EIRC 1st April 2015 �

EIRC NEWSLETTERVOL: 41 ISSUE: 02 1st APRIL 2015 RS. 10/-

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

EASTERN INDIA REGIONAL COUNCIL(Setup by an Act of Parliament)

download from www.eirc-icai.org

NEWSLETTER

��EIRC 1st April 2015

EIRC 1st April 2015 �

Dear Brothers & Sisters,

It is my privilege to take up my pen in the second month after assumption of office. I am extremely privileged and honoured. But at the same time this honour brings with it, many a responsibility which I

have to execute. But it is my belief that pressure works when it actually comes to working.

Professional engagement of we CAs are at constant rise to conclude to the FY 2014-2015, 31st March 2015. Every year we pass through this testing time and we emerge victorious. I wish everybody this year ending better than earlier.

Last month, in addition to various CPE Workshops we had the pleasure of organizing a Holi Doljatra Get-together on 4th March 2015. The Holi meet with celebrity Kavis in Hasya Kavi Sammelan was celebrated with such splendor and cheerfulness that the festival deserves which was participated by more than 1200 participants. EIRC also got the opportunity to organize the felicitation of the President and Vice- President on 20th March 2015 after the Interaction and Orientation programme with all the Managing Committee Members of all the Branches of EIRC.

I would like to appeal to all the Study Circles and the Branches to organise as many as useful programmes for the benefit of all with special importance to ensure it being interactive which will solve the emerging doubts and problems. We are here for a mission which is similar to each of us and there are no clashes. Another effort is to involve in increased numbers the Members, Study Circles, Branches and Chapters in the activities of the Regional Council so as to work in closely and more coordinated manner to contribute to the profession. If you look at the programme of Orientation Programme, you will see the wide involvement of branches. Same way, the involvement of all could be seen in the Holi Get-Together programme and the Felicitation programme.

To develop a close association amongst the people was the vision so that everybody can feel and touch upon others feelings and views and may build up a close-knit family. View was to develop the biggest family – one society where everything will go good and a peaceful coexistence between nature and humanity would exist.

We have asked the valuable comments from my members based on the various points discussed in the Study Circle Coordination Meeting and Meeting of the Past leaders, held last month. Do communicate to me personally and let’s discuss to take our thought forward. I would love to let you take the ownership of such initiative. I would request not to reserve your

criticism for the same which would go a long way in planning my future endeavours aptly.

At this point, I have a feeling that Chartered Accountants should know every nook and corner of a job they are doing and develop a vision of their own. Transparent thinking would make them help getting and doing everything in a defined manner and this practice would pave the way for them to excel as a specialist rather than being a jack of all trades and a commoner.

I am striving every day to present programmes of interest and where my fraternity needs to be abreast of the developments by way of organizing the same and bringing in renowned faculties to deliberate upon ensuring eradication of any doubts on the professional topics being discussed upon. To state few examples, we have organized at a very short notice a Seminar on new regulatory framework of NBFC. We have planned Full Day Seminars on Companies Act, Indirect Taxes and Two Day Workshop on IND AS with meticulous search and confirming the respected faculties spread throughout the country. I would request all my esteemed members to attend the same and derive benefit from the experts.

A great initiative which has been taken by our Institute in 2014 was to set up a Committee for Review of Education and Training (CRET), to review the existing system of education and training including the curriculum and to examine in the context of existing requirements and anticipated changes in the environment. Following a detailed methodology comprising of meetings, holding meetings with academicians/ representatives of industries/ regulators and other stakeholders and hosting of questionnaires etc., the Institute formulated a New Scheme of Education and Training. The New Scheme is opened for public comments till 31st March, 2015. With a view to get much wider response, it has been decided to hold outreach meetings all over the country and in such an endeavour a Regional CRET Meeting was held on 28th March 2014 at EIRC Premises wherein Members in Practice/ Members in Industry/Users of services including regulators/ Students/ Parents/Academicians and other stakeholders participated enthusiastically and discussions were held at length. Excerpts of the same were duly noted and ICAI is definitely considering the same for future implementations.

Let me sign off and reproduce a famous saying:-

The first step in the acquisition of wisdom is silence, the second listening, the third memory, the fourth practice, the fifth teaching others.

Wishing you again a happy and fruitful financial year ahead.

Thanking you,

CA Pramod Dayal Rungta Chairman, EIRC of ICAI

��EIRC 1st April 2015

Forthcoming Programme

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

EIRC

Note : 1. Please note Online registration closes 1 day before the day and date 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.

DAY AND DATE PROGRAMME DETAILS VENUE DURATION

IMPORTANT DATES

Saturday 9th May 2015 Rabindra Jayanti Celebration : A Cultural Evening Vidya Mandir, Moira Street, Kolkata 5.30pm onwards

Monday, 6th Role of CA in Gen Y moving from CA Sanjib Sanghi CA Subhash R Singhi Hall, 5.30pm to 3 80April 2015 Compliance to Reliance Chandra Saraf EIRC Premises 8.30pm Spot 100

Thursday, 16th Seminar on Audit & Taxation Details inside in EIRC R Singhi Hall, 2.30pm to 5 250April 2015 of Charitable Trust / NGO-NPO Page 9 EIRC Premises 7.30pm Spot 300

Saturday, 18th Seminar on Companies Act 2013 Details inside in EIRC Park Hotel 10.00pm to 6 Online 1100April 2015 Page 9 5.00pm Spot 1250

Tuesday, 21st Seminar on Section 2(22)(e) & CA K K Chapparia CA Ranjeet Kumar R Singhi Hall, 5.30pm to 3 80April 2015 Section 14A Agarwal EIRC Premises 8.30pm Spot 100

Friday, 24th Battling the Odds -- Diabetes & Dr. Surendra Ugale CA Sunil Kumar R Singhi Hall, 5.30pm to – Free April 2015 Obesity Epidemic Sahoo EIRC Premises 7.30pm

Saturday, 25th Seminar on Indirect Taxes Details inside in EIRC R Singhi Hall, 10.00pm to 6 Online 500April 2015 Page 9 EIRC Premises 5.00pm Spot 600

Tuesday, 28th Recent Changes in SEBI Laws CS Ashok Pareekh CA Manish Goyal R Singhi Hall, 5.30pm to 3 80April 2015 EIRC Premises 8.30pm Spot 100

Tuesday, 5th Young Member Seminar CA A P Singh CA Anirban Datta R Singhi Hall, 5.30pm to 3 80May 2015 EIRC Premises 8.30pm Spot 100

Friday, 8th & Workshop on IND AS Details inside in EIRC Hotel Lalit 10.00pm to 12 Online 2200Saturday 9th Page 9 Great Eastern 5.00pm Spot 2500 May 2015

STUDY CIRCLE

DTPA CA Study Friday, 17th Review of Finance Bill 2015 CA S. S. Gupta CA Sanjay Bajoria DTPA Conference 4.00pm to 3Circle-EIRC April 2015 9331845005 Hall, 3 Govt. Place 7.00pm sbacal@vsnl.net Kolkata-700001

DTPA CA Study Circle- Tuesday, 21st Auditors’ Report under CA Sanjay Agarwal CA Sanjay Bajoria DTPA Conference 4.00pm to 3EIRC April 2015 Companies Act, 2013 - 9331845005 Hall, Income Tax 7.00pm Challenges sbacal@vsnl.net Building Kolkata-700001

BRANCH DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOUR

BRANCH

Siliguri Branch Saturday, 18th Seminar on Indirect Tax CA Bimal Jain CA Amit Goyal ICAI Bhawan 4:00 pm 4 April 2015 #9332650005 Teenbatti More onwards siliguri@icai.org Siliguri

Guwahati Branch Saturday, 11th Stress Management Eminent Speakers CA Dhiraj Jain ICAI Bhawan 3.00 pm 2 April 2015 #9435013867 2nd Bye lane, Manik onwards dhiraj@icai.org Nagar, Guwahati

STUDY CIRCLE DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOUR

EIRC 1st April 2015 �

STUDY CIRCLE DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOUR

Forthcoming Programme Announcement

Views Exchange Friday, 24th Depreciation and CFS under CA Himanshu CA Sunil Bhalotia Kalakunj 2.00pm to 3Chartered Accountants April 2015 Companies Act 2013 Kisnadwala, Mumbai 9831252170 48 Shakespeare 5.00pm Study Circle - EIRC ca.skbhalotia@gmail.com Sarani, Kolkata-700017

Views Exchange Friday, 24th Taxation Aspects of LLP CA Gautam Nayak, CA Sunil Bhalotia Kalakunj, 5.00pm to 3Chartered Accountants April 2015 Mumbai 9831252170 48 Shakespeare 8.00pm Study Circle - EIRC ca.skbhalotia@gmail.com Sarani, Kolkata-700017

Vitta Salahkar CA Saturday, 18th IND AS-Road CA. Arijit Chakraborty CA Deepak Tibrewal Barabazar Library 4.00pm to 3Study Circle-EIRC April 2015 Ahead 094333 86939 Seminar Hall, 7.00pm tibrewal.deepak@ Kolkata -700073 gmail.com

Vitta Salahkar CA Saturday, 25th Pros and Cons CA Harsh Garodia CA Adesh Jain Barabazar Library 4.00pm to 3Study Circle-EIRC April 2015 of Indirect tax -Union CA Vikash Agarwal 9330324455 Seminar Hall, 7.00pm Budget 2015 adeshco@gmail.com Kolkata -700073

Vitta Salahkar CA Thursday, 30th New Income Tax CA Sanjay CA Devendra Agarwal Barabazar Library 5.00pm to 3Study Circle-EIRC April 2015 Computation Standard & Tax Bhattacharya 09830164847 Seminar Hall, 8.00pm Planning of Capital Gain devendrakumaragarwal Kolkata -700073 @yahoo.co.in

Procedure for Online Registration through EIRC website (www.eirc-icai.org)

1. Logon to www.eirc-icai.org2. Create your user id on the EIRC Website by clicking on the tab Register.3. On creation of the account please activate your account by clicking on the link

sent to your email id.4. Once your account is created login your account.5. Under EIRC Upcoming Events click on Read more a list of Seminars will then be

available6. Register for the seminar of your choice by clicking on Register Now7. You will then be directed to the payment gateway to make payment.For any suggestions/quireies regarding EIRC website write to eircevents@icai.in/jyoti.luharuka@icai.in

The Committee on Financial Markets and Investors’ Protection (CFM&IP) is one of the Non-Standing Committees of the ICAI which conducts Certificate Course on Forex and Treasury Management (FXTM) for professional development of members in this field. The aim of this Course is to provide a platform to the members to interact with the experts and to understand the recent developments in the field of Forex and Treasury. Moreover the course was designed so as to enable candidates to understand and conquer the complexities of Forex and Treasury management and to develop skill sets which would be required for making sound financial decisions. It is important to know the intricacies of Forex Risk Management especially during these times when Indian rupee fluctuations causing a lot of financing strain on the importers of products and services and for organizations having foreign currency loans. The Committee will be starting new batches of Certificate Course on Forex and Treasury Management in Kanpur on 2nd May , in Chennai on 9th May, in Kolkata on 16th May, in Mumbai on 23rd May and in Delhi on 30th May,2015 respectively. Registration for the Course has commenced and registration will be on first come first served basis in view of limited seats. For more information and updates and for making online payment please visit: http://www.icai.org/post.html?post_id=3552&c_id=266 and www.icai.org Course Fee: `17500 (`Seventeen Thousand Five Hundred Only). The fee can also be paid through Cheque/D.D. drawn in the favour of “The Secretary, The Institute of Chartered Accountants of India”, payable at New Delhi. The participants of this course will be given 48 CPE Hrs after the completion of the course.Hardcopy of Registration form should be sent at the following address after affixing photograph and signature of the participant:The Secretary,Certificate Course on Forex and Treasury ManagementCommittee on Financial Markets and Investors’ ProtectionICAI Bhawan, Administrative Block, 8th Floor,A-29, Sector 62, NOIDA – 201309For any query or further details please contact : CA. Trapti Gupta. Contact: 0120-3045-945/ +91-8130567979, or mail us at fxtm@icai.in With Kind Regards,

CA Anuj GoyalChairman, CFMIP, ICAI

Commencement of Certificate Course on Forex and Treasury Management

Grievance Redressal Mechanism on Administrative Matters

E-SAHAYATTA is a time bound grievance redressal mechanism hosted on ICAI website for administrative matters. Members & Students are requested to visit www.icai.org to log in their grievances. In this context, members & students are requested to log in their grievances to “correct activity” which has been listed under the E-Sahayataa, so as to avoid delay in resolving such matters/receiving appropriate replies.In addition to the above, members and students can send their grievances related to administrative matters, to the dedicated e- mail ID grievance.cell-eirc@icai.in. The Grievance Cell will further ensure that all such e-mails received are directed/forwarded to the designated/appropriate officials on daily basis on all working days and also will strive to ensure that solution are provided for such grievances, within a reasonable time.

Inter-Active Voice Response System(IVRS) At ICAI Bhawan, Kolkata

Members and students are hereby informed that Inter-active Voice Response System (IVRS) at the Institute’s office at Kolkata is functional 24x7 for automated response on telephone calls. To avail the facility, it is requested to call on landline telephone 033-39893989 during regular office hours on all working days between 10.00am and 5.30pm, if the telephone operator is busy, then the call will be diverted to the automated response (IVRS) and also after office hours and on holidays.

��EIRC 1st April 2015

My Dear Students,

It has been indeed an exciting and

enriching experience in leading the

EICASA team for the region since last one

month. Expectations from all corners are

mounting up and I can only say that the

team is ready and confident to deliver

to the desired level and this is just the

beginning and miles to go in days to come.

By the time this newsletter would be published, I hope that Mobile App

would be the talk of the town….first time by any educational institute

would be having the Mobile App for its students. Anything and everything

for your studies would be made available in your mobile and it is quite

obvious that you would not only use your smart phones for whats app or

facebook, but also for your studies and other incidental activities relating

to your studies such as downloading relevant forms for articleship or for

GMCS, ITT and Orientation registrations etc. I hope that there would be

maximum downloads and this would encourage other regions as well to

replicate this application which is not only the need of the hour but also

to show case ourselves that we are indeed pioneer in inventing new ideas

and thoughts. Please use this application on regular basis and share your

feedback, views and ideas @ Students ADda….platform for exchanging

various views.

CikshA, as it sounds, in true sense a step towards educating all CA students

at EIRC has been successfully launched and I am proud to place on records

that there have been significant responses from both students and teachers

who have voluntarily agreed to share their knowledge base with the future

of the profession. Please join in large numbers and get the maximum out

of it.

Monthly E Newsletter, exclusively for the students, is just yet to reach your

EICASA

mailbox and I would humbly request all of you to start experiencing the

difference. It would not only contain the matters relating to your studies,

but also would update you with the past, present and future events of

vibrant EICASA team. You all are requested to contribute through your

articles, knowledge series of your interest and share with the entire students

fraternity. This would not only help you to develop your own writing skill

but also would help you to improvise your thoughts into actions for better

outcome.

We had an interactive session with President and Vice President on 20th of

March at EIRC and I am sure that those who could not attend the session,

have missed the opportunity to hear the two most dynamic personalities

who spoke on different aspects of CA course and it’s current evaluation

in the professional world. Lot of other activities have been carried out

throughout the last month, including the crash course in Companies Act

2013 where students at large numbers have participated.

Last but not the least, I convey my best wishes for all the students who are

appearing their May 2015 examination and I pray for their success.

I am extremely elated to get the continuous feedback and views from the

students, teachers and members for the more sustainable development of

the students community. Please keep on guiding us.

Let’s touch and connect ... today, tomorrow and forever!!!

Best Regards,

CA Anirban DattaChairman EICASA and Vice Chairman EIRC of ICAI

L – R: (Sitting) CA Anirban Datta, Vice Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, CA Manoj Fadnis, President, ICAI, CA M Devaraja Reddy, Vice President, ICAI, CA Manish Goyal, Secretary, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

Launch of CikshaA in Kolkata by CA Anirban Datta, EICASA ChairmanThe Students of EICASA welcomes CA Manoj Fadnis, President, ICAI, CA M Devaraja Reddy, Vice President, ICAI, CA V Murali, Chairman, BOS, ICAI

Felicitation of President ICAI & Vice President, ICAI by Students on 20th March 2015 Launching of “CikshaA” on 24th March 2015

EIRC 1st April 2015

12 CPE

Tour Programme & Special Attraction Thursday, 4th June 2015 Commencement of journey from Sealdah Station in Kolkata (9.00 pm)

Friday, 5thJune 2015

Saturday, 6th June 2015 (4.30am to 8.00am)

Saturday, 6th June 2015 (10.00am to 3.00pm)

5.30pm)

Sunday, 7th June 2015

For Registration & InformationRegistration will be done on first cum first serve basis and closes on 30th April 2015. Once registered no refund on cancellation. The cheque should be drawn in favour of ‘The Institute of Chartered Accountants of India, EIRC’Persons from Kolkata can also register from Siliguri where they have to contact Chairman, Siliguri Branch of EIRCDelegate Fees from Kolkata includes Trainfare (to & fro NJP & Sealdah) in AC-3 as per availability

Members are required to contact below for registration. (For Kolkata) Mr. Amit Paul �9674073910 �(033) 30211133, �eirc@icai.in(For Siliguri) CA. Shyam Kumar Agarwal, Chairman, Siliguri Branch of EIRC �9434001663, �siliguri@icai.orgNote – Nearest Rail Station– NJP (New Jalpaiguri), Nearest Airport - Bagdogra

*confirmation awaited

From Kolkata Delegate Fees From Siliguri Delegate FeesMembers Rs. 14,000 Members Rs 11,000Spouse (Non Member) Rs. 13,000 Spouse (Non Member) Rs 10,000Non Members Rs. 15,000 Non Members Rs 12,000

Children upto 12 Years Rs. 6,000 Children upto 12 Years Rs 3,000Children 12 to 18 Years Rs. 8,000 Children 12 to 18 Years Rs 5,000

from Darjeeling Rs. 3,000

Residential CPE &CABF Programme

Organized byContinuing Professional Education Committee of ICAI

Hosted byEASTERN INDIA REGIONAL COUNCIL, ICAI and SILIGURI BRANCH OF EIRC of ICAI

OnFriday 5th June, 2015 to Sunday 7th June, 2015 (3 DAYS & 2 NIGHTS)

Venue: Hotel Pine Tree, Mall Road, Darjeeling

Programme Schedule

Day – I (5th June 2015)Inaugural Session : 4pm to 5pm

His Excellency Shri Keshari Nath Tripathi, Governor of West Bengal* Programme Chairman: CA CA. Babu Abraham Kallivayalil, Chairman, CPE Committee

Programme Director: CA Sumantra Guha, Council Member, ICAIProgramme Co-ordinators: CA Pramod Dayal Rungta, Chairman, EIRC & CA. Shyam Kumar

Agarwal, Chairman, Siliguri Branch of EIRC

Day – II (6th June 2015)Technical Session-II :4pm to 9pm

Taxation of Charitable Trust & NGOsTax Planning with HUF

Technical Session-I : 5pm to 9pmService Tax (Reverse Charge & CENVAT Credit

Corporate Laws (Role of Independent Directors, Role of Auditors &Ind AS

Day – III (7th June 2015)Technical session-III :8am to 11am

Overview of IFRS and it implementation

RESIDENTIAL CPE PROGRAMME AT DARJEELING

�EIRC 1st April 2015

With a view to mitigate the hardships being faced by members whose names stand removed as on date due to non-payment of membership fee, the Council has decided to give an opportunity by way of General Amnesty Scheme for restoration of their names retrospectively.

Continuation of membership entitles a member to designate himself as ‘CA’ and also other benefits alike monthly Journal of the Institute, Newsletters of Regional Councils & Branches of the Institute, participation in the conferences, seminars and other programmes organized by the Institute, Regional Councils and/or Branches; regular update on programs being organized and initiatives taken for the benefit of the profession and members; emerging professional opportunities, practice area development, publications of the Institute etc.

This is an excellent opportunity to get name restored with retrospective effect. The benefit of the scheme may be availed by submitting the prescribed application in Form 9 on or before 30th April, 2015 alongwith the outstanding fee for the intervening period of name removal and restoration fee of ` 1200/-.

Details of General Amnesty Scheme are given below:-

(i) Retrospective restoration of membership under General Amnesty Scheme;

Category I: The names of the members whose name is removed prior to 31st March 2014 on account of non payment of fees and not restored as on date may apply for retrospective restoration of their names under General Amnesty Scheme by filling Form 9 along with the membership fees for the year during which the name was removed and for the current year together with the fee(s) for the intervening years and the additional fee of `1200/- towards restoration. To avail benefits of General Amnesty Scheme, members should submit the requisite fees and Form ‘9’ latest by 30th April 2015.

The scale of membership fee as applicable from time to time is as given below:

Effective from Associate Fellow

1st April, 2011 *`800 **`2200

1st April, 2008 *`600 **`1800

1st April, 2000 `300 `900

1st April, 1996 `225 `700

1st April, 1991 `150 `400

1st April, 1986 `100 `275

1st April, 1982 `80 `200

1st April, 1976 `60 `125

1st April, 1975 `45 `110

1st April, 1964 `28 `83

1st April 1949 `25 `25

Example:

Where the name of an Associate member was removed from the Register of Members in the year 1991-92, the fees to be remitted with the Form ‘9’ for retrospective restoration including fee for intervening years will be as under :

*`450/- and *`600/- where an Associate member has attained the age of 65 years as on 1st April, 2008 and 1st April 2011.

**`1300/- and **`1600/- where a Fellow member has attained the age of 65 years as on 1st April, 2008 and 1st April 2011

*`450/- and Rs.*`600/- where an Associate member has attained the age of 60 years as on 28th March 2013.

**`1300/- and **`1600/- where a Fellow member has attained the age of 60 years as on 28th March 2013

EXTENSION OF GENERAL AMNESTY SCHEME FOR RETROSPECTIVE RESTORATION OF MEMBERSHIP (ONE TIME DISPENSATION)

DATE: 25.03.2015

Summary of fee payable

Fee for the year 1991-92 `150

[the year in which the name was removed]

Fees for the intervening years (1992-93 to 2013-2014) `8100

[1992-93 to 1995-96 @ `150*4 = `600

1996-97 to 1999-00 @ 225*4 = `900/-

2000-01 to 2007-08 @ `300*8 = `2400

2008-09 to 2010-2011 @ `600*3=`1800]

2011-12 to 2013-2014 @`800*3=`2400

Fee for the current year (2014-15) ` 800

[where the associate/fellow concerned has not attained

the age of 65 years as on 1st April, 2011]

[where the associate/fellow concerned has not attained

the age of 60 years as on 28th March , 2013]

Restoration fee `1200

TOTAL `10250

(ii) Retrospective restoration of membership under Regulation 19 of CA Regulations, 1988:

Category II: The members whose membership exists as on 01st April 2014 and continued upto 30th September 2014 but subsequently got removed as on 1st October 2014 on account of non-payment of fee are eligible for restoration of their names retrospectively under Regulation 19 of the Chartered Accountants Regulations, 1988. Such persons may apply upto 31st March 2015 in Form 9 along with the membership fees i.e Rs.800/- as an associate and Rs.2200/- as fellow, as the case may be, for the current year and the additional fee of Rs.1200/- towards restoration of name.

Members desirous of availing the opportunity may also apply on-line for restoration of their name by visiting www.icai.org and downloading pre-filled Form ‘9’. The link is given on home page “Know Your Institute - Restore your Membership”.

For any clarification or more details, please contact the concerned Decentralised Office of the Institute or the Head Office over phone No. 0120-3045997 / 3045998 or e-mail to mss@icai.in

CA. Atis BasuJoint Secretary

ICAI

The above Amnesty Scheme for retrospective restoration of

membership will remain in force up to 5:30 pm till 30th April, 2015 and

shall stand withdrawn automatically thereafter.

Announcement

EIRC 1st April 2015 �

Announcement

Seminar on Audit & Taxation of Charitable Trust /NGO-NPOOrganised by

Committee on Cooperatives and NPO SectorsHosted by

The Eastern India Regional CouncilThe Institute of Chartered Accountants of India

Day & Date : Thursday, 16th April 2015Time : 2.30pm to 7.30pm

Venue : R Singhi Hall, EIRC Premises

Topics :

� Registration with IT Deptt, Exemption u/s 80G� Formation of Trusts, Drafting of Deed, Important provisions� Receipt of donation / grants by charitable trust – FCRA� Accounting & Auditing Aspects� Taxation AspectSpeakers : CA Manoj Fogla, BhubaneswarCA Suresh Kejriwal, Kolkata

Seminar on Companies Act 2013Organised by

Corporate Laws & Corporate Governance CommitteeHosted by

The Eastern India Regional CouncilThe Institute of Chartered Accountants of India

Day & Date : Saturday, 18th April 2015Time : 10.00pm to 5.00pm

Venue : Park Hotel, Kolkata

Topics :� How to Draft Directors Report� How to Consolidate the Financial Statement� How to Prepare the final Accounts for FY 2014-15� Discussion on New Audit Report Format

Speakers : CA Khushroo Panthaky, MumbaiCA Debasish Mitra, Past Chairman, EIRC

Workshop on IND ASOrganised by

Ind AS (IFRS) Implementation CommitteeHosted by

The Eastern India Regional CouncilThe Institute of Chartered Accountants of India

Day & Date : Saturday, 8th May and Sunday 9th May 2015

Time : 10.00pm to 5.00pmVenue :

Hotel Lalit, Great Eastern, KolkataSpeakers : CA Amarjit Chopra, Past President, ICAICA Harinderjit Singh, Past Council Member, ICAICA Jamil Khetri, MumbaiCA P R Ramesh, HyderabadCA Dolphy D’Souza, Mumbai

Seminar on Indirect TaxesOrganised by

Indirect Taxes CommitteHosted by

The Eastern India Regional CouncilThe Institute of Chartered Accountants of India

Day & Date : Saturday, 25th April 2015Time : 10.00pm to 5.00pm

Venue : R Singhi Hall, EIRC Premises

Topics :� Discussion on GST & Service Tax in relation to Works Contract� Discussion on VAT in relation to Works Contract

Speakers : CA Madhukar N. Hiregange, Past Council Member, ICAICA Arun Agarwal, Kolkata

Fees Fees

FeesFees

5 CPE 6 CPE

6 CPE

` 250` 300 Spot

` 1100 Online` 1250 Spot

` 2200 Online` 2500 Spot

` 500 Online` 600 Spot 12 CPE

Reading Rooms for CA Students 1. Hazra Reading Room at 31A, Mahim Haldar Street, Kolkata-700026.

2. Howrah Reading Room for Girls’ at16/4/1, Round Tank Lane, near Mullick Phatak, Howrah-711101

3. Howrah Reading Room for Boys’at 2, Jay Narayan Santra Lane, Howrah-711101, (Near Howrah Maidan)

Please enrol and enjoy the treasury of knowledge at EIRC Library. For further information call EIRC Library at (033)30211103/05 or mail us at eirc.library @icai.in

AnnouncementStay Connected with us on Facebook by liking our page

https://www.facebook.com/EasternIndiaRegionalCouncil?fref=ts&ref=br_tf

To download the Background Material of Seminar, copy the given link to your browser

http://www.eirc-icai.org/background_material.php?itype=0

To view latest videos of EIRC Seminars, copy the given link to your browser http://www.eirc-icai.org/eirc_tv.php

���EIRC 1st April 2015

ASANSOL BRANCH

BHUBANESWAR BRANCH

CUTTACK BRANCH

DIBRUGARH BRANCH

DURGAPUR BRANCH

CA Sankar Bose Chairman

CA Sanjay Kr AgarwallaChairman

CA Bimal Kr AgarwallaChairman

CA Bhawani Poddar Chairman

CA Santosh Kr Gupta Chairman

CA Anirban Paul Vice Chairman

CA Amit Kr AgarwallaVice Chairman

CA Santanu Kr MishraVice Chairman

CA Pravin Kr JainVice Chairman

CA Tapan Kr Banerjee Vice Chairman

CA Sudhansu ShekharSecretary

CA Vijaya BatthSecretary

CA Satyananda Routra Secretary

CA Amit Kr ChoudharySecretary

CA Mukesh AgarwalSecretary

CA Devabrata Banerjee Treasurer

CA Siddharth RanjanTreasurer

CA Jitendra Kr GourTreasurer

CA Sheo Bhagwan Agarwalla, Treasurer

CA Rajesh Kr SawaTreasurer

CA Bamdeb Biswas Member

CA Raja Narayan Tripathy, Member

CA Pawan Kr Udaypuria Member

CA Navin JainMember

CA Amit Kr Ram Member

CA Devkumar ChatterjeeMember

CA Ramesh Chandra Pradhan, Member

CA Rajesh Kr AgarwalMember

CA Prabodh Ch MedhiMember

CA Manoj SharmaMember

CA Partha Sarathi Mishra, Member

Managing Committee Members of the Branch of EIRC of ICAIfor the year 2015-16

EIRC 1st April 2015 ��

ANNOUNCEMENT

GUWAHATI BRANCH

CA Vikash K JainChairman

CA Rakesh Agarwala Vice Chairman

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���EIRC 1st April 2015

EIRC 1st April 2015 ��

“The students/Members can download and print copies of letters in respect of different activities viz. Registration of CPT/IPCC/FINAL, Registration & ReRegistration/ Termination/Completion of Articles, New Enrollment letters of Membership, Member Card and/or constitution/ Reconstitution/Certificates of Firm, Firm Card alike from the following portal of ICAI website- www.icai.org

WEBPORTAL - www.icai.org/e-Services/Reprint letter-Member/Students.

Link - http://220.225.242.179/REprintletter/reprint.aspx

They may further call HELPLINE NUMBER – 30211156 to know their Member/Student/Article status.

The list of letters which presently cannot be downloaded from the above mentioned link are :

1. Industrial Training Registration Letter

2. Industrial training Completion letter

3. Supplementary Registration letter

It may also be noted that they could generate letter of termination from - Termination of Article Assistant Service and not from Termination of Article Service.

Presently the letters can be downloaded after 15 days of approval/completion of the particular activity.”

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���EIRC 1st April 2015

A. INDIRECT TAXCompiled by CA RAGINEE GOYAL

raginee@gmail.comAppeal to Appellate Tribunal - Limitation - Dismissal of, on the ground of limitation - Challenge to, allowed by High Court - HELD : Condoning the delay advances the cause of justice and affords opportunity to parties to contest the case on merits - Thus, though approach of Court should be technical, it should also ensure that substantial justice is done by giving opportunity of being heard to both parties - On facts, when delay was of hardly 95 days and when appellant showed sufficient cause therefor, delay ought to have been condoned - Thus, delay condoned and Tribunal directed to hear the appeal on merits - Section 5 of Limitation Act, 1963 - Section 35G of Central Excise Act, 1944 - [2015 (315) E.L.T. 398 (Gau.) HINDUSTAN UNILEVER LTD.Versus COMMISSIONER OF C. EX., DIBRUGARH - C. Ex. Appl. No. 2 of 2014, decided on 5-3-2014]This is an appeal filed by the appellant (assessee) under Section 35G of the Central Excise Act, 1944 against the impugned Order No. M-35/A-87/KOL/2013, dated 26-3-2013 passed by the Customs, Excise & Service Tax Appellate Tribunal where Tribunal dismissed the appeal filed by the appellant on the ground of limitation. Since the appeal was dismissed on the ground of limitation, the Tribunal did not examine the issue involved in the appeal on merits. So the short question that arises in this appeal is whether the Tribunal was justified in dismissing the appeal on the ground of limitation?The Honorable Gauhati High Court said that when we examine the fact of this case, we are of the considered opinion that the Tribunal should have condoned the delay in filing the appeal rather than to dismiss it on the ground of limitation. It is apart from the fact that the delay was hardly of 95 days and secondly : now the ground, which the appellant has stated in the present appeal, persuade us to condone the delay by holding that it constitutes sufficient cause within the meaning of Section 5 of the Limitation Act. Condoning the delay always advances cause of justice and afford opportunity to parties to contest the case on merits whereas not condoning the delay results in denial of justice and deprive them of an opportunity. By this expression, we do not want to say that in every case delay should always be condoned, but by and large, approach of the court should be so technical, but it should be always to ensure that substantial justice is done by giving them an opportunity of being heard to both the parties. Having regard to the nature of the controversy, the grounds taken in the appeal herein explaining the cause which resulted in delay in filing the appeal and further keeping in view the observations made by the Supreme Court in Sangram Singh (supra), we feel that the delay in the present case before the Tribunal should have been condoned. Since the Tribunal did not condone the delay, we, on our own, condone the delay and hold that the appeal before the Tribunal was within the time.The Tribunal was directed to hear the appeal on merits, in accordance with law, after affording opportunity of hearing to all the parties concerned. Appeal allowed.Excise & Customs : Process involving : (a) import of tubes, connectors, filters nd caps, etc.; (b) cutting of tubes, (c) assembling tubes with connectors and blood filter/oxygen filter and (d) packing same in ready to use condition for heart surgery, does not amount to manufacture, as same is mere ‘packaging of various accessories’ - [2015] 54 taxmann.com 237 (Gujarat) - HIGH COURT OF GUJARAT - Commissioner of Central Excise & Customs, Vadodara v. India Medtronics (P.) Ltd.The dispute between the parties was with regard to excisability of the respondent’s product “custom pack”. The appellant was of the opinion that the product is a manufactured product attracting excise duty whereas the assessee contended that various activities undertaken by them do not result in emergence of a new manufactured product. The common thread running through all these cases is the emergence of a new commercially different commodity, having a different name, character and use. However, in the present case, no new product emerges as result of cutting tubing with connectors, tubing with blood filter/oxygen filter and packing the same in ready to use condition for heart surgery, so as to hold the process amounting to manufacture and liability to duty.The said order of the Tribunal was challenged by the appellant before the Honorable

High Court. The appellant placed reliance on the decision of the Apex Court in the case of Fedders Lloyd Corporation Ltd. v. CCE 2007 taxmann.com 236 (SC) wherein the definition of the word `manufacture’ as laid down in Section 2(f) of the Central Excise Act has been considered and the law laid down by the Apex Court is clear that process will result in alteration or change in the fact leading to production of a commercially new article as a manufacture. In the instant case, the Tribunal had recorded its finding of fact that the product is only `pack’ and no new product is manufactured by the respondent assessee and therefore no excise duty could be levied. It was therefore held, that the decision of the Apex Court is no help to the appellant as only packaging of product is being done of the goods which are manufactured by the assessee. The appeal was dismissed.Valuation (Customs) - Enhancement of transaction value of ball bearing without examining quality and size - Based on average cost of raw-material in international market and inputs provides by manufacturer’s association, transaction value of ball bearing of different sizes enhanced as per Circular No. S-26-Misc. 2195/2005 VA, dated 24-9-2008 issued by Commissioner of Customs (Import), Nhava Sheva - HELD : As per provisions, only Central Government by Notification fixes tariff value for assessment - Assessable value cannot be fixed by assessing officer on their own - Instructions issued cannot be solely adopted enhancing assessable value without first rejecting transaction value - Enhancement of value without examining quality and size not justifiable - Impugned order set aside - Section 14 of Customs Act, 1962. [2013 (289) E.L.T. 305 (Tri.-Del.) followed] - [2015 (315) E.L.T. 441 (Tri. - Del.) - OM DRISHIAN INTERNATIONAL LTD. Versus COMMISSIONER OF C. EX., DELHI-IV - Final Order Nos. C/A/54033-54037/2014-CU(DB), dated 16-10-2014 in Appeal Nos. C/92-96/2010]Held that there is no other evidence to reject the transaction value. Only provision for fixing certain assessable value for the purpose of assessment is Section 14(2) of the Customs Act, 1962 under which the Central Government by a notification fixes the tariff values on which the imported goods are to be assessed. Such assessable values cannot be fixed by the assessing officer on their own. Tribunal in the case of Commissioner of Customs, New Delhi v. Nath International reported in 2013 (289) E.L.T. 305 (Tri. - Del.) has considered an identical situation and has held that the instruction issued by the Commissioner of Customs (Import), Mumbai cannot be solely adopted for enhancing the assessable value without first rejecting the transaction value and the invoice value. Further it was held that such enhancement, without examining the quality of the goods and the size of the ball bearings etc. which were of different sizes, cannot be held to be justifiable. Appeal was allowed.

Central Excise (Non-Tariff Proposals) – to be made effective from the date of enactment of the Finance Bill:Penalty provisions for non payment of duty have been proposed to be rationalised and the quantum of penalties are reduced to a large extent. The new position of penalties under section 11AC under three possible scenarios is as under: A. For SCN’s issued after enactment of the Finance Bill:1. Cases not involving fraud, collusion, wilful-misstatement etc. a. Quantum of maximum penalty is limited to the extent of 10% of the duty

demanded or Rs. 5,000/- whichever is higher. b. No Penalty if duty and interest is paid with in 30days from the service of

notice c. Penalty reduced to 25% of the penalty demanded if duty, interest and

reduced penalty ispaid within 30days from the communication of the adjudication order or the appellate order.

2. Cases involving fraud, collusion, willful-misstatement etc. a. Penalty is leviable equivalent to 100% of the duty amount. b. Penalty reduced to 15 % if the duty and interest is paid with in 30days from

the service of notice. c. Penalty reduced to 25% of the penalty demanded, if duty, interest and

reduced penalty paid within 30days from the communication of the adjudication order or the appellate order.

Recent Judicial PronouncementsIndirect Taxes

EIRC 1st April 2015 ��

5. Failure to furnish return in respect of foreign income or assets shall attract a penalty of Rs.10 lakh. The same amount of penalty is prescribed for cases where although the assessee has filed a return of income, but he has not disclosed the foreign income and asset or has furnished inaccurate particulars of the same.

Prosecutions – The Bill proposes enhanced punishment for various types of violations.

6. The punishment for willful attempt to evade tax in relation to a foreign income or an asset located outside India will be rigorous imprisonment from three years to ten years. In addition, it will also entail a fine.

7. Failure to furnish a return in respect of foreign assets and bank accounts or income will be punishable with rigorous imprisonment for a term of six months to seven years. The same term of punishment is prescribed for cases where although the assessee has filed a return of income, but has not disclosed the foreign asset or has furnished inaccurate particulars of the same. The above provisions will also apply to beneficial owners or beneficiaries of such illegal foreign assets.

8. Abetment or inducement of another person to make a false return or a false account or statement or declaration under the Act will be punishable with rigorous imprisonment from six months to seven years. This provision will also apply to banks and financial institutions aiding in concealment of foreign income or assets of resident Indians or falsification of documents.

Safeguards – The principles of natural justice and due process of law have been embedded in the Act by laying down the requirement of mandatory issue of notices to the person against whom proceedings are being initiated, grant of opportunity of being heard, necessity of taking the evidence produced by him into account, recording of reasons, passing of orders in writing, limitation of time for various actions of the tax authority, etc. Further, the right of appeal has been protected by providing for appeals to the Income-tax Appellate Tribunal, and to the jurisdictional High Court and the Supreme Court on substantial questions of law.

9. To protect persons holding foreign accounts with minor balances which may not have been reported out of oversight or ignorance, it has been provided that failure to report bank accounts with a maximum balance of upto Rs.5 lakh at any time during the year will not entail penalty or prosecution.

10. Other safeguards and internal control mechanisms will be prescribed in the Rules.

One time compliance opportunity – The Bill also provides a one time compliance opportunity for a limited period to persons who have any undisclosed foreign assets which have hitherto not been disclosed for the purposes of Income-tax. Such persons may file a declaration before the specified tax authority within a specified period, followed by payment of tax at the rate of 30 percent and an equal amount by way of penalty. Such persons will not be prosecuted under the stringent provisions of the new Act. It is to be noted that this is not an amnesty scheme as no immunity from penalty is being offered. It is merely an opportunity for persons to come clean and become compliant before the stringent provisions of the new Act come into force.

Amendment of PMLA – The Bill also proposes to amend Prevention of Money Laundering Act (PMLA), 2002 to include offence of tax evasion under the proposed legislation as a scheduled offence under PMLA.

11. Thus, in keeping with the commitment of the government for focussed action on black money front, an unprecedented and multi‐pronged attack has been launched to root out the menace of black money. The Government is confident that this new law will act as a strong deterrent and curb the menace of black money stashed abroad by Indians.

(Rekha Shukla)Commissioner of Income Tax(Media & Technical Co-ordination)Official SpokespersonCentral Board of Direct Taxes

B. For the pending SCN’s before adjudication at the time of enactment of the Finance Bill (in case the assessee does not wish to wait for adjudication):

1. Cases can be closed at the payment of duty, interest and penalty @ 15% of the duty in the matters involving fraud, collusion, willful-misstatement etc. within 30days from the enactment of the bill.

2. Cases can be closed at the payment of duty and interest in the matters not involving fraud, collusion, willful-misstatement etc. within 30days from the enactment of the bill.

C. For SCN’s issued before and adjudicated after the enactment of the Finance Bill:

1. Reduced penalty of 25% of duty payable is applicable in the matters involving fraud, collusion, willful-misstatement etc. if the duty, penalty and interest is paid within 30days from the communication of the order.

2. Reduced penalty of 25% of the penalty imposed in the order for cases not involving fraud, collusion, willful-misstatement etc. if the duty, penalty and interest is paid within 30days from the communication of the order.

Amount of penalty demanded under Section 11A:

demanding reduced penalty. Relevant date for purpose of issuing SCN for interest:

date would be the date of duty payment to which the interest relates.

NOTIFICATIONS AND CIRCULARS

A. DIRECT TAXCompiled by CA SUNIL SURANA

thanmalji@hotmail.comPRESS RELEASE Dated: 20th March, 2015 by Government of India, Ministry of Finance Department of Revenue, Central Board of Direct Taxes,North Block, New DelhiINTRODUCTION OF THE UNDISCLOSED FOREIGN INCOME AND ASSETS(IMPOSITION OF TAX) BILL, 20151. The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered decision of the Government to enact a comprehensive new law on black money to specifically deal with black money stashed away abroad. He also promised to introduce the new Bill in the current Session of the Parliament.2. In order to fulfil the commitment made by the Government to the people of India through the Parliament, the Undisclosed Foreign Income and Assets (Imposition of Tax)Bill, 2015 has been introduced in the Parliament on 20.03.2015. The Bill provides for separate taxation of any undisclosed income in relation to foreign income and assets. Such income will henceforth not be taxed under the Income-tax Act but under the stringent provisions of the proposed new legislation.3. The salient features of the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 are as under:-Scope – The Act will apply to all persons resident in India. Provisions of the Act will apply to both undisclosed foreign income and assets (including financial interest in any entity).Rate of tax – Undisclosed foreign income or assets shall be taxed at the flat rate of 30 percent. No exemption or deduction or set off of any carried forward losses which may be admissible under the existing Income-tax Act, 1961, shall be allowed.Penalties – Violation of the provisions of the proposed new legislation will entail stringent penalties.4. The penalty for non-disclosure of income or an asset located outside India will be equal to three times the amount of tax payable thereon, i.e., 90 percent of the undisclosed income or the value of the undisclosed asset. This is in addition to tax payable at 30%.

Notification & Circularson Direct Taxes

���EIRC 1st April 2015

B. SERVICE TAXCompiled by CA VIKRAM KHAITAN

vikram@arvsolutions.co.inService Tax Registration Process simplified - Existing Registrants also to give details or file amendment to the Registration Certificate [Order No. 1/2015 – Service Tax dated 28-02-2015]Any invoice/bill/challan/consignment note may be authenticated by means of a digital signature. Further, Records may be preserved in electronic form and every page of the record so preserved shall be authenticated by means of a digital signature [Notification No. 5/2012-Service Tax dated 01-03-2015]Amendment in Reverse Charge Mechanism - (a) Services provided by agreed to be provided by a mutual fund agent or distributor, to a mutual fund or asset management company – 100% Service Tax would be payable by Service Recipient [Applicable from 1st April, 2015]; (b) Services provided or agreed to be provided by a selling or marketing agent of lottery tickets to a lottery distributor or selling agent - 100% Service Tax would be payable by Service Recipient [Applicable from 1st April, 2015]; (c) Any Services provided or agreed to be provided Government or local authority except for service of renting of immovable property and services provided as specified in the Negative list, to any business entity – 100% Service Tax would be payable by Service Recipient [Applicable from 1st April, 2015] – Earlier only business support services rendered by Government or local authority was covered under the Reverse Charge Mechanism; and (d) Services provided or agreed to be provided by a person involving an aggregator in any manner – 100% Service Tax would be payable by Service Recipient [Applicable from 1st March, 2015] [Vide Notification no. 7/2015-ST dated 01-03-2015]Abatement for calculation of Service Tax decreased from 60% to 40% in case of Transport of passengers by air, in class other than Economy Class [Notification No. 8/2015-Service Tax dated 01-03-2015]Abatement for calculation of Service Tax decreased from 75% to 70% in case of Transport of goods by goods transport agency [Notification No. 8/2015-Service Tax dated 01-03-2015]Abatement povided for calculation of Service Tax withdrawn in case of Services provided in relation to chit [Notification No. 8/2015-Service Tax dated 01-03-2015]Abatement for calculation of Service Tax increased from 60% to 70% in case of Transport of goods in vessel [Notification No. 8/2015-Service Tax dated 01-03-2015]‘Residential Firm’ included as class of person’s eligible to apply for Advance Ruling. The Firm includes (i) the limited liability partnership as defined in Section (2)(1)(n) of the Limited Liability Partnership Act, 2008; (ii) limited liability partnership which has no company as its partner; or (iii) the sole proprietorship; and (iv) One Person Company [Notification No. 09/2015-Service Tax dated 01-03-2015]

C. CENTRAL EXCISECompiled by CA RAGINEE GOYAL

raginee@gmail.com1. Seeks to amend Notification No. 16/2010-CE, dated the 27th February, 2010

so as to prescribe new rate of duty to unmanufactured tobacco and chewing tobacco. (Notification No. 5/2015-Central Excise, dated 01.03.2015)

2. Seeks to amend Notification No. 42/2008-CE, dated the 1st July, 2008 so as to prescribe new rate of duty to Pan Masala and Gutkha. (Notification No. 6/2015-Central Excise, dated 01.03.2015)

3. Seeks to amend notification No. 1/2011-CE, dated the 1st March, 2011 so as to make necessary changes in the specified entries therein. (Notification No. 7/2015-Central Excise, dated 01.03.2015)

4. Seeks to amend notification No. 2/2011-CE, dated the 1st March, 2011 so as to make necessary changes in the specified entries therein. (Notification No. 8/2015-Central Excise, dated 01.03.2015)

5. Seeks to amend notification No. 6/2005-CE, dated the 1st March, 2005 so as to exempt Additional Excise Duty of 5% leviable on waters including mineral waters and aerated waters containing added sugar. (Notification No. 9/2015-Central Excise, dated 01.03.2015)

6. Seeks to increase the Additional Duty of Excise (commonly known as Road Cess) levied on imported motor spirit (petrol). (Notification No. 10/2015-Central Excise, dated 01.03.2015)

7. Seeks to increase the Additional Duty of Excise (commonly known as Road Cess) levied on imported High Speed Diesel Oil. (Notification No. 11/2015-Central Excise, dated 01.03.2015)

8. Seeks to amend notification No. 12/2012-CE, dated the 17th March, 2012 so as to make necessary changes in the specified entries therein. (Notification No. 12/2015-Central Excise, dated 01.03.2015)

9. Seeks to amend Notification No. 10/1996 dated 23rd July 1996 so as to provide full exemption from excise duty to all goods consumed within the factory of production in the manufacture of Agarbattis. (Notification No. 13/2015-Central Excise, dated 01.03.2015)

10. Seeks to exempt all goods falling within the First Schedule of the CETA, 1985 from the whole of Education Cess leviable under Section 93 of the Finance (No. 2) Act, 2004. (Notification No. 14/2015-Central Excise, dated 01.03.2015)

11. Seeks to exempt all goods falling within the First Schedule of the CETA, 1985 from the whole of Secondary and Higher Education Cessleviable under Section 138 of the Finance Act, 2007. (Notification No. 15/2015-Central Excise, dated 01.03.2015)

12. Seeks to amend Notification No. 23/2003-CE, dated the 31st March, 2008 so as to omit certain entries and increase the rate of excise duty from 12% to 12.5% in respect of certain entries. (Notification No. 16/2015-Central Excise, dated 01.03.2015)

13. Seeks to rescind Notification No. 28/2010-CE and 29/20010-CE both dated the 22nd June, 2010. (Notification No. 17/2015-Central Excise, dated 01.03.2015)

14. Seeks to amend Notification No. 49/2008-CE (NT), dated 24th December, 2008. (Notification No. 3/2015-Central Excise (N. T.), dated 01.03.2015)

15. Seeks to amend Chewing Tobacco and Unmanufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty) Rules, 2010 notified vide Notification No. 11/2010-CE (NT), dated 27th February, 2010. (Notification No. 4/2015-Central Excise (N. T.), dated 01.03.2015)

16. Seeks to amend Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008 notified vide Notification No. 30/2008-CE (NT), dated 1st July, 2008. (Notification No. 5/2015-Central Excise (N. T.), dated 01.03.2015)

17. Seeks to amend Cenvat Credit Rules, 2004. (Notification No. 6/2015-Central Excise (N. T.), dated 01.03.2015)

18. Seeks to amend Notification No. 35/2001-CE (NT) dated 26th June 2001 so as to simplify registration process. (Notification No. 7/2015-Central Excise (N. T.), dated 01.03.2015)

19. Seeks to amend Central Excise Rules, 2002 to interalia provide for (Notification No. 8/2015-Central Excise (N. T.), dated 01.03.2015)i) Issue of digitally signed invoices and preservation of records in electronic

form by a manufacturer;ii) Application of certain provision of these rules to registered importer also.

20. Seeks to amend Central Excise (Removal of Goods at Concessional Rates of Duty for Manufacture of Excisable Goods) Rules, 2001 to allow submission of Letter of Undertaking in lieu of bond with surety and security by a manufacturer with clean track record. (Notification No. 9/2015-Central Excise (N. T.), dated 01.03.2015)

21. Seeks to amend Notification No. 16/2014-CE (NT) dated 21st March 2014 to make its provisions applicable to registered importers. (Notification No. 10/2015-Central Excise (N. T.), dated 0103.2015)

22. Seeks to notify the “resident firm” as the class of persons for the purposes of section 23A of the Central Excise Act, 1944 so as to extend the scheme of Advance Ruling to Resident Firm. (Notification No. 11/2015-Central Excise (N. T.), dated 01.03.2015)

23. Seeks to notify the effective rate of Clean Energy Cess on goods specified in the

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EIRC 1st April 2015 �

tenth schedule to the Finance Act, 2010. (Notification No. 1/2015-Clean Energy Cess, dated 01.03.2015)

24. Seeks to amend Notification No. 2/2003-M&TP dated 01.03.2003 so as to increase the applicable rate of excise duty from 12% to 12.5%. (Notification No. 1/2015-M & TP, dated 01.03.2015)

25. Regarding Central Excise and Service Tax Audit norms to be followed by the Audit Commissionerates (Circular No. 995/2/2015-CX, dated 27.02.2015)

26. Recovery of arrears in installments and amendment of Garnishee Notice (Circular No. 996/3/2015-CX, dated 28.02.2015)

27. Simplification of Registration Procedures in Central Excise and Service Tax (Circular No. 997/4/2015-CX, dated 28.02.2015)

28. Withdrawal of prosecution filed in a court (Circular No.998/5/2015-CX, dated 28.02.2015)

29. Clarification regarding place of removal (Circular No. 999/6/2015-CX, dated 28.02.2015)

30. Instructions regarding adjudication of Central Excise and Service Tax Cases booked by DGCEI (Circular No. 1000/07/2015-CX, dated 03.03.2015)

31. D. O. letter regarding timely disposal of registration applications (D.O.F No. 201/24/2013-CX.6)

D. CUSTOMSCompiled by CA RAGINEE GOYAL

raginee@gmail.com1. Seeks to increase the Additional Duty of Customs (commonly known as Road

Cess) levied on motor spirit (petrol). (Notification No.6/2015-Customs, dated 01.03.2015)

2. Seeks to increase the Additional Duty of Customs (commonly known as Road Cess) levied on High Speed Diesel Oil. (Notification No.7/2015-Customs, dated 01.03.2015)

3. Seeks to amend notification No. 27/2011 Customs, dated the 01st March, 2011 so as to reduce the export duty leviable on ilmenite, upgraded from 5% to 2.5%. (Notification No.8/2015-Customs, dated 01.03.2015)

4. Seeks to rescind Notification No. 13/2012-Customs dated 17.03.2012 and 14/2012-Customs dated 17.03.2012 (Notification No.9/2015-Customs, dated 01.03.2015)

5. Seeks to amend notification No. 12/2012-Customs, dated the 17th March, 2012 so as to make necessary changes in the specified entries therein. (Notification No.10/2015-Customs, dated 01.03.2015)

6. Seeks to amend notification No. 21/2012- Customs, dated the 17th March, 2012 so as to make necessary changes in the specified entries therein. (Notification No.11/2015-Customs, dated 01.03.2015)

7. Seeks to amend notification No. 96/2008-Customs, dated the 13th August, 2008 (Notification No. 12/2015-Customs, dated 10.03.2015)

8. Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 (Notification No. 26/2015–Customs (N.T.), dated 27.02.2015)

9. Seeks to notify “resident firm” as class of persons for the purposes of section 28E of the Customs Act, 1962 so as to extend the scheme of Advance Ruling to Resident Firm. (Notification No. 27/2015–Customs (N.T.), dated 01.03.2015)

10. Rate of exchange of conversion of each of the foreign currency with effect from 06th March, 2015 (Notification No. 28/2015–Customs (N.T.), dated 05.03.2015)

11. Customs Tariff (Determination of Origin of Products under the Duty Free Tariff Preference Scheme for Least Developed Countries) Rules, 2015 (Notification No. 29/2015–Customs (N.T.), dated 10.03.2015)

12. Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 (Notification No. 30/2015–Customs (N.T.), dated 13.03.2015)

13. Amends Notification No. 28/2015-Customs (N.T.), dated the 5th March, 2015 (Notification No. 31/2015–Customs (N.T.), dated 18.03.2015)

14. Rate of exchange of conversion of each of the foreign currency with effect

from 20th March, 2015 (Notification No. 32/2015–Customs (N.T.), dated 19.03.2015)

15. Seeks to levy definitive safeguard duty on import of saturated fatty alcohol, for a period of two years and six months from the date of levy of provisional safeguard duty i.e. 28th August, 2014 (Notification No. 01/2015 Cus.(SG), dated 13.03.2015)

16. Seeks to extend the validity of Notification No. 01/2010-Customs dated 08-01-2010 for a further period of one year i.e. upto and inclusive of 07-01-2016. (Notification No. 06/2015-Cus (ADD), dated 03.03.2015)

17. Seeks to impose definitive anti-dumping duty on imports of Sheet Glass, falling under tariff item 7004 20 11 or 7004 20 19 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in or exported from China PR for a period of five years (unless revoked, superseded or amended earlier). (Notification No. 07/2015-Cus (ADD), dated 13.03.2015)

18. Import of Steel and Steel Products- reg. (Circular No. 8/2015- Customs dated 24.03.2015)

E. ASSAM VATCompiled by CA BIKASH AGARWALA

bikash1@yahoo.coma) On-line E-Commerce: To felicitate online purchase, transporter/courier agency

are authorised to bring goods into the state of Assam to deliver to the buyer by making entry tax payment on behalf of the buyer and the condition of acquiring permit for these transaction has been dispensed with subject to condition.

http://tax.assam.gov.in/agriculture/agri/aet/notification/CTS_62_2014_53.pdf

b) Amendment in Assam Entry Tax Act 2008:Entry Tax imposed on Goods imported from outside the country

http://tax.assam.gov.in/agriculture/agri/aet/notification/LGL_109_2008_81.pdf

c) Assam Budget Proposal 2015 http://tax.assam.gov.in/AssamTimsInfo/content/Extracts_of_

Budget_Speech.pdf

from 1% to 2%

rate of Tax

of Assam

o Glass Bangleso Saree not exceeding value Rs 500/-o Embroidery, or jari, chumki, beads,o Pen/Pencil having value less than Rs 10/-o School Bags Costing Rs 250/- or lesso HDPE Cartoon Carateo HDPE Mountage with frame o HDPE Plastic Cocoon Harvesting box o HDPE Rearing Trays for Silkworms o Yarn Dernier Scale Weghing range-Natural Silko Cancer Drugso Medical Oxygen

under Central Government Scheme

Notification & Circularson Indirect Taxes

��EIRC 1st April 2015

F. MCACompiled by CA MOHIT BHUTERIA

m_bhuteria@yahoo.co.inThe Companies (Registration Offices and Fees) Amendment Rules, 2015MCA vide Notification no. G.S.R. 122(E) dated 24th February, 2015 notified the Companies (Registration Offices and Fees) Amendment Rules, 2015, therein inserting under Rule 10(6) Companies (Registration Offices and Fees) Rules, 2014, the following:“any further information or documents called for, in respect of application or e-form or document, filed electronically with the Ministry of Corporate Affairs shall be furnished in Form No. GNL-4 as an addendum”. Format of Form GNL-4 has also been inserted in the Annexure.Resigned Director to act as an authorised signatory for DIR-12To remove the difficulty that arose while filing DIR-12 (Particulars of appointment of directors and the key managerial personnel and the changes among them) due to lack of authorized signatory Director as a consequence of automatic deactivation of DSC on filing DIR-11 (Notice of resignation of a director to the Registrar) by the resigned/resigning Director (s), MCA vide General Circular No.03/2015 dated 03.03.2015 clarified that the Registrar of Companies within their respective jurisdictions are authorized, on request from the stakeholders, and after due examination, to allow any one of the resigned director who was an authorized signatory Director for the purpose of filing DIR-12 only along with additional fees, as applicable and subject to compliance of other provisions of Companies Act, 2013. Non- applicability of Section 186 on loans and advances to employeesMCA vide General Circular 04/2015 dated 10.03.2015 clarified that loans and/or advances made by the companies to thelr employees, other than the managing or whole time directors (which is governed by section 185) are not governed by the requirements of section 186 of the Companies Act, 2013, if such loans/advances to employees are in accordance with the conditions of service applicable to employees and are also in accordance with the remuneration policy, in cases where such policy is required to be formulated.

G. RBI - NBFCCompiled by CA DHIRAJ JAIN

dhiraj@icai.orgRBI NOTIFICATIONS AND CIRCULARS RELATING TO NBFC1) NOTIFICATION NO.DNBR.PD.CC.No.022/03.10.042/2014-15 dated 16/03/2015-

NBFCs were advised to nominate a Director on their Boards as “Designated Director” to ensure compliance with the obligations under the Prevention of Money Laundering (Amendment) Act,2012.

NOTIFICATION NO.DNBR (PD) CC.NO. 024/ 03.10.001/ 2014‐15 DATED 27/03/2015Revised Regulatory Framework for NBFCs issued by Reserve Bank of India:‐The Revised Regulatory Framework issued vide Notification No.DNBR(PD) CC.No.002/03.10.001/2014‐15 dated 10/11/2014(the circular).It was mentioned in Para 14 of the circular that the Notifications in this regard shall follow:‐(i) Notification No.DNBR.007/ CGM (CDS) ‐2015 dated 27/03/2015‐ All

non‐banking financial company having net owned fund of less than two hundred lakhs of rupees, may continue to carry on the business of non‐banking financial institution, if such company achieves net owned fund of:

(a) One hundred lakhs of rupees before April 1,2016 and (b) Two hundred lakhs of rupees before April 1, 2017(ii) Notification No.DNBR. 008/CGM (CDS)‐2015 dated 27/03/2015: The

Reserve Bank has issued Directions for Prudential Norms to be followed by all NBFC’s not accepting public deposit which includes the assets‐income criteria to be followed for NBFC’s, applicability of Accounting Standards, Provisioning of Standard, Sub‐Standard, Doubtful and Loss Assets, Obtainment of various Certificates from Auditor, Accounting year, Income Recognition, Prohibition of lending against security of own shares, Prohibition for NBFC to become Partner in any Partnership Firm, Applicability of Compnaies Act in relation to

preparation of Balance Sheet, Norms for restructuring of Advances by NBFC and many more

(iii) NOTIFICATION No. DNBR.009/ CGM (CDS)‐2015 dated 27/03/2015 for Systemically Important Non‐Banking Financial (Non‐Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015 : This Directions was issued for those NBFC’s not accepting / holding public deposits and having an asset size of Rs. 500 crore and above as per the last audited balance sheet providing various directions relating to Asset Income Classification, Assets and Income Recognition, Accounting Standard applicability, Provisioning of Assets and many more.

(iv) Notification No. DNBR. 010/ CGM (CDS)‐2015 dated 27/03/2015 relating to obtainment of minimum investment grade for renew and acceptance of deposits.

(v) Notification No. DNBR. 011/ CGM (CDS) ‐2015 dated 27/03/2015 relating to maintenance of minimum capital ratio consisting of Tier I and Tier II Capital.

(vi) Notification No. DNBR. 012/ CGM (CDS) ‐2015 dated 27/03/2015 relating to NBFC Factor which shall ensure the financial assets and financial income in the factoring business should not be less than 50%.

H. FEMACompiled by CA VIVEK NEWATIA

vnewatia@sjaykishan.comFEMA – Circulars & Notifications – March 2015All-in cost ceiling of External Commercial Borrowings The RBI has vide A.P (DIR Series) Circular No. 80 dated 3rd March, 2015 clarified that the all-in cost ceiling for ECB’s as provided in A.P. (DIR Series) Circular No. 99 dated March 30, 2012, shall continue to be applicable till March 31, 2015. Accordingly, the all-in cost ceiling for ECB’s with average maturity of three and up to five years shall continue to be 6 months Libor + 350 bps, and for those with an average maturity of more than 5 years shall be 6 months Libor + 500 bps. All-in cost ceiling of Trade Credits for imports into IndiaThe RBI has vide A.P (DIR Series) Circular No. 81 dated 3rd March, 2015 clarified that the all-in cost ceiling of Trade Credits for imports into India as provided in paragraph 4 of A.P. (DIR Series) Circular No.28 dated September 11, 2012 will continue to be applicable till March 31, 2015. Accordingly, the all-in cost ceiling of trade credits with maturity of up to five years shall continue to be 6 months Libor + 350 bps. Amendment to Regulation 7 of the FEM (Acquisition and transfer of immovable property in India)The RBI has vide A.P (DIR Series) Circular No. 83 dated 11th March, 2015 clarified that the citizens of Macau and Hong Kong will also be included in the list of countries which are prohibited to acquire/ transfer immovable property in India in terms of Regulation 7 of FEMA. Necessary amendments have been made to the Regulation through the Foreign Exchange Management (Acquisition and Transfer of immovable property in India) (Amendment) Regulations, 2015 notified vide Notification No. FEMA.335/2015-RB dated February 4, 2015 (published in the official gazette G.S.R. No.120 (E) dated February 24, 2015).Discontinuation of submission of Stat 5 and Stat 8 ReturnsBanks are required to furnish to the RBI detailed monthly data on the non-resident deposits maintained with them in Non-Resident Deposits - Comprehensive Single Return (NRD-CSR) format under the XBRL platform. Since the banks’ submission of NRD-CSR data in the XBRL platform has stabilized, the RBI has vide A.P (DIR Series) Circular No. 85 dated 18th March, 2015 decided to discontinue the submission of Stat 5 and Stat 8 Returns from March 2015. Accordingly banks, dealing in foreign exchange may stop sending Stat 5 and Stat 8 Returns (both hard and soft copies) to the Department of Statistics and Information Management, RBI.FDI on Construction Development SectorThe Government of India had issued Press Note 10 of 2014 (PN 10) on 3rd December, 2014, that amended the FDI policy on Construction Development Sector. The Government of India has now issued clarifications on certain matters relating thereto vide Press Note dated 13rd March, 2015. The press note inter-alia

Notification & Circularson Indirect Taxes

EIRC 1st April 2015 ��

contains the following clarifications: -

US $ 5 million has not been achieved within 6 months of commencement of the project. Such minimum capitalization condition is project specific, and not company specific.

the date of approval of the building plan/ lay out plan by the relevant statutory authority.

the completion of project or development of trunk infrastructure whichever is earlier. However, FIPB approval is required where an exit is planned before project completion or development of trunk infrastructure.

the completion of development of trunk infrastructure to prove that trunk infrastructure development is complete.

nic.in/English/acts_rules/Press_Notes/Clarification_PressNote10_2014.pdfKnow Your C ustomer (KYC) Norms / Anti Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT) / Obligations under Prevention of Money-laundering Act (PMLA), 2002 – Money Transfer Service Scheme (MTSS)The RBI has vide Circular No 87 dated 25th March, 2015 decided that the Foreign Exchange Department shall not issue instructions to the authorised persons on Anti Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT) separately and the instructions issued by Department of Banking Regulation, Central Office, Reserve Bank of India in this regard so far and from time to time in future, shall mutatis mutandis, be applicable to all APs. Further, these guidelines will also be applicable, mutatis mutandis, to all agents/ franchisees of the Authorised Persons and it will be the sole responsibility of the franchisers to ensure that their agents/ franchisees adhere to these guidelines.The RBI has also vide Circular No 88 dated 25th March, 2015 decided that the Foreign Exchange Department shall not issue instructions to the authorised persons who are Indian Agents under Money Transfer Service Scheme (MTSS), on Anti Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT) separately and the instructions issued by Department of Banking Regulation, Central Office, Reserve Bank of India in this regard so far and from time to time in future, shall mutatis mutandis, be applicable to all APs. Further, these guidelines will also be applicable, mutatis mutandis, to all Sub-Agents of the Indian Agents under MTSS and it will be the sole responsibility of the APs (Indian Agents) to ensure that their Sub-agents adhere to these guidelines.

I. INTERNATIONAL TAXATIONCompiled by CA RAHUL GUPTA

rahul@arvsolutions.co.inIndian Advance Pricing Agreements - Rollback Rules notified and Pre-Filing Consultation made optional [Notification No. 23/2015/ F.No.142 /14/2014-TPL dated 14th March, 2015]The Finance (No.2) Act, 2014 introduced the rollback provisions under the Advance

Notification & Circularson International Taxation

Pricing Agreement (APA) program. The roll back provisions were made applicable to the APAs signed or applied post 1 October 2014. The rules have been notified on 14 March 2015 setting out the applicability and the requirement for applying rollback. Going forward an applicant can directly file the main APA application in the Form No. 3CED without filing for pre-filing consultation. The application for rollback has to be made in Form No. 3CEDA along with the main APA application in Form No. 3CED. An additional fee of INR 5 Lakhs is to be paid along with the rollback application. The application for rollback is to be filed on or before 31 March 2015 in the case of applications filed before 01 January 2015 as well as in few cases where APA has been entered into before 1 January 2015.The rollback provision shall be applicable to that the international transaction which are covered under the main APA provided that the Applicant has filed the return of income and the transfer pricing Accountant’s Report in Form 3CEB within the due dates and in accordance with the provisions of the Income Tax Act, 1961 (Act) for the relevant years for which roll back is proposed. The manner in which Arm’s length price has been determined in relation to an international transaction shall be consistent for all the years covered under the APA including the rollback years. The rollback provision will not be applicable for a particular year where the Income Tax Appellate Tribunal has passed an order disposing off the appeal prior to the date of signing of the APA. In case the application of the rollback provisions would result in reduction of the income offered to tax or increasing the loss as declared in the Return of Income for a particular year, the rollback provision will not be applicable for that year. In case there has been any appeal by the Applicant or the Revenue Authorities before any Appellate Authority, then the same need to be withdrawn. In case the effect to the rollback provision cannot be given on account of failure on the part of the applicant, the agreement shall be cancelled.CommentsThe introduction of APA rollback rules is a positive and encouraging move by the Government to create an unambiguous and tax friendly environment for foreign investors in India. A rollback may provide a cost-effective way to resolve an ongoing TP dispute. With the introduction of rollback scheme, corporates who are not eligible to opt for mutual agreement procedure due to absence of Article 9(2)[1] in the double taxation avoidance agreement, will now have an option to unilaterally negotiate the prices for the rollback years. The key would be how the APA authorities brace themselves to manage the large number of cases that are currently pending and shall significantly increase with taxpayers opting for rollback. The rollback rules do not specify whether the applicant can opt out from the rollback provision on a standalone basis without impacting the main APA. Any slight variation in the international transactions of earlier years as compared to the transactions covered under the main APA without any change in Functional Assets and Risks analysis may not qualify for rollback purposes that seem to be a stringent condition. The last date of filling application for rollback application need to be extended so as to provide sufficient time to the applicant for analyzing the impact of the rollback provision and make an informed decision before applying for rollback.

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

CA MANAS BHATTACHARYAMembership No. 014029

Passed away on 10th November 2014

CA KALYAN DHARMembership No. 002840

Passed away on 15th January 2015

CA RAM BABU MANTRYPast Chairman Siliguri Branch

Membership No. 052131Passed away on 13th March 2015

EIRC DEEPLY MOURNS THE SAD DEMISE OF

CA ABHAY KUMAR SING DHUDHORIAMembership No. 003919

Passed away on 29th January 2015

���EIRC 1st April 2015

Work Disposal& Library News

Library NewsSome of the latest and useful addition to the EIRC Library

Sl no Title & Edition Author Publisher Year

1 How Baniyas do Business

Inamdar Nikhil Random House India 2014

2 The Goal Goalderatte M Productivity 2013

3 2014 The Election that changed India

Sardedsi Rajdeep

Pecguin Viking 2014

4 The Guru of Joy Gautier F Hay House India 2013

5 Total Leadership Firedman S D Harvard Business Review

2014

6 Dalit Milionaires Khandekar M Portfolio Penguin 2013

7 Rich Dad’s Who Took My Money

Kiyosaki Robert Plata Publishing 2012

8 Winning Global Markets Kotler Wiley 2014

9 The Titleless Leader Russell Nan S Times Grups Books 2014

10 Big Business India Guru Shashidharan K P

Paragon 2013

Work Disposal Status Work Disposal Status of Various Activities Related to

MEMBERS SECTION as on 25/03/2015

PARTICULARS DATE 1) New Enrolment 23/03/20152) Grant of Certificate of Practice 19/03/20153) Grant of Fellow Admission 19/03/20154) Firm Registration / Constitution 19/03/20155) Reconstitution of Firms 18/03/20156) Restoration (Prospective ) 20/03/20157) Change of address 18/03/20158) Permission of other engagement 19/03/2015

ARTICLES SECTION as on 25/03/2015

New Registration 02/02/2015Industrial training Registration 25/03/2015Re-registration 12/03/2015Termination 12/03/2015Completion 30/12/2014Permission to Study 10/03/2015Supplementary Registration 25/03/2015Change of Address 25/03/2015

BOARD OF STUDIES SECTION as on 26/03/2015CPT Registration 18/03/2015 IPCC Registration 18/03/2015 Final Registration 13/03/2015 By Hand By PostIssuance of Study Materials - CPT Upto Date 23/03/2015Issuance of Study Materials - IPCC Upto Date 12/03/2015Issuance of Study Materials - FINAL Upto Date 12/03/2015GMCS Certificate Issuance Upto Date Orientation Certificate Issuance Upto Date ITT Certificate Issuance 01/03/2015Change of Name/Address Upto Date

EIRC 1st April 2015 ��

Asansol Branch Bhubaneswar Branch

Annual Seminar on Let’s Explore & Excel

Seminar on Union Budget 2015: CA Amit Kumar Agrawalla, Vice Chairman, (L to R) CA Sanjay Kumar Agrawalla, Chairman, Sri S. K. Panda, IRS, Chief Commissioner of Central Excise, Customs & Service Tax, Bhubaneswar, Sri N. Jayasankar, IRS, Commissioner of Income Tax, (Appeal-II), Bhubaneswar and CA Vijaya Batth, Secretary

Durgapur Branch Raniganj Branch

CA Sunil Kumar Sahoo, Treasurer, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Anirban Datta, Vice Chairman, EIRC and others

L – R: CA Sanjay Agarwal, Chairman, Raniganj Branch, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC - Lighting the lamp, CA Anirban Datta, Vice Chairman, EIRC, CA Sunil Kumar Sahoo, Treasurer, EIRC

Guwahati

PROGRAM ON Bank Audit – 23rd March 2015 L to R : CA Dhiraj Jain, CPE Chairman, CA Vikash K Jain, Chairman, CA Amarjit Chopra, Speaker, CA Mahabir Agarwala, Secretary

Rourkela Branch

Siliguri BranchSambalpur Branch

Chairman of Rourkela Branch CA Vinay Gupta , CA R K Vyas and others

Seminar on Bank Audit on 14th March 2015Seminar on Union Budget and Statutory Bank Audit on 14th March 2015

BRANCH EVENTS

���EIRC 1st April 2015

Interaction with Past Leaders of EIRC on 24th February 2015Study Circle Meeting on 24th February 2015

The Regional Council Members comprising of CA Pramod Dayal Rungta, Chairman, EIRC, CA Manish Goyal, Secretary, EIRC, CA Sunil Kumar Sahoo, Treasurer, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC and other Conveners & Deputy Conveners from different Study Circles

L – R: CA Subhash Chandra Saraf, Past Chairman, EIRC, CA Abhijit Bandyopadhyay, Council Member, ICAI, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC, CA Anirban Datta, Vice Chairman, EIRC, CA Manish Goyal, Secretary, EIRC, CA Sunil Kumar Sahoo, Treasurer, EIRC

Interaction with Past Leaders of EIRC on 24th February 2015 Orientation Programme for Interviewees from Campus on 1st March 2015

A glimpse of Past Leaders of EIRC in an Interaction Meeting L – R: CA Pramod Dayal Rungta, Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, CA C S Nanda, Council Member, ICAI, CA Barun Das

Seminar on Union Budget 2015 on 4th March 2015

L – R: CA Anirban Datta, Vice Chairman, EIRC, CA Subodh Kumar Agrawal, Past President, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC, Mr. Manish Bansal, CA Manish Goyal, Secretary, EIRC

Lighting the Inauguration Lamp (L – R) : CA Anirban Datta, Vice Chairman, EIRC, CA Bimal Jain, CA Pramod Dayal Rungta, Chairman, EIRC, CA Subodh Kumar Agrawal, Past President, ICAI, CA Manish Goyal, Secretary, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sunil Kumar Sahoo, Treasurer, EIRC

L : R : CA Anirban Datta, Vice Chairman, EIRC, CA Subodh Kumar Agrawal, Past President, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC, CA Bimal Jain, CA Manish Goyal, Secretary, EIRC, CA Sunil Kumar Sahoo, Treasurer, EIRC

BRANCH EVENTS

EIRC 1st April 2015 ��

EIRC EVENTS

L –R: CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, Dr. Girish Ahuja

L –R: CA Subodh Kumar Agrawal, Past President, ICAI, CA Anirban Datta, Vice Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, Mr. Manish Bansal,, CA Manish Goyal, Secretary, EIRC

Seminar on Union Budget 2015 on 4th March 2015

Holi Doljatra Get together on 4th March 2015

The Regional Council Members and Others with the Kavis at the Hasya Kavi Sanmelan. The Kavis siting (L – R) Shri Praveen Sukul, Shri Sudeep Bhola, Smt Sita Sagar, Shri Sampat Saral, Padmashree Surendra Sharma

An enthralling audience at the auditorium A glimpse of the entire auditorium

Seminar on Indirect Tax Proposals in Finance Bill 2015 on 9th March 2015

L – R: CA Anirban Datta, Vice Chairman, EIRC, CA Puneet Agarwal, CA Pramod Dayal Rungta, Chairman, EIRC L – R: CA Anirban Datta, Vice Chairman, EIRC, CA Arun Agarwal

���EIRC 1st April 2015

EIRC EVENTS

Seminar on TDS – Recent Decisions & Complexities in Practical E filing of Returns on 17th March 2015

L –R: CA Anirban Datta, Vice Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, CA Sunil Surana

Seminar on Women Empowerment & Safeguard against Atrocities with Panel Discussion on 14th March 2015

L – R: CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Subhash Chandra Saraf, Past Chairman, EIRC, Advocate Srimoyee Basu, CA Pramod Dayal Rungta, Chairman, EIRC, CA Sumit Binani

Panel Discussion on Women Empowerment (L – R) : Ms. Sanchita Bhattacharya, Ms. Swati Gautam, Dr. Sashi Panja, Hon’ble Minister of Child Welfare, Govt. of WB, Ms. Mamta Binani, Vice President, ICSI, CS Chandni Jain, Dr (Ms.) Deepika Kedia, CA Pramod Dayal Rungta, Chairman, EIRC

All Chairmen Meet at ICAI HQ on 12th March 2015

L - R: CA Raj Chawla, Chairman, NIRC, CA P R Aruloli, Chairman, SIRC, CA M Devaraja Reddy, Vice President, ICAI, CA Manoj Fadnis, President, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC, CA Sunil Patodia, Chairman, WIRC, CA Umesh Kumar Garg, Chairman, CIRC

Orientation Programme for Managing Committee Members of Branches & Regional Council on 20th March 2015

L – R: CA Pramod Dayal Rungta, Chairman, EIRC, CA Subhash Chandra Saraf, Past Chairman, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Abhijit Bandyopadhyay, Council Member, ICAI, CA M Devaraja Reddy, Vice President, ICAI, CA Manoj Fadnis, President, ICAI, CA V Murali, Chairman, BOS, ICAI, CA Anirban Datta, Vice Chairman, EIRC, CA Manish Goyal, Secretary, EIRC, CA Sunil Kumar Sahoo, Treasurer, EIRC

Seminar on Direct Tax Proposals in Finance Bill 2015 on 13th March 2015

L – R: CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sanjay Bhattacharya, CA Barun Ghosh, CA Pramod Dayal Rungta, Chairman, EIRC

Felicitation of Principal CCIT on 15th March 2015

Mr. C L Denzongpa, Principal Chief Commissioner of Income Tax being felicitated by CA Pramod Dayal Rungta, Chairman, EIRC. Others seen are CA Anirban Datta, Vice Chairman, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

EIRC 1st April 2015 ��

EIRC EVENTS

Felicitation of President, ICAI and Vice President, ICAI on 20th March 2015

Garlanding the President CA Manoj Fadnis & Vice President CA M Devaraja Reddy. Others seen are CA V Murali, Chairman, BOS, ICAI, CA Anirban Datta, Vice Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC and CA Ranjeet Kumar Agarwal, Past Chairman, EIRC and some students

Felicitation of CA Manoj Fadnis, President, ICAI by CA Pramod Dayal Rungta, Chairman, EIRC. Others seen are CA Sumantra Guha, Council Member, ICAI, CA Abhijit Bandyopadhyay, Council Member, ICAI, CA Subodh Kumar Agrawal, Past President, ICAI, CA Anirban Datta, Vice Chairman, EIRC, CA Manish Goyal, Secretary, EIRC

Presenting the memento to CA M Devaraja Reddy, Vice President, ICAI by CA Pramod Dayal Rungta, Chairman, EIRC. Others seen are CA Sunil Kumar Sahoo, Treasurer, EIRC, CA Subodh Kumar Agrawal, Past President, ICAI, CA Manoj Fadnis, President, ICAI, CA Manish Goyal, Secretary, EIRC, CA Anirban Datta, Vice Chairman, EIRC

A memento being presented to CA Manoj Fadnis, President, ICAI by CA Pramod Dayal Rungta, Chairman, EIRC. Others seen are CA Sumantra Guha, Council Member, ICAI, CA Abhijit Bandyopadhyay, Council Member, ICAI, CA Subodh Kumar Agrawal, Past President, ICAI, CA Anirban Datta, Vice Chairman, EIRC, CA Manish Goyal, Secretary, EIRC

Lighting the Inaugural Lamp L – R: CA Sunil Kumar Sahoo, Treasurer, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA M Devaraja Reddy, Vice President, ICAI, CA Manoj Fadnis, President, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC, CA Subhash Chandra Saraf, Past Chairman, EIRC, CA Abhijit Bandyopadhyay, Council Member, ICAI, CA Anirban Datta, Vice Chairman, EIRC, CA V Murali, Council Member, ICAI, CA Manish Goyal, Secretary, EIRC

Orientation Programme for newly elected Managing Committee Members of Branches & Region on 20th March 2015

Seminar on Works Contract - Issues involved in E filling of VAT Returns on 23rd March 2015

L -R: CA Anirban Datta, Vice Chairman, EIRC, CA Prasun Kumar Bhattacharyya, Past Chairman, EIRC, Mr. Khalid Aizaz Anwar, Jt. Commissioner, Dept. of Commercial Taxes, Govt. of WB, CA Rip Das, CA Pramod Dayal Rungta, Chairman, EIRC

L-R: CA Anirban Datta, Vice Chairman, EIRC, CS Nidhi Bothra, CA Pramod Dayal Rungta, Chairman, EIRC

Seminar on NBFC - Recent Changes on 25th March 2015

���EIRC 1st April 2015

EIRC EVENTS

Seminar on Bank Audit on 21st March 2015

L – R: CA Manish Goyal, Secretary, EIRC, CA Sumantra Guha, Council Member, ICAI, Mr. Arun Kaul, CMD, UCO Bank, CA Pramod Dayal Rungta, Chairman, EIRC, CA Amarjit Chopra, Past President, ICAI, CA Anirban Datta, Vice Chairman, EIRC

L – R: CA Subhash Chandra Saraf, Past Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Manish Goyal, Secretary, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, Mr. Arun Kaul, CMD, UCO Bank, CA Anirban Datta, Vice Chairman, EIRC, CA Amarjit Chopra, Past President, ICAI, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sunil Kumar Sahoo, Treasurer, EIRC

L-R: Mr. Arun Kul, CMD, UCO Bank, CA Manish Goyal, Secretary, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC, CA Amarjit Chopra, Past President, ICAI, CA Anirban Datta, Vice Chairman, EIRC

L – R: CA Kuntal P Shah, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA D S Premnath Glimpse of the delegates at the Seminar

New Audit Report Format & Depriciation as per Schedule-II on 27th March 2015

L-R: CA Pramod Dayal Rungta, Chairman, EIRC, CA Mohit Bhuteria, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

EIRC 1st April 2015 �

��EIRC 1st April 2015

Registered RN 27144/75 Registered KOL RMS / 227 / 2013-2015

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

The Institute does not accept any respondibility for the views expressed in the contributions of advertisements published in the newsletter. Printed & Published by Dr. Alok Ray on behalf of The Institute of Chartered Accountants of India, Eastern India Regional Council Printed at CDC Printers Pvt. Ltd., Tangra Industrial Estate-II (Bengal Pottery), 45, Radhanath Chowdhury Road, Kolkata - 700 015, Tel : 2329 8856, Email : cdc@cdcprinters.com and published from The Institute of Chartered Accountants of India, Eastern India Regional Council, 7, Anandilal Poddar Sarani (Russel Street) Kolkata-700 071, Phone : 91-33-30211140/41, Fax : 033-22272317, Website : www.eirc-icai.org, Email : eircchairman@icai.in

BOOK POSTCA. Pramod Dayal Rungta – EditorCA. Anirban Datta – Jt. EditorCA. Manish Goyal – Member

CA. Sunil Kumar Sahoo – MemberCA. Ranjeet Kumar Agarwal – MemberCA. Subodh Kumar Agrawal – Member

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