VASAI BRANCH OF WIRC NEWSLETTER - vasai … for Jan-Feb 2015.pdf · The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter Jan-Feb 2015 3 Branch also completed

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NEWSLETTER

VASAI BRANCH OF WIRCT E A M

The Institute of Chartered Accountants of India

January-February 2015

Happy Ma ar San rantik

Happy Republic

Day

Happy Mahashivratri

Our Speakers for Mega Members Conference 2014

L-R : CA. Sumeet Doshi (Committee Member), CA. K. B. Kothari (Committee Member), CA. Dayaram Paliwal (Chairman- Vasai Branch of WICASA), CA. Preksha Jain (Secretary & Treasurer-Vasai Br.), CA. Tarun Ghia (CCM), Chief Guest CA. Kamlesh Vikamsey (Past President-ICAI), CA. Kishor

Vaishnav (Chairman- Vasai Br.), CA. Anil Bhandari (Chairman-WIRC), CA. Umesh Mestry (Vice Chairman-Vasai Br.), CA. Shruti Shah (Secretary-WIRC), CA. Ramanand Gupta (Immediate Past Chairman-Vasai Br.), CA. Vimal Agarwal (Committee Member- Vasai Br.) at the dais.

Chief Guest CA. Kamlesh Vikamsey (Past President-ICAI), CA. Tarun Ghia (CCM), CA. Anil Bhandari (Chairman-WIRC), CA. Shruti Shah( Secretary-WIRC), CA. Kishor Vaishnav (Chairman-Vasai Br.) & Managing Committee Team and various eminent dignitaries at Inauguration Session

CA. Mayur Chokshi CA. Pankaj Ghadiali CA. Sunny BilaneyCA. Sanjeev Lalan

CA. Bhupendra Shah CA. Dhinal Shah CA. Ramnath Iyer CA.Atul BhedaCA. Rakesh Upadhay

Glimpses of Mega Members Conference on 21st & 22nd December 2014

The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter2 Jan-Feb 2015

PHOTO - GALLERY

The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter Jan-Feb 2015 3

Branch also completed two jointly programme with Thane Branch on Seminar on Project Finance and Cricket Tournament.

Branch also conducted various events for Students such as Career Counselling and Joint Seminar with S N College on area of opportunities with CA Professions. Sports Competition Indoor & Outdoor Games at Vasai Hostel, One Day Seminar on Accounting Standard-12 & Wealth Tax & Education visit at Yogathon and many more.

We are pleased to inform you that Vasai Branch of WIRC submitted its Yearly Activity Report to ICAI & WIRC before deadline. Hoping for this year also Vasai Branch will elect as Best Branch & Best WICASA. Branch conducted various activities throughout the year for Members, Students & Societies (please refer Major Highlights on Page No. 4 & 5.)

Forthcoming Programmes

I am please to inform you that Vasai Branch is supporting to Committee for Members in Industry in organizing Campus

Orientation Program schedule on 8th Feb and Campus Interview on 13th & 14th Feb 2015.

To cheer up the mood of the members from the stressful Professional Environment of today, the branch has taken the initiative in organizing some social events like Grand Cricket Tournament 2015 for Members, Students with other department like Police Department, Press, Doctors, Corporators & Advocates.

Public Meeting on Union Budget 2015 and Seminar on Women Day schedule in the month of March.

I congrats to all Final Students those who cleared in their exams and become member of CA Parivar and those who have not cleared, never lose hope, try for better efforts and prepare in next exam.

“Success is walking from failure to failure with no loss of enthusiasm.”

--Winston Churchill

With Warm Regards

CA Kishor Vaishnav

Saffron – Strength and Courage …. The White middle band for Peace and Truth … The Green – for Fertility, Growth and Auspiciousness …

My India , My Pride – Vande Mataram … Happy Republic Day

Wish You a Great, Prosperous, Blissful, Healthy, Bright, Delightful, Energetic and Extremely Happy, Happy New

Year 2015, Happy Makar Sankranti, Happy Mahashivratri & Shivaji Maharaj Jayanti.

In a landmark visit, US President Barack Obama and PM Narendra Modi sealed on many important deals and committed that the two nations will be partners in economic progress. The two leaders put the civil nuclear deal to work, took defence cooperation up another notch, besides US endorsing India for a permanent seat on the UN Security Council.

In the year 2014, Vasai Branch had organized a number of

Particularly in the month of December, we had organized a number of programs to assist Members to enhance their knowledge.

Branch had successfully completed Mega Members Conference 2014 organised jointly with WIRC on the theme ‘Global Challenges & Opportunities before CA Profession’ wherein 200 plus member gathered. I would like to thank our Chief Guest, CA Kamlesh Vikamsey, Past President, ICAI, for having graced this Conference. Members appreciated his expert insight and applicable information on global opportunities. I also thankful to CA. Anil Bhandari & his Team for continuous support and Guidance to made this event a successful.

Course on Concurrent Audits of Banks, we are thankful to Internal Audit Standard Board Committee for giving us an opportunities to host this course at Vasai Branch. CA. Shriniwas Joshi, Central Council Member & Vice Chairman of IASB Committee who enlighten participants on subject knowledge and importance of Banks Audit.

Branch also completed other programme such as Seminar on Project Finance, Intensive Course on Companies Act, Service Tax & Mvat, Residential Refresher Course at Mohili Meadows Resort jointly with Vasai Virar CPE Study Circle & Celebrated 9th Branch Annual Day.

CHAIRMAN’S COMMUNICATION

MANAGING COMMITTEE

CA. Kishor Vaishnav Chairman CA. Umesh Mestry Vice-ChairmanCA. Preksha Jain Secretary & Treasurer

CA. Dayaram Paliwal WICASA-ChairmanCA. Ramanand Gupta Imm. Past ChairmanCA. K. B. Kothari Committee Member

CA. Vimal Agarwal Committee MemberCA. Sumeet Doshi Committee MemberCA. Shruti Shah WIRC-Nominee

EDITORIAL BOARDEditor : CA. Kishor Vaishnav Joint Editor : CA. Vimal Agarwal

CA. Unmesh Narvekar, CA. Haresh Mehta, CA. Pramod Dhamankar, CA. Hemant Shah, CA. Haresh Kenia, CA. Lalit Munoyat, CA. Kamal Dhareva, CA. Preeti Agarwal, CA. Rajesh Utkur, CA. Sanjay Paharia.

MAJOR ACTIVITIES BY VASAI BRANCH FOR MEMBERS, STUDENTS & SOCIETYWe contributed in our best way to achieve the vision of our Visionary Leader of ICAI and WIRC. During the Year we have conducted 147 Activities for Members, Students, & Society.

Activities For Members

Programme Conducted Jointly with Committee of ICAI & WIRC1. 7th IRRC programs at Tashkent jointly with Committee for Members in Industry with overwhelming response of 50

participants on 12th to 17th August 2014.2. Mega Members Conference jointly with WIRC with participants of 203 plus Members across Maharashtra & Gujarat.

Conference was held at Green Court Club, Mira Road on 20th & 21st Dec’ 2014.3. First time Vasai Branch organized Campus Placement Programme jointly with Committee for Members in Industry

– ICAI Interview for Members.

4. Two Investor Awareness Programme under the guidance of Committee of Financial Markets & Investor Protections. Indirect Taxes Committee with the participated of 21 Members.

Internal Audit Standards Board with 60 participants.

7. Seminar on Income Tax Act jointly with Continuing Professional Education Committee with the participated of 72 Members.

8. Five Days Workshop on Companies Act 2013 jointly with Corporate Laws & Corporate Governance Committee with participated on 91 Members.

9. One Day Awareness Programme on Financial Reporting Practices jointly with Committee on Financial Reporting Review Board of ICAI with overwhelming response on 131 participants.

10. One Day Programme on International Taxation jointly with Committee on International Taxation of ICAI with 102 participants.

Joint Programme with CA CPE Study Circle1. Residential Refresher Course was organised jointly with Bhayandar Study Circle at Matheran.2. Residential Refresher Course was organised jointly with Vasai Virar Study Circle at Mohili Meadows Resort, Karjat.3. Seminar on Bank Branch Audit jointly with Bhayandar Study Circle.4. Seminar on Union Budget jointly with Bhayandar Study Circle.5. Seminar on Union Budget jointly with Vasai Virar Study Circle.6. Seminar on Tax Audit jointly with Bhayandar Study Circle.7. Seminar on Tax Audit Report jointly with Vasai Virar Study Circle.Others Important Programmes1. Felicitation of Hon’ble Vice President of ICAI, CA Manoj Fadnis on the occasion of Orientation Programme for Newly

Chartered Accountant & Seminar on Investor Awareness at Green Court Club, Mira Road at on 31st August 2014.

Practices at New Zaika, Mira Road (East) on 24th August, 2014.3. First time, Vasai Branch organized CA Daud on 23rd February 2014 at Jesal Park Chowpatty, Bhayander (E) wherein 230

plus members participated. 4. Residential Refresher Course at Shirdi on 9th to 11th May 2014.5. Felicitated Senior CA Members on the occasion of CA Days by gracious hands Shri. Narendra Mehta, President BJP Mira

Bhayander.6. Throughout the year branch conducted Seminars/Conference-43, Workshop/Training Programs – 14, Information

Members. (Total Activity 91)7. This year Branch successfully generated 20360 CPE Hours.8. Supported to Thane Branch in organized joint programs – Seminar on Project Finance and Cricket Tournament.


MAJOR HIGHLIGHTS OF THE YEAR 2014

1. Branch successfully conducted Regional Conference for CA Students 2014 jointly with WIRC at Venkatesh Hall, Bhayandar (East) on 2nd & 3rd August 2014.

2. Branch conducted Residential Refresher Course at Mahabaleshwar on 14th to 15th June 2014.

4. First time Branch organized Garba Dhoom celebration on 4th October 2014 at Mhatrewadi Ground, Bhayandar (E)5. 792 Students successfully completed their ITT training from ITT Center of Branch during the years.6. 870 Students successfully completed Orientation Course from Branch during the year.7. 1862 Students successfully completed GMCS-I Course from Branch during the year.8. 319 Students successfully completed GMCS-II Course from Branch during the year.9. 138 Students successfully completed Old GMCS course from Branch during the year.10. Branch has conducted crash courses for IPCC and Final Students.

13. Branch successfully organized an event of Youth Festival to encourage the students’ caliber in other activities.14. Branch also emphasizes on Students’ talent education by organizing the activities like School Level Debate Competition

& Quiz Elocution.15. Branch also conducted Mock Test for CPT, IPCC & Final Students.16. Branch conducted Indoor & Outdoor games for Students such as Cricket match etc.17. Branch is successfully running E-Library & Reading Room Facility for students.18. Branch also conducted Motivational Lectures for Students.19. Branch conducted Joint Seminar with Rajput University, S N Colleges & Madurai Kamaraj University.20. Branch conducted Yogathon Challenges – An Art of Living on 14th Dec 2014 at DKS Vasai Hostel, Evershine,

Vasai Road (E).21. Branch also conducted Educational Visit and Industrial Visit on important place such as Bombay Stock Exchanges, Vasai

Janta Sahakari Bank, Income Tax, Iskon Temple, Keshav Shrusti-Uttan and many more.

Activities For Students

1. Campaign by Vasai Branch jointly with Jesal park Residence Association on 23rd November 2014 join hands in Swachh Bharat Abhiyan at Jesal Park, Bhayandar(E) more than 300 Members participated and requested people to keep their society and surroundings clean.

2. Three Blood donations Camp jointly with Lions Club, JCF & Vishwa Hindu Parisad during the year.

3. Friendly Cricket Tournament organised in between Doctors, Advocates, Police Department, News Reporters and CA Members on 9th February 2014.

4. First time, Vasai Branch organized CA Daud on 23rd February 2014 at Jesal Park Chowpatty, Bhayandar(E) wherein 230 plus CA Members & CA Students participated.

5. Branch Organised Tax Awareness Program for common Public jointly with JCF on 13th July 2014.

6. Free Distribution of Books among the children’s of Adivasi School on 7th July, 2014.

7. Food, Clothes Distributed to Under Privileged & Old Age Home on 27th July, 2014 at Father Wadi, Vasai Road( W).

9. Two Investor Awareness Programs held during the year at Mira-Road & Bhayander

10. Around 40 Tree Planted at Jesal park Chowpatty, Bhayander (East) in the presence of Ms. Suman Kothari-Mira Bhayander Corporator.

11. Branch organized Three Union Budget Meetings for Public Awareness.

Activities For Society


MAJOR HIGHLIGHTS OF THE YEAR 2014


FORTHCOMING PROGRAMMES

FORTHCOMING PROGRAMME OF VASAI VIRAR CPE STUDY CIRCLE

Date Seminar on Timings Venue Speakers Co-ordinators Fees CPE7th Feb. 2015 Investment Perspectives in

Mutual Funds4.00 p.m. to 7.00 p.m.

Hotel Kubera-Veg Treat, Opp. Parvati Theatre, Vasai Road (W)

Mr. Gavi H. CA. Xavier M. Rajan 9371720027CA. Jagadeesh Devadiga 9422475945CA. Anadi Bhase 9890121996

Non - member ` 600/-

3 Hrs

FORTHCOMING PROGRAMMES FOR MEMBERS

Date Seminar on Timings Venue Speakers Co-ordinators Fees CPE

8th Feb 2015 Orientation Programme for

(Campus Placement)

_ GCC Club, Mira Road (East)

_ CA. Preksha Jain 9029877140 CA. Ramanand Gupta 9322231113 CA. Dayaram Paliwal 9820331010CA. Sumeet Doshi 9896525956

_ _

13th & 14th Feb 2015

Campus Interview For for 9.30 a.m. to 5.30 p.m.

GCC Club, Mira Road (East)

_ CA. Umesh Mestry 9320473468CA. Preksha Jain 9029877140 CA. Vimal Agarwal 9320617447CA. K B Kothari 9594196090

_ _

20th & 21st Feb 2015

Cricket Tournament between CA Members, Students, Police Department, Press Reporters, Doctors, Corporators

8.00 a.m. to 5.30 p.m.

Indralok Phase-II Ground, Bhayandar(E)

_ CA. Umesh Mestry 9320473468CA. Preksha Jain 9029877140CA. Dayaram Paliwal 9820331010CA. Ramanand Gupta 9322231113CA. Vimal Agarwal 9320617447CA.K B Kothari 9594196090 CA. Sumeet Doshi 9896525956CA. Unmesh Narvekar 9821236179

` 1000/- per team

_

Sl No. Centre Dates1. Baroda, Coimbatore & Ernakulam 12th – 13th February, 20152. Bhubaneswar, Chandigarh, Kanpur & Vasai 13th – 14th February, 20153. Indore, Nagpur, Navi Mumbai &Thane 16th – 17th February, 20154. Ahmedabad & Jaipur 18th – 19th February, 20155. Pune 19th – 20th February, 20156. Mumbai & New Delhi 16th, 17th, 18th , 19th , 20th, 21st &

23rd March, 20157. Bangalore,Chennai & Kolkata 18th, 19th, 20th, 21st, 23rd & 24th

March, 20158. Hyderabad 19th, 20th, 21st, 23rd & 24th March,

2015

Campus Placement ProgrammeFebruary - March 2015

For Newly Qualified Chartered AccountantsThe Institute of Chartered Accountants of India (ICAI) has achieved recognition as a premier accounting body not only in the country but also globally for its

high accounting and auditing standards. The Committee for Members in Industry (CMll) of ICAI has been successfully organizing Campus Placement

announce the next CAs During February - March 2015.


DIRECT TAXES – LAW UPDATE

— Compiled by — Haresh P. Kenia

|e-mail:[email protected] |9821351838

Percentage of Government grant for

by Government for the purpose of section 10(23C). [ 370 ITR (ST.)

gives Income Tax (13th Amendment) Rules, 2014. It amends Income Tax Rules, 1962 and inserts rule 2BBB. Rule 2BBB gives the percentage of government grant for considering university, hospital

of section 10(23C) of the Income Tax Act for the purpose of sub clause (iiiab) and (iiiac). It provides that if the government grant to such university and other educational institution, hospital and other institution exceeds 50% of the total receipts including any voluntary contribution of such institution during the relevant previous year,

35AD. [370 ITR (ST.)

gives Income Tax (14th Amendment) Rules, 2014. It amends Income Tax Rules and inserts new rule 11-OB. The Rule 11-OB prescribed

(ST.) 9]

The CBDT vide Circular No. 17 of 2014 dated 10/12/2014 deals with guidelines for the Income Tax deduction from salaries u/s. 192 of the Income Tax Act and contains the rate of deduction of Income Tax from the payment of income chargeable under the head “Salaries” during the F.Y. 2014-15 and explains certain related provision of the Act and Income Tax Rules, 1962. One may refer to the above magazine for full text of the circular.

Form of application for obtaining and advance ruling [369 ITR (ST.) 2]

gives Income Tax (12th Amendment) Rules, 2014. It amends Rule 44E of Income Tax Rules which provides for form of application for obtaining an advance ruling. The newly amended rule provides for payment of prescribed fees for an application u/s. 245N(b) of the Income Tax Act. It inserts new Form 34DA being form of application by resident applicant referred to section 245N(b) (iia) seeking advance ruling u/s. 245Q (1) of the Income Tax Act, 1961 in relation to a transaction undertaken or proposed to be undertaken by him.

Resident undertaking transaction of Rs. 100 Crore can apply before AAR to determine his tax liability. [369 ITR (ST.) 7]

20/11/2014 and in exercise of the power conferred u/s. 245N(b)

relation to his tax liability arising out of one or more transactions valuing Rs. 100 crore or more in total which has been undertaken or proposed to be undertaken, being such class of person, as applicable for the purpose chapter XIX – B of the said Act.

Income Tax Settlement Commission (ITSC) – CBDT

ITR (ST.)1]

Chapter XIX-A of the Income Tax Act, 1961, contains provisions relating to settlement of cases by the Income Tax Settlement Commission (ITSC). The provisions contained in the said Chapter were amended by the Finance Act, 2007 and a Revised Settlement Scheme was put in place. Explanatory Circular No. 3 of 2008, dated 12th March, 2008 issued by the CBDT, vide Para 61 (comprising sub-paras 61.1 to 61.17) deals with the Revised Settlement Scheme.

Para 61.2 of Circular No. 3 of 2008 reads :

“61.2 Under the existing provisions, an assessee may make an application to the Commission at any stage of the proceedings in his case pending before any income tax authorities. After 31st May, 2007, an assessee can make an application to the Commission only during

for settlement subsequent to receipt of an intimation under section 143(1). It is not material whether time limit for issue of notice under section 143(2) has expired or not; (b) the assessment shall be deemed to have been completed only on the date of service of assessment order to the applicant.”

It has been inadvertently stated in Para 61.2 of Circular No. 3 of 2008 that the assessment shall be deemed to have been completed only on the date of service of assessment order to the applicant. This statement is not in consonance with the provisions contained in the Explanation to clause (b) of section 245A of the Income Tax Act which, inter alia, provides that a proceeding for the assessment of any assessment year shall be deemed to have concluded on the date on which the assessment is made.

In view of the above, para 61.2 of Circular No. 3 of 2008 is replaced with the following with effect from the 1st day of June, 2007:

“61.2 Under the existing provisions, an assessee may make an application to the Commission at any stage of the proceedings in his case pending before any income tax authorities. After 31st May, 2007, an assessee can make an application to the Commission only during

for settlement subsequent to receipt of an intimation under section 143(1). It is not material whether time-limit for issue of notice under section 143 (2) has expired or not; (b) the assessment shall be deemed to have been completed on the date on which the assessment order is passed.”


RECENT CASE LAWS & – OTHER DEVELOPMENT/AMENDMENTS

— Compiled by — CA. Hemant R. Shah | e-mail: [email protected] |9869011148

HIGH COURT DECISIONS

1) Donaldson India Filters Systems Pvt. Ltd. vs. DCIT (Delhi High Court)

Section 147: Assessment cannot be reopened in the absence of “fresh material”Undoubtedly, Explanation-1 to section 147 indicates that mere production of account books or other evidence

amount to disclosure of the material information by

said general refrain by the words “not necessarily”. Therefore, the burden is equally placed on the AO to exercise due diligence in examining the record (account books or evidence) produced before him in the light of declarations made in the return or responses (to the notices, questionnaire etc.). As has been noted above, the sine quo non for action U/s 147 is gathering or availability of some “tangible material” requiring the matter to be re-opened;The Order passed by the AO extracted above unmistakably shows that even at that stage it had no fresh material available to it so as to exercise the jurisdiction available U/s 147/148. It was, thus, taking a fresh call on the subject of assessment of income (i.e. re-assessment), drawing conclusions and inferences from the same very material that had been scrutinized in the original assessment proceedings. The case at hand is concededly not covered by other exceptions as indicated by 2nd & 3rd proviso or explanation to Section 147.

TRIBUNAL DECISIONS

1) Schrader Duncan Limited vs. ACIT (ITAT

271(1)(c) cannot survive:

Without going into much deliberation & merits of the case, now question arises since the substantial question of law “whether on the facts & the circumstances of the case

appellant was not entitled to claim the loss of Rs.6.34 crore arising on conversion of UTI US 64 units in to 6.75% Tax Free Bonds of UTI?” has been admitted by the Hon’ble jurisdictional High Court, vide Order dated 19/09/2014, now question arises whether penalty u/s 271(1)(c) of the Act survives when the addition has become debatable? We note that the Hon’ble jurisdictional High court vide order dated 08/07/2014 in the case of

Builders & Developers (ITA No.415/2012) held that no penalty is imposable u/s 271(1)(c) of the Act. Likewise, the Tribunal, in the case of Developers Pvt. Ltd. (ITA No.2379/Mum/2009) order dated 18th March 2011, deleted the penalty. In another case Advaita Estate Development (P.) Ltd. vs ITO (2013) 409 Taxman.com 142 (Mumbai-Trib.) vide order dated 27/08/2013 deleted the penalty. In view of these facts, when the Hon’ble jurisdictional High Court has admitted substantial question of law on the addition, it becomes apparent that the addition so made has become debatable. The penalty was imposed on the basis of addition so made, therefore, when the addition on the basis of which the penalty was imposed has become doubtful/debatable, therefore, penalty imposed u/s 271(1)(c) of the Act cannot survive. Respectfully following the Hon’ble jurisdictional High Court, the appeal of the assessee is allowed. However, it is made clear that if at any stage, the order of the Tribunal on quantum addition is upheld by the Hon’ble High Court, the Department is free to proceed in accordance with law on penalty proceedings.2) ADIT, International Taxation vs. Express Drilling Systems LLC (ITAT Delhi)

Disallowance U/s 40(a)(ia) can not be made for mere deduction of TDS under wrong section

194J)

The provisions of section 40(a)(ia) of the Act has two limbs one is where, inter alia, assessee has to deduct tax and the second where after deducting tax, inter alia, the assessee has to pay into Government Account. There is nothing in the said section to treat, inter alia, the assessee as defaulter where there is a short fall in deduction. With regard to the short fall, it cannot be assumed that there is a default as the deduction is not as required by or under the Act, but the facts is that this expression, ‘on which tax is deductible at source under Chapter XVII-B & such tax has not been deducted or, after deduction has

139(1). Section 40(a)(ia) of the Act refers only to the duty to deduct tax & pay to government account. If there is any shortfall due to any difference of opinion as to the taxability of any item or the nature of payments falling under various TDS provisions, the assessee can not be declared to be an assessee in default U/s 201 of the Act and no disallowance can be made by invoking the provisions of section 40(a)(ia) of the Act.

OTHER AMENDMENTS & DEVELOPMENTS:

1) CBEC has amended Rule 5A(2) of Service Tax Rules, 1994 to empower the Chartered Accountants and Cost



Accountant for conducting service tax audits:For granting such empowerment and for making some other changes in the Service Tax Rules, 1994, in rule 5A, for sub-rule (2), the following sub- rule shall be substituted, namely:-“(2) Every assessee, shall, on demand make available to

party deputed by the Commissioner or the Comptroller and Auditor General of India, or a cost accountant or chartered accountant nominated under section 72A of the Finance Act, 1994;-(i) the records maintained or prepared by him in term of

sub-rule (2) of Rule 5;(ii) the cost audit reports, if any, under section 148 of the

Companies Act, 2013 (18 of 2013); and(iii) the income-tax audit report, if any, under section

44AB of the Income-tax Act, 1961 (43 of 1961), for

cost accountant or chartered accountant, within the

party or the cost accountant, as the case may be.”The following changes have been taken place in the aforementioned rule if comparison made with the old provisions:

S.No. Particulars Earlier Provisions

Substituted Provisions

1. Empowered authorized

under sub-rule2. the audit party deputed by the Commissioner or the Comptroller and Auditor General of India

empowered under sub-rule 2. or the audit party deputed by the Commissioner or the Comptroller and Auditor General of India3. Cost Accountant or Chartered Accountant

2. Cost audit report

Not required to be furnished

Cost audit report may be required to be furnished

3. Time Limit for submission of documents

Within reasonable time but not exceeding 15 days

No time limit specify

exemption to SEZ:

As per the existing provisions, Special Economic Zone (SEZ) Unit or developer has to approach two authorities i.e. the SEZ Authority and the Jurisdictional Service Tax

amended.

Finance, Department of Revenue vide Instruction F.No.

that SEZ units and developers may route their application for issuance of authorization by the Department through

to the Department. Similarly SEZ units and developers may also route quarterly statement in Form A-3 through

in this regard.

3) TDS on Salary for Assessment Year 2015-16

CBDT has released Circular No.: 17/2014 Dated 10th December, 2014. Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head ‘Salaries’15 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). Circular helps employer to correctly deduct TDS on Salary of its employees for Financial year 2014-15 or A.Y.2015-16 and it also helps salaried assessees to correctly calculate his/her tax liability. Circular explain provisions related to all components of Salary and their taxability- which includes

4) Online facility to provide response against outstanding Income Tax demand:

The facility to provide response against outstanding tax demand is made available to the assessee in the e-Filing portal. After Login on gov.in, select e-File then select Response to Outstanding Tax Demand and the most appropriate options may be selected to provide response.Three types of responses can be submitted by the options available:


correct” then you cannot “disagree with the demand”(b) Demand is partially correct: If this option is chosen,

you are required to specify amount which is correct(c) Disagree with Demand: If this option is chosen, you

are required to select one of the following reasons and provide requisite details:(i) Demand Paid: provide challan payment details

provide details of the Order(iii) Demand reduced by Appellate Order: provide

Order details

details

provide application details(vii) Others: write reasons

5) Format of Audit Engagement Letter for Audit of Financial Statements under the Companies Act, 2013

The Auditing and Assurance Standards Board (AASB) is issuing the following illustrative formats for engagement letter for audit of Financial Statements under the Companies Act, 2013 and the Rules thereunder. These illustrative formats were approved by the Council of the Institute of Chartered Accountants of India (ICAI) at its Meeting held in November 2014. These illustrative formats would be added to the Appendix 1 of Standard on Auditing (SA) 210, ‘Agreeing the Terms of Audit Engagements’, issued by ICAI.

6) Ministry has brought out amendments relating to Corporate Social Responsibility and consolidation

subsidiaries. Also certain procedural amendments relating to resignation of foreign director and publishing E-form (AOC-5) for intimating Registrar regarding the address where books of accounts are maintained, have been introduced.


Ten Million a Minute ContestTeam of 4 comprising of A Chartered Accountant-cum-entrepreneur from Vasai Branch of WIRC and 3 IIT Bombay students-cum-entrepreneurs who became the winners of “Ten Million a Minute Contest” at the Entrepreneurship Summit 2015 held at IIT Bombay and received an initial funding of INR 1 million from various angel investors.

Entrepreneurial Roles and giving a new outlook to the Chartered Accountant Profession.


Participants

(L-R) : CA. K. B. Kothari (Committee Memebr), CA. Jayesh Gogari (Speaker), CA. Umesh Mestry (Vice-Chairman) CA. Vimal Agarwal (Committee Memebr),

CA. Kishor Vaishnav (Chairman Vasai Branch) addressing the participants

(L-R) : CA. K. B. Kothari (Committee Member), CA. Umesh Mestry (Vice - Chairman), CA. Uday Kulkarni (Speaker), CA. Kishor Vaishnav (Chairman - Vasai Br.), CA. Shriniwas Joshi (CCM & Vice Chairman-IASB), CA. Vimal Agarwal (Committee Member) & CA. Dayaram Paliwal

(WICASA Chairman) at the dais.

CA. Kishor Vaishnav (Chairman Vasai Br.) presenting

Mementoe to CA. Shriniwas Joshi (CCM & Vice Chairman-IASB)

Group Photo

Adv. Bharat Raichandani

CA. Archit Agarwal

CA. Govind Goyal CA. Jayesh Gogri

CA. Manish Gadia CA. Naveen Rajpurohit CA. Ravi Yanamandra CA. Sunil Gabhawala Mr. J. N.Tiwari CA. Vinod Awtani CA.Rajiv luthia Shri Bhupender Singh

CA. Dhananjay J. Gokhale CA. Kuntal P. Shah. CA. Uday Kulkarni CA. Uday Sathaye CA. Vinodchandra Vyas Mr. R. H. Danane Shri Pradeep Agrawal

CA. Keval Shah

Adv. Sushanth Murthy

CA. Bharat Gosar

CA Ashit Shah

CA. Girish Raman

PHOTO - GALLERY


PHOTO - GALLERY

Career Counseling at S. N. College, Bhayander (East) held on 12th Dec 2014

Joint Seminar with S. N. College, Bhayander (East) held on 12th Dec 2014

Yogathan held on 14th Dec 2014

Speakers


Sports Competition held on 21st to 25th Dec 2014

Industrial Visit at Police Department, Mira Road (East) held on 7th January 2015.

One Day Seminar on Accounting Standard 12 and Wealth Tax held on 28th Dec 2014

PHOTO - GALLERY

CA. Shakuntla Chhangani CA. Bhanwar Borana

(L-R) : Ms. Aawad Bithu (Coordinator), Mr. Lalit Sharma (Treasurer), CA. Shakuntla Chhangani (Speaker), Mr. Khushmat Jain (Branch Incharge) at the dais.

Participants

Ms. Pinky Mistry (Vice Chairperson Vasai WICASA) Presenting Mementoe to CA. Bhanwar Borana (Speaker)

Speakers


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Intensive Course on Companies Act, Service Tax & Mvat held on 6th to 13th Dec 2014

Seminar on Project Financing held on 14th Dec 2014

Speakers

(L-R) : CA. K. B. Kothari (Committee Member), CA. Rajesh Sharma (Speaker), CA. Kishor Vaishnav (Chairman), CA. Santosh Sharma (Coordinator) & CA. Dayaram Paliwal (WICASA Chairman) addressing the participants.

(L-R) : CA. Preksha Jain (Secretary & Treasurer), Shri Tarlochansingh (Speaker), CA. Dayaram Paliwal (WICASA Chairman), CA. Santosh Sharma (Coordinator) at the dais

Participants

CA. Rajesh Sharma

Shri Tarlochansingh

Mr. Ramesh Kelkar

Shri. Kalyanaraman

Speakers

(L-R) : CA. Manikyam Darisipudi, CA. Pramod Dhamankar (Speaker), CA. Dayaram Paliwal (WICASA Chairman-Vasai Br.) at the dais.

Participants

CA. Durgesh Kabra CA. Jayesh Gogri CA. Pramod Dhamankar CA. Subhash Chhajed CA. Sushrut Chitale


Enabling Service Tax & GST Practice held on 16th to 21st January 2015

Cricket Tournament with Police Department held on 3rd January 2015

Cricket Tournament Jointly with Thane Branch held on 29th December 2014

Speakers

(L-R) : CA. Vimal Agarwal (Committee Member), CA. Ashit Shah (Speaker), CA. Kishor Vaishnav (Chairman), CA. K. B. Kothari (Committee Member) & CA. Lalit Bajaj (Past Chairman) at the dais.

Participants

CA. Ashit Shah CA. Bharat Gosar CA. Jayesh Gogri CA. Kewal Shah CA. Manish Gadia

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To

Undelivered please return to :

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

Editor: CA. Kishor Vaishnav Published by Vasai Branch of Western India Regional Council of The Institute of Chartered Accountants of India and printed at Finesse Graphics and Prints Pvt. Ltd., 309, Parvati Ind. Est., Sun Mill Compound, Lower Parel, Mumbai 400 013. Tel. : 4036 4600

The views and opinions expressed or implied are those of the authors or contribution and do not necessarily reflect those of Vasai Branch. Unsolicited articles and transparencies are sent in at the owner’s risk and the publisher accepts no liability for loss or damage. Material in this publication may not be reproduced, whether in part or in whole, without the consent of Vasai Branch.

DISCLAIMER: The Vasai branch is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Newsletter. The members, however, may bear in mind the provision of the Code of Ethics while responding to the advertisements.

Printed by Finesse • +91-22 4036 4600

Celebration of Branch 9th Annual Day held on 21st December 2014

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Documents

VASAI BRANCH OF WIRC NEWSLETTER - vasai … for Jan-Feb 2015.pdf · The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter Jan-Feb 2015 3 Branch also completed