Newsletter Jaipur Chartered Accountants' · 2018-02-23 · Jaipur Chartered Accountants' For in House Circulation only No. 4 (2016-2017) October - November 2016 Newsletter The Institute

Jaipur Chartered Accountants'For in House Circulation only No. 4 (2016-2017) October - November 2016

Newsletter

The Institute of Chartered Accountants of India JAIPUR (CIRC)

Dear Professional Colleagues,

I wish you and your families a very delightful and memorable New Year 2017. I pray to almighty for happiness, joy and satisfaction to be an integral part of your life. I am sure that our profession will touch a new height this year and will play its role of helping the society, stakeholders and country effectively.

I wish you a Happy New Year 2017!!

This has been a momentous year for Jaipur branch of CIRC, where we have delivered and shown what grit & determination we can achieve.I am glad to share that Innumerable Events, Meetings, Training Programs etc. were arranged in branch premises and outside for the general benefit of all members.

The rapid change in entire financial reporting & legal ecosystem has triggered the branch to host events on the topic of Ind AS, GST, Transfer pricing& certainly demonetisation. The best part of these events was that members

attended all these programmes in large numbers & were no longer attending these events to just fulfil the CPE compliances. We now realise the value of getting upgraded. I compliment our institute's non standing committees to standardise the programmes across the country & organize them in a very comprehensive manner. The glimpses of these activities are shared in later part of the journal also. Lot of work has been done in past few months but there is no denying the fact that much more is yet to be done.

The Institute has extended its wholehearted support to the Government of India in its endeavour to demonetize old currency in order to curb the menace of Black Money for economic development of the Country. I take this opportunity to thank all the members of the Jaipur branch who took part in Institute's activities to support the Government's path breaking initiative of Demonetization by organizing press meets to spread the message and also by extending help to the common man by ways of filling in the cash withdrawal / exchange form, educating them about the new currency regime. We are sure that this resolve against corruption, black money and counterfeit notes will go a long way in cleansing the Nation's economic system and building a cleaner environment for the future generations.

I look forward to your support and encouragement to help our branch achieve newer heights in the coming years. Lastly, I would also like to thank all members for their support and focus that have made so manyevents possible.

JAI HIND JAI ICAI

From The desk of Chairman...

With Warm Regards,

Mobile: 9414073452, 9351326690E mail: [email protected]

CA. Dinesh Kumar Jain

OFFICE BEARERS 2016-17

A-19, II Floor, Golimar Garden,

Sahakar Marg, Jaipur - 302001

Phone: 0141 - 2743549

Mobile: 9414073452, 9351326690

E-mail: [email protected]

CA. Dinesh Kumar JainChairman

269, Padmavati Colony Ist, Kings Road,

Nirman Nagar, Jaipur - 302019

Phone: 0141- 3317552

Mobile: 9828049550, 9314749550


CA. Ankit JainTreasurer & YMEC Chairman

188-A, Barkat Nagar, Tonk Phatak

Jaipur - 302015

Phone: 0141 - 2594450

Mobile: 9414234860


CA. Sanjay Kumar MaheshwariSecretary & CICASA Chairman

D-173, Jagraj Marg, Bapu Nagar

Jaipur - 302015

Phone: 0141 - 4024260

Mobile: 9829399453


CA. Abhishek SharmaVice Chairman

B-73, Rajendra Marg,

Bapu Nagar, Jaipur - 302015

Phone: 0141 - 2364513

Mobile: 9414070306


CA. Sushil Kumar JalanMember

624, 6th Floor, Jaipur Electronic Market,

Gopalpura Byepass, Jaipur - 302018

Phone: 0141 - 5103459

Mobile: 9887539278


CA. Shishir AgrawalMember

507, IV Floor, Shalimar Complex,

Church Road, Jaipur - 302001

Phone: 0141 - 2371354

Mobile: 9414389398


CA. Shiv Shanker GuptaMember

710, Paris Point, Collectorate Circle,

Bani Park, Jaipur - 302016

Phone: 0141 - 2207082

Mobile: 9828037060


CA. Nikhilesh KatariaMember

323,Ganpati Plaza, M I Road,

Jaipur - 302001

Phone: 0141-2361889

Mobile: 99290-97300


CA. Prakash Sharma Central Council Member

438 & 439 Mahima's Trinity Swej Farm,

New Sanganer Road Jaipur - 302019

Phone: 0141 - 2293116

Mobile: 9414053163


CA. Shyam Lal Agarwal Central Council Member

G-2 Golden Palace Plot No. L-2-A

Krishna Marg C Scheme, Jaipur 302001

Phone: 0141-2360700, 2291467

Mobile: 98290-32565


CA. Gautam Sharma Regional Council Member

B-130, Jhotwara Industrial Area,

Jaipur - 302012

Phone: 0141 - 2345423, 2338983

Mobile: 9571799999, 8339999999


CA. Rohit Ruwatia Agarwal Regional Council Member & YMEC Chairman, CIRC

O-19, Second Floor, Amber Tower

S C Road, Jaipur - 302001

Phone: 0141-2363525, 2296493

Mobile: 9829015993

E-mail: [email protected], [email protected]

CA. Pramod Kumar Boob Vice Chairman, CIRC

Published by : Sh. S C Chaturvedi, Administrative Officer on behalf of The Institute of Chartered Accountants of India JAIPUR (CIRC)

ICAI Bhawan, D-1, Institutional Area, Jhalana Doonagari, Jaipur-4Ph. : 0141-3989398/3044200-14 • Fax : 0141-3044215

Email : [email protected]@icai.in • website : jaipur-icai-org

Newsletter

Jaipur Chartered Accountants'The Institute of Chartered Accountants of India JAIPUR (CIRC)

CA. Anil MathurCA. B.K ChittoraCA. Brijesh MaheshwariCA. C L YadavCA. D. R. MohnotCA. Devendra JainCA. Dilip MalpaniCA. G. C. JainCA. Ganesh MaheshwariCA. H M SinghviCA. Jagdish SomaniCA. J K AgarwalCA. Rakesh GuptaCA. M L ParasrampuriaCA. Narendra MoolchandaniCA. Nitin VyasCA. O. P. AgrawalCA. P C ModiCA. P C ParwalCA. P. P. PareekCA. Puspendra KhandelwalCA. R. A. SharmaCA. R. K. Gurwala

CA. R. S. MangalCA. Rajeev SoganiCA. Rakesh TotukaCA. Rameshwar Prasad VijayCA. Ram ManoharCA. Ratan GoyalCA. Ravindra RaniwalaCA. S S DhakadCA. S. K. GoyalCA. S. L. GangwalCA. Sanjay Kumar ShahCA. Sanjay ShardaCA. Satish GuptaCA. Sharad KabraCA. Sunil AgrawalCA. Sunil GoyalCA. Sunil ShuklaCA. Suresh GargCA. Ummed Mal JainCA. Vijay GargCA. Vijendra BangarCA. Vikas RajvanshiCA. Vipin Gangwal

Chairman CA. Dinesh Kumar JainVice Chairman CA. Abhishek SharmaSecretary & CICASA Chairman CA. Sanjay Kumar MaheshwariTreasurer & YMEC Chairman CA. Ankit JainMember CA. Sushil Kumar JalanMember CA. Nikhilesh KatariaMember CA. Shiv Shanker GuptaMember CA. Shishir AgrawalCentral Council Member CA. Shyam Lal Agarwal Central Council Member CA. Prakash Sharma Vice Chairman, CIRC CA. Pramod Kumar BoobRegional Council Member & YMEC Chairman, CIRC CA. Rohit Ruwatia Agarwal Regional Council Member CA. Gautam Sharma

CA. Ajay Gaur 9982426699

CA. Ankit Maheshwari 8094869000

CA. Ankit Vijay 9783248794

CA. Anoop Dalmiya 9414368546

CA. Anuj Sharma 9828152341

CA. Ashutosh Agrawal 9828400386

CA. B N Maheshwari 9829109903

CA. Jatin Harjai 9799494482

CA. Manish Jain 9782238095

CA. Manoj Bhansali 9828061525

CA. Narendra Jain 9252040304

CA. Nitin Baradia 9829062171

CA. Pushpendra Agrawal 9672988778

CA. Rakesh Kothari 9828504428

CA. Ravi Vijayvergia 8791819191

CA. Shailesh Maheshwari 9829946484

CA. Sourabh Agrawal 9828169924

CA. T. R. Munjal 9414042869

CA. Ved Prakash Bansal 9414070001

CA. Vinod Agarwal 9414070269

CA. Anil Yadav 9660917000

CA. Ankit Sharma 9928762452

CA. Ankur Gupta 9461044624

CA. Anoop Goyal 9414043846

CA. Arvind Khandelwal 9829016335

CA. Ashwani Mundra 9828225521

CA. Devesh Garg 9414359708

CA. Mahendra Modi 9352638180

CA. Manish Jain 9929157100

CA. Mohit Barara 9571741565

CA. Naresh Motwani 9828401009

CA. P P Agarwal 9829064262

CA. Rajkumar Khandelwal 9414304422

CA. Ravi Mamodiya 9829091785

CA. Sachin Jain 9829393505

CA. Sonal Boochara 9928016490

CA. Suresh Khincha 9414071454

CA. Umesh Jethani 9314506944

CA. Vikas Barola 9414407963

CA. Vishnu Garg 9414394142

Editorial Board

CA. Dinesh Kumar Jain 9414073452

CA. Amit Gattani 9414070608

Editor in Chief

Editor

Members

Advisors

Managing Committee

Respected Professional

Colleague,

Three golden rules :

At the inception , we would like to thank you all for your

contribution in making National Conference on

“Auditing & Beyond” a great success on 11-12 Dec.,

2016 at Birla Auditorium.

Finally the Deadline for depositing old currency into

banks has come to an end. And I am really sure that we

with our knowledge & expertise in accounting & finance

have contributed to the nation in this journey. With this

move some changes is bound to happen in Concurrent

Audits Reporting which we have to understand well and

comply properly. So we will plan seminar on the same

soon for our members .

Also Migrating from VAT to GST in such a short span

of time was a great task in itself. But again I am sure that

we with our well equipped technology , infrastructure &

dedication has contributed to nation by getting our

maximum clients migrated to GST . This has been done

because sooner or later , GST has to apply.

In end , I pray that may lord keep showering his blessings

on you to become more healthy , wealthy & successful

in 2017. Wish you all happy new year !!

Please keep sending your feedbacks to enable us to

improve our working for betterment of profession and

jaipur branch.

With warm regards,

Mobile: 9414234860Email: [email protected]

CA. Sanjay Kumar Maheshwari

CA. Atul Kumar Mansingka 9414240839Joint Editor

Who is helping you ;

don't forget them.

Who is loving you ;

don't hate them .

Who is trusting you ;

don't cheat them.

by Swami Vivekananda

Respected Professional

Colleague,

The New Year is with us.

Time for New Resolutions

and time to set New Goals. I

hope that this new year is a

Wonderful and Special one

for you. HAPPY NEW

YEAR.

Are we really on the glorious road to finally becoming

an economic power to be reckoned with? Many will

have it so and with good reasons. Many others, not so

well disposed, point out that neither the number of

urban homeless, not the number of people below the

poverty line have shown a great deal of reduction. The

point is, how many times should we repeat our mistake

of not knowing enough about our economy? When shall

we really commit ourselves to collecting hard

information on all those parts of our economy which are

covered in mist? I sincerely hope that the New Year will

provide an Answer.

It is that time of the year again that calls for

Introspection. A time to draw from our experiences,

enumerate the major lessons learned and move ahead.

Winners live and work everyday as if it were the last

day. Because one of these days it is going to be the last

and we don't know which one is going to be. When they

leave, they leave as winners. So come forward and join

hands for the progress and prosperity of the profession.

STUDY AS IF YOU WERE TO LIVE FOREVER

LIVE AS IF YOU WERE TO DIE TOMORROW

Newsletter


With warm regards,


CA. Amit Gattani

Editor Desk... Joint Editor Desk...

With warm regards,


CA. Atul Kumar Mansingka

Respected Professional Colleague,

In the latest development of the political roller-coaster that India is now, PM Modi, the captain of the India Inc. has asked the passengers on board to fasten their belts and get ready for a fascinating journey ahead.

The move to demonetize Rs. 500 and Rs. 1,000 currency tenders by

the union government of India on 8th November 2016, was a laudable and historic effort to clean up the decades long corruption and black money.

As Indian citizens, we all should be proud of the fact that we elected a government, which was capable of taking such brave decision for the long-term betterment of the country's economy. Nevertheless, there's a high possibility that a certain percentage of people might interpret this decision negatively in view of the fact that short-lived challenges are to be seen, which might have a profound negative impact and dethrone ruling party in the coming elections; not everyone happens to be cognizant of the decision's long-term benefits. If unaccounted or black money isn't obliterated, it would make the rich richer and the poor poorer.

We as a community can bring greater change towards eradication of black money generation than the whole gamble of demonetization. In the given scenario things can change only if we all chartered accountants put our hands together and encourage them to pay tax

We are about to leave 2016 and touch 2017. I extend my sincere wishes for 2017 ‘ ” in advance to all of you. It is time to reflect on what we have accomplished last year. It is also time to take stock of our successes and failures, and understand what helped in creating our success stories, and why we did not achieve what we had planned. Let us understand ourselves better in the perspective of our past, so that we could start afresh with a new energy. It is time to take into account of our learning processes, as it will help us in creating customised learning processes.I wish all my readers a very warm and Merry Christmas filled with love, peace and joy. May this festival bring merriment, happiness and satisfaction in your life!

I sincerely hope that the readers find the issue interesting and intellectually stimulating. I will be looking forward to your valuable feedback and suggestions.

Happy Reading!!

‘Happy New Year

October - November 2016

vote of thanks and convened the programme.

3. Quiz Contest (05.10.2016)

Jaipur Branch organized Quiz contest on 05.10.2016 at branch premises. CA. Dinesh Kumar Jain Chairman Jaipur Branch inaugurated the Quiz Contest by lighting the lamp. CA. Sanjay Kumar Maheshwari, Secretary & CICASA Chairman gave welcome remarks and CA. Dinesh Kumar Jain, Chairman Jaipur Branch gave the details about the Contest. CA. Rekha Maheshwri, CA. Umesh Kumar Jethani and CA. Sharad Kabra were the Quiz Master.

Five teams Viz. A, B, C, D and E were formed. Team No. E consisting of following participants was declared as the Winner Team:-

1. Mr. Arpit Kabra (Final) CRO 0520788

2. Mr. Somesh Khandelwal (Final) CRO 0458719

All the participants were given certificates and the participants of winning Team were honoured by mementoes also.

CA. Sanjay Kumar Maheshwari, Secretary Jaipur Branch gave vote of thanks to the participants.

4. Two Days Seminar on GST (7 & 8 Oct. 2016)

Indirect Taxes Committee of ICAI organized a Two Days Seminar on GST on 7 & 8 Oct. 2016 at ICAI Bhawan. In this Two Days Seminar CA. Gaurav Gupta, Delhi delivered the lecture on Brief Concept of Model GST Law including Concept of CGST, SGST & IGST including supply, Levy & Composition, Exemption from Tax and Place of Supply & Time of supply of Goods and Services. CA. Yash Dhadda delivered the lecture on Valuation of taxable supply and valuation Rules (including related case law), CA. Rajesh T R, Bangalore delivered the lecture on Place of supply of goods and services, CA. Asheesh Chaudhary delivered the lecture on Tax Credit (Capital Goods, Services & Input) including Matching Concept.

On second day of the Seminar CA. Ashok Batra, New Delhi delievered the lecture on Brief Concept of IGST Act, JOB work, E-Commerce Transaction under GST and CA. Rohini Agarwal, New Delhi delivered the lecture on Important Transitional Provision, Registration : Law & Business Processes & Filing of Returns, matching of Input Tax Credit

BRANCH ACTIVITIES DURING THE MONTH OF OCTOBER 2016

1. One Day Awareness Programme on Ind AS (1.10.2016)

Ind AS (IFRS) Implementation Committee of ICAI organized a One Day Awarness Programme on Ind AS on 1.10.2016 at ICAI Bhawan. In this awareness Programme CA. Akhil Kanthalia delivered the lecture on Overview of IFRS-converged Indian Accounting Standards (Ind AS), Convergence Process, Roadmap for implementation of Ind AS, Carve-outs made in Ind AS, Ind AS 1, Presentation of Financial Statements, Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors. CA. Nitish Kirtikar delivered the lecture on Ind AS 11, Construction Contracts and Ind AS 18, Revenue, Ind AS 101, First-time Adoption of Indian Accounting Standards. CA. Bhupendra Mantri delivered the lecture on Major Differences between Ind ASs and existing Accounting Standards. In this programme CA. Prakash Sharma, Programme Director & Central Council Member, ICAI was also present.

2. Elocution Contest (04.10.2016)

Jaipur Branch organized an elocution contest on 04.10.2016 at branch premises. CA. Abhishek Sharma-Vice Chairman Jaipur Branch & CA. Sanjay Kumar Maheshwari, Secetary & CICASA Chairman inaugurated the Elocution Contest by lighting the lamp. We received 06 entries from the CA Final students. They expressed their views on the topics chosen by them. CA. Nitin Vyas, CA. Nitin Sharma and CA. Atul Kumar Mansingka were the Judges.

Following contestants were declared winners :-

Ms. Priyal Mantri (Final) Winner 1

CRO 0477408

Mr. Akhilesh J Sharma (FINAL) Winner 2

CRO 0476291

Ms. Kanika Khandelwal (FINAL) Winner 2

CRO 487019

CA. Abhishek Sharma, Vice Chairman, Jaipur Branch presented certificates to all the participants and mementoes to the winners. CA. Sanjay Kumar Maheshwari-Secretary & CICASA Chairman gave

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large number of CA members and their families participated. 47 meritorious students were honoured by presenting mementoes. The programme was followed by Dinner in the end.

02. World / National Commerce Education Day & Debate Competition (10.11.2016)

Career Counselling Committee of ICAI organized World / National Commerce Education Day and Jaipur Branch hosted the same. CA. Sachin Jain and Dr. Raj Kumar Taneja addressed the students during the Career Counselling Programme. Approx. 300 students from various schools participated in this programme.

On this occasion Debate Competition was also organized. Online Smart Classes, the future education style-advantage and Disadvantage was the topic for the debate competition. CA. Sunny Kapoor, CA. Anoop Bhatia and CA. Sandeep Maheshwari were the judges of the debate competition. In this programme 10 schools participated in this programme.

Ms. Shraddha Sharma, Cambridge Court High School – Winner

Mr. Charush Khurana, Maheshwari Public School – First Runner Up

Ms. Reshu Sharma, SRN School – Second Runner Up

03. CIRC Regional Symposium ( 12.11.2016)

Central India Regional Council of ICAI organized CIRC Regional Symposium on 12.11.2016 at Branch Auditorium. This programme was hosted by Jaipur Branch of CIRC of ICAI. CA. Shashant Gupta, New Delhi delivered the lecture on Opportunities for SMP's before GST starts and Mergers & Networking in CA Firms – An Introspection.

04. SC Meeting on Transfer Pricing - Relevant Is Precautions after 500 & 1000 INR withdrawl sues (13.11.2016)

The Jaipur Branch organized SC Meeting on Precautions after 500 & 1000 INR withdrawl on 13.11.2016 at Branch Auditorium. CA. Sanjay Jhanwar delivered the lecture on the above subject. In this programme CA. Prakash Sharma, Central Council Member-ICAI was also present.

05. 8th CIRC T 20 Cricket Tournament (17th Nov. to 20th Nov. 2016)

5. Special Counselling Programme on How to Face CA Examinations for CA Students (14.10.2016)

Jaipur Branch organized Special Counselling Programme on How to Face CA Examinations for CA the Students of IPCC and CA Final appearing in Nov. 2016 exams at ICAI Bhawan from 11am-2pm. CA. S C Jain was the speaker. CA. Pramod Kumar Boob-Vice Chairman – CIRC addressed the students. CA. Sanjay Kumar Maheshwari, Secretary and CICASA Chairman also addressed the students, CA. Dinesh Kumar Jain-Chairman Jaipur Branch also interacts with the student. In this programme approx.. 125 students were present.

6. Half Day Seminar on Annual filing of Return & Proceedings and Adjudication under Companies Act 2013 (19 Oct. 2016)

Jaipur Branch organized half day seminar on Annual filing of Return & Proceedings and Adjudication under Companies Act 2013 at ICAI Bhawan on 19.10.2016. Sh. Sanjay Gupta, ROC, Rajasthan delivered the lecture on proceedings and adjudication under Companies Act 2016 and CA. B K Sharma delivered the lecture on Annual filing of Return.

7. SC Meeting on Transfer Pricing - Relevant Issues ( 22.10.2016)

The Jaipur Branch organized SC Meeting on Transfer Pricing - Relevant Issues on 22.10.2016 at Branch Auditorium. CA. Naman Shrimal was the eminent speaker and he delivered the lecture on Transfer Pricing - Relevant Issues.

BRANCH ACTIVITIES DURING THE MONTH OF NOVEMBER 2016

01. Deepawali Sneh Milan 2016 (5.11.2016)

The Jaipur Branch organized Deepawali Sneh Milan 2016 at the B-5 Back Lawn, C Scheme, Jaipur on 5.11.16 for CA members, their families and meritorious students of CPT June 2014 & Dec. 2014, IPCC and CA Final Nov. 2014, May 2015, Nov. 2015 & May 2016 examinations. Shri Kali Charan Saraf, Hon'ble Minister of Higher Education, Government of Rajasthan was the Chief Guest, CA. Atma Ram Gupta-Chairman-ARG Group was the Guest of Honour. CA. Dinesh Kumar Jain, Chairman and members of Managing Committee were present. A

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Press Conference regarding popularizing the Commerce Wizard on 19.11.2016 at ICAI Bhawan. CA. Mukesh Singh Kushwah-Chairman Career Counselling Committee-ICAI, CA. Prakash Sharma-Central Council Member-ICAI, CA. Rohit Ruwatia Agarwal-Regional Council Member-CIRC & CA. Gautam Sharma-Regional Council Member-CIRC were also present on this occasion.

In this matches Trophy was given to Bhopal Branch, Runner UP : Jaipur. In the inaugural ceremony Shri J C Mohanty, President, Rajasthan Sports Council, Jaipur was the Chief Guest. In the valediction Sh. Narpat Singh Rajvi, MLA was the Chief Guest.

06. Press Conference regarding popularizing the

Commerce Wizard (19.11.2016)Career Counselling Committee of ICAI organized

Bhawani Niketan, Sikar Road (Main Ground) and Mandoliya Ground, Rajawas as per the schedule mentioned below:

The 8th CIRC T20 Cricekt Tournament was organized by CIRC and hosted by Jaipur Branch of CIRC of ICAI from 17th Nov. 2016 to 20th Nov. 2016 at

Match

Date

Time

Venue

Teams

Winner Team

1

2

3

4

5

6

7 8 9 10

11

12

13 14 15

16

17

18

1st Semi

2nd Semi

Final

3rd Place

17.11.2016

17.11.2016

17.11.2016

17.11.2016

17.11.2016

17.11.2016

18.11.2016 18.11.2016 18.11.2016 18.11.2016

18.11.2016

18.11.2016

19.11.2016 19.11.2016 19.11.2016

19.11.2016

19.11.2016

19.11.2016

20.11.2016

20.11.2016

20.11.2016

20.11.2016

09.00 -

12.00

09.00 -

12.00

09.00 -

12.00

01.00 -

04.00

01.00 -

04.00

01.00 -

04.00

09.00 - 12.00

09.00 - 12.00

09.00 - 12.00

01.00 - 04.00

01.00 -

04.00

01.00 - 04.00 09.00 - 12.00 09.00 - 12.00 09.00 - 12.00

01.00 - 04.00

01.00 - 04.00

01.00 - 04.00

09.00 - 12.00

09.00 - 12.00

01.00 –

04.00

01.00 –

04.00

G -

1

G -

2

G -

3

G -

1

G -

2

G -

3

G - 1

G - 2

G - 3

G - 1

G -

2

G - 3

G - 1 G - 2 G - 3

G - 1

G - 2

G - 3

G - 1

G - 3

G - 3

G - 1

BHOPAL VS BHILWADA

UDAIPUR VS KOTA

JAIPUR VS SAHARANPUR

ALWAR VS AGRA

INDORE VS JAMSHEDPUR

LUCKNOW VS KISHANGARH

LUCKNOW VS JAIPUR

BHILWADA VS AGRA

INDORE VS KOTA SAHARANPUR VS KISHANGARH

BHOPAL VS ALWAR

UDAIPUR VS JAMSHEDPUR

UDAIPUR VS INDORE

JAIPUR VS KISHANGARH BHOPAL VS AGRA

JAMSHEDPUR VS KOTA

LUCKNOW VS SAHARANPUR

ALWAR VS BHILWADA

Bhopal Vs Udaipur

Jaipur VS Lucknow

Bhopal Vs Jaipur

Lucknow Vs Udaipur

Bhopal

Udaipur

Jaipur

Alwar

Indore

Lucknow

Lucknow Bhilwara Indore

Kishangarh

Bhopal

Udaipur

Udaipur Jaipur Bhopal

Jamshedpur

Lucknow

Alwar

Bhopal

Jaipur

Bhopal

Udaipur


within a month or so. In short consistent reading gives you the content.

"When I walk along with two others, from at least one I will be able to learn."

We all are surrounded by our friends and colleagues - Share / Express & Discuss the better ways of doing the same thing. Everyone will be free to give 10 seconds to you and it's up to you how can you make most of it. Remember to help others too. This can be done with colleagues in your office, your friends, online communities, networks.

“You'll get younger not from what you read but from what you apply.”

Reflection is the key - Whatever you learn in above three steps - apply it. Try to bring them in practice. It can be in verbal communications, or it can be in your analysis activity. You can even write a blog of what you learnt today. This will give you chance to interact with others having similar interest. Without reflection, the learning are sure to fade.

We are always sincere for the task we are given in office. On the other hand, we have no other option else we might be fired, but when it comes to us, we seems to be lazy as we are the boss of our own and so no one will fire us. So the discipline in all above four steps with only come once you show same dedication as you show for the official task which you are paid for. In short, it's all about Self-management.

Wish you long tern success in your professional journey.

“As we learn and grow, we are always in the process of choosing to become, who we will be”

In long race of professional journey, we intend to measure our performance and desire to get best outcomes. The focus is on results and we put our best efforts to achieve the same, however It is equally important to keep a consistent pace on up-skill activity. It is like keeping your tools pointed so that leverage upon the hard work you do can be taken for your performance.

Up skills refer to add on the current skills which keep us moving with assertiveness and aggressiveness. The question is - How should we up-skill ourselves? Sharing with you the four steps which we all must take care of and practice them with utmost sincerity.

“Learncontinuously. You may be out of formal education, but that doesn't mean you have to stop learning. Education never stops.”

This can be self-nominated or it can be also provided by the organization you work for. Whatever be the case is, the important point is to make most of it and don't ever just do it for just sake of doing it. Give time and prepare for such training - Do the elementary homework before appearing in such trainings such that you are on the same tuning the very first minute of the opportunity provided to you.

“Books are a uniquely portable magic.”

The more you read the better you will be. It is the food that your brain needs - Reading newspapers, journals, magazines keep you upfront with the latest innovations, practices in your industry. With consistent readings, the results can do wonders and one can start feeling a change in his/ her confidence

Compiled by :CA. Sachin Jain

UP-SKILL- A Self-Initiative approach for success in this

dynamic world

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gross receipts received in cash.

NEW TAX RATE AND PENALTY FOR INCOME FROM UNDISCLOSED SOURCE U/S 115BBE

· In the Finance Act 2012, the section was inserted with the objective of curbing the practice of laundering of unaccounted money by taking advantage of basic exemption limit.

· It proposed to tax the unexplained credits, money , investment , expenditure etc. which are deemed as income under section 68, section 69, section 69A, sectionn 69B ,section 69C , or section 69D.

· The existing rate u/s 115BBE is 30% (plus surcharge and cess) without allowing any deduction for any expenditure or allowance.

· The section seems to be the biggest loophole in the Income Tax Act, 1961 whereby, any person can evade tax on concealed income of previous years by declaring such accumulated income as income of current financial year and paying tax @ 30%+ surcharge+cess thereon without causing any penalty, interest and prosecution.

· It caused a big leakage to government exchanger and was disincentive to people to be the honest tax payer.It was required to change the provision of this section.

· The taxation laws Bill,2016 proposed to amend section 115BBE of the act and the Fianance Act , 2016 to increase the rate of tax from 30% to 60% impose surcharge @ 25% of the tax and to provide for penanty @10% of tax.

Govt.'s demonetization tax proposals decoded, effectively a second IDS

Overview of Amendments (The Taxation Laws Second Amendment Bill'2016)

INTRODUCTION

On 8th November 2016, In what can only be described as a historic opportunity to weed out evils in the country's shadow economy ,the Indian prime minister Narendra Modi ,has announced that all 500 and 1000 rupee notes have been stripped of their status as legal tender ,as his party intensifies its strike on “black money”. The main aim behind this is to put a control on Corruption, Terrorism & Black money. In addition it is also expected that the move will reduce cash circulation in the country as the most corrupt activities and legal dealings are done through cash. To meet the above several changes has been introduced in sec 44AD and 115BBE, a step towards cash less economy.

RATE REDUCED FROM 8% TO 6% FOR NON CASH TRANSACTIONS U/S 44AD

· In the existing provision of sec 44AD the act stated that certain assesses i.e., an individual, Partnership other than LLP or HUF , carrying on any business other than transportation ,agency, Brokerage and commission and having a turnover of Rupees two crore or less, the profit is deemed to be 8% of turnover.

· In order to achieve government's mission of moving towards a less cash economy, it has been decided to reduce the existing rate of deemed profit from 8% to 6%.

· For this the total turnover or gross receipts for Financial Year 2016-17 is segregated into two parts, amount received through cash and amount received through banking channel /digital means.

· New rate of 6% is applicable to only such transactions where amount is received through any mode other than cash i.e., the existing rate of deemed profit of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or

Compiled by :CA. Anoop Goyal

Amendment in Sec 44AD and 115BBE of Income Tax act

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PARTICULARS EXISTING PROVISIONS AMENDED PROVISIONS General provision for penalty PENALTY (Section 270A) No changes proposed

Under - reporting – @50% of tax Misreporting – @200% of tax

(Under-reporting/ Misreporting income

is normally difference between returned

income and assessed income) Provisions for taxation & penaltyof unexplained credit, investment, cash and other assets TAX (Section 115BBE) TAX (Section 115BBE) Flat rate of tax @60% + surcharge @25% of tax

(i.e.15% of such income). So total incidence of tax is 75%approx.+ EC+SHEC

Flat rate of tax @30% + surcharge +

cess (No expense, deductions, set-off is allowed)

(No expense, deductions, set-off

isallowed)

Effective Rates Comes 77.25%

PENALTY (Section 271AAC)

If Assessing Officer determines income referred to insection 115BBE, penalty @10% of tax payable in addition to tax (including surcharge) of 75%.+EC+SHEC

Effective Rates Comes 83.25%

Penalty for search seizure cases Penalty (271AAB) Penalty (271AAB)

(i) 10% of income, if admitted, returned

(i) 30% of income, if admitted, returned and taxes arepaid

and taxes are paid

(ii) 20% of income, if not admitted but (ii) 60% of income in any other case

returned and taxes are paid

(iii) 60% of income in any other case

Taxation and Investment Regimefor Pradhan Mantri Garib KalyanYojana, 2016’ (PMGKY)

New Taxation and Investment Regime

Undisclosed income in the form of cash & bank deposit

can be declared:

(A) Tax, Surcharge, Penalty payable

Tax @30% of income declared Surcharge @33% of tax Penalty @10% of income declared Total @50% of income (approx.)


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customer.

5. Salam: Itis a form of forward agreement where delivery occurs at a future date in exchange for spot payment. Such transactions were originally allowed to meet the financing needs of small farmers as they were unable to yield adequate returns until several periods after the initial investment.

6. Istisna': it is a contract in which a commodity can be transacted before it comes into existence. The unique feature of istisna' (or manufacturing) is that nothing is exchanged on the spot or at the time of contracting. It is perhaps the only forward contract where the obligations of both parties are in the future. In theory, the istisna' contract could be directly between the end user and the manufacturer, but it is typically a three-party contract, with the bank acting as intermediary.

In Islamic Banking an alternative form of cover that a person can avail himself against the risk of loss due to misfortune (Insurance) and a Financial Certificate but can be seen as an Islamic Equivalent of Bond called Sukuk.

How it is different

• Islamic bank order not to use money as commodity, No time value of money and profit cannot be made explicit.

• Islamic bank operate on concept of lender borrower relationship and profit generated through this relationship are divided between two parties as per agreement.

• Islamic bank entity depends upon fixed deposits and does not borrow money from Central Bank.

• Bank gives loan on the basis of mutual agreement and majorly focuses on sales transactions.

• Since Islamic bank shares profit and loss, pay greater attention to developing the project appraisal and evaluation.

• Islamic banks have no provision to charge any extra money from the defaulters. Only small amount of compensation and these proceeds given to charity. Rebates are given for early settlement at the bank's discretion.

Overview of Islamic Banking& Finance

Global Islamic finance assets reached $1.9 trillion by mid-2014 (ADB and IFSB, 2015), with about 75 percent of the industry concentrated in the Middle East North America (MENA) region (excluding Iran) where GCC countries accounted for 96 percent of it. Moreover, these assets are estimated to have surpassed the $2 trillion milestone at end-2014. In terms of growth, the Islamic finance industry, including Islamic capital markets, grew, on average, by 17.5 percent since

Islamic banking is a system of Financial Activities with shariah based on Islamic Principal which at care refuses collecting Interest, transaction involving uncertainty and speculation. It is fully based Islamic Economic System which not restricted to muslim only.

History of Islamic Banking

Effort made by Ahmad Elnaggar in form of saving bank based profit sharing in Egyptian town in 1963. In 1973 Islamic Development Bank was setup. First Islamic bank in Malaysia was established in 1983. In 1993 Commercial and Merchant bank were allowed to offer Islamic Banking Product and Services under IBS.

Products of Islamic Banking

1. Musharakah: It mean partnership involve you placing your capital with another personand both sharing the Risk and Rewards with Profit Sharing ratio but loss must be distribute to the amount of invested.

2. Mudarabah: It refer to an Investment on your behalf by a more skilled person. It is a form of contract between two person, one who provide fund and the other who provide expertise and who agreed to the division of any profit made in advance.

In Both above Bank would make shariah complaint sharing profit between two parties and charge his fees but in case of loss borne by both party then bank not charge any fees.

3. Murabahah: It is contract for purchase and resale and allows the customer to make purchases without having to take out loan and pay interest. Bank purchase goods on behalf of customer on an agreed profit margin and customer pay sale price of goods over installments.

4. Ijarah: It is a form of Leasing, when bank buy the assets then lease on the same for a specified period and after completion of period the ownership of assets are transferred to

Compiled by :Shamsuddin Khan

What is Islamic Banking & Finance and how it works?

Product

Rental Based

Trade Based

Partnership Based

- Musharakah- Mudarabah

- Murabahah - Salam - Istisna

-Ijarah


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Islamic banking also restrains the chances of bankruptcy because it adheres to strict credit rating system by disallowing indebted economic agents to avail more debt finance. The strict regulations for credit rating under Islamic banking could save our financial and economic enterprises from bankruptcy. The Islamic banking mechanism would certainly strengthen the credit rating system to provide security of funds for depositors and investors.

Even the Corporate sector would be a gainer. All the companies listed in stock markets will get additional potential investors to genuinely subscribe their shares instead of speculator trading. Even the Bond Markets may stabilize. Long term resources for the infrastructure sectors like the irrigation, power, Oil, and communication projects could be faster and easier through Islamic Banking route. New modes of public private partnerships for the execution of infrastructure projects may emerge.

The high powered RaghuramRajan Committee draft Report as released on 7th April 2008, strongly suggested interest-free banking as a part of recommendations made for financial sector reforms. The Committee postulates that interest free banking is another area that falls broadly in the ambit of financial infrastructure.Certain faiths prohibit the use of financial instruments that pay interest. The non-availability of interest-free banking products (where the return to the investor is tied to the bearing of risk, in accordance with the principles of that faith) results in some Indians, including those in the economically disadvantaged strata of society, not being able to access banking products and services due to reasons of faith.

The importance and relevance of Islamic banking in India in the context of "Financial Tsunami" that has taken place in recent times further enhances the need of Sharia banking. Also the political parties need economic rationality to convince majority of voters that Islamic banking is not being introduced to please Muslim voters but to genuinely boost faster and inclusive growth for the Indian economy. Obnoxious politics in the name of religion must be avoided. I personally believe to refer 'Islamic Banking' as 'Interest Free Banking' so that it could be looked through the broad economic kaleidoscope and not a narrow religious prism.Islamic Bank of Britain, Islamic banks of Thailand, Singapore and USA may be glaring models for Indian bankers. The reputed domestic and international banks along with the collaboration of RBI should be involved in the process of determining and implementing Islamic Banking products.

With only minor changes in their practices, Islamic banks can get rid of all their cumbersome and sometimes doubtful forms of financing and offer a clean and efficient interest-free banking. Participatory financing is a unique feature of Islamic banking, and can offer responsible financing to socially and economically relevant development projects. This is an additional service that Islamic banks offer over and above the traditional services provided by conventional commercial banks. Such a system will offer an effective banking system where Muslims in India may invest in pursuant to Islamic principles and the rest may have an alternative to interest bearing conventional banking. Both systems can co-exist. Let the people of the largest democracy decide democratically which one they should bank upon. The young sapling of Islamic banking must be nurtured by the Government so that the country may reap the benefit of its fruit in the coming period.

Conclusion

Islamic capital markets, grew, on average, by 17.5 percent since the onset of the global financial crisis in 2008 (Ernst and Young, 2015). The bulk of growth happened in countries outside the MENA region in countries with more Muslim populations, but most of the industry's growth in the MENA region was led by GCC countries. In particular, the Islamic finance industry grew, on average, by 43 percent in Indonesia, and by 19 percent in Turkey during 2009–13.

At end-2013, there were about 410 Islamic banking institutions worldwide, including the fully Shari'ah compliant banking systems in Iran and Sudan. Most of these Islamic banks were established in the 1980s and 1990s. In recent years, Islamic banking has spread to Africa, Europe, and North America: Islamic banks are in operation in countries such as Denmark, France, Luxembourg, Nigeria, South Africa, Switzerland, and the United Kingdom. In addition, a number of large European and American banks (such as Citibank and HSBC) are operating Islamic banking windows to take advantage of this fast-growing sector. The Islamic banking sector has grown at an annual rate of

about 17 percent in the period 2009–13, even allowing for the post-2008 global crisis period. This sustained growth is seen as a sign of resilience of the industry.

Impact of Islamic Banking in india


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Real estate companies will go through a significant change in their balance sheet and income statement due to application of above requirements..

Consequently under Ind AS,

consolidated financial statements - the investment will appear as a single line item in the balance sheet wherein the share ofprofits/losses will be added/reduced and distributions will be deducted

only the share of profits/losses from the joint venture will be recognised in the profit and loss account.

assets, liabilities, incomes and expenses will not be recognised separately.

1. Complex control structures

Large and medium sized real estate companies usually have a complex investment structures with interests in joint ventures, partnership firms, Limited Liability Partnership (LLPs), Association of Persons (AoPs), etc. Unlike Indian GAAP, where control assessment is largely based on the proportion of equity holding in the investee, Ind AS requires control assessment based on factors such as power over relevant activities, exposure to variable returns, ability to affect variable returns through power over relevant activities, etc. rather than only voting rights. For example where a shareholder's agreement gives unilateral decision giving rights to the investor even after holding say only 40% of the share capital, the investor will still have to consolidate the investee entity as a subsidiary. In such a case, non-controlling interest (NCI) would be shown at 60%.

2. Joint arrangements

It is quite common for real estate companies to enter into joint arrangements for development and execution of projects (e.g. joint development agreements). Typically, one venturer would be contributing the land (along will all approvals) and the other venturer will be undertaking the construction and development. Classification and accounting for such joint arrangements are governed by contractual rights and obligation and not merely by proportion of holding. Example 6(a)(i), when an entity holds investment of more than 50% in another entity, it would currently be classified as a subsidiary. But in case the arrangement between the shareholders of the entity require unanimous consent of two or more parties for any decisions to be made, such investment may be classified as a joint arrangement. Joint arrangements are further bifurcated into 'joint ventures' and 'joint operations'. The classification and accounting requirements for the same have been summarised below:

Compiled by :C.A. Saurabh Baheti

Impact of Ind AS on control assessment in Real estate industry


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