Newsletter

June 2016

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

In This Issue

Trending Topics 03

Get ready for the shower of changes in Tax laws

Income Declaration Scheme 2016 - Salient Features

CSR Reporting - Creating a liability for an asset

Basics of Intellectual Property (IP) Law in India

Due Date Chart 14

Notifications and Circulars 16

Seminars and Courses 20

Seminars

Batches for Professional Courses

About Us 25

Contact Us 28

2

TRENDING TOPICS

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

Get ready for the shower of Tax

laws changes from June 2016!

Background

This year, the government has brought various

changes in income tax, service tax and other

tax laws and also has brought scheme for tax

payment. It is said that many of such changes

will be effective from 1st June 2016. So what

are they?

June month is the month of monsoon.

Everyone would be keeping an eye towards

rainfall from 7th June onwards. Now the

government has made shower of various

changes in tax laws this year. Only God knows

that when rain will come and how much, but

all these changes in tax laws will be effective

from 1st June. So it is important that each and

every taxpayer carries on his transactions

after understanding the new changes and the

new scheme.

Changes in income tax provisions

according to the new changes in income tax

law, the major provisions that will be effective

from 1st June 2016 are as follows:

1. The biggest change that will be applicable

from 1st June is that of TCS. If the

consideration for sale / provision of service

is received in cash exceeding Rs. 2 Lakh,

then the seller will have to collect 1% T.C.S

from the buyer and pay it to the

government. Because of this the workload

of many taxpayers will increase. This

provision has been introduced so as to

reduce sales in cash and to curb black

money.

2. 1% T.C.S. will have to be deducted by the

seller in case of sale of a car whose value

exceeds Rs.10 lakhs.

3. For the purpose of deduction of T.D.S, the

yearly limit for the contractor has been

increased from Rs. 75,000/- to Rs.1 lakh.

4. The yearly limit for deduction of T.D.S in

case of insurance commission, commission

on brokerage and commission on lottery

tickets has been made Rs. 15,000.

5. Similarly, the rate of deduction of T.D.S for

insurance commission, brokerage

commission and commission on lottery

tickets will be 5%.

6. If there is no taxable income and income is

by way of interest, then TDS was not

deducted if Form 15G or Form 15H is

furnished. Now this provision is also

applicable to assessee having income by

way of rent.

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

12

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

5

7. The due date for filing T.D.S return has

been extended by the government. Earlier,

due date for filing of return was 15th of the

next month from the end of the each

quarter. Now this date has been changed

to 31st of the next month from the end of

the quarter.

8. Changes have also been made by the

government in the dates of payment of

advance tax. Earlier, except for companies,

the due date for payment of advance tax

was 15th September, 15th December and

15th March for all taxpayers.

Now for all the taxpayers it will be in four

installments. This means that each

taxpayer would have to pay the first

installment of advance tax before 15th

June.

7. The taxpayers who wants to participate in

Income Tax Declaration Scheme will have

to file the application from 1st June till 30th

September.

8. The scheme to settle the old disputes in

income tax appeal namely, Direct Tax

Dispute Resolution Scheme, 2016 will be

applicable from 1st June 2016.

Changes applicable in Service Tax

the changes that will be applicable from 1st

June 2016 in service tax are as follows:

1. Krishi Kalyan Cess of 0.5% is made

applicable from 1st June 2016. It means

now onwards the rate of service tax will

be 15%.

2. The scheme to settle the old disputes in

service tax appeal namely, Indirect Tax

Dispute Resolution Scheme, 2016 will be

applicable from 1st June 2016.

What should the taxpayers learn

from these changes?

The taxpayers should perform transactions

within limits of tax laws of the government

otherwise they will have to face the

consequences. For this, it will be better that

the taxpayers understand these changes

and do their work accordingly. In mansoon

children say “Ye re ye re pausa, tula deto

paisa” likewise “Come new / changes in

provisions, collect money in the form of

taxes, because of collection from taxpayers

large amount is collected, government

should use it properly and make all happy”

Caclubindia.com

Income Declaration Scheme

2016 – Salient Features

6

Background

The finance minister has brought in one more

opportunity to bring black money into books

of accounts by announcing the 'INCOME

DECLARATION SCHEME 2016' in the

Finance Bill on 29/02/2016. The scheme

proposes to start from 01.06.2016 and ends

on 30.09.2016 (but the date till it remain open

will be notified by the Central Government in

the official Gazette) with an option to pay the

taxes due within 2 months of date of the

declaration. Unlike the earlier VDIS of 1997,

this income declaration scheme of 2016

proposes to collect the tax, surcharge and

penalty total into 45% of such undisclosed

income declared.

The Comptroller Auditor General of India

condemned the VDIS 1997 Scheme as

abusive and fraud on the genuine tax payers

of India, hence now the rate might have been

kept at 45%.

Eligible persons

All the 7 categories of persons as defined in

Section 2(31) of Income-Tax Act are eligible

to file declaration under this scheme to

disclose any income up to Assessment Year

2016-17.

Conditions for making declaration

Following are the conditions under which

declaration is to be made:

For which he has failed to furnish a return

under section 139 of the Income-tax Act

Which he has failed to disclose in a return

of income furnished by him under the

Income-tax Act before the date of

commencement of this Scheme,

Which has escaped assessment by reason of

the omission or failure on the part of such

person to furnish a return under the Income-

tax Act or to disclose fully and truly all material

facts necessary for the assessment

Persons Not Eligible Under this

Scheme

Following persons are not eligible for making

declarations under this scheme:

Where notices have been issued under

section 142(1) or 143(2) or 148 or 153A or

153C, or

where a search or survey has been

conducted and the time for issuance of notice

under the relevant provisions of the Act has

not expired, or

where information is received under an

agreement with foreign countries regarding

such income,

cases covered under the Black Money Act,

2015, or

persons notified under Special Court Act,

1992, or

cases covered under Indian Penal Code, the

Narcotic Drugs and Psychotropic Substances

Act, 1985, the Unlawful Activities (Prevention)

Act, 1967, the Prevention of Corruption Act,

1988.

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

Value of Undisclosed Income Kept in

the form of any Asset

The income chargeable to tax is declared in the

form of investment in any asset, the fair market

value of such asset as on the date of

commencement of this Scheme shall be

deemed to be undisclosed income. The fair

market value of any asset shall be determined in

such manner, as may be prescribed. No

deduction in respect of any expenditure or

allowance shall be allowed against the income

in respect of which declaration is made.

Tax @ 30% of Declared Income XXX

Add : Surcharge (25% of above) XXX

TOTAL TAX XXX

Add: Penalty 25% of Above Tax XXX

TOTAL SUM PAYABLE XXX

Signatories for Declaration

1. Individual: By the individual himself or if he

is absent from India, then his authorized

representative. Where Individual is mentally

incapacitated, by his guardian or other

competent persons on his behalf.

2. HUF: By Karta, where Karta is absent from

India or incapacitated, any adult member

such HUF

3. Company: By the Managing Director or by

any Director, if there is no Managing Director

4. Firm: By the Managing Partner or where

there is no managing partner, by any other

partner

5. Any other Association: Any member or

principal officer of the association

6. Any other Person: By that person or any

other person competent to act on his behalf.

To Whom To Submit

This declaration shall be made to the Principal

Commissioner or the Commissioner of

respective jurisdiction. Only One Declaration:

Any person, who has made a declaration u/s

180 (1) in respect of his income or as a

representative assessee in respect of the

income of any other person, shall not be

entitled to make any other declaration. If any

such other declaration was subsequently

made, shall be treated as void.

Time limit for payment of tax,

Surcharge & Penalty

The tax, surcharge and penalty shall be paid

on before a date to be notified by the Central

Government in the Official Gazette. The proof

of payment of tax shall be filed with the

Principal Commissioner of the Commissioner

as the case may be. If the declarant fails to

pay the tax due, it shall be deemed that he

has not made any declaration under this

Scheme. The tax, surcharge or penalty is not

refundable.

If any declaration has been made, but no tax,

surcharge and penalty thereon has been

made, the income as disclosed will be

chargeable to tax under the Income -Tax Act

in the previous year in which such declaration

made.

Undisclosed income declared not to

be included in Total Income

The amount of undisclosed income declared

shall not be included in the total income of the

declarant for any assessment year under the

Income-tax Act, if the declarant makes the

payment of tax and surcharge and Penalty.

Immunity from Wealth Tax

Where the undisclosed income is represented

by cash (including bank deposits), bullion,

investment in shares or any other assets:

a) in respect of which the declarant has failed

to furnish Wealth Tax return up to

Assessment year 2015-16 or7

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

b) which have not been shown in the return of

net wealth furnished by him for the said

assessment year or years, or

c) which have been understated in value in the

return of net wealth furnished by him for the

said assessment year or years, then, the

immunity / Exemptions are granted as under

Wealth-tax shall not be payable by the declarant

in respect of the assets referred to in clause (a)

or clause (b) and such assets shall not be

included in his net wealth for the said

assessment year or years.

Moreover, the amount by which the value of the

assets referred to in clause (c) has been

understated in the return of net wealth for the

said assessment year or years, to the extent

such amount does not exceed the voluntarily

disclosed income utilized for acquiring such

assets, shall not be taken into account in

computing the net wealth of the declarant for the

said assessment year(s).

Treatment of Income where No

declaration is filed

Any income has accrued, arisen or received or

anyasset has been acquired out of such income

prior to commencement of this Scheme, and no

declaration in respect of such income is made

under this Scheme,

such income shall be deemed to have

accrued, arisen or received, as the case

may be, or

the value of the asset acquired out of such

income shall be deemed to have been

acquired or made, in the year in which a

notice under section 142, sub-section (2) of

section 143 or section 148 or section 153A

or section 153C of the Income-tax Act is

issued by the Assessing Officer, and the

provisions of the Income-tax Act shall apply

accordingly.

Undisclosed income declared not to

be treated as Benami transaction in

certain cases

The provisions of the Benami Transactions

(Prohibition) Act, 1988 shall not apply in

respect of the declaration of undisclosed

income made in the form of investment in any

asset, if the asset existing in the name of a

Benamidar is transferred to the declarant,

being the person who provides the

consideration for such asset, or his legal

representative, within the period notified by

the Central Government. We have to wait and

see whether the proposal to bring the black

money to the books of accounts of the

assesses with a payment of 45% tax will work

or not !!

Caclubindia.com

8

CSR Reporting - Creating a

liability for an asset

9

Preview

Section 135 of the Companies Act, 2013

deals with the provisions of Corporate Social

Responsibility (CSR) and requires every

company that comes under the purview of

the mandatory spend to spend on CSR in

that financial year. The Guidance note on

Accounting for expenditure on CSR Activities

(Guidance Note) issued by ICAI in note 10 to

16 has dealt with the provisions on how to

spend, where to spend and how to account

for CSR b/w revenue or capital expenditure.

Agents of CSR

Note 10 in the guidance note deals with the

agencies through which the CSR spend can

be spent. In fact an analysis of Nifty 50

companies in India reveals that companies

have spent CSR directly, through NGO’s, by

contribution to funds and others. As auditors

it is the responsibility to first identify the

amount allocated for CSR spend and then

verify the mode of entity through which the

CSR is spent. The Board may discharge its

CSR obligation in the following three ways:

Making a contribution to the funds as

specified in Schedule VII to the Act; or

Through a registered trust or a registered

society or a company established under

section 8 of the Act (or section 25 of the

Companies Act, 1956) by the company,

either singly or along with its holding or

subsidiary or associate company or along

with any other company or holding or

subsidiary or associate company of such

other company, or otherwise ; or

in any other way in accordance with the

Companies (CSR Policy) Rules, 2014.

The responsibility of the auditor is to check the

authenticity of the transaction and the entity

through whom the funds are spent. In case of

NGO care has to be taken to check if the trust /

society / section 8 company is registered under

FCRA (Foreign Contribution Regulation Act) in

case a subsidiary of a foreign company is

making the CSR contribution. The next check

that is required is to identify the trustee or owner

of these institutions, as any transaction that is

made can result in a organization that is a PEP

(politically exposed person).

Entry in books of account

As per note 11 of the guidance note in case a

contribution is made to:

A fund specified in Schedule VII to the Act,

the same would be treated as an expense for

the year and charged to P & L statement. This

can be in the form of a contribution to the

Prime Minister’s Relief Fund;

In case the amount is spent in the manner as

specified in paragraph10 (b), which is through

a Trust or Society or a Section 8 company, the

same will also be treated as expense for the

year by charging off to the P & L statement.

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

This can be in the form of contribution to

Akshayapatra scheme run by ISKON, a

NGO;

The bigger challenge in reporting seems to be

direct expenses made by the company say

construction of a toilet or a school or

payments made for education to students

directly. The accounting for expenditure

incurred by the company otherwise e.g. on its

own would be accounted for in accordance

with the principles of accounting as explained

hereinafter.

The third category referred herein above can

result in expenditure that can result in creating

an asset in the books of the company.

Revenue or Capital expenditure

As per point 12 of the guidance note in cases,

where an expenditure of revenue nature is

incurred on any of the activities mentioned in

Schedule VII to the Act by the company on its

own, the same should be charged as an

expense to the statement of profit and loss.

As per point 13 of the guidance note in some

cases, a company may supply goods

manufactured by it or render services as CSR

activities. In such cases, the expenditure

incurred should be recognized when the control

on the goods manufactured by it is transferred

or the allowable services are rendered by the

employees.

Revenue - Sale of goods that are

manufactured

The goods manufactured by the company

should be valued in accordance with the

principles prescribed in Accounting Standard

(AS) 2, Valuation of Inventories. Indirect taxes

(like excise duty, service tax, VAT or other

applicable taxes) on the goods and services so

contributed will also form part of the CSR

expenditure.

Revenue - Monetization of the

services rendered by employees

The services rendered by employees should

be measured at cost. This is the most difficult

part of the accounting treatment as the

auditor has to dabble with what to monetize

and how much to monetize is debatable. In

fact clause 3.13.3 of the report of the high

level committee constituted by the

Government does not favour Monetization of

the services as it is not feasible and may be

subjective in allocating cost. As auditor it may

become a bigger challenge to monetize the

efforts spent on a social cause between the

CEO and the employee in the middle level

management.

Capital - Creating a liability for an

asset

In case the expenditure incurred by the

company is of such nature which may give

rise to an ‘asset’, a question may arise as to

whether such an ‘asset’ should be recognized

by the company in its balance sheet. In this

context, as per the Framework for

Preparation and Presentation of Financial

Statements issued by the Institute of

Chartered Accountants of India, an ‘asset’ is a

“resource controlled by an enterprise as a

result of past events from which future

economic benefits are expected to flow to the

enterprise”.

The example cited in the guidance note says,

in cases where the control of the ‘asset’ is

transferred by the company, e.g., a school

building is transferred to a Gram Panchayat

for running and maintaining the school, it

should not be recognized as ‘asset’ in its

books and such expenditure would need to be

charged to the statement of profit and loss as

and when incurred.

In other cases, where the company retains

the control of the ‘asset’ then it would need to

be examined whether any future economic

10

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

benefits accrue to the company. Invariably

future economic benefits from a ‘CSR asset’

would not flow to the company as any surplus

from CSR cannot be included by the company in

business profits in view of Rule 6(2) of the

Companies (Corporate Social Responsibility

Policy) Rules, 2014.

How all this remained Secret?

Recognition of Income Earned from CSR

Projects/ Programmes or During the Course of

Conduct of CSR Activities. Point 15 of the

guidance note justifies Rule 6 (2) of the

Companies (Corporate Social Responsibility

Policy) Rules, 2014, to state that since the

surplus arising from CSR activities is not arising

from a transaction with the owners, it would be

considered as ‘income’ for accounting purposes.

In view of the aforesaid requirement any surplus

arising out of CSR project or programme or

activities shall be recognized in the statement of

profit and loss and since this surplus can not be

a part of business profits of the company, the

same should immediately be recognized as

liability for CSR expenditure in the balance

sheet and recognized as a

statement of profit and loss. Accordingly, such

surplus would not form part of the minimum

‘2% of the average net profits of the company

made during the three immediately preceding

financial years in pursuance of its Corporate

Social Responsibility Policy’.

CSR for a company may be an entry into the

hearts of stakeholders; but for an auditor it is

about an entry in accounts and is more a

responsible accounting. This financial year we

can hope to see better transparency in

reporting on CSR by Indian Companies, who

will be ably assisted by the auditors and

whose reporting will be under the guidance of

the Guidance note issued by ICAI.

This series of articles written by me on CSR

Reporting is the outcome of a session that I

delivered for Bangalore Cantonment branch

of ICAI where all of us were found grappling

with more questions than answers on CSR.

CSR reporting is still in the learning period as

the High Level Committee of CSR rightly puts

it.

Caclubindia.com

11

Basics of Intellectual Property

(IP) Law in IndiaBackground

The background to IP can be traced to the

development of a lot of knowledge based or

knowledge intensive industries where the

assets or the foundation of the company

depends on an idea, an idea that is expressed

and an idea that has been brought to life by the

promoter/inventor/creator.

This development of knowledge based

industries in not of a recent origin and can be

traced back to Walt Disney’s IP of creating the

Mickey Mouse Cartoon or to Nicola Tesla’s IP

of the various inventions made in the

engineering space.

What is IP?

IP therefore is intellectual property. A property

which is created as a result of a person’s

intellect. A creation of his mind or exertion of

his mental faculties.

Why is it relevant?

It is exceptionally relevant today to most of the

businesses that have started something or

have created something from scratch, a result

of their intellectual property. They would

definitely want to protect this, and by protection

I mean, to have an exclusive right over it,

refraining others from not using or misusing it.

What are the different types of IP?

There are various types of IP ranging from:

1. Trademark: This protects a mark or a name

or a slogan that helps a trader/business

distinguish his business by that of other

businesses in the same industry. Can be

words, phrases, symbols or designs. Some

examples are,

Bajaj

Distinctly Ahead

Humara Bajaj

Pulsar

Bajaj Logo

All of these would be register-able

separately under name, slogan, phrase,

product name, logo and design

respectively.

Trademark registration takes 18 months to

use the ® symbol once approved, but the

™ symbol can be used immediately onthe

filing of the trademark application.

Therefore, you can protect your work from

day one.

2. Copyright: A right over material you have

created that restricts others from copying

your work. Therefore, essentially, it is a

right granted to you to retain the right to

make copies from your work or grant a

right to anyone who wants to copy or12

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

make copies of your work subject to that

person giving adequate consideration.

Movies, songs, books, sculptures, computer

software are included or are the items that

can be copyrighted.

Copyright registration takes 18 months to

use the ® symbol once approved, but the ©

symbol can be used immediately on the

filing of the trademark application.

Therefore, you can protect your work from

day one.

3. Patents: A patent is for an invention, an

invention meaning, a specific solution to a

specific technological problem and may be

a product or a process. Like any other

invention, any machinery/design/process or

chemical can be patented. The iPhone

design of a XIOMI power bank are all

examples of products that have got a

patent.

A patent essentially gives an inventor an

exclusive right to the inventor over his

invention for a limited period (20 years) in

exchange for the complete public disclosure

of his invention. It is to be understood as of

basics that, a patent does not give a right to

make or use

13

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

or sell an invention...rather it provides for

protection against others from making,

using, selling or offering for sale or

importing the patented item till the period of

the patent survives or has not expired.

In a nutshell, all IP are negative rights.

Negative as they exclude others from

enjoying them or making any profit from

them.

A Patent registration takes 24 months to

receive the patent registration certificate

once approved. The patents operate on a

first come first serve basis and hence, an

application is to be made at the earliest.

The law further provides an opportunity to

inventors to file provisional applications

where their invention is not completely

ready but will be ready soon.

Caclubindia.com

DUE DATE CHART

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

15

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

DUE DATE CHART (JUNE 2016)

Due Date Category Particulars Form/Challan/Site

06-Jun-16

Central Excise

Payment

Payment for the month May

2016 (Non SSI)www.aces.gov.in

Service TaxPayment for the month May

2016 (For Companies) www.aces.gov.in

07-Jun-16TDS/ TCS

Payment

TDS Payment for the month

May 2016Challan 281

10-Jun-16Central Excise

Return

Return for the month May 2016

for All Assessee (Non SSI)www.aces.gov.in

15-Jun-16 Provident Fund

Payment for the Month

May 2016www.epfindia.com

Declaration of new Employees

for the month May 2016Form No. 11

21-Jun-16Employee State

Insurance (ESI)

Payment for the month

May 2016 www.esic.in

25-Jun-16 Provident FundReturn for the month

May 2016 www.epfindia.com

30-Jun-16 ESIC Return of contributions www.epfindia.com

NOTIFICATIONS

AND CIRCULARS

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

Notification/ Circular Reference No.

Investment in Stock certificate as defined in the

Sovereign Gold Bonds Scheme, 2015 notified as

eligible form of investment by a charitable trust

Notification No. 21/2016,

dated 23-03-2016

Release of new functionality to taxpayers to secure

their E-filing account

Press Release,

dated 04-04-2016

Release of E-filing of Income Tax Returns (ITR) and

other forms

In pursuance of the Notification of the Income Tax

Returns (ITR) for AY 2016-17 on March 30th, 2016, the

CBDT has released the electronic filing of ITRs 1 and 4S

on its website https://incometaxindiaefiling. gov.in.

Press Release,

dated 04-04-2016

Electronic Verification Code (EVC) for electronically

filed Form of Appeal to Commissioner (Appeals)

In exercise of the powers delegated by the CBDT vide

Notification 11/2016 dated the 1st March, 2016 the

Principal Director General of Income-tax (Systems) has

laid down the procedures, data structure and standard of

Electronic Verification Code (EVC). The complete text of

the Notifications can be downloaded from the link below:

http://www.incometaxindia.gov.in/Pages/communications/

notifications.aspx

Notification No. 5/2016,

dated 06-04-2016

Method of determination of period of holding of

capital assets in certain cases

In exercise of the powers conferred by Section 2, read

with Section 295, the CBDT has inserted a new Rule 8AA

in the Income-tax Rules, 1962. It provides for method of

determination of period of holding of capital assets, other

than the capital assets mentioned in clause (i) of the

Explanation 1 to Section 2(42A). Specifically, in the case

of a capital asset, being a share or debenture of a

company, which becomes the property of the assessee in

the circumstances mentioned in Section 47(x), there shall

be included the period for which the bond, debenture,

debenture-stock or deposit certificate, as the case may

be, was held by the assessee prior to the conversion. The

said rule shall come into force w.e.f. 01-04-2016

Notification No. 13/2016

dated 03-03-2016

Direct Tax Law

17 Source: ICAI e-Journal

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

18 Source: ICAI e-Journal

Indirect Tax LawNotification/ Circular Reference No.

Point of Taxation in case of change in the liability or

extent of liability under Reverse Charge to be Date of

Invoice

CBEC has inserted a proviso in Rule 7 of Point of

Taxation Rules, 2011 to provide that where there is a

change in provisions relating to the services taxed under

reverse charge/partial reverse charge (service taken out

of reverse charge application or change in % payable by

recipient under reverse charge) but the service has

already been provided, invoice has been issued and the

payment has not been received, then in such cases the

point of taxation would be the date of issuance of invoice.

Notification No. 21/2016-

Service Tax, Dated:

March 30, 2016

Inclusion of interest amount or other consideration

payable to Government or a local authority by a

business entity

Central Government has stated that “exclusion of interest

on delayed payment of any consideration for provision of

services or sale of property while determining the value of

taxable services” shall not apply to any service provided

by Government or a local authority to a business entity

where payment for the service is allowed to be deferred

on payment of interest or any other consideration.

Notification No. 23/2016-

Service Tax, dated

April 13, 2016

Regarding adjudication of Show Cause Notices

issued on the basis of CERA/CRA objection

The CBEC has provided guidelines to be followed while

adjudicating the Show Cause Notices issued on the basis

of audit objections of Central Excise Revenue Audit

(CERA) and Customs Revenue Audit (CRA), which is the

receipt audit wing of the CAG of India. Further, the

procedure for dealing with audit objections raised by

CERA/CRA has also been prescribed.

Circular No. 1023/11/2016

- CX dated April 8, 2016

Amendments in Rule 4 of CENVAT Credit Rules, 2004

CBEC has provided certain amendments in Rule 4(7)

(Conditions for allowing CENVAT Credit) of CENVAT

Credit Rules, 2004. The said amendments can be found

at : http://www.cbec.gov.in/Excise-Notifications

Notification No. 24/2016 -

Central Excise (N.T.),

dated April 13, 2016

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

19

Others (MCA/ SEBI/ RBI)Notification/ Circular Reference No.

Companies (Indian Accounting Standards)

(Amendment) Rules, 2016

MCA has amended the Indian Accounting Standards

Rules to provide for a compliance framework for NBFCs,

Banking Companies and Insurance Companies in India.

Various amendments with respect to opening balance

sheet, accounting for service concession agreements and

other miscellaneous amendments have been issued. For

complete text of the notification, please refer the link:

www.mca.gov.in/Ministry/pdf/Notification_30032016_I.pdf

Notification no.

GSR 365(E) dated

30th March 2016

Amendment to Schedule III of Companies Act 2013

MCA has amended Schedule III of the Companies Act

2013 to incorporate the instructions pertaining to

preparation of Balance Sheet and Statement of Profit and

Loss in case of companies whose financial statements

are drawn up in compliance of Companies (Indian

Accounting Standards) Rules, 2015. For complete text of

the notification, please refer the link:

www.mca.gov.in/Ministry/pdf/Notification_04072016.pdf

Notification no. GSR (E)

dated 6th April 2016

MCA Order no. S.O. 1228(E) dated 29th March 2016 -

Companies (Auditor's Report) Order, 2016

MCA has issued the aforesaid order in supersession of

the Companies (Auditor's Report) Order, 2015 for the

auditors to report under Sec.143(11) of the Companies

Act 2013. For complete text of the order, please refer the

link: www.mca.gov.in/Ministry/pdf/CoOrder_30032016.pdf

Order no. S.O. 1228(E)

dated 29th March 2016

RBI circular no. FIDD.CO.Plan.BC.23/04.09.01/201516

dated 7th April 2016-Priority Sector Lending Certificates

In line with the Government’s decision to allow Dealing in

Priority Sector Lending Certificates (PSLCs), RBI had

released the guidelines of the said scheme. For a

complete text of the circular, please refer the link:

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10

339&Mode=0

RBI circular no.

FIDD.CO.Plan.BC.23/04.

09.01/201516 dated

7th April 2016

Clarification for applicability of IAS to disclosures in

offer documents under SEBI Regulations, 2009

SEBI Circular no. 2016/47

dated 31st March 2016

Source: ICAI e-Journal

SEMINARS AND

COURSES

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

Seminars and Discussions

Taxation Matters

21 Source: ICAI CPEC Website

S.No. PoU Topic Place DateContact

Details

CPE

Hours

1.

Kalbadevi CPE

Study Cirlce of

WIRC

Income Declaration

Scheme, 2016

Hall On 1st Floor, Maheshwari

Bhavan, 603, Chira Bazar,

Marine Lines East, Mumbai

8th Jun, 2016

17:00 - 20:00

Karlton

+9198200853423

2.Bangalore

Branch of SIRC

Issues And Concerns

Under The

Commercial Tax Laws

Narayana Auditorium,

Bangalore Branch of SIRC of

ICAI, Bangalore

8th Jun, 2016

18:00 - 20:008030563513 2

3.

East Delhi CPE

Study Circle of

NIRC

Finance Act , 2016

DIRECT TAXES

413, Vikas Deep, Laxmi Nagar

District Centre, Laxmi Nagar,

Delhi-110092

10th Jun, 16

16:30 - 21:30

Narayan Singh -

9311075092 or

Mamta Tamar-

8506050273,

5

4.Bangalore

Branch of SIRC

Tax Clinic- Direct

Taxes Latest Case

Laws

Narayana Auditorium,

Bangalore Branch of SIRC of

ICAI, Bangalore

10th Jun, 16

18:00 - 20:008030563513 2

5.Pune Branch of

WIRC

Refresher Seminar On

Direct Taxes

MES Auditorium,bal Shikshan

Schoolmayur Colony, Pune

11th Jun, 16

09:30 - 13:45020 24212251 4

6.

Matunga CPE

Study Circle of

WIRC

Recent Income Tax

Decisions

Mysore Association Hall, Bhau

Daji Road, Near Café Madras,

Matunga (C.R.) Mumbai 400019

12th Jun, 16

09:30 - 12:309833801015 3

7.Pune Branch of

WIRC

Refresher Seminar On

Indirect Taxes

Smt. Shakuntala Jagannath

Shetty Auditorium Ganesh

Nagar, Erandwane, Pune-411038

12th Jun, 16

10:00 - 17:00020 24212251 6

8.

Vile Parle (East)

CPE Study Circle

of WIRC

Income Declaration

Scheme 2016

Management Institute,

Dahanukar College,, Vile Parle

East, Mumbai 400 057.

12th Jun, 16

10:00 - 13:159819777394 3

9.ACAE Study

Circle of EIRC

Capital Gain on Penny

Stock-Proceeding

6, Lyons Range, 3rd Floor,

Unit II

13th Jun, 16

17:00 - 20:00033-22107724 3

10.

Ellisbridge CPE

Study Circle of

WIRC

Practical aspects of

ICDS implementation

G.K. Choksi & Co., Madhuban,

2nd Floor, Near Madalpur,

Under Bridge, Ellisbridge,

Ahmedabad

14th Jun, 16

17:30 - 20:30

Yogendra Vyas (O)

079-30011959,

099138 11699

3

11.

Dadar (East) CPE

Study Circle of

WIRC

Dispute Resolution &

Income Declaration

Scheme

2A/ Fairy Menor,

Gunbow st, Fort

16th Jun, 16

17:30 - 20:3024105987 3

12.MII Powai Lake

CPE Study Circle

Reverse Charge

Mechanism & Cenvat

Credit

MTNL-CETTM, Technology

Street, Hiranandani Gardens,

Powai, Mumbai– 76

18th Jun, 16

15:00 - 18:00

CA Santosh

Agarwal -

9930367339

3

13.Pune Branch of

WIRC

Refresher Seminar On

Direct Taxes

MES Auditorium,bal Shikshan

Schoolmayur Colony, Pune

18th Jun, 16

09:30 - 13:45020 24212251 4

14.

Anuvrat Dwar

CPE Circle of

WIRC

Startup Companies &

Changes In TDS

Board Room, Agrasen Bhawan,

Surat

25th Jun, 16

17:00 - 20:00

9879557240,

98241093313

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

22 Source: ICAI CPEC Website

Other Matters

Seminars and Discussions

Company Law MattersS.No. POU Topic Place Date

Contact

Details

CPE

Hours

1.ACAE Study

Circle of EIRC

Corporate Governance

(Corporate Laws)

6, Lyons Range, 3rd Floor,

Unit II

10th Jun, 16

17:00 - 20:00033-22107724 3

2.Lucknow Branch

of CIRC

CARO 2016

and IFC

ICAI Bhawan, Jagriti,

Institutional Area, Vikas Khand-

1, Gomti Nagar

08th Jun, 16

09:30- 12:30

CA Amarji Chopra

Phone: 9810100299

Mail: ajc@icai.org

3

3.

Mulund CPE

Study Circle of

WIRC

CARO 2016 & Fraud

Reporting u/s 143(12)

C/o. Shethia & Associates, 7,

New Laxmi Niwas, Zaver Road,

Near Railway Track, Mulund

(W), Mumbai – 400 080

26th Jun, 16

10:00 - 13:00

CA Dhaval

Thakkar –

9819848453

3

S.No. POU Topic Place DateContact

Details

CPE

Hours

1.Muzaffarnagar

Branch of CIRC

Audit

Committee

Charter

ICAI BHAWAN, Vishnu Vihar,

Jansath Road, Muzaffarnagar

07th June, 16

11:00 – 14:00

7060008973 or

99179617643

2.Gorakhpur Branch of

CIRC of ICAIAccounting and

Auditing

ICAI Gorakhpur, A-52,

Taramandal Commercial, Budh

Vihar

10th Jun, 16 -

14th Jun, 169838860801 18

3.Views Exchange

Study Circle of EIRC

Stress

Management By

Rajyoga

12 Ho chi minh Sarani, Suite 2D,

Kolkata

11th Jun, 16,

16:00 – 18:00

G.R. GUPTA

033-223031062

4.Mulund CPE Study

Circle of WIRC

RTI : Awareness

and Usefulness

to CA

C/o. Shethia & Associates, 7,

New Laxmi Niwas, Ground Floor,

Zaver Road, Near Railway Track,

Mulund (W), Mumbai – 400 080

11th Jun, 16

17:30 – 20:30

CA Dhaval

Thakkar,

9819848453

3

5.Salt Lake City Study

Circle of EIRC

Discussions On

CARO 2016,

IFC & ICDS

DD18/3, PRAKASH BHAWAN,

ROTARY CLUB Of SALTLAKE

CITY, KOLKATA, 700064

12th Jun, 16

10:00 - 17:00

Ca. T P Dutta –

98300763256

6.Mulund CPE study

circle of WIRC

CARO 2016 &

Fraud Reporting

U/S 143(12)

Mulund College Of Commerce, S

N Road, Mulund (w), Mumbai -

400080

26th Jun, 16

10:00 - 13:00

CA Dhaval

Thakkar,convenor -

9819848453

3

Batches for Upcoming

Courses

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

Certificate Course on Enterprise Risk

Management

studies, e-learning and Case Study

preparation and presentation i.e.,

Self Study : 100 hours

Class room teaching : 50 hours

E-Learning : 20 hours

Case Study preparation and presentation : 30

hours

CPE Hours

CPE credit of 100 Hours (50 hours of

structured learning and 50 hours of

unstructured learning) will be given to the

participants.

Further Details and Assistance

Chairman, Internal Audit Standards Board

Tel.: 0120-3045995

Email: cia@icai.in;

Background

The Internal Audit Standards Board of the ICAI is

pleased to offer Certificate Course on “Enterprise

Risk Management” to enable members to

develop competence in this emerging field and

offer value added services. This course would

help the members to understand the various

issues relating to the enterprise risk management

and in developing the necessary skills to provide

value added services in this area.

Objective of the Course

The overall objectives of the course are:

To enhance the role of Chartered Accountants

in the area of ERM.

To build ERM as one of their core

competencies

The main thrust of the course is to educate the

participants on:

Theory and concepts of ERM.

Manner in which ERM is designed and

implemented in practice.

Current thinking on risk management and its

impact on contemporary business enterprises.

Course Duration

The duration of the course is 200 hours spread

over six class rooms studies, self

23

Certificate Course on NPOs

and CooperativesDuration of the Course

6 days (Generally on Saturday and Sunday)

(9:30 AM to 5:30 PM)

CPE Hours

30 Hours

Fees for the Course

Rs. 7,500/- For members who have not

completed 5 years as on date of

enrolment

Rs. 10,000/- For other members

The fees can be paid either by a Demand

draft, Cheque or through online mode. The

demand draft / cheque shall be drawn in

favour of “The Secretary, The Institute of

Chartered Accountants of India"

Evaluation Test

Generally examination is held within 2-3

weeks after completion of the classes.

For further details about the course

structure, please click here

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

Background

The Committee for Co-operatives and NPO

Sectors of the ICAI has been set up to promote

good governance and best practices in the

Cooperative Sector. The Committee conducts

Certificate Course on Cooperatives to make the

members competent in the field of

Cooperatives. This Course is conducted at

various locations throughout the country. The

Course aims at providing:

About Cooperative Societies

Co-operatives Societies-World scenario

Laws Applicable to Co-operative Societies

Formation of Co-operative Societies

Management, Accounting and Audit aspects

of Co-operative Societies

Taxation aspects of Co-operative Societies

Accounting, Audit and Legal issues in Urban

Co-operative Societies

Appearing before the authorities

Eligibility for the Course

The course is open for the members of the

Institute of Chartered Accountants of India as

well as for the students who have cleared CA

final examination.

ABOUT US

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

S.P. Chopra & Co. is a professional services firm established in

1949; Ranking amongst the top 20 firms in India

11 full time partners and staff strength of over 100

Offices in New Delhi, Mumbai, Canada and Dubai

Our firm offers Accounting, Assurance and Consultancy as its core business

lines for domestic and global businesses of medium to large size.

We have been empanelled with Reserve Bank of India, Royal Audit

Authority of Bhutan, United Nations and World Bank. We are also a

member of the Prime Global (an independent association of more than

350 accounting firms all over the World).

26

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

27

Business Process Outsourcing

Accounting and Book-keeping

Tax Return preparation

Payroll processing

Financial Reporting

Advisory

Business Risk and Control

Standard Operating Procedures

(SOPs)

Financial Due Diligence

Transaction Support

Assurance Services

Statutory and Tax Audit

IFRS Convergence and

Reporting

Internal Financial Control (IFC)

In This IssueTrending

Topics

Due Date

Chart

Notifications

& Circulars

Seminars and

CoursesAbout Us

28

Mob: 9899110300