from the desk of chairman - jaipur branch of circ of the … · 2019-02-15 · ankur gupta...
TRANSCRIPT
Respected Professional Colleague,
This is my exquisite delight to address you for the
last time as chairman of Jaipur branch of CIRC of ICAI.
At the outset I thank all the management committee
members for imposing trust on me a year back and
giving me opportunity to serve this prestigious Jaipur
branch.
I acknowledge and appreciate my predecessors, all
past Chairman's, past management committee
members, all my seniors, my central council members,
regional council members, ICAI Jaipur branch staff, my
friends and proud students volunteers for their
valuable contributions during this last one year and
uprising the Jaipur branch to this level.
I will fail in my duty without acknowledging thanks to
my family specially my late Amma and Babuji who will
always remain in my heart and above all my parents,
my wife Vaishali, my children, my brothers, sisters and
other family members who have been motivational force behind my life and who
have missed my presence at home in last one year.
I wish all the best to the upcoming office bearers to take this pious body to new
heights. I will always be available to serve this profession, the institute and
members in large to the best of my knowledge, vision and experience.
I wish you and your family a very colorful and joyous holy festival.
Keep learning!. keep sharing!. and be United.
Jai Hind, Jai ICAI. E-mail: [email protected]
Chairman, Jaipur Branch of CIRC of ICAI
From the Desk of Chairman
Respected Professional Colleague,
I would like to convey my sincere gratitude to all the
members of the Branch and the Managing Committee for
imposing faith in me and giving me an opportunity to
serve the Branch as Secretary.
Dear Members, your words of appreciation and
encouragement from time to time has been the source
of inspiration and driving force for me in running the
branch, keeping up with the pace set by my
predecessors.
We are glad to share that Jaipur Branch has conducted various CPE Programs and Professional Social Responsibility Activity for Members, Students and Public at large.
Jaipur branch is successful because of the unstinted support and guidance of our predecessors and the dedicated resource persons of Jaipur Branch. I strongly believe that the resource persons/speakers are the backbone of our Branch in conducting programs, enabling our Members to be abreast with the various amendments continuously taking place in the areas of our services. Our Institute is a partner in nation building and I am sure that this Branch of the Institute shall be fulfilling and exhibiting its Excellency to prove so. I am fortunate to commence my tenure in March 2018 with the blessings and the best wishes of all my professional friends gave me the strength to put my thoughts into successful actions for the benefit of members and students in CA profession.
With warm regards
CA Sanjay Kumar Maheshwari
Mobile: 9414234860
Email: [email protected]
From the desk of Secretary…
Editor in Chief CA. Abhishek Sharma 9829399453
Editor CA. Amit Gatani 9414070608
Joint Editor CA. Anil Kumar Yadav 9660917000
Deputy Editor CA. Ashwani Mundra 9828225521 CA. Kamal Jain 9782555151 CA. Vijay Kumar Agarwal 9982723122
Members CA. Abhishek Maru 9829291595 CA. Abhishek Singhvi 9414210601 CA. Ajay Gaur 9982426699 CA. Akash Bargoti 9983332663 CA. Akash Jain 9460671198 CA. Aklak Husain 9928902121 CA. Amit Agarwal 9414062551 CA. Amit Dadheech 8952086340 CA. Amit Kedia 9414046121 CA. Amit Kumar Jain 9414321489 CA. Ankit Vijay 9783248794 CA. Ankur Gupta 4461044624 CA. Anu Shah Jain 8875000245 CA. Anuj Sharma 9828152341 CA. Anurag Maheshwari 9829285091 CA. Anushri Gupta 9414779750 CA. Ashok Saini 9875139001 CA. Ashutosh Agarwal 9828400386 CA. B. L. Chaudhary 9351320922 CA. Badri Naryan Maheshwari 9829109903 CA. Balkishan 9352242394 CA. Deepak Jain 9461551545 CA. Devendra Mittal 9829250009 CA. Dheeraj Borad 9829068558 CA. Gaurav Rawat 9571008844 CA. Govind Khandelwal 9799128000 CA. Harsha Ramnani 9001561467 CA. Jairaj Bothra 9660018715 CA. Kamlesh Chippa 9314231738 CA. Kartik Bapna 9982914577 CA. Kartik Khandelwal 9413490030 CA. Madhur Gupta 9983035000 CA. Mahendra Modi 9352638180 CA. Manish Jain 9782238095 CA. Manoj Agarwal 9602266000 CA. Milan Pareek 9460153100 CA. Mohit Patni 7665435856 CA. Naman Shrimal 9636111444 CA. Naresh Motwani 9828401009 CA. Naveen Sharma 9828319442 CA. Nitin Sharma 9829266636 CA. Om Rupani 9928559499 CA. Pankaj Jhanwar 9414770518 CA. Poonam Agarwal 7568414141 CA. Pramod Kanda 9829184900 CA. Priyanka Sharma 9983311255 CA. Pulkit Kapoor 9982360194 CA. Pushpendra Agarwal 9829178778 CA. Rajkumar Khandelwal 9414304422
CA. Rakesh Kabra 9828052448 CA. Rakesh Kothari 9828504428 CA. Ranjan Mehta 9672372075 CA. Raman Sharma 9887809533 CA. Ravi Mamodia 9828091785 CA. Rekha Maheshwari 9529927802 CA. Richa Pandya 9811195641 CA. Rohit Maheshwari 9829067244 CA. Ruchita Dhoot 9829671929 CA. Sachin Jain 9829393505 CA. Saurabh Agarwal 9828169924 CA. Saurabh Agarwal 7737745011 CA. Shalini Rajvanshi 9314668454 CA. Shamshudin Khan 9413559669 CA. Sourabh Baheti 9784668867 CA. Sumit Jain 8875072355 CA. Varun Bansal 9829888812 CA. Vijay Agarwal 9829391600 CA. Vijay Kumar Gupta 9829074212 CA. Vikesh Jain 9928493838 CA. Vinod Agarwal 9414070269 CA. Vipin Singhal 9829466657 CA. Vishnu Agarwal 9829867493 CA. Vivek Chattar 9314503966
Advisors CA. Anil Mathur CA. Rakesh Gupta CA. B K Mathur CA. Ram Manohar CA. Brijesh Maheshwari CA. Rameshwar Prasad Vijay CA. C. L. Yadav CA. Ratan Goyal CA. D. R. Mohnot CA. Ravindra Raniwala CA. Dilip Malpani CA. S S Dhakad CA. G. C. Jain CA. S. K. Goyal CA. Ganesh Bangar CA. S. L. Gangwal CA. H M Singhvi CA. Sanjay Kumar Shah CA. J K Agarwal CA. Sanjay Sharda CA. Jagdish Somani CA. Satish Gupta CA. L. D. Sharma CA. Sharad Kabra CA. Manish Suri CA. Shailendra Agarwal CA. Manoj Bhansali CA. Sunil Agrawal CA. Narendra Moolchandani CA. Sunil Goyal CA. Nitin Vyas CA. Suresh Garg CA. O. P. Agarwal CA. Ummed Mal Jain CA. P C Modi CA. Vijay Garg CA. P C Parwal CA. Vijendra Bangar CA. P P Pareek CA. Vikas Jain CA. Pushpendra Khandelwal CA. Vikas Rajvanshi CA. R. A. Sharma CA. Vimal Chopra CA. R. K. Sharma CA. Vipin Gangwal CA. Rajeev Sogani
Managing Committee Chairman CA Abhishek Sharma Vice Chairman CA Ankit Jain Secretary CA Sanjay Kumar Maheshwari Treasurer CA Sushil Kumar Jalan CICASA Chairman CA Dinesh Jain YMEC Chairman CA Shishir Agarwal Member CA Nikhilesh Kataria Member CA Shiv Shanker Gupta Central Council Member CA Shyam Lal Agarwal Central Council Member CA Prakash Sharma Regional Council Member & Vice Chairman, CIRC CA Rohit Ruwatia Agarwal Regional Council Member & Secretary, CIRC CA Pramod Boob Regional Council Member CA Gautam Sharma
Editorial Board
Published by : Sh. S. C. Chaturvedi, Administrative Officer on behalf of The Institute of Chartered Accountant of India JAIPUR (CIRC) ICAI
Bhawan, D-1, Institutional Area, Jhalana Doonagari, Jaipur-4 Ph. 0141-3044200-21 *Fax : 0141-3044215
Email : [email protected]@icai.in *website : jaipur-icai-org
Designed by : ITT Faculties of Jaipur Branch of ICAI
Anil Kumar Sharma Sanjay Kishore Karni Singh Rathore Suraj Sharma Maneesh Pareek
Respected Professional
Colleague,
Wishing you all a Happy Holi.
May God paint the canvas of your life with the colours of joy, love, happiness, prosperity, good health and success.
Albert Einstein’s quote- “Education is what remains after one has forgotten what one has learned in school” is startling. It suggests that greater learning comes from experiencing life. Our ‘relevant education’ comes from our behaviours that determine our utterances; interaction and deeds. If one consciously controls living, it leads to a higher degree of learning-supports the purpose of living. Living is based on a universal principle-that for every action, there is an equal and opposite reaction. Simply stated-every good deed has a better return-happiness shared earns grater happiness. We are citizen of the admirer’s world. We talk about others. The day starts as we refer to others. You read a newspaper and you are connected to others. In a meeting others are talked about and you get involved. That’s fine. It is good to emulate the good by others. But we can’t end up that way. We must transition and belong to – citizen of the admired world. The large world of opportunity needs us. We are blessed to belong to a large organization. It is for us to latch on. We need to focus our abilities to go further than self, beyond our limited zones. Every day is also an opportunity. Every today is great value and an investment for the future. This year has been very special for me as the editor of jaipur branch news letter under the leadership of our dynamic and energetic Chairman CA Abhishek Sharma and our hard working, charismatic Secretary CA Sanjay Kr. Maheshwari, my heartfelt thanks to both of them for entrusting this responsibility and giving me this opportunity. I would be falling in my duty without thanking to my extremely talented friend CA Pramod Kr Boob, Regional Council Member, CIRC who is always available there to guide me and to my Joint editor CA Anil Yadav. I express my special gratitude to all my professional colleagues who provided articles to make our newsletter successful. Now it’s time to say Goodbye.
With warm Regards,
CA AMIT GATTANI Mobile: 9414070608
E-mail: [email protected]
Respected Professional
Colleague,
Happy Reading!!
Time flies indeed! It is time to
step away from the Joint Editor
post of Jaipur Branch ICAI. As I reach the end of my
term, I would like to say goodbye to all our readers
and authors. I take pride in saying that fortunately,
during my term, with strong support of my team, we
could accomplish all the targets as and when
assigned to us. None of this would have been
possible without the dedicated and continuous
work, which we have carried out to the best of our
ability, and which would not have been possible
without the contributions and loyalty of our authors
and readers.
My special thanks to Ca Abhishek Sharma,
Chairman Jaipur Branch ICAI, Ca Sanjay
Maheshwari , Secretary Jaipur Branch ICAI and Ca
Amit Gattani, Chief Editor for providing me constant
help whenever I need. This administrative team has
done marvellous job in making the review process
move smoothly. My sincere appreciation to all who
worked, to ensure that, we deliver high quality
content to our readers. It had been a great year. It
gives me immense pleasure to pass the torch to our
next Joint Editor.
Thank you and Happy Holi!
With warm regards,
CA Anil Kr. Yadav Mobile: 9660917000
Email: [email protected]
Joint Editors Desk Editors Desk
BRANCH ACTIVITY DURING THE MONTH OF OCTOBER -2017
1. Half Day Seminar on Investor Awareness & Issues under Companies Act-2013 (06.10.17)
The Jaipur Branch organized a Half Day Seminar on Investor Awareness & Issues under Companies Act-2013 on 06.10.2017 at ICAI Bhawan. CA Anil Mathur, CA B K Sharma & Sh. Amol Shinde, Dy. ROC-Rajasthan were the eminent speakers of the programme. CA B K Sharma delivered the lecture on recent amendments in Companies Act-2013, CA. Anil Mathur delivered the lecture on CARO amendments & Sh. Amol Shinde, Dy. ROC-Rajasthan delivered the lecture on Investor Awareness. CA Ashutosh Agarwal was the convenor of the seminar.
2. Two Days Jaipur Branch Conference on “Emerging Challenges & Changing Dimension” (25-26 October 2017)
Jaipur Branch of CIRC of ICAI organised & hosted Two Days Jaipur Branch Conference on the Theme “Emerging Challenges & Changing Dimension” for CA members on 25th & 26th October 2017 at Birla Auditorium, Jaipur. There were five technical sessions. CA. Abhishek Sharma, Chairman Jaipur Branch & CA. Ankit Jain, Vice Chairman, CA. Sanjay Kumar Maheshwari, Secretary, CA. Dinesh Kumar Jain, Chairman CICASA, CA. Nikhilesh kataria, Managing Committee Member, CA. Shiv Shanker Gupta, Managing Committee Member and other senior members inaugurated the conference by lighting the lamp.
25th October 2017 First Technical Session In this session CA. Puneet Agrawal, Delhi was the eminint speaker. In this Session CA. Ankit Jain, Vice Chairman Jaipur Branch presented his welcome address and CA. Sanjay Kumar Maheshwari, Secretary Jaipur Branch presented his vote of thanks. CA. Puneet Agrawal, Delhi delivered the lecture on GST-Specific issues related to Place of Supply & Input Tax Credit with Q/A session. In this session CA. Ram Avtar Sharma was the session Chairman & CA. Jatin Harjai was the key note Speaker. After that a panel discussion was held. In this panel CA. Natwar Sarda, CA. Ranjan Mehta, CA. Rahul Lakhwani, CA. Puneet Agrawal, CA. Jatin Harjai & CA. Ram Avtar Sharma were the speakers. Second Technical Session In this session CA. Anil Sharma, Delhi was the eminent speaker. CA. Sushil Kumar Jalan, Treasurer-Jaipur Branch presented his welcome address. CA. Nikhilesh Kataria, Managing Committee Member-Jaipur Branch presented his vote of thanks CA. Anil Sharma, Delhi delivered the lecture on Current Issues & Recent amendments under Companies Act-2013. In this session CA. Vimal Chopra was the key note speaker & CA. Anil Mathur was the session Chairman.
Third Technical Session In this session CA Gaurav Agrawal, Noida was the eminent speaker. In this Session CA. Chetan Sharma presented his welcome address. CA. Gaurav Agrawal, Noida delivered the lecture on Practical understanding of RERA alongwith a Panel discussions. In this session CA. Sanjay Ghiya was the session Chairman. After that a panel discussion was held. In this panel CA. Abhishek Mishra, CA. Hitesh Dhanuka, CA. Gaurav Agrawal, CA. Sanjnay Ghiya were the speakers.CA. Himanshu Goyal was the moderator of the session.
26th October 2017
Fourth Technical Session
In this session CA. (Dr.) Girish Ahuja, Delhi was the eminent speaker. CA. Pramod Kumar Boob, Regional Council Member-CIRC presented his welcome address. CA. (Dr.) Girish Ahuja, Delhi delivered the lecture on Specific issues related to Income Tax -Benami Property Transactions, Cash Transactions and Specific Issues related to Tax Audit & ICDS. In this Session CA. P C Parwal was the Key Note Speaker & CA. H M Singhvi was the Session Chairman.
Fifth Technical Session
In this session CA. Avinash Poddar, Surat was the eminent speaker. CA. Shishir Agrawal, Convenor YMEG & Managing Committee Member Jaipur Branch presented his welcome address. CA Avinash Poddar, Surat delivered the lecture on GST- Issues related to Reverse Charge, Exports & transitional provisions along with Q/A session. In this Session CA. Yashasvi Sharma was the Key Note Speaker & CA. Sunil Bhargava was the session Chairman. After that a panel discussion was held. In this panel CA. Virendra parwal, CA. Mukesh Khandelwal, CA. Yash Dhadda, CA. Ankit Totuka, CA. Yashasvi Sharma & CA. Sunil Bhargava & CA. Avinash Poddar were the speakers.
3. Visit of Jaipur Branch By CA. Naveen Sharma, Chairman Dubai Chepter (30.10.17)
The ICAI-Jaipur Branch visited by CA. Naveen Sharma, Chairman Dubai Chapter on 30.10.2017. Jaipur Branch organized a Felicitation programme for him. CA. Abhishek Sharma, Chairman-Jaipur Branch & CA. Sanjay Kumar Maheshwari, Secretary-Jaipur Branch felicitated to CA. Naveen Sharma by presenting Bouquet & Memento.
BRANCH ACTIVITY DURING THE MONTH OF NOVEMBER -2017
1. Deepawali Sneh Milan 2017 (5.11.2017)
The Jaipur Branch organized Deepawali Sneh Milan 2017 at
the B-5 Back Lawn, C-Scheme, Jaipur on 5.11.17 for CA
members with their families and meritorious students of
IPCC and CA Final Nov. 2016 & May 2017 examinations.
Hon’ble Shri Ram Charan Bohra, Member of Parliament,
Jaipur was the Chief Guest, Shri Ashok Lahoti, Mayor-Jaipur
& Shri Vikas Jain, Chairman-Sankalp Group were the Guest
of Honour. CA. Shyam Lal Agarwal, Central Council
Member-ICAI & CA. Prakash Sharma, Central Council
Member-ICAI, CA. Gautam Sharma, Treasurer-CIRC, CA.
Abhishek Sharma, Chairman-Jaipur Branch, CA. Sanjay
Kumar Maheshwari, Secretary-Jaipur Branch and members
of Managing Committee were present. A large number of
CA members and their families participated. 29 meritorious
students were honoured by presenting mementoes. The
programme was followed by Dinner in the end.
2. World / National Commerce Education (10.11.2017)
Career Counselling Committee of ICAI organized World /
National Commerce Education Day and Jaipur Branch
hosted the same. In this occasion a carrer counselling
programme was arranged at Bright Future Senior
Secondary School Nirman Nagar, Brijlalpura, Jaipur for 11-
12 commerce students. Approx 120 students participated in
this programme. CA. Ankit Jain, Vice Chairman Jaipur
Branch addressed the students during the Career
Counselling Programme.
3. Half Day Awarness Programme on GST for exclusively
Chartered Accountants working in Jaipur Vidyut Vitran
Nigam Limited (JVVNL) (09.11.17)
The Jaipur Branch organized a half day awareness
programme on GST on 09.11.2017 exclusively for Chartered
Accountants workingin JVVNL at ICAI Bhawan, Jaipur. CA.
Abhishek Sharma, Chairman-Jaipur Branch, CA Shishir
Agrawal, convenor YMEG & Managing Committee Member
inaugurated the GST awareness programme by lighting the
lamp. CA Ranjan Mehta was the eminent speaker of the
programme. CA Anil Kumar Yadav was the convenor of the
programme.
4. S C Meeting on Annual Filing of Companies & LLP
(11.11.2017)
The Jaipur Branch organized a SC Meeting on annual filing
of companies & LLP on 11.11.2017 at ICAI Bhawan. CS
Jitendra Mathur was the eminent speaker. CS Jitendra
Mathur delivered the lecture on above mentioned subject.
CA Manan Jain was the convenor of the programme.
5. S C Meeting on Brainstorming inder GST (14.11.2017)
The Jaipur Branch organized a SC Meeting on Brainstorming
under GST on 14.11.2017 at ICAI Bhawan. CA Yash Dhadda
was the eminent speaker. Shri O P Mittal (FCA), Member
Advisory Group to Law Review Committee of GST Council,
Govt. of India was also presented during the programme for
taking suggestions on various proposed amendments in
GST laws. CA Yash Dhadda delivered the lecture on brief
overview in recent amendments in GST during the
programme. CA Sakshi Garg was the convenor of the
programme.
06. “3rd Constitution Day” - Pledge taking ceremony (27.11.17)
Jaipur Branch of CIRC of ICAI celebrated pledge taking
ceremony under the guidance of PR & CSR Committee
Secretariat, ICAI New Delhi on the occasion of “3rd
Constitution Day” on 27.11.17 at 11.00AM at ICAI Bhawan,
Jaipur. On this occasion CA. Abhishek Sharma, Chairman
Jaipur Branch of CIRC of ICAI has given pledge regarding
“Preamble to the Constitution” to all the staff members of
Jaipur Branch.
07. Quiz Contest (27.11.2017)
Jaipur Branch organized Quiz contest on 27.11.2017 at
branch premises. CA. Abhishek Sharma, Chairman Jaipur
Branch & CA Dinesh Kumar Jain Chairman CICASA Jaipur
Branch inaugurated the Quiz Contest by lighting the lamp.
CA. Dinesh Kumar Jain CICASA Chairman gave welcome
remarks and CA. Abhishek Sharma, Chairman Jaipur Branch
gave the details about the Contest. Dr. Amit Khandal, CA.
Ankit Maheshwari and CA. Vishal Gupta were the Quiz
Master.
Five teams Viz. A, B, C, D and E were formed. Team No. E
consisting of following participants was declared as the
Winner Team:-
1. MS. SAKSHI GATTANI (IPCC) CRO 0589697
2. MR. SHUBHAM DANGAYACH (IPCC) CRO 0585546
All the participants were given certificates and the
participants of winning Team were honoured by
mementoes also.
CA. Sanjay Kumar Maheshwari, Secretary Jaipur Branch
gave vote of thanks to the participants.
08. S C Meeting on Benefits available to exporters under
Foreign Trade Policy (29.11.17)
The Jaipur Branch organized S C Meeting on Benefits
available to exporters under Foreign Trade Policy with
DGFT Jaipur on 29.11.2017 at Branch Premises. CA.
Abhishek Sharma, Chairman-Jaipur Branch, Ms. Vasundhara
Sinha, Zonal Addl. Director General of Foreign Trade, New
Delhi & Sh. Virendra Singh, Joint Director General of Foreign
Trade, Jaipur inaugurated the programme by lighting the
lamp. Ms. Vasundhara Sinha, Zonal Addl. Director General
of Foreign Trade, New Delhi delivered the lecture on
Overview of FTP. Sh. Virendra Singh, Jt.DGFT, Jaipur deliver
the lecture on FTP/HBoP: Export Promotion Measures. Sh.
Satish Raina, I/C {EDI} deliver the lecture on Brief on
Digitisation in DGFT. CA Chetan Sharma was the convenor
of the programme
BRANCH ACTIVITY DURING THE MONTH OF DECEMBER-2017
1. 01. ICAI JAIPUR PREMIER LEAGUE - 2017 (T-6 CRICKET TOURNAMENT FOR CA)
(2nd
& 3rd
December, 2017)
Jaipur Branch of CIRC of ICAI organised ICAI JAIPUR PREMIER LEAGUE–2017, T-6 CRICKET TOURNAMENT FOR CA on 2nd
& 3rd
December, 2017 at Skyfut, Orbit Mall, Ajmer Road, Jaipur as per the schedule mentioned below:
Group Team Group Team Group Team Group Team Group Team
A1
ICAI JAIPUR
VICTORIOUS
PROFESSIONALS
B1 ICAI JAIPUR
"7 STARS" C1
ICAI
JAIPUR
STRIKERS
D1
ICAI
JAIPUR
LIONS
E1
ICAI JAIPUR
7
WONDERS
A2 ICAI JAIPUR
CENTRAL B2
ICAI JAIPUR
INVINCIBLES C2
ICAI
JAIPUR
ROYAL
STRIKERS
D2
ICAI
JAIPUR-
TROOPERS
E2 ICAI JAIPUR
DYNAMITES
A3 ICAI JAIPUR
SMASHERS B3
ICAI JAIPUR
JAGUARS C3
ICAI
JAIPUR
CHARGERS
D3
ICAI
JAIPUR
ROYALS
E3
ICAI JAIPUR
RNGC
WARRIORS
In this tournament 15 teams were participated and ICAI Jaipur Invincibles was awareded with the Trophy. ICAI Jaipur Lions team was Runner UP.
Awards
Winner : ICAI Jaipur Invincibles Runners up : ICAI Jaipur LIons Man of the Series : Shivanshu Bhargav Best Batsman : Sanjay Chandani Best Bowler : Saurabh Baheti Best Fielder : Manan Jain CA. Shyam Lal Agarwal, CCM-ICAI, CA. Prakash Sharma, CCM-ICAI, CA. Abhishek Sharma, Chairman-Jaipur Branch and other Managing Committee members Jaipur Branch inaugurated the Cricket league by lighting the lamp. CA. Rohit Ruwatia Agarwal, RCM, CIRC was the chief coordinator & CA. Shishir Agarwal, MCM, Jaipur Branch was the chief convoner of the tournament. CA. Anil Kumar Yadav, CA. Ashutosh Agarwal, CA. Ayush Sanghi, CA. Mohit Patni, CA. Naveen Sharma, CA. Ravi Vijayvergia, CA. Durgesh Vijayvargiya and CA. Shyam Maheshwari were the convenors of this tournament.
2. Visit of Jaipur Branch By CA. Mukesh Singh Kushwah, CCM
& Chairman CCBMP-ICAI and CA. Madhukar Narayan
Hiregange, Council Member-ICAI (5.12.17)
The ICAI-Jaipur Branch visited by CA. Mukesh Singh
Kushwah, CCM & Chairman CCBMP-ICAI and CA. Madhukar
Narayan Hiregange, Council Member-ICAI on 05.12.2017.
Jaipur Branch organized a Felicitation programme for him.
CA. Abhishek Sharma, Chairman-Jaipur Branch & CA. Sanjay
Kumar Maheshwari, Secretary-Jaipur Branch felicitated to
CA. Mukesh Singh Kushwah, CCM & Chairman CCBMP-ICAI
and CA. Madhukar Narayan Hiregange, Council Member-
ICAI by presenting Bouquet.
3. S C Meeting on Practical Aspects of Accounting Standards
and Standards on Auditing with reference to Report of
Quality Review Board (09.12.2017)
The Jaipur Branch organized a SC Meeting on Practical
Aspects of Accounting Standards and Standards on Auditing
with reference to Report of Quality Review Board on
09.12.2017 at ICAI Bhawan. CA Bhupender Mantri was the
eminent speaker. CA Dinesh Kumar Jain, Chairman CICASA
Jaipur Branch was the convenor of the programme.
4. Full Day Seminar for Young CA Entrepreneur’s :- “Practice,
Patience, Profession & Professional’s” (17.12.2017)
The Jaipur Branch hosted a Seminar for Young CA
Entrepreneur’s:- “Practice, Patience, Profession &
Professional’s” under the aegis of Committee For Capacity
Buiding For Members In Practice, Young Members
Empowerment (Sub-Group under CCBMP), ICAI on
17.12.2017 at ICAI Bhawan, Jaipur. In the inaugural session
CA. Chandra Shekhar Mutha, (IAS, Secretary-State Election
Commission, Rajasthan) was the Chief Guest and CA.
Mukesh Singh Kushwah-Chairman CCBMP and Central
Council Member–ICAI was the Guest of Honour. CA.
Prakash Sharma, Central Council Member-ICAI, CA. Gautam
Sharma, Treasurer CIRC, CA. Abhishek Sharma, Chairman-
Jaipur Branch, CA. Sanjay Kumar Maheshwari, Secretary-
Jaipur Branch, CA Shishir Agrawal, Convenor YMEG Jaipur
and other Managing Committee Members were also
present in the inaugural session.
During the inaugural Session, CA. Rajesh Kumar Mangal,
Independent Director Bharat Petroleum Corporation
Limited/National Mineral Development Corporation and
CA. Dharmendra Singh Shekhawat, Independent Director
Indian Oil Corporation Limited were also felicitated by
presenting Bouquet, Safa, Shawl & Mementoes.
First Technical Session
In the first technical Session CA. Kapil Goel, New Delhi was
the eminent speaker. CA. Kapil Goel delivered his lecture on
Practical Approach to Appear before Tax Authorities.
Another Eminent Speaker CA. Rohit Ruwatia Agarwal,
Regional Council member-CIRC delivered the lecture on
Present & Future Strategy for CA firms in India
Second Technical Session
Play on Mock Drill on IT Search & Survey- A Practical
approach
In the second technical Session, a play was organized on
Mock Drill on IT Search & Survey- A Practical approach. In
which CA. Satish Gupta, CA. O P Agarwal, CA. Natwar Sarda,
CA. Sunil Gogra, CA. Abhishek Sharma, CA. Dinesh Kumar
Jain, CA. Rohit Sharma, CA. Saurabh Agarwal & Adv. Sulbha
Sarda were the participants.
In the last, CA. Shashank Gupta, New Delhi was the eminent
Speaker. CA. Shashank Gupta delivered the lecture on
Postmortem of GST Since 1 July 2017.
5. Motivation Session How to Face CA Exam (20.12.2017)
The Jaipur Branch organized a Motivational Programme on
How to Face CA Exam on 20.12.2017 at ICAI Bhawan from
3.00PM to 5.00PM. CA Bhushan N. Toshniwal, Pune was the
eminent speaker. He delivered the lecture on above
subject. CA Tanvi Jain was the convenor of the programme.
6. “Swachhata Pakhwada” (21.12.2017)
The Institute of Chartered Accountants of India (ICAI) is
celebrating “Swachhata Pakhwada” under Swachh Bharat
Abhiyan from December 16th to 31st, 2017 on the advise of
Ministry of Corporate Affairs (MCA). Accordingly, Jaipur
Branch of CIRC of ICAI is also participated in the same and
distributed Cleanliness items & Sweaters at Govt. Sr. Sec.
School Lakhna, Sanganer, Jaipur on 21.12.17 at 9.00AM and
also talk about hygiene & cleanliness to students. CA Atul
Kumar Mansingka was the convenor of the same.
7. S C Meeting on E-Way bill under GST alongwith Q/A session
on various issues of GST (23.12.2017)
The Jaipur Branch organized a SC Meeting on Way bill
under GST alongwith Q/A session on various issues of GST
on 23.12.2017 at ICAI Bhawan.
CA Virendra Parwal was the eminent speaker. CA Virendra
Parwal deliverd the lecture on W-Way bill under GST, after
that a Q/A session was organized in this session CA. Mukesh
Khandelwal, CA. Sunil Gogra, CA. Rakesh Kumar kabra & CA.
Manish Maliwal were the panel experts. CA Sachin Kumar
Jain was the convenor of the meeting.
8. S C Meeting on A Journey to Financial Freedom through
Stock Market Investment (30.12.2017)
The Jaipur Branch organized a SC Meeting on A Journey to
Financial Freedom through Stock Market Investment on
30.12.2017 at ICAI Bhawan. CA Puneet Sharma was the
eminent speaker. CA Puneet Sharma deliverd the lecture on
above mentioned subject. CA Puneet Maheshwari was the
convenor of the meeting.
9. Refresher Course on GST & IND AS (16 & 17, 23 & 24, 30 &
31 December 2017)
The Jaipur Branch hosted CA Students GST Refresher
Course and arranged Live Webcast on GST & IND AS on 16
& 17, 23 & 24, 30 & 31 December 2017 at ICAI Bhawan
under the guidance of Board od Studies, ICAI. 109 students
were registered for the same
BRANCH ACTIVITY DURING THE MONTH OF JANUARY -2018
1. SC Meeting on Companies (Amendment) Act 2017 &
Condonation of Delay Scheme 2018 (06.01.2018-2CPE)
The Jaipur Branch organized a SC Meeting on Companies
(Amendment) Act 2017 & Condonation of Delay Scheme
2018 on 06.01.2018 at ICAI Bhawan, Jaipur. CA. B. K.
Sharma was the eminent speaker. CA. B. K. Sharma
delivered the lecture on above sebject during the
programme. CA. Chetan Sharma was convenor of the
programme.
2. Full Day Seminar for Members in Industry (20.01.2018 –
6CPE)
Jaipur Branch of CIRC of ICAI organized Full Day Seminar for
Members in Industry on Saturday 20th
January, 2018 at ICAI
Bhawan, Jaipur.
There were four technical sessions. In the Inaugural Session
CA. NK Gupta, Chairman Mangalam Group was the Chief
Guest. CA. Prakash Sharma, CCM-ICAI, CA. Gautam Sharma,
Treasurer CIRC, CA. Pramod Kumar Boob, Regional Council
Member-CIRC, CA. Abhishek Sharma, Chairman Jaipur
Branch, CA. Sanjay Kumar Maheshwari, Secretary-Jaipur
Branch and other Managing Committee Members of Jaipur
Branch were also present.
First Technical Session
In this session Sh. Abhishek Singhal, Gurgaon & CA. Ayush
Dadhich, Jaipur were the eminent Speakers. Sh. Abhishek
Singhal delivered the lecture on Startup Concepts &
Opportunities for CA`s. CA. Ayush Dadhich delivered the
lecture on Benefits of Startup as per Govt. policy &
registration procedure. CA. Nikhilesh Kataria, Managing
Committee member convened the session.
Second Technical Session
In this session Sh. Akshay Gupta, Jaipur & CA. Shailendra
agarwal, Jaipur were the eminent Speakers. Sh. Akshay
Gupta delivered the lecture on Emerging Universe of Digital
Assets & Block Chain Concepts including Crypto Currency.
CA. Shailendra Agarwal delivered the lecture on Income Tax
Issues related to Crypto Currency. CA. Shyam Lal Agarwal,
Central Council Member-ICAI was also present in this
session. CA. Dheeraj Borad convened the session.
Third Technical Session
In this session CA. Puneet Oberoi, Jalandhar was the
eminent Speaker. He delivered the lecture on GST-Journey
so far & Impact on Businesses -Challenges and
Opportunities. CA. Sushil Kumar Jalan, Treasurer-Jaipur
Branch convened the session.
Fourth Technical Session
In this session CA. Sumit Dhadda was the eminent speaker.
He delivered the lecture on Global Emerging Roles for
Members in Industry.
After this a panel discussion was held. CA. Ashish Khakholia-
HDFC Bank, CA. Ishwari Singh Ratnu- ICICI Bank, CA. Vimal
Jain-Au Small Bank, CA. Amit Daga-HDFC Ltd., CA. Anju
Sultania-RVPNL, Sh. Ankit Misra-Taxmann, CA. Amit
Meghnaney-Genpact, Sh. Sanjeev lalwani and CA. Sumit
Dhadda were the panel experts. CA. Dinesh Kumar Jain,
Chairman CICASA Jaipur Branch convened the session.
3. Residential Programme on GST (21-22 Jan. 2018-12CPE)
Jaipur Branch of CIRC of ICAI organized Residential
Programme on GST on 21st
& 22nd
January, 2018 at Centre
of Excellence, Chosla, Jaipur.
There were six technical sessions. In the Inaugural Session
CA. Shyam Lal Agarwal, CCM-ICAI, CA. Abhishek Sharma,
Chairman Jaipur Branch, and other Members of Jaipur
Branch were present.
21.1.2018
First Technical Session
In this session CA. Puneet Oberoi, Jalandhar was the
eminent Speaker. He delivered the lecture on GST in
Current Scenario- Key Issues & Discussion on Recent out
come of GST Council Meeting Benefits of Startup as per
Govt. policy & registration procedure.
Second Technical Session
In this session CA. Jatin Harjai, Jaipur was the eminent
Speaker. He delivered the lecture on Upcoming Legal Issues
in GST Era & Impact on Business Competitiveness.
Third Technical Session
In this session CA. Ranjan Mehta, Jaipur was the eminent
Speaker. He delivered the lecture on Refunds procedures
and practical issues. Specific emphasis on laws rules and
formulate of calculation.
22.1.2018
Fourth Technical Session
In this session CA. Yashasvi Sharma, Jaipur was the eminent
speaker. He delivered the lecture on Provisions and
practical issues related to Input Tax Credit and Provisions
with regard to e-way bills.
Fifth Technical Session
In this session CA. Akshsy Jain, Jaipur was the eminent
speaker. He delivered the lecture on GST for Real Estate,
Hotels & Restaurants
Sixth Technical Session
In this session CA. Varun Khandelwal and CA. Rakesh Kumar
Kabra, Jaipur were the eminent speakers. They delivered
the lecture on Returns Under GST- Current issues
4. Convocation 24.1.18 (2nd Round)
The Convocation Programme for the newly enrolled
Associate Members of the Institute from Central Region
was successfully held at State Institute of Agriculture
Management (SIAM), Durgapura, Opp. Hotel Redison Blu,
Jaipur on 24.1.2018. In this Convocation, 465 new members
were given their Membership Certificates. President ICAI
and Vice President ICAI addressed the participants of all
locations through recorded message.
5. Republic Day Celebration (26.01.2018)
The Jaipur Branch celebrated the Republic Day on
26.1.2018. On this occasion CA. Abhishek Sharma-
Chairman, CA Sanjay Kumar Maheshwari-Secretary, CA.
Ankit Jain-Vice Chairman, CA. Sushil Kumar Jalan-Treasurer,
CA. Dinesh Kumar Jain-Chairman CICASA, CA. Gautam
Sharma-Treasurer CIRC, CA. Prakash Sharma-Central
Council Member & CA. Shyam Lal Agarwal-Central Council
Member and other Managing Committee members along
with Senior Chartered Accountants members Jaipur Branch
hoisted the national flag.
6. Shoes Distribution (26.1.2018)
The Jaipur Branch free distributed shoes to needy and poor
students at Rajkiya Ucch Prathmik Vidhyala, Village Guda
Surjan, Post Jalsu, Teh. Amer, Jaipur on 26th
January 2018.
CA Anil Kumar Yadav was the convenor of the programme.
7. Residential Refresher Courses at Pushkar (27.01.2018 – 28.01.2018 -8CPE)
The Jaipur Branch organized a Residential Refresher Course
at Pushkar for the members and their families on 27th
January to 28th January, 2018. On 27th
January CA.
Himanshu Goyal & CA. Naresh Motwani were the eminent
speakers. CA. Himanshu Goyal delivered the lecture on
RERA- Important Issues & CA. Naresh Motwani delivered
the lecture on Self-Motivation at Dera Masoda Resort. On
28th
January CA. Dinesh Vijay & CA. Milan Pareek were the
eminent speakers. CA. Anil Kumar Yadav delivered the
lecture on Personality Development & CA. Milan Pareek
delivered the lecture on How to use Excel in MIS reporting.
CA. Anil Kumar Yadav & CA. Ashutosh Sharma were the
convenors of the RRC.
BRANCH ACTIVITY DURING THE MONTH OF FEBRUARY -2018
1. Half Day Seminar on Analysis of Union Budget 2018
(01.02.2018-3CPE)
The Jaipur Branch organized a Half Day Seminar on Analysis
of Union Budget 2018 on 01.02.2018 at ICAI Bhawan,
Jaipur. CA. H M Singhvi, CA. P C Parwal, CA. Siddharth Ranka
were the eminent speakers for Direct Tax Issues. CA. Jatin
Harjai & CA. Virendra Parwal were the eminent speakers for
Indirect Tax Issues.
2. Visit of Jaipur Branch by CA. Churchill Jain, Vice-Chairman-
CIRC (06.02.18)
The ICAI-Jaipur Branch visited by CA. Churchill Jain, Vice-
Chairman CIRC on 06.02.2018. CA. Abhishek Sharma,
Chairman-Jaipur Branch & Managing Committee Members
Jaipur Branch felicitated to CA. Churchill Jain by presenting
Bouquet.
3. Two Day Residential Workshop at CoE (10-11 Feb. 2018-
12CPE)
The Jaipur Branch of CIRC of ICAI hosted Two Day
Residential Workshop on “Statutory Audit of Listed
Companies Special Consideration” under the aegis AASB
Committee on 10th
& 11th
February, 2018 at ICAI Bhawan,
Centre of Excellence, Chosla, Jaipur.
There were eight technical sessions. In the Inaugural
Session CA. Shyam Lal Agarwal, Chairman AASB, CA.
Abhishek Sharma, Chairman Jaipur Branch, and other
Members of Jaipur Branch were present.
10.2.2018
First Technical Session
In this session CA. Manish Iyer, New Delhi was the eminent
Speaker. He delivered the lecture on Presentation and
Disclosure in compliance with IndAS & Companies Act 2013.
Second Technical Session
In this session CA. Manish Iyer, New Delhi was the eminent
Speaker. He delivered the lecture on Financial Instruments
Under Ind AS.
Third Technical Session
In this session CA. Bhupendra Mantri, Jaipur was the
eminent Speaker. He delivered the lecture on SQC-1 & Peer
Review Compliance.
Fourth Technical Session
In this session CA. Bhupendra Mantri, Jaipur was the
eminent speaker. He delivered the lecture on Observations
notices by FRRB & QRB - Guidance for better Compliance
11.2.2018
Fifth & Six Technical Session
In this session CA. Munish Saraogi, New Delhi was the
eminent speaker. He delivered the lecture on Compliance
on Standards on Auditing including SA 701 (KAM- Key Audit
matters) & Revised Reporting Standards (SA 700, SA 705 &
SA 706).
Seventh & Eight Technical Session
In this session CA. Praveen Kumar, New Delhi was the
eminent speakers. He delivered the lecture on Limited
Review, Consolidated Financial Statements, Compliance of
SEBI (LODR - Listing Obligations and Disclosure
Requirements) & corporate governance).
4. Full Day Seminar on Future of Profession (24.02.2018 –
6CPE)
Jaipur Branch of CIRC of ICAI organized Full Day Seminar for
CA Members on Future of Profession on Saturday 24th
February, 2018 at ICAI Bhawan, Jaipur.
There were four technical sessions and one special session.
In the Inaugural Session CA. Manish Borad, Member ITAT
was the Chief Guest. CA. Prakash Sharma, CCM-ICAI, CA.
Abhishek Sharma, Chairman Jaipur Branch, CA. Sanjay
Kumar Maheshwari, Secretary-Jaipur Branch and other
Managing Committee Members of Jaipur Branch were also
present. In this occasion Jaipur Branch felicitated to CA.
(Dr.) Priyank Sharma by presenting Memento & shawl.
Special Session
In this session CA. Manish Borad, Member ITAT was the
eminent Speaker. CA. Manish Borad delivered the lecture
on Adapting the changing tax environment. CA. Rohit
Maheshwari convened the session.
First Technical Session
In this session CA. Jatin Harjai, Jaipur was the eminent
Speaker. CA. Jatin Hartjai delivered the lecture on
Controversies in GST. CA. Anil Kumar Yadav convened the
session.
Second Technical Session
In this session Shri Gajanand Meena, PDIR (Inv.), Rajasthan
was the eminent Speaker. He delivered the lecture on
Benami property Transactions Important issues with Q/A.
CA. Natwar Sarda convened the session.
Third Technical Session
In this session CA. Niranjan Kumar, Pune was the eminent
speaker. He delivered the lecture on valuation-An
Opportunity to unbox values. CA. Vipin Singhal convened
the session.
Fourth Technical Session
In this session CA. Nipun Singhvi, Ahmedabad was the
eminent speaker. He delivered the lecture on Opportunities
for CA’s under Insolvency Code. CA. Arpit Bhargava
convened the session.
The Insolvency and Bankruptcy Code, 2016(IBC)
By CA Kriti Khandelwal (M. No. 416354) E-Mail : [email protected]
The Code was passed by parliament in May 2016 and became effective in December 2016.
The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms.
The process may be initiated by either the debtor or the creditors. A maximum time limit, for completion of
the insolvency resolution process, has been set for corporates and individuals.
For companies, the process will have to be completed in 180 days, which may be extended by 90
days, if a majority of the creditors agree.
For start- ups (other than partnership firms), small companies and other companies (with asset less
than Rs.1crore), resolution process would be completed within 90 days of initiation of request which
may be extended by 45 days.
The Code establishes the Insolvency and Bankruptcy Board of India, to oversee the insolvency proceedings in
the country and regulate the entities registered under it. The Board will have 10 members, including
representatives from the Ministries of Finance and Law, and the Reserve Bank of India. The insolvency
process will be managed by licensed professionals. These professionals will also control the assets of the
debtor during the insolvency process. The Code proposes two separate tribunals to oversee the process of
insolvency resolution, for individuals and companies:
(i) the National Company Law Tribunal for Companies and Limited Liability Partnership firms ;
(ii) the Debt Recovery Tribunal for individuals and partnership.
The Insolvency Resolution Process is as under:
Application on default – Any financial or operational creditor(s) can apply for insolvency to the adjudicating
authority (NCLT in case of corporate debtors)on default of debt or interest payment
Appointment of IP – An IP is to be appointed by the regulator and approved by the creditor committee. IP will
take over the running of the Company. From date of appointment of IP, power of Board of directors to be
suspended and vested in the IP. IP shall have immunity from criminal prosecution and any other liability for
anything done in good faith
Moratorium period – The Adjudication authority will declare moratorium period during which no action can
be taken against the company or the assets of the company. Key focus will be on running the Company on
going concern basis. A Resolution plan would have to be prepared and approved by the Committee of
creditors
Credit committee - A credit committee of creditors will be constituted. Related party to be excluded from
committee. Each creditor shall vote in accordance to voting share assigned if 75% of creditor approve the
resolution plan same needs to be implemented.
The key aspects of the Insolvency and Bankruptcy Code are as under:
It proposes a paradigm shift from the existing ‘Debtor in possession’ to a ‘Creditor in control’ regime.
It aims at consolidating all existing insolvency related laws as well as amending multiple legislation
including the Companies Act.
The code will have an overriding effect on all other laws relating to Insolvency & Bankruptcy.
The code aims to resolve insolvencies in a strict time-bound manner - the evaluation and viability
determination must be completed within 180 days (extendable by 90 days).
Insolvency professional to take over the management of the Company.
Clearly defined ‘order of priority’ in the Code.
Antecedent transactions can be investigated and in case of any illegal diversion of assets personal
contribution can be ordered by court.
The Code introduces a qualified insolvency professional (IP) as intermediaries to oversee the process.
The first insolvency resolution order under this code was passed by National Company Law
Tribunal (NCLT) in the case of Synergies- Dooray Automotive Ltd on 14 August 2017.
Permissioned Ledger And Blockchain By CA Ankita Sankhala (M. No. 423446)
E-Mail : [email protected]
These days one word is in every one’s discussion, technology behind the bitcoin i.e., Blockchain. This
technology can help to overcome with the weakness of traditional database. Blockchain is an open,
distributed ledger that can record transactions between two parties efficiently and in a verifiable
and permanent way. No one want to miss the opportunity to enhance their business with the help
of new technology. In this series 2018, may come up with new advancements in the concept of
blockchain which is introduced around a decade ago.
Industries are accepting this technology for the advancement of their businesses like for Insurance
claims, banking transactions, stock market transactions, access to cloud etc.
But as mentioned above, Blockchain is a decentralized and distributed public digital ledger which is
open for everyone and this lead to born of “permissioned ledger” approach to blockchain
technology.
Permissioned ledger allows the network to appoint a group of participants in the network who are
given the express authority to provide the validation of block of transactions. Software restricts who
can amend the database and by this alteration of permission identity of the people who are adding
blocks is known and data in the system is viewable only to selected parties.
Using permission ledger, right to create a new block is assigned only to those who have access to run
the code rather than being allowed to public to add blocks.
Permissioned ledgers propose to build small networks of known persons and keep the blockchain to
themselves. This advancement in blockchain is helpful for the industry as financial institutions and
other entities have to legally protect their customers data and controls its export across national or
regional lines. As public blockchains replicate the each and every transaction record on every
computer in the network and can’t restrict who can participate in the network and who can create
smart contracts.
PROJECT FINANCE By CA Anil Khandelwal (M. No.71946)
E-Mail : [email protected]
The project finance is nothing but
syndication of loans, equity or other
sources of finance to cater to the
need of the project. Whenever any
project is set up, its different heads
of expenditure are evaluated and
accordingly, the sources to fund
the project are explored. The
different heads of expenditures are
normally found as under:
Sl.
No
.
Heads of
Expenditure
Amou
nt (Rs.
in
crore)
1. Land & Site
Development
2. Building & Civil
Construction
3. Plant & Machineries
- Imported
- Indigenous
4. Misc. Fixed Assets
5. Preliminary Expenses
6. Preoperative
Expenses
7. Contingencies
8. Working Capital
Margin
Total
The sources of finance are normally
found as under:
Sl.
N
o.
Heads of Expenditure Amo
unt
(Rs.
in
crore
)
1. Equity Share Capital
2. Preference Share
Capital
3. Unsecured Loan
4. Term Loan
5. Internal Accruals
Total
The sources of funds can be
anything and in any ratio as per the
wish of the promoters but what we
are talking of is in view of the
banking norms. The norms can be
discussed as under:
1. On a macro level, the
debt equity ratio should
be maintained at 2:1
(debt-equity) which again
differs from industry to
industry. In real estate, it
could be 1.5:1.00 whereas
in case of shipping industry
it may be 2.5:1.00 also;
2. But at the same time, we
have to ensure that there
is a margin of 25% of the
tangible assets as
promoters’ margin
keeping aside the land
which has to be
necessarily to be funded
out of promoters’
contribution. Thus we can
calculate 25% of the sum
of building & civil
construction, plant &
machinery, miscellaneous
fixed assets but overall
term loan should not
exceed 2:1 in general;
3. In the case of real estate
projects, even the
purchase of land is not
taken as promoters’
contribution or margin;
4. The eligibility of term loan
is finally checked with
DSCR which should
magically be 2 in all kind
of projects. However, this
ratio also differs from
institution to institution. In
RIICO it is accepted at
1.5:1.00
5. The repayment of term
loan can span from 5
years to 10 years but at
the same time beyond 8
years extra percentage of
interest is charged.
Moreover, this will may
and may not include the
moratorium period.
Moratorium period is
where principal amount or
its installments are not
paid but only interest is to
be paid;
6. There is implementation
period in which project is
executed and put to
commercial production.
The expected date of
commercial production is
often called as ‘COD’
which should be declared
after very careful
consideration. If the
project fails to be
executed within a span of
one year from the date of
COD given, the account
may render to be NPA for
non-financial reason, even
if the interest and
instalments are being paid
in time;
7. The term loan can be paid
after the date of
commercial production.
The moratorium period
comes after
implementation period.
Interest during
implementation/
construction period is
taken as a part of
preoperative expenses
whereas interest during
moratorium period is taken
in profit and loss account;
8. The term loan instalments
can be paid on equal
monthly/ quarterly basis or
even in ballooning way. In
case of manufacturing
concerns, the equated
instalments may be
monthly or quarterly can
be taken but in case of
educational institutions/
restaurants/ hotels where
gestation period is high or
where the inflows rise
gradually, the repayment
should be taken on
ballooning way so that
there is no undue pressure
on inflows to service the
loan and interest thereon;
9. While deciding the
quantum of term loan, we
should check with the
security margin too which
can be calculated by way
of sum of total assets less
working capital margin
divided by the term loan.
The security margin should
be at least 30% higher
than the term loan
meaning thereby, if the
term loan is Rs.100.00, the
sum of total assets should
be Rs.130.00 apart from
the value of collateral
security;
10. There are other
parameters also to decide
which are :
- IRR;
- BEP
- Pay back period;
11. To put an emphasis on the
security, even the market/
realizable value of the
land can be evaluated if
the purchase of land is
more than three years. The
realizable value of the
land can be taken as
security;
12. The term loan can be
arranged in INR or in any
of the foreign currency
but largely in US$. In case
the project is for an export
unit where natural
hedging is available, term
loan can be taken in
foreign currency else one
should go for loan in INR.
In such case, the interest
and instalments both are
paid in foreign currency
only whereas we will have
to go for forward booking
or for hedging the risk of
fluctuations;
13. The promoters’ margin
can be brought in as
equity/ preference share
capital. Earlier the equity
was brought in on
premium of shares which
was decided as per the
whims and conveniences
of the promoters in a bid
to save money on ROC
fee but with the induction
of the income tax law
saying that any amount
brought in, in the
company over and above
the net worth of the share
will be treated as ‘capital
gain’ subject to charging
of 30%, this practice was
discouraged and equity is
inducted in the project by
the promoters themselves
or through their friends
and relatives;
Promoters can also bring
in their funds in the form of
preference share capital
which can be paid off
after a period of 12 years
from the date of issue and
if the same are payable
before such period, the
same shall be taken as
liability hence will not
serve the purpose;
14. The unsecured loans
brought in by the
promoters should be
interest free and will not
be payable during the
currency of the term loan.
In such case, the same
shall be treated as quasi
capital which can be
considered for the
purpose of calculating
debt equity ratio else the
same shall be treated as
loan hence the DE ratio
will go up and eligibility of
term loan will be reduced;
15. If certain plant &
machineries are proposed
to be imported and in
such case the term loan is
opted to be taken in
foreign currency, then we
will have to necessarily go
for hedging of the
currency of the loan
which may be viable or
unviable depending on
the case;
16. The financing also inter
alia include arrangement
of working capital, letters
of credit, letters of
guarantee, bill discounting
against LC/Bank
guarantee, packing credit
and foreign outward bill
discounting limits etc. etc.
17. In case of arranging term
loan, often the financing
institution/ Bank advise for
the Techno Economic
Viability study which
analyses whether the
project is technically
feasible and economically
viable and once it is
proved then and only
then the financing
arrangements are
sanctioned;
18. Where the amount of
finance sanctioned is
beyond Rs.5.00crore and
above, the external credit
rating is required to be got
done through external
credit rating agencies like
CARE, CRISIL, Brickwork
etc. etc.
Project finance is a vast subject and
can be discussed for hours together
hence at this juncture I put my pen
down.
Smart Contracts By CA Ankita Sankhala (M. No. 423446)
E-Mail : [email protected]
Smart Contracts, this term is very known to everyone but this term was first introduced by Nick Sazbo in the
year 1994. But it didn’t worked because during that time there was no digital platform that could support
smart contracts.
Smart contract is a computer program with terms of agreement which may lead to a transaction between
buyer and seller for the transfer of assets under certain predefined conditions. After performance of smart
contract all computers in the network will get updated and reflect the new entry which is irreversible and
trackable all the time as they are decentralized.
Most popular form of smart contract is Ethereum. It allows developers to write their own contracts according
to their requirements which details the responsibilities of parties and on that defined requirements contracts
being taken place.
For securely completion of transaction in smart contracts two concepts needs to be worked on that are one is
Hashing Function and another one is digital signature.
Hashing Function is something in which infinite number of bits is taken as input and after that some
calculation is applied on them and produces a finite number of bits as output. Eg:- Bitcoin is based on SHA 256
Hash Algorithm. In this miners need to solve an algorithm and find a hash which results in addition of a new
block and gives a “Proof of Work”.
Digital Signatures are based on Asymmetric Crypto System in which two keys are generated one is public key
and another one is private key to any user. Both public key and private keys are associated with each other.
As the name suggests public key is something which is distributed publicly and private key is kept secured in
the system or by an user.
Public key is something which is used to encrypt a message and send it to the holder of that public key and
private key is used to decrypt that message which is received to the owner of public key. Every transaction is
digitally signed by the user through private key which ensures that only the owner of account has signed it.
Every new technology innovation have some advantages and disadvantages. Same goes with smart contracts.
With the use of smart contracts dependency on Lawyers and brokers or any other intermediately is removed
and authorizes users to define their own terms and conditions with trust that other person will honor the
agreement as signed because it is irreversible and available in decentralized form. This also helps in creating
an agreement between two very unknown people or parties being contract condition will satisfied as
specified in the agreement. Backup of files are also available if we lost any of our files. It has also increased
speed, trust, accuracy and safety.
Simultaneously, this new advancement is also come up with new problems like if the code which is written
have some bugs and it went wrong. What if same smart contract doesn’t work out for all the countries or new
government regulations introduced on these smart contract technology and list goes on…
Smart contracts have so much potential and it will going to impact every industry in near future whether it is
real estate, automobile, finance, healthcare and many more and to take full advantages of this new
technology every industry needs to overcome with its vulnerabilities first.
Financial Planning and Analysis. --- Inevitable finance function By CA Saurabh Agarwal (M. No. 428654)
E-Mail : [email protected]
Every part in the body is important but mind controls everything. Likewise, when we talk about finance every area is important but FP&A is above all.
The importance of this function increases even more due to the dynamic and complex economic scenario. No enterprise can think of survival for a long run unless it has a comprehensive and robust FP&A department. It is just not a matter of choice today but a need to survive. FP&A can’t reduce the uncertainties associated with any business but it can empower to deal with those uncertainties and even to convert the risk into edge gaining opportunities. Without it, decision makers depend on intuition and good luck.
FP&A also known as management reporting as it is for the internal use of the company. This function not only helps the company to decide its own future but also in providing the tools in achieving it. Today every decision of CFO, CEO and BOD is supported by FP&A outcomes.
Today every company has a full-fledged FP&A team dwelled mainly with Chartered accountants. These professional analyze both quantitative and qualitative aspects of a company in order to evaluate the company’s progress toward achieving its goals and to map out future goals and plans.
This function starts with long term planning which later on converted into short term forecast.
Once it is done a continuous comparison is going between plan and actual numbers. CAs have to dive into the details of each variance to report it top management. FP&A cover all financial statement –Balance sheet, P&L, Cash flows etc.
To develop for this role one, have to have deep understanding of not only the account but the complete business model. Student are advised to develop a habit of understanding not only the financial records of the clients during their Articleship but the complete business models.
It typically takes about three to five years to develop FP&A mindset. This segment is providing ample employment opportunities to Chartered accounts both in India and abroad.
Think of the time where you will have the answer of all the what and Why of the company but for this one has to develop a dynamic mindset and high degree of discipline because volatility, the exponential rate of change and the rise of significant risk demand it.
This is a subject that one has to practice over the years to become a well versed. Students are advised to develop the below skills if they want to enter in this value creation activity.
Strategic and critical thinking.
Communication.
Tech Savvy Data analytics.
Technical accounting and finance skills.
Innovation.
Anticipating and serving evolving needs.
Restrictions on Cash Payments
By CA Manshi Baid (M. No. 415277) E-Mail : [email protected]
Relevant Section : 40A(3) / 40A (3A)/ Rules : 6DD
In day to day business activity, assessee has to make
payments in respect of number of expenditures which
cover both revenue as well as capital expenditure and
which may be paid in cash or through banking system.
Assessee used to maintain a petty cash Account
through which he used to pay for day to day petty
expenses. But, in making such payments assessee
needs to keep in mind the restriction imposed by the
Government on cash payments to curb cash transaction
and to promote banking transaction for curbing of black
money.
The Govt. has imposed restriction through Sec. 40A(3)
of the Income Tax Act, 1961 R/w Sec 40A(3A) and Rule
6DD of Income Tax Act, 1961 and Income Tax Rule 1962
respectively.
“Sec. 40A(3) provides that any expenditure incurred in
respect of which payment is made for a sum exceeding
Rs. 10000/- otherwise than by way of an A/c payee
cheque drawn on a bank or by an A/c payee bank draft
or use of electronic clearing system through bank A/c,
shall not be allowed as deduction.
Thus payment in respect of an expenditure by way of
modes other than mentioned above in excess of Rs.
10000/- will attract 100% disallowance w.e.f.
01.04.2017 i.e. from financial year 2017-18. The term
here used is ‘Expenditure’, i.e. payment should be in
respect of an expenditure. So in order to check
allowance or disallowance of an expenditure u/s 40A(3)
of Income Tax Act, 1961 this ‘Expenditure’ word need
to be understood.
The word expenditure u/s 40A(3) will cover Revenue
expenditure only. But care is also to be taken at the
time of purchase of fixed assets in cash as although
purchase of fixed asset is a capital expenditure but we
used to claim depreciation on fixed assets which is
debited to P&L A/c a revenue expenditure. Purchase of
fixed assets in cash will attract 100% disallowance of
the depreciation claimed on such fixed Assets. Thus we
need to think a while before paying for any capital
expenditure also in cash in excess of the limits
prescribed
Thus if we are purchasing goods whethe RM or finished,
we should be careful in making payment for the same if
the payment is made otherwise than by way of an A/c
payee cheque or an A/c Payee demand draft or use of
electronic clearing system through a bank A/c.
Limit Analysis :
The limit of payment in excess of Rs. 10000/- is to be
checked on daily basis that should also be party wise.
There are no criteria of transaction on event wise
checking as provided u/s 269ST of Income Tax Act, 1961
Qus. Mr. Ashok has two outstanding bill which need to be paid on 19.01.2018. The bill amount is as under :
Receiver’s Name Bill Amt.
Mr. Manish 7000.00
Mrs. Prem 5000.00
Mr. Ashok makes payment to both the parties in cash on 19.01.2018. Check the
allowance/disallowance of some as per the provisions of Sec. 40A(3).
Ans. Mr. Ashok can claim a total sum of Rs. 12000/- as expenditure in his P&L A/c because no
payment in excess of Rs. 10000/- made to a single party on a single day.
Qus. Mr. Ashok raised an invoice dated 19.01.2018 of Rs. 30000/- on Mr. Manish on A/c of sale of
goods. Mr. Manish paid the sum as under in installments
19.01.2018 - Rs. 10000.00
20.10.2017 - Rs. 10000.00
21.01.2018 - Rs. 10000.00
Check the provisions of Sec. 40A(3).
Ans. Mr. Manish can very well claim such expenditure as :-
I. No cash payment in excess of Rs. 10000/- made in a single day. The limit here is for a sum more than Rs.
10000/-; Thus Rs. 10000/- payment in cash will not attract disallowance u/s 40A(3) .
II. Although the payments are made in respect of single transaction and aggregate of such payment also
exceeding Rs. 10000/- but disallowance u/s 40A(3) will not be attracted as the cash payment is checked
on two checklist.
(a) on a Single Day
(b) to a Single Party
Here although the payment in respect of Invoice
exceeds Rs. 10000.00 but of the payments made in a
day exceeds Rs. 10000.00 . Transaction wise
disallowance is not applicable here and thus the same
doesn’t attract any disallowance u/s 40A(3) in the
given example.
There might be the cases where the assessee follows
the mercantile system of accounting in which he
used to claim the expenditure on due basis and
payment for the same is made in subsequent
assessment year in cash in excess of limit prescribed u/s
40A (3) of IT Act. In order to overcome such
condition, Govt. introduced Sec 40A(3A) of the Income
Tax Act, 1961.
Sec. 40A(3A) provides that if the assessee has claimed a
deduction in respect of an expenditure in any of
earlier years and payment for the same is made in
subsequent years in excess of Rs. 10000/-through a
mode other than by an A/c. payee cheque, A/c payee
bank draft or electronic clearing of banking system, the
payment so made shall be deemed to be the income of
the payee and will be added to the Income of assessee
during the A/Y in which such payment is made by mode
other than modes prescribed hereunder.
Thus, expenditure once allowed on due basis shall be
considered as Income in subsequent year if the
payment for the same is made in contravention of Sec.
40A(3) of IT Act, 1961.
Qus. The tax payee has claimed an expenditure of Rs. 25000/- during the AssessmentYear 2017-18 and discontinued
the business w.e.f AY 2018-19. The Payment in respect of such expenditure made by assessee through cash
during the AY 2018-19. Apply Sec. 40A(3A).
Ans. As the assessee has already discontinued the business so in my opinion if the assessee is not filing the ROI
for A/Y 2018-19, Sec. 40A(3A) will not attract here.
Qus. Assessee claimed as expenditure of Rs. 20000/- during the Assessment Year 2017-18. Payment for the same
made in A/Y 2018-19 as under :-
A/c Payee cheque - 9000.00
Cash - 11000.00
Total - 20000.00
Apply Sec. 40A(3), considering the fact the limit u/s 40A(3) was Rs. 20000/- for Assessment Year 2017-18 and for
Assessment Year 2018-19 it is of Rs. 10000/-.
Ans. As Sec 40A(3) will attract at the time of payment, so although the limit was Rs. 20000/- for A/Y 2017-18, but
since the payment is made in A/Y 2018-19, during which limit of cash payment was of Rs. 10000/- only. Here
assessee has made cash payment of Rs. 11000/- i.e. in excess of the amount mentioned u/s 40A(3). So this Rs. 11000/-
will be considered as Income of the assessee during the A/Y 2018-19 attracting the provisions of see 40A(3A).
Exceptions to such restrictions on Cash Payment: There are certain exception which are provided under Rule 6DD of the Income Tax Rules 1962 under which no disallowance will be made of expenditure even if payment exceeding Rs. 10000/- is made otherwise than by an A/c Payee bank draft or through electronic clearing system of Bank. These exemption are:- i. Where payment is made to
a) RBI or any banking company b) SBI or any subsidiary Bank c) Any co-operative bank or land mortgage bank d) Any primary agricultural credit society or any
primary credit society e) LIC
ii. Payment made to Govt. if under the rules framed by it, such payment is required to be made in legal tender.
iii. Payment through following banking system i.e. a) Letter of credit b) Mail or Telegraphic transfer c) Credit Card d) Debit Card e) Bill of exchange made payable only to a bank f) A book adjustment from any A/C in a bank to
any other A/C in that or any other bank. iv. Payment made by way of adjustment against the
amount of any liability incurred by the payee for any goods supplied or services rendered by the assessee to such payee.
v. Where the payment is made for the purchase of a) Agricultural or forest produce or b) Produce of Animal husbandry (including live
stock, meat, hides and skins) or dairy or poultry farming or
c) Fish or fish products or d) Products of horticulture or apicultures to the cultivator, grower or producer of such
articles/products. vi. Payment made to the producer of the
products of animal husbandry (including live stocks, meat, hides and skins) The Govt. has issued a circular on 29.03.2016, i.e. circular No. 4/2016, it which it was stated that this exception will be applicable only to the
producer not to the trader, broker or any other middleman by whatever name called.
vii. Payment made to a producer in respect of purchase of products manufactured or processed without aid of power in a cottage industry.
viii. Payment made to a person who ordinally reside or carries business in village not served by any bank.
ix. Payment of terminal benefits, such as gratuity, retrenchment compensation etc, payable to the employee or his legal heir and such amount does not exceed Rs. 50000/- in aggregate.
x. Payment required to be made on a day on which the banks were closed either on A/c of holiday or on A/c of strike.
xi. Payment made by any person to his AGENT who is required to make payment in cash for good or services on behalf of such person.
xii. Payment made by an authorised dealer or a money changer against purchase of foreign currency or travelers cheque in the normal course of business.
xiii. Payment of salary to his employee after deducting TDS & when such employee a) Is temporally posted for a continuing
period of 15 days or more in a place other than his normal place of duty or on a ship and
b) Doesn’t maintain any A/c in any bank at such place or ship.
This is all about Sec. 40A(3) read with Sec. 40A(3A) and Rule 6DD of Income Tax Rules, 1962, which provide that the payment in respect of an expenditure should not be made other than by A/c payee cheque, A/c payee bank draft or through electronic clearing system of bank, if the amount of payment to be made is in excess of Rs. 10000/- However, the limit is of Rs. 35000/- in case of payment is made for plying, hiring or leasing goods carriages. Thus if you are paying for plying, hiring or leasing of goods then no disallowance upto Rs. 35000/- to a SINGLE PARTY IN A SINGLE day. In other case the limit is of Rs. 10000/- subject to the exception provided under Rule 60D of Income Tax Rules 1962.
Q.1 Purchase of fixed assets in cash in excess of Rs. 10000/-, whether attracts disallowance?
Ans. Here depreciation in respect of such fixed asset debited to P&C a/c will be disallowed by attracting
provision of Sec. 40A(3).
Q.2 Cash payment of Principal or interest amounts to the person from whom the loan is taken, in excess of Rs.
10000/- in a SINGLE DAY to a SINGLE Party.
Ans. Interest paid is cash will be disallowed u/s 40A(3). Principal repayment will not have any coverage u/s 40A(3)
but it will be covered u/s 26ST.
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