NEWSLETTER OF NORTHERN INDIA REGIONAL COUNCIL OF THE ICAI

VOL. XLV, NO. 12

March, 2016

PRICE: RS. 5.00

Regional Council 2016-19

From the Desk of the Chairman...From the Desk of the Chairman...From the Desk of the Chairman...

Dear Professional Colleagues,

This is my first write up as Chairman, NIRC. At the outset I am

thankful to the Almighty, my seniors in the Central Council, my

colleagues in the Regional Council, Members and students at

large for reposing faith and trust in me and electing me as

Chairman NIRC for the period 2016-17. Though I am elected

in the capacity as Chairman as NIRC but I will work with you as

a colleague/team member for betterment of profession. I will

dedicate all my time for the betterment of the profession. My

aim is take the profession to the new heights in terms of

growth and better opportunities for professional brothers and

sisters.

I congratulate the Newly Elected President, ICAI CA. M Devarajja

Reddy and the newly elected Vice President, ICAI CA. Nilesh S.

Vikamsey. I also congratulate newly elected Central Council

Members, Regional Council Members of all Regions, Branch

office bearers on being elected on the August body. I hope all

the Newly elected team of ICAI will work in a cohesive way for

betterment and growth of the profession.

There is an urgent need to bring fresh ideas and methods for

updation of knowledge of members. The efforts will be made

to develop and introduce new speakers in addition to old and

experience hand. The seminars/conferences will be organised

on the topic most relevant at a time to the profession.

My aim will be to provide better infrastructure and to ensure

the smooth flow of work by introduction of latest technology.

We will try to ensure that all the information required by

members whether it is related to NRO or seminars/

conferences all otherwise is available online. This will save the

time and make the working environment hassle free.

The students are the future of the profession. We need to take

special care for the requirement. We need to provide an

My priorities for the next twelve month will be as

under:

For Members

For Students Chair

man

EDITORIAL BOARD (PROVISIONAL)

Date: 4th March, 2016Place: New Delhi

CA. Deepak Garg

Chairman, NIRC of ICAI

M : 9811064105

Grievance cell for the Members and Students

Bank Audit Assignment-Expectations from professionals

Members Campus Placement-February/March-2016

My aim is to make the working of NIRC of ICAI grievance free. We will

dedicate a full time counsellor for the purpose of handling the grievances

of Members and Students. Time limit will be fixed in which NIRC will

ensure the solution to the problem. I request all the Members and

students to give their suggestion for the improvement of the working

environment of NIRC of ICAI. Members and Students suggestion box has

been installed at 4th and 5th floor of NIRC of ICAI. If any members and

students have any grievance they can e-mail at nirc@icai.in.

Bank Audit, which is a vital assignment for most of the members of the

profession, is round the corner. By the time this issue of the Newsletter

reaches you, most of the members would be planning an effective

strategy for execution of statutory audit of Banks and Branches, as the

case maybe.

Members are advised to deliver a proficient service adhering to the

Central banker's guidelines. ICAI is organising a series of CPE programs

for the advantage of its members and a revised version of A Guidance

Note on Bank Audit 2016 edition has been made available to assist the

members. A word of caution to the members is not to consider the bank

assignment lightly, since the stakeholders in the society are closely

watching the role of auditors of banks to report any non- conformity

impacting the banks stability and incurring losses of public money. I

would be also like to share with my fraternity that we have been

appropriately representing that the autonomy given to banks in the

current procedure of appointment of Central Statutory Auditors and

Branch Statutory Auditors of Public-sector banks (PSBs) can lead to the

impairment of independence and thus is not in overall interest.

ICAI regularly hosts campus Placement events at various locations both

for the experienced members in industry and also for the new and young

members looking for openings in the industry. The institute's placement

programme is a pioneering platform for ICAI members as they get a

splendid chance to be interviewed and selected by their dream

organisations. At this event, young members get to meet and explore

their professional potential in a reciprocally positive environment. I wish

to inform that the forthcoming Campus Placement Programme is being

organised at 22 centres across India during February-March 2016. I

request all the members to share this information among the companies

known to them, who may possibly like to recruit CA professionals.

environment in which they are able to undergo their article ship training

in free and fair manner and at the same time they are able to prepare for

their studies as well as update their knowledge through the workshop

and seminars organised by NIRC of ICAI.

For various courses like GMCS-1 and GMCS-2 there is a need to further

update the technology and provide the online facility not only in terms of

registration but also in terms of payment.

NIRC of ICAI organised the following programmes during the month for

the benefit of Members at large. The programmes were held namely

Seminar on Capital Market, Seminar on Direct and Indirect Taxes,

Discussion on Union Budget 2016. The programmes were well attended

by large numbers of Members.

During the last month NIRC has organised following programme/

Seminars namely CA Student festival, How to face CA Final Exam for

SFM, Seminar on IND AS and Amendments in corporate and Allied Laws,

Seminar on How to face CPT Exams and Seminar on Service Tax for the

benefits of the CA students. A large number of students participated in

the said seminars.

Research is a backbone of the profession. In my tenure there will be

more thrust on the activities relating to the research on the topics

relevant to the profession. I invite the members at large to send their

name alongwith the name of research group at mail id : nirc@icai.in

which they would like to contribute and share their knowledge for the

profession. We are in the process of forming the research group and it

will be ensured all the research group become functional in contribute

towards profession by having interactive session. The research group

will be motivated to hold seminars on their topics and will be encourage

to being background material relevant to the profession.

The election to the office bearers of branches are almost over. I

congratulate the newly elected Chairman and other office bearer,

Members of the Managing Committee of the branches. I ensure them

whole hearted support for their activities for the coming year.

NIRC is going to organise the Branch Orientation Programme in the

month of April, 2016. We have invited the Hon'ble President and Hon'ble

Vice-President, ICAI on the said programme. The programme will be

organised for all the members of the Managing Committee of the

Branches falling within the jurisdiction of NIRC of ICAI. This will be an

interactive programme where the thought process will be initiated so

that the member can freely share their views on the different aspects.

The details of the programme will be announced soon after discussion

and approval of the concerned committee. I invite all the members of the

Managing Committee to participate with their full strength to make the

programme a grand success.

Regional Council Activities

Student Activities

Research Group Activities

New Office bearers of the Branch

Branch Orientation Programme

Date: 4th March, 2016Place: New Delhi

CA. Sumit Garg

Secretary, NIRC of ICAI

M : 9560064645

From the Desk of the Secretary...From the Desk of the Secretary...From the Desk of the Secretary...

Wish a great day ahead with lots of happiness,

success and healthy life to all my friends

I thank everyone for your support and efforts in

NIRC elections and choosing me to represent

yourself at large. Getting elected was never

possible without your support, wishes and active

participation. It is indeed a matter of immense

pleasure, and I feel proud that I converted your

wishes into reality. Due to God's grace, I got elected

as Secretary of NIRC, and I affirm my professional

colleagues, that I shall take every step to meet your

expectations and serve my responsibility with

dedication, sincerity and integrity.

As the outset, great leader has taken charge of our

prestigious institute ICAI, I would like to

congratulate Honorable CA. M. Devaraja Reddy and

CA Nilesh S Vikamsey on their being elected to the

august office of President and Vice-President

respectively of ICAI. I hope that our premium

profession will grow under their strong leadership

and guidance.

As you are aware that our new elected Team NIRC

took charge on this 26th of Feb, 2016. We are fully

committed to groom our profession at large and will

work hard for professional betterment. As a team, NIRC has organized various programs

for the members of the Profession during the last

month. We have organized seminar on Union

Budget on 1st of March 2016 guided by the

prominent speakers of Direct and Indirect taxation,

full day conference for Women Chartered

Accountants on 5th March. 2016, and a seminar on

bank Audit is going to be held on 18th March. 2016.

You are requested to please join the seminar in

large number. All the held programs were well

attended by large numbers of members. I, on

behalf of Team NIRC would like to say thanks to all

the guest members, prominent speakers for

sparing their valuable time and sharing their in-

depth knowledge and expertise with CA fraternity.

Seeking suggestions for various activities of

Professional Development

A vigorous effort has been taken by the Professional

Development Committee towards exploring

potential opportunities for the members of the

Institute in different sectors of the economy. It has

been endeavoring to determine the professional

developmental needs and simultaneously identifying

concerns which can impact the profession. Every year,

the Committee prepares multipurpose panel from

which it collates necessary information to provide

panel of Chartered Accountants/firms to Reserve

Bank of India, NABARD and various other authorities

as per criteria specified by them. The Professional

Development Knowledge Portal www.pdicai.org

provides the members with timely and necessary

information on practice, development and

professional opportunities to the members.

Before concluding, I would like to say that your words

of appreciation and suggestions provides us the

guidelines to act in an efficient and effective manner,

and I wish that you will always make an active

participation by sharing your views, contributing

articles to Newsletter, as your active participation will

take all of us to new heights. I sincerely thanks to all

the Team Members for giving their best inputs in

making this News Letter.

At the end, I take this opportunity to extend to you all

my greetings on the occasion of Holi. May god

wish you all the colours of life, colours of joy, colours

of happiness, colours of friendship, colours of love and

all other colours you want to fill in your life.

Sec

reta

ryDear Professional Colleagues,

5

any other reason even if it can be otherwise

inferred and/ or gathered from the records.

He is confined to the recorded reasons to

support the assumption of jurisdiction. He

cannot record only some of the reasons and

keep the others up his sleeves to be

disclosed before the Court if his action is

ever challenged in a Court of law.

• MANU-BH-0078-2016 in Nai Rajdhani

Path Pramandal Vs. CIT (TDS) and Ors,

Hon'ble Bihar High Court held that a careful

reading of the Circular 275/201/95-IT(B),

dated 29.01.1997, clearly shows that no

demand, as envisaged by Section 201(1) of

the Act, can be enforced against the

deductor if the tax, due to be paid by the deductee, has already been paid by the

deductee.

• MANU-KA-0204-2016 in Dell International Services India Private Limited

vs. ACIT, Hon'ble Karnataka High Court held that the jurisdiction of the Tribunal

being a last fact finding authority, is empowered to examine the documents

placed by the assessee in support of its claim. It is settled law that remand is not

a power to be exercised in a routine manner and should be used fairingly as an

exception only when the facts warranted such course of action. When the

materials are available on record, the Tribunal ought to have arrived at a

conclusion rather than further remanding the matter back to the Assessing

Officer that too, after giving a positive finding that the methodology adopted by

the assessee is on a scientific and reasonable basis.

• MANU-WB-0048-2016 in CIT, Kolkata-I Vs. Birla Corporation Ltd. Hon'ble

Kolkata High Court held that the Scheme of statute makes it very clear that

liability of interest as per the situation is on both the sides. Where assessment is

completed at an income higher than the returned income, the tax payable by

Assessee is specified in the notice of demand issued under Section of Act,

1961. In case of shortfall in payment of tax vis-à-vis the tax finally due on the

assessed income, the Assessee is liable to pay interest under Section 234B of

Act, 1961. In the same way where amount of tax paid by Assessee is found

higher and an amount is found refundable to Assessee, a similar obligation has

been fastened upon Revenue. Where the prepaid taxes are in excess of

assessed tax, Assessee is entitled for refund of excess tax along with the

interest.

• MANU-KA-0318-2016 in Principal CIT vs. C. Gopalaswamy, Hon'ble

Karnataka High Court held that Assessee was eligible to claim deduction u/s.

54F of Act in respect of building under construction despite same having not

being constructed within stipulated period of three years for availing of benefit.

As condition precedent for claiming benefit under section 54F of Act was capital

gain realized from sale of capital asset should have been parted by Assessee

and invested either in purchasing residential house or in constructing

residential house. Further, if Assessee had invested money in construction of

residential house, merely because construction was not complete in all respects

within period stipulated that would not disentitle Assessee from claiming benefit

under section 54F of Act.

• 2016-381-ITR-0453 in Standard Chartered Finance Ltd. vs. CIT, Hon'ble

Apex Court held that in those situations where there is no assessment

order passed, there cannot be a notice for reassessment in as much as the

question of reassessment arises only when there is an assessment in the

first instance.

To conclude this update series, I'd like to convey that education is a never

ending process & lifelong investment. Yesterday belonged to those, who kept

on learning. Today belongs to those, who keep on learning & de-learning.

Tomorrow will belong to those, who will develop the habit of Learning, De-

learning & RE-LEARNING.

March, 2016 NIRC NEWSLETTER

Vic

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hairper

son

Direct Taxes - Legal Updates

It's my privilege to serve the profession as Vice Chairman of NIRC of

ICAI for the year 2016-17. I'm highly indebted to all my professional

colleagues, seniors & stalwarts of the profession, friends and my family

for showing their faith in me and allow me to be a part of profession's

forward march.

It's my pleasure to present the updates for the month of

February 2016, which was brought into force by various

changes and amendments of Acts, Ratios, circulars and

notifications etc.

1. DIRECT TAXES

a. Income Tax

• MANU-DE-0453-2016 in CIT vs. Vatika Landbase Pvt. Ltd. Hon'ble

Delhi High Court held that the only person competent to give evidence

on the truthfulness of the contents of the document is the writer

thereof. So, unless and until the contents of the document are proved

against a person, the possession of the document or handwriting of that

person on such document by itself cannot prove the contents of the

document.

• MANU-DE-0454-2016 in Rustagi Engineering Udyog Pvt. Ltd. vs.

DCIT, Hon'ble Delhi High Court held that the powers of the Income-tax

Officer to reopen assessment though wide are not plenary. The words of

the statute are "reason to believe" and not "reason to suspect".

• MANU-KA-0323-2016 in Bangalore Urban & Rural District Co-

0perative Milk Producers Societies Members and Employees Welfare

Trust Bangalore Milk Union Ltd. Vs. The Director of Income Tax

(Exemptions), Hon'ble Karnataka High Court held that an object

beneficial to a section of the public is an object of general public utility.

To serve a charitable purpose, it is not necessary that the object should

be to benefit the whole of mankind or all persons in a particular country

or State. It is sufficient if the intention to benefit a section of the public

as distinguished from a specified individual is present. Therefore

registration u/s 12A and recognition u/s of the Act cannot be denied.

• MANU-SC-0197-2016 in Jagraon Exports vs. C.I.T-I, Hon'ble Apex

Court held that sale proceeds generated from the sale of scrap would

not be included in the total turnover for the purpose of deduction u/s

80HHC of the Act.

• MANU-SC-0201-2016 in CIT, Kanpur and Ors. Vs. Society for the

Promn. of Edn., Allahabad, Hon'ble Apex Court held that once an

application is made u/s 12AA of the Act and in case the same is not

responded to within six months, it would be taken that the application is

registered under the provision as deemed registration of the application

• MANU-DE-0373-2016 in Honda Cars India Ltd. vs. DCIT, Hon'ble

Delhi High Court held that neither the petitioner is admittedly a foreign

Company, nor the TPO has proposed any variation to the return filed by

the petitioner. The consequence of this is that the AO cannot propose an

order of assessment that is at variance in the income or loss return. TPO

Officer has accepted the return filed by the petitioner. Therefore, the

petitioner for the purposes of Section is not an "eligible assessee".

Since the petitioner is not an eligible assessee in terms of Section

144C(15) (b), no draft order can be passed in the case of the petitioner

u/s 144C(1).

• MANU-DE-0388-2016 in Sabharwal Properties Industries Pvt. Ltd.

and Ors vs. ITO, Hon'ble Delhi High Court held that having regard to the

entire scheme and purpose of the Act, the validity of the assumption of

jurisdiction u/s 147 can be tested only by reference to the reasons

recorded u/s 148(2) of the Act and the AO is not authorised to refer to

CA. Pooja AggarwalVice-Chairperson, NIRC of ICAI

Dear Professional Colleagues,“In pursuit of excellence, don't think about failure. If we are jumping into any

situation, we should think, we are going to be successful. And when you know

that you are doing the right things, just relax and perform, forget about the

outcome. When you put in the work, the results will come - FOR SURE.” -

Michael Jordan

The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 6

March, 2016 NIRC NEWSLETTER

the time of rendering such services for which rewards are claimed.

• Services rendered in Mode 1: Cross Border Trade and Mode-2: Consumption

abroad only will be eligible.

• The notified services and rates of rewards are listed in Appendix 3D.

• Have minimum net free foreign exchange earnings of US$15,000 in preceding

financial year for eligibility under the Scheme.

• For Individual Service Providers and sole proprietorship, such minimum net free

foreign exchange earnings criteria would be US$10,000 in preceding financial year.

• Payment in Indian Rupees for service charges earned on specified services (Listed

in Appendix 3E) to be treated as receipt in deemed foreign exchange.(Yet not

notified)

• In case of IEC holder is a manufacturer of goods as well as service provider, then

the foreign exchange earnings and Total expenses / payment / remittances shall be

taken into account for service sector only.

Services sector has made rapid strides in the past decade and emerge as the largest

and one of the fastest-growing sectors of the Indian economy. The services sector is

not only the dominant sector in India's GDP, but has also attracted significant foreign

investment flows, contributed significantly to exports as well as provided large-scale

employment. The Government of India recognises the importance of promoting

growth in services sectors and provides several incentives in wide variety of sectors

such as Healthcare, Tourism, Education, professional, Research & Development,

Advertising, Management Consulting Communications, Construction and Related

Engineering Services, transport services, environmental services, recreational

cultural and sporting services, among others.

One of the most important schemes called “Service Exports from India Scheme”

(SEIS) has been introduced by the Government under new Foreign Trade Policy

2015-20.Under the scheme w.e.f 01.04.2015 all service providers of notified

services, shall be rewarded under SEIS, regardless of the constitution or profile of the

service provider at rates of 3% or 5% (whichever applicable) of net foreign Exchange

Earning. New “Service Exports from India Scheme” not only replaces Served from

India Scheme (SFIS) available under the Foreign Trade Policy-2009-2014, but it

rationalize the incentives under the erstwhile schemes, removes various kind of

restriction of use of scrip issued under the Scheme and significantly enlarges the

scope of the earlier scheme. Unlike earlier Scheme, this scheme has been made

applicable to exports by SEZ units also.

OBJECTIVE OF THE SCHEME

Objective of Service Exports from India Scheme (SEIS) is to encourage export of

notified Services from India. This Scheme has been announced on 01.04.2015 under

the New Foreign Trade Policy-2015-2020 and has come into effect from 01.04.2015.

In other words, the rewards under the scheme are admissible on exports of notified

services rendered on or after 01.04.2015.

SALIENT FEATURES OF THE SCHEME

• Apply to “Service Providers located in India” instead of Indian Service Providers.

• Provides for rewards to all Service providers of notified services, who are

providing exporting services from India, regardless of the constitution or profile

of the service provider.

• Rewards under SEIS are based on net foreign exchange earned.

(Net foreign Exchange = Gross earning of foreign exchange-total

expenses/payment/remittances relating to services sector in the Financial Year)

• Reward issued as duty credit scrip is freely transferable and usable for payments

of excise duty, customs duty and service tax etc.

• Debits are eligible for CENVAT credit or drawback.

• Certain specified categories of services are not eligible for benefit under the

Scheme.

• Scrip can be used for payment of (i) Customs Duties for import of inputs or goods,

except items listed in Appendix 3A; (ii) Payment of excise duties on domestic

procurement of inputs or goods, including capital goods (iii) Payment of service tax

on procurement of services and (iv) payment of Customs Duty and fee (in case of

bona fide default under authorization)

• The services and rates of rewards notified are applicable for services exports

made between 01.04.2015 to 31.03.2016.

ELIGIBILITY CRITERIA FOR REWARD UNDER THE SCHEME

Service Providers of notified services, located in India, shall be rewarded under SEIS,

subject to conditions as may be notified.

• To claim reward under the scheme, Service provider shall have an active IEC at

Service Exports from India Scheme (SEIS) under Foreign Trade Policy

CA. Hansraj Chugh

SERVICES & RATES OF REWARDS

S. No. SECTORS Admissible

Rate

1

BUSINESS SERVICES

A.

PROFESSIONAL SERVICES

5%

B.

RESEARCH AND DEVELOPMENT SERVICES

5%

C.

RENTAL/LEASING SERVICES WITHOUT OPERATORS 5%

D.

OTHER BUSINESS SERVICES

3%

3%

2.

COMMUNICATION

SERVICES

5%

3.

CONSTRUCTION AND RELATED ENGINEERING SERVICES 5%

4.

EDUCATIONAL SERVICES (Please refer Note 1) 5%

5.

ENVIRONMENTAL SERVICES

5%

6. HEALTH-RELATED AND SOCIAL SERVICES 5%

7. TOURISM AND TRAVEL -RELATED SERVICES

A HOTELS AND RESTAURANTS (INCLUDING CATERING) 3%

B. Travel agencies and Tour Operators Services 5%

C. Tourist guides services 5%

8. RECREATIONAL, CULTURAL AND SPORTING SERVICES (other than

audiovisual services)

5%

9. TRANSPORT SERVICES (Please refer Note 2)

A. MARITIME TRANSPORT SERVICES 5%

B. AIR TRANSPORT SERVICES 5%

C. ROAD TRANSPORT SERVICES 5%

D. SERVICES AUXILIARY TO ALL MODES OF TRANSPORT 5%

INELIGIBLE CATEGORIES UNDER SEIS

• Supply of service through Mode-3- Commercial Presence and Mode-4 presence of

natural persons are not eligible under SEIS.

• Foreign exchange remittances other than those earned for rendering of notified

services would not be counted for entitlement.

• Other sources of foreign exchange earnings such as equity or debt participation,

donations, receipts of repayment of loans etc. and any other inflow of foreign

exchange, unrelated to rendering of service- Not Eligible for benefit under the

Scheme.

The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 7

March, 2016 NIRC NEWSLETTER

4. Explanation (aa) of 139 (9)- Defective

Return : A return which is otherwise valid would not

be treated defective merely because self-

assessment tax and interest payable in accordance

with the provisions of section 140A has not been

paid on or before the date of furnishing of the return.

AMENDEMENT IN ASSESSMENT - SECTION 143

OF THE INCOME TAX ACT, 1961

1. Section -143(1) –Processing :

An opportunity to the assessee, before making any

adjustment under clause of sub-section (1) of

section 143 to explain and rectify the same within

thirty days of issuance of such intimation and the

response so received be considered before making

such adjustments. In case no response is received

within such time, the adjustment of the amount

indicated in the intimation be made.

Following adjustments (proposed )are made

by Assessing officer :

I. an incorrect claim, if such incorrect claim is

apparent from any information in the return;ii. disallowance of loss claimed, if return of the

previous year for which set off of loss is claimed

was furnished beyond the due date specified

under sub-section (1) of section 139;iii. disallowance of expenditure indicated in the

audit report but not taken into account in

computing the total income in the return;iv. disallowance of deduction claimed under

sections 10AA, 80-IA, 80-IAB, 80-IB, 80-IC, 80-

ID or section 80-IE, if the return is furnished

AMENDEMENT IN RETURN OF INCOME -

SECTION 139 OF THE INCOME TAX ACT, 1961

(These amendments will take effect from 1st day of

April, 2017 and will, accordingly apply in relation to

assessment year 2017-2018 and subsequent

years.)

1. sixth proviso to sub-section (1) of the

section 139- Filling the income tax Return for

All Assessee : A person during the previous year

earns total income exceeds the basic exemption

limit before giving effect to the said clause of section

10 (38) , 10A, 10B or 10BA or Chapter- VI-A shall

also be liable to file return of income for the previous

year within the due date.

2. 139 (3)- Loss of Return : A person will not

allowed to carry forwarded his loss(es) suffered in

the following cases :-

• Loss from Non-Speculation business or

profession (Section-72)• Loss from speculation business (Section-73)• Loss from Specified Business u/s 35AD (

Section -73A) ( Proposed )• Loss from Capital Gains (Section-74)• Loss from owing and maintaining Races Horses

( Section -74A)In the other words, a person cannot carry forward

the aforesaid losses in case of belated filing of ROI.

3. 139 ( 5) Revised Return : Only ROI including

for loss filed within due date under section 139(1) or

belated return under section 139(4) any time

before end of the relevant assessment year or

Completion of the assessment whichever is earlier.

CA. C.M Jain

BUDGET PROPOSAL RELATING TO CHAPATER XIV- PROCEDURE FOR ASSESSMENT

The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 8

March, 2016 NIRC NEWSLETTER

beyond the due date specified under sub-section (1)

of section 139; orv. addition of income appearing in Form 26AS or

Form 16A or Form 16 which has not been

included in computing the total income in the

return:(These amendments will take effect from the 1st

April, 2017 and will, accordingly, apply in relation to

the assessment year 2017-2018 and subsequent

years.)

2. 143(1D)-Intimation before the competition

of assessment u/s 143(3) : Section to provide

that before making an assessment under sub-

section (3) of section 143, a return shall be

processed under sub-section (1) of section 143.

(These amendments will take effect from the 1st

April, 2017 and will, accordingly, apply in relation to

the assessment year 2017-2018 and subsequent

years.)

3. 143 (2) - Compulsory service of Notice for

assessment proceeding : notice under the said

sub-section may be served on the assessee by the

Assessing Officer or, as the case may be, the

prescribed income-tax authority under the

circumstances specified therein requiring him to

produce or caused to be produced on a specified date

before the Assessing Officer any evidence on which

the assessee may rely in support of the return. (This

amendment will take effect from 1st June, 2016)

AMENDEMENT IN INCOME ESCAPING

ASSESSMENT - SECTION 147 OF THE INCOME

TAX ACT, 19611. Clause (ca) of Expl-2 of Section 147 Deemed

case of escapement: Its case shall be deemed to

be a case where income chargeable to tax has

escaped assessment where on the basis of

information or document received from the

prescribed income-tax authority it is noticed by the

Assessing Officer that the income of the assessee

exceeds the maximum amount not chargeable to

tax, or the assessee has understated the income or

has claimed excessive loss, deduction, allowance or

relief in the return. (This amendment will take effect

from 1st June, 2016)

AMENDEMENT IN TIME LIMIT FOR

C O M P L E T I O N O F A S S E S S M E N T ,

REASSESSMENT AND RECOMPUTATION -

SECTION 153 OF THE INCOME TAX ACT, 1961

Section -153 : The changes proposed in

existing time limit are as under:–

a. the period, for completion of assessment under

section 143 or section 144 be changed from

existing two years to twenty one months from the

end of the assessment year in which the income

was first assessable;

b. the period for completion of assessment under

section 147 be changed from existing one year

to nine months from the end of the financial year

in which the notice under section 148 was served;

c. the period for completion of fresh assessment in

pursuance of an order under section 254 or

section 263 or section 264, setting aside or

cancelling an assessment be changed from

existing one year to nine months from the

end of the financial year in which the order under

section 254 is received by the Principal Chief

Commissioner or Chief Commissioner or Principal

Commissioner or Commissioner, or the order

under section 263 or section 264 is passed by the

Principal Commissioner or Commissioner.

NIRC of ICAICongratulates

CA. Girish AhujaNominated as a Part TimeNon Official Director on the Central Board of Directors

of State Bank of India, for a period of three years.

The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 9

March, 2016 NIRC NEWSLETTER

For the assessment year 2016-2017 surcharge is 12 % of income tax, where taxable

income exceeds Rs 1 crore.

- Co-operative societies are required to a minimum tax based on adjusted total income

(AMT) which shall be computed by increasing the deduction claimed by assessee under

any section included in Chapter VI-A of the heading 'C – Deductions in respect of

certain incomes' (but excluding any deduction u/s 80P) and deduction claimed u/s

10AA, with the total income as assessed by AO. In other words, the cooperatives,

which are only entitled to deduction u/s 80P, shall not be affected by the AMT

provisions.

EXEMPTION TO CO-OPERATIVE SOCIETY

- any income of a co- operative society formed for promoting the interests of the

members of either the Scheduled Castes or Scheduled Tribes or both referred to in

clause (26B):

Provided that the membership of the co- operative society consists of only other co-

operative societies formed for similar purposes and the finances of the society are

provided by the Government and such other societies;].

- Section 80 P provides certain exemptions to co-operative societies.

Where the co-operative society is also entitled to the deductions available under

sections 80HH, 890HHA, 80HHB, 801, 80J, 80JJ and 80JJA. The deduction under this

section [i.e. 80 P (I)] shall be allowed with reference to the total income as reduced by

the deduction allowable respectively under sections 80HH, 80HHA, 80HHB, 80HHC,

80J, 80JJ and 80I.

DEDUCTION UNDER SECTION 80 P

- The following amounts are allowed as deduction under this section. However, from the

assessment year 2007-08 onwards, deduction under section 80 P is not available to a

co-operative bank. A primary agricultural credit society, a primary co-operative

agricultural and rural development bank will continue to get deduction under section

80P.

- The whole of the amount of the profits attributable to any one or more of the following

activities in the Case of a co-operative society engaged in:-

(i) Carrying on the business of banking or providing credit facilities to its members, or

(ii) A cottage industry, or

(iii) The marketing of the agricultural produce grown by its members, or

(iv) The purchase of the agricultural implements, seeds, live-stock or other articles

intended for agricultural for the purpose of supplying them to its members, or

(v) The processing, without the aid of power, of the agricultural produce of its

members, or

(vi) The collective disposal of the labour of its members, or

(vii) Fishing or allied activities, that is to say, the catching, curing, processing,

preserving storing or marketing of fish or the purchase of materials and

equipment in connection therewith for the purpose of supplying them to its

members,

- This apart, when a primary cooperative society is engaged in supplying milk, oil seeds,

fruits or vegetables grown by its members to a federal cooperative or to the Govt or

local authority or a Govt Company or a statutory corporation – the whole of the

amounts of profits and gains of such business is deductible.

- Further, full deduction is available in respect of any income by way of interest or

dividends derived by the cooperative society from its investment with any other

cooperative society and in respect of any income derived by the cooperative society

from the letting of warehouses for storage, processing or facilitating the marketing of

commodities.

SECTION 2(19) of INCOME TAX ACT, 1961

Co-operative society means a co-operative society registered under the Co-operative

Society Act 1912 or under any law for the time being in force in any State for the registration

of Co-operative societies. Thus only a registered co-operative society is enabling to enjoy

the status of co-operative society under the Act. One can formed a business under the

organizational setup of Co-operative Society. This form of organization is best suited for

persons with small means to combine their resources and efforts in the promotion of

production, distribution or consumption of goods or services in which they have a common

interest. For the purpose of taxation it is treated as separate assessable entity under Income

Tax Act.

A regional rural Bank is deemed to be a Co-operative societies- Circular No. 319 dated

11.1.1992.

PRINCIPLE OF MUTUALITY

Co-operatives, like housing cooperatives, who collects monthly subscription from the

members and spends the same to meet the various expenses of the society for providing

services to members like maintenance, security etc. Even if any surplus is generated, it is

not chargeable to tax as it is exempt based on the “Concept of Mutuality”. Essential

requirement of this concept is that “All the contributors to the common fund must be

entitled to participate in the surplus & all the participators to the surplus must be

contributors to the common trade”.

COMPLIANCE OF INCOME TAX PROVISIONS

- Co-operative society has to get PAN, TAN etc. like any other form of business.

- It has to pay advance income tax in three installments: within 15th September –

30%, within 15th December – 60% and within 15th March – the whole amount of such

advance tax as reduced by the amount paid in earlier installment(s).

- It has to comply with all the TDS provisions except:

I. U/s 193, No Tax shall be deducted from any interest payable on debentures issued

by any co-operative society.

ii. U/s 194A No Tax shall be deducted on interest other than interest on securities, if

such income is credited or paid by a co-operative society to his own member or

member of any other society.

iii. Co-operative society is not covered u/s 115-O hence not required to pay tax on

distributed profits, TDS provisions for dividends u/s 194 is not applicable.

All other TDS compliances are mandatorily to be fulfilled.

- Co-operative society is required to maintain books of accounts and other

documents u/s 44AA. Its accounts are required to be audited by Chartered Accountant

u/s 44AB notwithstanding the fact that its accounts are subjected to audit by the

administrative department (Directorate of Cooperative Audit) as provided in the State

Cooperative Laws.

- It requires filing its ROI in ITR-5 up to 30th September. Just like a Company, without

filing a 'loss return' within the stipulated time, business loss and loss under the head

capital gains of a cooperative cannot be carried forward. Loss under the head income

from house property and unabsorbed depreciation also cannot be carried forward if

loss return is not filed at all. Provisions relating to e-filing and use of digital

signature are also applicable.

- Rates of income tax applicable to co-operative societies for the assessment year 2016-

2017 are given below for the convenience of co-operative societies to work out their

liability to tax.

Income Tax Rate

On total income upto Rs. 10,000 10%

Total income in excess 10,000 upto 20,000 20%

Total income in excess of 20,000 30%

And education cess is 2% and Secondary higher education cess is 1%.

Taxation of Co-Operative Societies

CA. Nitin KanwarTreasurer, NIRC

The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 10

March, 2016 NIRC NEWSLETTER

Direct Tax Proposals for Individual Tax Payers

CA. Mukesh Bansal

Some of important direct tax proposal in Finance Bill 2016 impacting individual tax payers

have been summarise below.

1. Tax Rates for Individual Tax Payers.

In the case of every individual, being a resident in India, who is of the age of sixty years or

more but less than eighty years at any time during the previous year, Exemption limit is Rs.

300000. in the case of every individual, being a resident in India, who is of the age of eighty

years or more at any time during the previous year, Exemption Limit is Rs. 500000.

The amount of income-tax computed as above shall be increased by a surcharge at the rate

of fifteen percent. of such income-tax in case of a person having a total income exceeding

one crore rupees, with marginal relief. For financial year 2016-2017, additional surcharge

called the "Education Cess on income-tax" and "Secondary and Higher Education Cess on

income-tax" shall continue to be levied at the rate of two per cent. and one per cent.

respectively, on the amount of tax computed, inclusive of surcharge (wherever applicable),

in all cases. No marginal relief shall be available in respect of such Cesses.

2. Increase in limit of rebate in income-tax allowable under Section 87A (w e f A Y

2017-18)

With the objective to provide relief to resident individuals in the lower income slab, it is

proposed to amend section 87A so as to increase the maximum amount of rebate available

under this provision from existing Rs.2,000 to Rs.5,000 for resident individual whose total

incomes does not exceed five hundred thousand rupees (Rs. 500000).

3. Taxation of income by way of dividend (wef AY 2017-18)

It is proposed to amend the Income-tax Act so as to provide that any income by way of

dividend in excess of Rs. 10 lakh shall be chargeable to tax in the case of an individual, Hindu

undivided family (HUF) or a firm who is resident in India, at the rate of ten percent. The

taxation of dividend income in excess of ten lakh rupees shall be on gross basis.

4. Tax Collection at Source (TCS) on sale of vehicles; goods or services (wef

01.06.2016)

In order to reduce the quantum of cash transaction in sale of any goods and services and for

curbing the flow of unaccounted money in the trading system and to bring high value

transactions within the tax net, it is proposed to amend section 206C to provide that the

seller shall collect the tax at the rate of one per cent from the purchaser on sale of motor

vehicle of the value exceeding ten lakh rupees and sale in cash of any goods (other than

bullion and jewellery), or providing of any services (other than payments on which tax is

deducted at source under Chapter XVII-B) exceeding two lakh rupees.

5. Tax incentives for start-ups (wef A Y 2017-18)

With a view to providing an impetus to start-ups and facilitate their growth in the initial

phase of their business, it is proposed to provide a deduction of one hundred percent of the

profits and gains derived by an eligible start-up from a business involving innovation

development, deployment or commercialization of new products, processes or services

driven by technology or intellectual property. The benefit of hundred percent deduction of

the profits derived from such business shall be available to an eligible start-up which is setup

before 01.04.2019. Further, in order to promote the start-up ecosystem in the country, it is

envisaged in 'start-up India Action Plan' to establish a Fund of Funds which intends to raise

Rs 2500 crores annually for four years to finance the start-ups. Keeping this objective in

view, it is proposed to insert a new Section 54EE to provide exemption from capital gains tax

if the long term capital gains proceeds are invested by an assessee in units of such specified

fund, as may be notified by the Central Government in this behalf, subject to the condition

that the amount remains invested for three years failing which the exemption shall be

withdrawn. The investment in the units of the specified fund shall be allowed up to Rs. 50

lakh. With an objective to provide relief to an individual or HUF willing to setup a start-up

company by selling a residential property to invest in the shares of such company, it is

proposed to amend section 54GB so as to provide that long term capital gains arising on

account of transfer of a residential property shall not be charged to tax if such capital gains

are invested in subscription of shares of a company which qualifies to be an eligible start-up

subject to the condition that the individual or HUF holds more than fifty per cent shares of the

company and such company utilises the amount invested in shares to purchase new asset

before due date of filing of return by the investor.

6. Incentives for Promoting Housing for All (wef A Y 2017-18)

With a view to incentivise affordable housing sector as a part of larger objective of 'Housing

for All', it is proposed to amend the Income-tax Act so as to provide for hundred per cent

deduction of the profits of an assessee developing and building affordable housing projects if

the housing project is approved by the competent authority before the 31stMarch, 2019

subject to certain conditions which inter alia, include:

(i) The project is completed within a period of three years from the date of approval,

(ii) The project is on a plot of land measuring not less than 1000 sq. metres where the

project is within 25 km from the municipal limits of four metros namely Delhi, Mumbai,

Chennai & Kolkata and in any other area, it is measuring not less than 2000 sq. metres where

the size of the residential unit in the said areas is not more than thirty sq. metres and sixty

sq. metres, respectively,

(iii) Where residential unit is allotted to an individual, no such unit shall be allotted to him or

any member of his family, etc.

In furtherance of the goal of the Government of providing 'housing for all', it is proposed to

incentivise first-home buyers availing home loans, by providing additional deduction in

respect of interest on loan taken for residential house property from any financial institution

up to Rs. 50,000. This incentive is proposed to be extended to a house property of a value

less than fifty lakhs rupees in respect of which a loan of an amount not exceeding thirty five

lakh rupees has been sanctioned during the period from the 1stday of April, 2016 to the

31stday of March, 2017. It is also proposed to extend the benefit of deduction till the

repayment of loan continues. The deduction under the proposed section is over and above

the limit of Rs 2,00,000 provided for a self-occupied property under section 24 of the Act.

7. Sovereign Gold Bond Scheme, 2015 (wef A Y 2017-18)

With a view to providing parity in tax treatment between physical gold and Sovereign Gold

Bond, it is proposed to amend Section 47 of the Income-tax Act, so as to provide that any

redemption of Sovereign Gold Bond under the Scheme, by an individual shall not be treated

as transfer and therefore shall be exempt from tax on capital gains.

8. Tax Treatment of Gold Monetization Scheme, 2015. (wef A Y 2016-17)

The Gold Monetization Scheme, 2015 has since been introduced by the Government of

India. Wth a view to extend the same tax benefits to the scheme as were available to the

Gold Deposit Scheme, 1999 it is proposed to amend Clause (14) of section 2, so as to

exclude Deposit Certificates issued under Gold Monetisation Scheme, 2015 notified by the

Central Government, from the definition of capital asset and thereby to exempt it from

capital gains tax. It is also proposed to amend clause (15) of section 10 so as to provide that

the interest on Deposit Certificates issued under the Scheme, shall be exempt from income-

tax.

9. Increase in time period for acquisition or construction of self-occupied house

property for claiming deduction of interest ( AY 2017-18)

In view of the fact that housing projects often take longer time for completion, it is proposed

that second proviso of clause (b) of section 24 be amended to provide that the deduction

under the said proviso on account of interest paid on capital borrowed for acquisition or

construction of a self-occupied house property shall be available if the acquisition or

construction is completed within five years from the end of the financial year in which capital

was borrowed.

10. Simplification and rationalisation of provisions relating to taxation of

unrealised rent and arrears of rent. (AY 2017-18)

It is proposed to simplify these provisions and merge them under a single new section 25A

and bring uniformity in tax treatment of arrears of rent and unrealised rent. It is proposed to

provide that the amount of rent received in arrears or the amount of unrealised rent realised

subsequently by an assessee shall be charged to income-tax in the financial year in which

such rent is received or realised, whether the assessee is the owner of the property or not in

that financial year. It is also proposed that thirty per cent of the arrears of rent or the

unrealised rent realised subsequently by the assessee shall be allowed as deduction.

11. Introduction of Presumptive taxation scheme for persons having income from

profession. (AY 2017-18)

New section 44ADA is proposed to be inserted in the Act to provide for estimating the income

of an assessee who is engaged in any profession referred to in sub-section (1) of section

44AA such as legal, medical, engineering or architectural profession or the profession of

accountancy or technical consultancy or interior decoration or any other profession as is

notified by the Board in the Official Gazette and whose total gross receipts does not exceed

fifty lakh rupees in a previous year, at a sum equal to fifty per cent. of the total gross receipts,

or, as the case may be , a sum higher than the aforesaid sum earned by the assessee. The

scheme will apply to such resident assessee who is an individual, Hindu undivided family or

partnership firm but not Limited Liability partnership firm.

Under the scheme, the assessee will be deemed to have been allowed the deductions under

section 30 to 38. Accordingly, the written down value of any asset used for the purpose of the

SR. No.

1

2

3

4

Income Slabs (Rs.)

Upto 250000

250001 to 500000

500001 to 1000000

Above 1000000

Tax Rates

NILL

10%

20%

30%

The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 11

March, 2016 NIRC NEWSLETTER

profession of the assessee will be deemed to have been calculated as if the assessee had

claimed and had actually been allowed the deduction in respect of depreciation for the

relevant assessment years..It is also proposed that the assessee will not be required to

maintain books of account under sub-section (1) of section 44AA and get the accounts

audited under section 44AB in respect of such income unless the assessee claims that the

profits and gains from the aforesaid profession are lower than the profits and gains deemed

to be his income under sub-section (1) of section 44ADA and his income exceeds the

maximum amount which is not chargeable to income-tax.

12. Increase in threshold limit for audit for persons having income from profession

(AY 2017-18)

In order to reduce the compliance burden, it is proposed to increase the threshold limit of

total gross receipts, specified under section 44AB for getting accounts audited, from twenty

five lakh rupees to fifty lakh rupees in the case of persons carrying on profession.

13. Increase in threshold limit for presumptive taxation scheme for persons

having income from business ( AY 2017-18)

In order to reduce the compliance burden of the small tax payers and facilitate the ease of

doing business, it is proposed to increase the threshold limit of one crore rupees specified in

the definition of "eligible business" to two crore rupees. It is also proposed that the

expenditure in the nature of salary, remuneration, interest etc. paid to the partner as per

clause (b) of section 40 shall not be deductible while computing the income under section

44AD as the said section 40 does not mandate for allowance of any expenditure but puts

restriction on deduction of amounts , otherwise allowable under section 30 to 38. It is also

proposed that where an eligible assessee declares profit for any previous year in accordance

with the provisions of this section and he declares profit for any of the five consecutive

assessment years relevant to the previous year succeeding such previous year not in

accordance with the provisions of sub-section (1), he shall not be eligible to claim the benefit

of the provisions of this section for five assessment years subsequent to the assessment

year relevant to the previous year in which the profit has not been declared in accordance

with the provisions of sub-section (1). For example, an eligible assessee claims to be taxed

on presumptive basis under section 44AD for Assessment Year 2017-18 and offers income of

Rs. 8 lakh on the turnover of Rs. 1 crore, For Assessment Year 2018-19 and Assessment Year

2019-20 also he offers income in accordance with the provisions of section 44AD. However,

for Assessment Year 2020-21, he offers income of Rs.4 lakh on turnover of Rs. 1 crore. In

this case since he has not offered income in accordance with the provisions of section 44AD

for five consecutive assessment years, after Assessment Year 2017-18, he will not be

eligible to claim the benefit of section 44AD for next five assessment years i.e. from

Assessment Year 2021-22 to 2025-26. Further as the turnover limit of presumptive taxation

scheme has been enhanced to rupees two crore, it is proposed to provide that eligible

assessee shall be require to pay advance tax. However, in order to keep the compliance

minimum in his case, it is proposed that he may pay advance tax by 15th March of the

financial year.

14. Automation of various processes and paperless assessment. (Wef 01.06.2016)

It is proposed to amend the relevant provisions of the Act so as to provide adequate legal

framework for paperless assessment in order to enhance efficiency and reduce the burden of

compliance. A series of changes are proposed to achieve this end. It is proposed to amend

sub-section (1) of section 282A so as to provide that notices and documents required to be

issued by income-tax authority under the Act shall be issued by such authority either in

paper form or in electronic form in accordance with such procedure as may be prescribed.

It is also proposed to amend the existing provision of section 2 by inserting new clause (23C)

to define the term "hearing" to include communication of data and documents through

electronic mode.

15. Taxation of Non-compete fees and exclusivity rights in case of Profession (A Y

2017-18)

It is proposed to amend clause (va) of section 28 of the Act to bring the non-compete fee

received/receivable( which are recurring in nature) in relation to not carrying out any

profession, within the scope of section 28 of the Act i.e. the charging section of profits and

gains of business or profession. Further, it is also proposed to amend the proviso to clarify

that receipts for transfer of right to carry on any profession, which are chargeable to tax

under the head "Capital gains", would not be taxable as profits and gains of business or

profession. It is also proposed to amend section 55 so as to provide that the 'cost of

acquisition' and 'cost of improvement' for working out "Capital gains" on capital receipts

arising out of transfer of right to carry on any profession shall also be taken as 'nil'

16. Enabling of Filing of Form 15G/15H for rental payments (wef 01.06.2016)

The provision of sub-section 194-I of the Act, inter alia, provides for tax deduction at source

(TDS) for payments in the nature of rent beyond a threshold limit. The existing provisions

provide threshold of Rs. 1,80,000 per financial year for deduction of tax under this section.

In spite of providing higher threshold for deduction tax under this section, there may be

cases where the tax payable on recipient's total income, including rental payments , will be

nil. The existing provisions of section 197A of the Income-tax Act, inter alia provide that tax

shall not be deducted, if the recipient of certain payments on which tax is deductible

furnishes to the payer a self- declaration in prescribed Form.No. 15G/15H declaring that the

tax on his estimated total income of the relevant previous year would be nil. In order to

reduce compliance burden in such cases, it is proposed to amend the provisions of section

197A for making the recipients of payments referred to in section 194-I also eligible for filing

self-declaration in Form no 15G/15H for non-deduction of tax at source in accordance with

the provisions of section 197A.

17. Rationalisation of tax treatment of Recognised Provident Funds, Pension

Funds and National Pension Scheme (AY 2017-18)

Under the existing provisions of the Income-tax Act, tax treatment for the National Pension

System (NPS) referred to in section 80CCD is Exempt, Exempt and Tax (EET) i.e., the

monthly/periodic contributions during the pension accumulation phase are allowed as

deduction from income for tax purposes; the returns generated on these contributions

during the accumulation phase are also exempt from tax; however, the terminal benefits on

exit or superannuation, in the form of lump sum withdrawals, are taxable in the hands of the

individual subscriber or his nominee in the year of receipt of such amounts. However,

commutation of Government Pension and superannuation fund is exempt from taxation. The

monthly contribution, annual accrued income, advances/ withdrawals for specific purposes

and final withdrawal from the Recognised Provident Funds (RPFs) on superannuation are

also accorded EEE status i.e. Exempt, Exempt, Exempt. In order to bring greater parity in tax

treatment of different types of pension plans, it is proposed to amend section 10 so as to

provide that in respect of the contributions made on or after the 1stday of April, 2016 by an

employee participating in a recognised provident fund and superannuation fund, up to 40 %

of the accumulated balance attributable to such contributions on withdrawal shall be exempt

from tax. Under the existing provisions, any payment from an approved superannuation

fund made to an employee in lieu of or in commutation of an annuity on his retirement at or

after a specified age or on his becoming incapacitated prior to such retirement is exempt

from tax. It is proposed to amend the said provisions so as to provide that any payment in

commutation of an annuity purchased out of contributions made on or after the 1stday of

April, 2016, which exceeds forty per cent of the annuity, shall be chargeable to tax.

Under the existing provisions of section 80CCD, any payment from National Pension System

Trust to an employee on account of closure or his opting out of the pension scheme is

chargeable to tax. It is proposed to provide that any payment from National Pension System

Trust to an employee on account of closure or his opting out of the pension scheme referred

to in Section 80CCD, to the extent it does not exceed forty percent of the total amount

payable to him at the time of closure or his opting out of the scheme, shall be exempt from

tax. However, the whole amount received by the nominee, on death of the assessee shall be

exempt from tax. Under section 17, perquisite includes the amount of any contribution

exceeding one lakh rupees to an approved superannuation fund by the employer in the

hands of the assessee. Under the Part A of Fourth Schedule to the Income-tax Act

contributions made by employer to the credit of an employee participating in a recognised

provident fund, which are in excess of twelve percent of the salary of the employee, are

liable to tax in the hands of the employee. However, there is no monetary limit for the

contribution made by the employer though there is a monetary ceiling for employee's

contribution. The limit of contribution by the employee eligible under section 80C of the Act

has been increased from one lakh rupees to one lakh and fifty thousand rupees vide Finance

Act (No.2), 2014. Therefore, in order to bring parity in the monetary limit for contribution by

the employer and the employee, it is proposed to amend the said section and said schedule

so as to provide the limit of employer's contribution to one lakh and fifty thousand rupees,

without attracting tax Further with a view to bring all the pension plans under one umberalla,

it is also proposed to amend:

(I) the said schedule so as to provide exemption to one-time portability from a recognised

provident fund to National Pension System;

(ii)(ii) clause (13) of section 10 so as to provide that any payment from an approved

superannuation fund by way of transfer to the account of the employee under NPS referred

to in section 80CCD and notified by the Central Government shall be exempt from tax.

18. Rationalisation of advance tax payment schedule under section 211 (wef

01.06.2016)

It is proposed to rationalise schedule for advance tax payment and prescribe the same

advance tax schedule for all assessees other than an eligible assessee in respect of eligible

business as referred to in section 44AD. Thus there will be four quarterly instalments for all

Assessee. It is further proposed that an eligible assessee in respect of eligible business

referred to in section 44AD opting for computation of profits or gains of business on

presumptive basis, shall be required to pay advance tax of the whole amount in one

instalment on or before the 15th March of the financial year.

19. Payment of interest on refund (wef 01.06.2016)

In order to ensure filing of return within the due date it is proposed to amend section 244A to

provide that in cases where the return is filed after the due date, the period for grant of

interest on refund may begin from the date of filing of return. In the interest of fairness and

equity, it is further proposed to provide that an assessee shall be eligible to interest on

refund of self-assessment tax for the period beginning from the date of payment of tax or

filing of return, whichever is later, to the date on which the refund is granted. For the purpose

of determining the order of adjustment of payments received against the taxes due, the

prepaid taxes i.e. the TDS, TCS and advance tax shall be adjusted first.

It is also proposed to provide that where a refund arises out of appeal effect being delayed

beyond the time prescribed under sub-section (5) of section 153, the assessee shall be

entitled to receive, in addition to the interest payable under sub-section (1) of section 244A,

an additional interest on such refund amount calculated at the rate of three per cent per

annum, for the period beginning from the date following the date of expiry of the time

allowed under sub-section (5) of section 153 to the date on which the refund is granted. It is

clarified that in cases where extension is granted by the Principal Commissioner or

Commissioner by invoking proviso to sub-section (5) of section 153, the period of additional

interest, if any, shall begin from the expiry of such extended period.

March, 2016 NIRC NEWSLETTER

The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 13

FROM THE EYES OF A CHARTERED ACCOUNTANT

From the time immemorial, the literature has taught us the methodology

and system of Auditing Practices as well as the standard of Practices in our

daily routine as an Auditor. There are many stories from the Literature

which gives us insight connection to our Profession as an auditor and as a

professional. Our main motto has also been derived from the Literature

YA ESA SEPTESHU JAGRITI. I have picked up some of the stories from the

Literature so as to relate it to our professional practice.

Statutory and or Internal Audit of Banks:

One such story I have come across was written by a Hindi Author Munshi

Prem Chand by the Title " Parda" means Curtain. The protagonist had given

loan to one person who was unable to recover it even visiting him daily. A

Beautiful Parda (Curtain) was hung on the door. He would not dare to enter

the house and standing outside he would shout and abuse asking for the

recovery of loan which he had given. Today in our banking sector the loans

are granted after due diligence as per norms set and under the guidelines

issued from time to time. Even then the loans become N P A. The story

which was written way back some ninety years itself teaches many lessons.

The loan which was given to the person by the protagonist, he never did due

diligence as to the capacity of the person to pay back and or to use the

money for some profits, It became irrecoverable. In the same way the

banking sector is suffering in the back Drop of loans becoming Non

Productive.

Internal Audit and control:

One such story I came across when I was in my Eighth standard. The Story

revolves around two brothers. The elder brother was living in the forest.

And one day younger brother out of love and affection went to meet him.

The elder one was away from his hut and younger brother waited for him to

return. It was after noon till then his brother had not turned up and he felt

hungry. There was nothing to eat in the hut. He looked around at the tree

which was full of fruits. He plucked some of it and ate. His brother came

and exchanged greetings. While they were chatting , the elder brother

looked at the tree and asked his younger brother if anybody else came to his

place. The younger brother replied that since morning he is here and

nobody else has visited. "What is wrong" younger brother asked. The elder

brother said that some body has plucked the fruits from the tree. Younger

brother replied that as he was hungry and he plucked and ate. Oh, well,

"you have committed theft"Well If You feel that I have committed theft I am

ready to face the Punishment." Younger brother said. The story thus goes

on and in the end the younger brother was punished for the theft. This story

revolves around the internal control system where the elder brother was

keeping a close watch over the produce and its accounting. It also gives an

insight to our crime and punishment theory.

Principles of Accounting.

This story written by Munshi Prem Chand is "Idgah" The protagonist of the

story is a child (Hamid) of about 10 years who is living with his grand mother

in the village . It is the day of Eid and all the children are ready to go to the

fair. Grand mother gives him just five paise and with that he buys a Tong

(Chimta). His other friends who have enough money buy sweets, toys, etc.

On the way back Hamid proves to everyone that he has bought an item of

enduring nature (Capital Expenditure) and all of his friends have made

wasteful expenses on sweets and toys made of mud which are of Revenue in

nature. The Tong (Chimta) which he bought was required by his

grandmother so that when she makes bread (Roti) will not have to bear the

heat of the stove (Chullah)

Commitment to the Profession:

There is a greatest story of love and commitment by the title " Usne Kaha

Tha" written by the writer Chander Dhar Sharma Guleri. The Protagonist in

the story committed to that whatsoever happens to him he will save the

husband and her son of his childhood beloved. In the end he loses his life.

We are appointed for specific engagement in our profession and by agreeing

to the terms and conditions, we should be Committed to the said

engagement. In whatever capacity we are working whether in service or in

professional practice, we have to adhere to the principal of commitment.

Morality in Profession:

In the early sixties, when I was a student in the College, there was a chapter

on Stock Exchange in the Indian Economics book authored by Dr K. K.

Dewet who was also the Principal of Dyal Singh College, the first line of the

chapter read as "Money is the root of all evils" Our profession is a noble

profession and we are taught to be morally upright. My thought goes to the

story by the title of "Namak Ka Daroga" by Munshi Prem Chand. This upright

Daroga would not let pass the vehicle carrying the salt without payment of

tax in spite of being threatened by the higher ups. This sort of courage and

conviction is required while doing our duty as a professional. There are

many stories which can be related to our profession. There is no end to such

stories, we just need to relate it to our profession.

CA. J.C Kapoor

NIRC of ICAICongratulates

CA. Ashok gupta, (M.No. 81882)

Appointed as Non-official Part-time Director on

the Board of Directors of Central Coalfield Limited

for a period of Three years

March, 2016 NIRC NEWSLETTER

The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 14

Imported Goods), Rules, 2007 (hereinafter referred to as "Valuation Rules, 2007"),

the importer has himself made an averment that the transactions are between

related persons in accordance with Rule 2(2) of the Valuation Rules, 2007, and there

is a, prima facie, justification for further enquiry, the concerned case of import is

referred to the SVB of the concerned Custom House, where a separate case file is

opened and a registration number is assigned to the case. Similar reference to SVB to

look into valuation on account of special relationship can be ordered by

Commissioner concerned where such relationship comes to light on any intelligence

or while enquiring into transactions of any importer with a particular supplier.

As per Rule 2 (2) of Customs Valuation (Determination of Value of Imported Goods)

Rules, 2007 (Customs Valuation Rules), persons shall be deemed to be "related" only

if:-

(i) they are officers or directors of one another's businesses

(ii) they are legally recognized partners in business

(iii) they are employer and employee;

(iv) any person directly or indirectly owns, controls or holds 5 per cent or

more of the outstanding voting stock or shares of both of them;

(v) one of them directly or indirectly controls the other ;

(vi) both of them are directly or indirectly controlled by a third person;

(vii) together they directly or indirectly control a third person;

(viii) they are members of the same family.

According to Explanation I to Rule 2 (2) of the Customs Valuation Rules, the term

"person" also includes legal persons. Further according to Explanation II to Rule 2 (2)

of the Customs Valuation Rules, Persons who are associated in the business of one

another in that one is the sole agent or sole distributor or sole concessionaire,

however described, of the other shall be deemed to be related for the purpose of

these rules, if they fall within the criteria of this sub-rule (2) of Rule 2 .

Apart from the above, those who are having Collaboration Agreement, Technical

Assistance Agreement or any other agreement / contract with the foreign supplier

are also required to register with SVB.

The CBEC Circular No 11/2001–Cus dated 23.02.2001 provides the procedure for

registration/finalization of cases referred to SVB. The importer who is related to the

supplier is required to furnish a declaration about the relationship at the time of filing

of Bill of Entry in the Appraising Group. On examination of the circumstances of sale

and keeping in view the invoice value of identical or similar goods, the group will

make a reference to SVB for further investigation of influence of relationship on

assessable value. The SVB of the major Custom House, which is located proximate to

the Head or Corporate Office of the importer, would handle the investigation into

valuation of such importer. The Application or representation for registration for SVB

assessment cannot be made by the importer himself. All references shall be made

through the Appraising Groups of Customs at the time of filing of the Bill of Entry. On

receipt of the reference from Appraising Groups, the case is registered in SVB and a

Provisional Duty Circular (PD Circular) for provisional assessment is issued. Copies of

the same are issued to the importer and to the Appraising Groups as well. The

importer shall indicate the PD Circular No. at the time of provisional assessment of all

their imports in the Appraising Group and execute PD Bond with 1% Extra Duty

Deposit (EDD) on the assessable value of the goods. Along with the PD Circular, a

questionnaire known as SVB Questionnaire is also issued to be filled up by the

importer along with the list of all documents required to be submitted. If the importer

does not file the reply to the SVB Questionnaire within 30 days the EDD may be

increased to 5 % till the finalization of the assessment.

I am glad to share with all my professional colleagues, a brief write up on requirement

and procedure to be complied with while importing to India from a related Party

situated outside India. Trust, this write up will serve as basic guidance that may need

while performing Job.

The lifeblood of the global market is trade. Exporting and importing helps grow

national economies and expands the global market. Every country is endowed with

certain advantages in resources and skills. For example, some countries are rich in

natural resources, such as fossil fuels, timber, fertile soil or precious metals and

minerals, while other countries have shortages of many of these resources.

Additionally, some countries have highly developed infrastructures, educational

systems and capital markets that permit them to engage in complex manufacturing

and technological innovations, while many countries do not. Further, importing goods

from various countries can be a part of corporate planning which is mostly cost

effective for a company having its branches / subsidiaries in various countries. The

cost effectiveness and ease in dealing with a group company leads to special

treatments given to each other.

Example:

“Abhinav & Ayushman are brothers. Abhinav wants to buy a house and

Ayushman is looking to sell one house.

Ayushman is ready to sell the house to Abhinav for Inr 8,000,000 whereas

he knows he can fetch Inr 10,000,000/- from market but because of

relationship he wants to give him discount”

The discount given by Ayushman to Abhinav is quite natural and is human

phenomenon. The same behaviour is often seen between the corporates who are

related to each other may be as a Holding – Subsidiary, Sister Concern having one or

more holding regulators etc. Therefore when ever these companies buy and sell

goods with each other, the sale is done without adding any profit margin or not at

normal market value. This is called an influence on the price of goods due to the

relation between the companies/parties.

As far as pricing between the related companies is concerned it can be a part of

corporate strategy, obligations or through an agreement. But from the perspective of

Revenue, this kind of business behaviour leads to evasion of taxes / duties. Let us

consider an example of an Indian Company (Importer) who is importing a particular

product from its parent company in JAPAN at an invoice value of USD 5000 and pays

customs duty on the said value. But if that Indian concern or any other importer

imports the same product from an unrelated supplier, then the invoice value would be

USD 8000 and applicable customs duty is to be paid on USD 8000.

In the aforementioned scenario, the Customs authorities, is losing customs duty on

USD 3000 since the parties are related. To curb the loss of revenue and to deal with

such kind of scenarios, the authorities developed a Specialized Branch of Customs. .

This branch of customs is called SPECIAL VALUATION BRANCH of Customs (SVB).

The 'Special Valuation Branch' (SVB, for short) is an institution specialising in

investigation of transactions involving special relationships and certain special

features having bearing on value of import goods. SVBs are located only at five

Custom Houses, i.e., Chennai, Kolkata, Delhi, Bangalore and Mumbai and any

decision taken in respect of a particular case in any of these Custom Houses is

followed by all other Custom Houses/formations.

The Special Valuation Branch of that Custom House, which is located proximate to the

Head or Corporate Office of the importer (having special relationships etc. with the

suppliers), handles the investigation into valuation of such importer. Wherever in the

declaration prescribed under the Customs Valuation (Determination of Value of

IMPORT FROM RELATED PARTY- PROCEDURE & REQUIREMENT

CA. Bhumika Shah

March, 2016 NIRC NEWSLETTER

The views expressed herein are personal views of the authors and do not necessarily represent the views of the NIRCs 15

On receipt of replies to the SVB Questionnaire and other documents, the SVB will

examine the same and call for any other additional information that is required.

A prima facie case exists for investigation by the SVB where the importer is not able to

provide evidence to the effect that the price has not been influenced by the

relationship or where the importer is not able to demonstrate that the price for the

said goods closely approximates to one of the following values ascertained at or

about the same time –

a. the transaction value of identical goods, or of similar goods, in

respect of sales to unrelated buyers in India;

b. the deductive value for identical goods or similar goods;

c. the computed value for identical or similar goods

d. residual method

Value of Similar/ identical goods – the SVB can resort to this method, if the prices

at which identical/ similar goods are sold to unrelated buyers in India are available. In

practice, such values are either not available or are higher than the transaction value.

SVB can reject such value on various grounds such as Quality factors, Commercial

factors etc.

Deductive value – This method is used where the importer is able to work

backwards after deducting profit margins, general expenses, freight and insurance,

duties/taxes etc. SVB can reject this method if profit margin or any other deduction

shown by the importer is not consistent with those prevalent in the industry in

question.

Computed value – This kind of valuation is resorted to in cases where the seller is

prepared to supply to the authorities the necessary costing of the export goods and to

provide facilities for any subsequent verification which may be necessary .In practice,

seller is seldom ready to furnish the information regarding his commercial accounts.

To ensure delay with reference to registration of the SVB cases, the importers shall

keep below mentioned documents ready:

• IEC Certificate

• PAN Card

• Brief about relationship between buyer and seller

• Articles of Memorandum

• GATT (General Agreement on Tariff & trade) declaration

• SVB Bond (in case of other Custom House, copy of the same)

• B/E, Invoice

Further List of Documents required to be submitted in case of subsidiaries, holding

companies, and those who have collaboration agreement or similar agreements

• Collaboration agreement, Joint Venture Agreement and other

agreements with the supplier of the imported goods or with any

other person acting for the supplier.

• Approval of Government of India/RBI to the agreement, if any.

• Statements for last three years duly certified by the Chartered

Accountant, containing the following information:-

(I) CIF value and landed cost of imports from suppliers of the imported

goods, the collaborator or associated companies.

(ii) CIF value and landed cost of import from other suppliers.

(iii) Value of standard bought out components procured in India.

(iv) Ex-factory value of the goods.

(v) Royalty, net and gross Paid or payable.

• Representative sample invoices of own imports for the last 3 years and

photocopies of the relevant Bills of Entry.

• Annual reports of importing Company for the last 3 years.

• Statement regarding equity participation in/of foreign company for the last 3

years.

• Statement regarding shareholding of/in any Indian company alongwith

particulars of common Directors.

• Current price list of product imported from the supplier of the goods including

spares and warranty parts imported by any other person..

• Representative specimen invoices of procurement of goods procured from

some other person by the supplier and supplied importer.

• Representative specimen invoices of procurement of identical, similar or

connected goods made by companies associated with importer.

• Representative specimen invoices of imports of identical of similar goods by

any other person.

• Representative specimen of invoices and bills of entry of imports of identical,

similar items as spares and warranty parts by the importer or any other person.

• Details of remittances along with method and mode and deferred payments

details, if any.

• Details regarding any other payment made to or on behalf or under the

instructions of the supplier.

On completion of submission of the documentation and written submissions, the

Importer shall be granted an opportunity of being heard. Accordingly, a personal

hearing shall be granted before the Asst/ Deputy Commissioner, Customs. Once the

case is finalized by the SVB, the provisional assessments pending in the Appraising

Groups will be finalized and the EDD paid at the time of provisional assessment will be

adjusted in accordance with the SVB order.

The order by SVB is passed based on the replies/documents furnished by the

importer and is in operation for a period of 3 years. When a reference is made to the

SVB, the assessment is done on the value of the goods already imported or to be

imported in the next 3 years. In case during the 3 years if the importer wishes to

import set of goods which were not included in the SVB order/ assessment earlier,

then the SVB order has to be amended to that effect after assessing the value of new

goods afresh. If the importer is having continuous imports over a period of time

extending beyond 3 years, he has to file replies and documents at least 3 months

before the expiry of 3 years, so as to take up the renewal of the case. If there is no

change in the terms and conditions of the agreement, or pattern of invoicing, the

same shall be specifically stated by the importer in the form of an affidavit. On

examining these documents, the SVB order issued in the past will be renewed for a

further period of 3 years. If there are no imports from the related supplier beyond a

period of 3 years, there is no need for renewal of the SVB order and the file of the

importer will be closed in SVB the records.

In all the cases where the importer is aggrieved by the order passed by SVB, the

importer may file an appeal with the Commissioner of Customs (Appeals), against

the SVB order. This right of appeal is also indicated in the preamble attached in the

order- in –original passed by the SVB.

Apart from investigation of special relationship case, SVB also handles more

complicated cases of additions to declared transaction value as stipulated under Rule

10 of the Valuation Rules. No reference to SVB is necessary where any additions are

sought to be made under Clauses (a) and (b) of Rule 10(1). However, where the

additions sought to be made are considered to be in the nature of 'royalty and licence

fee' under Rule 10 (1)(c), or where the value of any part of proceeds of any

subsequent resale, disposal or use of imported goods accrues to the seller [Rule

(10)(1)(d)] or where any other payments are made or are contemplated to be made

in future by buyer to seller as a condition of sale of imported goods etc., [ Rule

10(1)(e)], the case may be referred to the SVB after following the provisional

assessment procedure.

All cases to be registered in the SVB for special investigation should be with the

specific approval of the concerned Commissioner of Customs.

Where the imports requiring investigation by SVB are noticed in a Custom House or

Customs formation other than Chennai, Kolkata, Delhi, Bangalore or Mumbai Custom

House, all the relevant records should be forwarded to the SVB of the concerned

Custom House that would take up the investigation of the case after following the

provisional assessment procedure.

“ACCEPT THE CHALLENGES SO THAT YOU CAN FEEL THE EXHILARATION OF

VICTORY ”

NIRC of ICAIhas already opened a New Bar Room for Chartered Accountant Members

at

G-7, Civic Centre, Delhifrom 9:30 A.M to 6:00 P.M. Please Visit for the same

Thanks & Regards Team NIRC

March, 2016 NIRC NEWSLETTER

1. Membership fee is applicable from 1st April 2016 to 31st March

2017

2. Intimation of Seminars/Conferences and other events will be

given by E Mail & SMS only

3. Registration and Payment for Annual Membership of NIRC for

Seminars will be through online only at the below link

4. Membership Fee (Rs.)

www.nircseminars.org/register.php

5. Above fee is Valid Upto 150 CPE Hours Seminars, thereafter

Member may renew his membership or attend the Seminar by

making payment of the individual Seminar.

6. NIRC Reserves the Right to Organize Seminar/Conferences/

Works Shops/Event which can be attended on Chargeable bases

Irrespective of the Membership.

ENROLLMENT FOR ANNUAL MEMBERSHIP (SEMINARS) OF NIRC OF ICAI(YEAR 2016-17)

1. 8500/- For Young Members (Enrolled After 01.04.2010)

2.

10000/-

For All Members not in category one above

3.

14000/-

For Firm with three partners-(one out of

Three partners may participate)

4.

23000/-

For Firm with five partners-(Two out of Five partners may participate)

5.

28000/-

For Firm with eight partners-(Three out of Eight partners may participate)

6.

4000/-

Per Partner-for firm more than Eight Partners(40% of Total Partners may participate)

7.

25000/-

Corporate

Membership

(Any Two out of Five Participate)

8.

35000/-

Corporate

Membership

(Any

Three out of Eight may Participate)

16

REGIONAL COUNCIL ACTIVITIES

Date Name of Programme/Venue Chief Guest/Speakers CPE Hrs

6

4

Seminar on Capital MarketVenue: Hotel Radisson Blu, PaschimVihar, Delhi

6th February 2016(Saturday)

129

192

TotalParticipants

Chairman Technical Session

How to Create Value & Worth from Capital Market

Financial Results and Annual Report under SEBI ( Listing Obligations and Disclosure Requirements) Regulations 2015

“Start Ups - A New Avenue in Capital Market (Challenges & Opportunities)”

CA. Sudhir K.Agarwal, Past Chairman, NIRC

CA. Sachin Aggarwal

Sh. Rajeev Goel, Advocate

CS. NitinSomani

20th February 2016 (Saturday)

Seminar on Direct & Indirect TaxesVenue: NDMC Convention Centre, CP, New Delhi

Safeguard in Indirect Taxes while Finalizing Audit

Assessment of AOP & BOI ( including Cooperative Societies, Private Trusts, Charitable Trusts and Mutual Associations)

CA. Ashok Batra

CA. (Dr.) Girish Ahuja

Nil 6001st March 2016 (Tuesday)

Discussion on Union Budget 2016Venue: SathyaSai Auditorium, PragatiVihar, Lodhi Road, New Delhi

Discussion on Union Budget on Direct Tax & Indirect Tax Proposals CA. Atul Kumar Gupta

Central Council Member, ICAI

CA. (Dr.) Girish Ahuja

CA. Ashok Batra

CA. PuneetAgrawal

65th March 2016(Saturday)

Conference for Women Chartered AccountantsVenue: Hindi Bhawan, Rouse Avenue, ITO, New Delhi

Chief Guest

Corporate Governance ( Special Emphasis on ICFR)

An Overview of IND AS & ICDS

Present Indirect Taxes and Proposed GST – Recent Developments

Stress Management

CA. Annapurana Gupta

Hon'ble Member, ITAT

CA. Vandana Gupta

CA. Anuradha Jain

CA. Rohini Aggarwal

Dr. BhavnaBarmi

Students Activities

6th February, 2016 Students Festival of NIRC of ICAI, Venue: Shah Auditorium, ISBT, Kasmiri Gate, Dehli. 750

7th February, 2016 Seminar for CA students of May 2016 attempt on "How to face CA Final Exam for SFM, Venue: ICAI Bhawan, Vishwas Nagar, Delhi 100

21st February, 2016 Seminar for CA students of May, 2016 Examination on IND AS and Amendments in Corporate and Allied Laws, Venue: ICAI Bhawan, Vishwas Nagar, Delhi 610

28th February, 2016 Seminar for CPT Students on How to Face CPT Exams, Venue: ICAI Bhawan, Vishwas Nagar, Delhi 21

28th February, 2016 Seminar for CA Students on Service Tax, Venue: ICAI Bhawan, Vishwas Nagar, Delhi 18

March, 2016 NIRC NEWSLETTER

17

Forthcoming Programmes of NIRC of ICAI

Venue NDMC Convention Centre, Opposite JantarMantar, Connaught Place, Near Parliament Street, New Delhi.

Timing 09.30 AM – 05.30 PM

Fee Rs. 1500/- Rs.1400/- ( If Paid Online before 15th March 2016 at

)No Fee for Annual Members of NIRC ( Seminars 2015-16)www.nircseminars.org

Seminar on Bank Branch AuditCPE HRS.

MEMBERS

6

Earlier Proposed for 19th March. Now Proponed to 18th March 2016 ( Friday)Date & Day 18th March 2016 (Friday)

Venue Hotel, Krishna Residency, Sector-12B Plot No.2 opp. Dwarka Sector-12 Metro Station, Dwarka, Delhi

Timing 09.30 AM – 03.00 PM

Fee Rs.500/-No fee for Annual Member ( 2015-16) of NIRC

Seminar on Bank Branch AuditJointly with Dwarka CPE Study Circle of

NIRC of ICAI

CPE HRS.

MEMBERS

5

Date & Day 20th March 2016 (Sunday)

Venue Auditorium of Institution of Engineers, I. P. Marg (Near ICAI Bhawan, ITO), New Delhi

Timing 05.00 PM – 08.00 PM

Fee Rs.300/-No fee for Annual Member ( 2015-16) of NIRC

Seminar on Concept- Make in India & Start ups

CPE HRS.

MEMBERS

3

Date & Day 21st March 2016 (Monday)

Venue Hotel Atithi Palace, 50, Opp Ram Mandir, Near Hindi Park, Daryaganj, New Delhi-110002

Timing 05.00 PM – 09.00 PM

Fee Rs.600/-No fee for Annual Member ( 2015-16) of NIRC

Seminar Jointly with Darya Ganj CPEStudy Circle of NIRC of ICAI

CPE HRS.

MEMBERS

4

Date & Day 28th March 2016 (Monday)

Venue ICAI Bhawan, Vishwas Nagar, Shahdara, Delhi

Timing 04.30 PM – 07.30 PM

Fee Rs.400/- for both the Days ( Combined)No Fee for Annual Members of NIRC (Seminars 2016-17)

Two Days Workshop on Companies ActCPE HRS.

MEMBERS

6

Date & Day 12th & 13th April 2016 (Tuesday & Wednesday)

Venue Hotel Aura Grand Residency, 439, Jagriti Enclave, Near Karkardooma Metro Station, Delhi 110092

Timing 5.00 PM – 09.00 PM

Fee Rs.600/-No fee for Annual Member (2016-17) of NIRC

Seminar on TaxationJointly with Patpar Ganj CPE Study Circle of

NIRC of ICAI

CPE HRS.

MEMBERS

4

Date & Day 21st April 2016 (Thursday)

Venue India Habitat Centre (Jacaranda Hall), Lodhi Road, New Delhi

Timing 09.30 AM – 05.30 PM

Fee Rs. 1500/- Rs. 1400/- ( If Paid Online before 20thApril 2016 at

)www.nircseminars.orgNo Fee for Annual Members of NIRC (Seminars 2016-17)

Seminar on International TaxationCPE HRS.

MEMBERS

6

Date & Day 23rd April 2016 (Saturday)

Venue Hotel Oasis, HD- 8, Pitampura Main Road, Near Metro Pillar No. 364, New Delhi -110034

Timing 05.00 PM -09.30 PM

Fee Rs.500/-No fee for Annual Member (2016-17) of NIRC

Seminar Jointly with Rohini CPE Study Circle of NIRC of ICAI

CPE HRS.

MEMBERS

4

Date & Day 29th April 2016 (Friday)

A view at the Seminar on Capital Market held on 6th February, 2016

March, 2016 NIRC NEWSLETTER

18

A view at the Seminar on Direct & Indirect Taxes held on 20th February, 2016

A view at the Annual Award Function of NIRC of ICAI held on 20th February, 2016

A view at Election of New Office Bearers of NIRC of ICAI held on 26th February, 2016

A view at the Discussion on Union Budget 2016 held on 1st March, 2016

March, 2016 NIRC NEWSLETTER

19

A view at the Cricket Tournament (Final Match) held on 28th February, 2016

thPublished on 5 March 2016Total Number Of Pages : 20 (Twenty)

At N.D. P.S.O., New Delhi-110002, on March 11-12, 2016

NIRC Newsletter- March, 2016

CHOOSE A CAUSE TO FEEL THE MAGIC

A fund set up by the members. for the membersLife Subscription of the fund

Rs. 2500Ordinary/Annual Subscription of the fund

Rs. 500 per annumPayable in favour of Chartered Accountants

Benevolent fund at New Delhi

Choose to Contribute forChartered Accountant Benevolent Fund

DL( )-01/1192/2015-17U(C)-257-2015-17

C

20