10 BCASNewsletter · 2017. 10. 17. · Accounts & Audit Clinic The next Accounts & Audit Clinic will be held on Saturday, 4th June 2011, from 10.30 a.m. to 11.30 a.m. in the library

BCAS Newsletter I May 2011 1

Vice-President’s Communiqué

Harnessing Talent and Providing Quality Service

Vol. 14 n No. 2 n May 2011

n A Monthly Newsletter of the Bombay Chartered Accountants’ Society

For Members only. For Private Circulation only. Price: ` 10

BCASNewsletterDear Member,

As I write this communication the media is full of reports on the killing of dreaded terrorist Osama Bin Laden. With his demise the war on terror has reached a milestone, though it has not ended. Terrorism will abate only when those indulging in it realise that they have chosen the wrong path.

On 29th and 30th April the Society arranged a power summit. The programme arranged by the Infotech and 4i Committee was a great success. Ninety three participants deliberated for two days on various subjects. Collaboration in every field is the order of the day and the profession cannot remain isolated from this concept. At the pace at which business around the globe is growing and regulations that govern it are becoming increasingly complex, it is impossible for an individual or a small group to render the full gamut of services. We must learn that by sharing our knowledge, experience and expertise in a given field we would be able to add value to those who require our services. I hope that the power summit will be a catalyst for networking and other steps in that direction.

While we must come together in order to add value to our clients, it is equally essential that various professional bodies cooperate and collaborate in order to ensure that their voices and concerns are heard by the authorities. Further it is only when various like-minded institutions share thoughts that the new concepts will emerge. Keeping this in mind the Society organised a brainstorming session in which various professional bodies deliberated on the issues regarding joint representations, students' activities, and other matters concerning the CA fraternity. Apart from subjects of professional interest the meeting also discussed as to how a professional can contribute to the nation-building process and discharge his responsibilities in that regard. While we are rendering services to our clients we must not forget that we are citizens of this country and have duties towards the nation as well.

This is the time when many of you will be taking a short holiday along with family members. While we are preoccupied with our work and other social responsibilities we must not forget that we owe a duty to our family as well. So enjoy a well-earned holiday and come back refreshed and rejuvenated!

With warm regards, Yours truly,

CA. Pradip Thanawala

7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020. Tel. Nos. : 61377600; fax: 61377666 Email : [email protected]; Website : www.bcasonline.org

PROGRAMMES AT A GLANCE

President: Mayur Nayak, 93242 71980;[email protected]

Vice-President: Pradip Thanawala, 98200 45632; [email protected]

Hon. Jt. Secretaries: Deepak Shah, 98201 48536; [email protected] Nitin Shingala, 98200 57694; [email protected]

Hon. Treasurer: Raman Jokhakar, 98208 77976, [email protected]

Study Group on International Economics .................................... 17-05-2011 ................... Lotus Hall, BCAS Premises .................................................................................. 3Half-day Workshop on LLP ......................................................... 11-06-2011 ................... Walchand Hirachand Hall, 4th Floor, IMC,Churchgate, Mumbai.......................... 2BCAS Students Annual Day Program .......................................... 11-06-2011..................... Direct I-Plex, Andheri (W) ................................................................................... 4Seminar on Laws Impacting Financial Services’ Sector ............... 18-06-2011..................... The Ambassador Hotel, Churchgate .................................................................... 7One Day Camp for Tree Plantation ............................................... 19-06-2011..................... Matuniya Village ................................................................................................. 85th Residential Study Course on Service Tax & VAT .................... 24-06-2011..................... The Corinthians, Pune ........................................................................................ 3Advanced FEMA Conference ....................................................... 1-07-2011..................... M. C. Ghia Hall, Kalaghoda ................................................................................. 7Transfer Pricing Seminar .......................................... 15-07-2011..................... Hotel J. W. Marriot, Vile Parle (West), Mumbai ................................................... 9International Tax & Finance Conference, 2011 ............................ 12-08-2011..................... Infosys Leadership Institute Campus, Mysore ..................................................... 10Workshop on Drafting of Agreements, Deeds and Documents ... 19-08-2011..................... Terrace Hall, West End Hotel, New Marine Lines, Mumbai .................................. 9Lecture Meetings ......................................................................... 15-06-2011, 22-06-2011& 29-06-2011 ......................................................................................................... 1

Lecture MeetingVenue I Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai - 400020Day, Date & Time I Wednesday, 15th June 2011, 6.15 p.m.*Speaker I CA. Atul BhedaSubject I Overview of XBRL

Venue I Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai - 400020Day, Date & Time I Wednesday, 22nd June 2011, 6.15 p.m.*Speaker I CA. Mukesh Trivedi CA. Vipul GandhiSubject I Filing of Income-tax returns for A.Y. 2011-12

Venue I Patkar Hall, SNDT Women’s University, 1, Nathabai Thackersey Road, Mumbai - 400020Day, Date & Time I Wednesday, 29th June 2011, 6.15 p.m.*Speaker I CA. Mohandas Pai, Director, InfosysSubject I India@2030 (under the auspices of Dilip Dalal Oration)* Fellowship over a cup of tea at 5.45 p.m.

BCAS Newsletter I May 20112

Right to Information ClinicBCAS Foundation operates a Right to Information (RTI) Clinic on regular basis. RTI Clinic is operated by Mrs. Hema Sampat, a research scholar on the subject of RTI, Mr. A. K. Asher, Adv. & RTI activist and CA. Narayan Varma, Past President, BCAS.

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

The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from BCAS office – 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 21st and 28th May 2011 and 11th, 18th and 25th June 2011. Please call the Society’s office (Ms. Shernaaz: 61377600) to obtain a prior appointment.

Charitable Trust ClinicThe next Charitable Trust Clinic will be held on Friday, 3rd June 2011 from 5 p.m. to 7 p.m. in the library room of BCA Society at New Marine Lines.

Chartered Accountants and Trustees interested in having their queries solved are requested to call the Society’s office (Mrs. Mistry: 61377620) and obtain a prior appointment, latest by noon on the day of the Clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc.

Panel of Advisors:CA. Ratanshaw DamanwalaCA. Shariq ContractorCA. Gautam NayakCA. Anil Sathe CA. Atul Shah

Accounts & Audit ClinicThe next Accounts & Audit Clinic will be held on Saturday, 4th June 2011, from 10.30 a.m. to 11.30 a.m. in the library room of BCA Society at New Marine Lines.

Persons interested in having their queries pertaining to accounting and auditing issues solved, are requested to send the queries by e-mail to [email protected] one week in advance and call the Society’s office (Mr. Rajaram: 61377613) to obtain prior appointment, at least a day before the day of the Clinic. Please note that the Panel will not answer any queries pertaining to tax issues.

Panel of Advisors:CA. Sanjeev PanditCA. Himanshu Kishnadwala CA. Jayesh Gandhi

Taxation CommitteeChairman : CA. Kishor Karia Convenors : CA. Chetan Shah CA. Anil Doshi CA. Kirit Kamdar

The Government has enacted the Limited Liability Partnership Act to provide a new corporate form. Limited Liability Partnership (LLP) is an alternative corporate business vehicle that provides the benefits of Limited Liability but allows its members the flexibility of organising their internal structure as partnership based on mutually arrived agreement. In order to provide an insight into various aspects of LLP, the Taxation Committee of the BCAS has organised a half-day workshop on LLP.

The details of the workshop are as follows:Day, Date & Timing : Saturday, 11th June, 2011, 9.30 am to 1.30 pmVenue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400020.Enrolment Fees : `600 for members and `900 for non-members registering before 31st May, 2011. Thereafter `700 for members and `1000 for non-members. (including contribution of `50 to BCAS Foundation and cost of study material, if any, tea and snacks)

Speakers Topics

Mr. Ashish Ahuja, Advocate Laws & Procedure of LLPs

CA. Pinakin Desai* Taxation Aspects of LLPs

*subject to confirmation

In view of limited seats, members are requested to register early. Registration will be strictly on first-come-first-served basis.

JOIN US ON 11TH JUNE, 2011

Please fill in the form below and send it to us urgently. We really would not like you to miss this Workshop only because you were late and someone else was faster than you! Enrolment will, on account of space constraints, be restricted to a “first-come-first-served” basis.

Enrolment form is printed on page 14.

Half-day Workshop on LLP

Bombay Chartered Accountants’ Society and The Chamber of Tax Consultants will be holding a conference on FEMA on 1st and 2nd July. We have requested the Chief General Manager and other senior officers from RBI to address our delegates. At the conference we wish to make a representation for FEMA issues. For the purpose, RBI has asked us to send our issues for representation by 31st May 2011. This will help RBI in delegating appropriate managers. Members who have any issues / difficulties regarding FEMA may send the same in writing to [email protected] latest by 20th May 2011. Incidentally RBI has constituted a committee under the Chairmanship of Smt. K. J. Udeshi, Ex- Dy. Governor, RBI to review regulatory framework for individuals under FEMA, 1999. You are therefore requested to send in your suggestions at the earliest.

Representation and Conference - FEMA


The Indirect Taxes & Allied Laws Committee of BCAS is pleased to announce the 5th Residential Study Course on Service Tax and VAT at Corinthians Club and Hotels, NIBM Annexe, Pune, from 24th June to 26th June 2011.

Days & Dates : Friday to Sunday, 24th to 26th June 2011Venue : The Corinthians, PuneFees : `7950 per member

Subjects & Paper Writers:

Papers for Discussion:

Topic Paper Writer

Recent Amendments to CENVAT Credit Rules & Impact thereof

Adv. Shailesh Sheth

Indirect Tax Issues in Media & Entertainment Industry

CA. Parind Mehta

Controversies in Service Tax - Case Studies

Adv. G. Shivadass

Papers for Presentation:

Topic Paper Writer

Dual Taxation and Levy of Service Tax on Hotels & Restaurants

CA. S. S. Gupta

Practice in Service Tax – Some Musings

CA. A. R. Krishnan

Notes:

1. The Residential Study Course is open only for Ordinary and Life members of BCAS.

2. Enrolment will commence from 20th April 2011 and will be restricted to 120 members only on first-come-first-served basis.

3. The Course will begin on 24th June 2011 and will conclude on 26th June 2011 after lunch. Delegates can check-in at the hotel from 11.00 a.m. onwards on 24th June 2011.

4. All participants will be accommodated in earmarked rooms on twin sharing basis. The participants are requested, therefore, to indicate in the enrolment form their preference of room partner, if any.

5. The Enrolment Fees is inclusive of lodging, boarding, course material and `50 being contribution towards BCAS Foundation. The participants shall make their own arrangements for travel.

6. Refunds & Substitution: Once enrolled, requests for refunds will not be entertained. However, the Committee, at its discretion, may permit substitution in specific circumstances, provided such request for substitution is received well before the commencement of RSC and the member to be substituted is an eligible member of BCAS.

7. Members from Pune, Pimpri and Chinchwad can join as non-resident participants (only those members whose address is so registered with BCAS). The fees for such members (inclusive of course material, dinner on 24th June and lunch on 25th & 26th June) shall be `3250 per member.

5th Residential Study Course on Service Tax & VAT

Indirect Taxes And Allied Laws CommitteeChairman : CA. Govind Goyal Convenors : CA. Sunil Gabhawalla CA. Toral Mehta CA. Suhas Paranjpe

Study Group on International Economics

International Taxation CommitteeChairman : CA. Pinakin Desai Co-Chairman : CA. Rajesh Kothari Convenors : CA. Gaurang Gandhi CA. Dhishat Mehta CA. Sushil Lakhani

Group Co-ordinators : CA. KK JhunJhunwala, CA. Chirag Vajani

With globalisation of Indian economy, events occurring on International front are directly impacting Indian economy and businesses. In order to keep track of major developments in the world economy and to study their implications, the Committee has started a new “Study Group on International Economics” wherein current developments and issues in international economics are discussed and debated.

The fees for the study group is `1000

Details of the next meeting is as follows:Day and Date : Tuesday, 17th May, 2011Time : 6.15 p.m. onwardsVenue : Lotus Hall, BCAS PremisesSubject : Discussion on Derivative, Economic Survey of our Country and Economy of JapanFacilitator : CA. Rashmin Sanghvi

All members are welcome to join this group. The group will function on self-sufficient basis. Enrolment form is printed on page 14.

Details to be submittedBombay Chartered Accountants’ Society

5th Residential Study Course on Service Tax and VAT24th June to 26th June 2011

Name: .....................................................................................................BCAS Membership No.: ........................................................................Address:...................................................................................................................................................................................................................Tel/Email: ............................. / ................................................................Choice of Room Partner: ........................................................................I would like to act as Group Leader for Paper: (1) ................................................ (2) ....................................................Enrolment Fees: `7950 paid by Cheque/Draft No. …....……….......... Drawn on: ……….....….........................................................Bank.

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

Member / Journal / Student subscribers are requested to inform any change of address of correspondence by e-mail to [email protected] on or before 20th of every month. Intimation received after 20th of the month will be effective from the next month onwards. Please help us to serve you better.

Announcement


Dear Friends,

On Saturday, 11th June 2011 the forum has organised an Annual Day Programme to celebrate its 4th anniversary at Direct I-Plex, Andheri (w) starting from 3:30 p.m.

The Programme holds promise to achieve the following benefits:

Key-note Address:

At the Society it has always been our endeavour to harness talent and provide an environment not only conducive for pursuit of knowledge but also to provide the future chartered accountants a platform to achieve their potential.

Our learned speaker for the day Padma Shri (CA) T. N. Manoharan. shall address the students throwing light on the various challenges that the path beholds and an alternative approach that one can follow to combat those challenges.

Awakening the writer within:

Students pursuing the chartered accountancy course are welcome to participate in the writing competition whereby they can write an essay on any topic of their liking and submit it to us @ [email protected] and mark a copy to [email protected]. Only original ideas and viewpoints need to be expressed through the essays. Any essay found to be copied from the Internet or an existing write-up shall be disqualified.

Your write-ups should not exceed more then 1000 words. The Editorial Committee of the BCAS will assess your contribution and if selected, your essay will be published in BCAJ. The decision of the Editorial Committee is final and shall not be questioned under any circumstances. Three selected best contributions will be awarded a prize. A certificate of participation will be issued to all the participants. Kindly note your essays along with your complete details and your registration number with ICAI should reach us not later than May 23rd 2011.

Elocution Competition 2011 (for CA Students) Saturday, 11th June 2011.

“He came, He spoke, He won” – this is a story of a good communicator. The one who speaks convincingly and impressively wins half the battle. Now here is the opportunity of the year for CA students to present their communication skills. Be little humorous, let your imagination run wild at the Elocution Competition organised by BCAS for CA students under the auspices of Smt. Chandanben Maganlal Bhatt Elocution Fund. Each contestant will be given 5 minutes to express his/her views on any one of the mentioned under topics.

a. Scams (Your Take on Combating It)b. Why I wished to be a C.A.? c. Coping with Stress (Your Mantra decoded)d. An appointment with GOD (Your Agenda for the Meeting)e. 'Freedom of Expression' (Used or Overused)

Those desirous of participating should enrol on or before May 23rd 2011. The best three speakers selected by a panel of judges will be awarded handsomely. An elimination round will take place on June 4th 2011, Saturday at the Society Office, Churchgate, starting from 2:30 p.m.

Strike Fast

A quiz is organised at the Annual Day to enable you to test and gain more general knowledge, basic information on Commerce, Economics, Health, Sports & Entertainment.

Articles of the same firm or self-formed groups can participate and compete as a group. Three prizes will be awarded to the winning team and a certificate for participation will be issued to each participant.

A rotating trophy is up for grabs to be awarded to the winning team’s CA firm.

Do not miss the opportunity to meet and enjoy with your student friends. Enrolment is limited for 200 students.

And above all, a sumptuous buffet to end a wonderful evening.


BCAS’ StudentS Forum

Human Resources CommitteeChairman : CA. Rajesh Muni Convenors : CA. Manish Sampat , CA. Aliasgar Kherodawala, CA. Ashish Fafadia


Annual Day ProgrammeDetails to be submitted

Name:…………………………………………………………………………Contact Nos.

Mobile: …………………………………………Residence Tel : ………….............................…………………Office Tel : ………………………..........................…………..

Email:……………………………………………....…………………………Firm Name:……………………………………………………………………Correspondence Address: …………………………………………………..………………………………………………............................................…..Name of Principal: …………………………………………………………….

Sir/Madam,

Intimation for participation on 11th June, 2011

I am interested in participating in the following events during the Annual Meet organised for students on Saturday, 11th June 2011.

1. Elocution:

My choice of the subject is:a. Scams (Your Take on Combating It)b. Why I wished to be a C.A.? c. Coping with Stress (Your Mantra decoded)d. An appointment with GOD (Your Agenda for the Meeting)e. 'Freedom of Expression' (Used or Overused)

2. Quiz Competition: Yes / NoDo you have a partner: Yes / NoIf yes, then your Quiz Partner’s Name…………………………Quiz Partner’s Firm Name……………………………..

3. Writing competition: Yes / NoMy Choice of Subject is………………………………………………………………………………………………………………….

4. I would like to assist the Students’ Forum in the following manner………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

5. Payment details:`50 being one-time registration fee for the Students’ Forum`500 being annual subscription of BCA Journal at concessional rated for students, thereby entitlement to Students’ Forum. (Optional)`100 being Enrolment fee for Elocution, Quiz & Writing Skills.

Total `............................................................................

Payment Mode: Cheque/ Cash/ Credit CardCheque No: ................................. dated.................................. drawn on……….....................………………………………………Bank

Signature : .........................................................

Payments to be made at BCAS office

Cheques to be drawn in favour of "Bombay Chartered Accountants’ Society",7 Jolly Bhavan No. 2, New Marine Lines, Mumbai 400020.

In accordance with Clause No.18 of the Memorandum of Association of the Bombay Chartered Accountants’ Society, the names of members who have filed their nomination for Managing Committee are to be exhibited. Since the number of nominations is equal to that of the number of posts, no election is necessary.

At the Special Committee Meeting held on 6th May 2011, in addition to the members elected unopposed, six other members have been co-opted to the Managing Committee. The list of elected members and co-opted members is as under:

Managing Committee Elected Members for 2011-12:

President CA. Pradip K Thanawala

Vice-President CA. Deepak R Shah

Hon. Jt. Secretary CA. Nitin P Shingala

Hon. Jt. Secretary CA. Chetan M Shah

Treasurer CA. Raman H Jokhakar

Elected Member CA. Himanshu V Vasa CA. Jayesh M Gandhi CA. Krishna Kumar Jhunjhunwala CA. Mukesh G Trivedi CA. Nandita P Parekh CA. Narayan R Pasari CA. Naushad A Panjwani CA. Sonalee A Godbole

Co-opted Member CA. Bharatkumar K Oza CA. Harish N Motiwalla CA. Manish P Sampat CA. Saurabh P Shah CA. Sunil B Gabhawalla CA. Surin S Kapadia

BCAS Managing Committee 2011-12

Forthcoming Study Circle MeetingBCAS Suburban Study Circle

Date Day Subject Speaker

28-05-2011 Saturday Advance use of Mobile Technology for CA The session will cover important features of smart phones and m-commerce

CA. Samir Kapadia

Venue : Directi Internet Solutions Pvt. Ltd., Direct - I- Plex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East), Mumbai - 400069.Time : 3.00 p.m. to 5.00 p.m.

Always think outside the box and embrace opportunities that appear, wherever they might be.

— Lakshmi Mittal


Title BCAS Web TV

Format Internet Television Live Streaming Service

What do you need A computer with an Internet connection or a cell phone with 3G connectivity and BCAS membership

Mechanism of working Pay the subscription charges for BCAS TV and you will be emailed a user id and password, then log on to www.bcasonline.tv and view the videos or hear the audios of select events conducted by BCAS

Features You can see videos or hear audio recordings on the move on your mobile or on your laptop. The website has been designed for enabling: •LiveStreamingServiceand •Searchforspecificvideosfrommultiplevideoshostedonthesite

Discipline Videos/Audios of selected Lecture Meetings, Workshops, Study Circles, Seminars, etc.

Who can benefit Life and Ordinary Members of BCAS

How to subscribe By cheque/DD/Credit Card: Payment Counter: BCAS, 7, Jolly Bhavan No.2, New Marine Lines, Mumbai - 400020

Imprest: If you are a BCAS member and if you have an imprest account, then you can give instructions to adjust the subscription through the imprest account

Cheques/Pay orders/DDs should be payable at Mumbai in the name of "Bombay Chartered Accountants' Society"

For more information: Call +91-22-61377600 or write to [email protected]

Subscription charges `600 per annum subject to maximum download of 4 GB per month (average 20 videos).

This rate is applicable for the F. Y. 2011-12

Bombay Chartered Accountants' Society

InfoTech & 4i Committee&

Membership & Public Relations Committee present

BCAS Web TV

Lecture Meeting on Recent Amendments in Schedule VI of the Companies Act, 1956 held by BCAS on 4th May, 2011 by Mr. P. R. Ramesh, Chartered Accountant is now available on BCAS Web TV

Other videos on the BCAS Web TV include :•LecturemeetingonDirectTaxProvisionsoftheFinanceBill,2011bySeniorAdvocateMr.S.E.Dastur

·•LecturemeetingonElectronicTaxPaymentsandQuarterlyTDSReturns–recentupdatesandissuesbyDelnazMistry·•TalkonHowtoPrepareforandwriteCAExamsbyMr.T.N.Manoharan

·•LecturemeetingonissuesinBankAuditbyAkeelMaster·•LecturemeetingonRecentDevelopmentsinTDSbyMahendraSanghvi

·•LecturemeetingonFDIPolicyplusIndustry-SpecificIssues(RealEstate,NBFCandTrainingSectors)byAnupShah

Subscribe Now!!!


Advanced FEMA ConferenceInternational Taxation Committee is pleased to announce an “Advanced FEMA Conference”. This Conference is jointly organised by Bombay Chartered Accountants’ Society and The Chamber of Tax Consultants.

The Foreign Exchange Management Act permits cross-border transactions liberally. There are however still several issues which create practical difficulties while executing the transactions. These and other issues will be discussed at the Conference. Chief General Manager from RBI and the professionals will speak at the Conference. Details of the Conference are given below:

Day, Date & Time : Friday, 1st July 2011 – 9.30 am to 1.30 pm Saturday, 2nd July 2011 – 9.30 am to 5.30 pmVenue : M. C. Ghia Hall, Kalaghoda, Mumbai.Fees : `1,200 (including breakfast, lunch (second day), tea/coffee and Conference material) for members of BCAS and CTC. `1,500 for non-members

Topics and Speakers:

Sr. No.

Topics Speakers

1st July 2011

1 Key-note address. Chief General Manager Mrs. Meena Hemchandra.

2 FEMA issues and representation – Discussion with RBI Managers, and their response.

CA. Rashmin Sanghvi, and RBI Managers.

2nd July 2011

3 Outbound investment – including Step-down Ventures, Financial Services, Documentation, Capitalisation of Overseas Ventures, etc. Controversies, issues and case studies,

CA. N. C. Hegde.

4 Inbound investment with special reference to cross border acquisition /merger etc. structuring of trade marks, immovable property, entry route and issues.

Dr. P. P. Shah

5 Import and Export of services including Project Exports.

Eminent Faculty.

6 Offences under FEMA, analysis of section 13, issues relating to Compounding.

Eminent Faculty.

7 Brains Trust Session Eminent Faculties.

Enrolment will be restricted to first 100 participants from both organisations put together.



Full Day Seminar on Laws Impacting Financial Services’ Sector


Course Co-ordinators : CA. Santosh M. Jain

We are pleased to announce a full day Seminar jointly with the Western India Regional Council of ICAI on Laws Impacting Financial Services’ Sector on Saturday 18th June 2011. Chartered Accountants are recognised as financial consultants and are making their mark in the financial sector. The laws relating to Financial Sector are perhaps more dynamic than other areas. There are different regulators governing financial sector such as SEBI, RBI, Stock Exchanges so on and so forth. In order to equip members in practice as well as in industry with laws impacting financial sector a full day seminar is organised.

Details of the Seminar are as under:

Day & Date : Saturday, 18th June, 2011Time : 9 a.m. to 6 p.mVenue : The Ambassador Hotel, ChurchgateFees : `1700 for Members of BCAS and ICAI `2500 for Non Members (The fees includes course material, breakfast & lunch)

Subjects:

Sr. No.

Subject Speakers

1 Issues under SEBI’s Stock Brokers & PMS Regulations

- Compliance Issues/ Common Irregularities/SEBI Audit

CA. Bhavesh Vora

2 Issues under Compliance & Certification for NBFCs

- Compliance issues for NBFCs/Certification of NBFC documents by CA's

CA. Jayant Thakur

3 Issues under Commodity Brokers’ Regulations

- Press Notes issued by FMC/Common Irregularities

CA. Shardul Shah

4 Value Creation strategies for NBFCs

- CIC Directions, Mergers & Acquisitions of NBFCs, FDI in NBFCs, etc.

CA. Anup P. Shah

5 Issues under Mutual Fund Regulations

– Compliance Issues/Common Irregularities/SEBI Audit

Sonali BendkeVice President Legal &

ComplianceMorgan Stanely



Sr. No. Name of Publication - Books / CDs / Papers Price ` Postage `

1 Harmful tax competition—An Emerging Global Issue 100 25

2 CD on the discussions conducted at the 39th RRC 2006 by various paper writers 100 20

3 Right to Know— The Right to Information Act, 2005 (Pack of 10 booklets)(Cheque to be drawn in favour of ‘BCAS Foundation’ in case of Sr. no. 3 only)

50 15

4 Challenges of Change—Always ahead: Diamond Jubilee Conference Paper 125 25

5 International Tax & Conference 2009, Lavasa Members

Non-Members700800

100100

6 Video DVD of Panel Discussion held on 7.8.2010 on Service Tax on Builders and Developers 350 20

7 Papers discussed at the International Tax & Finance Conference 20101) Cross-Border Taxation of Partnership – CA. Hitesh Gajaria2) Intellectual Property Rights – Structuring and Taxation – CA. Pranav Sayta3) Case Studies on International Taxation – Panel Discussion – CA. Vispi T. Patel4) Concept of Beneficial Ownership – CA. Nitin Karve5) Foreign Tax Credit….. Time to make some choices – CA. Ketan Madia6) Transfer Pricing – CA. Shikha P. Gupta7) Case Studies on International Taxation – Panel Discussion – CA. Mukesh Butani

MembersNon-Members

500600

100100

8 Budget PublicationEnglishGujarati

2525

* 2535

Recent Publications9 Model Tax Convention on Income and on Capital (condensed version) 500 **50

100

10 Custom Baggage Rules 50 25

11 Fundamental Rights and Duties of Indian Citizens (At a Glance) 50 25

12 Real Estate Laws 200 100

13 Reporting under CARO 2003, A Compilation Members

Non-Members225275

100100

* Postage Within Mumbai `25** Postage Within Mumbai `50

BCAS Publications for Sale

One Day Camp for Tree Plantation and Visit to Matuniya Village on Sunday 19th June 2011Members of BCAS donated generously for the welfare of Matuniya village, Taluka Dharampur, Dist. Valsad, Gujarat, last year. The said amount was handed over to Vedchhi Pradesh Seva Samiti (VPSS) to carry out the projects.

We have since organised to visit Matuniya Village and have arranged tree plantation program with the assistance of Shri Bhikhubhai Vyas of VPSS on Sunday, 19th June 2011. With your family we warmly request you to join us with your family and witness the welfare activities initiated with your support, we wish to this social responsibility derive immense blessings from the fellow human.

Human Resources CommitteeChairman : CA. Rajesh Muni Convenors : CA. Manish Sampat CA. Aliasgar Kherodawala CA. Ashish Fafadia

It is scheduled to leave Mumbai by Gujarat Express departing at 5.45 a.m. from Mumbai Central and return by Surat Bandra Express departing from Vapi at 5.30 p.m. Arrangement have been made to travel by road to and fro Matuniya village from Vapi.

A Contribution of `1200 (Rupees one thousand two hundred only) per person has been considered to be made by the members joining the program. Please inform about your joining to Event Manager Mr. Amit Singh at [email protected] to enable us to make necessary travel and other arrangements.

The arrangement has been made only for 25 members. Further, with special efforts of Shri Pradeep A. Shah, members of BCAS and others also contributed a Feco Machine (A machine which facilitates Cataract Operations) to the Dhanavantari Trust (Dr. Kanubhai Vaidya) for eye hospital. We have also planned a visit to the Eye Hopital at Vansda, Dist. Valsad. Those who wish to join for the visit to Vansda also, will have to stay overnight and can return on 20th June 2011. (Only ten members will be accommodated for an overnight stay at an appropriate extra cost).

Let us all join to discharge our Social responsibilities.



Two day Transfer Pricing SeminarPurpose of the seminar is to understand the intricacies of the subject at an advance level. The faculty members will endeavour to deal with various practical aspects, including by way of case studies. They will also endeavour to update the members with recent judicial pronouncements and to highlight their experiences in Transfer Pricing assessment.

Details of the Seminar are:Days and Dates : Friday, Saturday, 15th & 16th July, 2011Time : 9.00 a.m. to 6.00 p.m.Venue : Hotel J. W. Marriot, Vile Parle (West), Mumbai-400 058 Fees : ̀ 4,000 for BCAS Members and `6,000 for Non Members (includes course material, breakfast & lunch on both days)

Topics and Speakers:

Sr. No.

Topics Speakers

1 Trance Pricing - Recent Developments and Controversies

CA. T. P. Ostwal

2 Conducting FAR Analysis and Determination of appropriate Transfer Pricing Strategy

CA. Anish Chakravarty

3 Selection of the Most Appropriate Method CA. Shikha Gupta

4 Documentation & Transfer Pricing Study Report - Critical Aspects

CA. Rohan Phaterphekar

5 Intangibles Including recent OECD approach and Intra-group services

CA. Vijay Iyer

6 Thin Capitalisation/Safe Harbor/APAs/Associated Enterprise–Treaty vis-à-vis domestic law/ DRPs – Indian and International experience

CA. Vispi Patel

7 Business Restructuring CA. Darpan Mehta

8 Panel Discussion – Recent issues 1) CA. B. Sanyal2) CA. Rahul Mitra3) Eminent Faculty

Enrolment form is printed on page 14


Course Co-ordinators : CA. Tarunkumar Singhal and CA. Natwar Thakrar

The Indirect Taxes and Allied Laws Committee of the Bombay Chartered Accountants’ Society along with Chamber of Tax Consultants and All India Federation of Tax Practitioners (WZ), has arranged a two-day Workshop on Drafting of Agreements, Deeds and Documents.

Days & Dates : Friday and Saturday, 19th and 20th August, 2011Time : 9 am to 5 pm (on both the days)Venue : Terrace Hall, West End Hotel, New Marine Lines, Mumbai 400 020.Fees : `2100 for Members `2500 for Non Members (Fees inclusive of course material, refreshments, lunch and tea)

The details are:

Topics Speakers

DAY 1 (19/08/2011)

Conveyancing – An Overview Mr. Pravin Veera,Advocate & Solicitor

Important Provisions of Bombay Stamp Act, Indian Stamp Act and Registration Act.

Mr. Pradip Kapadia Advocate & Solicitor

Taxation of Real Estate Transactions Mr. Vipul JoshiAdvocate

Drafting of Agreements for Development and Sale of Immovable Properties (including M.O.U.).

Mr. J. S. SolomonAdvocate & Solicitor

Drafting of Deed of Partition and Deed of Family Arrangement.

Ms. Parimal Y. GolwalaAdvocate & Solicitor

Drafting of Wills Ms. Shilpa ThakarAdvocate

DAY 2 (20/08/2011)

Redevelopments of Properties of Co-operative Housing Societies

Mr. Parimal Shroff,* Advocate & Solicitor

Drafting of Documents relating to Transfer of Flats and Premises in a Co-operative Society

Mr. Ankoosh MehtaAdvocate & Solicitor

Drafting of Agreements under Maharashtra Ownership Flats Act and Maharashtra Apartment Ownership Act.

Mr. Mahesh Shah,Advocate & Solicitor

Drafting of Agreement for Leave and License, Lease Deed, Business Conducting Agreement

Mr. Bankim Desai,Advocate & Solicitor

Limited Liability Partnership Act and Drafting of Documents relating to Limited Liability Partnership

CA. Vijay Kewalramani,

*confirmation awaited


Two-day Workshop on Drafting of Agreements, Deeds and Documents(including Taxation of Real Estate Transaction) Jointly with Chamber of Tax Consultants and All India Federation of Tax Practitioners (WZ)


Your annual membership/subscription has expired on 31st March 2011.

You are requested to renew your membership/subscription now. The hard copy and soft copy of the renewal notice have already been sent to you. Please send your renewal fees to Bombay Chartered Accountants’ Society Office.

Now, you can renew your membership online through the Payment Gateway.

Kindly log on to www.bcasonline.org for more details on renewal of membership.

Kind Attention Members/Subscribers


International Tax & Finance Conference, 2011Dates : August 12, 13, 14, & 15, 2011Venue : Infosys Leadership Institute Campus, MysoreFees : ̀ 9,250/- per person [without Travel facility] including course material, stay on twin-sharing basis, all meals, half-day sight- seeing and `50 contribution to the BCAS Foundation.

Programme Outline:

Sr. No. Papers for Group Discussion Paper Writers

1 Qualification and Characterisation Issues CA. P.V.Srinivasan

2 General Anti Avoidance Rules CA. T. P. Ostwal

3 Case Studies on International Taxation CA. Pranav Sayta

Panel Discussion Panelists

4 Case Studies on International Taxation – Panel discussion CA. H. Padamchand Khincha & Advocate Chythanya K. K.

Papers for Presentation Paper Writers

5 Inbound investment – Private equity fund, VCF, FII – Structuring, regulatory and tax aspects

CA. Shefali Goradia

6 Cross-border Service Tax Issues Advocate Ravishankar K. S.

Travel arrangement:BCAS would make arrangement for travel by bus from Bangalore Airport to Infosys Leadership Institute, Mysore and return. The cost for the same would be `1,500.Due to logistical constraints, the delegates desirous of opting for the travel facility would be required to reach Bangalore Airport by 9 am on 12th August, 2011. On return, the bus will leave Infosys Leadership Institute Campus by 2 pm and reach Bangalore Airport tentatively by 7 pm. Delegates desirous of opting for travel facility should choose the relevant option in the enrolment form.

Eligibility:The Conference is open only for Ordinary and Life Members of BCAS and not for Journal Subscribers and Website Members of BCAS.

Delegate substitution:In the event of inability of the registered delegate to attend the Conference for any reason, he/she should promptly inform the Committee NOT LATER THAN 31St July 2011 by email [[email protected]] indicating the subject as “ITF CONFERENCE 2011 – INABILITY TO ATTEND” with a copy marked to [email protected], [email protected] and [email protected]. At its discretion, BCAS may permit substitution. The substitute too must be an Ordinary/Life member of BCAS. The Committee reserves the right not to admit any substituted person to the Conference in the event a delegate substitutes him/her in his/her place without the prior written consent of the Committee. Request received after 31st July 2011 will not be considered.

Refund:Once enrolled, requests for refunds will not be entertained.

Some Dos and Don’ts while staying at Infosys Leadership Institute, CampusAll the delegates are requested to strictly observe the following dos and don’ts at the Infosys Leadership Institute Campus.

• Photo-IDistobeproducedforsecurityclearanceatMainGate.• Photo-IDistobewornwhileintheCampus.• Laptop,USBdrive,Camera,etc.arerequiredtobedisclosedattheSecuritycounter.Themakeandserialnumberofthelaptopisalsorequired

to be noted on your Photo-ID.• Carrying&consumptionofliquorinsidetheCampusisstrictlyprohibited.• RoomServiceisnotavailable.• AttireshouldbeintunewiththesanctityofacorporateCampus.Wearingofshorts,slippers,homecasuals,etc.isnotallowedwhilemoving

around in the Campus.• NoparkingispermittedinsidetheCampus.• TheCampusisstrictlyaNon-SmokingZone.Smokingintheroomaswellasinthecorridorsisstrictlyprohibited.Smokingispermittedonlyat

designated smoking points.• Walkingonthegrassisnotallowed.• Entrytotherestrictedbuildingsisnotpermitted.



Notes:1. Enrolment will commence from Monday, 9th May, 2011 and will be restricted to 170 members of BCAS only on first-come-first-served basis.

Few seats are reserved for outstation delegates.2. All communication from BCAS would be only by e-mail and SMS. Hence, please fill in the e-mail address and mobile number carefully and in

legible writing3. The Conference will begin in the afternoon on 12th August 2011 and will conclude at around 1.00 p.m. on 15th August 2011 after lunch.

Delegates can check-in at the venue 12 noon onwards on 12th August 2011.4. Cheques/Demand Draft should be drawn in favour of “Bombay Chartered Accountants Society” payable at par at Mumbai.5. For enrolment and any other Conference related issues, please contact only Mr. Cassem Rajabali or Mr. Amit Singh at the BCAS Office.

DETAILS TO BE SUBMITTEDBombay Chartered Accountants Society

International Tax and Finance Conference, 2011Note:

1. Please use block letters and fill complete details for administrative convenience. A form with incomplete details will not be accepted. 2. Photograph is must for issue of Photo ID card for the Conference. 3. Outstation members should pay by Demand Draft/Cheques ‘at par’ only payable at Mumbai.4. Enrolment is open only to Ordinary and Life members of BCAS and not to Journal and Website members of BCAS.

BCAS Membership No.: OM/LM ……………………………………………………………...............….…Name (Mr. /Ms.): ……………………………………………………………………………................….......Company / Firm Name:…………………………………………………………………………...............…..Mailing address: …………………………………………………….................................................…….…………………………………………………………..………………………………………...............…….Tel.: (O)..............................…………. (R)…....…………....…………………Fax......................................Mobile: ………………..........……...... E-mail: ……….....………………………………….........………….(Kindly fill in the email address carefully and in legible writing to enable prompt communication)Age: …………… yrs.Choice of Food: Jain ................................................ / Non-Jain........................................................Choice of room partner................................................................... ………………………………………I would like to lead the group discussion for the paper [please tick in front of the relevant paper]

(1) Qualification and Characterisation Issues (2) General Anti Avoidance Rules (3) Case studies on Cross-border Taxation

Travel arrangement:I would like to opt for the travel facility from Bangalore Airport to Infosys Leadership Institute Campus, Mysore. [Please tick appropriate field.] Yes / No

Payment Details:

Option Particulars Conference Fees Travel Total

I No Travel `9,250 NIL `9,250

II With Travel `9,250 `1,500 `10,750

Demand Draft/Cheque No. ……………………………… Dated ………………Drawn on……………………………………….……………………..................................Bank for `………. ……………………. (Rupees …………................................................................................................…………………….)

I understand and acknowledge that:• In the event of my inability to attend the Conference for any reason, I would promptly inform the Committee and would not substitute any

other person to attend the Conference in my place without the prior written consent of the Committee and that the Committee reserves the right not to admit any person to the Conference in the event I substitute him/her in my place without the prior written consent of the Committee.

• I will not change the room allotted to me without the consent of the organisers.• I am aware that claim for refund is not entertained and that the Committee’s decision in this respect shall be final.• I will strictly observe the dos and don’ts as laid down by the Infosys Leadership Institute during my stay at the Campus.

Signature

Pls affix a passport size photograph

here


BCAS is happy to announce annual formation of Study Circles for the year 2011-12. The BCAS study circles are well known for the very high quality of deliberations that take place in the presence of and under the guidance of seniors and also for the meticulous planning and organisational capabilities of their convenors. The BCAS Study Circle is not only the backbone for you to begin your active involvement in the activities of the BCAS but provide you with following benefits:

• tremendousopportunitiesforenhancingandsharingknowledge• honingyoursoftskills• keepingintouchwithcontemporarydevelopmentsinlawandinpractice• fellowshipamongstyourprofessionalcolleagues

All these would add substantial value to your capabilities and personality. We invite you to partake in the feast of knowledge in the year ahead and join the study circle(s) of your choice. As you are aware, we face a constraint of space and this forces us to restrict the enrolment to a certain number. We therefore sincerely request you to make it a point to attend the meetings regularly. For further information/queries about the study circles, please feel free to contact us at [email protected]. Annual fee details are provided below. The fees are inclusive of `30 as contribution to BCAS Foundation. Kindly note:

(a) Generally, all study circle meetings are held at the Conference Rooms in the BCAS office. In rare cases, we hold the meetings at other venues. The Suburban Study Circles will be conducted at Directi Internet Solutions Pvt. Ltd., Direct – I- Plex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East), Mumbai – 400069.

(b) Any member of the BCAS is welcome to join the study circles. There is no restriction on the number of circles that you can join;(c) It would be our endeavour to hold at least 6 meetings per study circle in the year. However, this would be subject to the availability of group

leaders and chairmen;(d) The term of each study circle is from 1-4-2011 to 31-3-2012.………………………………………………………………………………………………………………………………………………………………………

Details to be Submitted

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

Study Circle No. Subject Fee ` Tick your choice here

I Direct Tax Laws 400

II Indirect Tax Laws 400

III Company Law, Auditing & Accounting 400

IV FEMA 400

V Information Technology 400

VI Human Resource Development 400

VII Internal Audit Studies 400

VIII IFRS 1000

IX BCAS Suburban Study Circle 600

X International Economics Study Group 1000

XI Study Group on International Tax Decisions 1750

BCAS Membership No.: ……………………………………...........................................................................................................................…………Name: …………………………………………………...............................................................................................................…………………………Address: ………………………………………………………..........................................................................................................…………………….……………………………………………………..........................................................................................................……….............…………………Tel (O): …………………….....................……… Tel (R): ………..................……………………… Fax: ………..................................…………………Mobile: ………………………..............…………………… E-mail: ……………………............................................................…………………………Cash/Draft/Cheque No. :……………...…………….. drawn on ……….....................................................……………………………..........…...bank,Dated ………………...……….for an amount of ` …………………………………………..is enclosed. Date: …………………………

Signature

BCAS Study CirCleS For 2011-12



CUT HERE CUT HERE CUT HERE

Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia, Mumbai-400013.

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Licensed to post without prepayment : Licence no. MR/Tech/WPP-158/South/09-11.

Regd. No. MH/MR/South-88/2009-11Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 8th of every month

Please fill in the above form and send the same to the Society’s office along with requisite payment.Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft.Kindly note that the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30 p.m. to 2 p.m. Members are requested to co-operate in this regard. Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed, once the enrolment form is submitted.

STUDY COURSE : Study Group on International 17-05-2011 r1,000 ....................................... One Day Camp for Tree Plantation 19-06-2011 r1,200 per person ................... Economics

WORKSHOP : Half-day Workshop on LLP 11-06-2011 r600 for members ..................... Two-day Workshop on Drafting of 19-08-2011 r2,100 for members ................ r900 for non-members............... Agreements, Deeds and Documents r2,500 for non-members..........

SEMINAR : Full Day Seminar on Laws Impacting 18-06-2011 r1,700 for members .................. Two day Transfer Pricing Seminar 15-07-2011 r4,000 for members ................

Financial Services’ Sector r2,500 for non-members............ r6,000 for non-members.......... Advanced FEMA Conference 1-07-2011 r1,200 for members .................. r1,500 for non-members............

Combined Enrolment Form

Name : ..................................................................................................................................................................................................................Address : ..............................................................................................................................................................................................................E-mail :..................................................... Mobile : .................................................... Tel. : ..................................... Fax : ..................................BCAS Memb. No. : .................................. Tel. (O) : ................................................... Tel. (R) : ............................... Fax : ...................................Choice of food (wherever applicable) .......... Jain Non-Jain Cash/Draft/ Cheque no. .................. Drawn on ............................................................................................. Bank,Dated ......................... for an amount of r........................................................ is enclosed.

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

The Reserve Bank of India has issued the following 3 Circulars

A. P. (DIR Series) Circular No. 44 dated March 15, 2011Exim Bank’s Line of Credit of USD 50 million to the Government of the Republic of Malawi

Exim Bank has made available, subject to certain terms and conditions, to the Government of the Republic of Malawi a Line of Credit of US $ 50 million for financing eligible goods and services including consultancy services from India for financing (i) Cotton Processing Facilities (US $ 20 million), (ii) Green Belt Initiative (US $ 15 million) and (iii) One Village One Product Project (US $ 15 million) in Malawi. Eligible goods and services including consultancy services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services (other than consultancy services) may be procured by the sellers from outside India.

The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and January 31, 2017 in case of supply contracts.

A. P. (DIR Series) Circular No. 45 dated March 15, 2011Introduction of Annual return on Foreign Liabilities and Assets reporting by Indian Companies and discontinuation of the Part B of form FC-GPR

Presently, Part B of Form FC-GPR containing details of all investments made in the company during a financial year, is required to be submitted

From RBIContributed by : CA. Gaurang Gandhi

by June 30 directly by the Company to the Director, Balance of Payment Statistics Division, Department of Statistics and Information Management, Reserve Bank of India, C-9, 8th floor, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051, by June 30th of every year.

However, from this year onwards Part B filing of Part B is being discontinued and in its place a separate ‘Annual Return on Foreign Liabilities and Assets’ is to be submitted by July 15 of every year to the Director, Balance of Payment Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, C-9, 8th floor, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. This new return is to be submitted by all the Indian companies which have received FDI and / or made overseas investment (ODI) in the previous year(s) including the current year.

The new Form is given as Annex – I and the concepts and definitions are given as Annex – II to this Circular.

A. P. (DIR Series) Circular No. 46 dated March 18, 2011Exim Bank’s Line of Credit of USD 100 million to the Ecowas Bank for Investment and Development (EBID)

Exim Bank has made available, subject to certain terms and conditions, to the Ecowas Bank for Investment and Development (EBID) a Line of Credit of US $ 100 million for financing eligible goods and services including consultancy services from India to the 15 member countries of EBID in the West African region viz. Benin, Burkina Faso, Cape Verde, Cote d'Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Eligible goods and services including consultancy services of the value of at least 85% of the contract price must be supplied by the sellers from India, while the remaining 15% of the goods and services (other than consultancy services) may be procured by the sellers from outside India.

The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and November 8, 2016 in case of supply contracts.