EIRC 1st August 2017 �

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

EIRC NEWSLETTERVOL 43 ISSUE : 6 1st AUGUST 2017 ` 10/-

EASTERN INDIA REGIONAL COUNCIL

(Set up by an Act of Parliament)

��EIRC 1st August 2017

EIRC 1st August 2017 �

13 branches are the composition of our Region along with 21 study circles. Whether it is a branch with membership of about 100 or those with membership exceeding 1000 the elected office bearers of all the branches are putting in ‘rock breaking’ effort to serve the members and students. The time and treasure spent by all the elected representatives of the branches is highly appreciable. They deserve our praise, compliments and above all they deserve our co-operation and guidance while they are discharging their duties. The generation next is in possession of a multitude of modern thoughts and ideas while the seniors are a storehouse of experience and when both meet “excellence” is the result. Let us work together to reach the horizon of excellence.

This month EIRC has scheduled a lot of programmes (please refer to Page 4 of this newsletter) which should benefit the members. EIRC will continue to put in its earnest endeavour to equip its fellow brethren to carry out the assigned responsibilities without any hindrance and to facilitate continuous professional education and interactive programmes to share and benefit from diverse experiences and vision of our learned speakers. Your ideas on continuing with this goal will be really appreciated. This year our country would be celebrating its glorious 71st Independence Day. We at EIRC have also proposed to celebrate the pious day in a grand manner by participation from its members, students and employees. Please refer the details and volunteer for the same. Also we have planned a Memorial Lecture in the memory of our Past President of this Region, CA PM Narielvala on the occasion.

Ethics & Professionalism

With the changing times, come the newer ethical dilemmas for the profession. Professionalism is not by qualification but it is an ability to demonstrate ethical choices, values and practices in decision-making and to commit to the practice of personal and professional values. Let us vouch and guarantee not to fall prey to misleading practice and tarnish the image of our Institute. We are here to grow ourselves and help others to prosper along-with us. Let us, as CAs ensure that we carry high the torch of transparency and ethics and continue to inspire future generations through our actions and deeds.

In the words of “William Ganeth”,

“Ethics thought is religious thought,

Ethics felt is religious feelings,

Ethics lived is religious life”.With warm regards

CA Manish GoyalChairman, EIRC of ICAI

Dear professional colleagues,

The CA profession has travelled 68 years and as we celebrated our foundation Day on 1st July, I am sure we all have re-dedicated ourselves to the cause of the society. CA’s by their very nature are concerned about their duties and have always gone way out to serve the various stakeholders. I am proud to be a CA and proud of all my members. We had witnessed the CA Day celebration all around the country and never in the history of ICAI such a large-scale brand building exercise was taken. My

compliments to our President and to all the council members for this herculean task. If one is true to ones duties and responsibilities, it does not matter what some people have commented out of improper information and rather such comments should not be deterrent to our professional brethren to move forward.

I feel immense pleasure in communicating with all my respected, esteemed members in this column at least once in a month. It is difficult to reach out to all members of this region in person and give a patient hearing to understand the problems, demands and expectations of each of us and take necessary steps in addressing them. Through this column, at least I am able to give you certain insights about EIRC and its activities. I am however available over mails (eircchairman@icai.in), mobile (94340-39003). In case you have any issues in which we can discuss, you are welcome to visit.

We Chartered Accountants are always keen to learning and I feel that our earning is just an accretion to our learning process. We are more focused towards keeping ourselves abreast with the latest developments. We professionals should swear by the three ‘P’s i.e., Patience, Practice and Persistence which I believe if possessed by all, no one can deter one to achieve and excel professionally. The world has changed so dramatically over the past decades that we cannot be in the same way as were or how were taught to be. Change can be exhilarating, exciting and on the other hand can be demoralizing and terrifying. However, the learning that comes from change is always beneficial in multifarious ways, difficult to describe. Together we hope that we put our minds in bringing about a change, which results in achieving new milestones for our Region and our country at large.

ICAI Vision 2030 and Strategic Action Plan 2016-2019

Our beloved Institute has set out its Vision for 2030, Mission, Strategic Priorities and Action Plan, which aims at harnessing the opportunities and addressing the challenges, so that by year 2030, ICAI becomes the leader in the world of Accountancy profession. We at Region offer our heartiest support to make this dream true and practical.

��EIRC 1st August 2017

Forthcoming Programme

DAY AND DATE KNOWLEDGE SESSION RESOURCE COORDINATOR VENUE DURATION CPE DELEGATE PERSON HOURS FEES `

EIRC

Wednesday, Internal Financial Control – Operations & CA Animesh Mukhopadhya CA Sanjib Sanghi EIRC Premises, 5.30pm to 3 1202nd August 2017 Audit Aspects in view of Companies Act 2013 Russell Street 8.30pm Spot 150Friday, Seminar on Companies Act 2013 & CSR CS Reema Jain, Delhi CA Nitesh More EIRC Premises, 5.30pm to 3 1204th August 2017 Russell Street 8.30pm Spot 150Saturday, Seminar on Merger & Acquisition CA Pradip Kapsi, Mumbai EIRC EIRC Premises, 9.30pm to 6 7005th August 2017 CA Vinod Kothari Russell Street 5.30pm Spot 800 CA Mohit Bhuteria Monday, 6 Days Morning Workshop on GST Details inside in Page 5 EIRC EIRC Premises, 8.00am to 18 18007th to Saturday, Russell Street 11.00am (Both morning &12th August 2017 Evening Session- Rs 3600)Monday,7th 6 Days Evening Workshop on GST Details inside in Page 5 EIRC EIRC Premises, 5.00pm to 18 2100to Saturday, Russell Street 8.00pm (Only (Both morning &12th August 2017 Saturday 3.00pm Evening Session- to 6.00pm) Rs 3600) Tuesday, Late PM Narielvala Memorial Lecture “Ättitude Swami Sadhu Gnanvatsal Das, CA Anirban Datta EIRC Premises, 11.00am to 2 Free15th August 2017 -The Master Key to Success & Happiness” Mumbai Russell Street 1.00pmFriday, Insolvency & Bankruptcy Code –Professional CA Nirupam Halder, Past Chairman ; CA Sonu Jain EIRC Premises, 5.30pm to 3 12018th August 2017 Opportunities CA Subodh Agarwal, Past President Russell Street 8.30pm Spot 150Saturday, Seminar on Tax Audit & ICDS & TDS Eminent Speakers EIRC EIRC Premises, 2.30pm to 5 60019th August 2017 Russell Street 7.30pm Spot 700Friday, Whitsle Blower & Corporate Financial Mr.Debsis Ghosh, EIRC EIRC Premises, 3.00pm to 5 60025th August 2017 Concern- Reporting & Investigations Chief Internal Auditor, SREI* & Russell Street 8.00pm Spot 700 other Eminent Speakers. Thursday, MSME – Opportunities for CA`s Eminent Speakers CA Sanjib Sanghi EIRC Premises, 5.30pm to 3 12031st August 2017 Russell Street 8.30pm Spot 150Friday, Interactive Session on E-Filling of GST Eminent Speakers CA Sumit Binani EIRC Premises, 5.30pm to 3 1201st September 2017 Returns and Other Compliances Russell Street 8.30pm Spot 150Saturday, Workshop on Concurrent Audit in Banks Details inside in Page 8 EIRC EIRC Premises, 2.00pm to 6 7002nd September 2017 Russell Street 8.00pm Spot 800Tuesday, Investor Awareness Programme Eminent Speakers CA Sonu Jain EIRC Premises, 5.30pm to 2 505th September 2017 Russell Street 8.30pm Wednesday, Issues in Tax Audit CA Sanjay Bhattacharjee CA Sumit Binani EIRC Premises, 5.30pm to 3 1206th September 2017 Russell Street 8.30pm Spot 150Thursday,7th Friday, 3 Days Workshop on GST Eminent Speakers EIRC EIRC Premises, 5.30pm to 10 7008th & Saturday, Russell Street 8.30pm 300 per day9th September 2017 (only Saturday 3.00 pm to 7.00pm) Tuesday, Seminar on ICDS Eminent Speakers CA Anirban Datta EIRC Premises, 5.30pm to 3 12012th September 2017 Russell Street 8.30pm Spot 150Monday, Seminar on ROC Filling & Secretarial and CA Vishnu Tulsyan CA Sanjib Sanghi EIRC Premises, 5.30pm to 3 12018th September 2017 Corporate Law Compliance Russell Street 8.30pm Spot 150Wednesday, Government Accounting- Opportunities CA.Sumitabha Ray EIRC EIRC Premises, 4.00pm to 5 6004th October 2017 & Challenges CA.Partha Ray Russell Street 8.00pm Spot 700Friday, Seminar on International Taxation Eminent Speakers CA Nitesh More EIRC Premises, 5.30pm to 3 1206th October 2017 Russell Street 8.30pm Spot 150

Note: 1. Please note Online registration closes 1 days before the day of the Seminar. 2. Spot Registration will be taken subject to availability of seats at the venue. 3. Out of the Registration Fees collected for each programme Rs 10 per person would be contributed to Chartered Accountant Benevolent Fund 4. Delegate Fees is inclusive of applicable GST

DAY AND DATE PROGRAMME DETAILS VENUE DURATIONIMPORTANT DATES

Tuesday, 15th August 2017 Independence Day Celebration EIRC Premises, Russell Street 9.30am onwards i) Flag Hoisting ii) Ek Subah Desh ke Naam - A Tribute to the Freedom Fighters iii) PM Narievala Memorial Lecture (2CPE)

Saturday, 20th August 2017 Sub Regional Conference jointly organised by Raniganj 10.00 am onwards Raniganj, Asansol & Durgapur Branches of EIRCFriday,22nd & Saturday, 42nd Regional Conference 2017 (12CPE) Science City Auditorium, Kolkata 2pm to 8pm (first day)23rd December 2017 (Details inside in page 9) Fees : Rs.1600 upto 31st August. Rs.2000/- after 31st August. 10am to 5pm (second day)

EIRC 1st August 2017 �

Announcement

STUDY CIRCLESTUDY CIRCLE DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOURCentral Kolkata Chartered Friday, GST Conclave-3 Eminent Speakers CA J P Bagree 6, Lyons Range , 4.30pm to 4Accountants’ 4th August 2017 9830082308 3rd Floor, Unit-2, 8.30pmStudy Circle-EIRC jpbagree@gmail.com Emami Conference Hall, ACAE office,Kolkata-700 001

Central Kolkata Saturday, GST Conclave- 4 Eminent Speakers CA Hari Ram Agarwal 6, Lyons Range , 2.30pm to 4Chartered Accountants’ 12th August 2017 9830630386 3rd Floor, Unit-2, 6.30pmStudy Circle-EIRC gk.sons@hotmail.com Emami Conference Hall, ACAE office, Kolkata-700 001

Views Exchange Tuesday, Seminar on GST CA Manish Gadia CA Kushal Bhuwania BCCI, Williamson 3:00pm to 4Chartered Accountants’ 1st August 2017 CA Shivani Shah 9339779771 & Magor Hall, 1st Floor, 7:00pmStudy Circle-EIRC CA Ankit Kanodia 6 N.S.Road, Kolkata 700001

Views Exchange Wednesday, Seminar on GST CA Pradeep Modi CA Kushal Bhuwania BCCI, Williamson 3:00pm to 4Chartered Accountants’ 2nd August 2017 CA Subham Khaitan 9339779771 & Magor Hall, 1st Floor, 7:00pmStudy Circle-EIRC 6 N.S.Road, Kolkata 700001

Views Exchange Thursday, Seminar on GST CA Arun Agarwal CA Kushal Bhuwania BCCI, Williamson 3:00pm to 4Chartered Accountants’ 3rd August 2017 CA Sourav Gupta 9339779771 & Magor Hall, 1st Floor, 7:00pmStudy Circle-EIRC 6 N.S.Road, Kolkata 700001

Views Exchange Friday, Seminar on GST CA Subham Khaitan CA Kushal Bhuwania BCCI, Williamson 2:00pm to 6Chartered Accountants’ 4th August 2017 CA Manish Gadia 9339779771 & Magor Hall, 1st Floor, 8:00pmStudy Circle-EIRC 6 N.S.Road, Kolkata 700001

Vitta Salahkar Friday, GST CA P D Rungta, CA Anurag Khetan Barabazar Library, 5.00pm to 3Chartered Accountants’ 4th August 2017 Past Chairman,EIRC 9007396036 10/1/1, Syed Salley Lane, 8.00pmStudy Circle-EIRC Kolkata-700073

VIP Road Chartered Saturday, Practical Approach of Tally while Filling Tally Expert & Other CA Rajesh Singhania Emami Conference Hall, 2.00pm to 4Accountants’ Study 5th August 2017 of GST return, Payment,Accounting Entries Eminent Speakers 6 Lyons Range, 3rd Floor, 6.00pmCircle-EIRC and its Problems and Solutions for GST Kolkata-700001

Vitta Salahkar Saturday, GST CA Niraj Harodia CA Bishnu Basia Barabazar Library, 4.00pm to 3Chartered Accountants’ 5th August 2017 9830039928 10/1/1, Syed Salley Lane, 7.00pmStudy Circle-EIRC Kolkata-700073

Vitta Salahkar Saturday, ICDS Eminent Speakers CA Dilip Kumar Parmanandka Barabazar Library, 4.00pm to 3Chartered Accountants’ 19th August 2017 9830091611 10/1/1, Syed Salley Lane, 7.00pmStudy Circle-EIRC Kolkata-700073

Vitta Salahkar Saturday, Tax Audit Eminent Speakers CA Satyanarayan Agarwal Barabazar Library, 4.00pm to 3Chartered Accountants’ 26th August 2017 10/1/1, Syed Salley Lane, 7.00pmStudy Circle-EIRC Kolkata-700073

6 DAYS MORNING/ EVENING WORKSHOP ON GSTDATE & DAY MORNING

TIMETOPIC

(Morning )SPEAKER

(Morning ) EVENING

TIMETOPIC

(Evening)SPEAKER (Evening)

Monday,7th August 2017

8.00 am to 11.00 am

Import & Export Procedures under GST

CA Navya Malhotra, Delhi

5.00 pm to 8.00 pm

Time & Place of Supply CA Navya Malhotra, Delhi

Tuesday, 8th August 2017

8.00 am to 11.00 am

Impact on Hotel, Tourism & Tour & Travel Industry

CA P. Rajendra Kumar, Chennai

5.00 pm to 8.00 pm

Reverse Charge, Composition Scheme

CA P. Rajendra Kumar, Chennai

Wednesday, 9th August 2017

8.00 am to 11.00 am

Important definitions & Interpretations in GST, Jurisprudence in GST

CA.Vinay Shraff, Kolkata

5.00 pm to 8.00 pm

Valuation Rules & Margin Scheme under GST

CA Sandesh Mundhra, Ahmedabad

Thursday, 10th August 2017

8.00 am to 11.00 am

Impact on Real Estate Industry CA Sandesh Mundhra, Ahmedabad

5.00 pm to 8.00 pm

Input Tax Credit CA Rakesh Garg, Delhi

Friday, 11th August 2017

8.00 am to 11.00 am

Impact of GST on NPO sector, Schools etc, Service sector (Advertising, Job works, C & f Agents etc.)

CA Rakesh Garg, Delhi

5.00 pm to 8.00 pm

Code Identification, Assessment & Penal Provisions, Anti-Profiteering Measures

CA Avinash Poddar, Surat

Saturday, 12th August 2017

8.00 am to 11.00 am

Impact of GST on wholesale Cloth, Medicals (Expiry Goods, Sales Returns, Discounts etc).

CA Avinash Poddar, Surat

3.00 pm to 6.00 pm

Input Tax Credit Claims & other Transitional provision. Filing last returns in the erstwhile laws.

CA Ashok Batra, Delhi

��EIRC 1st August 2017

EIRC 1st August 2017

EICASA

Dear Students,Since my assuming the chair as the Vice Chairperson, I have always tried and endeavoured hard to make you all understand as Shraga Silverstein felt – “If we spent less time trying to make this world a better place to live in, and more time trying to make ourselves better persons to live with, the world would be a better place to live in.” I am of the strong belief that nothing can change you, nobody can help you prospering if YOU do not strive to. We spent time delegating responsibilities, blaming and criticizing others. And this way time gets leaked out ; time – the most precious of all. By the grace of nature, we

get the leisure called sleep. Even then, we dare to, we afford to let our time be stolen away doing and saying nonsense. This I am telling for Chartered Accountancy – as a course and profession , demands optimally effective use of time. If we can do keep in mind and do what this particular profession entrusts us with, this world will sure be a better place to live in. if the students, who have cleared their terms in the just-published results, reflect upon, may well find my observations as truly correct. I suggest them to go the keenest to examine and re-examine blocks on their way to non-getting through. August has been a month of great remembrance for the Indians since the much-awaited Independence of Nation was snatched from the British. This is at the cost of bloodshed and tears and fights of many. I put in record my heartfelt reverence for all the freedom fighters – for those who found their places in the history and the numberless unnamed soldiers. I, being the first woman chairperson of EICASA, also salute the masters of freedom who had always advocated and propagated the need for make women freed from the chains of chauvinism. I wish that all my students would pursue the course not as a mere professional, but also spare

no stone unturned to contribute to the all-round development of our parents’ land by serving the professional in a divine manner.

Still the rejoicing of National Conference is reverberating amongst of all us. In the Conference we had actually celebrated the spirit of youth with participation of 1200 students from the fraternity. I take this opportunity to convey all my thankfulness to all the members of EICASA and all the employees and officers from the Institute , who had turned every stone to place this event originally successful.

August 2017 is also a no less memorable month in terms of organising events by EICASA since we are organising EICASA AGM &ELECTION , a number of Crash Courses for IPCC Students and seminars and an Industrial Visit in the wrapping-up week of the month. Dotted in events, August 2017 would be a month of activities serving the technical purpose of the students.

We have also received the dates of IPCC / FINAL Mock Test from the Head Office. Keep watching the site since you may find the details reached you before you get this issue of the newsletter. It would be commencing from 18th August,2017 to 14th September 2017. Applaudable initiative from the Institute that the Mock Tests are being conducted under the umbrella of a uniform structure in the length and breadth of the country. Do not let this opportunity go for, it helps the superlative to get acquainted with the in-depth analysis beforehand. Also requesting everybody to attend the Orientation Session to be followed by the Mock Test.

Echoing the introduction today, I would request again that time is long, if you use, and time is storm if you misuse. So, do not be ravished away by time, be the master of time, success will be yours.

Best of luck

CA Sonu JainChairperson EICASA and Vice Chairperson EIRC of ICAICA S J i

EICASADAY AND DATE KNOWLEDGE SESSION RESOURCE PERSON VENUE DURATION DELEGATE FEES `

Monday,31st July to Crash Course on IT for IPCC CA Manoj Agarwal EIRC Premises, Russell Street 16 HRS 500Thursday, 3rd August 2017 (4 HRS EACH DAY) Sunday, 6th August 2017 GST CA Subham Khaitan EIRC Premises, Russell Street 11.00am to 2.00pm 300

Thursday, 17th August 2017 EICASA AGM and Election Team EIRC & EICASA EIRC Premises, Russell Street 1.30pm to 6.30pm –

Friday, 18th Sunday, 20th & Free Seminar on GST for Students already CA Subham Khaitan, EIRC Premises, Russell Street 8.00am to 11.00am FreeMonday, 21st August 2017 registered on National Conference 2017 CA Gagan Kedia, CA Sourav Gupta

Wednesday, 23rd Free Seminar on IND AS for Students CA Vivek Agarwal EIRC Premises, Russell Street 8.00am to 11.00am FreeThursday, 24th & Friday, already registered on CA Sanjay Kumar Agarwal25th August 2017 National Conference 2017 CA T K Sengupta

Wednesday, 23rd to Crash Course on Direct Tax for IPCC CA Balkishan Agarwal EIRC Premises, Russell Street 12.00am to 4.00am 500Sunday, 27th August 2017

Last Week of August 2017 Industrial Visit to Emami Team EICASA Emami Premises 10.00am to 2.00pm 250

Career Counselling Programme by CA Sanjib Sanghi, Treasurer, EIRC Deliberation on GST Seminar by CA Gagan Kedia Regional Level Elocution COntest held on 1st July 2017

NOTICE OF AGM of EICASA

NOTICE is hereby given that the Annual General Meeting of members of Eastern India Regional Chartered Accountants Students’ Association of the Institute of Chartered Accountants of India scheduled to be held on Thursday, the 17th August, 2017 at 1.30 PM at the Regional Council Premises at 7, Anandilal Poddar Sarani (Russell Street), Kolkata – 700 071 to consider the following agenda :

A G E N D A

1. To approve the Report of the Managing Committee for year 2016-17.2. To adopt the Accounts of the EICASA for the year ended 31st March, 2017.3. To conduct the election of EICASA Managing Committee for the year 2017-18.4. To transact any other business with the permission of the Chairperson.

Date: 24th day of July 2017 CA Sonu JainPlace : Kolkata Chairperson EICASA

�EIRC 1st August 2017

Announcements

WORKSHOP ON CONCURRENT AUDIT IN BANKSOrganised By: Eastern India Regional Council

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIADay & Date: Saturday, 2nd September 2017

Time: 2.00pm to 8.00pm

Venue: EIRC Premises, Russell Street, Kolkata

Topics

1. Responsibility of Concurrent Auditor and its role during execution:

2. Use of CBS for effective Audit:

3. Documentation & Reporting:

SpeakersEminent Speakers

CPE : 6 Hrs. Fees (Rs)- 700Spot-800

Campus Placement Programme – August-September, 2017Campus Interview Schedule:

No. Centre Dates1. New Delhi 16th, 17th, 18th, 19th & 21st August, 20172. Mumbai 17th, 18th, 19th , 21st & 22nd August, 20173. Bangalore 18th, 19th, 21st & 22nd August, 20174. Chennai 21st, 22nd, 23rd & 24th August, 20175. Kolkata 22nd, 23rd, 24th & 25th August, 20176. Jaipur & Pune 23rd, 24th & 26th August, 20177. Ahmedabad &

Hyderabad24th, 26th & 28th August, 2017

8. Durgapur 12th September, 20179. Bhubaneswar, Chandigarh, Coimbatore, Indore, Kanpur & Thane

13th & 14th September, 201710. Ernakulam 14th Septmber,2017Invitation to Candidates: The above Campus is meant for the candidates who would be passing the CA Final examination held in May, 2017 and also for others who have qualified earlier and are fulfilling the criteria mentioned in the Announcement.

For any queries \ clarification, Candidates may email at cajob@icai.in and to register log on to www.placement.icai.org

Organised By:Committee for Professional Accountants in Business & Industry (CPABI)

The Institute of Chartered Accountants of India(Set up by an Act of Parliament)

‘ICAI BHAWAN’, Post Box No 7100, Indraprastha Marg, New Delhi – 110002.Tel. No. (011) 30110491/450/526 | E-mail: campus@icai.in

Please visit: www.icai.org, www.placement.icai.org, www.jobs4cas.icai.org

EIRC 1st August 2017 �

Announcements

42ND REGIONAL CONFERENCE OF EIRCTheme: Learn, Unlearn, Relearn : Transcending to Transformation

Day & Dates: 22nd & 23rd (Friday & Saturday) December 2017Venue: Science City Auditorium, Kolkata � CPE Hrs. : 12 (TWELVE) � Organized by: EIRC, The Institute of Chartered Accountants of India

Day 1 : Friday, 22nd December 2017 2:00 PM to 8:00 PM

Inaugural SessionChief Guest Eminent Guest Guest of Honour Eminent Guest Presidential Address CA Nilesh S Vikamsey, President, ICAIAddress by CA Navin ND Gupta, Vice President, ICAISSessions TopicsFirst Knowledge Session Critical Issues : Income TaxSecond Knowledge SessionBeyond the Cloud : The future of Audting Data Analytics & Forensic AuditThird Knowledge SessionNavigating Uncertainties in Global The Capital Market Scenario in theFinancial Markets country

Day 2 : Saturday, 23rd December 2017 10:00 AM to 5:00 PM

Fourth Knowledge Session Important Issues in GST

Fifth Knowledge Session Panel Discussion on GST : 180 Days of GST Implementation in India

Sixth Knowledge Session Accounting Standards Compliances in Transitional Economies

Seventh Knowledge Session Panel Discussion - Role of Chartered Accountants in Look East Policy & GDP growth

Eighth Knowledge Session Insolvency Bankruptcy code- Spectrum of Opportunities

1. Platinum Sponsor – Rs. 11,00,000/- A. Company Logo / Branding � Backdrop � Brochure � Souvenir & printed material of Regional Council � Standee B. Full page advertisement in the Souvenir C. Post Event Covering in printing media / Newspaper D. One Stall – Two Days (6’ x 4’) to show case your products E. 15 delegates with all facilities F. ½ Hour Slot / Session in the Technical Session & Recognition in Valedictory Session G. Two Banners inside the venue (Science City) H. Logo in Entry / Welcome Gate2. Diamond Sponsor – Rs 8,00,000/- A. Company Logo / Branding � Backdrop � Brochure � Souvenir & printed material of Regional Council � Standee B. Full page advertisement in the Souvenir C. Post Event Covering in printing media / Newspaper D. One Stall – Two Days (6’ x 4’) to show case your products E. 10 delegates with all facilities F. Recognition in Valedictory Session

ADVERTISEMENT & SPONSORSHIP DETAILS Advertisement / Sponsorship avenues on the occasion of the 42nd Regional Conference-2017 of Eastern India Regional Council to be held on 22nd & 23rd December 2017 at Science City, Kolkata. (Please tick appropriate box)

A. Advertisement in Souvenir Full Page Colour (Back) Rs.75,000/- Full Page Colour (Inside Back) Rs.50,000/- Full Page Colour (Inside Front) Rs.55,000/- Full Page (Colour) Rs.35,000/- Half Page (Colour) Rs.25,000/-

B. Banner (Size 6’x4’) Rs.30,000/-

C. Conference Kit, Pad & Pen (2500Nos) Rs.3,00,000/-

D. Insertions in Kit Rs.30,000/-

E. Exhibition Stall (1 Day) Rs.40,000/-

F. Exhibition Stall (2 Days) Rs.60,000/-

Registration under New Scheme of Education and Training of CA CourseWe are happy to inform that the New Scheme of Education and Training has been implemented from 1st July, 2017 and thus the registration under existing scheme is discontinued. With the implementation of the new scheme, the registration at all levels will be made through online mode only.In order to provide Study Material at the door step of the students, the Institute has developed Centralized Distribution System (CDS). Through this system, student registering at any level will be allotted coupon(s) for free shipping, with a validity period. Students will be given option to choose required study material and redeem their coupon(s) and get their study material at their door step. Students will get automatic email/ SMS alert regarding their login id and password (with the option to change password) on registration to the course.Further, we wish to inform that the information relating to the new scheme has already been updated on ICAI website, which can be accessed at below links:-

1. To view the prospectus of new scheme of education and training: Clickon http://resource.cdn.icai.org/45785bos35964.pdf2. To get information on new scheme and related details: Go to “Students tab ->Chartered Accountancy Course” link at http://www.icai.org/

post.html?post_id=254&c_id=1093. To get syllabus for new scheme and implementation schedule related information: Go to “Students tab ->BoS Knowledge Portal” link at http://www.icai.org/new_post.

html?post_id=5720&c_id=314

4. To view the announcements for students:

Click on http://www.icai.org/new_category.html?c_id=121

5. To view the FAQs related to New scheme:

Click on http://resource.cdn.icai.org/45555bos35643faq.pdf

6. To register for the three courses online:

Click on http://www.icai.org/new_post.html?post_id=721&c_id=120All necessary announcements related to new scheme viz. Soft Skill Courses, Transition Scheme, Revalidation, Shifting of Elective Paper, relaxation to students under Regulation 205 are also uploaded on the website and can be seen through links:- http://www.icai.org/new_category.html?c_id=347 Further, we also wish to share that the conversion forms are under process and will be made available on the Institute’s website shortly.

For more information visit www.eirc-icai.org

G. One Banner inside the venue (Science City) H. Logo in Entry / Welcome Gate3. Gold Sponsor – Rs 6,00,000/- A. Company Logo / Branding � Backdrop � Brochure � Souvenir & printed material of Regional Council B. Full page advertisement in the Souvenir C. Post Event Covering in printing media / Newspaper D. 5 delegates with all facilities E. Recognition in Valedictory Session F. Logo in Entry / Welcome Gate4. Silver Sponsor – Rs 4,00,000/- A. Company Logo / Branding � Backdrop � Brochure � Souvenir & printed material of Regional Council B. Full page advertisement in the Souvenir C. 5 delegates with all facilities D. Recognition in Valedictory Session E. Logo in Entry / Welcome Gate

���EIRC 1st August 2017

Notifications & CircularsGST

GOODS & SERVICE TAXCompiled By: CA Raginee Goyal

Email: raginee@gmail.comNotification No. & Date of Issue Subject

Central Tax14/2017-Central Tax, Dated 01-07-2017 Assigning jurisdiction and power to officers of various directorates15/2017-Central Tax, Dated 01-07-2017 Amending CGST Rules notification 10/2017-CT dt 28.06.201716/2017-Central Tax, Dated 07-07-2017 Notification No. 16/2017-CT (conditions and safeguards for furnishing a Letter of Undertaking in place of a bond for

export without payment of integrated tax)

Central Tax( Rate)

15/2017-Central Tax (Rate), Dated 28-06-2017 To notify the supplies not eligible for refund of unutilized ITC under CGST Act

16/2017-Central Tax (Rate), Dated 28-06-2017 To notify specialised agencies entitled to claim a refund of taxes paid on the notified supplies of goods or services or both received by them under CGST Act

17/2017-Central Tax (Rate), Dated 28-06-2017 To notify the categories of services the tax on intra-State supplies of which shall be paid by the electronic commerce operator

18/2017-Central Tax (Rate), Dated 30-06-2017 Seek to reduce the rate of Central Tax, Union Territory Tax, on fertilisers from 6% to 2.5% and Integrated Tax rate on fertilisers from 12% to 5%

Integrated Tax03/2017-Integrated Tax, Dated 28-06-2017 Seeks to bring into force certain sections of the IGST Act, 2017 w.e.f 01.07.201704/2017-Integrated Tax, Dated 28-06-2017 Seeks to notify IGST Rules, 201705/2017-Integrated Tax, Dated 28-06-2017 Seeks to notify the number of HSN digits required on tax invoice06/2017-Integrated Tax, Dated 28-06-2017 Seeks to prescribe rate of interest under CGST Act, 2017

Integrated Tax (Rate) 15/2017-Integrated Tax (Rate), Dated 30-06-2017 Notification for Exemption from Integrated Tax to SEZ16/2017-Integrated Tax (Rate), Dated 30-06-2017 Seek to reduce the rate of Central Tax, Union Territory Tax, on fertilisers from 6% to 2.5% and Integrated Tax rate on

fertilisers from 12% to 5%17/2017-Integrated Tax (Rate), Dated 05-07-2017 Rescinding Notification No. 15/2017-Integrated Tax (Rate) dated 30.06.201718/2017-Integrated Tax (Rate), Dated 05-07-2017 IGST exemption to SEZs on import of Services by a unit/developer in an SEZ / Notification 64/2017-Cus,dt. 05-07-

2017 - IGST exemption to SEZs on import of Goods by a unit/developer in an SEZ

Union Territory Tax 01/2017-Union Territory Tax, Dated 21st June, 2017

Seeks to appoint appoints the 22nd day of June, 2017, as the date on which the provisions of sections 1, 2, 3, 4, 5, 17, 21 and section 22 of the said Act shall come into force.

02/2017-Union Territory Tax, Dated 27-06-2017 Seeks to notify the turnover limit for composition Levy for UTGST03/2017-Union Territory Tax, Dated 28-06-2017 Seeks to appoints the 1stday of July, 2017, as the date on which the provisions of sections 6 to 16, 18 to 20 and 23 to

26 of Union Territory Goods and Services Tax Act, 2017 (14 of 2017)shall come into force.

Union Territory Tax (Rate) 15/2017-Union Territory Tax (Rate), Dated 28-06-2017 To notify the supplies not eligible for refund of unutilised ITC under UTGST Act16/2017-Union Territory Tax (Rate), Dated 28-06-2017 To notify specialised agencies entitled to claim a refund of taxes paid on the notified supplies of goods or services

or both received by them under UTGST Act17/2017-Union Territory Tax (Rate), Dated 28-06-2017 To notify the categories of services the tax on intra-State supplies of which shall be paid by the electronic

commerce operator18/2017-Union Territory Tax (Rate), Dated 30-06-2017 Seek to reduce the rate of Central Tax, Union Territory Tax, on fertilisers from 6% to 2.5% and Integrated Tax rate

on fertilisers from 12% to 5%

Compensation Cess 01/2017-Compensation Cess, Dated 28-06-2017 Seeks to appoint the 1st day of July, 2017, as the date on which all the provisions of Goods and Services Tax

(Compensation to States) Act, 2017 (15 of 2017) shall come into force

Compensation Cess (Rate) 03/2017-Compensation Cess (Rate), Dated 18-07-2017 Seeks to amend notification No.1/2017- Compensation Cess (Rate), dated 28th, June, 2017 so as to increase

the Compensation Cess rates on cigarettes as mentioned in the notification with effect from 18th, July, 201704/2017-Compensation Cess (Rate), Dated 20-07-2017 Seeks to exempt intra-State supplies of second hand goods received by a registered person, dealing in buying

and selling of second hand goods and who pays the goods and services tax compensation cess on the value of outward supply of such second hand goods, as determined under sub-rule (5) of rule 32 of the Central Goods and Services Tax Rules, 2017, from any supplier, who is not registered, from the whole of the goods and services tax compensation cess leviable thereon under section 8 of the Goods and Services Tax (Compensation to States) Act, read with sub-section (4) of Section 9 of the Central Goods and Services Tax Act

EIRC 1st August 2017 ��

CIRCULARS & NOTIFICATIONS ( INCOME TAX)

Notifications & CircularsIncome Taxes

Compiled by : CA Raj SinghaniaEmail : rajsinghania_ca@yahoo.co.in.

1. [Notification No. 57 /2017, F.No.370142/10/2017-TPL] In exercise of the powers conferred by clause (iii) of the proviso to section 269ST of the

Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that the provision of section 269ST shall not apply to the following, namely:- (a) receipt by a business correspondent on behalf of a banking company or co-

operative bank, in accordance with the guidelines issued by the Reserve Bank of India;

(b) receipt by a white label automated teller machine operator from retail outlet sources on behalf of a banking company or co-operative bank, in accordance with the authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007);

(c) receipt from an agent by an issuer of pre-paid payment instruments, in accordance with the authorisation issued by the Reserve Bank of India under the Payment and Settlement Systems Act, 2007 (51 of 2007);

(d) receipt by a company or institution issuing credit cards against bills raised in respect of one or more credit cards;

(e) receipt which is not includible in the total income under clause (17A) of section 10 of the Income-tax Act, 1961. 2.

The notification shall be deemed to have come into force with effect from the 1 st day of April, 2017.

2. [Notification No. 61 /2017/F. No. 149/136/2014-TPL] In exercise of the powers conferred by section 50CA and sub-section (2) of section 56

read with section 295 of the Income-tax Act, 1961 ( 43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (20th Amendment), Rules, 2017. (2) They shall come into force from the 1st day of April, 2018 and shall apply in

relation to assessment year 2018-19 and subsequent years. 2. In the Income-tax Rules, 1962, — (A) in rule 11UA, sub-rule (1), in clause (c), for sub-clause(b), the following sub-

clause shall be substituted, namely:- “(b) the fair market value of unquoted equity shares shall be the value, on the valuation date, of such unquoted equity shares as determined in the given manner.

(B) after rule 11UA, the following rule shall be inserted, namely:- “Determination of Fair Market Value for share other than quoted share. 11UAA. For the purposes of section 50CA, the fair market value of the share of a company other than a quoted share, shall be determined in the manner provided in sub-clause (b) or sub-clause(c),as the case may be, of clause (c) of sub-rule (1) of rule 11UA and for this purpose the reference to valuation date in the rule 11U and rule 11UA shall mean the date on which the capital asset, being share of a company other than a quoted share, referred to in section 50CA, is transferred.” .

3. [Notification No. 68 /2017/F. No. 300196/01/2017-ITA-I] In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act,

1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘National Biodiversity Authority’, Chennai, an authority established under the

Biological Diversity Act, 2002 (18 of 2003), in respect of the following specified income arising to that Authority, namely:— (a) amount received in the form of Grant-in-aid from Government of India; (b) benefit sharing fee and royalty received; (c) amount received in form of Application fee; (d) amount received in form of Interest; and (e) amount received in form of Penalty.

2. This notification shall be effective subject to the conditions that National Biodiversity Authority, Chennai,— (a) shall not engage in any commercial activity; (b) activities and the nature of the specified income shall remain unchanged

throughout the financial years; and (c) shall file return of income in accordance with the provision of clause (g) of

sub-section (4C) of section 139 of the Income-tax Act, 1961.

CIRCULAR No. 23 /2017 - F. No. 275/59/2012-IT (B) Subject: Modification of Circular No.1 of 2014 in view of substitution of Service Tax by

Goods and Services Tax (GST). The Central Board of Direct Taxes (the Board) had earlier issued Circular No. 112014

dated 13.01.2014 clarifying that wherever in terms of the agreement or contract between the payer and the payee, the Service Tax component comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XVIl-B of the Income tax Act, 1961 (the Act) on the amount paid or payable without including such Service Tax component.

2. References have been received in the Board seeking clarification as to what treatment would be required to be given to the component of Goods and Services Tax (GST) on services, which has been introduced by the Government with effect from 1" of July, 2017 and into which the erstwhile Service Tax has been subsumed.

3. The matter has been examined. It is noted that the Government has brought in force a new Goods and Services Tax regime with effect from 01.07.2017 replacing, an10ngst others, the Service Tax which was being charged prior to this date as per the provisions of Finance Act, 1994. Therefore, there is a need to harmonize; the contents of Circular No. I/2014 of the Board with the new system for taxation of services under the GST regime.

4. In the light of the fact that even under the new GST regime, the rationale of excluding the tax component from the purview of TDS remains valid, the Board hereby clarifies that wherever in terms of the agreement or contract between the payer and the payee, the component of 'GST on services' comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XV Il-B of the Act on the amount paid or payable without including such 'GST on services' component. GST for these purposes shall include Integrated Goods and Services Tax, Central Goods and Services Tax, State Goods and Services Tax and Union Territory Goods and Services Tax.

5. For the purposes of this Circular, any reference to 'service tax ' in an existing agreement or contract which was entered prior to 01.07 .2017 shall be treated as 'GST on services' with respect to the period from 01.07.20 17 onward till the expiry of such agreement or contract.

Circular Number 24/2017 - F. No 133/23/2015-TPLSubject: Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.

We pray to the almighty that may their soul rest in peace

EIRC DEEPLY MOURNS THE SAD DEMISE OF

CA Mrinal Kanti GoswamiMembership No. 053583

Passed away on 5th November 2016

CA Manas BanerjeeMembership No. 050640

Passed away on 27th December 2016

CA Golak Bhehari MukherjeeMembership No. 007724

Passed away on 2nd February 2017

CA Puspal DasguptaMembership No. 007870

Passed away on 5th April 2017

���EIRC 1st August 2017

Branch Events

Asansol Branch

Cuttack Branch

Guwahati Branch

Siliguri Branch

Brahmapur Branch

Dibrugarh Branch

Sambalpur Branch Ranigunj Branch

Tinsukia Branch

Bhubaneswar Branch

Durgapur Branch

Rourkela Branch

Shillong CPE Chapter

EIRC 1st August 2017 ��

CA Day Celebrations and Programme on GST on 1st July 2017

Central Kolkata Chartered Accountant Study Circle - Annual Conference 2017

ACAE Chartered Accountants’ Study Circle - EIRC - Real Estate Conclave

Lighting the Inauguration Lamp – L- R: CA Sumit Binani, Secretary, EIRC, CA Sanjib Sanghi, Treasurer, EIRC, CA Manish Goyal, Chairman, EIRC, Shri Babul Supriyo, Hon’ble Minister of State of Heavy Industries & Public Enterprises, Govt. of India, CA Nitesh Kumar More, Member, EIRC, CA Subhash Chandra Saraf, Past Chairman, EIRC

Shri Babul Supriyo, Hon’ble Minister of State of Heavy Industries & Public Enterprises, Govt. of India

Panel Discussion on GST – L – R: Shri Sanjay Agarwal, MD, Century Ply, CA Manish Goyal, Chairman, EIRC, CA Dilip B Desai, Shri Atul Tantia, ED, GPT Infraprojects Ltd., CS Mamta Binani, Past President, ICSI, CA Sandesh Mundra, CA Sanjib Sanghi, Treasurer, EIRC

CA Sandesh MundraCA Dilip B Desai Shri Sanjay Agarwal, MD, Century Ply

CA Mamta Binani, Past President, ICSI

L – R: CA AvinashPoddar, CA Manish Goyal, Chairman, EIRC, CA Sushil Kumar Goyal, Vice Chairman, IDTC, ICAI CA Avinash Poddar CA Charanjot Singh Nanda, Past Council Member, ICAI

CA Jatin Christropher

EIRC Events

GST Conclave IV on 22nd July 2017

���EIRC 1st August 2017

EIRC Events

Workshop on GST from 12th July 2017 to 17th July 2017

E Filing of Income Tax Returns & Tax Audit Report on 5th July 2017

65th Annual General Meeting on 21st July 2017 at EIRC Premises

Workshop on Project Appraisal and Finance on 7th & 8th July 2017

Prize Distribution Ceremony on 21st July 2017 at EIRC Premises

IND AS Workshop – Impact of IND AS on Companies on

15th July 2017

Seminar on Code of Conduct and Ethics on 19th

July 2017

Workshop on Labour Laws on 24th July 2017

Critical Aspect of Audit of Share Brokers on

26th July 2017

Thoughts out of the Box on

27th July 2017

L – R: CA Sanjay Bhattacharya, CA Sanjib Sanghi, Treasurer, EIRC, CA Pawan Agarwal

L – R: CA Nitesh Kumar More, Member, EIRC, CA Anirban Datta, Member, EIRC, CA Sushil Kumar Goyal, Council Member, ICAI, CA Ranjeet Kumar Agarwal, Council Member, ICAI, CA Manish Goyal, Chairman, EIRC, CA (Dr.) Debashis Mitra, Council Member, ICAI, CA Sonu Jain, Vice Chairperson, ICAI, CA Sumit Binani, Secretary, EIRC, CA Sanjib Sanghi, Treasurer, EIRC

L – R: CA Nitesh Kumar More, Member, EIRC, CA Manish Goyal, Chairman, EIRC, CA Pradip Lath

L – R: CA Ranjeet Kumar Agarwal, Council Member, ICAI, CA (Dr.) Debashis Mitra, Council Member, ICAI, CA Manish Goyal, Chairman, EIRC, Shri K L Maheshwari, Principal CIT, IT, Ms. Neha Newar, first from Eastern region in the C.A. Final Examination, May, 2016, CA Sumit Binani, Secretary, EIRC, CA Sanjib Sanghi, Treasurer, EIRC, CA Sonu Jain, Vice Chairperson, EIRC and others

CA Ankit Kanodia

CA Vivek Agarwal CA Sumantra Guha, Past Council Member, ICAI CA Vivek Agarwal, Siliguri CA Vinod Goyal CA Rajneesh Agarwal

CA Rajendra Kumar P., Past Council Member, ICAI

CA V Raghuraman, Chennai CA Arun Agarwal CA Subham KhaitanCA Madhukar N Hiregange, Chairman, IDTC, ICAI

EIRC 1st August 2017 ��

EIRC Events

CA Student Conference on 14th & 15th July 2017

Joint Conclave on Driving India’s Growth Momentum in East on 27th and 28th July, 2017

Releasing the Official Souvenir (L – R) : CA Sonu Jain, Chairperson, EICASA, Shri B D Newar, CA Manish Goyal, Chairman, EIRC, CA Subodh Kumar Agrawal, Past President, ICAI, CA Ranjeet Kumar Agarwal, Council Member, ICAI, Shri Hardik Punattar, Vice Chairman, EICASA

Lighting the Inauguration Lamp

L- R: Shri P B Pramanik, Addl. Director, IT, CA Sonu Jain, Chairperson, EICASA, CA Sushil Kumar Goyal, Council Member, ICAI, Shri B D Newar, CA Manish Goyal, Chairman, EIRC, CA Subodh Kumar Agrawal, Past President, ICAI, CA Ranjeet Kumar Agarwal, Council Member, ICAI, Shri Hardik Punatar, Vice Chairman, EICASA

Shri Sunil Kanoria, Council Member, ICAI (nominated), CA Ranjeet Kumar Agarwal, Council Member, ICAI and other paper presenters in a Technical Session

CA Nitesh Kumar More, Member, EIRC, CA N K Poddar, Past Council Member, ICAI, CA Sumit Binani, Secretary, EIRC and other paper presenters

Lighting the Lamp Inaugural Session

CA B L Mittal, CA Sonu Jain, Chairperson, EICASA and other paper presenters

CA Sonu Jain, Chairperson, EICASA, CA S S Gupta and other paper presenters

(L - R: CA Subodh Kumar Agrawal, Past President, ICAI, Shri Ashray Gouranga Das, ISKON, CA Mangesh Kinare Pandugrang, Vice Chairman, BOS

CA Eti Agarwal, CA (Dr.) Debashis Mitra, Council Member, ICAI and other paper presenters

Registered RN 27144/75 Registration No. KOL RMS / 227 / 2016-18

If undelivered please return to : Eastern India Regional Council, The Institute of Chartered Accountants of India, 7, Anandilal Poddar Sarani (Russell Street), Kolkata - 700 071

BOOK POST

���

CA Manish Goyal, EditorCA Sonu Jain, Jt. EditorCA Sumit Binani, Member

CA Sanjib Sanghi, MemberCA Debashis Mitra, MemberCA Sushil Kr. Goyal, Member

Owner: The Institute of Chartered Accountants of India, Eastern India Regional Council Printer: Shri Alok Ray, Joint Secretary, The Institute of Chartered Accountants of India, Publisher: Shri Alok Ray, Joint Secretary, The Institute of Chartered Accountants of India Published from : The Institute of Chartered Accountants of India, Eastern India Regional Council, 7, Anandilal Poddar Sarani, P.S.: Shakespeare Sarani, Kolkata - 700 071 Printed from: CDC Printers Pvt. Ltd., Tangra Industrial Estate - II, (Bengal Pottery), 45, Radhanath Chowdhury Road, P.S. :Tangra Kolkata - 700 015 Editor: CA Manish Goyal, Chairman, Eastern India Regional Council, The Institute of Chartered Accountants of India.

The Institute does not accept any responsibility for the view expressed in the contributions of advertisements published in the newsletter. Phone: 91-33-30211140/41, Fax: 033-22272317, Website: www.eirc-icai.org, Email : eirc@icai.in