
Workshop on‘Being alert and achieving’
Do you wish to be well off and achieving ?
One way is to be well, psychologically well. For this, we will haveto be alert. To be alert, we should have an idea about ourselves, ofour outside and our inside, especially the latter and also how to workaround that reality. Transactional Analysis psychology helps us to dothis in a practical way. This workshop will give us a headstart in thejourney.
The workshop is aimed at understanding ourselves and understandingothers, relating with ourselves and relating with others, motivatingoneself and motivating others, and the power of knowing andexercising options. Learn how to play win-win strategy every time.
Dr. N. H. Atthreya a senior trainer, a resource faculty for a numberof workshops by international and national leaders on this subject formore than two decades, will lead the workshop. He is the author/co-author of over thirty books including two on this subject.
The details of the workshop are as under :
Day and Date : Saturday, 19th April 2008
Time : 9.30 a.m. to 5.00 p.m.
Venue : BCAS Conference Room, 7 Jolly Bhavan No. 2,New Marine Lines, Mumbai-400020.
Fees : Rs.1220 (Fees also cover the cost of a book on thesubject co-authored by the faculty and othernecessary material, snacks, lunch, tea, andcontribution of Rs.20 towards BCAS Foundation).
Enrolment form is printed on page 8.
Laws just or unjust may govern men’sactions. Tyrannies may restrain or regulatetheir words. The machinery of propagandamay pack their minds with falsehood anddeny them truth for many generations oftime. But the soul of man thus held intrance or frozen in a long night, can beawakened by a spark, coming from Godknows where, and in a moment the wholestructure of lies and oppression is on trialfor its life.
— Winston Churchill
BCAS Newsletter, February 2008 5
BCAS Newsletter, February 20086
BCAS Newsletter, February 2008 7
Contributed byGaurang Gandhi
The Reserve Bank of India has issued 3 Circulars.
A.P. (DIR Series) Circular No. 24, dated January 23, 2008
Exim Bank’s Line of Credit (LOC) of USD 5 million to NigerianExport-Import Bank
Exim Bank has, subject to certain terms and conditions, made availablea Line of Credit of US $ 5 million to the Nigerian Export-Import Bank forfinancing export of eligible capital and engineering goods, industrialmanufactures, consumer durables, commodities and services includingconsultancy services from India. Out of the total credit under thisAgreement, goods and services of the value of at least 85% of thecontract price shall be supplied by sellers from India.
This credit agreement is effective from December 4, 2007. The terminaldate for opening Letters of Credit and disbursement is December 3, 2009.
A.P. (DIR Series) Circular No. 25, dated January 25, 2008
Deferred Payment Protocols dated April 30, 1981 and December23, 1985 between Government of India and the erstwhile USSR
The rupee value of the special currency basket has been revised from54.9580 to 56.6777 with effect from November 29, 2007.
A.P. (DIR Series) Circular No. 26, dated January 28, 2008
Exim Bank’s Line of Credit (LOC) of USD 60 million to MyanmarForeign Trade Bank, Myanmar
Exim Bank has, subject to certain terms and conditions, made availablea Line of Credit of US $ 60 million to Myanmar Foreign Trade Bank,Myanmar, for financing export of eligible goods and services from India,for the Thahtay Chaung Hydropower Project in Myanmar to be executedby Bharat Heavy Electricals Limited. Out of the total credit under thisAgreement, goods and services of the value of at least 85% of thecontract price shall be supplied by sellers from India.
This credit agreement is effective from December 19, 2007. The last datefor opening Letters of Credit will be 48 months from the scheduledcompletion date of contract in case of project exports and October 28,2013 in case of other supply contracts.
Forthcoming Study Circle Meetings*Venue : BCAS Conference Hall, BCAS
Date & Day Time Subject Speaker Study Circle/Group Convenors
18th Feb. 08 6.15 p.m. Discussion on the Service — Indirect Tax Rajkamal ShahMonday Tax — Recent Case Laws Study Circle Parind Mehta
19th Feb. 08 6.15 p.m. Case studies in Harsha Rawal, C.A. ITF-I Study Group Coordinator :Tuesday International Taxation Tarunkumar Singhal
Natwar G. ThakrarKirit P. DedhiaD. S. Sharma
21st Feb. 08 6.15 p.m. FEMA Provisions relating to Natwar Thakrar, C.A. Fema Study Circle Satish KanodiaThursday Export of Goods & Services Naren Madlani
Rajesh P. Shah
* These meetings are restricted to members of that particular Study Circle only.
Imprest scheme started last year has received encouraging responsewith many members having taken the benefit of it. This facilitatesmembers to receive BCAS publications at their doorstep. All members,journal subscribers, students and non-members can take benefit of thisscheme.
The brief modalities of the scheme are as follows :
➠ Rs.2500 to be kept with the Society as an Imprest cash in youraccount. Non-member will have to pay additional Rs.250 for accounthandling charges
➠ The base level would be Rs.250 which needs to be reple-nished again to Rs.2500 by the person opting for the scheme.
➠ Any publication, conference papers or CDs costing less thanRs.250 would be sent to you as soon as they are published/released. This would also include one set of English Editionof the Budget Publication. (a set of 5 books)
For further details of the scheme :Visit the Society’s website at www.bcasonline.orgor contact Society’s office.
Imprest System for Publications
BCAS Newsletter, February 20088
Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Vijay Mudran, Mumbai-400031.
Combined Enrolment Form
Please fill in the above form appropriately and send the same to the Society’s office along with the requisite payment.Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft.
Name : ...................................................................................................................................................................................................................................................................
Address : ...............................................................................................................................................................................................................................................................
E-mail : ................................................ Mobile : .......................................................... Tel. : ........................................................ Fax : ........................................................
BCAS Memb. No. : ........................... Tel. (O) : ........................................................ Tel. (R) : ................................................. Fax : ........................................................
Cash / Draft / Cheque No. .................................. drawn on ..................................................................................................................................................................... Bank,
dated .................................... for an amount of Rs. ............................................................................... is enclosed.
Date : ............................... (Signature)
wherever applicable
CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE
Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MH/MR/South-88/2006-08Licensed to post without prepayment : Licence no. South-12/2006-08. Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1.
WORKSHOP :
‘Being alert and achieving’ 19-4-2008 Rs.1220 ..............................................
Full-day workshop on Practical 29-3-2008 Rs.1,020 for member ...........................Issues in Tax Deduction at Source Rs.1,270 for non-member ....................
Rs.700 for non-member .......................
Enrolment Form for the Book Lending Facility for C.A. Students
Name : ..................................................................................................................................................................................................................................
Address : ..............................................................................................................................................................................................................................
..............................................................................................................................................................................................................................................
Mobile : .................... Tel (O) : ....................... Tel. (R) : ...................... E-mail : ............................ Student’s Regn. No. with ICAI : .....................
Member’s Name : ........................................................................................................................ Member’s BCAS Registration No. : .........................
(Student’s Signature)
I the undersigned hereby recommend Mr./Ms. .................................................................................................... for availing book lending facilityof the BCAS foundation. I will ensure that the borrowed books are returned back within the stipulated period.
Date : ....................... Membership no. ....................... (Member’s Signature)
The BCAS Foundation has started an Academic Book LendingFacility for ‘PE II’ & ‘Final Level’ Chartered Accountancy students.This facility is meant to assist all those students who have in themthe capability to achieve great heights but have not been able torealise their dreams due to constraints.
After consulting various experienced faculties and one to oneinteraction with students pursuing the course, a list of academic booksfor both PE II & Final Level students has been formulated.
The scheme is in force from 15th of February 2008.
Kindly note that only students recommended by the members ofBCAS are entitled to this scheme.
Students can also access the list of books in the Students’ Corneron the BCAS website (www.bcasonline.org).
Desiring students should immediately approach the Librarian Ms.Madhuri Haware at BCAS Office (l [email protected]/[email protected] or call on 66595601/02/03/04/05 Extn no. 24)for further inquiries.
The enrolment form is given below.
� � � � � � � �CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE
Half-day workshop on TDS from 12-4-2008 Rs.500 for member ..............................International Transactions
BCAS FoundationBook lending facility for CA Students
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