lecture meetings vice-president’s communiqué . . 4th march … · 2017-10-17 · venue: 4th...

BCAS Newsletter, February 2009 1

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President : Anil Sathe, 24367693; Vice-President : Ameet Patel, 66178000; Hon. Secretaries : Pradip Thanawala, 22694248; Mayur Nayak, 26831199; Hon. Treasurer : Deepak Shah : 22420089

PROGRAMMES

AT

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GLANCE

7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020. Tel. Nos. : 66595601 to 05; Fax : 66595606 E-mail : [email protected]; Website : www.bcasonline.org

Vice-President’s Communiqué . . ✍

P.C.C. & Final C.A. Students’ Education Crash Courses ..................................................... 3 months from 2-1-2009 ............. Sydenham College, Churchgate. ............................................. 8Debate on “How technology can prevent another Satyam” .................................................. 20-2-2009 ....................................... IMC, Churchgate ..................................................................... 13Third Residential Study Course on Service Tax .................................................................... 6 to 8-3-2009 ................................ Treat Resort, SSR College Road, Silvassa, Gujarat. ........ 9Auditing the Treasury Function ................................................................................................... 13,14,19,20,21-3-2009 .................. Mayfair Banquets, Worli, Mumbai-400030 .......................... 14Half-day Seminar on Taxation of Charitable Trusts — Effect of Recent Amendment Maharashtra Chambers of Commerce, Dahanukar Hall,and some other Controversial Issues ........................................................................................ 14-3-2009 ....................................... Orikon House, Fort, Mumbai-400001. ................................... 5Intensive Study Course for students on Double Taxation Avoidance Agreements ........... 20, 21-3-2009 ................................ BCA Society’s Office. .............................................................. 5Diamond Jubilee — Celebrations continue ! ............................................................................ 27-3-2009 ....................................... Tejpal Auditorium, Govalia Tank, Grant Road, Mumbai . 10Seminar on Case Studies on International Taxation .............................................................. 28-3-2009 ....................................... J. W. Marriott, Juhu, Mumbai. ............................................... 3Certificate Course for Professional Accountant — Batch VIII .............................................. 17-4-2009 ....................................... BCAS & HR Colleges ........................................................... 12Fraud Detection, Data Mining and Computer Forensics ........................................................ 25-4-2009 ....................................... BCAS ........................................................................................ 11

Harnessing Talent and Providing Quality Service February 2009Vol. 11 No. 11

Day, Date & Time : Wednesday, 4th March 2009, 6.15 p.m.

Venue : 4th floor, IMC, Churchgate, Mumbai-20.

Speaker : Pinakin Desai, Chartered Accountant

Subject : Taxation of expatriates

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

Lecture Meetings*

Dear Members,

In November last year, we had the ghastly terrorist attacks onMumbai. In January this year, the Satyam fraud came to light.Both events have evoked sharp reactions from all quarters.Citizens are rightly enraged and are seeking answers. Onehopes that with the passage of time, as has happened so manytimes in the past, the notorious “short memory” of the commonman does not surface again. One hopes that the voice of thecommon man does not get lost in the humdrum of every-dayroutine. In any case, it is my fervent request to the ICAI in mycapacity as a member of this august body that the Council musttake prompt action in the Satyam matter and that action mustbe made known loud and clear to the public.

The 42nd RRC at Goa was a wonderful experience. The formerCM of Goa, Mr. Parrikar inaugurated the event and made astirring speech. It was refreshing to note that in the cesspoolof politics, there are honest politicians like him. His onestatement made great sense in the current scam-infestedscenario — “Too much of anything is bad”. Yes, excess ofanything is always bad.

BCAS also participated in the Standard Chartered MumbaiMarathon 2009 by enrolling about 100 people for the DreamRun. At a personal level, this was the first time that I took partin such an event. The fact that I was able to walk 7 km withoutstopping once and without feeling exhausted has certainlyboosted my morale. It has made me realise the importance of

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keeping one’s body fit. In the highly stressful times that we areall living in today, we owe it to ourselves and to our familymembers to be mentally and physically fit and healthy. Perhaps,the slowdown in the economy and the resultant negative impactthat it may have on the quantum of work may actually turn outto be a great boon for us, which provides us with time to payattention to health.

Finally, the raging recession often throws up discussions invarious informal forums about what should be a CA’s role insuch times. I feel that our profession needs to play acounsellor’s role for businessmen. In times of financial crisis,we need to advise our clients as to how to face the situationand how to steer their businesses in the turbulent seas. Weneed to be at the client’s side in such times and assure himthat we would be standing by him in bad times just as we haveduring good times. All in all, to me, it appears that the globalcrisis is actually throwing opportunities at us. It is up to us toaccept the challenge and prove our worth to the world.

Do let me know if you feel otherwise !

Yours sincerely,

Ameet N. Patel

Winning doesn’t mean being first, winning means you’re doing better than you’ve done before.

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- - - .Bombay Chartered Accountants' Society

7, Jolly Bhavan No.2, New Maime Lines, Churchgate. Mumbai-400020Tel. : +91-22-66595601 to 05 Fax: +91-22-66595606 E-mail: [email protected]

- SCAS Newsletter,February2009


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Accounts & Audit Clinic

Panel of Advisors :

Sanjeev Pandit,Himanshu Kishnadwala and

Jayesh Gandhi

The next Charitable Trust Clinic will be held on Friday, 6thMarch 2009, from 5 p.m. to 7 p.m. in the library room ofBCA Society at New Marine Lines.

Chartered Accountants and Trustees interested in having theirqueries solved are requested to call the Society’s office (Mrs.Mistry on extn. 20) and obtain a prior appointment, latest bynoon on the day of the Clinic. Querists are also advised tobring along relevant papers like trust deeds, audited accounts,etc.

Panel of Advisors :

Ratanshaw Damanwala,Shariq Contractor,Gautam Nayak,

Anil Sathe and Atul Shah

The next Accounts & Audit Clinic will be held on Saturday,7th March 2009, from 10.30 a.m. to 11.30 a.m. in the libraryroom of BCA Society at New Marine Lines.

Persons interested in having their queries pertaining toaccounting and auditing issues solved, are requested to sendthe queries by email to [email protected] one week inadvance and call the Society’s office (Mr. Rajaram onextensions 13 & 21) to obtain prior appointment, at least a daybefore the day of the Clinic. Please note that the Panel willnot answer any queries pertaining to tax issues.

Charitable Trust Clinic

Right to Information ClinicBCAS Foundation operates Right to Information (RTI) Clinic on aregular basis. RTI Clinic is operated by Mrs. Hema Sampat, aresearch scholar on the subject of RTI, Mr. A. K. Asher, Advocate& RTI activist and Mr. Narayan Varma, past President, BCAS.

The Clinic provides help and guidance to BCAS members as alsoto non-members, i.e., all citizens, for making applications under theRTI Act and also assists in resolving any related difficulties on thesubject of RTI.

The RTI Clinic operates on every 2nd, 3rd and 4th Saturdayfrom BCAS’s office — 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 21st & 28th February2009 and 14th, 21st & 28th March 2009. Please call the Society’soffice (Ms. Shernaaz) to obtain a prior appointment.

Course Coordinators : Hiten Shah, Paresh Budhdev and Kirit Dedhia

Seminar onCase Studies on International Taxation

The growing cross-border transactions raise many contentious issueswith regard to triangular tax cases, services, credit of taxes levied insource country and taxation of hybrid financial instruments. Thepurpose of the seminar is to understand and update members withthese frequently confronted issues and the judicial trend on suchissues. It will be our endeavour to generate some interaction at theseminar.

Day & Date : Saturday, 28th March, 2009

Time : 9.00 a.m. to 5.30 p.m.

Venue : J. W. Marriott, Juhu, Mumbai.

Fees : Rs.2,000 per memberRs.2,500 per non-member (limited seats)(inclusive of course material, tea, coffee & lunch, andRs.20 towards contribution to BCAS Foundation)

Topic Faculty

Case studies on triangular situations Sudhir Kapadia

Case studies on foreign tax credit P. V. Srinivasan

Case studies on services H. Padamchand Khincha

Case studies on hybrid financialinstruments Yogesh Thar

Enrolment is restricted to 125 participants on first-come-first-servedbasis. Please enrol early to avoid last minute disappointment.Enrolment fees are non-refundable, non-transferable and as perSociety’s policy, a participant is not permitted to substituteanother person.

Enrolment form is printed on page 16.

Chairman : Pinakin DesaiCo-Chairman : Rajesh KothariConvenors : Dhishat Mehta

Nitin ShingalaSushil Lakhani

BCAS jointly with the Forum of Free Enterprise and otherorganisations has arranged a discussion meeting to beaddressed by Shri K. V. M. Pai, Former Chief Commissionerof Income Tax Mumbai on the subject ‘The Menace of BlackMoney in India’. The details are :

Date : 26th February 2009

Time : 5 p.m.

Venue : Babubhai Chinai Committee Room,2nd floor, Indian Merchants’ Chamber.

BCAS Newsletter, February 20094

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Jointly withThe Chamber of Tax Consultants

Half-day Seminar onTaxation of Charitable Trusts

— Effect of Recent Amendment andsome other Controversial Issues

As you are aware the Finance Act, 2008 amended the definition of‘charitable purpose’ as provided in Section 2(15) of the Act, w.e.f. 1stApril, 2009. The said amendment has far-reaching effect on manycharitable organisations. The CBDT has thereafter issued Circular No.11 of 2008, dated 19th December, 2008 explaining the implicationsof the said amendment. The amendment to Section 2(15) and thesubsequent issue of the Circular have raised many issues andcontroversies. To deal with the effect of the said recent amendment,BCAS has organised this half day seminar jointly with the Chamberof Tax Consultants.

Faculty Topic

Arvind Dalal Effect of recent amendment to S. 2(15) ofChartered Accountant the Act and issue of Circular No. 11/2008

Gautam Nayak Other controversial issuesChartered Accountant

Day & date : Saturday, 14th March 2009

Time : 9.30 a.m to 1.30 p.m.

Venue : Maharashtra Chamber of Commerce— Dahanukar Hall, 6th floor, Orikon House,K. Dubhash Marg, Fort, Mumbai-400023.

Fees : Rs.450 (inclusive of seminar material if any, tea andsnacks)


Chairman : Kishor KariaCo-Chairman : Rajesh ShahConvenors : Sonalee Godbole

Chetan ShahKirit Kamdar

Course Co-ordinators : Gaurang Gandhi, Nilesh Parekh

Intensive Study Course for students on

Double Taxation Avoidance AgreementsThe above Study Course will be held in the second half of March2009. It is for the students who have passed the Final CA examinationbut have yet to complete their Articleship Training. There will bearound 10 lectures in all. The course is designed to introduce theparticipants to the exciting and fast growing practice of InternationalTaxation. The UN Model Convention on Avoidance of Double Taxationwill form the basis for the course and will be given to each participantas part of the course material. Faculty for the course comprises ofSenior Professionals specialising in International Taxation and mayinclude the following persons :

Dhishat Mehta, Geeta Jani, Keyur Shah, Kishor Karia, Mayur Desai,Mayur Nayak, Naresh Ajwani, Rajeev G. Shah, Shabbir Motorwala,and T. P. Ostwal.

Dates : Friday 20th March, 2009 and Saturday 21st March, 2009

Time : 9.00 a.m. to 6.00 p.m.

Venue : BCA Society’s Office.

Fees : Rs.2,000 per participant (including Rs.20 as contribution toBCAS Foundation)

Enrolment will be restricted to 75 participants on first-come-first-servedbasis. Enrolment fees are non-refundable, non-transferable and as perSociety’s policy, a participant is not permitted to substitute anotherperson.


Chairman : Pinakin DesaiCo-Chairman : Rajesh KothariConvenors : Dhishat Mehta

Nitin ShingalaSushil Lakhani

Chairman : Rajesh MuniConvenors : Manish Sampat

Aliasgar KherodawalaMukesh Trivedi

and

Be charitable in your thoughts, in your speech and in your actions. Be charitable in

your judgments, in your attitudes and in your prayers. Think charitably of your friends,

your neighbours, your relatives and even your enemies. And if there be those whom

you can help in a material way, do so in a quiet, friendly, neighbourly way, as if it

were the most common and everyday experience for you. Tongues of men and angels,

gifts of prophecy and all mysteries and all knowledge are as nothing without charity.

— Cardinal Hayes


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Contributed byGaurang Gandhi

The Reserve Bank of India has issued 3 Circulars & DIPP 1 PressNote.

A.P. (DIR Series) Circular No. 48, dated January 28, 2009

Exim Bank’s Line of Credit of USD 25 million to the Governmentof the Republic of Senegal

Exim Bank has made available, subject to certain terms andconditions, a Line of Credit (LOC) of US $ 25 million to theGovernment of the Republic of Senegal for financing eligible goodsand services including consultancy services from India for — (i) Ruralelectrification project (US $ 15 million), and (ii) Fishing industrydevelopment project (US $ 10 million) in the Republic of Senegal.Goods and services of the value of at least 85% of the contract pricehave to be supplied by sellers from India and the balance 15% (otherthan consultancy services) can be procured from outside India.

The last date for opening of LOC and disbursement will be 48 monthsfrom the scheduled completion date(s) of the contract(s) in case ofproject exports and September 18, 2014 in case of supply contracts.

A.P. (DIR Series) Circular No. 49, dated January 29, 2009

Exim Bank’s Line of Credit of USD 29.50 million to theGovernment of the Central African Republic

Exim Bank has made available, subject to certain terms andconditions, a Line of Credit (LOC) of US $ 29.50 million to theGovernment of the Central African Republic for financing eligible goodsand services including consultancy services from India for two projects— (i) Setting up a modern dry process cement plant of 400 TPDcapacity, and (ii) Procurement of 100 buses for internal transport inCentral African Republic. Goods and services of the value of at least85% of the contract price have to be supplied by sellers from Indiaand the balance 15% (other than consultancy services) can beprocured from outside India.

The last date for opening of LOC and disbursement will be 48 monthsfrom the scheduled completion date(s) of the contract(s) in case ofproject exports and October 22, 2014 in case of supply contracts.

A.P. (DIR Series) Circular No. 50, dated February 4, 2009

Hedging of freight risk by domestic oil-refining, shippingcompanies and other companies

This Circular provides that banks that have been granted permissionby RBI to approve commodity hedging transactions, are permitted toallow hedging of freight risk by domestic oil-refining companies andshipping companies on the following terms and conditions :

(i) The hedging can be undertaken as plain vanilla Over theCounter (OTC) or exchange-traded products in the internationalmarket/exchange.

(ii) The exchanges on which the products are purchased must bea regulated entity.

(iii) The maximum tenor permissible will be one year forward.

In case hedging of freight risk by other companies, banks will haveto obtain prior permission of RBI on behalf of their customers.

Ministry of Commerce & Industry, DIPP (FC Section) — PressNote No. 1 (2009), dated January 14, 2009

Foreign investment in Print Media dealing with news and currentaffairs

This Press Note lays down FDI policy in respect of foreign investmentin publication of facsimile edition of foreign newspapers and Indianedition of foreign magazines dealing with news and current affairs.

This Press Note has amplified Entry No. 27 Annexed to Press Note7 (2008), dated June 16, 2008 as follows :

Foreign direct investment (FDI) in publication of facsimile editionof foreign newspapers :

1. FDI up to 100% is permitted with prior approval of the Govern-ment in publication of facsimile edition of foreign newspapers,provided the FDI is by the owner of the original foreignnewspaper(s) whose facsimile edition is proposed to be broughtout in India.

2. Publication of facsimile edition of foreign newspapers can be un-dertaken only by an entity incorporated or registered in Indiaunder the provisions of the Companies Act, 1956.

3. Publication of facsimile edition of foreign newspaper would alsobe subject to the Guidelines for publication of newspapers andperiodicals dealing with news and current affairs and publicationof facsimile edition of foreign newspapers issued by the Ministryof Information & Broadcasting on 31-3-2006, as amended fromtime to time.

Foreign investment in publication of Indian editions of foreignmagazines dealing with news and current affairs

1. Foreign investment, including FDI and investment by NRIs/PIOs/FII, up to 26%, is permitted with prior approval of the Govern-ment.

2. ‘Magazine’, for the purpose of these Guidelines, will be definedas a periodical publication, brought out on non-daily basis, con-taining public news or comments on public news.

3. Foreign investment would also be subject to the Guidelines forPublication of Indian editions of foreign magazines dealing withnews and current affairs issued by the Ministry of Information &Broadcasting on 4-12-2008.

We are told that there are no new frontiers to

conquer, but this is the attitude of those who despair

today, who despaired yesterday, and who will still be

at it during the rest of their lives. We dare not follow

such an attitude of mind. It has been well stated that

the pioneer is a creature not of time but of spirit.

— Myers Y. Cooper


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� � � � �CUT HERE CUT HERE CUT HERECUT HERE

ENROLMENT FORM

Name : ..................................................................................................................................................................................................................................................

Registration Number : .........................................................................................................................................................................................................................

Course in which admission is desired : P.C.C. FINAL (Please tick appropriately)

Residential Address : ..........................................................................................................................................................................................................................

............................................................................................................................ Tel. No. (R) : ....................................... E-mail : .............................................

Details of Articleship : Date of Joining : ....................................................... Estimated date of Completion : .......................................................................

Name of the Principal : .....................................................................................................................................................................................................................

Name and address of the Firm where articleship is being undergone : .................................................................................................................................

................................................................................................................................... Tel. No. (O) : ..................................... Fax No. (O) ..................................

Cash/Draft/Cheque No. ........................................................................................... drawn on ............................................................................................... Bank,

dated .......................................................................... for an amount of Rs.1000 is enclosed.

Date : ............................................. Signature

Notes :

1. Please send the above form along with cash/cheque/draft drawn in favour of ‘‘BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY’’, tothe Society’s office, at the address mentioned above.

2. We propose to have multifarious activities like Elocution Competition, Public Speaking, Self-Development Education Courses, Orientation Courses,etc. for interested students.

3. Members are requested to keep the proforma of this sheet and send the same duly filled in by a new articled trainee after his/herenrolment in their office.

Bombay Chartered Accountants’ Society7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020.

Phone : 66595601 to 05 Fax : 66595606 E-mail : [email protected] Website : www.bcasonline.org

Human Resources CommitteeChairman : Rajesh Muni Convenors : Mukesh Trivedi, Aliasgar Kherodawala, Manish Sampat

“We had joined the Revision Course, which has proved very much helpful to us. We cleared both groups in First Attempt.”— Janhavi Thatte & Komal Jain

P.C.C. & FINAL C.A. STUDENTS’ EDUCATION CRASH COURSES(Jointly with Western India Regional Council of the Institute of Chartered Accountants of India)

For May & November 2009 Examinations1. Courses for :

C.A. P.C.C. C.A. FinalGroup-I — Advanced Accounting Group-I — Advanced Accounting & Financial Management

— Auditing & Assurance— Law, Ethics & Communication

Group-II — Taxation Group-II — Direct Taxes— Cost Accounting & F.M. — Indirect Taxes

(In addition, important topics in — Cost ManagementIT & Strategic Management may be covered at no extra cost.) — MICS

2. Course Co-ordinators : Chandrakant Ruparelia, C.A.; B. C Jain, C.A.

3. Fees : Rs.1000 per student for P.C.C. or Final (Total, and not per subject, including cost of study materials)

4. Timings & Venue : 6.15 p.m. to 8.30 p.m. on weekdays at Sydenham College, ‘B’ Road, Churchgate.

5. Duration : 3 months from January 2, 2009

6. Enrolment : From November 1, 2008

7. Faculty : Eminent personalities possessing rich experience in their respective fields.

For further informaion, kindly contact C. Ruparelia on Phone 66595601 to 05 during office hours at BOMBAY CHARTEREDACCOUNTANTS’ SOCIETY.


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Third and final call for registration

Third Residential Study Course onService Tax

Dates : Friday, 6th March to Sunday, 8th March 2009

Venue : Treat Resort, Silvassa-Sayli Road, SSR College Road,Silvassa, Gujarat.

Act fast to avoid disappointmentVery few seats available

Details of the course are as under :

A. Case Study paper for discussion Paper Writer

1. Recent issues in Cenvat Credit Bakul ModyRules — Service Tax Perspective Chartered Accountant

2. Information Technology & Software K. VaitheeswaranServices — VAT & Service Tax AdvocatePerspective

3. Case Studies (on the topics V. Raghuramanother than above) Advocate

B. Presentation Paper Presenter

4. Adjudication and Appellate Naresh ThackerProcedures in Service Tax Advocate

5. Service Tax Compliance — Putting Nihal KothariSystems and Procedures in Place Chartered Accountant

Study, learn and unwind at this beautiful venue outside the city.

Listen to the experts, mingle with other professionals, share yourviews, broaden your horizon, renew your capabilities.

Course Information :

Fee :

Inclusive of lodging, boarding, course materials Rs.4,800and Rs.20 as contribution to BCAS Foundation

Transportation : (optional)

By AC Luxury Coach Mumbai–Silvassa–Mumbai Rs.800

1. The course is open for members of BCAS only (as on the dateof enrolment).

2. The check-in time on Friday 6th March 2009 — 10 a.m. onwards.

3. Participants will be accommodated on twin-sharing basis.

4. The course is open for 100 participants on first-come-first-servedbasis.

5. Cheque/Demand Draft should be drawn in favour of “BombayChartered Accountants’ Society”, payable at Mumbai.

6. Outstation members should send payment by demand drafts,payable at Mumbai.

7. Course ends on Sunday, 8th March 2009 afternoon.

8. Requests for refunds/replacements will not be entertained.

9. To find out more about the venue and directions to reach there,visit its website www.treatresort.com.

INDIRECT TAX & ALLIED LAWS COMMITTEE

Sr. No.

Enrolment Form

Third Residential Study Course on Service Tax

(Please use block letters, preferably typewritten)

Name : ................................................................................ Age : ...........

Name of the company/firm : ...................................................................

Mailing address : ......................................................................................

...................................................................................................................

BCAS Memb. No. ................ Tel. : (O) ..................... (R): ....................

Fax : ...................... Mobile : ..................... E-mail : ...............................

Choice of papers for Group Leadership : ............................................

Choice of room partner : ........................................................................

Cheque/Draft No. Drawn on Bank Branch Amount Rs.

Place : ...................... (Name & Signature)

Date : .......................

Chairman : Pranay MarfatiaConvenors : Raman Jokhakar

Satish KanodiaToral Mathuria

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As the gardener, by severe pruning, forces

the sap of the tree into one or two

vigorous limbs, so should you stop off your

miscellaneous activity and concentrate your

force on one or a few points.— Ralph Waldo Emerson

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Chairman : Shariq ContractorConvenors : Samir Kapadia

Nikunj ShahManish Unadkat

Fraud Detection, Data Mining andComputer Forensics

“There are no small frauds, only frauds that have not existed longenough to become big” — Joseph T. Wells, Founder and FormerChairman, ACFE.

Even as you read this, it is almost certain that a fraud is brewingaround you. It does not matter who you are; a statutory auditor,internal auditor, compliance officer or an independent director on theboard, the question is do you have the skills to detect fraud ?

Welcome to a stimulating full-day seminar on ‘Fraud Detection, DataMining and Computer Forensics’. Here experts would share how theydeploy time-tested methods and cutting-edge technologies, to spot redflags and corner fraudsters. Understand how Tiger Teams, Birbal’stricks and traps, or even the Placebo effect could be used to uncoverfrauds. Learn to use data mining to mine through millions of recordsand zero-down on suspicious transactions. Knowing computer forensictechniques like retrieving deleted files from hard disks, disk imagingand analysis techniques, tracking an email to its actual sender couldsharpen your fraud-detection skills.

Topic Speaker

Types of Frauds and Detection Techniques Chetan Dalal,Chartered Accountant

Investigative Auditing with Data Mining Nikunj Shah,Chartered Accountant

Computer Forensics Kanwal Mookhey,Principal Consultant— NII Consulting

Day and Date : Saturday, 25th April 2009

Time : 9.15 a.m. to 5.30 p.m.

Venue : BCAS

Program Fees : Rs.800 per person (inclusive of breakfast, lunch,tea, course material and Rs.20 towards BCASfoundation)

After this one-day seminar, it is most likely that next time a dressedreport or a financial statement is tabled, you would be the first oneto smell a rat ! !


Programme Co-ordinator : Sanjay Choksi

BCAS Publications for Sale

(1) Harmful tax competition— An Emerging Global Issue 100 25

(2) CD on the discussions conducted at the39th RRC 2006 by various paper writers 100 20

(3) Audit Checklist for CompaniesFor Members 300 50

For Non-Members 350 50

(4) Registration of Firms with ROFFor Members 25 20

For Non-Members 30 20

(5) International Tax & FinanceConference 2008 (Set of 4 Papers)

Member 350 70Non-Member 450 70

(6) Right to Know The Right toInformation Act, 2005(Pack of 10 booklets) 50 15

(7) Service TaxConstruction Related Services 40 30

Import Export Services 55 30(Revised and Updated up to Jan. 2009)

(8) EPC Contracts — a monograph 200 50

(9) Journal CD — April 2000 to March 2008Member 400 20

Non-Member 500 20

(10) Laws of Service Tax Revised – 2008 250 60

(11) Transfer Pricing Manual — 2008 1200 150

(12) Diamond Jubilee Conference 2008Papers 125 25

Name of the Publication Price Postage(Rs.) (Rs.)

Books / CDs / Papers

Note : Cheque should be drawn in favour of “Bombay Chartered Accountants’Society”, except in case of srl. no. 6, where it should be drawn infavour of “BCAS Foundation”.

That is a good book which is opened with

expectation and closed with profit.— Amos Bronson Alcott


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Chairman : Shariq ContractorConvenors : Samir Kapadia

Nikunj ShahManish Unadkat

Information Technology Committeejointly with

Indian Merchants’ Chamber

has organised debate on

“How technology can prevent another Satyam”

There have been two seminal events that have changed the way Indiathinks about security — 26/11 and Satyam. Even though more thana month has elapsed since Satyam came to light, we are yet cluelesson what exactly happened. We claim that in India we have some ofthe best corporate governance standards in the world. But today thatclaim sounds hollow. What makes matters even worse is that we haverarely come across anyone who is putting across actual suggestionson how to ensure that another Satyam would not happen again.

All that we would like to be is level-headed and answer a very simplequestion — What do we now do differently that would reduce the riskof Financial Frauds ? How can we reassure the internationalcommunity that we have adequate financial controls that have teethand can amply demonstrate that they do work. There is no runningaway from the reality that Satyam has lost us lots of business apartfrom credibility in the international arena. The big question is, “Arethere many more Satyams lurking in the shadows ?” Can we usetechnology to make sure that the probability of accounting fraud isreduced ? This does not mean that we throw away the old processes;it only means adding one more dimension of protection througheffective use of technology. We need both the acumen of the auditorand the cutting-edge technology to coexist, as we believe that thiswould strengthen the accounting and auditing process.

Can our computers talk to bank computers and pick up the balances,thereby eliminating the need for physical certificates. Today businesstransactions are getting ever more complex and the financial data evermore voluminous. Technology and computers could do the numbercrunching and analysis to substantially improve the verification offinancial information. Human expertise and technology can supplementeach other to improve corporate governance.

The e-security world has created a large number of instruments likeFirewalls, Intrusion Detection Systems, Vaccines, and PenetrationTests, etc. to protect our e-assets. We must examine the use ofsimilar concepts and adapt them as protection against accounting

frauds. We need not ask for more disclosures but must make existingdisclosures more verifiable. Independent directors should beempowered through technology to directly verify the affirmations madeby the compliance officer.

We need to discuss lots of issues that Satyam has thrown up. TheBombay Chartered Accountants’ Society has joined hands with IndianMerchants’ Chamber to debate these issues. The panel comprises ofspeakers from the world of accountants, lawyers and technology, todebate these issues. The idea is to start a reasonable and intelligentdebate, so that the Government does not simply add more laws andmake life more difficult for the entire system. A knee-jerk reaction isnot what we need, but we need to make sure that our reputationabroad is one notch higher than that of the others. We are not talkingabout Forensic Accounting. That gets activated only after the act isdone; we are looking at how we can use technology to actuallyprevent and detect fraud as it happens.

Can we create a database of known frauds and check everytransaction entered into the system for such known frauds ? Can wetest the resilience of the accounting system by entering dubioustransactions in the system and see whether the system would throwup a red flag ? The Anti-Money Laundering world has already usedsuch technology.

Join us for an interesting debate. The details are as under :

Speakers : Anand Desai, Anil Sathe, Shariq Contractor,Ameet Patel, Vijay Mukhi and YOU

Day & Date : Friday, 20th February 2009

Time : 1730 hrs. to 1900 hrs.

Venue : IMC, Churchgate

Since the programme is in the form of a debate, to facilitate properorganisation we request you to confirm your presence at the debateby sending an email stating your name designation [email protected]

Without free speech no search for truth is possible; without free speechprogress is checked and the nations no longer march forward towardthe nobler life which the future holds for man. Better a thousandfoldabuse of free speech than denial of free speech. The abuse dies ina day, but the denial stays the life of the people, and entombs thehope of the race.

— Charles Bradlaugh


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BCAS Study Circles for 2009-10BCAS is pleased to announce the formation of new Study Circles forthe year 2009-10. The BCAS Study Circle is the backbone for youto begin your active involvement in the activities of the BCAS. Thesestudy circles provide you with tremendous opportunities for enhancingand sharing knowledge, honing your soft skills, keeping in touch withcontemporary developments in law and in practice, and also inencouraging fellowship amongst your professional brothers and sisters.All these would add substantial value to your personality and practice.

The BCAS study circles are well known for the very high quality ofdeliberations that take place in the presence of and under theguidance of seniors and also for the meticulous planning andorganisational capabilities of their convenors.

We invite you to partake in the feast of knowledge in the year aheadand join the study circle(s) of your choice. As you are aware, we facea constraint of space and this forces us to restrict the enrolment toa certain number. We therefore sincerely request you to make it apoint to attend the meetings regularly.

For further information/queries about the study circles, please feel freeto contact us at [email protected]

Annual fee for joining the study circles is Rs.300 per study circle whichis inclusive of Rs.20 as contribution to BCAS Foundation. Kindly note :

(a) Generally, all study circle meetings are held at the ConferenceRooms in the BCAS office. In rare cases, we hold the meetingsat other venues;

(b) Any member of the BCAS is welcome to join the study circles.There is no restriction on the number of circles that you can join;

(c) It would be our endeavour to hold at least 6 meetings per studycircle in the year. However, this would be subject to the avail-ability of group leaders and chairmen;

(d) The term of each study circle is from 1-4-2009 to 31-3-2010.

Please select the study circle that you would like to join from the listgiven below and send in your cheque to us with the enrolment form :

Study Subject Fee Tick yourCircle choiceNo. here

I Direct Tax Laws 300

II Indirect Tax Laws 300

III Company Law, Auditing & Accounting 300

IV FEMA 300

V Economic & Allied Laws 300

VI Information Technology 300

VII Human Resource Development 300

VIII Internal Audit Studies 300

IX IFRS 1000

Enrolment Form

Name : .......................................................................................................

Address : ...................................................................................................

...................................................................................................................

BCAS Memb. No. : .................. Tel. : 1 ................... 2 ........................

Mobile : ................... Fax : ...................... E-mail : .................................

Cash/Draft/Cheque No. .................. drawn on .............................. Bank,

dated .................. for an amount of Rs. ........................... is enclosed.

Date : ................. Signature

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Forthcoming Study Circle Meetings*Venue : BCAS Conference Hall, BCAS

Date & Day Time Subject Speaker Study Circle/Group Convenors

Tuesday 6.15 p.m. FEMA Audit of Corporates Rajesh P. Shah FEMA Study Circle Satish Kanodia3-3-2009 to 8.00 p.m. CA Naren Nadlani

Rajesh P. Shah

Thursday 6.15 p.m. Bank Audit & Issues relating Pratik Punjabi Company Law, Hardik Chokshi5-3-2009 to 8.00 p.m. to LOFAR Accounting & Auditing Kunjan Gandhi

Study Circle Anand Paurana

Thursday 6.15 p.m. Limited Liability Partnership Sanjeev Pandit Economic Laws Rajesh Shah12-3-2009 to 8.00 p.m. Act — Some Issues CA Study Circle Ashok Sharma

Tuesday 6.15 p.m. Penalty Provisions under Chandrashekhar Vaze Direct Tax Laws Mayur Kisnadwala17-3-2009 to 8.00 p.m. Income-tax Act — With special CA Study Circle Manesh Gandhi

reference to recent Judicial Chetan ShahPronouncements

* Restricted to members of that particular Study Circle only.

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Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Vijay Mudran, Mumbai-400031.

Combined Enrolment Form

Please fill in the above form appropriately and send the same to the Society’s office along with the requisite payment.

Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft.

Kindly note that w.e.f. 1-9-2008 the cash counter timings will be from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. onSaturday. The lunch time is 1 p.m. to 2 p.m. Members are requested to co-operate in this regard.

Name : ...................................................................................................................................................................................................................................................................

Address : ...............................................................................................................................................................................................................................................................

E-mail : ................................................ Mobile : .......................................................... Tel. : ........................................................ Fax : ........................................................

BCAS Memb. No. : ........................... Tel. (O) : ........................................................ Tel. (R) : ................................................. Fax : ........................................................

Cash / Draft / Cheque No. .................................. drawn on ..................................................................................................................................................................... Bank,

dated .................................... for an amount of Rs. ............................................................................... is enclosed.

Date : ............................... (Signature)

� wherever applicable

CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE

Enrolment Form for the Book Lending Facility for C.A. Students

Name : ..................................................................................................................................................................................................................................

Address : ..............................................................................................................................................................................................................................

..............................................................................................................................................................................................................................................

Mobile : .................... Tel (O) : ....................... Tel. (R) : ...................... E-mail : ............................ Student’s Regn. No. with ICAI : .....................

Member’s Name : ........................................................................................................................ Member’s BCAS Registration No. : .........................

(Student’s Signature)

I the undersigned hereby recommend Mr./Ms. .................................................................................................... for availing book lending facilityof the BCAS foundation. I will ensure that the borrowed books are returned within the stipulated period.

Date : ....................... Membership no. ....................... (Member’s Signature)

The BCAS Foundation has started an Academic Book LendingFacility for ‘PE II’ & ‘Final Level’ Chartered Accountancy students.This facility is meant to assist all those students who have in themthe capability to achieve great heights but have not been able torealise their dreams due to constraints.

After consulting various experienced faculties and one to oneinteraction with students pursuing the course, a list of academic booksfor both PE II & Final Level students has been formulated.

The scheme is in force from 15th of February 2008.

Kindly note that only students recommended by the members ofBCAS are entitled for this scheme. This facility is available tostudents of Mumbai, Navi Mumbai and Thane District only.

Students can also access the list of books in the Students’ Corneron the BCAS website (www.bcasonline.org).

Desiring students should immediately approach the Librarian Ms.Madhuri Haware at BCAS Office ([email protected]/[email protected] or call on 66595601/02/03/04/05 Extn no. 24)for further inquiries. The enrolment form is given below.

BCAS FoundationBook lending facility for CA Students

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COURSE :

Rs.4500 for non-member ..........

SEMINAR :Case Studies on 28-3-2009 Rs.2,000 for member .................International Taxation Rs.2,500 for non-member .........

Taxation of Charitable Trusts — 14-3-2009 Rs.450 ..........................................Effect of Recent Amendment and some other Controversial Issues

Fraud Detection, Data Mining andComputer Forensics 25-4-2009 Rs.800 ..........................................

Intensive Study Course for studentson Double Taxation AvoidanceAgreements 20, 21-3-2009 Rs.2,000 .........................................

Certificate Course forProfessional Accountants 17-4-2009 Rs.4,000 .........................................

Auditing the Treasury Function 13,14,19,20,21-3-2009 Rs.17,500

PROGRAMME :

E-learning Rs.3500 for member ..................

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MH/MR/South-88/2009-11Licensed to post without prepayment : Licence no. MR/Tech/WPP-158/South/09-11. Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1.

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