Economic \ Education

Legal Update Circiriars/Notifications

Given below are the important Circulars and Notifications issued by the CBDT, CBEC, MCA., RBI, SEBI and IRDA during the last month for information and use of members.] Readers are requested to use the citation/website or weblink to access thefull text of desired circular/notification. You are requested to please submit your feedback and suggestionsi on the column at eboard@icai.in

  1. Rule 12CA on “Statement under section 115UA(4)” requires:NOTIFICATIONS
  2. Statement under Section 115UA(4)-lnsertion of Rule 12CA and introduction of new Form Nos. 64A and 64B The Finance (No. 2) Act, 2014 inserted new chapter XII-FA containing the special provisions relating to business trusts. Section 115UA provides for tax on income of unit holder and business trust. Section 115UA(4) provides that any person responsible for making payment of the income distributed on behalf of a business trust to a unit holder shall furnish a statement to the unit holder and the prescribed authority, within such time and in such form and manner as may be prescribed, giving the details of the nature of the income paid during the previous year and such other details as may be prescribed. In exercise of the powers conferred by Section 295 read with section 115UA(4), the Central Board of Direct Taxes, has inserted Rule 12CA (along with Form No. 64A and Form No. 64B), which shall come into force from the day of their publication in the Official Gazette.
  • the statement of income distributed by a business trust to its unit holder to be furnished electronically under digital signature to the Principal Commissioner or the Commissioner of Income-tax within whose jurisdiction the principal office of the business is situated in Form No. 64A, duly verified by an accountant, by the 30th November of the financial year following the previous year during which such income is distributed.
  • the statement of income distributed by a business trust to its unit holder to be furnished to the unit holder in Form No. 64B, duly verified by the person distributing the income on behalf of the business trust in the manner indicated therein, by 30th June of the financial
    year following the previous year during which the income is distributed.
  • the Director General of Income-tax (Systems)! to specify the procedure for filing of Form Nod 64A and shall also be responsible for evolving^ and implementing appropriate security^ archival and retrieval policies in relation to the statements so furnished.

[Notification No. 3/201S, dated 19-01-2015]

  1. Section 80C of the Income-tax Act, 1961 – Notified plan under Section 80C(2)(viii) for deductions from total income

Section 80C provides for deduction from gross total income in respect of sums paid and investments] made through specified modes like life insurance] premia, deferred annuity etc. Under clause (viii) of Section 80C(2), deduction is available in respect of sums paid or deposited in the previous year by the assessee as subscription to any such deposit scheme that the government may specify by notification in the official gazette. Accordingly, in exercise of the powers conferred by Section 80C(2)(viii) of the Income-tax Act, 1961, the Central Government has specified the scheme for Girl child named ‘Sukanya Samridhhi Account’ for the purpose of said section which shall come into force with effect from the date of its publication in the Official Gazette.

Further, the Finance Minister has, vide Office Memorandum, dated 20.1.2015, decided to allow 9.1% rate of interest on investments in the said scheme during the Financial Year 2014-15.

[Notification No. 9/2015, dated 21-1-2015]

  1. Agreement for avoidance of double taxation and prevention of fiscal evasion with South Africa – Amendment in Notification No. GSR 198(E), dated 21-4-1998

In exercise of the powers conferred by Section 90 of the Income-tax Act, 1961, the Central Government had notified that all the provisions of the protocol amending the agreement between the Government of the Republic of India and the Government of the Republic of South Africa for the avoidance

 

Legal Update


 

 

of double taxation and the prevention of fiscal evasion with respect to taxes on income, which was signed in Pretoria on the 26.07.2013, shall be given effect to in the Union of India with effect from the 26.11.2014.

[Notification No. 10/2015, dated 2-2-2015]

  1. Income-tax (Second Amendment) Rules, 2015 -Safe Harbour Rules for Specified Domestic Transactions- Government company engaged in business of generation, transmission and distribution of electricity In exercise of the powers conferred by Section 92CB and 92D read with Section 295 of the Income-tax Act, 1961, the Central Board of Direct taxes has, through this notification, amended Rules 10D, IOTA and inserted Rules 10TH, 10THA, 10THB, 10THC, 10THD and Form No. 3CEFB to provide the following:
  • Sub-Rule (2A) has been inserted in Rule 10D to provide that an eligible assessee, a person who has exercised a valid option for application of safe harbour rules and is a Government Company engaged in the business of generation, transmission or distribution of electricity, shall keep and maintain the information and documents specified therein.
  • The heading “Safe Harbour Rules for International Transactions” shall be substituted under Rule 10T for the heading “Safe Harbour Rules”.
  • Further, “Safe Harbour Rules for Specified Domestic Transactions” has been notified through the following rules:
  • The word “Appropriate Commission” and “Government Company” has been defined under rule 10TH.
  • ‘Eligible assessee’ has been defined under rule 10THA to mean a Government Company engaged in the business of generation, transmission or distribution of electricity and has exercised a valid option of safe harbor rules.
  • Rule 10THB defines an ‘eligible specified domestic transaction’ to mean a specified domestic transaction, which comprises of supply of electricity by generating company or transmission or wheeling of electricity.
  • Rule 10THC provides that the transfer price declared by the assessee, in respect of eligible specified domestic transaction entered by him, shall be accepted by the

income-tax authorities, if it is in accordant with the rules specified therein.

  • Rule 10THD provides the procedure I be followed for the purpose of exercisii the option for safe harbour for which tl application shall be furnished in Form Ni 3CEFB.

[Notification No. 11/2015, dated 4-2-20U

The complete text of the above Notification can be downloaded from the link: http://wwi incometaxindia.gov.in/Pages/communicatiom notifications.aspx

  1. CIRCULARS
  2. Explanatory Notes to the provisions of the Finance] (No. 2) Act, 2014

This circular contains the Explanatory notes t the provisions of the Finance (No. 2) Act, 201 as assented by President on 6th August, 2014 This circular, thus, explains direct tax provisions contained in the Finance (No. 2) Act, 2014.

[Circular No. 1/2015, dated 21-01-20151

  1. Chargeability of Interest under Section 234A of the Income-tax Act, 1961 on self assessment tax paid before the due date of filing of return of income Interest under Section 234A is charged in case of default in furnishing return of income by an assessee. The interest is charged at the specified rate on the self] assessment tax which is the amount of tax payable on total income as reduced by the amount of advance tax, TDS/TCS, any relief of tax, deductions, and tax credit allowed under the Act Since self-assessment tax is not mentioned as a component of tax to be reduced from the amount on which interest under Section 234A of the Act is chargeable, interest is being charged on the amount of self-assessment tax paid by the assessee even before the due date of filing of return.

However, it has been held by the Hon’ble Supreme Court in the case of CIT vs. Prannoy Roy, 309 ITR 231 (2009) that the interest under section 234A shall be payable only on the amount of tax that has not been deposited before the due date of filing of the Income-tax return for the relevant assessment year.

Accordingly, the CBDT reviewed the present practice of charging interest and decided that no! interest under Section 234A shall be charged on self I assessment tax paid before the due date of filing of I return.

[CircularNo. 2/2015, dated 10-2-2015]\


Legal Update


 

 

  1. \Clarification regarding ‘Amounts not deductible’ under Section 40(a)(i) of the Income-tax Act, 1961 If there has been a failure in deduction or in payment of tax deducted in respect of any interest, royalty, fees for technical services or other sum chargeable under the Act either payable in India to a non-resident (not being a company)/a foreign company or payable outside India, then disallowance of the related expenditure/payment is attracted under Section 40(a) (i) while computing income chargeable under the head “profit and gains of business or profession”. This circular clarifies the doubts which have been raised about the interpretation of the term ‘other sum chargeable’ e. whether this term refers to the whole sum being remitted or only the portion representing the sum chargeable to income-tax under the Act.

In its Instruction No. 2/2014, dated 26.02.2014 the Central Board of Direct Taxes has clarified that the Assessing Officer shall determine the appropriate portion of the sum chargeable to tax as mentioned in Section 195(1), to ascertain the tax
liability on which the deductor shall be deemed to be an assessee in default under Section 201, in cases where no application is filed by the deductor for determining the sum so chargeable under Section 195(2).

In this circular, the CBDT has, in exercise of its powers under Section 119, clarified that for the purpose of disallowance of ‘other sum chargeable’ under Section 40(a)(i), the appropriate portion of the sum which is chargeable to tax shall form the basis of disallowance. Further, the appropriate portion shall be determined by the Assessing Officer having jurisdiction for the purpose of Section 195(1). Also, where the determination of ‘other sum chargeable’ has been made under sub-Section (2), (3) or (7) of Section 195 of the Act, such determination will form the basis for disallowance, if any, under Section 40(a) (0-

[Circular No. 3/2015, dated 12-02-2015]

The detailed circulars can be downloaded from the link: http://www.incometaxindia.gov.in/Pages/ communications/circulars.aspx

Legal Update


SCNs Adjudicating Authority
All cases where the duty involved is more than ? 5 crore ADG (Adjudication) of DGCEI
Pertaining to jurisdiction of one executive Commissioner of Central Excise The Jurisdictional Executive Commissioner
Pertaining to jurisdiction of multiple Commissionerates Commissioner in whose jurisdiction the noticee from whom the highest demand of duty has been made falls.

 

  • INSTRUCTIONS
  1. Acceptance of Order of High Court of Bombay in case of Vodafone India Services Pvt Ltd.

The High Court of Bombay, in Vodafone India Services Pvt. Ltd. for A.Y. 2009-10 (WP No. 871/2014), held that the premium on share issue was on account of a capital account transaction and does not give rise to income and, hence not liable to transfer pricing adjustment. The CBDT has, through, this instruction informed all Principal CCITs/ DsGITs and CCsIT/DsGIT that it has accepted the decision of the Bombay High Court in said Writ petition and directed that the ratio decidendi of the judgement must be adhered to by the field officers in all cases where this issue is involved. The Board has also instructed that this may also be brought to the notice of the ITAT, DRP’s and CsIT (Appeals).

[Instruction No. 2/2015, dated 29-1-2015] The complete text of the above Instruction can be downloaded from the link: http://www. incometaxindia.gov.in/Pages/communications/ circulars.aspx

(Matter on Indirect Taxes has been contributed by the Indirect Taxes Committee of the ICAI)

  1. EXCISE
  2. Issue of summons in Central Excise and Service Tax matters CBEC vide Instruction F. No 207/07/2014- CX-6 dated 20.01.2015 has further streamlined the process of issuance of summons:
  3. Summons need not always be issued when a simple letter, politely worded, can also serve the purpose of securing documents relevant to the investigation. Further, it is emphasised that the use of summons be made only as a last resort when it is absolutely required.
  4. Summons by Superintendents should be issued after obtaining prior written permission from an officer not below the rank of Assistant Commissioner with the reasons for issuance of summons to be recorded in writing.

Due to operational reasons it is not possible to obtain written permission; oral/telephonic permission must be obtained and the same should be reduced to writing and intimated to
the officer according such permission at the earliest opportunity.

  • In all cases, where summons are issued, the officer issuing summons should submit a report and submit the same to the officer who has authorised the issue of summons.
  1. CEO, CFO, General Managers of a large company or a PSU should not be issued summons at the first instance and should be summoned only when there are indications of involvement in the decision making process which lead to loss of revenue.

It may be noted that the aforesaid Instruction has been issued to remove the hardship faced by the assesse in pursuance of circular no. F. No 208/122/89-CX.6 dated 13.10.1989 in respect of central excise and F. No. 137/39/2007-CX.4 dated 26.2.2007 in Service tax.

[Instruction F. No 207/07/2014-CX-6 dated 20th January, 2015]

  1. Adjudication of Central Excise and Service Tax Cases booked by DGCEI

CBEC vide Circular No. 994/01/2015-CX dated February 10, 2015 has specified the cases to be adjudicated by the ADG (Adjudication) of . The Directorate General, Central Excise Intelligence (DGCEI) and jurisdictional Central Excise officers in the following manner:

Cases to be adjudicated by the officers below the rank of Commissioner shall be adjudicated only by the field officers in the executive Commissionerates. The guidelines shall apply mutatis mutandis to the Service Tax cases booked by DGCEI.

[Circular No. 994/01/2015-CX, Dated: February 10,2015]


Legal Update

 

 

 

  1. Introduction of Taxpayers Day – an initiative towards better governance

Central Government, in order to ensure good governance, to further simplify and modernise the tax system, expand the tax base and improve compliance, has decided that one day of the week, viz., Wednesday (9 AM to 1 PM) will be designated as Taxpayers’ day wherein Heads of all offices in the field will meet the taxpayers without any prior appointment in order to address their grievances expeditiously.

[Instruction F. No. 296/267/2014-CX-9 dated 7th January 2015]

  1. CUSTOMS
  2. Enhancement of limit to carry Indian Currency from/to India

CBEC vide Circular No. 03/2015-Customs, Dated: January 16, 2015 has directed its officers to adhere with RBI A. P. (DIR series) Circular No. 146 which enhanced the limit, to take/bring Indian currency from/into India, to ?25000/- per person from earlier
limit of ? 10,000/- per person. This limit does not apply in case of Nepal and Bhutan.

[Circular No.03/2015-Customs, Dated: January 16,

2015]

  1. Power of officer has been modified in case of re­export of goods imported under bona-fide mistake With a view to expedite decision-making in respect of re-export of imported goods destined for elsewhere but which are inadvertently imported at a particular Customs station, CBEC vide Circular No. 04/2015-Customs, Dated: January 20, 2015 has modified the earlier Circular to provide that the permission for re-export may be granted on merit by the Customs Officers concerned in accordance with their powers of adjudication.

Earlier the permission for re-export of goods that are shipped contrary to instruction of the importer was granted only by Commissioner of Customs.

[Circular No. 04/2015-Customs, Dated: January

20,2015]


 

 

btel India’s Leading ‘e’ Compliance Solutions Company |
Already running more than 4500 Websites for Professionals

 

Virtual

More than a Website for Professionals

For C.AS, O.S, CMAS, Advocates and Other Professionals

 

 

 

L Your Virtual Office Contains ;
Besides, a number of additional facilities are available such as:

Calculators Utilities Notification/Circulars Acts/Rules
TDS. TAX, VAT. NSC, KVP, EMI, Net Profit, Net worth Calculators etc. Rates of TDS, Income Tax, ROC Fee Structure, IFSC & MICR Codes etc. Update of Income Tax, VAT, Service Tax, Excise, Customs, Company Law, RBI, SEBI etc. Companies Act 2013 & 1956/ 1 Rules, Customs Act, SEBI, 1 MRTP & Related Rules etc. 1

Our Presence: Delhi | Mumbai | Kolkata | Chennai | Ahmedabad | Hyderabad | Pune | Punjab | H.P. | Bangalore Regd. Office: 110-114,1st Floor RaUan JyoliBuiding, Rajendra Place, NewDeW-110008.PH-{011)45054000(30Unes) | contact@wettel.in | www.webtel.in | www.webxbri.com

 

www.icai.org
THE CHARTERED ACCOUNTANT MARCH 2015                   63
Our Super Distributor-Pooja Law House Ph.: 011-23370152, 23379103, 9350042870
Firm’s Details Services Partners Details Unique Updation Facility News

 

 

 

 

 

 

 

 

 

 

Legal Update

 

 

 

S. No. Country Earlier Notification No.
1. Singapore Notification No. 10/2008-Customs, dated the 15th January, 2008
2. Korea Notification No. 152/2009-Customs, dated the 31st December, 2009
3. Malaysia Notification No. 53/2011-Customs, dated the 1st July, 2011
4. ASEAN Notification No.

46/2011-Customs, dated the 1st June, 2011

 

S. No. Country Earlier Notification No.
5. Japan Notification No.

69/2011-Customs dated the 29* July, 2011

 

[Notification No. 01/2015-Cus., Dated: January 05, 2015; Notification No. 36/2014-Customs,
Dated: December 29,2014; Notification No. 37/2014-Customs, Dated: December 29, 2014; Notification No. 38/2014-Customs, Dated: December 29, 2014; Notification No. 39/2014-Customs, Dated: December 29, 2014]
  1. Duty Drawback – Revised All Industry Rate

The Central Board of Excise and Customs has revised All Industry Rates of Duty Drawback with effect from 13th February 2015 vide Notification Nos. 20/2015-Customs (N.T.) & 21/2015-Cus., (N.T.), both dated: February 10, 2015. The revised schedule, notes & conditions and the other details can be viewed in the Notification.

[Circular No. 6/2015-Customs dated February 11, 2015; Notification Nos. 20/2015-Customs (N. T.) and 21/2015-Cus., (N.T.), Dated: February 10, 2015]

  1. Customs Ports/lnland Container Depot (ICD)

Notified by CBEC

CBEC has notified the following two ports for the purpose specified against them:

S. No. Port Purpose
T. Panaji (3)-Port Unloading of imported goods and loading of export goods or any class of such goods
2. Hindaun City, District Karauli, Rajasthan, ICD Unloading of imported goods and loading of export goods
[Notification No. 14/2015-Customs (NT), Dated: January 28, 2015 and Notification No. 19/2015-
Cus., (N.T.), Dated: February 9, 2015]

 

  1. Amendments made in Preferential Trade Agreements/Comprehensive Economic Cooperation Agreement with various Countries.

CBEC has made amendments in the Notifications describing the Preferential Trade Agreements entered with the following countries effective January 2015:

  1. VALUE ADDED TAX Rajasthan VAT
  2. Submission and Correction of PAN data on rajtax web portal.

Circular No. 19 F.16 (9S)Tax/CCT/14-15/1072 Dated 6th February, 2015 provides that dealers are required to submit or correct their PAN details at http://rajtax.gov.in. Further, Dealers whose PAN is not available or is not validated by Income Tax data base, shall be requested to submit Form VAT-05 for amendment with regard to PAN. Dealers may refer a hand book on Process for Application of PAN submission/correction provided in user guide under e-services guidelines on rajtax web portal.

[Circular No. 19 F.16 (9S)Tax/CCT/14-15/1072 Dated 6°’ February, 2015]

  1. E-facility to apply online for closure of business by Dealer

A facility to apply online for closure of business in Form VAT-06A has been provided at: http://rajtax. gov.in.The dealer shall have to enter mandatory details in the form after mentioning date and reason for closure of business and details of closing stock etc.

[Circular No. 20 F.16 (9S)Tax/CCT/14-15/1081 Dated 6th February, 2015]

  1. Introduction of Amnesty Scheme

Notification No. F. 12 (16) FD/TAX/2009-188- Dated 9th February, 2015 has notified Amnesty scheme-2015 for waiver of interest and penalty to some extent. The salient features of the scheme are as follows:

♦ The Scheme shall remain up to 31st March, 2015.

 

Legal Update

 

 

 

Now every registered dealer shall furnish self- assessed return in Form VAT-XV in the following manner:-

Sr.

No.

Gross Turnover Time for filing return
1 Up to ? 1 Crore Within 40 days from the end of each quarter
2 Exceeding ? lCrore but not exceeding X 5 Crore Within 45 days from the end of each quarter
3 Exceeding ? 5 crore shall furnish return monthly within forty five days from the expiry of each month of a financial year;

 

  • It applies to dealer or person against whom total outstanding demand of sales tax/vat is up to rupees five Crore.
  • The demand must be created on or before 31st March, 2011 or is under dispute on or before 31st December, 2013.
  • The scheme benefits in regards to waiver/ reduction of interest and penalty have been divided into 3 categories such as demand related to evasion of tax, interest and others.

For more information about terms & conditions and procedures in Form AS-1 and Form AS-2 in regards to amnesty scheme the notification can be viewed.

[Notification No. F. 12 (16) FD/TAX/2009-188- Dated 9th February, 2015]

Himachal Pradesh

  1. Time limit for filing of VAT return amended Notification No. EXN-F(10)-7/2011-Vol.I Dated 30th January, 2015 has amended Rule 40(1) of Himachal Pradesh Value Added Rule, 2005.

Further, in case of dealer for whom the return period has been fixed by the assessing authority under Rule 40(3), are required to submit the return within 45 days from the closure of each month.

[Notification No. EXN-F(10)-7/2011 -Vol.I Dated

30th January, 2015]


 

 

 

m ®

moat

money.simplified

our client is as much a special pick as our handpicked equities are

moat is a way of life, a superlative perspective that infuses the pride of owning quality and productive businesses. It’s the philosophy of creating wealth by living and celebrating the true spirit of investing to nurture a sustainable wealth creating asset class. The very special ones are welcome to earn their stakes in India’s choicest businesses. Fix an appointment with the boutique portfolio manager today.

MOAT PMS Performance 57% Portfolio Management Services
Sensex 27%
Nifty 28% Kochi: +91 9846865555 Mumbai: +91 9820858438
Mr. Biju John Mr. Murali Krishna
Main Avenue 14th Cross, Panampilly Nagar, Hyderabad: +91 9848632221 Dubai: +971 505683697
Kochi – 36, Kerala – India. Mr. Naresh Gilda Mr. Fazalul Hameed
email: mail@moatindia.com Chennai: +91 8807390203
www.moatindia.com Mr. Abin Sam John PMS SEBI Reg No: INP000004462
Disclaimer: The performance figures indicate annualised average portfolio performance of all clients since inception in our PMS till 2nd July 2014. The figures are annualised and calculated on weighted average capital. Equity Investments are subject to market risks, kindly read disclosure document carefully before investing.

 

 

 

Legal Update

 

 

 

Delhi VAT

  1. Date of Filing of reconciliation return in form 9 extended to 31st March, 2015

Circular No. 26 of 2014-15 No.F.7(420)/VAT/ Policy72011/PF/761-767 Dated 16th February, 2015 extends the date of filing of online return in form 9, containing details of interstate sale at concessional rates against statutory forms C/F/H, to 31/03/2015.

[CircularNo. 26 of 2014-15No.F.7(420)/VAT/ Policy/2011/PF/761-767Dated 16th February, 2015]

Assam VAT

  1. E- filing of details in transportation of goods Notification No. LGL.6/2003/108-Dated 6th February, 2015 has inserted a new sub-Section (3A) in Section 75 which provides that the owner of any goods or the transporter of such goods or the person in-charge of the goods vehicle carrying such goods shall also furnish relevant information in the electronic format online as may be prescribed.

Further a new clause (aa) has inserted in Section 77 (2) which provides that where any taxable goods are consigned by railway, river, air or post from a place outside the state for delivery to a dealer inside the state, the importer shall not obtain or cause to be obtained delivery thereof unless he files details of vehicle, consignment and statutory form online in advance before the goods carrying vehicle reaches delivery point.

[Notification No. LGL.6/2003/108 – Dated 6th February, 2015]

Andhra Pradesh VAT

  1. Guidelines issued regarding conducting of Audit and Assessments in Rule 59 of APVAT Rules, 2005.

Circular CCT’s Ref. No.                                 Enft/E3/716/2014

Dated: 11th February, 2015 provides guidelines in respect of VAT Audits and Assessments for allocation/selection of the cases for audit by the officer in charge.

[Circular CCT’s Ref. No. Enft/E3/7 16/2014 Dated:

11th February, 2015]

  1. Purchase/sale details are required to be provided along with Return.

Notification No. GOMS. No. 26 Dated: 05th February, 2015 Provides that details of purchases from registered VAT dealers in Annexure-I and sales to
registered VAT dealers in Annexure-11 has to beH submitted along with the Tax return. The detailsH procedure in this regard can be viewed in theH Notification.

[Notification No. GOMS. No. 26 Dated: 05£/iB February, 2015]I

(Matter on FEMA has been I contributed by CA. Manoj Shah I and CA. Hinesh Doshi)

  1. Overseas Direct Investments by! proprietorship concern/unregistered I partnership firm in India Notification No. FEMA.325/RB-2014 dated November 12, 2014 and A. P. (DIR Series) Circular No.59 dated January22,2015

Keeping in view the changes in the definition/11 classification of the exporters as per the Foreign I Trade Policy of the Ministry of Commerce and! I Industry it is decided to review the policy framework I for Overseas Direct Investments (ODI) by a I proprietorship concern/unregistered partnership I I firm in India. Accordingly following revised terms I and conditions are required to be complied with for I considering the proposal of ODI, by a proprietorship I concern/unregistered partnership firm in India, by I the Reserve bank under approval route:

  1. The proprietorship       concern/unregistered I

partnership firm in India is classified as ‘Status Holder’ as per the Foreign Trade Policy issued I by the Ministry of Commerce and Industry, Government of India from time to time.

  1. The proprietorship       concern/unregistered

partnership firm in India has a proven track record i.e. export outstanding does not exceed 10% of the average export realisation of the I preceding three years and a consistent high I I export performance.

  1. The Authorised Dealer is satisfied that ■ proprietorship concern/unregistered firm ■ is a KYC (Know Your Customer) compliant, ■ engaged in the business and has turnover as I indicated.
  2. The entity has not come under adverse notice I of any government agency and does not appear ■ in exporter’s caution list of the Reserve Bank or ■ in defaulters list of the banking system in India, I and
  3. The amount of proposed investment outside 11 India does not exceed 10 percent of the average 11

 

Legal Update

 

 

 

Delhi VAT

  1. Date of Filing of reconciliation return in form 9 extended to 31st March, 2015

Circular No. 26 of 2014-15 No.F.7(420)/VAT/ Policy/2011/PF/761-767 Dated 16th February, 2015 extends the date of filing of online return in form 9, containing details of interstate sale at concessional rates against statutory forms C/F/H, to 31/03/2015.

[CircularNo. 26 of 2014-15No.F.7(420)/VAT/ Policy/2011/PF/761-767Dated 16th February, 2015]

Assam VAT

  1. E- filing of details in transportation of goods Notification No. LGL.6/2003/108-Dated 6th February, 2015 has inserted a new sub-Section (3A) in Section 75 which provides that the owner of any goods or the transporter of such goods or the person in-charge of the goods vehicle carrying such goods shall also furnish relevant information in the electronic format online as may be prescribed.

Further a new clause (aa) has inserted in Section 77 (2) which provides that where any taxable goods are consigned by railway, river, air or post from a place outside the state for delivery to a dealer inside the state, the importer shall not obtain or cause to be obtained delivery thereof unless he files details of vehicle, consignment and statutory form online in advance before the goods carrying vehicle reaches delivery point.

[Notification No. LGL.6/2003/108 – Dated 6th February, 2015]

Andhra Pradesh VAT

  1. Guidelines issued regarding conducting of Audit and Assessments in Rule 59 of APVAT Rules, 2005.

Circular CCT’s Ref. No.                                Enft/E3/7 16/2014

Dated: 11th February, 2015 provides guidelines in respect of VAT Audits and Assessments for allocation/selection of the cases for audit by the officer in charge.

[Circular CCT’s Ref No. Enft/E3/7 16/2014 Dated:

11th February, 2015]

  1. Purchase/sale details are required to be provided along with Return.

Notification No. GOMS. No. 26 Dated: 05th February, 2015 Provides that details of purchases from registered VAT dealers in Annexure-I and sales to

registered VAT dealers in Annexure-II has to be submitted along with the Tax return. The details procedure in this regard can be viewed in the Notification.

[Notification No. GOMS. No. 26 Dated: 05th February, 2015]

(Matter on FEMA has been contributed by CA. Manoj Shah and CA. Hinesh Doshi)

  1. Overseas Direct Investments by ; proprietorship concern/unregistered partnership firm in India Notification No. FEMA.325/RB-2014 dated November 12, 2014 and A. P. (DIR Series) Circular No.59 dated January22,2015

Keeping in view the changes in the definition/ I classification of the exporters as per the Foreign I Trade Policy of the Ministry of Commerce and I Industry it is decided to review the policy framework I for Overseas Direct Investments (ODI) by a I proprietorship concern/unregistered partnership I firm in India. Accordingly following revised terms and conditions are required to be complied with for considering the proposal of ODI, by a proprietorship concern/unregistered partnership firm in India, by the Reserve bank under approval route:

  1. The                 proprietorship         concern/unregistered

partnership firm in India is classified as ‘Status Holder’ as per the Foreign Trade Policy issued by the Ministry of Commerce and Industry, Government of India from time to time.

  1. The                 proprietorship         concern/unregistered

partnership firm in India has a proven track record i.e. export outstanding does not exceed 10% of the average export realisation of the preceding three years and a consistent high export performance.

  1. The Authorised Dealer is satisfied that proprietorship concern/unregistered firm is a KYC (Know Your Customer) compliant, engaged in the business and has turnover as indicated.
  2. The entity has not come under adverse notice of any government agency and does not appear in exporter’s caution list of the Reserve Bank or in defaulters list of the banking system in India, and
  3. The amount of proposed investment outside j India does not exceed 10 percent of the average I

 

Legal Update

 

 

 

of last three years export realisation or 200 percent of the net owned funds of the entity, whichever is lower.

Necessary amendments to the Notification No. 120 have been issued vide Notification No. 325/RB- 2014 dated November 12,2014.

  1. Foreign Direct Investment-Review of FDI Policy (Sector Specific-Construction Development) Notification No. FEMA.329/RB-2014 dated December 8, 2014 and A.P. (DIR Series) Circular No. 60 dated January 22,2015

The extant FDI Policy for Construction Development sector has been reviewed and accordingly, effective from 3rd December 2014 100% FDI under automatic route shall be permitted in Construction Development sector subject to conditions specified in Press note No 10 (Series 2014) dated December 3,2014 issued by DIPP.

Reserve Bank has since amended the Principal Regulations through Foreign Exchange Management (Transfer or Issue of Security by a Person Resident
outside India) (Sixteenth Amendment) Regulations, 2014 notified vide Notification No. FEMA.329/2014- RB dated December 8,2014.

For detailed amendments, please refer the said notifications on RBI website available at: http://rbidocs.rbi.org.in/rdocs/notification/PDFs/ NT329FEM140115FN.pdf

  1. Depository Receipts Scheme Notification No. FEMA.330/RB-2014 dated December 15, 2014 and A.P. (DIR Series) Circular No. 61 dated January22,2014

A new scheme called ‘Depository Receipts Scheme, 2014’ (DR Scheme, 2014) for investments under ADR/GDR have been notified by the Central Government effective from December 15, 2014 which provides for repeal of extant guidelines for Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993 except to the extent relating to foreign currency convertible bonds.

 

 

Education

Give More benefits to employees and Get higher performance

BENEFITS AND REWARDS SERVICES
Great Choice across fast-food chains, restaurants, cafeterias, food courts etc.
Hassle Free, Flexible and Customizable
Substantial Cost Savings
Multi-location delivery
Accepted in 20,000 Outlets across 1500 cities
sodexo

QUALITY OF LIFE SERVICES

Dissatisfaction
Benefits
For Sodexo Benefits, please call us at 1800 102 2423, Email us at benefits.in@sodexo.com, Visit us at www.sodexobenefits.in

Employee happiness has got a new formula. Sodexo Benefits and Rewards services offer great tools to keep your employees motivated and engaged. Employees across more than 10000+ corporates and Top PSUs have benefited with Sodexo as a part of their Employee Benefit Plan. Do you have it in yours ?

Report

Special Address: Mitigating Risk & Promoting Certainty—Regulatory Perspective

Welcoming the speaker for the Session, ICAI past-President CA. G. Ramaswamy (2011-12) informed that the Quality Review board that frames rules for quality review had been formed to advice steps that could be undertaken to improve audit quality.

Quality Review Board Chairperson Shri M. C. Joshi discussed the functions of QRB, especially in mitigating risk and promoting certainty and said: growth should be in line with employment. We need investment in Infrastructure. Transfer of capital seamlessly over the globe has its own pros and cons. He informed that world over the process of independent review of audit firms was gaining momentum and that Public Company Accounting Oversight Board of United States is inspecting 64 Indian Audit firms on various parameters. He made an appeal to ICAI members to register themselves on www.qrbca.in.

The vote of thanks for the session was proposed by ICAI Central Council member CA. Babu Abraham Kallivayalil.

TWo Concurrent Sessions International Networking Summit for Practitioners Acknowledges Rising Opportunities

The International Networking Summit was organised on the sidelines of the International Conference on Accountancy Profession, as a concurrent session on 30th January 2015, to strengthen CA firms through networking, merger, acquisitions, etc. ICAI President

  1. K. Raghu praised the Indian chartered accountants for their proven training, skills and competence. ICAI Vice-President CA. Manoj Fadnis acknowledged that multiple opportunities existed if chartered accountants were willing to catch up with emerging professional trends. Apart from speakers like CA. Mahesh Jaising, CA. Guru Prasad M. and CA. Chetan Venugopal, ICAI past-Presidents CA. Amarjit Chopra and CA. G. Ramaswamy, Central Council members CA. Anuj Goyal, CA. Sumantra Guha, CA. Vijay Kumar Gupta and CA. Sanjay Agarwal, and Bangalore Branch Chairman CA. Babu K. Thevar also shared their experiences.

Young CA Member Meet—Opportunities Await for Competent Professionals

Young CA Members Meet was organised on the sidelines of the International Conference as concurrent session on 30th January 2015 in Bengaluru, to explore the opportunities and challenges that young professionals face in future. ISACA President Robert Stroud talked on how technology could play a disruptive role in business and how it could be an enabler too in new business models. CA. Padam Chand Kincha said that professionals must have a passion to excel and that the motive for young members should be to learn rather that earn. CA. Shekher Vishwanathan said: One should be able to provide inputs on various risks, opportunities and should evolve as a strategic thinker and learn to collaborate with other professionals in the business. Overall, everybody felt that young CAs must have effective communications skills in order to rise professionally.

Rule 6: Balance and re-balance your investments as you age.

You must maintain a proper balance in investments among different asset classes. As you grow old, you also need to re-balance your portfolio. Ideally, your exposure towards equity (in percentage) should be 100 minus your age. You may have higher allocation towards risky equity asset class in the early stage of your life as there is limited financial liability at that time. But with growing age, a substantial portion of wealth should be transferred to fixed income instruments, which will provide stability to the portfolio.

To get your FREE copy of ’12 Rules to Invest Wisely’, call 1-800-209-5005 or SMS ‘MFGUIDE’ to 56767

An investor education initiative from

Deutsche Mutual Fund deutsche.mutual@db.com

www.dws-india.com

Sponsored by Deutsche Asset & Wealth Management

Mutual Fund investments are subject to market risks; read all scheme related documents carefully.

 

Report

Special Session: Profession and Emerging Digital Landscapes

 Post-lunch session on profession and emerging digital landscapes was important from the perspective of ongoing global technological revolution and likewise changes in accountancy profession.

ISACA President Mr. Robert E. Stroud addressed the delegates on the theme of cyber security and how this will give rise to new opportunities in employment sector in the times to come. He spoke at length on the topic, Holistic Approach to Cyber Security—From Boardroom to Operations. ICAI past-President CA. B. P. Rao introduced the ISACA President. ICAI Central Council member CA. Babu Abraham Kallivayalil proposed the vote of thanks on the occasion.

 

CPA Australia Executive GM Mr. Robert Thomason addressed the delegates on revolution in digital education, CPA Australia, and the response of CPA Australia to the revolution. He discussed the relationship between Australia and India considering the presence of various mutual concerns, and stressed how being innovative could add to development. CA. N. Nityananda introduced the CPA Australia Executive GM to the delegates and SIRC Regional Council member CA. Nithin Mahadevappa offered the vote of thanks.

Special Address: Connected World -The Emerging Landscape, Visualising the Future

 

Addressing the audience on an interesting them Connected World-Ihe Emerging Landscape Visualising the Future, Tally Solutions Pvt Ltd. Co-Founder and Managing Director Shr Bharat Goenka highlighted a shift in enterprisi computing from few large organisations havinj data processing centres to the next wave o consumerisation of enterprises wherein th< internet becomes a way of life. He mentione< that transaction authentication would becomi implicitly bilateral and enterprise privacy woul< have the same contours as personal privacy.

This session was moderated by ICAI Centra Council member CA. Charanjot Singh Nandi and the vote of thanks was presented by SIRC Regional Council member CA. Cotha S Srinivas.

Session IV: Professional Avenues for Future Growth

 This session comprised twin topics of Towardi Better Global Governance and Cloud Computing Emerging Opportunities for the Profession. ICA] past-President CA. R. Balakrishnan (1986- 87) moderated the session and introduced the speakers.

 

1235

Report r-

Cloud Computing: Emerging opportunities for the Profession INTUIT Strategy & Accountant Ecosystem Head (India) Mr. Aditya Tulsian mentioned the changing trends of Indian consumer behavior towards online services in the field of healthcare, shopping items of daily needs, food, etc., which is basically a change attributed to borderless world evolving due to a paradigm shift in the mode of doing businesses from the brick and mortar format to an online mobile office wherein all the decisions are data-driven. He stated that regulatory and compliance requirements would increase as business environment became more complex.

Towards Better Global Governance ICAEW Regional Director (Middle East) Mr. Michael Armstrong discussed the things for which companies should be responsible for, overarching principles of corporate governance, timing to comply or explain the right approach, diversion of board, and who should be covered by codes. He also explained the approach being followed by the ICAEW towards the corporate governance.

SIRC Regional Council member CA. P. R Suresh proposed the vote of thanks to both speakers of the session.

Final Day: Deliberating Strengthening National Economy— SMEs Empowerment, Vision Building and Sustainable Growth

 

The Last Day of the International Conference on Accountancy Profession—Building Global Competitiveness and Accelerating Growth started with the session on India in 2025 vis- a-vis development in profession and society, and immediately after that a thematic address on attracting foreign direct investment to India was held generating buzz among the delegates. Thereafter, the next sessions were organised on the issues concerning the small and medium practitioners (SMEs). Post-lunch sessions focused on corporate governance and professional opportunities abroad.

Session V: Confluence—Profession and Society: lndia@2025: Agenda for Growth & Development

 

First session of the final (last) day, i.e. Session V, focused on India in 2025 and the agenda for growth and development in the context of profession and society. Member of Parliament and Chairperson, Parliamentary Committee on Energy, and Wockhardt Ltd.’s Founding Chairman and CEO, delivered their wisdom on the vision for national economy, development and growth. ICAI President CA. K. Raghu welcomed the speakers on the dais and introduced the session to the delegates present in the Conference auditorium.

Wockhardt Ltd. Founding Chairman and Chief Executive Officer Dr. Habil Khorakiwala addressed the gathering on India @ 2025: Agenda for Growth and Development and professed that India would soon make a huge difference in global economy. He shared the vision of the Indian Prime Minister that India aimed to achieve to be among the top 50 in two years and top 25 by 2025. He pointed out that generally project took more time than required to get clearance due to unnecessary sequential approval at Central and State departments and offices.

 

Report


ICAI         Central    Council member          CA.

Charanjot Singh           Nanda and          CA.   Babu

Abraham Kallivayalil moderated  the second

part of the Session V.

MP (and Chairmans Parliamentary Committee on Energy)             Dr.           Kirit

Somaiya urged the membership to participate in the India growth story by providing the best of their services to the nation. He said that in a short span of five years, NSE had become a worldwide capital market. He analysed the Indian PM’s missions and their objective, and showed how these missions could be important in developing the national economy. He also touched upon the matter of Ru-Pay card while discussing the success story of India.

ICAI International Affairs Committee (co-opted) member CA. Vinay Mrutunjaya proposed the vote of thanks.

Special Address: Attracting Foreign Direct Investment to India

Gencoval Strategic Services Pvt. Ltd. Chairman & Chief Mentor Mr. Deepak Ghaisas, first Indian CFO to receive the prestigious CFO Asia Award, addressed the delegates on Attracting Foreign Direct Investment to India and said that FDI had played an important role in the process of globalisation in the last two decades and that India couldn’t afford to stay away. He made an appeal to the Government to ensure that money did not come with conditions that would harm the country in a long run.

Bangalore Branch past-Chairman CA. Ravindranath S. N. proposed the vote of thanks.

Session VI: Professional Panorama

After a panel discussion on attracting FDIs, it made sense to discuss the professional scenario in that context and observe what NSE thinks about the country’s finance. ICAI past-President CA. Sunil Talati (2007-08) introduced the session and its speakers.

While speaking on Finance as a Growth Driver for SMEs, NSE Director and Chief Executive Officer CA. Chitra Ramakrishna urged that the

CA fraternity should guide the SMEs and scale them up to an efficient growth. It is due to the fact that every SME in India is closely associated with the chartered accountants for statutory compliance. SMEs look up to the professionals for appropriate guidance for better business, she added. She also elaborated on various initiatives of NSE with regard to the financial needs of SME sector.

Professional Accountancy Organisations-Why Serving SMEs is in the Public Interest!

Providing a brief on business situation in Europe, CPA Ireland Mr. Cormac Fitzgerald informed that 99 % of the business of European Union (comprising 28 countries) comes from SMEs, and this represents 66 % of private-sector employment India has largest SMEs population, i.e. about 48 million, after China, which has about 50 million SMEs. Problems of SMEs in India include access to finance, management training, unnecessary red tape, infrastructure challenges, and competition from major players. Problem of access to finance, Le. most prominent and common in SME sectors, can be overcome by developing common business plan for supply of finance, by supporting SMEs online tool and strategic banking corporation.

ICAI past-President CA. Sunil Talati (2007- 08) proposed the vote of thanks.

 

Report

Special (Video) Address : Accountancy Profession-Meeting Governance Mandate

ICAI President CA. K. Raghu informed the delegates about the fact that IFAC has sent its President’s video message to the International Conference where the IFAC President could not reach due to bad snowstorms in New York.

Through her video message, IFAC President Ms. Olivia Kirtley first extended her sincere apology for not being able to come to Bengaluru International Conference owing to bad weather and snowstorms in New York city and recalled that the IFAC had planned to send its senior delegation to the Conference. She called ICAI President CA. K. Raghu her friend and colleague and congratulated him for chosing the organisational motto—Moving towards New Frontiers. She recommended that good governance is desirable for all kinds of organisations, large and small, public and not-for-profit, and that good governance is central to organisational success.

Address: Empowering SMEs for Development of Region Day 3 started quietly and efficiently on time with a Panel Discussion on Empowering SMEs for Development of Region, where two heads of South Asian accounting bodies discussed the cases of small and medium enterprises in their respective nation.

ICA Bangladesh President Mr. Masih Malik Chowdhury informed the delegates about the condition of SMEs in Bangladesh: although Bangladesh is one twentieth of-India in terms of
land and population, its total SME’s worth is $ 6 million. He acknowledged the vital role that small and medium enterprises played in supporting the economy including a strong support to employment sector. However, he did not forget to point out the lack of finance and funds as the most fundamental issue to be handled in order to develop those enterprises.

ICAI President CA K. Raghu then joined the issue with his spell on Empowering SMEs for Development of Region in the Indian context and said: it is the small and appropriate technologies that empower people more. He informed that these enterprises governed by the Indian Ministry of Micro, Small and Medium Enterprises were the backbone of the national economy since these constituted about 40 % of the total national workforce and total national export, while contributing 45 % of national manufacturing output. He also noted that SMEs employed about 805 lakh people of India.

ICAI Central Council members CA. Shyam Lai Agarwal moderated the session and NIRC Chairman CA. Radhe Shyam Bansal proposed the vote of thanks.

Women Members Meet – A Step towards Empowerment As a concurrent session, Women Members Empowerment Meet was organised on 31st January 2015 to share the insight about the women members’ issues. ICAI President CA K. Raghu inaugurated the Meet, in the presence of his Central Council colleagues CA. Charanjot Singh Nanda and CA Babu A. Kalliyavalil, and addressed the strong audience of about 200 women members and appreciated their commendable progress over the years. CA. Geeta Mathur addressed on Functions of Board-Value Addition by Women Director. Ms B. P. Dakshayani (part of the ISRO Mangalyan Team to Mars), Ms. Pankajam Sridevy (Head of ANZ IT), Ms. Christa Gebhart (Global CFO, Seimens) and CA. Shakuntala Rao (Head IBM Global Services) participated in the Panel Discussion on My way to the

 

Report

Highway. An interactive session at the end of the programme ensured that the basic purpose of holding such a session was truly appreciated by the audience at large.

Session VII: Financial Services Sector-Agenda for Sustainable Growth

In the session on vision of accountancy profession vis-a-vis professional roadmap, ICA Australia CEO Mr. Lee White started by extending a backgrounder on corporate governance that the term has evolved over the past ten years. He brought three areas to the attention of his audience where, according to him, there has occurred a significant change. He then shared some background and current context within the Australian capital markets. He then went on to describe the ASX Corporate Governance Council and its functions. Finally, he commented on risk management: Risk management can easily move to risk avoidance.

Session VIII: Profession in the Next Decade: Embracing Change
issues before accountancy profession, i.e. change, and identified its four drivers—technology, demographics, globalisation and business reporting. Then he discussed its implications on professional bodies, firms in public practice and individual accountants. He informed about the challenges that might come before individual accountants. Firms will face challenges with regard to recruitment of talents, managing human resource and social media, and internationalisation of business.

ICAI Vice-President CA.   Manoj Fadnis

introduced the speaker and    moderated the

session. CIRC Chairman CA.  Nitish Agarwal

and Bangalore Branch Chairman CA. Babu K. Thevar were also present on the dais.

Panel Discussion—Professional Opportunities Abroad In the panel discussion on Professional Opportunities Abroad, Dubai Chapter Chairman CA. Raju Menon, Singapore Chapter Chairman CA. V Ravi Sankar, British Columbia Chapter Chairman CA. Vijay Gupta, Doha Chapter Chairman CA. George Isaac, Abu Dhabi Chapter Chairman CA. Padmanabha Acharya. Toronto Chapter Chairman CA. Amit Goyal. and Muscat Chapter Chairman CA. Umesh Kumar discussed the professional opportunities that were available in their respective nations for chartered accountants, especially the young ones. They discussed various industries where opportunities    were

available and shared the desired professional skills in those overseas assignments.              ICAI

President CA. K. Raghu moderated the panel discussion and ICAI past- CA. Uttam Prakash Agarwal (2009- 10) proposed the vote of thanks to the Foreign Chapters Chairmen for a fruitful discussion.

 

Report

Valedictory Session

Valedictory session of the International Conference, the last session of the Conference, was attended by the ICAI President CA. K. Raghu, along with a galaxy of professional luminaries—four of ICAI past-Presidents— CA. R. Balakrishnan (1986-87), CA. B. P. Rao (1994-95), CA. Uttam Prakash Agarwal (2009-10) and CA. Amarjit Chopra (2010-11)— and Bangalore Branch of SIRC Chairman CA. Babu K. Thevar, among others. Past Presidents
spoke passionately about the importance of International Conference in promoting the Indian profession abroad. They praised the ICAI President for holding the Conference successfully. Bangalore Branch Chairman CA. Babu K. Thevar thanked all national and international delegates, technical speakers and members of the Organising Committee holding them responsible for the success of the International Conference. Bangalore Branch Secretary CA. Pampanna B. E. was also present on the dais. ■

 

 

 

A Institute of Actuaries of India

Who is an Actuary ?
June 2015 >N1\Q Can kppty ?

• Wave a degree In or ate Studying tor Mathematical Sciences:

Maths, Statistics,

Econometrics or any other

•  to Engineer or studying tor it.

•  a,Management Graduate or I studying tor It.

ft • a Chartered Accountant,

|!| Cost Accountant or a ill Company Secretary or Sludylngfot any 01 these,

■ • Have a degree In Finance or studying tor It, or any other, hut you have love tot Mathematics and skills In Numeracy,

An Actuary is business professional who analyzes the financial consequences of risk. In a study covering 200 professions, a career website CareerCast.cpm has found the job ‘actuary1 as the best for year 2013.

REGISTRATIONS CLOSE : 07″‘ Ma
www.icai.org
THE CHARTERED ACCOUNTANT MARCH 2015                       55

Read the full article at:

http://www.careercast.com

Banking \ Blog \ Economic \ Education \ National and International

MPROFIT* Portfolio Management and Accounting Software

Manage Your Stocks, MFs, F&Os, FDs and Other
Assets, View Combined Networth of Entire Family

MPROFIT*

Portfolio Management and Accounting Software

Investor* | Trador* | Advisors | Corporates | F»«ayoffic*s | ca»

Manage Your Stocks, MFs 8 Other Assets Simplified Accounting with Bank import §. j  Import From Over 900* Sources

 

Simplified Accounting with Bank Import and auto generated vouchers from Portfolio Management

Import contract notes, mutual fund and bank statements from over 1,000 sources

Capital gains reports for Stocks, Equity and Debt Mutual Funds (with orwithout indexation)

Other reports such as Annualised Returns (XIRR), Income Reports, Trial Balance, P&L and Balance Sheet

■ Auto price updates and historical prices

onUne@ EBA amazon.in snapdeall

MProfit Software Pvt. Ltd. | Nariman Point, Mumbai

022-4002-4149 | www.mprofit.in

 

Report
Rahman Khan extended

profession in the world. He continued: Then: Being a 66 year-old institution, the ICAI with more than 235,000 members and 832,000 students, has played a crucial role in the economic development of our country…it has to play a bigger role in reforming the government accounting managing the losses of PSUs and investing in financial research.

Chief Guest Union Minister for Railways Shri (CA.) Suresh Prabhu made hard and important statements, and congratulated the ICAI President for his commendable job. He expressed:     The Institute

must align immensely with the national priority schemes such as Make in India, Swachh Bharat Mission and Jan Dhan Yojana. He made an appeal to the ICAI to adopt Indian railway stations and help them in keeping them neat and clean. According to him, the mantra to accelerate growth is: search for domestic and global market and develop competition in overseas market. He

advised the ICAI to launch portals where ICAI and Railways can work together.

ICAI Vice-President CA. Manoj Fadnis proposed the vote of thanks. He thanked both the Chief Guest and the Guest of Honour for their august presence, and expected that participants would be immensely benefited by the sessions and panel discussions of all the three days of the Conference.

Special Address—

Accountancy Profession-Meeting Governance Mandate ICAI Central Council member CA. Charanjot Singh Nanda hailed the role being played by various regulatory bodies

of SAARC countries under the supervision of SAFA. ICA Nepal President CA. Narendra Bhattarai drew the delegates’ attention to the situation of poor governance in most developing countries. He categorically appreciated the Indian Prime Minister for putting governance on high pedestal, i.e. Minimum Government, Maximum Governance. Chartered accountants with their character, capacity and commitment could play a decisive role in governance, he expected.

SAFA President Mr.

Arjuna Herath provided a brief account of SAFA, its activities and reminded the accountancy professionals that there could be many who talked about corporate governance but no single entity was custodian of corporate governance; chartered accountants could contribute here and professional rise across the entire South Asian region.

In the Session on India Emerging as Global

Accountants’ course today is highly cost-effective in nature when compared to other professional courses, and this fact has helped the students from even very humble background in joining the journey of accountancy profession. He reminded the delegates that the ICAI today is the second largest accounting body and accountancy is the most popular profession in the world. ICAI President assured all the participants present that ICAI had been pursuing the agenda of accountancy through its 5 Regional Councils, 147 Branches and 26 Foreign Chapters in the world. ICAI has actively contributed to the all three special initiatives of the Indian Prime Minister, i.e. Swachh Bharat Abhiyaan, Make in India campaign and Jan Dhan Yojana, while extending unceasing support to all government departments and offices.

Get going… and growing with DBS

DBS are pioneers of office business spaces in India. We offer offices of different sizes and capacities designed to keep pace with your needs.

OFFICE

BUSINESS

CENTERS

❖  Bangalore: DBS House, Cunningham Road, Tel: 080-4050 9200

❖  Chennai: DBS House, Cathedral Garden Road, Tel: 044-4050 9200

❖  Hyderabad: DBS House, Sardar Patel Road, Tel: 040-4050 9200

❖  Kolkata: DBS House, Hungerford Street, Tel: 033-4050 9200

❖  Mumbai: Raheja Chambers, Nariman Point, Tel: 022-4050 9200

❖  DBS Heritage House, Fort, Tel: 022-4077 9100

❖  New Delhi: World Trade Tower, Barakhamba Lane, Tel: 011-4050 9200

Flexible Office Solutions

You run your business while we run your office

DBS gets your business going and growing.

r

www.dbsindia.com

 

Heport

a Mohandas Pai, Padma Shri awardee, advised the Indian professionals to increase their global competitiveness and that India must adopt the best global practices in accountancy, bring its regulations at par with the global standards, and provide chartered accountants an environment 3. where they could provide services globally with 4. ease.
The | session was moderated by ICAI Central Council member CA. Abhijit Bandyopadhyay
and the vote of thanks was proposed by ICAI Central Council member CA. Praful Chajjed.

ONGC Executive Director Shri Alok Mishra addressed the delegates on Corporate Social Responsibility- Responsible Growth; Inclusive Development while   justifying

how   corporate

social responsibility could actually lead organisations to attain a sustainable, inclusive and responsible development.

Releases/Launches

The first day also witnessed releases and launches of books and service portals at the hands of the Chief Guest Union Railways Minister Shri (CA.) Suresh Prabhu during the inaugural session.

Portals

  1. Portal for Senior Members
  2. BNA Bloomberg
  3. ICAI National Helpline Books
  4. FAQs on Management Accounting
  5. Technical Guides on Service Tax-Works Contract, CENVAT Credit, Mizoram VAT, Assam VAT, Uttarakhand VAT and Delhi VAT

Goods & Service Tax Kit Compendium of Generic Internal Audit Guide (Vol. I & II)

Day 2: Ind AS Implementation Deliberated from Perspectives of Regulators, Corporates and Government

International Conference on Accountancy Profession—Building Global Competitiveness; Accelerating Growth proceeded to DAY 2 successfully with enthusiastic participation of delegates and positive and constructive deliveries of national and international high-profile and prolific technical experts/ speakers. The day started on a strong note with its first session on financial reporting with a focus on governance and sustainability.

Session I: Essence of Reporting- Governance and Sustainability

ICAI Central Council member CA. Shiwaji Bhikaji        Zaware

welcomed the audience while informing the audience about three levels of reporting,

Organizations end up in compliance issues as they are not able to manage their records efficiently. Organizations across the globe trust Recall to manage their records in a SAFE, SECURE AND COST EFFECTIVE manner.

Contact Recall

©91-22 66714773/772 0 sales-india@recall.com 0 www.recail.co.in Toll Free : 1-800-266-0020

® We have Presence In : Mumbai, Delhi, Chennai, Banglore Hyderabad and we also support PAN INDIA
recall

Your Information. Securely Managed.

Recall, a global leader in Information management, securely manages records of 80,000 customers in 24 countries spread across 300 information centres through a well trained team of 5000 members. It securely stores 100 million+ cartons worth of records globally in state-of the-art facilities that meet strict measures of security, fire prevention, and surveillance. Recall is the first information management company to achieve global ISO/IEC 27001 certification.

Our Services

Storage of Records

Offsite and Onsite digitization of records Secure storage of critical documents in Vaults Scanning solutions for AP and HR Storage, rotation and protection of back-up tapes Secure destruction of records

 

Report

Special Address—Essence of Leadership and Contours of Holistic Living

The Art of Living spiritual leader Sri Sri Ravi Shankar brought a thematic shift in the ongoing discussion of the International Conference and spoke on leadership and its connection with the

i.e. environmental, economic and social, as ingredients of integrated reporting.

The first session started on a positive note with a powerful delivery from the Chief Strategy Office of the IIRC (International Integrated Reporting Council), Mr. Jonathan Labrey, on the topic, Moving towards Integrated Reporting. He advised the delegates that in order to deal with financial instability and capital core solution, intellectual, human and natural capitals including strategy and business management could be introduced. Integrated reporting environment that can bring consistency in reporting norms globally can be achieved by encouraging innovation, gaining trust from long-term investors, etc., among others.

ICAI Central Council member CA. Shiwaji Bhikaji Zaware offered the vote of thanks and appreciated the speaker for his message of live and let live and his practice by that.

IFRS Implementation: Key Learnings The second part of Session I, i.e. Essence of Reporting—Governance and Sustainability, started with an assortment of perspectives (e.g. regulators, corporate and government) on the issue of IFRS implementation. ICAI Central Council member CA. Sanjay Agarwal introduced the speakers and moderated the session.

To provide the Indian Government’s perspective on IFRS implementation, Ministry of Corporate Affairs Joint Secretary Shri Ajai Das Mehrotra presented the views and opinions of the Government on the matter.

He accepted that the Government had recognised the role of chartered accountants, and the Section 211 of the Companies Act, 1956 and Section 133 of Companies Act, 2013 could be referred to corroborate the same.

While recognising the importance of universal financial reporting for a robust economy, he informed that the implementation of Indian accounting standards had been proposed in three phases.

ICAI President CA. K. Raghu then invited the next speaker to address the corporate perspectives of the IFRS implementation. A series
of perspectives in implementation was reported by Executive Director and Chief Finance Officer of WIPRO Ltd., CA. Suresh Senapathy, who said that raising funds across borders was going to be an increasing trend, while highlighting the Indian PM’s vision of upgrading India’s economy from a $2 trillion to $20 trillion. He discussed the preparedness of India to implement IFRS by redesigning the IT and MIS systems, assessing impact on debt covenants and ratios, calibration of compensation measurement systems, etc., among others. India must embrace IFRS and lead with advocacy in the international community collaboratively.

NACAS (National Accreditation of Accounting Standards) Chairman (and ICAI past-President) CA. Amarjit Chopra provided an insider’s perspective on behalf of the nations’ regulators. He appreciated the robust process followed by ICAI in formulating the Indian accounting standards converged with the IFRSs and their commendable job in this regard. He said: ICAI took IFRS as the starting point and made required changes in sync with the accounting principles and practices and economic conditions prevailing in India. He said: For me, IFRS means Indian Formulated Reporting Standards.

ICAI Vice-President CA. Manoj Fadnis and Central Council member CA. Sanjeev Chaudhary were also present on the dais during the session.

 

every SMALL BUSINESS idea has a BIGGER POTENTIAL
Realise it with Union Bank’s

MSE Loans

Hassle-free Loans for Micro & Small Businesses

Attractive Collateral-free loans upto ?100 lakhs
Rate of Interest under CGTMSE scheme
zjfotelof ^ In) Union Bank

iiimif&n                         *                                         of India

3TS& ofpri srt&T                                Good people to bank with

 

 

 

Report

holistic approach to living. He informed that life might be viewed through three Cs—context to life, commitment to life and compassion. He indicated the fact that we were more committed to accessories and infringements rather than to the life’s core. He conducted yogic and meditation exercises with the delegates and said that such exercises that are easily doable in office could help us in having a stress-free life.

ICAI Central Council member CA. Anuj Goyal offered the vote of thanks to the spiritual leader. ICAI Vice-President CA. Manoj Fadnis was also present on the dais.

Session II: Managing Change – Regulation and Developmental Context

ICAI Central Council member CA. Naveen N. D. Gupta moderated this post-lunch session. He said that change was the only constant thing in the world.

Accountancy and assurance expert CA. P. R. Ramesh took the opportunity to address the delegates on Assurance Services: Moving beyond Regulatory Requirements Global Perspective and informed that assurance function had moved towards risk-based function and that the role of auditors was dynamic in scope. He said that auditor independence is one of the fundamental professional challenges. There are three essential phases of a transformation—orient (explore and envision), embark (design and act) and evolve (learn and adapt). In order to survive, human beings would have to justify and create value in what they do, he opined.

The vote of thanks for the session was jointly proposed by the ICAI Central Council members CA. Mukesh Singh Kushwah and CA. Atul Kumar Gupta.


Special address: International Taxation- Building Industry Competitiveness in the Borderless Economy

While speaking on international taxation, industry competitiveness and borderless economy,

  1. T. P. Ostwal stressed on a strong relationship between global trade and IT practices, and informed that technology evolves faster than taxation; therefore, taxation had to be updated. International mergers and acquisition, inbound structuring, taxation of immigrants and emigrants, and advance pricing arrangements are among the emerging areas in global practice in taxation. E-commerce is another challenging sector for taxation.

This session was moderated by ICAI Central Council member CA. Dhinal Ashwinbhai Shah and the vote of Thanks was offered by the ICAI Central Council member CA. M. Devaraja Reddy.

Session III: Management and Leadership: Frontiers of Growth

In the third session, Le. Management and Leadership—Frontiers of Growth, ICAI Central Council member CA. Charanjot Singh Nanda introduced the speaker, Shri Ashish Kumar Chauhan and welcomed him.

BSE (Bombay Stock Exchange) Managing Director and Chief Executive Officer Mr. Ashish Kumar Chauhan informed that he clearly dreamt of a situation when inflation, fiscal deficit and current account deficit would come down. Other than them, goods and services tax, labour laws and revenue deficit are other problematic issues. He praised technological developments (e.g. nanotechnology, cloud campus, robotics, etc.) for effecting a positive change in industry. Role of a stock exchange is to mobilise household savings, channelise savings for capital market use, fund entrepreneurs who create jobs, etc., among others.

ICAI Central Council member CA. Jay Chhaira offered the vote of thanks