vasai branch of wirc newslettervasai-icai.org/image/newsletter for the month of march...organising...

NEWSLETTER

VASAI BRANCH OF WIRCT E A M

The Institute of Chartered Accountants of India

` 25/- For Members Only

Good Friday

Mahavir JayantiHanuman Jayanti

Dr. Ambedkar Jayanti

www.vasai-icai.org Unity of Excellence March-April 2015

Speakers

Felicitation of WIRC Office Bearer Team 2015 gracing the occasion by CA. Sunil Patodia (Chairman -WIRC), CA. Sushrut Chitale (Secretary-WIRC), CA. Mahesh Madkholkar (WIRC Nominee & RCM), CA. Parag Raval (RCM) , Past Chairman of Vasai Branch, Present & Past Committee Members and Convenor & Dy. Convenor of Bhayander CPE Study Circle.

(L-R). CA. Sumeet Doshi (Secretary & Treasurer), CA. K.B.Kothari(Vice Chairman), CA. Umesh Mestry (Chairman), CA. Shriniwas Joshi (CCM), CA. Deepak Bansal (Convenor) & CA. Dayaram Paliwal at the dais.

CA. Umesh Mestry Presenting Bouquet to CA. Shriniwas Joshi (CCM)

Felicitated to CA. Mahesh Madkholkar (WIRC Nominee & RCM)

Felicitated to CA. Parag Raval (RCM)

Felicitated to CA. Sunil Patodia (Chairman-WIRC)

Felicitated to CA. Sushrut Chitale (Secretary- WIRC)

ParticipantsCA.Shriniwas

JoshiCA. Anjali

GuptaCA. Dayaram

PaliwalCA. Parag

Raval

Bank Branch Audit on 22nd March 2015

Felicitation of WIRC Office Bearer on 22nd March 2015

The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter2 March April - 2015

PHOTO - GALLERY

The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter March April - 2015 3

has targeted more rigid punishments for income concealers, abolishing Wealth Tax replacing with additional surcharge on Super rich @ 2%, phase wise reducing Corporate Tax to 25%, increasing threshold limit of transfer pricing to Rs.20 crores, bringing New Bankruptcy code. Budget is for each & every class of Society.

Forthcoming Lectures

Branch Organizing Felicitation of Newly Qualified Chartered Accountant on 26th April along with Workshop on Practice Development & Management Training jointly with Committee for Capacity Building of CA Firms and Small & Medium Practitioners.

Branch wish to organize schedule 8th International Residential Refresher Tour at Singapore in the month of May. Details itinerary will be communicated shortly.

Branch also intends to organise various Certificate Course such as Concurrent Audit of Banks, Arbitration Course, DISA and many more.

Friends, New Financial Year is started, we must plan for our Professions as well as for Branch so that we can have a meaningful year ahead. We expect overwhelming support from all of you as in the past.

Friends, though your support is always there, I urge upon you all to participate and give your valuable suggestions and feed backs on all the initiatives being taken at ICAI, be it Exposure drafts, Pre and Post budget Memorandum or any other matter of professional interest to the branch so that the members views can be better communicated to the persons at the helm of affairs. It will also help to create awareness amongst the fraternity at large.

As CA Exams fever is going on & I take this opportunity to wish Best of Luck for Success to all who are appearing in these Exams. Best of Luck…!

To Conclude I would like to quote George Bernard Shaw “Imagination is the beginning of creation. You imagine what you desire; you will what you imagine; and at last you create what you will”. So let’s start imagine first & achieve the success which we desire by working with sincerity coupled with detachment. With Warm Regards

CA. Umesh P. Mestry Chairman

Dear Professional Collagues,The Beauty of Life maximization is that it helps you explore the unexplained inner self of all human around you. No one can whistle a symphony, it takes it whole orcastra to play it. I too believe in power of Unity & I am confident that with the help of all my Committee Members, Past Chairmen & all Members of Branch, we will definitely do the Best for Members, Students & Society at large.

It is my privileged to communicate you as chairman of vibrant Vasai Branch of WIRC of ICAI. I express my gratitude towords all my Committee Members for reposing Trust in my Leadership.

At the outset I wholeheartedly congratulate and welcome the new visionary leaders Hon’ble President of ICAI, CA Manoj Fadnis and the Hon’ble Vice President CA. M. Devaraja Reddy, torch bearers of our profession and wish them a fruitful and a promising year ahead.

I congratulate and welcome the newly elected office bearers of WIRC, Chairman-CA. Sunil Patodia, Vice Chairman CA. Dilip Apte, Secretary CA. Sushrut Chitale, Treasurer CA. Subodh Kedia and Chairman WICASA CA. Hardik Shah, I wish them a great year ahead.

I take this opportunity to congratulate my predecessor CA Kishor Vaishnav & CA. Dayaram Paliwal for achieving Highly Commendable Performance Award 2014 for Branch & WICASA from WIRC of ICAI in Large Category Branches and Vasai Virar Study Circle – Best Study Circle out of Mumbai in Small Category.

In the month of March we have conducted, Public Meeting on Union Budget 2015 at Bhayander & also Budget Meeting and MVAT clinic for Vasai cloth Merchant’s Association. Investor Awareness Program was organized for General Public on the topic taxation of shares & securities. Seminar on Bank Branch Audit alongwith Felicitation of WIRC Office Bearer, Central Council Member CA Shriniwas Joshi was the faculty for the Seminar & CA Sunil Patodia & CA Sushrut Chitale graced the occasion & share their valuable thoughts on activities of WIRC & Vision of “Empowering Excellence”. As a movement of Go Green, we distributed free sapling to all dignitaries.

With the vision to further cheer the students & to appraise their preparation for the examination, the Branch had conducted Mock Test Papers Series-I & II for IPCC and Final Course students to evaluate their preparation for the main examination to be held in May, 2015.

The Union Budget 2015-16 has been presented in the Parliament. Main focus was on sustainable Economic Growth, Development for one & all, Fight against Black Money, Promotion of make in India. Budget

CHAIRMAN’S COMMUNICATION

MANAGING COMMITTEE

CA. Umesh P. Mestry ChairmanCA. Kanhaiyalal B. Kothari Vice-ChairmanCA. Sumeet Doshi Secretary & Treasurer

CA. Ramanand Gupta WICASA-ChairmanCA. Kishor Vaishnav Imm. Past ChairmanCA. Dayaram Paliwal Past Chairman

CA. Vimal Agarwal Committee MemberCA. Preksha Jain Committee MemberCA. Mahesh Madkholkar WIRC-Nominee

EDITORIAL BOARDEditor : CA. Umesh Mestryl CA. Pramod Dhamankar l CA. Unmesh Narvekar l CA. Nidhi Kothari l CA . Bhanu Prakash Ashawa l CA. Anadi Bhase l CA. Rajesh Kotak l CA. Hemant Shah l CA. Lalit Munoyat l CA. Haresh Mehta

Vision 2015-2016For Members:1. Acquiring Branch Building Premise for consolidation of all activities for Members & Students.2. Organising Region al Conference for Members.3. Conducting Maximum Certificate Courses for enhancing Knowledge in relevant areas.4. Members Directory5. We resolve to involve maximum Members in forwarding their ideas and opinions on Guidance notes, Exposure Drafts Standards and Pre &

Post Budgets Memorandum etc.6. Conducting Workshop, Seminars and hands on Training for Profession enhancement.7. Representations on various concern and issues of Members & various Trade Association.8. Organizing International Tour with foreign Trade Association and chapters of ICAI.9. Residential Refresher Course jointly with other Branches.10. Involving Members in Webcast & CPE Teleconference initiated by various Committee of ICAI.11. Formation of Study Group on various areas such as Service Tax, Companies Act, Finance etc.12. To initiate Campus Placement at Large level with respect to employers and Members.13. Online Payment gateways option for Seminar & Conference Registration and Training Course.14. Ensuring Proper Coordination and smooth functioning between the branch, Study Circle, WIRC, ICAI and other branches and Institute of

Companies Secretary to achieve the vision.

15. Prevention is better than cure hence, Implementing Executive Health Check up schemes at reasonable rate.

For Students:1. Organising National Convention2. Mock Test, Industrial & Educational Visits, motivational lectures and conducting in-house Crash Course/Regular Lectures for CPT & IPCC

Students.3. Residential Refresher Course to develop Communication and Team work skills .4. Debate, Quiz & Elocution, Talent hunts in Youth Festivals.5. Online Registration for all Training Course6. Facilitating Students at the larger level with respect to DCO and Publication Counter at Branch Premises.7. Conducting Sports, Trekking, Marathon, Cultural Activities.8. Organising WIRC Branch Level Kabbadi Competition.

For Society:1. Conducting Sports Activities between CA Profession s and departments such as Doctors, Advocates, Police Department, Corporators etc.2. Organizing Blood Donation, Tree plantation & Distribution of Books, Clothing at underprivileged Students and Distribution of Medicine

& Sweet and fruits at old aged home.3. Campaign of Swachh Bharat Abhiyaan initiated by Honorable Prime Minister.4. Awareness Programme for Public in area such as Career Option, Tax Clinic, Saving & investment.5. Cordinating with various Institutes, Colleges & Schools for CA career Counseling amongst Students & for Brand Building.

SUB Committee for the Year 2015-16Sr. No. Sub Committee Name Chairman

1 Newsletter Committee CA. Umesh Mestry2 Administration Committee CA. K. B. Kothari3 Committee for Members in Industry CA. Sumeet Doshi4 Grant & CPE Committee CA. Sumeet Doshi5 Students Committee (WICASA) CA. Ramanand Gupta6 Research, Representation Committee CA. Kishor Vaishnav7 ITT/Orientation & GMCS Committee CA. Dayaram Paliwal8 Members Committee CA. Vimal Agarwal9 Program Committee CA. Preksha Jain


MAJOR - HIGHLIGHTS OF THE YEAR 2014


AWARDS

IT’S GREAT PRIVILEGE TO SHARE WITH YOU AND CONGRATULATE TO ALL THE MEMBERS & STUDENTS FOR

ACHIEVING HIGHLY COMMENDABLE PERFORMANCE

AWARD 2014FOR BRANCH & WICASA FROM

WIRC OF ICAI IN LARGE CATEGORY BRANCHES

Orientation Programme for Managing Committee Members of Branch on 13th & 14th March 2015

Felicitation of WIRC Office Bearer Team 2015 gracing the occasion by CA. Sunil Patodia (Chairman -WIRC), CA. Sushrut Chitale (Secretary-WIRC), CA. Mahesh Madkholkar (WIRC Nominee & RCM), CA. Parag Raval (RCM) , Past Chairman of Vasai Branch, Present & Past Committee Members and Convenor & Dy. Convenor of Bhayander CPE Study Circle.


FORTHCOMING - PROGRAMMES

FORTHCOMING PROGRAMMES FOR STUDENTSDate Seminar on Timings Venue Speakers Co-ordinators Fees CPE31st May 2015 CPT Mock Test 10.30 am to

4.30 pmMira Road _ CA. Ramanand Gupta 9322231113 ` 200 _

FORTHCOMING PROGRAMMES FOR MEMBERSDate Seminar on Timings Venue Speakers Co-ordinators Fees CPE26th April 2015 Felicitation Programme of

New Chartered Accountants (Cleared in Nov 2014 attempt)

9.00 am to 10.30 am

New Zaika, Opp. Venkatesh, Bhayander (West)

– CA. Kishor Vaishnav 9892194382 CA. Vimal Agarwal 9320617447

– _

26th April 2015 Workshop on Practice Development & Management Training

10.30 am to 5.30 pm

New Zaika, Opp. Venkatesh, Bhayander (West)

CA Atul BhedaCA. Anil BhandariMs. Sandhya UpadhyayMr. Sachin Dedhia

CA. K.B.Kothari 9594196090 CA. Ramanand Gupta 9322231113 CA. Lalit Bajaj 9867692321

` 700 6 Hrs

May, 2015 8th IRRC Tour at Singapore _ Singapore Eminent Speaker CA. Ramanand Gupta 9322231113 Will annouce shortly

9 Hrs

Venue New Zaika, Near East - West Flyover, Bhayander (West)

Day & Date Sunday, 26th April, 2015

Timing 10.30 am to 5.30 pm

CPE 6 Hrs.

Fees ` 700 (Inclusive of Material, Breakfast & Lunch)

Programme Chairman CA. Umesh Mestry 9320473468

Co-Ordinators CA. K.B.Kothari 9594196090CA. Ramanand Gupta 9322231113CA. Lalit Bajaj 9867692321

For Registrations and Details Please contact

Branch Office 022-65568900/01/02

Workshop on Practice Development & Management TrainingOrganized by :

Committee for Capacity Building of CA Firms and Small & Medium Practitioners (CCBCAF & SMP)

Hosted ByVasai Branch of WIRC

Particular Speakers

Practice Development Strategies CA Atul Bheda

Preparing Practice Blue Print/New Vertical Case Studies

CA. Anil Bhandari

How to create Visibility, Use of social media and Technology

Mr. Sachin Dedhia

Talent Management, Presentation and Communication

Ms. Sandhya Upadhyay

Programme ScheduleProgramme Details


RECENT CASE LAWS & – OTHER DEVELOPMENT/AMENDMENTS

— Compiled by — CA. Hemant R. Shah | e-mail: [email protected] |9869011148

SUPREME COURT

1) The Indian Hume Pipe Co Ltd vs. ACIT (Supreme Court)

Section 147: Verdict of Bombay High Court in The Indian Hume Pipe Co Ltd vs. ACIT 348 ITR 439 that “full & true disclosure of material facts” means “specific” disclosure of “each” fact - nullified

The assessee entered into an agreement in July, 2001 for sale of development rights for ` 39 crore. The transfer was in December 2003. The assessee computed LTCG of ` 23.19 crore. The assessee invested in eligible bonds between Feb & June 2002 (after the agreement to sell but before the transfer) and claimed exemption U/s 54EC. During the assessment proceedings, the Assessing Officer (AO) asked for a copy of the agreements with the purchaser and other details which the assessee furnished. A copy each of the section 54EC bonds (which gave the dates of investments) was also furnished. The AO allowed the deduction as claimed.

After the expiry of 4 years from the end of the assessment year, the AO issued a notice U/s 148 claiming that as the investments were made prior to the date of transfer (Dec 2003), the deduction U/s 54EC was not admissible. The assessee filed a Writ Petition to challenge the reopening on the ground that there was no failure on its part to make a full and true disclosure of material facts.

The High Court (348 ITR 439) dismissed the Writ on the ground that

(i) “Full and true disclosure of material facts” means that the disclosure should not be garbled or hidden in the crevices of the documentary material which has been filed by the assessee with the AO. The assessee must act with candor. A full disclosure is a disclosure of all material facts which does not contain any hidden material or suppression of fact. It must be truthful in all respects and

(ii) On facts, though the AO enquired into the matter and the assessee furnished a copy of the 54EC bonds (from which the dates of allotment/investment were evident), there was no (specific) reference by the assessee to the dates on which the amounts were invested in the said bonds. It was also held that it was evident that the AO had not applied his mind to

the issue of exemption U/s 54EC and that the AO was justified in reopening the assessment. On a SLP filed by the assessee to the Supreme Court which has delivered the above verdict.

TRIBUNAL DECISIONS

1) Section 43(5) Derivatives include foreign currency call option and put option IVF Advisors Private Limited vs. ACIT (ITAT Mumbai), I.T.A. No. 4798/Mum/ 2012, Date of pronouncement:13/02/2015

While perusing the Profit & Loss account of the assessee, the AO noticed that the assessee has claimed a loss of ` 93,63,235/- on account of loss on foreign currency futures. The AO was of the strong belief that the loss cannot be allowed in the light of the provisions of section 43(5) of the Income Tax Act, 1961 (the Act) r.w. clause (ac) of section 2 of the Securities Contracts (Regulation) Act 1956. While disallowing the loss of ` 93,63,235/-, the AO has considered the relevant provisions of section 43(5) of the Act and section 2(ac) of the Securities Contracts (Regulation) Act.

Aggrieved by this finding of the AO the assessee carried the matter before Ld. CIT(A). It was strongly contended that the contracts in foreign currency futures were not speculative transaction. It was further explained that the foreign currency contract does not satisfy the condition of being a speculative transaction and, therefore, the loss on account of foreign currency futures was not speculative loss. After considering the facts and the submissions, Ld. CIT(A) observed that the assessee is not engaged in manufacturing or merchanting business and was also a dealer and investor in stock and shares. Therefore, the loss of ` 93,63,235/- earned by the assessee on account of transactions in foreign currency future was not in the nature of hedging loss, therefore, such loss was not earned in the course of guarding against loss through future price fluctuation in respect of contracts for actual delivery of goods manufactured or in respect of stock of share entered into by a dealer. Ld. CIT(A) was of the firm belief that proviso (d) to section 43(5) was not applicable. Ld. CIT(A) confirmed the assessment order holding that the AO has correctly held that such loss was a speculation loss within the meaning of section 43(5) of the Act. Aggrieved by this assessee is before us.

It was held by the Hon. ITAT that the derivatives include foreign currency and call option/put option, are transactions of derivative markets and cannot be termed


RECENT CASE LAWS & – OTHER DEVELOPMENT/AMENDMENTS

as speculative in nature. Considering the totality of the facts and in the light of the judicial discussion therein above, the Tribunal set aside the Order of Ld. CIT(A). Appeal filed by the assessee is accordingly allowed.

OTHER AMENDMENTS & DEVELOPMENTS:

1) CBDT Circular on Non-chargeability of Interest U/s 234A on Self Assessment Tax

The CBDT has issued Circular No.2/2015 dated 10/02/2015 on the issue of chargeability of interest U/s 234A of the Income-tax Act, 1961 on self-assessment tax paid before the due date of filing the Return of Income. The CBDT has pointed out that in CIT vs. Prannoy Roy 309 ITR 231 (SC), the Supreme Court has held that interest U/s 234A of the Act on default in furnishing Return of income shall be payable only on the amount of tax that has not been deposited before the due date of filing the return for the relevant assessment year. The CBDT has accordingly reviewed the present practice of charging interest U/s 234A of the Act on self-assessment tax paid before the due date of filing the Return of Income. The CBDT has decided that no interest U/s 234A of the Act is chargeable on the amount of self-assessment tax paid by the assessee before the due date of filing the Return of Income.

2) CBDT lays down the procedure for launching Prosecution for TDS/TCS Default:

The CBDT has issued a document titled “Standard Operating Procedure For Prosecution In Cases Of TDS/ TCS Default” (SOP). The SOP sets out, in a systematic manner, the procedure for identification of cases of TDS/TCS default, the procedure for launching prosecution and the time frame for completing the entire process. The role of the different TDS authorities in addressing the issue of prosecution and compounding of TDS cases is also set out in detail. This is to be read with CBDT Guidelines for Compounding of Offences under Direct Tax Laws. (3rd February, 2015)

3) Companies (Corporate Social Responsibility Policy) Amendment Rules, 2015 dated January 19, 2015 (Rule 4(2) substituted):

• Ministry widens the list of entities through which companies can undertake CSR activities by substituting the words “established by the company or its holding or subsidiary or associate company under section 8 of the Act or otherwise” with “established under Section 8 of the Act by the Company, either singly

or along with its holding or subsidiary company or associate company, or along with any other company or holding or subsidiary or associate of such other company, or otherwise”.

• Thus, a company can now carry on CSR activities through Section 8 company not only which is established in association with its holding or subsidiary or associate company but also with any other company and its group companies.

• Participation of the company in establishment of such section 8 company is essential, which was not the position earlier.

Company may also conduct its CSR activities through unrelated Section 8 companies, provided such company shall have an established track record of 3 years.

Companies (Accounts) Amendment Rules, 2015 dated January 16, 2015:

The below mentioned areas have been amended vide above captioned Rules -

• E-form AOC-5 published (Rule 2A inserted): Companies may maintain its books of accounts and other relevant documents (like Statutory Registers) at any other place within India other than its registered office by passing Board resolution. Ministry vide the amendment Rules, has published the E-form (AOC-5) to be filed with the Registrar within 7 days of passing of Board resolution.

Consolidation of financial statements for companies having foreign subsidiaries (3rd Proviso in Rule 6 inserted): Companies which have 1 or more subsidiaries incorporated outside India shall not be required to consolidate such companies in its financial statements for the current financial year i.e. financial year commencing from April 1, 2015. This transitional relief is a temporary relief to India Inc provided for easing the consolidation challenges for companies having foreign subsidiaries.

Companies (Appointment and Qualification of Directors) Amendment Rules, 2015 dated January 19, 2015 (Proviso in Rule 16 inserted):

Foreign Director is permitted to authorize Chartered Accountant or Cost Accountant or Company Secretary, in practice or any other resident Director to sign E-form for resignation (DIR-11) on behalf of Foreign Director, provided the Company has filed E-form for his appointment (DIR-12) earlier.


DIRECT TAXES – LAW UPDATE

— Compiled by — Haresh P. Kenia

|e-mail:[email protected] |9821351838

Sukanya Samriddhi Account – notified for the purpose of under section 80C. [ 229 Taxman (st) 1]

The Central Government vide notification no. 9/2015 dated 21/01/2015 in exercise of the power u/s. 80C(2)(viii) of the Income Tax Act specifies the “Sukanya Samriddhi Account” for the purpose of said clause.

Good Governance Day – Instructions on observance of Wednesdays as a Public Hearing Day for Hearing Public Grievances [ 229 Taxman (st) 1]

Office Memorandum dated 06/01/2015 – The Principal Chief Commissioners/Director Generals of Income Tax has been requested to instruct all officers and staff under their cadre control to observe ‘Public Meeting Day’ during 10.00 AM to 1.00 PM every Wednesday w.e.f. 07/01/2015 to listen to and to try and resolve the grievances of the members of the public.

A suitable feedback mechanism shall also be put in place by each cadre controlling Principal Chief Commissioner/Director General of Income Tax for offices under his control to record the number of grievances attended to and solved on every ‘public meeting day’, and to identify the deficiencies with a view to suggesting systemic changes required to avoid recurrence of delays in redressal of grievances.

Section 80GGB – Deductions – Contribution by companies to Political Parties [ 229 Taxman (st) 21]

Press Release dated 11/02/2015 – Income Tax Department had initiated investigation into issuance of cheques by companies which are acting as entry operators to convert illegal cash into legitimate money. Recently in Kolkata, this investigation led to detection of substantial unaccounted income. In these cases, the unaccounted income was sought to be converted into legitimate money with the help of non-genuine companies which were acting as entry operators.

Similarly and based on media reports, enquiry was initiated in Delhi into issuance of cheques by companies which were alleged to be non-genuine and entry operators. The companies and their Directors could not be traced at the addresses given to Banks and Ministry of Corporate Affairs. Examination of the accounts of these companies revealed that they have issued accommodation entries to several persons and entities for substantial amounts. It was also found that resources for such entries were prima facie not genuine. To carry forward the investigation process, notices were issued to about 50 persons and entities including two political parties on 09th February, 2015. These notices seek information about the identity of the contributors and other relevant details which are necessary to complete the process of investigation.

Commodities Transaction Tax – Agriculture Commodities [ 229 Taxman (st) 23]

The Central Government vide notification no. 13/2015 dated 10/02/2015 gives Commodity Transaction Tax (First Amendment)

Rule, 2015. It amends Commodity Transaction Tax Rules, 2013. It substitutes Rules 3 with regard to agriculture commodities. The newly substituted Rule 3 specifies the various commodities being agriculture commodities for the purpose of clause (7) of section 116 of the Act.

The readers are request to also go through the corrections made by notification no. 18/2015 dated 18/02/2015.

Section 279 – Offences and Prosecution – Guidelines for Compounding of Offences under Direct Tax Laws, 2014. [ 229 Taxman (st) 25]

The existing guidelines on compounding of offences under Income Tax Act, 1961 have been reviewed and in supersession of the same, including the guidelines issued vide F. No. 285/90/2008-IT(Inv.)/12 dated 16/05/2008, the following guidelines are issued for compliance by all concerned. These guidelines shall come into effect from 01/01/2015 and shall be applicable to all applications for compounding received on or after the aforesaid date.

Section 279(2) of the Act provides that any offence under Chapter XXII of the Act may, either before or after the institution of proceedings, be compounded by the CCIT/DGIT. As per section 2(15A) and 2(21) of the Act, Chief Commissioner of Income Tax includes Principal CCIT and Director General of Income Tax includes Principal DGIT.

The brief features of the guidelines are as under : -

Applicability of these guidelines to prosecutions under IPC

Compounding is not matter of right

Classification of Offences

Eligibility Conditions for compounding

Offences generally not to be compounded

Finance Minister may relax the restrictions for compounding of an offences in a deserving case, on a consideration of a report from the board on the petition of the applicant.

Authority component to compound an offence.

Compounding procedure

Fees for compounding

Compounding charges

Applicability of guidelines to offence under other Direct Tax Laws.

Finance (No. 2) Act, 2014 [ 229 Taxman (st) 45]

The CBDT Circular No. 1/2015 dated 21/01/2015 gives the amendment of a glance and explanatory notes to the provision of Finance (No.2) Act, 2014. The Finance (No.2) Act, 2014 as passed by the Parliament, received the assent of the President on the 6th day of August 2014 and has been enacted as Act No. 25 of 2014. This circular explains the substance of the provisions of the Act relating to direct taxes.

CA. K.B.Kothari, CA. Ramanand Gupta, CA. Amit Jain(Speaker), CA. Kishor Vaishnav (Immediate Past Chairman), CA. Tarun Ghia (CCM & Chairman - CMII), CA. Dayaram Paliwal & CA. Vimal Agarwal at Dais

Participants


Campus Interview on 13th February 2015

Orientation Programme for Newly Chartered Accountants on 8th February 2015 at Mira Road

Speakers

CA.Amit Jain CA. Tarun Ghia (CCM) CA. Tarun Ghia (CCM)

PHOTO - GALLERY

CA. K. B. Kothari (Vice Chairman), CA. Umesh Mestry (Chairman), CA. Ankit Anjaria (Speaker) & Mr. Khushmat Jain (Branch Incharge) at dais.

CA. Jagadeesh Devadiga (Dy. Convenor–Vasai Virar Study Circle), CA. Dayaram Paliwa (Past Chairman–Vasai Br.), CA. Sumeet Doshi (Secretary–Vasai Br.), CA. Vimal Punmiya (Speaker), CA. Umesh Mestry (Chairman- Vasai Br.), CA. Ashit Shah (Speaker), CA. Ramanand Gupta (Past Chairman–Vasai Br.), CA. Deepak Bansal (Convenor- Bhayander CPE Study Circle), CA. Xavier Rajan (Convenor–Vasai Virar Study Circle), CA. Anadi Bhase (Dy. Convenor–Vasai Virar Study Circle) at the dais.

Participants

Participants

Participants

(L-R) : Mr. Sagar Mahambane (President-Vasai Cloth & General Merchant Association), CA. N. B. Gandhi (Speaker), CA. Umesh Mestry (Chairman–Vasai Br.), CA. K. B. Kothari (Vice Chairman) & CA. Subhash Chhajed (Speaker) at the dais.

CA. Umesh Mestry presenting Bouquet to CA. Ankit Anjaria (Speaker) also seen CA. K. B. Kothari

CA. Umesh Mestry Presenting Bouquet to CA. Vimal Punmiya (Speaker)


Speakers

CA. Ashit Shah CA. Vimal Punmiya

PHOTO - GALLERY

Seminar on Investor Awareness Programme on 18th March 2015

Seminar on Union Budget Meeting 2015 held on 1st March 2015 at Bhayander (East)

Seminar on Union Budget jointly with Vasai Cloth & General Merchant Association on 12th March 2015


ANNOUNCEMENTREVISED

ANNOUNCEMENTEXTENSION OF GENERAL AMNESTY SCHEME FOR RETROSPECTIVE RESTORATION OF

MEMBERSHIP

(ONE TIME DISPENSATION)

DATE : 25.03.2015

With a view to mitigate the hardships being faced by members whose names stand removed as on date due to non-payment of membership fee, the Council has decided to give an opportunity by way of General Amnesty Scheme for restoration of their names retrospectively.

Continuation of membership entitles a member to designate himself as ‘CA’ and also other benefits alike monthly Journal of the Institute , Newsletters of Regional Councils & Branches of the Institute, participation in the conferences, seminars and other programmes organized by the Institute, Regional Councils and/or Branches; regular update on programs being organized and initiatives taken for the benefit of the profession and members; emerging professional opportunities, practice area development, publications of the Institute etc.

This is an excellent opportunity to get name restored with retrospective effect. The benefit of the scheme may be availed by submitting the prescribed application in Form 9 on or before 30th April, 2015 alongwith the outstanding fee for the intervening period of name removal and restoration fee of ` 1200/-.

Details of General Amnesty Scheme are given below:-

(i) Retrospective restoration of membership under General Amnesty Scheme;

Category I: The names of the members whose name is removed prior to 31st March 2014 on account of non payment of fees and not restored as on date may apply for retrospective restoration of their names under General Amnesty Scheme by filling Form 9 along with the membership fees for the year during which the name was removed and for the current year together with the fee(s) for the intervening years and the additional fee of ` 1200/- towards restoration. To avail benefits of General Amnesty Scheme, members should submit the requisite fees and Form ‘9’ latest by 30th April 2015.

The scale of membership fee as applicable from time to time is as given below:

*` 450/- and ` * `600/- where an Associate member has attained the age of 65 years as on 1st April, 2008 and 1st April 2011.

**` 1300/- and ** ` 1600/- where a Fellow member has attained the age of 65 years as on 1st April, 2008 and 1st April 2011

*` 450/- and ` * ` 600/- where an Associate member has attained the age of 60 years as on 28th March 2013.

**` 1300/- and **` 1600/- where a Fellow member has attained the age of 60 years as on 28th March 2013

Example:

Where the name of an Associate member was removed from the Register of Members in the year 1991-92, the fees to be emitted with the Form ‘9’ for retrospective restoration including fee for intervening years will be as under :

Effective from Associate Fellow1st April, 2011 *` 800 **` 22001st April, 2008 *` 600 **` 1,8001st April, 2000 ` 300 ` 9001st April, 1996 ` 225 ` 7001st April, 1991 ` 150 ` 4001st April, 1986 ` 100 ` 2751st April, 1982 ` 80 ` 2001st April, 1976 ` 60 ` 1251st April, 1975 ` 45 ` 1101st April, 1964 ` 28 ` 831st April, 1949 ` 25 ` 25


To

Undelivered please return to :

The Institute of Chartered Accountants of India,Vasai Branch of WIRCAddress: Amruta Building, Indralok Phase-II, New Golden Nest Road, Bhayander (East), Thane - 401 105. Telephone: 6556 8900. Email: [email protected] Website: www.vasai-icai.org

Editor: CA. Umesh Mestry Published by Vasai Branch of Western India Regional Council of The Institute of Chartered Accountants of India and printed at Finesse Graphics and Prints Pvt. Ltd., 309, Parvati Ind. Est., Sun Mill Compound, Lower Parel, Mumbai 400 013. Tel. : 4036 4600

The views and opinions expressed or implied are those of the authors or contribution and do not necessarily reflect those of Vasai Branch. Unsolicited articles and transparencies are sent in at the owner’s risk and the publisher accepts no liability for loss or damage. Material in this publication may not be reproduced, whether in part or in whole, without the consent of Vasai Branch.

DISCLAIMER: The Vasai branch is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Newsletter. The members, however, may bear in mind the provision of the Code of Ethics while responding to the advertisements.

Printed by Finesse • +91-22 4036 4600

Summary of fee payable Fee for the year 1991-92 [the year in which the name was removed]

` 150

Fees for the intervening years (1992-93 to 2013-2014) ` 8100 [1992-93 to 1995-96 @ ` 150*4 = ` 600 1996-97 to 1999-00 @ 225*4 = ` 900/- 2000-01 to 2007-08 @ ` 300*8 = ` 2400 2008-09 to 2010-2011 @ ` 600*3=` 1800] 2011-12 to 2013-2014 @ ` 800*3=` 2400

Fee for the current year (2014-15) ` 800 [where the associate/fellow concerned has not attained the age of 65 years as on 1st April, 2011] [where the associate/fellow concerned has not attained the age of 60 years as on 28th March , 2013] Restoration fee ` 1200 TOTAL ` 10250

(ii) Retrospective restoration of membership under Regulation 19 of CA Regulations, 1988:Category II: The members whose membership exists as on 01st April 2014 and continued upto 30th September 2014 but subsequently got removed as on 1st October 2014 on account of non-payment of fee are eligible for restoration of their names retrospectively under Regulation 19 of the Chartered Accountants Regulations, 1988. Such persons may apply upto 31st March 2015 in Form 9 along with the membership fees i.e ̀ 800/- as an associate and ̀ 2200/- as fellow, as the case may be, for the current year and the additional fee of ` 1200/- towards restoration of name.Members desirous of availing the opportunity may also apply on-line for restoration of their name by visiting www.icai.org and downloading pre-filled Form ‘9’. The link is given on home page “Know Your Institute – Restore your Membership”.For any clarification or more details, please contact the concerned Decentralised Office of the Institute or the Head Office over phone No. 0120-3045997 / 3045998 or e-mail to [email protected]

CA. Atis BasuJoint Secretary

ICAI

The above Amnesty Scheme for retrospective restoration of membership will remain in force up to 5:30 pm till 30th April, 2015

and shall stand withdrawn automatically thereafter.

vasai branch of wirc newslettervasai-icai.org/image/newsletter for the month of march...organising...

Documents