NORTHERN INDIA REGIONAL COUNCIL Newsletter January...Conference of NIRC was held. CA Amarjit Chopra (Past President, ICAI), CA. Ashok Batra, CA Ved Jain (Past President, ICAI), CA

NORTHERN INDIA REGIONAL COUNCILOF

THE INSTITUTE OF CHARTEREDACCOUNTANTS OF INDIA

e-Newsletter

VOL. XLVI, No. 9

January 2019

Felicitated CA. Piyush Goyal Finance Minister on the occasion of Regional Conference of NIRC of ICAI

From the Desk of the Chairman...

Dear Professional Colleagues

Greetings for the day!

On the onset, I would like to Congratulate the

newly qualified Chartered Accountants. Welcome

to this glorious profession. Always remember

The tiny seed knew that in order to grow, it

needed to be dropped in soil covered with

darkness and struggle to reach the light. One can

choose to go back towards safety or forward

towards growth. Growth must be chosen, again

and again, Fear must also be overcome again and

again. The challenges we face in life are always

lessons that serve our souls’s growth.

ICAI’s role of Partner – in Nation building

has been well accepted politically and

economically in our country. At the dawn of

February we proudly saw a Chartered

Accountant presenting The Financial

Interim Budget 2019-20 and it was also a

moment of pride and gratitude when our

Finance Minister CA Piyush Goyal was

felicitated at NIRC Regional Conference on

the very next day that is 2nd February 2019.

Member Programmes

Without continual growth and progress, such

words as improvement, achievement and success

have no meaning. Without intent to learn there is

[email protected] ; [email protected]

CA. Pankaj Periwal, Chairman

CA. Nitin Kanwar, Vice-Chairman

CA. Pooja Bansal, Member

CA. Rajender Arora, Member

CA. Sumit Garg, Member

CA. Rakesh Makkar, Member

CA. Deepak Garg, Member

Editor : CA. Pankaj Periwal

Editorial Board

no innovation, creativity or incentive for

improvement. Keeping this thought in mind we at

NIRC continuously conduct member programmes

to upgrade and facilitate learning.

● O5th January, a seminar on Recent

Development in GST was held which was

deliberated by CA. Navya Malhotra, CA. Rohit

Vaswani and CA. Nagesh Bajaj.

● On 12th January, a seminar on Latest

Amendments in Companies Act was organised

wherein CA . Anil Sharma, CS. Manoj Sharma and

CS. Deepak Sharma were the key speakers.

● On 18th and 19th January, NIRC of ICAI

proudly hosted 3rd Annual Conference on

Disruptive Innovation for Transformation –Digital

and Forensics organised by Digital Accounting &

Assurance Board. CA. Sanjeev Singhal, Mr.

Arpinder Singh, CA BabuJayendran, CA. N.G.

Shankar, CA.Kedar Sawale, CA. Chetan Dalal, Mr.

Iqbal Singh CA. E. Narasimhan and CA. Tushankar

Saroha were the key note speakers.

● On 19th January, a training programme for

Refreshers and members wanting to understand

and implement Best Practices in their practice

units organised by peer review committee of ICAI

. It was successfully hosted by NIRC of ICAI.

● On 2nd and 3rd February, Regional

Conference of NIRC was held. CA Amarjit Chopra

(Past President, ICAI), CA. Ashok Batra, CA Ved

Jain (Past President, ICAI), CA. (Dr.) GirishAhuja,

CA. Manoj Fadnis (Past President, ICAI) and Mr.

Rahul Magan were the key speakers.

● Sports is where preparation and opportunity

meet. Sports build habits, confidence and

discipline. Keeping this thought in mind, every

month we at NIRC try to conduct atleast one

sports event. A cricket tournament for members

was held in January which saw a very encouraging

participation.

Students Programmes

Education is the most powerful weapon which we

can use to change the world. Education is a

passport to the future, for tomorrow belongs to

those who prepare for it today. We at NIRC

understand our responsibility and it’s our

continuous endeavour to provide them with best

possible education at affordable prices.

• A 10 days Certificate Course on GST and

• A 6 days Certificate Course on IND AS were

held for the students.

• A number of MCS Batches are running on a

continuous basis to ensure there’s no backlog and

new batches have been announced so that

students do not face problems.

• At different locations, we have tried to

provide Coaching by experienced and best quality

faculties and excellent infrastructure to facilitate

convenience in learning.

For my dear students who missed qualifying their

exams this time, remember

Optimism, is one of the most important keys to

become successful. You have to be optimistic that

the future will bring about more abundance and

prosperity into your life. Be an optimist and

expect to succeed in all your endeavours.

Pessimism does not bear fruit so there is no point

engaging in that sort of thinking, however

retrospection is essential.

Let’s tell us ourselves everyday that

“I choose to feel optimistic, confident and

capable.

Thank you and God Bless all!

rdDate: 03 February, 2019

Place: Ludhiana

CA. Pankaj Periwal,Chairman, NIRC of ICAI

January, 2019 NIRC NEWSLETTER

4

Ind AS-37: Provisions, Contingent liabilities, Contingent assets

Ind AS-37 AS-29

UnderIndAS-37provisionsarediscountedtoitspresentvalueiftheeffectoftimevalueofmoneyismaterial.Refervalueiftheeffectoftimevalueofmoneyismaterial.ReferIndAS–16wherethedismantlingcostisbroughttoitspresentvalueandthensuchcostisaddedtothecostofasset.

IndianGAAPsarebasedonHistoricalCostsystemhencediscountingmodelisnotusedinAS–29.

AsperIndAS-37ContingentAssetsrequiresdisclosures inthefinancialstatements.ThenotifiedIndAS–37ismodeledasperIAS–37.

AS-29prohibitsthedisclosureofContingentAssets.

Read Full article at l.ead.me/bb3KG6

CA. Ravinder Singh Pawar

Theory of Fraud Diamond

In my earlier article on Fraud, I had explained about the “Theory of Fraud Triangle” which discussed the three common elements that are often present in a fraud schemes. These are (a) there has to be a pressure in the mind of financial need on the person committing fraud; (b) there should be an opportunity to commit fraud like weakness in Internal Controls and (c) the person committing the fraud frequently rationalizes the fraud which may include, “I’ll pay the money back”, “They will never miss the funds”, or “They don’t pay me enough.”

Read Full article at l.ead.me/bb3KB0

CA Surinder Kumar Gujral [email protected]


5

Foundation, Intermediate Both & Final Classes of NIRC of ICAI

25 Best Income-tax Judgments in the year 2018

Every year Courts and Tribunals deliver thousands of judgments on Income-tax Act. Taxmann’s editorial board scrutinizes each and every judgement so as to select and report all those case laws which could be helpful to better interpret the law. In the year 2018, taxmann.com has reported approx. 2,200 cases on Income-tax Act. We have

been very diligent while selecting a case law for reporting. Out of these cases, a few cases can be flagged as landmark rulings for future references and to decipher some aspects of Income-tax Act, 1961. We have listed down 25 most important cases and prepared a digest thereof. In the year 2018 various

celebrities have experienced the wrath of revenue, some judgments have either settled down an existing controversy or given rise to a new controversy.

Read Full article at l.ead.me/bb3QnQ

Taxmann Editorial Board [email protected]

6


Forthcoming ProgramCA. Women Conference

Day & Date

Timings

CPE Hrs

Venue

Online

Payment

Saturday, 09th February, 2019

09.30 AM – 05.30 PM

6 (Six) CPE Hrs.

Hotel Royal Plaza

•Rs. 500/- online at www.nirc-icai.org/seminars

•Rs. 600/- only with Cheque/DD on spot

•No Cash will be accepted

No fees for Women Annual Members of NIRC (All Study Group)

Seminar on International Taxation & Annual Award Function NIRC of ICAI

Day & Date

Timings

CPE Hrs

Venue

Online

Payment

22nd & 23rd February, 2019

09.30 AM – 05.30 PM

6 (Six) CPE Hrs.

To be decided

•Rs. 1500 + GST (For one day only) with Cheque/DD on the spot

•Rs. 2800 + GST online (For both days) at www.nirc-icai.org/seminars

•Rs. 2800 + GST only with Cheque/DD on the spot

•No Cash will be accepted

•No fees for Annual Members of NIRC of ICAI 2018-19 (All Study Group)

Registration is compulsory for Annual Members of NIRC (2018-19)

Seminar on Ind AS

Day & Date

Timings

CPE Hrs

Venue

Online

Payment

Saturday, 02nd March, 2019

09.30 AM – 05.30 PM

6 (Six) CPE Hrs.

To be decided

• Rs. 1400/- + GST Online at www.nirc-icai.org/seminars

• Rs. 1500/- + GST Only with Cheque/DD on the spot

• No Cash will be accepted

No fees for Annual Members of NIRC (All Study Group).

Seminar on Bank Audit

Day & Date

Timings

CPE Hrs

Venue

Online

Payment

Saturday, 09th March, 2019

09.30 AM – 05.30 PM

6 (Six) CPE Hrs.

To be decided





Seminar on GST

Day & Date

Timings

CPE Hrs

Venue

Online

Payment

Friday, 15th February, 2019

09.30 AM – 05.30 PM

6 (Six) CPE Hrs.

To be decided





7

GLIMPSES

A View at the Seminar on GST held on 5th January 2019


A View at the CA. Students Festival held on 11 January 2019

8


A View at the Seminar on Recent Changes in Companies Act held on 12th January 2019

A View at the One Day Training Programme for Peer Review held on 19th January 2019

A View at the Cricket Tournament for Member (NPL 2018-19) Organised by NIRC of ICAI

ICAI 3rd-Annual Conference on Disruptive Innovation for Transformation-Digital and Forensic.

9


Two Days Regional Conference of NIRC of ICAI held at Hotel Le Meridien, Delhi on 2nd & 3rd February 2019

10


A View at the Deemed Gifts and Valuation of Issue and Transfer of Shares Organized

by Ludhiana Branch of NIRC of ICAI

A View at the Seminar on GST Audit & Input Tax Credit Organized

by Ludhiana Branch of NIRC of ICAI

A View at the Badminton Tournament for CA Members Organized by

Ludhiana Branch of NIRC of ICAI

Seminar on “Foreign Trade Policy 2015-20 & Overseas Direct Investment” Organized

by Gurugram Branch of NIRC of ICAI

Seminar on Practical & amp; Technical Tips for representing case before CIT(A) and ITAT

organized by Faridabad Branch of NIRC of ICAI

Seminar on “Reviews-Companies Act, SEBI-LODR SME-Listing and Angel Tax” Organized by Gurugram Branch of NIRC of ICAI

ICAI Conference on Internal Audit Organized by Internal Audit Standards Board of ICAI Hosted by Gurugram Branch of NIRC of ICAI

Celebration of Branch Foundation Day & Republic Day & Branch Inauguration of Gurugram Branch of NIRC of ICAI

A View at the Student Conference organized by Amritsar Branch of NIRC of ICAI A View at the Republic Day Celebration organized by J & K Branch of NIRC of ICAI

A View at the Seminar on GST & Income Tax organized by Faridabad Branch of NIRC of ICAI

11

CA. Pankaj Periwal,Chairman, NIRC of ICAI

Mob. 9417240316Email- [email protected]

CA. Nitin KanwarVice-Chairman, NIRC of ICAI

Mob. 9716048641, 9810387163Email- [email protected]

[email protected]

CA. Pooja Bansal (Mrs.)Secretary, NIRC of ICAI


CA. Rajender AroraTreasurer, NIRC of ICAI


CA. Sumit GargChairman, NICASAMob. 9560064645

Email- [email protected]

CA. Deepak GargMember, NICASAMob. 9811064105

Email- [email protected]

CA. Yogita Anand(Mrs.)Member, NIRC of ICAI


CA. Rajesh Kr. AgrawalMember, NIRC of ICAI


CA. Rakesh MakkerMember, NICASAMob. 9811104384

[email protected]

CA. Vivek KhuranaMember, NIRC of ICAI


CA. Alok JainMember, NIRC of ICAI


CA. Rajinder NarangMember, NIRC of ICAI


CA. Swadesh GuptaMember, NIRC of ICAI



January, 2019

12

Documents

NORTHERN INDIA REGIONAL COUNCIL Newsletter January...Conference of NIRC was held. CA Amarjit Chopra (Past President, ICAI), CA. Ashok Batra, CA Ved Jain (Past President, ICAI), CA