december 20131

7, Jolly bhavan #2, New marine Lines, mumbai - 400020. Tel : + 91 22 613 77 600 ; F : + 91 22 613 77 666 ; email: bca@bcasonline.org ; Website : www.bcasonline.org ; WebTV : www.bcasonline.tv

Vice-President’s CommuniquéDear Members,

Over the last few weeks, India celebrated a mini-festival of democracy with elections concluding peacefully in five states. It covered over 11 crore voters and 630 assembly constituencies spread across some of the most challenging regions of India. In comparison, the registered voters in the whole of the United States of America are a little over 15 crore only. This gives us an idea of the mammoth nature of the task involved. India’s Election Commission deserves kudos for this fantastic feat of conducting a near foolproof elections with a higher voter outreach achieved through dedicated team efforts and adoption of technology.

This is in stark contrast to paper based voting with rampant malpractices like bogus voting, booth capturing and rigging that India was used to not too long ago. We must remember Shri T. N. Seshan who majorly reformed and strengthened the election process, making India a role model for countries across the world. The Supreme Court too must be applauded for actively supporting the cause of the electoral reforms from time to time. While we applaud these achievements, it must be admitted that several problems and shortcomings still remain. The elections have been the biggest source of corruption as was admitted by the then CEC Dr. S.Y. Qureshi a couple of years ago.

Last week, Transparency International (TI) released Corruption Perceptions Index 2013. With no improvement over 2012, India ranked 94th amongst 177 countries with a low score of 36. In order to tackle corruption, the TI has recommended several electoral

Vol. 16 n No. 9 n December 2013

Harnessing Talent and Providing Quality Service A Monthly Newsletter of the Bombay Chartered Accountants’ Society

BCASNewsletterFor Members only. For Private Circulation only. Price: R10

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

Workshop on Valuation under Indirect tax Laws .................................................................................20.12.2013 ........................................ Gulmohar Hall, BCAS, Churchgate, Mumbai ....................................... 5

Workshop on MVAT Act, Service Tax & Allied Laws .........21.12.2013 to 03.05.2014 .......... Mazgaon Library, Vikrikar Bhavan, Mumbai ...................................... 3

Forthcoming Study Circle ..............................................................26.12.2013 ........................................ Gulmohar Hall, BCAS, Churchgate, Mumbai ....................................... 6

Learn Mind Power through Mind Meditation ......................04.01.2014....................................... Gulmohar Hall, BCAS, Churchgate, Mumbai ....................................... 6

Seminar on Presumptive Taxation for Non-Residents....18.01.2014 ........................................ Indian Merchants’ Chamber, Churchgate, Mumbai ........................ 4

Workshop on Mastering E-filing Compliances ....................20.01.2014 to 28.02.2014 ........ H.R. College of Commerce, Churchgate, Mumbai ........................... 5

I.P.C.C. & Final C.A Crash Course .................................................24.01.2014 ....................................... Sydenham College, Churchgate,Mumbai ............................................ 8

12th Residential Leadership Camp/Spiritual Retreat .......30.01.2014 to 02.02.2014 ........ Chinmay Vibhooti, Pune ................................................................................ 3

Seminar on Charitable Trusts .......................................................22.03.2014 ....................................... M.C. Ghia Hall, Kala Ghoda, Mumbai ....................................................... 6

Lecture Meetings ................................................................................08.01.2014, 15.01.2014, 29.01.2014, 05.02.2014 ................................................................................................. 1

(Continued on page 2)

President: Naushad A. Panjwani 98200 59048 | president@bcasonline.org

Vice-President: Nitin P. Shingala 98200 57694 | vp@bcasonline.org

Hon. Jt. Secretary: Raman H. Jokhakar 98208 77976 | joint.secretary@bcasonline.org

Hon. Jt. Secretary: Mukesh G. Trivedi 9820182456 | joint.secretary1@bcasonline.org

Hon. Treasurer: Chetan M. Shah 98202 23402 | treasurer@bcasonline.org

SPECiAL LECTURE MEETiNG & FELiCiTATiON

LECTURE MEETiNGS

*Fellowship over a cup of tea at 5.45 p.m.

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai - 400020Day, Date & Time: Wednesday, 8th January 2014, 6.15 p.m.*Speaker: Porus F. Kaka, Senior AdvocateSubject: 1. Recent International and Transfer Pricing cases and issues; 2. BEPS, morality and the changing effect on a CA’s life

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai - 400020Day, Date & Time: Wednesday, 15th January 2014, 6.15 p.m.*Speaker: Gautam S. Nayak, Chartered AccountantSubject: Charitable Trusts – Recent Issues

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai - 400020Day, Date & Time: Wednesday, 29th January 2014, 6.15 p.m.*Speaker: Hiro Rai, AdvocateSubject: Important Income-tax Rulings of 2013

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai - 400020Day, Date & Time: Wednesday, 5th February 2014, 6.15 p.m.*Speaker: Nilesh Vikamsey, Chartered AccountantSubject: Commonly found mistakes in Financial Statements and SEBI Review of Qualified Audit Reports

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(Continued from page 1)

reforms and other measures. The Standing Committee on Law and Justice, in its report on “Electoral Reforms - Code of Conduct for Political Parties and Anti-defection Law” submitted on 26th August, 2013, has made several important recommendations and observations that need to be implemented at the earliest. It is heartening to note that the new political force received more than anticipated support on the plank of corruption-free India from across various strata in Delhi State elections. Let us wish this widely perceived ray of hope to weed out India’s endemic corruption comes true!

In a recent essay, Farid Zakaria has raised the old bogey of questioning India’s nationhood. This debate takes us back to the ghost of John Strachey, a British colonial administrator who wrote a primer in 1888 called India. The “first and the most essential thing to learn about India”, he wrote “there is not, and never was an India, or even any country of India, possessing, according to European ideas, any sort of unity, physical, political, social or religious…. That the men of the Punjab, Bengal, the North Western Provinces, and Madras, should ever feel they belong to one great nation is impossible.” This propaganda and mischievous shallow misconception has continued to haunt Indians. It is unfortunate that such a self-acclaimed scholar has not cared to understand the rich heritage that binds our great country! In a series of lectures specially intended for the candidates for the Indian Civil Service delivered in 1883 that was subsequently published as “India: What can it teach us?”, Prof. F. Max Müller highlights the rich heritage of India developed over the centuries and gives the following introduction:

ALL THE THREE CLiNiCS wiLL bE HELD iN THE LibRARy ROOM OF THE bCAS OFFiCE

Right to infoRmation CliniC

ChaRitable tRust CliniC

aCCounts & audit CliniC

Advisory Panel : Narayan K. Varma, Adv A K Asher, Hema D. SampatClinic Co-ordinator: Aparna - 6137 7614

Advisory Panel : Ratanshaw J. Damanwala, Shariq M. Contractor, Gautam S. Nayak, Anil J. Sathe, Atul H. ShahClinic Co-ordinator: Aparna - 6137 7614

Advisory Panel : Sanjeev R. Pandit, Himanshu V. Kishnadwala, Jayesh M. Gandhi Clinic Co-ordinator : Aparna - 6137 7614

BCAS Foundation operates a Right to Information (RTI) Clinic on a regular basis. The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI. The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 21st & 28th December, 2013 and 4th, 11th and 18th January, 2014. Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 3rd January 2014 from 5 p.m. to 7 p.m.

Chartered Accountants and Trustees interested in having their queries solved are requested to send their queries by email to journal@bcasonline.org and call to obtain a prior appointment, latest by noon on the day of the clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc.

The next Accounts & Audit Clinic will be held on 4th January 2014 from 10.30 a.m. to 11.30 a.m.

Persons interested in having their queries pertaining to accounting and auditing issues solved are requested to send the queries by e-mail to journal@bcasonline.org one week in advance and call to obtain prior appointment, at least a day before the day of the clinic. Please note that the panel will not answer any queries pertaining to tax issues.

“If I were to look over the whole world to find out the country most richly endowed with all the wealth, power, and beauty that nature can bestow — in some parts a very paradise on earth — I should point to India. If I were asked under what sky the human mind has most fully developed some of its choicest gifts, has most deeply pondered on the greatest problems of life, and has found solutions of some of them which will deserve the attention even of those who have studied Plato and Kant—I should point to India.”

At the same time, it must be admitted that in present times, we Indians must reinvent the nationhood, not just through Bollywood and Cricket, but through common aspirations and ambitions, a common Indian dream of raising standards of living for the masses, good governance, and respect for the multi-cultural unity that India represents.

Talking about our profession, we heaved a sigh of relief with the annual tax filing season for AY 2013-14 coming to an end. Now, it’s the time of the year to eagerly look forward to the much coveted Annual Residential Refresher Course for learning and bonding in a relaxed atmosphere. Do enroll at the earliest for 47th RRC being held from 9th to 12th January 2014 to avoid disappointment. I look forward to seeing you in ever charming Mahabaleshwar.

With best wishes,

Nitin Shingala

december 20133

Days & Dates

Thursday, 30th January to Sunday, 2nd February, 2014 ( Upto Lunch Time)

Venue chinmaya Vibhooti, Village Kolwan, About 140 K.m. distance from mumbai & 40 K.m. from Pune. Post Kolwan, mulshi, Pune.

Fees

Early Bird Upto 15th January 2014

member and Family (minimum Two Persons)

R7,120 + R880 (ST) = R8,000

Single Person R7,565 + R935 (ST) = R8,500

From 16th January 2014

member and Family (minimum Two Persons)

R7,565 + R935 (ST) = R8,500

Single Person R8,010 + R990 (ST) = R9,000

Fee Include Transportation (on car pool basis), Study material, Food, Stay, & R50 for bcAS Foundation

IndIrect taxes & allIed laws commItteeChairman : Govind G. Goyal Convenors : Mandar U. Telang, Suhas S. Paranjpe & Sunil b. Gabhawalla Co-ordinator: Suhas S. Paranjpe

workshop on MVAT Act, Service Tax & Allied LawsDear Members,We are happy to announce “Workshop on mVAT Act, Service Tax & Allied Laws” jointly with STPAm, cTc, AIFTP and mcTc to be held from 21st december 2013 to 3rd may 2014. The object of Workshop is to share the essence of professional experience and expertise of the faculties which they have gained over the years. Here, the Practitioners will get an opportunity to gain knowledge and wisdom by interacting with seniors.

The topics selected for Workshop are Issue based and will cover mVAT Act, 2002, cST Act, 1956, Service tax provisions and newly introduced Provisions of LbT Act. These topics are of immense importance and will be of enormous help and use to Professionals practicing in Indirect Taxes.

Details of the workshop:

Days & Dates Saturday, 21st december 2013 to Saturday, 3rd may 2014

Time 2.30 p.m. to 5.30 p.m.

Venue mazgaon Library, 1st Floor, 104, Vikrikar bhavan, mazgaon, mumbai- 400 010.

Fees for Members R1,500 + R186 (ST) = R1,686

Fees for Non-members R2,000 + R247 (ST) = R2,247

Fees include cost of course material, if any and snacks

Human resources commItteeChairman : Mayur b. NayakConvenors : bharatkumar K. Oza, Hemant P. Gandhi & Mihir C. Sheth Co-ordinator: bharatkumar K. Oza

Twelfth Residential Leadership Camp/Spiritual RetreatThe annual Leadership camp has evolved into Spiritual retreat over the past few years. The themes of last three camps have been (i) 2010: redefining Success; (ii) 2011: everyday Happiness; and (iii) 2012: Living in Harmony. This year we have chosen the theme: “Holistic Wellbeing”.

Participants who have been regularly attending this annual event have experienced tremendous personal growth and got an opportunity to explore meaning of their lives. Such retreats help enrich participants both internally, with a zest to live a purposeful life, as well as externally, with new skill sets and wonderful new friends.

About this year’s theme of ‘Holistic Wellbeing’:

"Look at your life as a whole and live a whole life." – Swami Tejomayanandji (Global Head chinmaya mission). You’ll agree that ‘As the vision, so the world appears to us’. Life is a struggle when there is partial vision. A holistic vision empowers us to face challenges of life with clarity, courage, confidence and calmness. It inspires us to be active contributor to the welfare of the society.

Physical strength, emotional stability, intellectual clarity, spiritual depth, cultural pride, dynamic patriotism and universal outlook are the seven aspects of a holistic vision. The retreat (Holistic Wellbeing) is designed for individuals and couples in the spirit of "Inner Transformation for a happy world around."

during the retreat, Participants will have enriched learning with interactive sessions, meditation, games, movie-workshops, a visit to the multi-media exhibition ‘chinmaya Jeevan darshan’ and the ‘chinmaya Vani’ bookstore. There will be a cultural programme, space for solitude, group-discussions, Questions & Answer and much more.

Venue: chinmaya Vibhooti, Post Kolwan, Taluka mulshi, dist. Pune (about 40 Kilometres from Pune express way chandani chowk Turning) Chinmaya Vibhooti is ‘The Vision centre of chinmaya mission’ located in a serene and pleasant ambience of nature surrounded by range of Sahyadri Hills. It has excellent facilities including three training centres, dining hall and self contained residential facilities. many corporates have organised the training and residential workshops.

Swami Swatmananda, The Acharya of chinmaya mission mumbai has consented to guide us as the facilitator.

We suggest members to join this retreat with spouse. In the past, participants attending with spouse have immensely benefited by this unique programme as they begin to share similar values and vision of life. The retreat is also open to other close relatives and friends.

Programme Details:

BCAS 4

InternatIonal taxatIon commItteeChairman : Kishor b. KariaCo-Chairman : Deepak R.ShahConvenors : Dhishat b. Mehta, Gaurang V. Gandhi & Suril V. ShahCo-ordinators : Anil D. Doshi & Naresh A. Ajwani

Seminar on Presumptive Taxation for Non-residentsDear Members,Presumptive taxation for Non-residents has been provided to simplify the tax issues. However is the presumptive taxation really simple! International Taxation Committee has organized a special Seminar on Presumptive Taxation for Non-residents. The objective is to update the members on some key provisions of presumptive tax provisions, understand controversies and to avoid pitfalls. The details of the programme are below:

Day & Date Saturday, 18th January 2014

Time 9.50 a.m. to 5.30 p.m. (registration and Snacks start at 9.15 a.m.)

Venue Walchand Hirachand Hall, 4th Floor, Imc, churchgate, mumbai 400020

Fees for Members R1,500 + R186 (ST) = R1,686

Fees for Non-members R1,900 + R235 (ST) = R2,135

(Fees include course material, breakfast, lunch and R50 towards contribution to BCAS Foundation)

Topic Speaker

Investment incomes (excluding capital Gain) including provisions for FIIs, Gdrs, QFIs, NrIs T. P. Ostwal, chartered Accountant

Services related to exploration of mineral oil - section 44bb Nihar Jambusaria, chartered Accountant

Shipping and related income - sections 44b and 172 Sushil Lakhani, chartered Accountant

royalty and Fees for technical services Geeta Jani, chartered Accountant

Enrolment is restricted to 125 participants. Limited seats are reserved for non-members on first-come-first-served basis.

BCA Referencer 2013-14

Name: Mr./Mrs./Ms : ...............................................................................................................................................................................................................................................................................

BCAS Membership No.: ………………………......................Firm’s Name : .......................................................................................................................................................................................

Office Address : .........................................................................................................................................................................................................................................................................................

...............................................................................................................................................................Tel. Nos :. ......... . ........................................Office : ....................................................................

Mobile : ………………………………… ................................................................................................... E-mail : ……………...................................................................................………………………. ..........

Cash/Draft/Cheque No :…………..… ................................Drawn on :………………………… ...................................................Bank Dated : ...............................................................................

Amount (Rs.) : .............................................................................................................................................................................................................................................................................................

Particulars Price (Rs.) Postage (Rs.) Quantity Amount (Rs.)

Referencer Premium Set (in exclusive folder) with CD, Table diary and Pocket diary 950 200

Referencer Premium Set (in exclusive folder) with CD and Pocket diary only 750 150

Referencer Refill Set with CD, Table Diary and Pocket Diary 650 150

Referencer Refill Set with CD, and Pocket Diary only 500 150

Super Saver Edition with CD (Bound Edition with Diary) 500 150

Order Form

december 20135

IndIrect tax and allIed laws commItteeChairman : Govind G. Goyal Convenors : Mandar U. Telang, Suhas S. Paranjpe & Sunil b. Gabhawalla Co-ordinators : Uday V. Sathaye, Amar N. Shukla, Chirag b. Mehta, Mandar U. Telang, Ravi A. Shah & Samir L. Kapadia

JoIntly wItH Hr college of commerce

Mastering E-Filing Compliances under Taxation & Corporate LawsWith the progressive use of computers, internet, networking and various softwares, even the Government departments are transforming their implementation modules from traditional ‘manual systems’ to IT enabled ‘automatic’ system driven process. consequently, statutory compliances under various statutes, like obtaining registration, payment of taxes or fees, submission of various forms or returns etc. are now required to be carried out electronically using IT oriented methods.

Course objective& method of trainingThis programme will enable users to gain comprehensive working knowledge on practical issues related to e-compliances under various Statutes. The sessions would be in a classroom type of environment. Apart from theoretical aspects, participants will be given practical exposure and hands on training on various aspects of the e-filing and e-compliance process, through the operation of computers.

Eligibility:This programme would be suitable for students, staff members working with tax professionals providing tax compliance services, independent tax practitioners, etc. basic computer knowledge and theoretical background of statutory compliances is essential.

Syllabus:Theory: Overview of important compliances of procedures under statutes governing Income Tax, mVAT, Service Tax, Profession Tax & companies Law. Practical: registration, preparing and uploading e – returns under the respective Acts, rectification statements, TdS statements, refund claims, Various Forms, Tracking of compliance status and obtaining Online information etc.

Details of the workshop:No. & duration of Session:18 sessions of Approx. 3 Hrs Each

IndIrect taxes & allIed laws commItteeChairman : Govind G. Goyal Convenors : Mandar U. Telang, Suhas S. Paranjpe & Sunil b. Gabhawalla Co-ordinator : Suhas S. Paranjpe

Half-day workshop on Valuation Under indirect tax Laws-Concept of non monetary consideration in view of Recent judgementsUnder the new regime, service tax is payable on all services. Since non monetary considerations are also liable for payment of service tax, valuation challenges have cropped up. This workshop would discuss some recent decisions and their impact on valuation of taxable services by the eminent Faculties.

Details of the workshop:

Day & Date Friday, 20th december 2013

Time 2.00 p.m. to 6.00 p.m.

Venue Gulmohar Hall, bcAS, Jolly bhavan no. 2, Ground Floor, New marine Lines, mumbai 400020

Fees

For members (Life & Ordinary members): R800 + R99 (ST) = R899 For Non members: R1,000 + R123 (ST) = R1,123Fee includes Tea/coffee, Snacks & material, if any and contribution of R50 to bcAS Foundation

Dates 20th, 22nd, 24th, 27th, 29th, 31st January 2014 and 3rd, 5th, 7th, 10th, 12th, 14th, 17th, 21st, 24th, 26th, 28th February 2014.

Time 5:30 p.m. to 8:30 p.m.

Venue H. r. college of commerce, churchgate, mumbai

Fees R6,520 + R 806 (ST) = R7,326

restricted to 30 persons only. enrolment on First come first served basis

worry about being better, bigger will take care of itself. Think one customer at a time and take care of each one the best way you can.

gary Comer

if you can run one business well, you can run any business well.

Richard branson

BCAS 6

Human resources commItteeChairman : Mayur b. NayakConvenors : bharatkumar K. Oza, Hemant P. Gandhi & Mihir C. Sheth Co-ordinators: Gracy M. Mendes & Mahendra D. Turakhia

LEARNMiND POwER – through MiND MEDiTATiONWe are what we think. Our mind has the capacity to control Thoughts which create our destiny. This is a unique workshop on techniques to strengthen the mind and improve emotional intelligence. We have to learn to train our mind to remain calm and stress free amidst the current challenges of pressures of work life and personal life to improve the quality of life and live a balanced life

Topic details• effects of stress on body- mind and emotional intelligence• effective tools to manage your stress and emotions in difficult situation (Pranayam and visualisation meditation actual practice)• breath awareness meditation• modern research about mindfulness meditation(video clips)• Thought awareness meditation• relaxation by body-scanning meditation The workshop aims at Providing Tools / Practical Help :• manage day to day stress• Three minutes meditation techniques to unload brain burden• Healthy relaxation technique to re-energize body mind complex• Improve SeLF Awareness• Improve emotional Intelligence

Capacity: Limited to 50 ParticipantsPlease rush to enroll immediately to avoid disappointment.enrolment form is printed on page 12

Presents rare oPPortunIty to

Day & Date Saturday, 4th January 2014

Time 2.00 pm to 7.00 pm

Venue Gulmohar, Jolly bhawan No. 2, New marine Lines, mumbai-400020

Capital Investment

For members - R 649 + R 81 ST = R 730 Non members - R 801 + R 99 ST = R 900Fee includes R 50 for bcAS Foundation, Snacks, Tea/coffee and course material, if any.

Faculty dr. Yash Welankar

fortHcomIng study cIrcle

FEMA Study Circle jointly with

Direct Tax Laws Study CircleDay & Date Thursday, 26th december 2013

Venue Gulmohar Hall, bcAS, Jolly bhavan No. 2, New marine Lines, mumbai - 20

Time 6.00 p.m. to 7.45 p.m.

Topic FemA and Taxation for Shipping Industry

Chairman mukesh G. Trivedi, chartered Accountant

Speaker bharat Kokal, chartered Accountant

Convenors FEMA Study Circle Atul J. Ambavat rajesh P. Shah & Satish b. Kanodia

Direct tax Laws Study Circle Hardik d. mehta & Nilesh m. Parekh

IndIrect taxes & allIed laws commItteeChairman : Govind G. Goyal Convenors : Mandar U. Telang, Sunil b. Gabhawalla & Suhas S. ParanjpeCo-ordinators : Suhas S. Paranjpe & Ashok L. Sharma

JoIntly wItH tHe cHamber of tax consultants

Full Day Seminar on Charitable TrustsA full day Seminar is organized jointly with Allied Laws committee of The chamber of Tax consultants (cTc) on Formation, registration, Taxation and compliance of various statutory provisions by the charitable Trusts to discuss and deliberate on the various issued faced in day to day practice.

The details are as under:

The detailed Topics and the eminent Faculties will be announced later.Please block the above date.enrolment form is printed on page 12

Day & Date Saturday, 22nd march 2014

Time 9.30 a.m. to 5.30 p.m.

Venue m. c. Ghia Hall, Kalaghoda, mumbai – 400 023

Feesmembers R 1,200 + R 148 (ST) = R 1,348Non member R 1,800 + R 222 (ST) = R 2,022(Fees includes tea, coffee, lunch & material)The market economy is very good at wealth creation, but not perfect

at all about wealth distribution.

Jonathan sacks

For Order form please log on to www.bcasonline.org

december 20139

bcas PublIcatIons/ study materIal for sale

Exploring FEMAPrice R 225Postage R 75

Real Estate LawsPrice R 180Postage R 100

Digest of Full bench Decisions of Central information Commission (r2i)Member Price R 120 Non-Member Price R 150Postage R 50

CA Firm of the FutureMember Price R 200 Non-Member Price R 250Postage R 100

RECENT PUbLiCATiONS

OTHER PUbLiCATiONS

Gita for ProfessionalsPrice R 100Postage R 50

Advance Rulings Law and Procedures - A CompilationPrice R 125Postage R 50

Registration of Firms with Registrar of Firms – Procedure and Frequently faced Problems*Price R 50Postage R25

Audit Checklist for Companies (CD Free) (Edition 2013) Member Price R400 Non-Member Price R500Postage R200

Laws & business – A Compendium (4th Edition)(published under the auspices of Late Shailesh Kapadia Memorial Publication Fund)Member Price R400 Non-Member Price R400PostageR200

Paper books of international Tax & Finance Conference, 2013 held in Jaipur from 15th to 18th August 2013 Members & Non-Members – R 500 for set of 5 bookletsPostage– Members & Non-Members – R75

Right to Know –The Right to information Act, 2005 Set of 5 booklets for R25 for Members & Non MembersPostage R25 for set of 5 booklets

Study Material DVD on Real Estate Summit held on 1st & 2nd February 2013 (Approximately 16 hours of recording)Members – R 2500Non-Members – R 3000Postage - Members & Non-Members – R 50

Service Tax – Construction And Real Estate SectorMembers – R 120Non-Members – R 150Postage – Members & Non-Members – R 75

Study Material DVD on The mPower Summit held on 10th & 11th May 2013 (Set of 2 DVD’s)Members –R 1500 (for set of 2 DVD’s)Non-Members – R 2500 (for set of 2 DVD’s)Postage – Members & Non-Members – R 50

BCAS 10

Payment can be made by cheque/DD payable at par in Mumbai in favour of ‘Bombay Chartered Accountants’ Society’. You can also pay by cash/credit card at the payment counter of BCAS Office. If you have an Imprest Account, then you can instruct us to adjust the subscription through the imprest Account. For further details log on to www.bcasonline.org

Particulars Subscription Charges + Service Tax

Total Charges

Ordinary, Life and Associates of Corporate Membership R600 + 12.36% R674

Students R600 + 12.36% R674

Journal subscribers R900 + 12.36% R1,011

Non-members R1,200 + 12.36% R1,348

Lecture Meeting on Important Provisions under the Companies Act, 2013 by Himanshu Kishnadwala held on 24th October 2013 is now available on BCAS Web TV

bCAS wEb TVRecent Addition Subscribe

Now!!!

bcas foundatIonUttarakhand relief Fund: School rehabilitation Project – Appeal for Support

The bcAS Foundation has agreed to support rehabilitation of four government Schools at Gopeshwar, Karnaprayag, Kametha and Triyuginarayan villages in chamoli district in Uttarakhand being carried out by National centre for Peoples’-Action in disaster Preparedness (NcPdP) http://www.ncpdpindia.org/. The children currently study in make shift arrangements in these villages and face grave difficulties.

These schools have been identified after an extensive survey and need assessment during personal visits by NcPdP team and in consultation with the Local district Administration and education department and their approval.

The total cost of repairs, restoration, retrofitting and upgradation of these four schools, including strengthening them for withstanding seismic vulnerability, is estimated at approx. rs. 15 Lacs. The Society has already received donations aggregating to rs.4.75 Lacs earlier and we now need to collect rs.10.25 Lacs to meet this target.

We once again request the members to contribute generously for this noble cause and send cheques in favour of “bcAS Foundation” at the Society’s office.

The donations are eligible for tax benefits under Sec 80G of the Income Tax 1961 vide registration Number: dIT (e) / mc / 80G/ 2345. The bcAS Foundation is registered with the charity commissioner under the bombay Public Trust Act, 1950 vide registration no. e-20379 (mumbai). Your timely support would be of great help towards rehabilitation of the four schools.

Thanking you,

TrusteesbcAS Foundation

december 201311

From rBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 5 circulars

A. P. (DIR Series) Circular No. 69 dated November 23, 2013Press Release dated September 27, 2013 – Ministry of Finance, Government of India Notification dated October 11, 2013 issued by the Ministry of Finance (Department of Economic Affairs) – G.S.R. 684(E)Amendment to the “Issue of Foreign Currency Convertible Bonds and Ordinary shares (Through Depository Receipt Mechanism) Scheme, 1993”

Presently, unlisted Indian companies that have not yet accessed Global depository receipts / Foreign currency convertible bond route for raising capital in the international market are required to have prior or simultaneous listing in the domestic market.

This circular permits, initially for a period of two years, unlisted companies incorporated in India to raise capital abroad without prior or subsequent listing in India. The Indian company must fulfill the following conditions: -(a) Unlisted Indian companies can list abroad only on exchanges in IOScO

/ FATF compliant jurisdictions or those jurisdictions with which SebI has signed bilateral agreements.

(b) The Adr / Gdr can be issued subject to sectoral cap, entry route, minimum capitalization norms, pricing norms, etc. as per FdI regulations notified by the rbI from time to time.

(c) The pricing of such Adr / Gdr has to be determined in accordance with the provisions of paragraph 6 of Schedule 1 of Notification No. FemA. 20 dated may 3, 2000, as amended from time to time.

(d) The number of underlying equity shares offered for issuance of Adr / Gdr that have to be kept with the local custodian has to be determined upfront and the ratio of Adr / Gdr to equity shares has to be decided upfront based on FdI pricing norms of equity shares of unlisted company.

(e) The unlisted Indian company has to comply with the instructions on downstream investment as notified by rbI from time to time.

(f) The capital raised abroad can be utilized for retiring outstanding overseas debt or for bona fide operations abroad including for acquisitions overseas.

(h) In case the funds raised are not utilized abroad, the company must repatriate the funds to India within 15 days and such money must be parked only with banks recognized by rbI and can be used for eligible purposes.

(i) The unlisted company will have to file reports with rbI as may be prescribed.

A. P. (DIR Series) Circular No. 70 dated November 8, 2013Third party payments for export / import transactions

This circular permits the payments for export / import of goods / software to be received from third parties, subject to the following conditions: -

EXPORT OF GOODS / SOFTWARE

a) There must be a firm irrevocable order backed by a tripartite agreement.b) Third party payment must come from a Financial Action Task Force

(FATF) compliant country and through the banking channel only.c) The exporter must declare the third party remittance in the export

declaration Form (edF).d) It is the responsibility of the exporter to realize and repatriate the export

proceeds from such third party named in the edF.e) banks will continue reporting of outstandings, if any, in the XOS against

the name of the exporter. However, instead of the name of the overseas

buyer from where the proceeds have to be realized, the name of the declared third party must appear in the XOS.

f) In case of shipments being made to a country in Group II of restricted cover countries, (e.g. Sudan, Somalia, etc.), payments for the same can be received from an Open cover country.

IMPORT TRANSACTIONS

a) There must be a firm irrevocable purchase order / tripartite agreement in place.

b) Third party payment must be made to a Financial Action Task Force (FATF) compliant country and through the banking channel only.

c) The Invoice must contain a narration that the related payment has to be made to the third party named therein.

d) bill of entry must mention the name of the shipper as also the fact that the related payment has to be made to the third party named therein.

e) Importer has to comply with the related instructions relating to imports including those on advance payment being made for import of goods.

f) The amount of an import transaction eligible for third party payment must not exceed US $ 100,000.

A. P. (DIR Series) Circular No. 71 dated November 8, 2013Advance Category – I Authorised Dealer Banks

Presently, advance remittance for import of rough diamonds into India can be made to nine mining companies without any limit and without bank Guarantee or Standby Letter of credit, by an importer (other than Public Sector company or department / Undertaking of the Government of India /State Governments), subject to certain conditions.

This circular states that the names of two of the said nine companies have been changed as under: -i. de beers UK Ltd to de beers Global Sightholder Sales Proprietary Ltd.ii. bHP billiton, belgium to dominion diamond marketing.

A. P. (DIR Series) Circular No. 72 dated November 11, 2013Foreign Direct Investment in Financial Sector – Transfer of Shares

Presently, a No Objection certificate (NOc) is required from the respective financial sector regulator / regulators of the investee company (if it is in the financial services sector) as well as transferor and transferee entities at the time of transfer of shares from residents to Non-residents. The NOc is to be filed along with Form Fc-TrS with the bank.This circular has done away with the requirement of obtaining NOc. As a result, no NOc needs to be filed along with Form Fc-TrS. However, any 'fit and proper / due diligence' requirement as regards the non-resident investor as stipulated by the respective financial sector regulator will have to be complied with.

A. P. (DIR Series) Circular No. 73 dated November 11, 2013Import of Gold by Nominated Banks / Agencies / Entities

This circular clarifies the following: -1. Any authorization such as Advance Authorization (AA) / duty Free Import

Authorization (dFIA) have to be utilized for import of gold meant for export purposes only and no diversion for domestic use will be permitted. However, for any AA / dFIA issued prior to August 14, 2013 the condition of sequencing the imports prior to exports will not be insisted upon.

2. entities / units in the SeZ and eOU, Premier and Star Trading Houses (irrespective of whether they are nominated agencies or not) can import gold exclusively for the purpose of exports only.

3. exports towards fulfillment of obligation under AA / dFIA scheme will not qualify as export for the purpose of the scheme of 20:80.

BCAS 12

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MH/MR/South-88/2012-14Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 15th of every month • Posted on 15th & 16th of every month

Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia, Mumbai-400013.

• Please fill in the above form and send the same to the Society’s office along with requisite payment. • Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft. • Kindly note that the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30 p.m. to 2 p.m. Members are requested to co-operate in this regard. • Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed.

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BCAS Study Circles 2013–14Study

Circle No. Subject Fee Tick your choice here

I Direct Tax Laws 449*

II Indirect Tax Laws 449*

III Company Law, Auditing & Accounting 449*

IV FEMA 449*

V Information Technology 449*

Study Circle No. Subject Fee Tick your

choice hereVI Human Resource Development 449*

VII ITF 1,123*

VIII BCAS Suburban Study Circle 674*

IX International Economics 1,123*

X Students Study Circle 224*

* Inclusive of Service Tax of 12.36%

Com

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ent F

orm

Seminar on Presumptive Taxation for Non-residents.........18-01-2014 ........................................................r 1,686 for members ......... ...........................r 2,135 for non-members .........

Full day Seminar on Charitable Trusts .............................22-03-2014 ........................................................r 1,348 for members .......... ...........................r 2,022 for non-members .........

Seminar

Twelfth Residential Leadership Camp/Spiritual Retreat....30-01-2014........................r 8,000 for members & family (2 persons)............... .........r 8,500 for members (1 person) ........................

Camp

Workshop on MVAT Act, Service Tax & Allied Laws ............................... 21-12-2013 ............................. r 1,686 for members ......... ............................r 2,247 for non-members .........

Workshop on Learn Mind Power through Mind Meditation .................... 04-01-2014 ............................. r 730 for members ............ ............................r 900 for non-members ............

Workshop on Mastering E-Filing Compliances under Taxation and Corporate Laws ..................................................... 20-01-2014 to 28-02-2014 ..... r 7,326 per person .............

WorkshopHalf day workshop on Valuation Under Indirect tax Laws-Concept of non monetary consideration in view of Recent judgements .............................................................. 20-12-2013 ............................. r 899 for members ............ ...........................r 1,123 for non-members .........