the institute of chartered accountants of...

The Institute of Chartered Accountants of India

CIRC Newsletter August 2018

(Set up by an Act of Parliament)

PRAKALP - 2018

BEGINNING OF NEW ERA

Hima Das an Indian sprinter,

became the first Indian track athlete to hold

a global title on winning the Gold medal at the

World U-20 Championships 2018 at

Tampere, Finland, in Women's 400m with

a time of 51.46 seconds.

On this Achievement, We Wish You Hearty

May Ur Life Always

Shower U With Such

Great Success &

Happiness

Congratulations,

Well Done......

The 39th Reg i o na l

Conference of CIRC of

ICAI will be organised on

18th and 19th August

2018 at Ghaziabad.

As this is the. main event

of CIRC, we would like to

invite you to kindly attend

the same and request you

to kindly block your dates

for the event

The detailed circular and

information are given

inside this newsletter &

also

uploaded at

www.cirrc-icai.org

Respected Professional Colleagues,

It has been a great

learning experience

for me whenever I

in teract wi th my

p r o f e s s i o n a l

colleagues, be it in a

p r o g r a m m e o r

through other modes

of communication.

These interactions

instill in me greater amount of confidence,

inspiration, energy and an urge to offer the

best services to our members and students. I,

with the unstinted support received from my

colleagues in the Regional Council,

rededicate myself to the cause of the

profession and continue to serve to the

expectations of our members.

The CA Foundation Day was celebrated on 1st

July throughout the country. This year's

celebrations were historic for us, as we had the

Hon'ble President of India, Shri Ram Nath

Kovind launching the Platinum Jubilee

Celebrations of ICAI in New Delhi. The joy of

witnessing this proud movement was doubled

as he stated that the success of ICAI is the

success and the pride for the country.

We are proud to be known in the society as

members of ICAI and therefore 1st July is an

occasion for celebrating the founding day of

ICAI. ICAI had chalked out several

programmes to be organised befitting the

occasion. ICAI, its wings the Regional

Councils, Branches of Regional Councils,

CPE Study Circles, CPE Chapters, CPE Study

Groups, CPE Study Circles for Members in

Industry and Overseas Chapters would utilize

this celebration to showcase our contribution

to the Nation.

CIRC and all its Branches in Central Region

have celebrated the occasion with gay and

gaiety and welfare activities are also part of the

celebrations like conducting Blood Donation

Camp, helping the needy with cloths and

books by visiting identified institutions, etc.,

CIRC invited members with family and

students to participate in the day long

Chartered Accountants Day Celebrations at

Kanpur office also and at all other places

referred herein above in the Region.

CIRC is well-known for its effective

administrative mechanism now and we at the

helm of affairs have been constantly

monitoring and improving the standards to

serve the members and students of our

Region. We have a robust Website to

disseminate the information of various

programmes and a hassle free system for

online registration for all our programmes. I, at

this point, take this opportunity to thank the

members and students for supporting our

technological initiative from the conventional

registration to that of online registration.

The 39th Regional Conference is scheduled

on the 18th and 19th August, 2018. The details

are in this edition and we request members to

kindly attend and gain from the broad

spectrum of topics covered. In this Regional

Conference find your passion, learn how to a

value to it, and commit to a lifetime of learning.

I am sure that the conference will provide

From the Desk of Chairman...CA. Gyan Chandra Misra

Chairman, CIRC of ICAI &Chief Editor CIRC Newsletter

CIRC Newsletter www.circ-icai.org 02August 2018

newer dimensions to our professional

capabilities by getting familiarized to emerging

milieu.

I am sure that galaxy of personalities, council

members as well delegates will contribute to

the success of the conference. Also the

members will largely be benefited when the

eminent speakers will discuss their subjects.

The results of CA Exams were declared

recently. On behalf of the CIRC, I congratulate

the students who cleared their Final CA Exams

and are now proud members of ICAI. We wish

them luck and success in all their future

endeavours. We also welcome the students

who have cleared the Foundation and CPT

exams.

I wish all of you a very Happy Independence

Day. “On this special day, you can enjoy

freedom, and not only keep them in our

Constitution, but you can rejoice in God's true

silk blessings in your thoughts and your mind

and make a decision to evaluate each other.

Our country and be a true national for those

who sacrificed their lives to save our country.”

Wish you all a Happy Independence Day.

From the Desk of Chairman...


(CA. Gyan Chandra Misra)Chairman (CIRC of ICAI)M.Com, FCA, ACSMobile No. : 9810816012Email : [email protected]

With warm regards,


It is my privilege to

write to you in this

month f rom th is

prestigious office. I

a m e x t r e m e l y

p r i v i l e g e d a n d

honoured. But at the

s a m e t i m e t h i s

honour brings with it

many a responsibility

which I have to execute. But it is my firm belief

that I could take this pressure when it comes to

working.

In this context I remember a famous quote by

Ralph Waldo Emerson that “What lies behind

us and what lies before us are tiny matters

compared to what lies within us”. Taking

inspiration from this quote I walk into my

workplace amidst all your greetings thinking

that now it is the time that I have to work for my

professional brethren. I will be thankful to you if

you provide me necessary suggestions which

will be for the betterment of the Profession. We

continue to do our best in identifying the new

areas of professional opportunities and all my

colleagues in the Regional Council are

undertaking efforts in this. I also urge

members at large to share about new

prospects which they identify, for the benefit of

all.

Success is achieved by development of our

strengths, not by elimination of our weakness

– Marilyn Vos Savant. I would really like to

stress again, that we professionals will be

playing a pivotal role in the nation building, not

only to bureaucrats but to industrialists as well

as emerging sectors. We so need to gear up

with remarkable efficacy since a sea of

changes will be hitting us and with the wave of

dynamism in the air, it would not be wrong to

say that we are moving towards a change. The

need of this hour is to hold the element of

leadership and in influence very high, while

exploring new professional horizons and

paradigms with our time tested tradition of

professional excellence, ethics and integrity in

the service to our nation.

It is imperative that the Profession is passing

through a crucial phase of restructuring, up

gradation, value addition, diversification and

global integration. We at CIRC believe that

acquisition of knowledge is a continuous

process and Chartered Accountants are

willing and interested to participate in this

process in order to remain professionally

viable and meaningful. Professional

engagements for Chartered Accountants are

increasing day by day and hence each day is a

test for us to achieve success and emerge

victorious.

Years of existence, the accountancy function

continues to play a strategic role in providing

value added services to the stakeholders and

takes key leadership roles. In July we have

celebrated CA Day as a part of our tradition

laid down by the forefathers of our profession.

This year the occasion was all the more

special as ICAI entered in its Platinum Jubilee

Year during this year. As we enter the Platinum

Jubilee Year, it's time to renew our

commitment to resolve to continue to serve

our nation and other stakeholders in the spirit


(CA.Rohit Ruwatia Agarwal)Vice Chairman, CIRC of ICAI& Editor CIRC Newsletter

From the Desk of Vice Chairman...

of Excellence, Independence and Integrity.

With the introduction of the month of August,

we are stepping into the month of the biggest

professional festival of CIRC – Regional

Conference to pronounce. The elegant and

the dignified – Regional Conference stay's

ahead and exclusive in all aspects. Details of

the programme has already been given in the

CIRC website and also given in this

newsletter. We request your whole-hearted

participation.

Wish you all a Happy Independence Day.


Mobile: 9571799999Email : [email protected]

CA.Rohit Ruwatia AgarwalVice-Chairman,CIRC of ICAI

From the Desk of Vice Chairman...

With warm regards,


Pandit Jawahar Lal

Nehru addressing the

constituent Assembly

midnight August 14,

1947 said “ At the

stroke of midnight

hour, when the world

sleeps, India wi l l

awake to life and

f r eedom…At t h i s

solemn moment, we

take the pledge of dedication to the service of

India and her people and to the still longer cause

of humanity…..” Friends, Happy Independence

day. On this auspicious occasion, we should

reaffirm the pledge. We salute to those who

sacrificed everything, even their lives. It's time

again to pay homage to their soul. The

compulsion always was to think big, offer the

best and all else would follow. Today, we once

again dedicate ourselves to this strong beliefs

and values.

As a community of accounting profession, it is

our duty and our particular skill to help bring

about accountability and transparency. These

two items require a greater stress on the

application of standards and a greater degree of

ethicality. To what extent the community

responds to the challenges of financial reforms

is something that will perhaps be the first

determinant of the success of reforms

themselves.

Friends, CIRC is organizing its 39th Regional

Conference at Ghaziabad on 18th and 19th of

August, 2018. I invite all of you to make this

conference a major mile stone for development

and growth of our noble profession.

Friends, no professional can survive and

compete without acquiring and updating

knowledge and then using that knowledge for

economic goal. This becomes imperative when

we face competition and for this we will have to

redefine our position to ensure that the

opportunities are optimally used and we are well

equipped to discharge the professional

functions. The knowledge era provides the

opportunities to leap frog the initial stages of

growth. For this, we need to enhance our skill,

knowledge and prepare for tomorrow.

It is my firm belief that we can take our Institute

and our profession forward in the world if all of us

remain committed to our ideals and code of

ethics. All the promises that our profession

makes are firmly rooted in the belief of ethical

performance at all times by the members of the

Institute. We must constantly rededicate

ourselves to that. So, come forward and join

hands for the progress and prosperity of the

profession.


From the Desk of Secretary... (CA. Pramod Kumar Boob)Secretary, CIRC of ICAI

With warm regards,CA. Pramod Kumar BoobMobile: 9829015993Email: , [email protected]

[email protected]

With warm regards,

https://www.incometaxindia.gov.in/pages/deadline.aspx


Pg. 02 - 03

Pg. 04 - 05

From the Desk of Chairman

From the Desk of Vice Chairman

Pg. 06 From the Desk of Secretary

Expressions

Compliance Pg. 08 - 09

Pg. 10 - 12

Pg. 13 - 17

"Compliance Check"- August 18. By: CA. Harsha Ramani

Papers

Announcements

Events

Pg. 18 - 24

Pg. 37 - 46

Editorial Board

New LandlineNumbers of KanpurOffice

Pg. 52

Pg. 47 - 51

Legal

Pg. 25 - 36

August 2018IN THIS ISSUE...

Future of lease accounting Ind AS 116: Leases: By: CA. Nirmal Kumar Jain

World Trade Organisation. By: CA. Rakesh Choudhary

Legal Updates. By: CA. Arjit Agarwal


There are various

s ta tu tes , by laws ,

gu ide l ines, ru les ,

regulations and norms

prescribed by the

various Regulating

A u t h o r i t i e s l i k e

Ministry of Corporate

Affairs, Securities and

Exchange Board of

India and Reserve Bank of India etc. They are

required to be complied with in true spirit and

purpose, so that all stakeholders derive the

benefit due to them and also avoid the

unwarranted legal actions from regulatory

authorities. So it's a small effort for bringing the

compliance dates together for this newsletter.

This compliance calendar summarizes

important tax (direct & indirect both) reporting

and filing due data with forms specification for

individuals, businesses and other taxpayers for

the month of August, 2018. Hope the reader will

find the same useful."

"Compliance Check"- August 2018CA. Harsha Ramnani

[email protected]

S. No.

Due Date Compliance Form to be filled

Related Statute

1 August 07,

2018

Due date for deposit of Tax deducted/ collected for the month of July, 2018. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

Challan No. ITNS 281

Income Tax Act, 1961

2 August 10,

2018

Monthly return for July, 2018 for Taxpayers having aggregate turnover of more than Rs. 1.50 Cr in the preceding financial year or new registrants who estimate their turnover to exceed Rs. 1.5 Cr the current financial year and optional for taxpayers having aggregate turnover of less than Rs.1.5 crore

GSTR 1 The Central Goods and Services Tax, 2017

3 August 14,

2018

Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of June, 2018

Form 16B Income Tax Act, 1961

4 August 14,

2018

Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of June, 2018

Form 16C Income Tax Act, 1961


"Compliance Check"- August 2018CA. Harsha Ramnani

[email protected]

5 August 15,

2018

Deposit of Provident fund contribution for the month of July, 2018.

Electronic Challan cum Return (ECR)

The Employees Provident Funds & Miscellaneous Provisions Act, 1952

6 August 15,

2018

Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending June 30, 2018

Form 16A Income Tax Act, 1961

7 August 15,

2018

Due date for furnishing of Form 24G by an office of the Government where TDS for the month of July, 2018 has been paid without the production of a challan

Form 24G Income Tax Act, 1961

8 August 15,

2018 Payment of ESI for the month of July, 2018

Electronic Challan cum

Return


9 August 20,

2018

Due date for filing return for the month of July, 2018 consisting of only the total values for each field for inward and outward supplies

GSTR 3B The Central Goods and Services Tax, 2017

10 August 25,

2018

Due date for filing return for the month of July, 2018 consisting summary of outward taxable supplies and tax payable by Non-Resident Taxable person

GSTR 5 The Central Goods and Services Tax, 2017

11 August 25,

2018

Due date for filing return for the month of July, 2018 consisting summary of outward taxable supplies and tax payable by OIDAR

GSTR 5A The Central Goods and Services Tax, 2017

12 August 25,

2018

Due date of filling of monthly PF return for the month of July, 2018 (Including pension and insurance scheme form)

Form 12A, Form 5, Form 11


13 August 30, 2018

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA for the month of July, 2018

Form 26QB Income Tax Act, 1961

14 August 30,

2018

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of July, 2018

Form 26QC Income Tax Act, 1961

Disclaimer:

This Calendar have been prepared cautiously based on latest provisions and amendments of Income Tax Act, GST, Companies Act 2013 and other related statutes which are subject to changes/ amendments from time to time. However, it is suggested that before acting on the above calendar the relevant assumptions and latest provisions/ clauses of related statutes may please be analyzed in detail and reference be made for updating on relevant website.


Future of lease accountingInd AS 116: Leases

CA. Nirmal Kumar Jain

[email protected]

v Internationally, on

13 January 2016,

the International

A c c o u n t i n g

Standards Board

( IASB) i s sued

IFRS 16, Leases,

which is effective

from 1 January

2019. The new

S t a n d a r d

represented a fundamental shift in

accounting for leases, specifically for

lesseesas it will increase transparency and

comparability of published financial

information as investors and analysts would

be able to see a company's own assessment

of its lease liabilities. v On 18 July 2017, the Accounting Standards

Board (ASB) of the Institute of Chartered

Accountants of India issued an Exposure

Draft Ind AS 116, Leases. Ind AS 116 is

largely converged with IFRS 16.Ind AS 116

will replace current Ind AS 17 Leases, from

its proposed effective date 1 April 2019.

v Current Ind AS 17, Leases,does not

recognise the lease obligation for the non-

cancellable lease period. Itprovides the

accounting for operating lease and finance

lease separately in the books of lessee.

However new Ind AS 116 (converged with

IFRS 16) removes the operating lease

model for the lessee and provides a basis for

users of financial statements to assess the

amount, timing and uncertainty of cash flows

arising from leases.

Comparison between current Ind AS 17 and exposure draft Ind AS 116

Nature Current Ind AS 17 Exposure draft Ind AS 116

Definition of Lease

Accounting for Lessee

Accounting for Lessee: expenses vs assets/liability recognition

Disclosure for Lessee

vA lease is an agreement whereby the

lessor conveys to the lessee in return for a

payment or series of payments the right to

use an asset for an agreed period of time

vA lease is the contract, that

conveys the right to use an identified

asset for a period of time in exchange

for consideration

vit provides the Finance lease

accounting modelonly (except for

lease with a term of less than 12

month or low value item)

vlessee measures right to use assets

similarly to other non-financial assets

(such as property, p lant and

equipment) and lease liability as

financial liabilityvdetailed disclosure required like:vDepreciation charge for right-of-use

assets by class of underlying assetsvInterest expense on lease liabilityvTotal cash outflow for the leases etc.

vit provides the Operating and Finance

lease accounting model for lessee

vfor operating leases, lessee is required

to recognise the lease payments as an

expenseon a straight-line basis

vfew disclosures like future lease

payment not later than one year, one to

five years and later than 5 years


Identifying a lease:

Initial measurement by lessee

What is Right-to-use asset: it isan asset that

represent a lessee's right to control the use an

underlyingasset for the lease term

Additional guidance on identifying a lease:

To assess whether a contract conveys the right

to control the use an identified asset for the

period, lessee should have both of following:

a. Customer the right to obtain substantially

all the economic benefits from use of

identified asset, for example benefit by using,

holding or sub-leasing the asset, and

a. the right to direct the use of identified

asset i.e. right to direct how and for what

purpose the asset is used or right to operate the

asset.

(please refer the flow chart to identify the lease)

Flowchart assist entities in making the

assessment of whether a contract contains

lease.

Leaseliability:

It is present value of the lease

payments that are not paid at that

date

Right-of-use asset(Initial

measurement):

a) lease liability

₊

b) lease payment made at

commencement date

₊

c) initial direct cost incurred by

lessee

If there an identified asset? If there an identified asset?

If there an identified asset? Does customer have the right to

obtain substantially all the economic benefits from use of asset?

If there an identified asset?

If there an identified asset? Does customer, supplier or

neither the party have the right to direct how and for what purpose the asset is used throughout the period of use?

If there an identified asset?

Does customer have right to operate the asset without the supplier having the right to change t hose ope ra t i ng instruments?

If there an identified asset? Does customer design the asset

in a way that predetermines how and for what purpose the asset will be used?

The contract contain lease

The contract does not contain lease

Yes

Yes

No

No

No

No

Yes

YesCustomer

Supplier

Neither; how and for what purpose the asset will be used is predetermined


v Impact on industries v 1. Telecommunication entities will

need to consider tower arrangements,

single transmission devices as well as data

and fixed line agreements:

v 2. Retail and consumer product

entities where lease retail space like

distribution centers, manufacturing plants

and fleet arrangements forms a significant

part of the entity’s business model

v 3. Airline industry that run the

aircrafts on lease.

v 4. Metal and mining entities which

use mining equipment, vehicle as well as

land and building on lease basis.

The larger the lease portfolio, the greater the

impact on key accounting metrics also.

Under Ind AS 116 a lessee will no longer make a

distinction between finance leases and

operating leases; all (material) leases will be

treated as finance leases, except for short-term

leases and low value leases. In the statement of

financial position, the lessee will recognize the

asset and the liability for the lease, while in the

statement of profit and loss, the lessee will

recognize the interest cost and the depreciation

of the leased asset instead of the operating

lease expenses.

Impact on lessor

Although the accounting by lessor is

substantial ly unchanged from current

accounting, but lessor should understand how

new standard could affect their lessee-customer

behavior,for example, certain lessee may desire

shorter lease term in an effort to minimise their

financial statement impact or can consider

purchasing the assets instead of lease.

New Ind AS 116 will impact wide variety of sectors which hold large portfolio of lease, for example an entity that typically rents office space, which is beingaccounted for as an operating lease, will be more significantly impacted than an entity that has purchased office space.

Following are the sectors where impact of new Ind AS will be significant hence entities should be prepared.


World Trade Organisation CA. Rakesh Choudhary

[email protected]

The World Trade

Organisation (WTO)

was formed on 1st

January 1995, but its

trading system has

been working since

1948, the General

Agreement on Tariffs

and Trade (GATT)

had provided the rules

for the system. The second WTO ministerial

meeting was held in Geneva in May 1998.The

last and largest GATT round, was the Uruguay

Round which lasted from 1986 to 1994 and led

to the development of WTO's. Whereas GATT

had mainly dealt with trade in goods, the WTO

and its agreements now cover trade in services,

and in traded inventions, creations, designs

and intellectual property.

Global Trade Policy Governance & WTO

The WTO has about 164 members and 22

Observer countries, accounting for about 95%

of world trade where decisions are made by the

entire membership by consensus. A majority

vote is also possible but it has never been used

in the WTO, and was extremely rare under the

WTO's predecessor, GATT. The WTO's

agreements have been ratified in all members'

parliaments.

The WTO's top level decision-making body is

the Ministerial Conference which meets at least

once every two years.

The General Council, normally ambassadors

and heads of delegation in Geneva, but

sometimes officials sent from members'

capitals which meets several times a year in the

Geneva headquarters. The General Council

also meets as the Trade Policy Review Body

and the Dispute Settlement Body.

The Services Council is at the next level which

reports to the General Council, specialized

committees, working groups and working

parties deal with the individual trade in services

agreements and other areas such as the

environment, development, membership

applications and regional trade in services

agreements.

World Trade Organisation & Global

Trade Governance deals with the following:

1. Trade Negotiations with changes in rules

of the trade requiring the agreement of all the

WTO members to reach consensus through

several rounds of negotiations and mediations.

2. Implementation and monitoring through

various WTO councils, committees and boards

of governance undergoing periodical scrutiny

of their trade policies, plans and practices.

3. WTO members bring disputes to be

resolved when trade agreement rights are

infringed through Dispute Settlement Body.

4. W T O s u p p o r t s g l o b a l t r a d e

development, capacity and global governance

of all the global trade agreements, training and

development, outreach programs and regular

dialogues.

5. WTO is in the process of developing

public finance in global trades and global

governance.

6. WTO supports decisions to abolish and

reduce subsidies in agricultural farming and

bring in food security in respective countries

globally wherever deficient with special


safeguard mechanism.

7. WTO should also maintain global trade

resource statistics of each country and expand

base to all the remaining countries which have

not become member of WTO.

8. WTO should introduce an Integrated

Global Trade Governance to integrate global

governance in international trade in services,

goods, intellectual property, information

technology, phyto-sanitary goods etc for all the

countries in governance principles of

Responsibility, Accountability, Transparency,

Disclosure and Ethics of all the global trades.

9. WTO countries have to initiate through

agreements on trades to reduce transit,

infrastructure, technology and trade costs to

improve trades.

10. WTO has to initiate steps to make

available global health at reduced cost through

low cost healthcare treatments, medical

equipments, hospitals, healthcare medical

education and colleges with global research.

11. WTO should introduce Global Trade

Standards which will help in improving global

trades, trade dispute and trade governance.

12. WTO should also initiate steps to attain

sustainable development in global trades under

multilateral trading systems bringing in growth,

development, employment, productions, trade

reserves, trade standards, trade governance

and reduce trade in-equality and trade

restrictions throughout the world.

13. Trade discriminations and Trade barriers

are required to be reduced where WTO can

bring in Trade Governance

14. Trade Stability, predictability, non-

discrimination, responsibility, transparency and

accountability will bring in global governance,

sustainable growth, resource development,

global employment, global infrastructure,

global trade fair practices, global trade

facilitation etc.

15. WTO has to initiate environmental laws,

codes and standards for environmental

protection to ensure better global trade

amongst countries.

16. Goods, Services, Customs & Import-

Export Tariff rates have to be lowered in all the

countries to improve International Trades.

17. International Maritime Security has to be

ensured by all the member countries with cyber

security and risk management facilitation

through WTO.

18. WTO Court of Justice for global trade

disputes has to be initiated to ensure trade

dispute resolution of member countries.

19. Global Financial & Trade Services

facilitation by WTO will bring in global trade

dispute resolutions and improvements in global

trades.

20. Global Trade Risk & Disaster

Management should be initiated to reduce

trade risks and trade disasters by WTO.

21. WTO has to initiate global democracy

and key peace initiatives in member countries

to improve market access and global trades.

22. WTO has to initiate Global Trade

Development Institutions to facilitate global

financing of trades, educational institution,

technology financing, infrastructure financing


and disaster management.

23. International Trade and Financial

Services Centers should be developed in

respective member countries.24. Mult i lateral Trading Systems &

Information Technologies and Trade Exchange

should be initiated by WTO and facilitate global

trades, global financing, disaster management,

dispute resolution etc.

25. Competition Laws has to be developed

in each member countries to boost competitive

export trades.

26. Global Trade with minimum support

price facilitation should be allowed through

development institutions and respective

Governments to maintain and improve global

trade with special economic export zones,

international warehousing and international

markets throughout the world.

27. Global Logistics and Supply Chain

Resource Planning should be developed by

WTO and member countries to improve global

trade market access and dispute resolution.

28. WTO should create a Harmonized

Standard Code of Global Trades for economic

analysis and global trade capacity economics.

29. WTO should also initiate Global Trade

Debt Restructuring facilitation with all the

member countries.

30. Global Trade Certif ications and

Customs Valuation is required by Global Trade

Commissioners, Professionals like Chartered

Accountants, Cost Accountants, Company

Secretaries, Global Trade Diplomats, Global

Trade Arbitrator, Global Trade Auditors etc.

31. Global Trade Best Practices Code

should be developed by WTO.

32. A Publ ic Po l icy Document on

International Trades should be developed in

respective countries and WTO.

33. Registration of all the exporters,

importers, trade facilitators, trade financier,

institutions, professionals, commissioners,

board, committees etc with annual report filings

facility by WTO should be made mandatory.

34. International Trade Reporting Standard

(ITRS) has to developed by WTO, UN and

respective countries duly harmonized.

Accounting and Auditing Services

Ø Accounting may be defined as

preparation and analysis of financial

information reported to internal and external

users via financial statements.

Ø Auditing may be defined as the

evaluations of the reliability and credibility of

financial information as well as “the systems

and processes responsible for recording and

summarizing that information”.

Ø U n d e r t h e S e r v i c e s S e c t o r a l

Classification List (MTN.GNS/W/120),

Accounting and Auditing Services are included

under Professional Services.

General Agreement of Trade in Services

(GATS) covers four Modes of delivery of

services in cross–border trade.

Trade in Accounting and Auditing Services in

four Modes of Supply are as under:-


Audit in India Audit & Audit Objectives

Ø The system in place was test checked in

audit for DEPB scheme during the scheme

tenure with a view to seek assurance regarding:

Ø Effectiveness of the internal control

procedures and internal audit system for

management of the scheme by DoC, DGFT and

Customs;

Ø Eff icacy of the monitor ing and

interdepartmental co‐ordination mechanism

involved in administration of the Scheme;

Ø Analysis of the rates of DEPB items after

being incorporated under Duty Drawback

Scheme;

Ø Implication of a Preferential Trade

agreement (CECA, Singapore) on export under

DEPB scheme;

Ø Compliance with the extant provision to

guard against any irregular issue and use of

DEPB scrips;

Ø Fixation of DEPB rates;

Ø Timely disposal of scrip applications

Audit by Export Inspection Council of India

The Export Inspection Council of India (EIC) as

an apex body set up by the Government of India

under Section 3 of the Export (Quality Control &

Inspection) Act, 1963, to provide for sound

development of export trade through quality

control and pre-shipment inspection.

The Act empowers the Central Government to

notify commodities and their minimum

standards for exports, generally international

standards or standards of the importing

countries and to set up a suitable machinery for

inspection, quality control, pre-shipment

inspection and certification activity.

In the WTO regime, EIC has introduced

Ø Voluntary certification programmes

Ø Regulatory export control

Ø Recognition by EIC's certification

Ø by official import control agencies of its

trading partners, as per provisions of WTO

agreements, to facilitate easier access to their

markets for Indian exporters.

Ø Audit of all export and import activities is

being maintained by Export Inspection Agency's

by Export Inspection Council of India with the

Cross Border

Services (Mode 1)

Cross border supply of accounting services using Technological Services. For example – An Indian Audit Firm sends Audited Accounts to a client operating in USA.

Consumption abroad (Mode 2)

Usage of Accounting/Auditing Services in the territory of another country.

For example – An American Client visits India and use Accounting/Auditing Services from an Indian Accounting/Auditing firm

Commercial Presence

(Mode 3)

Expansion of a Local Accounting/Auditing Firm into a foreign country. For example – An Indian Accounting firm establishes an office in USA.

Movement of natural persons (Mode 4)

Accounting/Auditing Professionals enter into a foreign territory temporarily to provide services. For example – An Indian Chartered Accountant provides Accounting Services by visiting a client in USA to prepare a business acquisition.


objectives of:

Ø Checking Compliances

Ø Effectiveness of the systems and

Ø Building Accountability

Ø Comp l iances o f S tandards on

Audit ing(SA), Indian Accounting

Standards, IFRS and Tax Accounting

Standards

Ø Corporate Audits have been carried out

at Ø EIA- Kochi for Fish & Fish Products

scheme Ø EIA- Bengaluru for issue of Certificates

of Origin Ø EIA - Chennai for Fish & Fish Products,

Milk and Egg Products scheme,

Ø EIA - Mumbai for issue of Certificate of

Origin and Ø EIA- Delhi – A comprehensive Audit for

Milk and Rice Schemes including

laboratory activities and for issue of

Certificates of Origin.

Post Clearance Audit Scheme under Risk

Management System Audit - CBEC

CBEC is modernizing its system of customs

control and audit functions. A system of

transaction based Post Clearance Audit (PCA)

has been operational since implementation of

Risk Management System (RMS) in 2005.

Audit is done under Risk Management System

with few sampled Bills of Entry which are

selected for audit after clearance of imported

goods. This system of auditing Bills of Entry

involves verification of the correctness of

declarations for a particular transaction only and

does not result in comprehensive scrutiny of

documents, financial records and accounting

system of importers so as to detect any possible

undervaluation or misuse, providing expeditious

clearance of goods depending on risk

associated with the consignment.

Implementation of on Site Post Clearance Audit

is in tune with standards of Revised Kyoto

Convention, an International convention on

Customs Procedure, of which India is one of the

contracting parties.


CA. Arjit Agarwal

[email protected]

1. In Brief“Be a L i fe Long

Student. The more you

learn, the more you

earn and more self

confidence you will

have”. An investment in

knowledge pays the

best in terest” by Benjamin Frankl in

This article being Gist, tries to covers all updates

in relation to recent important verdicts between

21st June 2018 to 20th July 2018.

2. Verdicts – Apex Court:-

S. No. Verdict Relevant Section In Brief

1. Kudrat Sandhu vs. UOI (Supreme Court)

Other Laws ITAT Appointment Rules: Persons selected as Member of the ITAT will continue till the age of 62 years and the person holding the post of President, shall continue till the age of 65 years

2. New Okhla Industrial Development Authority (NOIDA) vs. ACIT (Supreme Court)(S. 194-I)

194-I S. 194-I TDS: Amounts paid as part of the lease premium or biannual or annual payments for a limited/specific period towards acquisition of lease hold rights are not subject to TDS, being capital payments. Amounts constituting annual lease rent, expressed in terms of percentage (e.g. 1%) of the total premium for the duration of the lease, are rent and subject to TDS

3. CIT (TDS) vs. Canara Bank (Supreme Court)

194A S. 194A TDS: Meaning of the expression "corporation" explained. Difference between "established by an Act" and "established under an Act" explained. Important principles of interpretation of fiscal statutes explained. Though NOIDA is not a "local authority", it is a "corporation established by the Act" and so payments to it are not liable to TDS u/s 194A

4. New Okhla Industrial Development Authority (NOIDA) vs. CCIT (Supreme Court)

10(20) S. 10(20): Law on whether an industrial township referred to in proviso to Article 243Q is equivalent to a "municipality" and a "local authority" explained. Law on interpretation of statutes as to the scope of an "Explanation" and "Proviso" explained. There is no concept of "equity" or "presumption" or "intendment" in a taxing statute. Only the language has to be seen

Legal UpdatesUpdates in relation to Recent Verditcs on Direct Taxes – Brief


S. 69 Bogus Purchases: Purchases cannot be treated as Bogus if (a) they are duly supported by bills, (b) all payments are made by account payee cheques, (c) the supplier has confirmed the transactions, (d) there is no evidence to show that the purchase consideration has come back to the assessee in cash, (e) the sales out of purchases have been accepted & (f) the supplier has accounted for the purchases made by the assessee and paid taxes thereon

S. 147/148: If the recorded reasons do not specify, prima-facie, the quantum of tax which has escaped assessment but merely state that it would be at least Rs.1,00,000, and if the reopening is to "verify" suspicious transactions, prima-facie, the reasons do not indicate reasonable belief of the AO and the notice is without jurisdiction

S. 158BC: The fact that the second proviso to s. 158BC(a) prohibits an assessee who is subjected to search from filing a revised return of income does not mean that the assessee is prohibited from raising an additional claim before the appellate authorities

Difference between "Res Judicata" and "Consistency Principle" explained. While "res judicate" does not apply to income-tax matters, the principles of consistency does. If the Revenue has accepted a practice and consistently applied and followed it, the Revenue is bound by it. The Revenue can change the practice only if there is a change in law or change in facts and not otherwise

5.

1.

2.

3.

PCIT vs. Tejua Rohitkumar

Kapadia (Supreme Court)

Dulraj U. Jain vs. ACIT

(Bombay High Court)

Alok Textile Industries Ltd

vs. DCIT (Bombay High Court)

PCIT vs. Quest Investment

Advisors Pvt. Ltd (Bombay High Court)

69

147, 148

158BC

143(3)

3. Verdicts – High Court:-


S. 68 Bogus share capital: If the alleged share applicants do not appear before the AO pursuant to the s. 131 summons and the documentation is inadequate, it is a "completely bogus claim". The assessee cannot argue that the AO should have made inquiries from the AO of the share applicants as to their credit-worthiness

S. 260A: Entire law on when transfer pricing disputes constitute "substantial questions of law" for challenge in the High Court explained. Transfer Pricing Adjustments on the basis of the comparables are a matter of estimate of broad and fair guess-work of the Authorities based on relevant material. The exercise of fact finding or 'Arm's Length Price' determination or 'Transfer Pricing Adjustments' should become final with a quietus at the hands of the final fact finding body, i.e. the Tribunal. The ITAT's findings of fact cannot be challenged in the High Court unless it is shown that the findings are ex-facie perverse and unsustainable and exhibit total non-application of mind by the Tribunal to the relevant facts of the case and evidence before it

S. 260A: The time limit for filing an appeal to the High Court begins from the date of receipt of the order by the officer entitled to file the appeal. The fact that the ITAT may have dispatched the order earlier is not relevant. The fact that the officer may be aware of the ITAT's order owing to collateral p r o c e e d i n g s i s a l s o n o t r e l e v a n t

4.

5.

6.

J. J. Development Pvt. Ltd vs. CIT

(Calcutta High Court)

PCIT vs. Softbrands India P. Ltd

(Karnataka High Court)

DIT (IT) vs. Hyundai Heavy

Industries Co. Ltd (Uttarakhand High Court)

68

260A, 92C

260A

7. M/s Indira Industries vs.

PCIT (Madras High

Court)

263 S. 263 Revision (show-cause notice): A Writ Petition to challenge a s. 263 notice is maintainable if the authority issuing the show-cause notice lacks jurisdiction and if the notice is clearly barred by law. As per Alagendran Finance 162 Taxman 465 (SC), the two year limitation period stipulated u/s 263(2) runs from the date of the original assessment and not from the date of reassessment when the s. 263 notice deals with issues which are not subject matter of reassessment proceedings (MAK Data 358 ITR 593 (SC) & Malabar Industrial Co 243 ITR 83 (SC) distinguished)


S. 269SS/ 271D Penalty: It is not enough for the assessee to show that the transaction of taking loan/ deposit by cash is genuine or bona fide. It has also to be shown that there was reasonable cause u/s 273B for the assessee being unable to take the loan/deposit by account payee cheque or account payee bank draft

S. 147/ 143(2): If the notice u/s 143(2) is issued prior to the furnishing of return by the assessee in response to notice u/s 148, the notice issued u/s 143(2) is not valid and the reassessment framed on the basis of said notice has to be quashed. S. 292BB does not save the assessment (All judgements considered)

S. 2(1A) Agricultural income: Mushroom is not a 'vegetable', 'plant', 'fruit' or 'animal' but is a 'fungus'. Anything which is produced by performing basic operations on the soil is an "agricultural product" and the income therefrom is "agricultural income". The nature of the product and the fact that it is not a 'plant', 'flower', 'vegetable' or 'fruit' is irrelevant. The only relevant aspect is whether the production is by performing some basic operations on the soil ( A l l j u d g e m e n t s c o n s i d e r e d )

2.

1. Deepak Sales & Properties Pvt. Ltd

vs. ACIT (ITAT Mumbai)

(Special Bench)

269SS, 269T, 271D, 273B

3.

Halcrow Group Ltd vs.

ADIT (ITAT Delhi)

DCIT vs. Inventaa Industries Private

Limited (ITAT Hyderabad Special Bench)

143(2), 147, 148

2(1A)

S. 147/148: If there is nothing in the recorded reasons to suggest that the income chargeable to tax which has escaped assessment is Rs. one lakh or more, the notice issued u/s 148 of the Act beyond four years of the end of the relevant assessment year is invalid

4. Usha Agarwal vs.

ITO (ITAT Agra)

147, 148, 151

S. 23 ALV: Unsold flats which are held by a builder as stock in trade cannot be brought to tax under the head 'income from house property'. They are only assessable as business profits when sold (All judgements considered)

5. ITO vs. Arihant Estates Pvt. Ltd (ITAT Mumbai)

23

4. Verdict - ITAT:-


S. 68 HSBC Black Money: The assessee being non-resident is not liable to tax in respect of money lying in the foreign country unless the AO bring something on record to show that assessee has not fulfilled the test of taxability of non-resident under the provisions of the Act

S. 68 HSBC Black Money: The suspicion of the AO that the deposits in the foreign bank account have Indian origin is not unfounded because the assessee used his Indian passport to open the a/c. The intent of the assessee is not above board. Matter requires investigation because the narrations in the bank accounts do not give any clue that these amounts originate from India

S. 147/ 151: If the CIT merely states "Yes, I am satisfied" while granting sanction to the reopening, it means that the sanction is merely mechanical and he has not applied independent mind. There is not an iota of material on record as to what documents he had perused and what were the reasons for his being satisfied to accord the sanction to initiate the reopening of assessment ( A l l j u d g e m e n t s r e f e r r e d )

S. 50C is a deeming provision and applies only to the transfer of land or building. It does not apply to the transfer of "booking rights" and to right to purchase flats in a building

S. 45/ 48: Portfolio Management Scheme (PMS) fees paid by the assessee to the PMS Manager neither falls under the category of transfer fees nor cost of acquisition/improvement. Consequently it is not deductible while computing capital gains from sale of the shares (All judgements referred)

S. 56(2)(viia) is a counter evasion mechanism to prevent laundering of unaccounted income under the garb of gifts. The primary condition for invoking S. 56(2)(viia) is that the asset gifted should become a “capital asset” and property in the hands of recipient. If the assessee-company has purchased shares under a buyback scheme and the said shares are extinguished by writing down the share capital, the shares do not become capital asset of the assessee-company and hence s. 56(2)(viia) cannot be invoked in the hands of the assessee company

6.

7.

8.

9.

10.

11.

DCIT vs. Dipendu Bapalal Shah (ITAT Mumbai)

DCIT vs. Rahul Rajnikant Parikh (ITAT Mumbai)

Ghanshyam vs. ITO (ITAT Agra)

Baniara Engineers Pvt. Ltd vs. ITO (ITAT Kolkata)

Mateen Pyarali Dholkia vs.

DCIT (ITAT Mumbai)

Vora Financial Services P. Ltd vs.

ACIT (ITAT Mumbai)

68

68

147,148, 151

45, 48, 50C

45, 48

56(2)(viia)


S. 2(42C)/ 50B: A transaction by which an undertaking is transferred in consideration of the allottment of shares is an "exchange" and not a "sale". The fact that the agreement refers to the parties as "seller" and "purchaser" is irrelevant. S. 2(42C)/ 50B apply only to "sale" and not to "exchange". Entire law on "estoppel" explained. As there is no estoppel against a statute, an assessee is entitled to raise the claim regarding non-taxability at any stage of the proceedings

S. 9/ 195(1) TDS: Law on whether commision paid to non-resident agents for services rendered outside India accrues in India and whether the assessee is liable to deduct TDS thereon e x p l a i n e d ( A l l j u d g e m e n t s r e f e r r e d )

S. 68 Bogus Capital Gains from Penny Stocks: 31000% increase in value of shares over 2 years is highly suspicious but cannot take the place of evidence. The addition cannot be made based on generalizations. Evidence collected from third parties cannot be used against the assessee without giving him a copy & an opportunity to rebut the same

12.

13.

14

DCIT vs. Sterling Ornaments (P) Ltd

(ITAT Delhi)

Oricon Enterprises Limited vs. ACIT (ITAT Mumbai)

Prakash Chand Bhutoria vs.

ITO (ITAT Kolkata)

195, 9

2(42C), 50B

68

S. 68 Bogus share capital: If the AO has remained silent with folded hands and has not made any independent inquiry from the concerned AO of share holder company and has not controverted the evidence produced by the assessee, that itself is sufficient to knock off the addition made. The fact that there is no personal appearance from director of said cash creditor (share holder) does not mean that an adverse inference u/s 68 can be drawn by the AO without the AO discharging the secondary burden lying upon him (All imp judgements referred)

15. Moti Adhesives Pvt. Ltd vs. ITO

(ITAT Delhi)

68

Condonation of delay (92 days): The AO was negligent in filing the remand report before the CIT(A). The same attitude has continued at the stage of filing appeal to the ITAT. The excuse that the appeal was not filed due to the AO being busy with time barring assessment is not acceptable. The AO deliberately overlooked the impugned order and did not file appeal before the Tribunal

16. ITO vs. Gisil Designs Pvt. Ltd

(ITAT Delhi)

253, 5 of Limitation Act


within the period of limitation. Even the authorization by Pr. CIT to file the appeal has been granted after the period of limitation. Hence sufficient cause is not shown

CONCLUSIONTo conclude, we should always focus/be in touch with regular Amendments/Case Laws from Apex Court, High Courts and Tribunal. This will help us in understanding the Law better and guide us how to interpret the Law before Judiciary. This article brings all important recent Judgments under Income Tax Act 1961. However readers are advise to go through in depth to understand relevant judgment .

A great saying on updating of knowledge –

“No matter how much experience you have, there is always a room for something new you can learn and improve .”

Keep Updating!!!

Sources :-* http://itatonline.org/archives/main/

S. 90(2) DTAA: The failure to submit a 'Tax Residency Certificate' (TRC) as required by s.90(4) is not a bar to the grant of benefits under the DTAA. However, the assessee is required to produce reasonable evidence of the entitlement of the foreign entity to benefits under the DTAA

17. Skaps Industries India Pvt Ltd vs.

ITO (ITAT Ahmedabad)

90(2), 90(4), DTAA

S. 139(5): There is no bar / restriction that an assessee cannot file a revised return of income after issuance of notice u/s 143(2). A revised return of income can be filed even in course of the assessment proceedings provided the time limit prescribed u/s 139(5) is available. The Departmental Authorities are not expected to deny assessee's legitimate claim by raising technical objection

18. Mahesh H. Hinduja vs. ITO

(ITAT Mumbai)

139(5), 143(3), 54

'On Money': The fact that the assessee has sold flats at an undervaluation does not mean that he has understated the consideration and earned undisclosed 'on money'. The mere presumption that excess price could have been charged is not a ground for coming to the conclusion that the assessee did charge a higher price. The burden of proving such understatement or concealment is on the Revenue (All important judgements considered)

19. M/s Shah Realtors vs. ACIT

(ITAT Mumbai)

68

CIRC Newsletter www.circ-icai.orgJuly 2018CIRC Newsletter www.circ-icai.org 25August 2018

IMPORTANT ANNOUNCEMENT’S


Delegate Registration Form(Please complete the form in BLOCK LETTERS)

Dear Sir,I am interested to participate as a delegate in the 39th Regional Conference of CIRC to be held at Ghaziabad. My particulars are as below:-

Name……………………………………………………………………………………………………………Membership No……………………………………Firm / Organization Name…………………………………………………………………….……….........GST No………………………………………………….Address …………………………….…………………………………………………………………………………………………………………………………………...........................................................................................………………………………………………………………………………………………………………….………………………………………………………………….........................................................................City …………………………………..………………….Pin Code…………………………………………… .State…………………………………………….….Phone No.(R)……………………………… (O)…………………………………………….Mobile………………………………………………………Email………………………………………………………………………………………………………….Payment : DD/Cheque No ……………………… Date…………………………….Rs…………………………… Drawn on Bank………………………………………………………………………………….NEFT Transfer Number:…………………………………… Date of Transfer:……………….

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The Institute of Chartered Accountants of India (ICAI)ICAI Commerce Wizard-2018: A Talent Search Test

Organised By: Career Counseling Group (CCG), ICAI

Date Timings for the aforesaid test :

For Details and Registration please visit the Exclusive Website for ICAI Commerce Wizard, 2018: icaicommercewizard .org

Class No. of Questions

IX 100 1 Hrs 15 Min 100

100

100

100

100

0bjective -type (Multiple

Choice)questions

1 Hrs 15 Min

Online/Pen& Pencil

Online/Pen& Pencil

Online/Pen& Pencil

0.25

0.25

0.25

0.25

0.25

Online/Pen& Pencil

Online/Pen& Pencil

1 Hrs 15 Min

1 Hrs 15 Min

1 Hrs 15 Min

100

100

100

100

IX

B.Com./BBA /BMS/Allied SubjectsExamination

IIX

X

Duration Subjects

(I)Social Studies ( Economics)(II) Mathematics (III) BusinessAwareness (IV) Aptitude

(I)Social Studies ( Economics)(II) Mathematics (III) BusinessAwareness (IV) Aptitude

(I) Business Studies (II) Accountancy (III) Economics (IV) Aptitude

(I) Business Studies (II) Accountancy (III) Economics (IV) Aptitude

(I) Business Studies(II) Accountancy(III) Economics/ Financial Studies (IV) Aptitude

Mode NegativeMarking

Max.Marks

Pattern

The Commerce Talent Search Test called as Commerce Wizard -2018 is a diagnostic test that measures the concept understanding ability of a student. Unlike regular tests which try only to find out how much a child knows, this test measures how well a student has understood the concepts.

Registration Fees : `100/- upto 31st Oct. 2018After Due Date : `150/- 1st Nov., 2018 to 15th Dec., 2018

Online RegistrationEligibility: Students appearing in class IX/X/XI/XII &B.Com./BBA//BMS/Allied subjects examination

The Commerce Wizard will be conducted by means of in two levels i.e. LevelI (Online) & Level II (Online/Pen & Pencil test) in English language for Students studying in class IX/X/XI/XII & B.Com./BBA /BMS/Allied Subjects:

Class/Levels of Exam and DateLevel-I (Online test)16th December, 2018 (Sunday)

Class IX & Class X 09:30 AM to 10.45 AM

11.45 AM to 1.00 PM

2.00 PM to 3.15 PM

4.15 PM to 5.30 PM

Level-II Test : Online or Pen Pencil Mode in the designated test centre 23rd December, 2018 (Sunday)

1. 09:30 am. to 10.45 am. for Class IX & Class X

2. 11:45 am. to 1.00 pm. for Class XI

3. 2:00 pm. to 3:15 pm. for Class XII

4. 4:15 pm. to 5:30 pm. for Class B.Com./BBA/BMS/Allied

Class XI

Class XII

Graduation-B.Com./BBA/BMS/Allied Subjects

Prizes for ParticipantsLevel-I Test. • All participants In Level-1 test will receive a Participation Certificate.Level-II Test • 1st Rank holder will be awarded with Rs 1, 00,000/- for Class IX, Class X, Class XI , Class XII & B.Com./BBA/BMS/Allied Subjects Separately, if multiple winners are there, the prize amount will be shared by them. If more than 50 joint rank holders for the same, the awardee will at least awarded with the cash prize of Rs 2,000/-• 2nd Rank will be awarded with Rs 50,000/-for Class IX, Class X, Class XI Class XII & B.Com./BBA/BMS/Allied Subjects separately, if multiple winners are there, the prize amount will be shared by them. If several joint rank holders for the same are there, the awardee will at least awarded with the cash prize of Rs 1,500/-• Top 500 consolation prizes will be awarded worth Rs 500/- along with an appreciation certificate for Class IX, Class X, Class XI, Class XII & B.Com./ BBA/BMS/Allied Subjects separately• Participation Certificate will be given to each participant appeared for the Level-II Test.

ICAI Scholarship scheme will also be provided for the wards of Military/Para Military/ Railways PersonnelFor further details please visit at: https://www.icai.org/post.html?post_id=14927

Other Important Dates:Award Ceremony: Award Ceremony will be held in January/February, 2019 at Delhi NCR.

ICAI/Test Management Committee reserves the right to change in any of the modalities cited above.

Deputy ConvenerCareer Counseling Group (CCG), ICAI

ConvenerCareer Counseling Group (CCG), ICAI

For any Query please contact :Secretary, Career Counselling Group (CCG), The Institute of Chartered Accountants of India ICAI Bhawan, A-29, Sector 62, Noida (U.P.) - 201309 Telephone (O): 0120-3876871, 886 Email:

PHOTO GALLERY


YRELLG A

OTOHP


CA. Gyan Chandra Misra- Chairman CIRC addressing on the occasion of Two Day State level Seminar at Bilaspur for Members in Industry & Businesson 4th & 5th August 2018

Vice Chairman CA. Sanjay Mishra presenting memento to CA. Gyan Chandra Misra- Chairman CIRC on the occasion of Two Day State level Seminar at Bilaspur for Members in Industry & Businesson 4th & 5th August 2018


CA. Gyan Chandra Misra- Chairman CIRC addressing during the 67th Annual General Meeting of CIRC of ICAI at Mathura branch on 25th July 2018.

CA. Gyan Chandra Misra- Chairman CIRC garlanding Goddess Saraswati during lighting of lamp ceremony on the occasion a seminar on “Audit Under GST” organised by Mathura branch of CIRC on 25th July 2018.


L-R: CA. Raj Goyal- Secretary Mathura Branch, CA. Amit Agrawal- Chairman Mathura Branch, CA. Gyan Chandra Misra- Chairman CIRCCA. Dharmendra Shrivastava- Speaker, CA. Nitesh Gupta- Treasurer CIRC, CA. Deep Kumar Misra- RCM & CA. Mukesh Bansal- RCM during a seminar on “Audit Under GST” organised by Mathura branch of CIRC on 25th July 2018.

L-R: CA.Yogesh Kumar Purohit- Secretary Raipur Branch, CA. Suresh Kumar Agrawala- Chairman Raipur Branch, CA. Gyan Chandra Misra- Chairman CIRCCA.Abhay Kumar Chhajed-RCM during Sub Regional Conference hosted by Raipur Branch of CIRC and organised by CIRC on 4th August 2018 at Raipur.


L-R: CA. Nitesh Gupta- Treasurer CIRC, CA. Gyan Chandra Misra- Chairman CIRC, CA. Kemisha Soni- CCM, CA. Rajesh Gupta- Chairman Gwalior branch, CA. Mayur Garg- Secretary Gwalior branch during the two days summit held on GST and Income Tax at Gwalior branch.

CA. Gyan Chandra Misra- Chairman CIRC addressing during Sub Regional Conference hosted by Raipur Branch of CIRC and organised by CIRC on 4th August 2018 at Raipur.


CA. Rohit Ruwatia Agarwal addressing the audience during seminar held on “Issues on Tax Auditin Recent Environment on 4th August 2018 at Chittorgarh

Presentation of memento to CA. Rohit Ruwatia Agarwal during a seminar held on “Issues on Tax Auditin Recent Environment on 4th August 2018 at Chittorgarh


CA. Gyan Chandra Misra-Chairman CIRC addressing the audience during CA Student National Conferenceheld on 23-24 June 2018 at Jaipur

CA. Rohit Ruwatia Agrawal- Vice Chairman CIRC addressing the audience during CA Students National Conference held on 23-24 June 2018 at Jaipur


CA. Pramod Kumar Boob Secretary CIRC addressing the audience during CA Student National Conferenceheld on 23-24 June 2018 at Jaipur

CA. Nitesh Gupta- Treasurer CIRC addressing the audience during CA Student National Conferenceheld on 23-24 June 2018 at Jaipur


Inauguration of Seminar on Direct Tax by dignitaries with Chief Guest CA. Gyan Chandra Misra- Chairman CIRC, CA. Anuj Goel past CCM and Dr. CA. Girish Ahuja- Speaker at Varanasi Branch of CIRC on 22.07.2018.

Special Address by CA. Gyan Chandra Misra- Chairman CIRC during special counseling programme on How to face CA Examination 21.07.2018 at Varanasi Branch of CIRC.


Tree Plantation by CA. Pramod Kumar Boob - Secretary CIRC with Dr. V. N. Dubey- Principal C. M. Anglo Bengali Inter College, Ayurvedacharya, CA. Shishir Upadhyay- Chairman Varanasi Branch at Varanasi on 04.07.2018.

Interaction of CA. P.K.Boob- Secretary CIRC with the students of AICITSS at Varanasi Branch of CIRC on 02.07.2018


KIND ATTENTION OF MEMBERS PLEASE

The Institute of CharteredAccountants of India

ICAI BhawanPlot No. 9,

Block no. A1,Lakhanpur,

Kanpur- 208 024

The Land Line number of

are Changed &

The new numbers are appended in next pages and also uploaded at our website: www.circ-icai.org

IMPORTANT INFORMATION


KIND ATTENTION OF MEMBERS PLEASE

KANPUR OFFICE ADDRESSTHE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

ICAI BHAWAN, PLOT NO. 9, BLOCK- A-1, LAKHANPUR, KANPUR -208024

HELP LINE NUMBERSComputerised Enquries : 0512-2334200Operator Enquries ( Civil Lines, Kanpur) : 0512-3011198Operator Enquries ( Lakhanpur, Kanpur) : 0512-2334201

FUNCTIONARIES OF CENTRAL REGION

FIRM SECTION

0512-2334214 [email protected] SHYAM KUMAR SHARMA SECTION OFFICER

E-Mail ID.S. NO. NAME DESIGNATION FUNCTION TEL.NO

[email protected] Incharge Firm Section 0512-2334213

All matters realted to Firm Section : Mobile No. 6386337887

NAROTTAM DAS GUPTA ASSISTANT SECRETARY

Const i tu t ion & Re-c o n s t i t u t i o n o f P a r t n e r s h i p f i r m s . Closure of partnership firms. Joining/Leaving of Paid Assistants as per Form No.18. Change in address of Partnership firms. Disputed matters related to firms. Region Transfer of Partnership firm. Correction related t o L i s t o f F i r m s .

Quer ies re la ted to P D C . I s s u e o f Constitution Certificate as on 1st January & Firm C a r d e v e r y y e a r . Updation of Firm Cards returned for correction. Miscellaneous queries r e l a t e d t o f i r m s .

Constitution/closure of Proprietary f i r m s . Constitution/Re-constitution/closure of LLP firms. . Registrat ion of Networking/MCS firms & its closure. Merger/Demerger o f f i r m s . Joining/Leaving of Paid Assistants. Disputed matters.

Office Timing : 9.45AM to 5.30PM Lunch Timing : 1.00PM to 1.30PM


ARTICLE SECTION


[email protected] RAM JIYAWAN MISHRA ASSISTANT SECRETARY 0512-2334216Overall Incharge-Membership Section and Convocation.

[email protected] SUSHMA DWIVEDI SECTION OFFICER (SU)

[email protected] DR. DEEPAK CHANDA SR. ASSISTANT DIRECT0R New Member Enrolment

[email protected] SUMIT LUTHRA SECTION OFFICER (SU) Enrolment of New Members, Updations of COP, Fellowship and resolving related i s s u e s . O v e r s e e overall data integrity of member enrollment records. Generate internal and external reports and analysis a s n e e d e d f o r preparing members Script.*

Member Change in Address and Name. I Card.


[email protected] GYAN PRAKASH MISHRA ASSISTANT SECRETARY 0512-2334220Incharge Article Section.Comp le t i on , I ndus t r i a l Training, Permission to S t u d y, S u p p l e m e n t a r y, E x a m – c o - o r d i n a t i o n , Final. Campus Administration.

[email protected] RAVINDRA THAKUR DATA ENTRY OPERATOR R e s t o r a t i o n , R e m o v a l , Cance l la t ion o f members with COP, CABF, Employment. E n s u r e s t h a t information/notifications to members are processed accurately

MEMBER SECTION

ONLY Fresh Enrolment of Members, Fresh COP, Admission as Fellow : Mobile No. 6386183914All queries related to Members other than above : Mobile No. 6386207116

ONLY Fresh Registration of Articles realted query ONLY : Mobile No. 6386188964Articleship Re-Registration, Termination, Completion and Permission : Mobile No. 6386351880


[email protected]

[email protected]

0512-23342219 ASSISTANT SECRETARY Fresh Registration of articles

0512-233422310

RENU GERA

NEERAJ VERMA DATA ENTRY OPERATOR Scrunity of (form 103) r e - r e g i s r a t i o n & approval the cases. 2. Scrunity of (form 109) termination & appoval t h e c a s e s . 3 . Discrepancy letter in case of termination & re-regisration where c o m p l i a n c e f r o m s t u d e n t / m e m b e r required. 4. Change in Name of students.

REGIONAL COUNCIL


[email protected] VARUGHESE THOMAS DEPUTY SECRETARY 0512-2334205, 9696411312

STUDENT SECTION ( FOUNDATION , INTERMEDIATE, FINAL COURSE)

Mobile No. 6386182313


11 ASSISTANT SECRETARY 0512-2334202Incharge Board of Studies

[email protected] SHUBHAM SHREE DATA ENTRY OPERATOR

[email protected] SUNIL KUMAR GARG SECTION OFFICER

[email protected] TONMOY SAHA SECTION OFFICER All matters realted to DIRECT ENTRY

Final Regn. , Updaton of Final Revalidation, Issuance of RTP and Study Stores

All work related to F o u n d a t i o n a n d I n t e r m e d i a t e Registration . ATC and all works related to Intermediate desk, Discrepancy Cases f o l l o w u p , Revalidation of IPCC and Conversion from Old Course to New Course

Campus Placement, DISA, Study Store, G M C S I a n d I I , coaching classes, Post Qualification Courses, Implementation of E-Learning

SHYAM KUMAR MISHRA [email protected]


[email protected], 9026811212

16 SECTION OFFICER (SU) (Accounts)

CIRC ACCOUNTS & All Matter related to Regional Council

SHAHID KAMRAN KHAN

[email protected] CA SAURABH AGRAWAL SR EXECUTIVE OFFICER CIRC SECRETARIAT

[email protected] SULABH DUBEY SECTION OFFICER (SU) (Secretariat)

CIRC SECRETARIAT

0512-301117319 SULABH DUBEY SR DAFTARI SALES COUNTER

OTHER FUNCTIONARIES


[email protected] HARJEET SINGH BHATIA ASSISTANT SECRETARY 0512-2334222, 9696511314

EDP incharge

[email protected] CA AMIT AGARWAL Asstt Secretary

[email protected] Ms KAVITHA KUMAR Executive Officer R e g i o n a l H e a d S e c r e t r i a t e , RT I

[email protected] SHAILENDRA NATH SAXENA STUDENT CARRER COUNSELLOR (GRADE ASSTT SECRETARY

Newsletter, Career Counseling, Meetings & S e m i n a r s , A l l matters related to C A / C P T e x a m . Debate, Mock Tests , Post qual i f icat ion exam, e-newsletter.

[email protected], 9696111313

24 CA. GOVIND AGARWAL DEPUTY SECRETARY Overall Administrative Incharge of DCO & CIRC , Kanpur & Sub DCO at Jaipur & Indore

All matters related to Accounts

We’re changingto serve you better.

www.circ-icai.org


CA. Rohit Ruwatia Agarwal

CA. Gyan Chandra Misra1.

CA. Pramod Kumar Boob

CA. Nitesh Gupta

CA. Nilesh Gupta

CA. Abhay Kumar Chhajed

CA. Kemisha Soni

CA. Harsha Ramnani

CA. Abhishek Goyal

CA. Lokesh Kasat

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3.

4.

5.

6.

7.

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Disclaimer : The views and opinions expressed or implied in this e-Newsetter are those of the authors and do not necessarily reflect those of CIRC of ICAI

Address : CIRC of ICAI, ICAI BHAWAN, 16/77 B, Civil Lines, Kanpur-208001

Phones : (0512) 3011181 * 3011182 * 3011156E-mail : [email protected]* Website: www.circ-icai.org

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