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EIRC 1st March 2016
EIRC NEWSLETTERVOL 42 ISSUE : 01 1st MARCH 2016 ` 10/-
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
EASTERN INDIA REGIONAL COUNCIL(Set up by an Act of Parliament)
TEAM EIRC 2016 -17
EIRC 1st March 2016
EIRC 1st March 2016
Dear Brothers and Sisters,
“Coming together is a beginning, keeping together is progress, working together is Success” – Henry Ford.
Let me start my message with this quote as I always
believe that we achieve success in a true spirit while working as a team than just individually. I am very grateful to the respected members of Eastern Region for reposing faith in me and re-electing me for the second term 2016-19 which has given me the opportunity to take the responsibility of the prestigious post of the Chairman of Eastern India Regional Council. I also extend my heartiest congratulations to all my colleagues of the Regional Council, the Central Council members elected from this region and the Managing Committee of the Branches for the year 2016-2019. I know you all have dreams for our Institute, to see it reach the pinnacle of glory and EIRC will put in the best to fulfil all your dreams. We shall work as a team and take the Institute to the heights of success.
Oh behalf of the members of our Region, I heartily congratulate CA M. Devaraja Reddy, Hon’ble President, ICAI and CA. Nilesh Shivji Vikamsey, Hon’ble Vice-President, ICAI for having taken a fresh guard for the term 2016-2017. Team EIRC is determined to continue in the right earnest to ensure fulfilment and support for all their endeavours.
My aim is to provide the best services to our members and students to ensure that there isn’t any grievance from their end. For betterment of services we have made an escalation matrix
for resolving queries as well grievances so that the same can be resolved at the earliest with the minimum turnaround time. All the email ids and phone numbers are available under contact us at www.eirc-icai.org. I am sure that it would be resolved on top most priority but for providing full support we have set up this mechanism.
We would work in best interest to represent regarding all professional difficulties to the concerned Government departments of West Bengal. For this I need your support and guidance apprising me the difficulties faced by you in the professional front.
The Union Budget has recently been announced by the Hon’ble Finance Minister, Government of India. EIRC has planned a series of seminars to keep its members updated about the various professional developments, the details of which is given in the Forthcoming Programmes given in Pg No. 4 of this Newsletter.
With Holi and Doljatraaround the corner, I wish each one of you and your family members a bright and colourful Holi and hope each day is as colourful as ever.
I would like to conclude by saying…
The Canvas of life is waiting for some bright colours. Let us add some shades of Joy, Love, Peace and Happiness to it.
Let’s touch base…. today, tomorrow and forever!!!
Best Regards,
With warm regards,
CA Anirban Datta
Editor & Chairman, EIRC of ICAI
Team EIRC 2016 -17Seated : CA Anirban Datta, Chairman, EIRC, Others standing from left to right - CA Sonu Jain, Secretary, EIRC, CA Nitesh Kumar More, Member, EIRC, CA Sanjib Sanghi, Member, EIRC, CA Manish Goyal, Vice Chairman, EIRC, CA Sumit Binani, Treasurer, EIRC, CA Sushil Kumar Goyal, Council Member, ICAI, CA (Dr.) Debashis Mitra, Council Member, ICAI, CA Ranjeet Kumar Agarwal, Council Member, ICAI, Shri Sunil Kanoria, Council Member, ICAI (Nominated) not in picture.
EIRC 1st March 2016
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 days before the day of the Seminar. 2. Spot Registration will be taken subject to availability of seats at the venue. 3. Out of the Registration Fees collected for each programme Rs.10 per person would be contributed to Chartered Accountant Benevolent Fund.
DAY AND DATE PROGRAMME DETAILS VENUE DURATION
IMPORTANT DATES
Tuesday, 1st March 2016 Open House Session for Members R Singhi Hall, EIRC Premises 6.00pm onwards
Monday, 21st March 2016 Holi Get Together R Singhi Hall, EIRC Premises 5.30pm onwards (Details inside in Page 2)
STUDY CIRCLESTUDY CIRCLE DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE /FEES HOUR
Accountants` Library Saturday, Seminar on Union Budget 2016 CA A K Goel, GM & CFO, CA Indu Chatrath Indian Museum, 10.00am to 6Chartered Accountants 12th March & Bank Audit Allahabad Bank Asutosh Birth 5.30pmStudy Circle 2016 CA Santanu Ghosh Centenary Hall, CS Timir Baran Chatterjee 27, J L Nehru Road, CA Sanjiv Chaudhary Kolkata-700016
Central Kolkata Tuesday, Discussion on Budget 2016 CA NK Poddar, CA Anup K Sanghai Vidya Mandir, 2.00pm to 5Chartered Accountants 1st March CA SS Gupta 09830026214 Moira Street, 7.00pmStudy Circle 2016 CA Arun Agarwal [email protected] Kolkata- 700017 Shri BR Mittal CA Sunil Bhalotia Dr Suman Mukherjee [It is a Joint Event with Views Exchange ]
Central Kolkata Saturday, International Taxation, Transfer CA Vivek Newatia CA Sandip Sawaria 6, Lyons Range, 2.00pm to 4Chartered Accountants 12th March Pricing-Domestic, International, CA Puja Borar CA RA Joshi 3rd Floor, Unit-2, 6.00pmStudy Circle 2016 Form No 15CB, TDS on International Emami Conference Hall, transactions, Reading DTAA, ACAE Office, section 195 of the IT Act Kolkata-700001
Wednesday Seminar on Union Budget Eminent Speakers EIRC Kala Mandir 2.00pm to 6 4002nd March 2016 8.00pm Spot 500
Tuesday Seminar on Women Empowerment Ms.Rina Sarkar, ACP, Women EIRC R Singhi Hall, 3.00pm to 4 1508th March 2016 Grievance Cell, Lal Bazar EIRC Premises 7.00pm Spot 200 Eminent Speakers
Friday Seminar on Critical Analysis - Indirect Taxes CA Bimal Jain, New Delhi EIRC R Singhi Hall, 3.00pm to 5 25011th March 2016 CA Arun Agarwal EIRC Premises 8.00pm Spot 300 CA Pulak Saha
Wednesday Seminar on Proposals / Changes of Direct Dr. Girish Ahuja, New Delhi EIRC R Singhi Hall, 3.00pm to 5 25016th March 2016 Taxes in Union Budget 2016 CA S S Gupta EIRC Premises 8.00pm Spot 300
Saturday Seminar on Bank Audit Details inside in Page 13 EIRC Royal Bengal Room 10.00am to 6 120019th March 2016 City Centre II, Salt Lake 5.00pm Spot 1400
Tuesday, Financial Reporting of Internal CA Sanjay Agrawal, E & Y CA Manish Goyal R Singhi Hall, 5.30pm to 3 8022nd March 2016 Financial Control EIRC Premises 8.30pm Spot 100
Saturday Workshop on LLP CA Vikash Parekh EIRC R Singhi Hall, 3.00pm to 5 20026th March 2016 CA P R Kothari EIRC Premises 8.00pm Spot 250 CS Atul Labh CS Aditi Jhunjhunwala
Tuesday Seminar on Audit & Regulatory Provision CA Vinod Kothari CA Sonu Jain R Singhi Hall, 5.30pm to 3 8029th March 2016 relating to NBFC : 2016 EIRC Premises 8.30pm Spot 100
EIRC 1st March 2016
Forthcoming Programme
STUDY CIRCLE DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE /FEES HOURCentral Kolkata Saturday, Case Studies on Companies CS Deepak Khaitan CA Sandip Sawaria Merchant Chamber of 2.00pm to 4Chartered Accountants 19th March Act ‘2013 CA Vikash Kumar CA O P Banka Commerce, 6.00pmStudy Circle 2016 Essential Rules of Interpretation 15B, Hemanta Basu of Statues, Bank Branch Audit Sarani , 2nd Floor, based on live case studies Kolkata-700 001Central Kolkata Saturday, Section to section analysis on CA SS Gupta on Income Tax CA Sandip Sawaria 6, Lyons Range, 2.00pm to 4Chartered Accountants 26th March Finance Bill 2016 Income Tax CA Pulak Saha on Service CA Manish Barelia 3rd Floor, Unit-2, 6.00pmStudy Circle 2016 as well as Service Tax Tax maters Emami Conference Hall, ACAE office, Kolkata-1Madhya Kolkata Saturday, Seminar on Bank Audit Eminent Speakers CA Sandip Dey Bengal Club 10.00am to 6Chartered Accountants 26th March Dy convener. Kolkata 4.00pmStudy Circle 2016 9830309933 Fee : Rs.750/- incl. LunchSalt Lake Sunday Bank Audit & Discussion on Eminent Speakers CA A. K. Kundu DD 18/3, Prakash 10.00am to 6CA Study Circle 20th March Union Budget 2016 9830360354 Bhawan, Rotary 5.00pm 2016 Club Salt Lake, Sec-I Fee : Rs.400/-Views Exchange Tuesday, Critical Analysis of Budget – 2016 Adv. N. K. Poddar, CA Kushal Bhuwania, Vidya Mandir Hall, 2.00pm to 5Chartered Accountants 1st March CA S. S. Gupta [email protected] 1, Moira Street, 7.00pmStudy Circle- EIRC 2016 CA Arun Kr. Agarwal 03340084929 Kolkata-700017 Dr.Suman Mukherjee CA B. L. Mittal Views Exchange Saturday, Critical Analysis on Issues Arises Sri N.K.Bhattacharjee, GM CA Kushal Bhuwania, Williamson & Major 3.00pm to 4Chartered Accountants 12th March in Audit of Bank Branches Syndicate Bank [email protected] Hall, BCCI, 6, N.S.Road, 7.00pmStudy Circle- EIRC 2016 CA Arif Ahmed 03340084929 1st Floor, CA Abhijit Bandopadhyay, Kolkata-700001 Past Council Member, ICAI CA Niraj Hirodia
Views Exchange Saturday, Latest Issues in Service Tax & CA Rohit Surana CA Kushal Bhuwania, Globsyn Hall, 04.00pm to 3Chartered Accountants 19th March Implementation on GST & CA Sanjib Sanghi, [email protected] BCCI, 6, N. S. Road, 07.00pmStudy Circle- EIRC 2016 Use of Technology in Profession Council Member of 03340084929 2nd Floor, EIRC -ICAI Kolkata-700001
VITTA Salahkar Saturday, Budget Seminar-2016 CA Tarun J. Ghia, CA Satya Narayan Agarwal Vidya Mandir 2.00pm to 4Chartered Accountants 5th March Council Member, ICAI 9831047334 Auditorium 6.00pmStudy Circle- EIRC 2016 CA Madhukar N. Hiregange, CA Dilip Kumar Parmanandka 1, Moira Street, Council Member, ICAI 9830091611 Kolkata-700017 CA Hari Ram Agarwal 9830630386
VITTA Salahkar Saturday, Bank Audit Seminar Under Fraud Eminent Speakers CA Govind Prakash Agarwal Barabazar Library, 4.30pm to 3Chartered Accountants 12th March Prone Computerised Environment 9831064437 10/1/1, Syed Salley Lane, 7.30pmStudy Circle- EIRC 2016 CA Mayur Agarwal Kolkata-700073 9903349773
VITTA Salahkar Saturday, MS Excel Utilities and Financial CA Anurag Singhal CA Pawan Kumar Agarwal Barabazar Library, 4.30pm to 3Chartered Accountants 19th March Modelling 9830262464 10/1/1, Syed Salley Lane, 7.30pmStudy Circle- EIRC 2016 Kolkata-700073
VITTA Salahkar Saturday, Startup Business & Ease of CA Vikash Dhanania CA Shashi Kant Kamani Barabazar Library, 4.30pm to 2Chartered Accountants 26th March 2016 Doing Business 9331023634 10/1/1, Syed Salley Lane, 6.30pmStudy Circle- EIRC Kolkata-700073
VIP Road Chartered Wednesday Budget Seminar- Union Dr. Girish Ahuja CA Raj Singhania Kala Kunj, 9.30am to 4Accountants Study 2nd March Budget 2016 CA M Sathya Kumar 9830227678 (Kala Mandir), 1.30pmCircle- EIRC 2016 CA Arun Agarwal Kolkata
VIP Road Chartered Sunday Interactive Session on Bank Audit CA Subodh Kumar CA Raj Singhania VIPCA Library, 10.00am to 3Accountants Study 20th March Agarwal 9830227678 220 Bangur Avenue, 1.00pmCircle- EIRC 2016 Block- A Ground Floor, Kolkata-700055
Midnapore CPE Friday, Seminar on Union Budget & Issues CA Vivek Jalan CA Harsh Jain Lodge Green Palace, 10.30am to 6Chapter of EIRC 12th March in Works Contract in Service Tax & VAT CA Tarun Kumar Agarwalla 9932331587 Keranitoal, 5.30pm 2016 Midnapore-721101
EIRC 1st March 2016
EICASA
My Dear Students,My heartiest Congratulations to each and every member of EICASA and all the students for bringing the “Certificate of Appreciation for the year 2015-16” to EIRC. My heartiest congratulations to my predecessor for all his sincere efforts, to carry out the activities as envisaged by Board of Studies & ICAI.I am honoured & privileged to be elevated
to the position of chairman of EICASA. I had always been in the centre stage of activities for the students, since the time I joined the CA course. I feel the students are a part of the larger CA fraternity and family. It is with the students that I feel so energetic and their smiling faces always give me the energy to work for them & with them.You are the future of our profession and country. I sincerely believe that it is my duty to work for the welfare of students, as you all are the budding future professional. You are the ones who will turn those dreams of vibrant India into reality. I am fortunate to be part of India growth story by way of leading the students. I am aware of the onerous responsibility cast upon me as the chairman of EICASA and I assure you all that I shall leave no stones unturned for ensuring a bright future for our profession.Friends, our course curriculum is a distance learning course but a course which is considered as the toughest and the brightest. I, therefore feel that interaction amongst stakeholders i.e. our members and students is of paramount importance to develop our profession and training programme. I thus propose to introduce a system of periodical meets with articles, principals & industry leaders, to emphasize the need of proper and effective
articleship and check the menace which has engulfed some section of our society.Organizing crash course and interactive guidance workshop for students at the ICAI premises is also on my agenda. I would suggest students to refer the latest study materials while preparing for the examination and not just depend upon coaching classes. We shall introduce the crash course & amendment classes for ITSM , Advanced Management Accounting and other subjects in the month of March at ICAI Bhawan,Russell street, Kolkata for the benefit of the students appearing in May exams.Dear friends the year ahead shall be thronged with activities aimed at all round development of our students. I would invite suggestions from our members & students, by which I can be guided to achieve our objective for a better student regime and a world class CA profession. We have started this term with a noble project “Share & Care” whereby clothes and eatables were distributed amongst the poor on 28th February at Kolkata by the students. I would also urge the students to kindly come forward and participate in the upcoming projects of EICASA. I firmly believe in the quote of Late APJ Abdul Kalam:“Dream is not that you see in sleep, Dream is something that does not let you sleep.”May yours dreams come true.
Best Wishes:
CA Manish GoyalChairman EICASA and Vice Chairman EIRC of ICAI
Student Fest organised by Bhawanipur College Cricket Tournament organised by Guwahati Branch of EICASA of EIRC
The Board of Studies of the ICAI has been providing Online Articles Placement facility for selection of Articled Assistants by CA Firms through its Articles Placement Portal on pan India basis. It provides a platform to the firms of Chartered Accountants having vacancies for Articled Assistants to shortlist eligible students for selection of articled assistants, and call them for Interview at their offices, as per date and time convenient to them. The eligible candidates who have passed Group-I or both Groups of the Intermediate (Integrated Professional Competence) Course or have been admitted under the Direct Entry Scheme and are willing to join articled training can register themselves on the portal. The services to the Online Placement Portal are available free of charge for both CA Firms and students and they can register themselves online through the Portal at http://bosapp.icai.org. The services on the Portal would be available for two months, twice a year, from the date of registration by the firms. Similarly the bio data of a student will also be available on the portal for a maximum period of 2 months from student’s registration. The candidates shortlisted by CA Firms would be informed by e-mails through the Portal, to appear for interview at their respective Offices, at the designated date and time. Detailed guidelines are available at the institutes’ website www.icai.org and on the Portal. In case of any further clarification, please contact the Board of Studies, ICAI Bhawan, A-29, Sector-62, Noida-201309, Tel. No. 0120-3045930/931/988; Email: [email protected]
On Line Articles Placement Portal for selection of Articled Assistants by CA Firms
EIRC 1st March 2016
Profile of ICAI President & Vice President
A man of great vision, strong integrity and hard discipline with a firm belief in the inclusive growth of accountancy profession, CA M. Devaraja Reddy has taken over as the supreme torchbearer of Indian accountancy profession. He has been elected President of The Institute of Chartered Accountants of India (ICAI), for the year 2016-2017 by the 23rd Council of the Institute. Being a fellow ICAI member with a prudent professional foresight and more than
28 years of immaculate professional standing, CA Reddy has served the Indian accountancy profession as Vice President of ICAI for the Council Year 2015-16.
With an ingrained interest in academic matters of accountancy profession, CA Reddy is widely commended and credited for his prominentand distinguished contribution in the conceptualization and formulation of a futuristic CA Curriculum during his tenure as the Chairman of ICAI Board of Studies in 2014-2015.
A resident of Hyderabad, CA Reddy has been elected by his member colleagues for a straight third term of the Central Council of ICAI (20162019). As President of the ICAI, he is now the Chairman of all Standing Committees of the ICAI, viz. Examination Committee, Finance Committee and Executive Committee besides being Presiding.
Officer of the Board of Discipline (Under Section 21A), Disciplinary Committee (Under Section 21B) and Chairman Disciplinary Committee (under section 21D). He will also be the exofficioMember of all Non Standing.
Committees of the ICAI and Editor of The Chartered Accountant journal. Earlier, as the Vice President of the ICAI, he was the Vice-Chairman of all the Standing Committees of the ICAI, the Member exofficio in all NonStanding Committees of the ICAI and Joint Editor of The Chartered Accountant journal. He is also Director on the Board of ICAIARF as well as XBRL India. In XBRL India, he is also holding membership in important committees namely Taxonomy Development & Review Committee; and Audit Committee. On the international front, he is holding positions of Chairman, Small and Medium Practices Committee of SAFA, and
Technical Advisor to Small and Medium Practices (SMP) of IFAC. He is also the technical adviser to the ICAI immediate past President at the CAPA Board. CAPA Board has appointed him as member of the Professional Accounting Organisation Development Committee (PAODC) of CAPA for the term 2016-2019.
Widely known for his pleasant nature and beneficent attitude, CA. Reddy graduated in Commerce from Pragati Mahavidyalaya Abids, Hyderabad. He started his professional journey in November 1987 when he became a Chartered Accountant. He started an independent professional practice in Hyderabad after that. Later, he got elected to the Managing Committee of Hyderabad Branch of SIRC (Southern India Regional Council), and became its Secretary in 1994, Vice-Chairman in 1995 and Chairman in 1996.
Being an outstanding facilitator of ICAI as an ardent partner in nation building, CA Reddy has been nominated on various Government bodies/ regulators, including on the High Level Steering Committee for Implementation of XBRLbasedData Submission by Banks of RBI, XBRL Technical Advisory Committee of SEBI, Task force at Ministry of Corporate Affairs with regard to Ministry’s Plan Budget for 12th Five Year Plan, Advisory Group of National Foundation for Corporate Social Responsibility of IICA (Indian Institute of Corporate Affairs), and Committee on Accounting Issues constituted by IRDA.
An ardent devotee of Lord Sri VenkateswaraBalaji, CA M. Devaraja Reddy has been actively involved in a number of social activities. He has also been an active member in the Federation of Andhra Pradesh Chamber of Commerce & Industry.
Being an ardent academic, CA M. Devaraja Reddy has attended and contributed at numerous national and international professional platforms including seminars, workshops and conferences, where the professional fraternity has had the advantage of attending to his treasured insight on many core issues including networking, investment strategies, elearning, initiatives on education for accountancy.
Having the privilege of representing Indian accountancy at many international professional platforms on a number of occasions, CA Reddy vows to put the Indian accountancy profession globally on a very high pedestal.
A person of professional vigour, dynamism, high integrity and expertise, CA NileshVikamseyis elected as the Vice President of the Institute of Chartered Accountants of India (ICAI) by the 23rd Council of the Institute for the term 2016-2017. Having gained deep insights into the profession as a fellow member of the ICAI with more than 30 years of impeccable professional standing, he has served the ICAI and the profession as a Central Council Member since 2010. He
has been a member of the ICAI since 1985. He is widely commended and credited for his key role in conceptualisation and devising of a new futuristic CA Curriculum.A selfless hardworker and down to earth personality bestowed with exceptional organisational, administrative and leadership skills, he has been elected to the Central Council for three consecutive terms (201013, 201316, 201619). In the capacity of the Council Member, he has served the ICAI and the accountancy profession as Chairman of Board of Studies, Financial Reporting Review Board, Research Committee and Expert Advisory committee. A resident of Mumbai, he has actively partnered in the growth of the nation and the profession as member and first Chairman of the Qualified Audit Report Committee (QARC) of SEBI, Committee on Disclosures and Accounting Standards (SCODA) of SEBI, LLP Committee of Ministry of Corporate Affairs (MCA), Committee Constituted by Ministry of Corporate Affairs pertaining to certain issues raised regarding applicability of foreign investment in the LLPs, Committee for Digitization of
CA M. Devaraja Reddy, President ICAI, 2016-2017
Balance Sheet & Annual Reports filed with MCA through MCA21, Working Group for developing Indian Specific ACORD Standards for the Indian Insurance Market of IRDA, Committee on Road Map for Risk Based Solvency Approach in Insurance of IRDA, First Chairman of the then newly formed Corporate Members Committee of The Chamber of Tax Consultants (CTC) and also on the Managing Council of CTC in 2007-08, Project Implementation Committee to pursue the implementation of ‘Accrual Accounting’ in the Ministry of Road Transport & Highways constituted by Ministry of Road Transport & Highways and Ministry of Shipping, Merger & Acquisition (M & A) Council constituted by ASSOCHAM and Chairman of Audit Committee & member of Taxonomy Development & Review & Membership Development Committee of XBRL India.As the Vice President of the ICAI, he is now the Vice-Chairman of all the Standing Committees of the ICAI, the Member exofficio in all Non Standing Committees of the ICAI and Joint Editor of The Chartered Accountant journal.He holds Diploma in Information System Audit (DISA) of the ICAI besides having done Business Consultancy Studies Course of Bombay Chartered Accountants Society jointly with Jamnalal Bajaj Institute of Management Studies (JBIMS).As an avid academic, CA Nilesh Vikamsey has attended and contributed to numerous national and international seminars and conferences on the issues of professional interest. He has addressed at length on various issues including networking, Companies Act, 2013, Accounting Standards, Practice Development, Bank Audit, e-learning, initiatives on education for accountancy showing his passion for the profession and its core concerns.
CA Nilesh Shivji Vikamsey, Vice-President ICAI, 2016-2017
EIRC 1st March 2016
Student’s Announcement
Regional Council Members - 2016-17CA ANIRBAN DATTAChairman EIRC, 2016-17CA Anirban Datta has been an iconic face in the CA fraternity of Eastern India. He has been elected to the Chairman of the 22nd Eastern India Regional Council of the ICAI on 21st February 2016. He has been re-elected in the 2nd Term of EIRC and adjudged to head a strong robust fraternity comprising of 23000 Chartered Accountants and 1 lac
students in the Eastern Region. He has emerged to be a popular choice to represent in any meetings be it “State Level Co-ordination Committee Meeting’’ (SLCC), or Pre/Post-Budget Memorandum Meeting. He has been in news and a frequent face in many leading electronic media, TVs on panel discussion on various topics.In his professional field, he has a strong corporate exposure of 12 years in World’s best MNCs and top private sector banks in India. Currently he is working in a leading Private Sector Bank as the Zonal Credit Head (East) comprising of all of North Eastern States, Andaman & Nicobar Islands, West Bengal, Odisha, Bihar, Jharkhand & Chattisgarh. He has been an eminent faculty and a prolific speaker who deliberated on seminars for Chartered Accountants and financial professionals on various aspects of Risk Management, Internal Controls in Banks, Financial Frauds, Banking Frauds, XBRL, Carbon Credit etc.He has authored multiple articles on financial domain such as Risk Management, Financial Inclusion, Bank Audit, Carbon Credit, CIBIL etc, published in various periodicals and Journals. Erstwhile he was associated as lecturer in S.A. Jaipuria College, Kolkata. He graduated from Goenka College of Commerce and Business Administration and completed his Post Graduation from University of Calcutta.He is young, charismatic and possess strong interpersonal skills, excellent orator and a great crowd puller in all fields be it professional or in areas of social interest and general awareness.
Mobile : +9830853547, Email : [email protected]
CA MANISH GOYALVice Chairman EIRC, 2016-17CA Manish Goyal is a Chartered Accountant in practice since January,2002. He is the senior partner in M/s R. N. Goyal & Co a partnership firm established by his father Late CA R. N. Goyal. He is also qualified a Diploma in Information Systems Audit (DISA) from ICAI The firm has branches in Guwahati & Jaipur. CA Manish Goyal completed his schooling from Don Bosco School, Siliguri and then completed his graduation from Siliguri College of Commerce in the year
1998. He is married to CA Sweta Goyal who is also a partner in the firm. CA.Vivek Goyal , his younger brother is also a partner. He has served in various capacities at Siliguri Branch and been the Youngest Chairman of the Branch in the Year 2009-10, when the branch was adjudged with Highly Commendable Branch in Small Category by ICAI, New Delhi and as the Best Branch of EIRC. He was also a Co-opted member in the CPE Committee and the Branch Co-ordination committee of EIRC. He has been the Chairman of various committees of EIRC from time to time. He had been instrumental in making representation to various bodies for the Professional Development of the members. He has been the key person behind the publishing of the EIRC Members Ready referencer. He has served EIRC as its Treasurer & Secretary and is currently the Vice- Chairman.CA Manish Goyal has been a faculty for the GMCS, IPCC orientation. He has been on the panel discussion of Union budget. He has also been a faculty & speaker on topics of Bank Audit & Service Tax. The core areas of his professional practice are Taxation and Assurance Services. On the social forum he is associated with Lions Club International, Siliguri Tax Bar Association and is a trustee in various other social and religious trust. He was awarded the President of India Medal as a member of Bharat Scouts & Guides.Mobile : 09434039003, Email : [email protected]
CA SONU JAINSecretary, EIRC, 2016-17A Practicing CA and founder Partner of M/S JAIN SONU & ASSOCIATES. The firm is engaged in areas of Direct Taxation, Audits, Corporate Law Advisory, Project Finance and Consultancy services to many large corporate as well as other clients. She is FCA, ACS, DISA(ICAI), DIRM(ICAI), NCFM, DBM. She has done Certificate Course on CAAT by
ICAI,Certificate Course on Concurrent Audit Workshop by ICAI.She had served the EIRC of ICAI as Regional Council Member from 2007 to 2009 within which she was the Secretary in 2009-2010. She has done Company Secretary in 2001. For the purpose of serving the society, She had enrolled as the Honorary Warden in the Kolkata Traffic Police.She is the Treasurer of Jain International Woman Organisation (JIWO) in 2015 -16. In 2014 -15 she was the Member of Grievance Committee of EIRC ICAI and was in the Conference committee of Direct Taxes ProfessionalAssociation and in Association of Corporate Advisors & Executives. In 2012 -13 she was Co-Chairman of the Association of Corporate Advisors and Executives and a Member of the Exposure Drafts Committee of EIRC In 2011-12 she was the Member of the
PD Committee (EIRC, ICAI). During her tenure in EIRC from 2017 – 09 she served as Member, Vice Chairperson and Chairperson of various Committees constituted by EIRC She has given a Budget Analysis in ABP and Taza TV(more than 20 times) and a Moderator of Google Group “ca_eastern which has 22600 membersMobile : 9830285088/9339596256, Email : [email protected]
CA SUMIT BINANITreasuruer, EIRC, 2016-17Sumit Binani is a graduate in commerce. He has done his post graduation in finance from IIM Calcutta. He is also a FCS, FCA and ACMA. He is Practising as a Chartered Accountant as a Partner of SBAC & Associates, KolkataHe has earlier worked in the Capital Markets Industry for 15 years. In his past associations, he has worked with Dalmia Securities Limited, HDFC Securities
Limited, ICICI Bank Limited and Srei’s Investment Banking arm in Senior Management positions. He is also an Independent Director on the Board of Magma ITL Finance Limited.He is actively associated with chambers of commerce and professional institutes in different capacities and is passionate about sharing ideas and knowledge with his peers and fellow professionals and students.He has also been elected to the Eastern India Regional Council of the Institute of Chartered Accountants of India for a 3 year term 2016‐19.
Mobile : 9830810003, Email : [email protected] / [email protected]
CA SANJIB SANGHIMember EIRC, 2016-17CA Sanjib Sanghi is a fellow member of the Institute of Chartered Accountants of India, a Diploma in Information Systems Audit (DISA) from ICAI, Certification course in JAVA and Software development & Systems Management from NIIT.
Mr. Sanghi is presently a senior partner at Desai Haribhakti & Co. He was previously the senior partner in DRMS & Associates, a Chartered Accountant
Firm in Bhowanipur, Kolkata. He is doing Global Accounting for US based CPA Firms for the last 12 years offering them accounting and consulting solutions for their clients.
He has over 18 years experience working extensively in the domain of techno-marketing, business analysis and professional consultancy for National and International Clients.
Mr. Sanghi is also a recognized trainer on Quickbooks, a Worldwide used Accounting Program which is being widely used all over the world and has successfully trained over 200 Professional all over India.
His strong inclination towards changing technology amalgamated with desire to work efficiently empowered him to achieve his dream. He always believed in Working Smarter not Harder and always said that hard work will not necessarily yield result but consistent smart work will surely make you successful. His workshop on “How to manage Hundreds of Clients using Technology” is getting wide acceptance from fellow professionals.
Sanjib Sanghi is an active Social Volunteer and actively associated with numerous professional, educational, sports, cultural, social welfare and community organizations. He took up the responsibility to groom India’s future and started Bhavishya Kiran with the primary purpose to provide technical training and personal guidance to youngsters of India. He has been associated for years with Lions & Rotary club to serve the needy.
Mobile : 9831434000 / 8100434000, Email : [email protected]
CA NITESH KUMAR MOREMember EIRC, 2016-17CA Nitesh Kumar More is an FCA. He had spoken in more than 100 conferences, seminars &cpe programs on Co Law in more than 16 cities. He has contributed more than 200 Writeups/Articles in various magazines, web sites, newsletter & google groups etc.He had been member of various committee of EIRC of ICAI (such as Permanent
Research Committee, Research Committee, Company Law Committee, Internal Audit Committee). He had been Co-chairman of Company Law Committee of DTPA, Kolkata. He is an Executive Committee member of DTPA & Views Exchange. He is life member/member of Views Exchange, DTPA, VIP Road &Vitta Salahkar CA Study Circle.Some of his noteworthy service to profession are as under:He had represented to MCA & IT Department & many of his suggestions, such as exemption of MGT14 for Pvt Ltd Co, option to assessee to allow c/f of TDS etc , has been implemented.He provided All India phone helpline for TAX AUDIT REPORT support to CAs (working 6am to 11 PM)He was man behind the organization of many free seminars on Company Law at Kolkata.Many of his articles have provided support to professionals & business community all over India on many critical issues such as, AGM can be held on Sunday, Companies are not required to transfer fund to IEPF always ,Simple process to allot shares, How to save cost to file MGT14? etc.Mobile : 8820154348, Email : [email protected]
EIRC 1st March 2016
Central Council Members - 2016-19CA (DR.) DEBASHIS MITRADr. Debashis Mitra is a Chartered Accountant, Cost Accountant & a Company Secretary. He is also a Law Graduate & holds a Master Degree in Commerce. Dr. Mitra is also a qualified Information Systems Auditor. He has been awarded the Degree of Ph.D. for his Thesis ‘A Critical Study of Select Indian
GAAP, US GAAP & IAS / IFRS.’
He is the Managing Partner of M/s. Debashis Mitra & Associates, a Chartered Accountancy firm in existence since 1987. He is a trainer on International Financial Reporting Standards (IFRS) & Presentation of Financial Statements as well as Corporate Laws for many Corporate & non-Corporate entities. He has been a Trainer on Companies Act, 2013 for TATA Group Companies, Central/State PSUs, Comptroller & Auditor General of India (CAG) officials as well as other reputed companies. He has addressed conferences of The Institute of Chartered Accountants of India, The Institute of Company Secretaries of India, The Institute of Cost Accountants of India as well as many Chambers of Commerce. He has been invited by the Governments of Assam & Kerala to train the officials of the State PSUs on implications of the Companies Act, 2013.
Dr. Mitra has been elected to the Central Council of The Institute of Chartered Accountants of India for a three year Term from 2016 to 2019. Dr. Mitra is a former Chairman of the Eastern India Regional Council of The Institute of Chartered Accountants of India (ICAI) as well as a former Chairman of Guwahati Branch of ICAI. He is presently a member of Regional Direct Taxes Advisory Committee, Govt. of India. He is a member of the National Council of The Institute of Internal Auditors and is presently its Secretary. He was the President of Institute of Internal Auditors, Eastern Region, for the year 2012-13. He is a member of the Managing Committee of Association of Corporate Advisors & Executives (ACAE), Kolkata and is presently its Joint Secretary. He is a member of the Board of Accountants’ Library, one of the oldest Accounting Institutions in India and is presently its Joint Secretary. He is also a member of the Board of Governors of Assam Down Town University. He is a former Secretary of Rotary Club of Calcutta, the oldest running Rotary Club in Asia and presently chairs its International Services Committee. Mobile : 9864094551 / 9831071422, Email : [email protected]
CA RANJEET KUMAR AGARWAL
CA Ranjeet Kumar Agarwal, a practicing Chartered Accountant since last 17 years and presently partner in M/S NRSM & Associates, Chartered Accountants. He is also a qualified Company Secretary and has done diploma in Information System Audit (DISA) from ICAI.
Elected to Institute of Chartered Accountants of India-Eastern Region (EIRC of ICAI) for the first time in 2009.
Re-elected in the year 2012 and became the Chairman of the EIRC of ICAI in the year 2013-14.
Under his Chairmanship, EIRC added 3 (three) more Branches in Eastern India namely Dibrugarh, Tinsukia and Raniganj making it to 11. For the First time, Members’ International Conference and Students’ International Conference were hosted by EIRC under his Chairmanship.
EIRC got the Best Regional Council Award under his Chairmanship in the year 2013-14.
He is now Elected to the 23rd Central Council of the Institute of Chartered Accountants of India for the term 2016-2019.
Associated with various NGOs like Lions Club, Awantika, Concern for Calcutta, Calcutta Citizens’ Initiative, Barabazar Library & Junior Chamber International-Kolkata Chapter.Mobile: 9830140211/9163932000, Email : [email protected]/[email protected]
CA SUSHIL KR. GOYALCA Sushil Kumar Goyal is a Fellow Member of the Institute of Chartered Accountants of India. He is a commerce graduate from Tinsukia College of Dibrugarh University, Assam. On the occasion of Platinum Jubilee of his school Hindi English High School in Tinsukia, Assam, they conferred upon him ‘Eminent Citizen Award’, in appreciation of his outstanding achievement in professional, social,
business and other fields.
Presently he is elected to Central Council of ICAI for the term 2016-19, where he given charge as Vice Chairman of two committees namely Indirect Tax Committee and Public Relation Committee. Earlier he has served as regional council member of the Institute of Chartered Accountants of India of the Eastern Region for the period 2007-13. During his tenure as regional council member, he served as Chairman (2011-12), Vice Chairman (2010-11) and Treasurer (2009-10) of Eastern India Regional Council of ICAI.
He is regularly providing services in the field of service tax since 1997. He has spoken on the subject Service Tax in more than two hundred fifty seminars. Apart from that he is also a visiting faculty in NACEN, an institute for training Central Excise, Customs and Service Tax officers.
He is also the Editor of monthly service tax bulletin “Tax Talk” which has been read by almost 25,000 readers on a regular basis for 41 months without intervention. He is an Honorary Traffic Warden of the Calcutta Police Traffic Warden Organization for last 17 years.
Mobile : 9830088400, Email : [email protected]
FORM IVStatement about ownership and other particulars about newspaper EIRC NEWSLETTER to be published in the first issue every year after the last day of February
1. Place of publication KOLKATA2. Periodicity of its publication MONTHLY3. Printer’s Name ALOK RAY
Nationality INDIANAddress 7, Anandilal Poddar Sarani, (Russell
Street), P.S.Shakespeare Sarani, Kolkata - 700071
4. Publisher’s Name ALOK RAYNationality INDIANAddress 7, Anandilal Poddar Sarani, (Russell
Street), P.S.Shakespeare Sarani, Kolkata - 700071
5. Editor’s Name CA ANIRBAN DATTANationality INDIANAddress 7, Anandilal Poddar Sarani, (Russell
Street), P.S.Shakespeare Sarani, Kolkata - 700071
6. Names and addresses of individuals who own the newspaper and partners or shareholders holding
(More than one per cent of the total capital)
Eastern India Regional Council 0f
The Institute of Chartered
Accountants of India
I, Alok Ray hereby declare that the particulars given above are true to the best of my knowledge and belief.
Date: 1st March 2016 Alok Ray Signature of Printer & Publisher
EIRC 1st March 2016
MEMBERS FOR COMMITTEES OF EIRC OF ICAIFOR THE YEAR 2016 - 2017
STANDING COMMITTEEExecutive Professional
DevelopmentPublic Relations Career Counselling Student
Chairman CA Anirban Datta CA Nitesh Kr. More CA Sumit Binani CA Sanjib Sanghi CA Manish Goyal
Vice Chairman CA Manish Goyal CA Sumit Binani CA Sonu Jain CA Nitesh Kr. More CA Sanjib Sanghi
Member- Regional Council CA Sonu JainCA Sumit Binani
CA Anirban DattaCA Manish Goyal
CA Anirban DattaCA Manish GoyalCA Nitesh Kr. More
CA Anirban DattaCA Sonu JainCA Sumit Binani
CA Anirban DattaCA Sumit BinaniCA Nitesh Kr. More
Member-Central Council CA Ranjeet Kr. Agarwal CA Sushil Kr. GoyalCA Debashis Mitra
CA Sushil Kr. Goyal CA Sushil Kr. Goyal CA Debashis Mitra
OTHER COMMITTEESContinuing
Professional Education
Members In Industry
Editorial Committee Information Technology
Library
Chairman CA Nitesh Kr. More CA Anirban Datta CA Anirban Datta CA Sanjib Sanghi CA Manish Goyal
Vice Chairman CA Sumit Binani CA Sanjib Sanghi CA Manish Goyal CA Sumit Binani CA Nitesh Kr. More
Member- Regional Council CA Anirban DattaCA Manish GoyalCA Sanjib Sanghi
CA Manish GoyalCA Sumit BinaniCA Nitesh Kr. More
CA Sonu JainCA Sumit Binani
CA Anirban DattaCA Nitesh Kr. More
CA Anirban DattaCA Sonu JainCA Sanjib Sanghi
Member- Central Council CA Ranjeet Kr. Agarwal CA Ranjeet Kr. Agawal CA Sushil Kr. GoyalCA Ranjeet Kr. Agarwal
CA Ranjeet Kr. AgarwalCA Sushil Kr. Goyal
CA Debashis Mitra
Branch Co-Ordination Study Circle Co-Ordination
GMCS Coordination Financial Markets & Investor’s Protection
Member’s Grievance
Chairman CA Manish Goyal CA Sumit Binani CA Anirban Datta CA Sumit Binani CA Nitesh Kr. MoreVice Chairman CA Sonu Jain CA Nitesh Kr. More CA Manish Goyal CA Sanjib Sanghi CA Sonu JainMember- Regional Council CA Anirban Datta
CA Sanjib SanghiCA Anirban DattaCA Manish GoyalCA Sanjib Sanghi
CA Sonu JainCA Sumit BinaniCA Sanjib Sanghi
CA Anirban DattaCA Sonu JainCA Nitesh Kr. More
CA Anirban DattaCA Manish GoyalCA Sanjib Sanghi
Member- Central Council CA Sushil Kr. GoyalCA Debashis Mitra
CA Ranjeet Kr. Agarwal CA Sushil Kr. Goyal CA Ranjeet Kr. Agarwal CA Ranjeet Kr. Agarwal
Capacity Building of CA Firms & SMEs
Public Finance & Government
Accounting
Accounting Standards for Local
Bodies
Banking Insurance & Pension
Exposure Drafts
Chairman CA Sonu Jain CA Sanjib Sanghi CA Sonu Jain CA Anirban Datta CA Sumit BinaniVice Chairman CA Nitesh Kr. More CA Sonu Jain CA Sanjib Sanghi CA Manish Goyal CA Sonu JainMember- Regional Council CA Anirban Datta
CA Manish GoyalCA Anirban DattaCA Sumit Binani
CA Anirban DattaCA Sumit BinaniCA Nitesh Kr. More
CA Sumit BinaniCA Nitesh Kr. MoreCA Sanjib Sanghi
CA Anirban DattaCA Sanjib SanghiCA Nitesh Kr. More
Member- Central Council CA Ranjeet Kr. AgarwalCA Sushil Kr. Goyal
CA Debashis Mitra CA Sushil Kr. Goyal CA Sushil Kr. Goyal CA Debashis Mitra
Direct Taxes Indirect Taxes International Taxation
Internal Audit Research
Chairman CA Manish Goyal CA Manish Goyal CA Sumit Binani CA Sonu Jain CA Nitesh Kr. MoreVice Chairman CA Nitesh Kr. More CA Sonu Jain CA Sanjib Sanghi CA Manish Goyal CA Sumit BinaniMember- Regional Council CA Anirban Datta
CA Sonu JainCA Sumit Binani
CA Anirban Datta CA Sanjib SanghiCA Nitesh Kr. More
CA Anirban DattaCA Manish GoyalCA Nitesh Kr. More
CA Anirban DattaCA Nitesh Kr. MoreCA Sanjib Sangni
CA Anirban DattaCA Sonu JainCA Sanjib Sanghi
Member- Central Council CA Ranjeet Kr. Agarwal CA Sushil Kr. Goyal CA Sushil Kr. Goyal CA Debashis Mitra CA Debashis Mitra
EIRC Committees
EIRC 1st March 2016
EIRC Committees
Corporate & other Allied Laws & Corporate
Governance
Management Accounting Women Member Committee
Young Member Committee
Chairman CA Nitesh Kr. More CA Sanjib Sanghi CA Sonu Jain CA Anirban Datta
Vice Chairman CA Sumit Binani CA Manish Goyal CA Sumit Binani CA Sanjib Sanghi
Member-Regional Council CA Anirban DattaCA Manish GoyalCA Sanjib Sanghi
CA Anirban DattaCA Sonu JainCA Sumit Binani
CA Anirban DattaCA Manish GoyalCA Sanjib Sanghi
CA Sonu JainCA Sumit BinaniCA Nitesh Kr. More
Member-Central Council CA Debashis Mitra CA Debashis Mitra CA Ranjeet Kr. Agarwal CA Ranjeet Kr. Agarwal
Committee for Cooperatives and NPO
Sectors
Committee on Economic, Commercial Laws & WTO
Coordination Committee with Sister Institutes
Committee for Members in Entrepreneurship and
Public Service
Chairman CA Sanjib Sanghi CA Manish Goyal CA Anirban Datta CA Sonu Jain
Vice Chairman CA Sonu Jain CA Sumit Binani CA Manish Goyal CA Nitesh Kr. More
Member-Regional Council CA Anirban DattaCA Sumit BinaniCA Nitesh Kr. More
CA Anirban DattaCA Sonu JainCA Nitesh Kr. More
CA Sonu JainCA Sunit BinaniCA Sanjib Sanghi
CA Anirban DattaCA Manish GoyalCA Sumit Binani
Member-Central Council CA Sushil Kr. Goyal CA Debashis Mitra CA Debashis Mitra CA Ranjeet Kr. Agarwal
EX-OFFICIO Members of the Branches of EIRC (2016– 2017)
Siliguri, Tinsukia Branch CA Manish Goyal
Asansol, Durgapur & Raniganj Branch CA Sonu Jain
Rourkela & Sambalpur Branch CA Sumit Binani
Bhubaneswar, Cuttack Branch CA Nitesh Kr. More
Guwahati & Dibrugarh Branch CA Sanjib Sanghi
CHAIRMAN, EICASA CA Manish Goyal
Nominated Members to the Managing Committee of EICASA CA Sanjib SanghiCA Nitesh Kr. More
Representative of the Regional Council Members in the Study Circle
ASOCAS, Duliajan MII, Eight By Two, VIP Road CA Manish Goyal
BBD Bag, Central Kolkata, Camac Street , VITTA Salahkar CA Sonu Jain
Accountants’ Library, Bidhan Nagar, DTPA, Salt Lake City, Bhowanipore MII,
CA Sumit Binani
ACAE, Howrah, Madhya Kolkata, South Kolkata, South City MII,
CA Nitesh Kr. More
Views Exchange, CA ISA, NTEC MII, Rishra MII, Uttarpara CA Sanjib Sanghi
Representative of the Regional Council Members in the CPE Study Chapter of EIRC
Jorhat CA Manish Goyal
South Orissa CA Sonu Jain
Midnapore CA Sumit Binani
Balasore CA Sanjib Sanghi
Representative of the Regional Council Members in the Study Group of EIRC
Shillong, Gangtok CA Manish Goyal
Agartala, Shibsagar CA Sonu Jain
Silchar, Nagoan CA Sumit Binani
Kantabanji CA Nitesh Kr. More
Port Blair, Dhubri CA Sanjib Sanghi
EIRC 1st March 2016
Announcement for ISA EXAM
Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test (Old as well as New Syllabus) (which is open to the members of the Institute) will be held on 20th March, 2016 (Sunday) from 10.30 AM to 2.30 PM (IST) at the cities provided that sufficient number of candidates offer themselves to appear therefrom.
The Council reserves the right to withdraw any centre at any stage without assigning any reason. The above test is open only to the members of the Institute who are already registered with the Institute for the ISA course and have passed the Information Systems Audit-Eligibility Test-(ISAET) conducted by the Committee on Information Technology (CIT) of the Institute.
Further, pursuant to the decision taken by the Council at its meeting held on 17-18th January 2016, those members who had registered for the ISA course 2.0 and started ISA professional training on or after 1st July 2015 and had completed the professional training classes, project work and had passed the daily module tests as per the norms prescribed by the CIT would be deemed to have passed ISA-ET and would be eligible to appear in Information Systems Audit –Assessment Test to be held on 20.03.2016, as a onetime special dispensation.
The fee payable for the above Assessment Test is ` 2000/-.
An application for admission to the Assessment Test is required to be submitted online by visiting http://isaat.icaiexam.icai.org and the sum of ` 2100/- ( `2000/- as examination fees and `100/- towards the examination form) has to be paid online using Master / Visa / Maestro Credit orDebit Card on or from 26th February, 2016. Alternatively, the format of application form can bedownloaded from the website of the Institute viz. www.icai.org and the cost of the application formof ` 100/- can be added to the Assessment Test fee of ` 2000/- and the Demand Draft for ` 2100/- ofany Scheduled Bank drawn in favour of “The Secretary, The Institute of Chartered Accountants ofIndia”, payable at New Delhi only has to be sent to the Deputy Secretary (Exams), The Institute ofChartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110002 so as toreach him on or before 7th March, 2016. The applications received after 7th March, 2016 will notbe entertained under any circumstances.
For more information, visit : www.icai.org
CA Ranjeet Kumar Agarwal
Vice ChairmanContinuing Professional Education Professional Development
Member Executive Auditing & Assurance Standards
Board Capacity Building of Members in
Practice Direct Taxes Expert Advisory Financial Markets and Investors’
Protection Information Technology Internal Audit Standards Board Strategy and Perspective Planning Public Relations Young Members Empowerment Career Counselling Infrastructure Development Legal Coordination Members in Entrepreneurship and
Public Service National Economic Affairs
CA (Dr.) Debashis Mitra
Vice Chairman Expert Advisory Research
Member Finance Accounting Standards Board Auditing & Assurance Standards
Board Board of Studies Cooperatives and NPO Sectors Corporate Laws and Corporate
Governance Economic, Commercial Laws & WTO Ethical Standard Board Internal Audit Standards Board International Affairs Professional Development Young Members Empowerment Digital Transformation and Process
Reengineering Management Legal Coordination National Economic Affairs Disciplinary Committee (u/s 21 B)
Bench 1
Shri Sunil Kanoria (Nominated)
Chairman Audit
Member Accounting Standards Board
Banking, Insurance and Pension
Cooperatives and NPO Sectors
Corporate Laws and Corporate Governance
Direct Taxes
Financial Markets and Investors’ Protection
Public Finance and Government Accounting
Coordination Committee with Sister Institutes
Indirect Taxes
International Taxation
Infrastructure Development
Members in Entrepreneurship and Public Service
National Economic Affairs
CA Sushil Kumar Goyal
Vice Chairman Indirect Taxes Public Relations
Member Examination Auditing & Assurance Standards
Board Accounting Standards for Local
Bodies Banking, Insurance and Pension Capacity Building of Members in
Practice Cooperatives and NPO Sectors Editorial Board Financial Reporting Review Board Information Technology Internal Audit Standards Board International Taxation Management Accounting Professional Accountants in Business
& Industry Strategy and Perspective Planning Professional Development Career Counselling
Council Members from Eastern Region in ICAI Committees - 2016-17
ICAI Committees
EIRC 1st March 2016
Announcements
A : Branch Awards
1. Best Branch : Awarded to Siliguri Branch of EIRC of ICAI
2. Highly Commendable Performance : Awarded to Guwahati Branch of EIRC of ICAI
3. Commendable Performance : Jointly Awarded to Bhubaneswar and Dibrugarh Branch of EIRC of ICAI
B : Student`s Association
1. Best Students Association : Jointly Awarded to Guwahati and Siliguri Branch of Student`s Association (EICASA) of EIRC of ICAI
ICAI Awards- 2015 to Eastern Region
A : Best Regional Council Shield : Jointly to Eastern India Regional Council and Western India Regional Council
B : Student`s Association Shield : Certificate of Appreciation -Eastern India Chartered Accountants Students Association (EICASA)
C: Best Branch Student Association in Medium Branch Category : Siliguri Branch of EIRC.
D : Best Branch Student Association in Large Branch Category : Certificate of Appreciation -Guwahati Branch of EICASA (jointly with Vasai Branch of WICASA and Ernakulam Branch of SICASA)
EIRC Awards- 20152. Highly commendable Performance : Jointly
Awarded to Bhubaneswar Branch and Rourkela Branch of Student`s Association (EICASA) of EIRC of ICAI
3. Commendable Performance : Awarded to Tinsukia Branch of Student`s Association (EICASA) of EIRC of ICAI
C : CA Study Circle Awards
1. Best Study Circle : Awarded to Views Exchange CA Study Circle of EIRC of ICAI
2. Highly Commendable Performance : Awarded to DTPA CA Study Circle of EIRC of ICAI
3. Commendable Performance : Awarded to VittaSalahkar CA Study Circle of EIRC of ICAI
SITUATION AVAILABLECA firm with office in Kolkata
requires young
Chartered Accountants
preferably with DISA.
Experience in Audit and Assurance
Function essential & exposure to
working in
ERP environment desirable.Mail CV to: [email protected]
Ph. No. : 033-2230 2516
Facility of payment by Credit / Debit Card introducedYou can make payment for following :-
1) Sales Counter – Purchase of Books/ Publications
2) Seminar Registration – Delegate Fees
Announcement
CPE Hours requirement for the Calendar Year 2015 has been extended from 31st December, 2015 to 31st March 2016
Seminar on Bank AuditOrganised by
Eastern India Regional CouncilThe Institute of Chartered Accountants of India
Day & Date : Saturday, 19th March 2016
Time : 10.00am to 5.00pm
Venue : Royal Bengal Room, City Centre II, Salt Lake, Kolkata
Programme Schedule
Session Chairman : Executive Director to Union Bank of India*
TOPICS SPEAKERS
Audit Planning & LFAR CA Niranjan Joshi, Mumbai
Session Chairman : Executive Director to Allahabad Bank*
TOPICS SPEAKERS
Audit of Advances & IRAC Norms CA Abhijit Sanzgiri, Mumbai
(NPA)
Sensitive Accounts, Fraud & Eminent Speakers
Money Laundering
Panel Discussion
Topic - Bank Audit : Expectation of Banker’s
Eminent Panelists from :
Union Bank of India
Allahabad Bank
UCO Bank
State Bank of India
*Confirmation Awaited
6 CPEFees `1200/-Spot `1400/-
EIRC 1st March 2016
Recent Judical PronouncementsDirect Taxes
A. DIRECT TAXCompiled by : CA MANOJ K TIWARI
1. Prakash & Ors. vs. Phulvati & Ors. (Civil Appeal No. 7217 of 2013) (Supreme Court)
[Relevant Section Hindu Law; Date of pronouncement: 16.10.2015] Law on prospective vs. retrospective operation of legislation explained -
The Hindu Succession (Amendment Act), 2005 which came into effect on 09.09.2015 and by which daughters in a joint Hindu family, governed by Mitakshara law, were granted statutory right in the coparcenary property (being property not partitioned or alienated) of their fathers applies only if both the father and the daughter are alive on the date of commencement of the Amendment Act.
2. Neela S. Karyakarte vs. ITO (ITAT Mumbai) [ITA No. 7548/Mum/2012] [Relevant Section 54EC, Date of pronouncement: 28.08.2015] Sec. 54EC: The period of “6 months” available for making investment
means 6 calendar months & not 180 days. Payment by cheque dates back to date of presentation & not date of encashment (i) For purposes of section 54EC, as held by the Special Bench of Ahmedabad
bench in the case of Alkaben B. Patel (2014) 148 ITD 31 (Ahd) and M/s. Crucible Trading Co. Pvt. Ltd. in ITA No.5994/Mum/2013 dated 25.02.2015 “6 months” have been interpreted and it is held that the same would mean 6 calendar months and not 180 days.
(ii) As held by the Supreme Court in CIT vs. Ogale Glass Works Ltd. (1954) 25 ITR 529 (SC), in the case of cheques not having been dishonored but having been encashed, the payment related back to the date of the receipt of the cheques and in law the dates of payments were the dates of the delivery of the cheques.
3. Mangal Keshav Securities Limited vs. ACIT (ITAT Mumbai) [ITA No. 8047/Mum/2010]
[Relevant Section 37, Date of pronouncement: 29.09.2015] Expl to Sec. 37(1): Penalties & fines paid to SEBI, BSE etc for breach of
regulatory/ procedural requirements are “compensatory” in nature and not for any purpose which is an ‘offense’ prohibited by the law(i) The payments have been made on account of routine fines for minor
procedural irregularities, in day-to-day working of the assessee company. The assessee company is engaged into stock broking activities and also in financial services which involves substantial compliance requirements with various regulatory authorities e.g. BSE, NSE, CDSL, NSDL, & SEBI etc. In the regular course of the business of the assessee company, certain procedural non-compliances are not unusual, for which assessee is required to pay some fines or penalties. In our considered view, these routine fines or penalties are “compensatory” in nature; these are not punitive. These fines are generally levied to ensure procedural compliances by the concerned persons. Their levy depend upon facts and circumstances of the case, and peculiarities or complexities of the situations involved. Sometimes elements of discretions of levying authorities are also involved therein.
(ii) On the other hand, an ‘offence’ would be the one which will arise as a result to commission of an action which is prohibited by law, and, in all the given situations, no element of any consent of the parties involved can bring any change in its legal consequences. Similarly, any amount paid by the assessee, in the form of compensation, as a consequence of breach of contract between the two parties, cannot be said to be amount paid for any purpose which is an ‘offence’, prohibited by the law. In other words, under the income tax law, one is required to go into the real nature of the transactions and not to the nomenclature that may have
been assigned by the parties. Thus, to decide such issues, we are required to see real substance under the Income Tax Law, and not merely its form. Thus, only those payments, which have been made by the assessee for any purpose which is an ‘offence’ or which is ‘prohibited by law’, shall alone would be hit by the explanation to section 37.
4. Important CBDT Directive on Adjustment of Refunds against Demands u/s 245 by CPC
The CBDT has issued an Office Memorandum dated 29.01.2016 to deal with the issue as to whether a refund due to the assessee can be adjusted against a demand due from him u/s 245 of the Act. The CBDT has inter alia stated that in cases where the tax payer has contested the demand, CPC would issue a reminder to the jurisdictional Assessing Officers about the contention of the taxpayer, asking them to either confirm, or make appropriate changes, to the demand, within thirty days. In case no response is received from the jurisdictional Assessing Officer, within the stipulated period of thirty days, CPC would issue the refund without any adjustment. The responsibility of non-adjustment of refund against outstanding arrears, if any, would lie with the Assessing Officer.
5. DCIT vs. Syncom Formulations (I) Ltd (ITAT Mumbai) [ITA No. 6428 & 6429/Mum/2012]
[Relevant Section 37(1), Expl. to Section 37; Date of pronouncement: 23.12.2015]
Sec. 37(1): While receiving of gifts by doctors is prohibited by MCI Guidelines, the giving of such gifts by Pharma companies is not prohibited by any law. CBDT Circular dated 01.08.2012 is prospective
Receiving of gifts by doctors was prohibited by MCI guidelines, giving of the same by manufacturer is not prohibited under any law for the time being in force. Giving small gifts bearing company logo to doctors does not tantamount to giving gifts to doctors but it is regarded as advertising expenses. As regards sponsoring doctors for conferences and extending hospitality, pharmaceuticals companies have been sponsoring practicing doctors to attend prestigious conferences so that they gather contemporary knowledge about management of certain illness/disease and learn about newer therapies. We found that the disallowance was made by the AO by relying on the CBDT Circular dated 01.08.2012 onwards. However, the Circular was not applicable because it was introduced w.e.f. 01.08.2012. i.e. assessment year 2013-2014, whereas the relevant assessment year under consideration is 2010-2011 and 2011-2012. Accordingly, we do not find any merit in the disallowance so made by the AO in both the assessment years under consideration.
6. Pralhad @ Pratap s/o Tanbaji Pawar vs. State of Maharashtra (Bombay High Court) [Cirminal Application (ABA) No. 642/2015]
[Date of pronouncement: 27.01.2016] High Court shocked at Loot Of Tax payers funds by Corrupt Babus.
Calls for Non-Cooperation Movement by Taxpayers to eradicate “Hydra Headed Monster” of Corruption
Hon’ble Justice A. B. Chaudhari of the Nagpur Bench of the Bombay High Court has passed severe strictures against the Government for turning a blind eye to the rampant corruption in the Country. The learned Judge lamented that “It shocks one and all as to the manner in which the taxpayers’ money is being swindled, misappropriated and robbed by such unscrupulous holders of posts”.
He also pointed that corruption has become the order of the day over the past few decades and that taxpayers are helpless victims of the sordid state of affairs.
“Does the taxpayer pay the money to the Government for such kind of acrobatics being played” Justice Chaudhari asked in a rhetorical manner.
He also lamented that ethics and morals have taken a back seat in modern India’s scheme of things. He opined that to eradicate the “hydra headed monster” of corruption, citizens have to come together to tell their Governments that they
EIRC 1st March 2016
Recent Judical PronouncementsDirect & Indirect Taxes
4. 2015 (325) E.L.T. 497 (Jhar.) - JAGANNATH CEMENT WORKS PVT. LTD. Versus UNION OF INDIA - Order - Adjudication order - Ex parte order - Hearing - Natural justice - After allowing adjournments sought by petitioner and fixing a fresh date of hearing, adjudicating authority not present on said date although petitioner present - Issuing an ex parte order, thereafter, not permissible in eyes of law - Adjudicating authority ought to have granted one more opportunity as it was he who was absent on last date of hearing - Adjudication order set aside being violative of natural justice - Matter remanded for fresh adjudication - Section 33 of Central Excise Act, 1944 - Article 226 of Constitution of India.
Adjudicating authority should go slow in adjudicating complex issues - Such issues require cooperation of assessee - Instant case, demand being based on electricity consumption, ex parte order ought to have been avoided - Section 33 of Central Excise Act, 1944 - Article 226 of Constitution of India.
Compiled and Edited By : CA. RAGINEE [email protected]
A. CENTRAL EXCISE1. Amendment in CENVAT Credit Rules, 2004. (Notification No.01/2016-
Central Excise , Dated 01-02-2016)2. Seeks to amend CENVAT Credit Rules, 2004, so as to specify that the Cenvat
credit of any duty specified in sub-rule (1) shall not be utilized for payment of the Swachh Bharat Cess and allow credit of service tax paid on sale of dutiable goods on commission basis.(Notification No. 02/2016-Central Excise, Dated 03-02-2016)
3. Seeks to amend Notification No. 45/2001 - CE (NT) dated 26th June, 2001, as amended, to allow export of material/equipment under bond, without payment of Central Excise duty, for Kholongchhu Hydro-Electric Project (KHEP) in Bhutan. (Notification No 03/2016-Central Excise, Dated 03-02-2016)
4. Notification under Section 11C of the Central Excise Act on Di-Calcium Phosphate (animal feed grade) of rock phosphate origin falling under heading 2835. (Notification No.04/2016-Central Excise, Dated 12-02-2016)
5. Inclusion of Show Cause Notice’s issued in relation to levy of CVD on vessels imported for breaking in the “Call Book”. (F. No. 6/14/2014-CX.I (Pt.) Dated 01-02-2016)
6. Refund of Excise duty on purchase of cars by physically handicapped persons.(F.No.268/8/2015-CX.8 Dated 03-02-2016)
7. D.O. Letter from Member (L & J) regarding withdrawal of appeals before HC/CESTAT]. (D.O.F.No. 390/Misc/163/2010-JC Dated 28-01-2016)
8. Reduction of government litigation withdrawal of appeals by the Department before (CESTAT). ( F.No.390/Misc./163/2010-JC Dated 04-02-2016)
9. Effect of ‘in limine’ dismissal of Special Leave Petition (SLP) by the Supreme Court and Filling of Review Petition in Supreme Court. (F.No.276/114/2015-CX.8A Dated 09-02-2016)
10. Regarding List of Prosecution cases in Central Excise. (F.No. 96/54/2014-CX.1 Dated 18-01-2016)
B. CUSTOMS1. Seeks to further amend Notification No. 12/2012- Customs dated 17.03.2012.
(Notification No. 07/2016-Custom Dated 02-02-2016)2. Supersession of the Notification of the Government of India in the Ministry
of Finance (Department of Revenue) No. 3/89-Customs, Dated the 09-01-1989.(Notification No. 08/2016-Custom, Dated 05-02-2016
3. Customs duty on electricity imported or cleared from SEZ to DTA. (Notification No. 09/2016-Custom, Dated 16-02-2016)
4. Seeks to further amend Notification No. 12/2012-Customs, dated 17.03.2012. (Notification No. 10/2016-Custom, Dated 17-02-2016)
5. Regarding grant of Presidential Award of Appreciation Certificate to the officers of the Customs & Central Excise on the eve of Republic Day, 2016. (Notification No.15/2016-Custom(NT), Dated 22-01-2016)
have had enough. He also recommended that taxpayers’ may have to resort to refuse to pay taxes by a “non-cooperation movement“.
The learned Judge also found fault with the attitude of the employees’ unions who are otherwise very vigilant about their rights. He expressed surprise that the Unions do not “condemn, outcast or demonstrate against their counterpart bureaucracy indulging in corruption” and on the contrary support their misdeeds.
B. INDIRECT TAXESCompiled and Edited By: CA RAGINEE GOYAL
1. 2015 (326) E.L.T. 177 (Tri. - Mumbai) - C.C. (IMPORT), ACC, SAHAR, MUMBAI Versus PARKSONS PACKAGING LTD.- Stay of order of Commissioner (Appeals) - Application by Department - Powers of CESTAT - Prior to 6-8-2014, CESTAT could grant stay and dispensation of pre-deposit in deserving cases - However, after aforesaid date, no provision of law empowers CESTAT to grant stay against any order - Revenue’s application for grant of stay not maintainable - Section 129E of Customs Act, 1962. Appellate Tribunal’s powers to grant stay.
CESTAT has no powers to grant stay after 6-8-2014 due to amendment to Section 129E of Customs Act, 1962 corresponding to Section 35F of Central Excise Act, 1944 - Department’s stay application dismissed.
2. 2015 (326) E.L.T. 13 (S.C.)- AMBUJA CEMENT LTD. Versus COMMISSIONER OF C. EX., CHANDIGARH - Cement - Clinker captively consumed within factory of production - Exemption under Notification No. 67/95-C.E. - Rule 6 of Cenvat Credit Rules, 2001/2004 - Interpretation thereof - Final product ‘cement’ exempted on account of factory being located in exempted area and hence exemption to captively consumed intermediate product i.e. clinker denied under aforesaid notification - Exclusion clause (vi) in notification ibid, clearly stipulating that exemption to intermediate goods used captively, not deniable on discharge of obligations prescribed in impugned Rule - Undisputedly such obligation discharged by assessees - Tribunal erred in denying exemption on ground that Rule 6 ibid applicable only when same final product partly exempt and partly dutiable - No such stipulation in aforesaid rule
There could be different final products and different exempted products manufactured by same assessee in same factory for applicability of said rule - Exclusion of clause under Notification No. 67/95-C.E. also not contemplating availability of exemption only when same product partly exempt and partly dutiable - Exemption under impugned notification to captively consumed clinker available - Notification No. 67/95-C.E. - Rule 6 of Cenvat Credit Rules, 2001/2004.
3. 2016 (331) E.L.T. 475 (Tri. - Bang.) - VEER-O-METALS PVT. LTD. Versus COMMISSIONER OF C. EX., BANGALORE-III
Cenvat/Modvat - Input credit - Denial of - Credit denied alleging non-receipt of inputs as corresponding GRNs (Goods Receipt Notes) and BIN cards not available for inputs covered by 11 invoices - No enquiry made from sender of inputs - Appellant recorded invoices and inputs in statutory records - GRNs and BIN cards not prescribed documents - In absence of any corroborative evidence of non-availability of said documents cannot be conclusive evidence of non-receipt of inputs as corresponding final products could not have been made - Impugned order set aside - Section 11A of Central Excise Act, 1944.
In the absence of the inputs in question, corresponding final products could not have been manufactured by them. The non-availability of the said documents which are not even the prescribed documents in terms of the Cenvat Credit Rules and the purpose of which is only to show the receipt of the materials at the factory gate, cannot be held to be conclusive evidence so as to arrive at a finding of the non-receipt of the goods. In the absence of any corroborative evidence
RECENT NOTIFICATION & CIRCULARS
EIRC 1st March 2016
Notifications & Circulars Indirect Taxes
6. Tariff Notification in respect of Fixation of Tariff Value of Edible Oil, Brass, Poppy Seed, Areca Nut, Gold and Silver. (Notification No.16/2016-Custom (NT), Dated 29-01-2016)
7. Rate of exchange of conversion of the foreign currency with effect from 2nd February, 2016. (Notification No. 17/2016-Custom (NT), Dated 01-02-2016)
8. Rate of exchange of conversion of the foreign currency with effect from 5th February, 2016. (Notification No. 18/2016-Custom (NT), Dated 04-02-2016)
9. Supersession of Notification of the Government of India in the Ministry of Finance, Department of Revenue, No. 103/98 – Custom, Dated 14-12-1998, thereby notifies the following countries as developing countries for the purposes of the section 8B of sub-section (6)(a) of the Customs Tariff Act, 1975. (Notification No. 19/2016-Custom (NT), Dated 05-02-2016
10. Appointment of Common Adjudicating Authority. (Notification No.20/2016- Custom(NT), Dated 08-02-2016)
11. Appointment of Common Adjudicating Authority. (Notification No. 21/2016-Custom (NT), Dated 08-02-2016)
12. Amending Notification No. 110/2015-Cus (NT) dated 16.11.2015 thereby making certain changes in Schedule of All Industry rates of Drawback. Changes are effective from 11.2.2016. (Notification No. 22/2016-Custom (NT), Dated 08-02-2016)
13. Tariff Notification in respect of Fixation of Tariff Value of Edible Oil, Brass, Poppy Seed, Areca Nut, Gold and Silver. (Notification No. 23/2016-Custom (NT), Dated 09-02-2016)
14. Exchange Rate Notification with effect from 13th February, 2016 thereby amending Notification No.18/2016-Customs (N.T.), dated 4th February, 2016. (Notification No.24/2016-Custom (NT), Dated 12-02-2016)
15. Tariff Notification in respect of Fixation of Tariff Value of Edible Oil, Brass, Poppy Seed, Areca Nut, Gold and Silver. (Notification No. 25/2016-Custom (NT),Dated 15-02-2016)
16. Appointment of Common Adjudicating Authority. (Notification No.26/2016-Custom (NT), Dated 15-02-2016)
17. Amendment in principal Notification No. 12/97-Customs (N.T) dated 02.04.1997. (Notification No. 27/2016-Custom (NT), Dated 18-02-2016)
18. Notifying Sikta LCS, District West Champaran, Bihar. (Notification No. 28/2016-Custom (NT), Dated 18-02-2016)
19. Rate of exchange of conversion of the foreign currency with effect from 19th February, 2016. (Notification No. 29/2016-Custom (NT), Dated 18-02-2016)
20. Seeks to levy definitive anti-dumping duty on Mulberry Raw Silk (not thrown) of grade 3A and below, originating in, or exported from the People’s Republic of China, for a period of five years. (Notification No. 01/2016-Custom (ADD), Dated 28-01-2016)
21. Seeks to levy definitive anti-dumping duty on Melamine, originating in, or exported from the People’s Republic of China, for a period of five years. (Notification No. 02/2016-Custom (ADD), Dated 28-01-2016)
22. Seeks to rescind Notification No. 10/2010 - Customs dated 19th February, 2010. (Notification No. 03/2016-Custom (ADD), Dated 28-01-2016)
23. Seeks to amend Notification No. 133/2008- Customs dated 12.12.2008. (Notification No. 04/2016-Custom (ADD), Dated 29-01-2016)
24. Seeks to amend Notification No. 51/2015- Customs (ADD) dated 21.10.2015. (Notification No. 05/2016-Custom (ADD), dt. 22-02-2016)
25. Clearance of Livestock and Livestock products. (F.No. 450/141/2015-Custom IV Dated27-01-2016)
26. Extending the Indian Customs Single Window to other locations and other Participating Government Agencies. (F.No.450/147/2015-Custom-IV Dated 03-02-2016)
27. Procedure for renewal of SVB orders and ongoing SVB inquiries under circular no. 11/2001 –Cus. dated 23rd February 2001. (F. No. 465/12/2010-Custom V Dated 09-02-2016)
28. Procedure for investigation of related party import cases and other cases by the Special Valuation Branches. (F. No. 465/12/2010-Custom V Dated 09-02-2016)
29. Amendments effective 11.2.2016 to the All Industry Rates of Duty Drawback. (F.No. 609/98/2015-DBK Dated 09-02-2016)
30. D.O. Letter from Member (L & J) regarding withdrawal of appeals before HC/CESTAT. (D.O.F.No. 390/Misc/163/2010-JC Dated 28-01-2016)
31. Reduction of Government litigation – withdrawal of appeals by the department before CESTAT. (F.No.390/Misc./163/2010-JC Dated 04-02-2016)
32. F. No. 1-1264/FSSAI/Imports/2015 dated 21.12.2015 regarding Structure for appeal against the decision of Authorised Officers. (F.No. 450/25/2013- Custom IV Dated 13-01-2016)
33. F. No. 1-1264/FSSAI/Imports/2015 dated 21.12.2015 regarding Rectifiable and Non-Rectifiable labelling requirements issued by Director(Imports) FSSAI. (F.No. 450/25/2013- Custom IV Dated 13-01-2016)
34. Order F.No. P-15025/44/2014-FQC dated 29.12.2015 of Ministry of Health and Family welfare. (F.No. 450/25/2013- Custom IV Dated 13-01-2016)
35. Regarding green Channel facility for Cruise Tourism passengers. (F.No. 450/214/2015-Custom IV Dated 04-01-2016)
36. Regarding request to provide port wise details of unclaimed containers of plant and plant products. (F.No. 450/117/2013-Custom IV Dated 14-01-2016)
37. Minimum Import Price (MIP) on Iron and Steel under Chapter 72 of ITC (HS), 2012- Schedule-I (Import Policy): Amendment in Import Policy Conditions. (F.No.450/15/2016-CUS-IV Dated 17-02-2016).
C. SERVICE TAXCompiled by : CA SHIVANI SHAH
[email protected] No. 01/2016-ST dated 03/02/2016Seeks to amend notification No. 41/2012-ST dated the 29/06/2012 so as to allow refund of service tax on services used beyond the factory or any other place or premises of production or manufacture of the said goods for the export of the said goods and to increase the refund amount commensurate to the increased service tax rate.Notification No. 02/2016-ST dated 03/02/2016Seeks to amend notification No. 12/2013-ST dated 01/07/2013 so as to allow refund of Swachh Bharat Cess paid on specified services used in an SEZ. Notification No. 03/2016-ST dated 03/02/2016Seeks to amend notification No. 39/2012-ST dated 20/06/2012 so as to provide for rebate of Swachh Bharat Cess paid on all services, used in providing services exported in terms of rule 6A of the Service Tax Rules.Notification No. 04/2016-ST dated 15/02/2016Regarding Service Tax and Central Excise (Furnishing of Annual Information Return) Rules, 2016 effective from 01/04/2016. As per section 15A in the Central Excise Act by which the Central Excise (and Service Tax) authorities can ask for returns from anybody like VAT authorities, Company Registrar, Electricity Board, Reserve Bank and even an Income Tax Officer. This section brought into the statute in 2014 has not so far been used. However, now the Board has put Section 15A into action.The Reserve Bank of India is required to furnish an annual return on the details of certain foreign remittances for such entities whose value of remittances aggregates to more than fifty lakh rupees in a financial year to which the return pertains.Similarly, an Electricity Board or an electricity distribution or transmission licensee has to furnish the return on the Electricity consumed by such manufacturers, using an induction furnace or rolling mill to manufacture goods falling under Section XV (Metals) of the First Schedule to the Central Excise Tariff Act, 1985 (5 of 1986) whose
EIRC 1st March 2016
Notifications & Circulars Indirect Taxes, MCA & RBI
aggregate value of clearances exceeds one hundred and fifty lakh rupees in the financial year.The return has to be filed electronically by 31st December to the Directorate General of Systems and Data Management. Till the proper electronic filing is in place, the return has to be given in CD or DVD. (Flash Drive not permitted?). The return has to be signed and verified. In case RBI and Electricity Boards do not furnish the returns, then as per section 15B, “If a person who is required to furnish an information return under section 15A fails to do so within the period specified in the notice issued under sub-section (3) thereof, the prescribed authority may direct that such person shall pay, by way of penalty, a sum of one hundred rupees for each day of the period during which the failure to furnish such return continues.”
Notification No. 05/2016-ST dated 17/02/2016Seeks to amend notification no. 22/2015-ST dated 06/11/2015.
There are two kinds of exemption in Service Tax. One is the general exemption under Section 93(1) and the other is a special exemption under exceptional circumstances (like floods), under Section 93(2).
By Notification No. 22/2015-ST dated 6.11.2015, the Government:1. Exempted Swachh Bharat Cess in excess of 0.5 percent.2. Clarified that there would be no Swachh Bharat Cess on services which are
exempt from service tax by a notification issued under sub-section (1) of section 93, and
3. Forgot to clarify that there would be no Swachh Bharat Cess on services which are exempt from service tax under sub-section (2) of section 93.
This lapse is now corrected.
Notification 7/2016-ST dated 18/02/2016Seeks to amend Notification No. 25/2012 by inserting new entry for granting exemption from service tax for the services provided by Government or a local authority to a business entity having turnover upto rupees of ten lakh in the preceding financial year
Section 66D(a) of the Finance Act, 1994 (Negative list) states:(a) services by Government or a local authority excluding the following services to
the extent they are not covered elsewhere-(i) services by the Department of Posts by way of speed post, express parcel
post, life insurance and agency services provided to a person other than Government;
(ii) services in relation to an aircraft or a vessel, inside or outside the precincts of a port or an airport;
(iii) transport of goods or passengers; or(iv) support services, other than services covered under clauses (i) to (iii)
above, provided to business entities;
Thus, the services listed in the sub-clauses (i) to (iv) are in positive list and are therefore taxable even if provided by the Government or Local authority.
Vide Section 109 of the Finance Act, 2015 an important amendment has been made to Section 66D of the Finance Act, 1994. This Section reads,
In section 66D of the 1994 Act, with effect from such date as the Central Government may, by notification in the Official Gazette, appoint,-
(1) in clause (a), in sub-clause (iv), for the words “support services”, the words “any service” shall be substituted;
Now, the effective date has been notified as 01/04/2016. So, effective from this date, all the Services provided by Government or Local Authority to a business entity become taxable.
Also, an exemption has been provided for Business entities, whose turnover is up to rupees ten lakhs in the preceding financial year.
But, how will a Service Provider (Government or Local Authority) ascertain the turnover of the Business Entity who is receiving the Service? This may not be
necessary as the Service Tax on these services is under reverse charge and the recipient is liable to pay Service Tax. Since it is the recipient who is liable to pay tax, he can decide based on this turnover whether he is liable to pay tax or not.
The amendment is likely to yield significant revenue to the Government, as the royalty paid to the Government for various resources like Spectrum or Coal blocks may now attract Service Tax.
Government has to amend Notification No. 30/2012 -ST, dated 20.06.2012. Perhaps, they will do it later. Or something is proposed in the budget.
D. MCACompiled by : CA MOHIT BHUTERIA
DRAFT COMPANIES (AUDITOR’S REPORT) ORDER, 2016
MCA issued Notice inviting comments/ suggestions on the Draft Companies (Auditor’s Report) Order, 2016 on 9th February, 2016 proposed on the basis of the recommendations of the Committee set up by the MCA on 16th September, 2015 to examine and recommend matters that should form part of the statement to be attached with the Auditor’s Report under Section 143(11) for the F.Y. 2015-16 and onwards. The Draft Order comprises of 15 items to be reported and proposes major amendments in the existing items to be reported under CARO, 2015.
DRAFT COMPANIES (ACCOUNTING STANDARDS) AMENDMENT RULES 2016
MCA on 16th February, 2016 issued Notice inviting comments/ suggestions on the Draft Companies (Accounting Standards) Amendment Rules, 2016, which on implementation, shall supersede the Companies (Accounting Standards) Rules, 2006 to the extent specified thereunder. The Accounting Standards prescribed in the Annexure to the Companies (Accounting Standards) Rules, 2006 shall be the accounting standards prescribed under these Rules except for the modifications as specified thereunder. The Transitional Provisions pertaining to the Accounting Standards contained in the said Annexure shall be applicable only where an Accounting Standard which was not applicable to a company earlier becomes applicable to the company for the first time. Further, the Accounting Standard (AS) 6, Depreciation Accounting or/and Accounting Standard (AS) 10, Accounting for Fixed Assets shall be called as Accounting Standard (AS) 10, Property, Plant and Equipment. The Accounting Standards AS 2, AS 4, AS 10, AS 14, AS 21 and AS 29 as specified in the Annexure to these Rules shall supersede the corresponding Accounting Standards with the same number and nomenclature specified in Companies (Accounting Standards) Rules, 2006, and shall come into effect in respect of accounting periods commencing on or after the publication of these Rules.Chairperson/Members nominated by CG to the Quality Review Board not to undertake foreign tours without prior approvalMCA vide its Notification dated 8th February, 2016 notified the Chartered Accountants Procedures of Meetings of Quality Review Board and Terms and Conditions of Service and Allowance of Chairperson and Members of the Board (Amendment) Rules, 2016 under the Chartered Accountants Act, 1949 which states that the Chairperson and Members nominated by the Central Government to the Quality Review Board shall not undertake any foreign tour without prior approval of the Central Government. Further, when such tour is proposed, the proposal shall give full justification, including purpose, necessity and expected outcome of the tour to Central Government for consideration.
E. RBI-NBFCCompiled by : CA DHIRAJ JAIN
1. Notification No.DNBR(PD).CC.No.072/03.10.001/2015-16 dated 28/01/2016- Provision of Safe Deposit Locker Facility by NBFCs-
The Bank has received proposals from NBFCs seeking approval for offering safe deposit locker facilities.In this regard it may be noted that providing safe deposit locker facility is a fee based service and shall not be reckoned as part of
EIRC 1st March 2016
Notifications & Circulars FEMA
the financial business carried out by NBFCs.NBFCs offering safe deposit locker facility or intending to offer it,shall disclose to their customers that the activity is not regulated by the Bank.
2. Notification No.DNBR.CC.PD.No.074/03.10.01/2015-16 dated 18/02/2016- NBFC – Factors (Reserve Bank) Directions, 2012 – Review-
The Reserve Bank of India had reviewed the guidelines on provision of factoring services by banks and specified certain conditions under which banks can departmentally undertake factoring activities. To ensure against regulatory gaps/ arbitrage if any, arising from differential regulations as between NBFC-Factors and banks, the following clarifications/ instructions are being issued to NBFC – Factors for meticulous compliance.
3. NotificationNo.DNBR(PD)CC.No.073/03.10.001/2015-16 dated 18/02/2016- Undertaking of Point of Presence (PoP) Services under Pension Fund Regulatory and Development Authority for National Pension System (NPS)-
The Reserve Bank of India (the Bank) has received proposals from Non- Banking Financial Companies (NBFCs), seeking approval for undertaking of Point of Presence (PoP) Services under Pension Fund Regulatory and Development Authority for National Pension System.
The Bank has carefully examined the proposals and it has been decided, in public interest that NBFCs shall not undertake PoP services for National Pension System.
4. NotificationNo.DNBR (PD) CC.No.075/03.10.001/2015-16 dated 18/02/2016- Frauds - Future approach towards monitoring of frauds in NBFCs-
It has been decided to revise the threshold for reporting of frauds and submission of quarterly progress reports on frauds to Central Fraud Monitoring Cell, Reserve Bank of India, Department of Banking Supervision, from 25 lakh as on date to ` 1 crore with immediate effect.As regard reporting of frauds and submission of quarterly progress reports on frauds below the revised threshold, NBFCs will have to furnish the same to the Regional Office of Reserve Bank of India, Department of Non-Banking Supervision under whose jurisdiction the Registered Office of the NBFC falls.
F. FEMACompiled by : CA VIVEK NEWATIA
A. Circulars issued by RBI 1. Export of Goods and Services – Project Exports The Government of India (GOI) has renamed ‘OCCI’ as ‘Project Export Promotion Council’ (PEPC) and the definition of civil construction contracts has been amended to include turnkey engineering contracts, process and engineering consultancy services and project construction items (excluding steel & cement) along with civil construction contracts. The necessary changes have been accordingly made in Memorandum of Instructions on Project and Service Exports (PEM) and annexed to this circular.
(A.P. (DIR Series) Circular No. 39 dated January 14, 2016)(Comment: This circular widens the scope of civil construction contracts as advised by GOI and also brings in the necessary changes in the Memorandum of Instructions on Project and Service Exports (PEM))
2. Foreign Direct Investment – Reporting under FDI Scheme, / Mandatory filing of forms ARF, FCGPR and FCTRS on e-Biz platform and discontinuance of physical filing form February 8, 2016 export of goods and services – Project Exports
With a view to promoting the ease of reporting of transactions related to Foreign Direct Investment (FDI), under the aegis of the e-Biz project of the GOI, RBI has enabled online filing of the following returns with the Reserve Bank of India viz.:
Advance Remittance Form (ARF) which is used by the companies to report the FDI inflows to RBI;
- FCGPR Form which a company submits to RBI for reporting the issue of eligible instruments to the overseas investor against the above mentioned FDI inflow; and
- FCTRS Form which is submitted to RBI for transfer of securities between resident and person outside India.
At present both the options, i.e., online filing and physical filing of above mentioned forms, were available to the users. Based on the experience, RBI has decided that from February 8, 2016 the physical filing of forms ARF, FCGPR and FC-TRS will be discontinued and forms submitted in online mode only through e-Biz portal will be accepted.
(A.P. (DIR Series) Circular No. 40 dated February 1, 2016) (Comment: By a number of circulars in 2015, RBI had notified availability of the above mentioned forms on e-Bizportal and allowed online as well as manual filing. Based on public response, RBI has now made online filing of Forms ARF, FC-GPR and FCTRS mandatory. Online filing will streamline the processing of forms and it would easy to pinpoint responsibility/cause for delays in submission of forms.)
B. Press Releases issued by RBI 1. RBI simplifies Communication Process: Issues Comprehensive Master
Directions, to begin with on ForexOn 4th January 2016, RBI issued 17 Master Directions (Master Direction 1 & Master Direction 11 are yet to be issued) covering foreign exchange transactions. Master Directions on foreign exchange issued consolidate all relevant A.P (DIR Series) Circulars issued so far within the ambit of the relevant regulations, amended up to date. The Master Directions issued will consolidate instructions on rules and regulations framed by the Reserve Bank under various Acts including banking issues and foreign exchange transactions. Any change in the rules, regulation or policy will be communicated during the year by way of circulars. The Master Directions will be updated suitably and simultaneously whenever there is a change in the rules/regulations or there is a change in the policy. All changes will get reflected in the Master Directions available on the RBI website along with the dates on which changes are made. The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.
Till date the following Master Directions have been issued:
Master Direction - Money Changing Activities Master Direction – Opening and Maintenance of Rupee/Foreign Currency
Vostro Accounts of Non-Resident Exchange House
Master Direction - External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers
Master Direction - Miscellaneous
Master Direction – Reporting under Foreign Exchange Management Act, 1999
Master Direction – Import of Goods and Services
Master Direction – Export of Goods and Services
Master Direction – Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad
Master Direction - Deposits and Accounts
Master Direction - Remittance of Assets
Master Direction – Acquisition and Transfer of Immovable Property under Foreign Exchange Management Act, 1999
Master Direction - Establishment ofLiasion/ Branch/ Project Offices in India by Foreign Entities.
Master Direction - Insurance
EIRC 1st March 2016
Notification & CircularsFEMA
Master Direction - Other Remittance Facilities
Master Direction - Liberalized Remittance Scheme (LRS) Master Direction – Borrowing and Lending transactions in Indian Rupee
between Persons Resident in India and Non-Resident Indians/ Persons of Indian Origin
Master Direction- Compounding of Contraventions under FEMA, 1999
Detailed directions can be read at the following link: https://rbi.org.in/Scripts/ BS_ViewMasterDirections.aspx.
(Press Release 2015-2016/1566 dated 4th January, 2016)(Comment: The RBI, while doing away with the practice of annually issuing Master Circulars has promised that while communicating changes through circulars, it will also simultaneously update Master Directions on the website along with dates on which changes are made. This would significantly assist both users as wellas FEMA practitioners to have a consolidated view of the rules and regulations at one place.
Explanations to rules and regulations by way of Frequently Asked Questions(FAQs) on the Master Directions are awaited).
2. RBI announces Regulatory Relaxations for Start-upsIn the Sixth Bi-monthly Monetary Policy Statement for 2015-16 released on February 2, 2016, in keeping with the GOI’s initiatives to promote ease of doing business and contribute to conducive growth of entrepreneurship, particularly in respect of the start-up enterprises, the following regulatory changes for easing the cross-border transactions are proposed to be made, in consultation with the Government of India:
Enabling start-up enterprises, irrespective of the sector in which they are engaged, to receive foreign venture capital investment and also explicitly enabling transfer of shares from Foreign Venture Capital Investors to other residents or nonresidents;
Permitting, in case of transfer of ownership of a start-up enterprises, receipt of the consideration amount on a deferred basis as also enabling escrow arrangement or indemnity arrangement up to a period of 18 months;
Enabling online submission of A2 forms for outward remittances on the basis of the form alone or with document(s) upload/ submission, depending on the nature of remittance; and
Simplifying the process for dealing with delayed reporting of Foreign Direct Investment (FDI) related transaction by building a penalty structure into the regulations itself.
The notifications/circulars under FEMA), wherever necessary, are expected shortly.
In addition, RBI has informed that following proposals are under consideration, in consultation with the Government of India
Permitting start-up enterprises to access rupee loans under External Commercial Borrowing (ECB) framework with relaxations in respect of eligible lenders, etc.;
We pray to the almighty that may their soul rest in peace
EIRC DEEPLY MOURNS THE SAD DEMISE OF
CA Ansumoy ChakrabortyMembership No. 004358
Passed away on 11th February 2016
CA Deepak Kumar TibrewalaConvenor, VITTA Salahkar CA Study Circle-EIRC
Membership No. 061793Passed away on 23rd January 2016
CA Asit Ranjan DasPast Chairman, EIRC
Membership No. 010344Passed away on 18th February 2016
Issuance of innovative FDI instruments like convertible notes by start-up enterprises; and
Streamlining of overseas investment operations for the start-up enterprises.
Certain other issues under the existing regime shall be clarified viz:
Issue of shares without cash payment through sweat equity or against any legitimate payment owed by the company remittance of which does not require any permission under FEMA; and
Collection of payments by start-up enterprises on behalf of their subsidiaries abroad.
The RBI has already created a dedicated mailbox to provide assistance and guidance to the startup sector.
(Press Release 2015-2016/1809 dated 2nd February, 2016)
(Comment: In keeping with the GOI’s initiatives to promote entrepreneurship, particularly in respect of thestart-up enterprises, RBI has provided first hand information about certain changes proposed in the policy frame work to promote ease of doing business and contribute to conducive growth.)
To Continue this endeavour, CABF invite contribution from our CA members.
The contribution can be made in the form of
1. Life Membership - Rs.2500/-
2. Ordinary Membership - Rs.500/- annually
3. Voluntary Contribution - An honourable amount upto any extent.
All subscription and contribution made towards CABF is eligible for deduction under Section 80(G) of Income Tax Act, 1961.
Chartered Accountants Benevolent Fund (CABF) established in 1962 by ICAI, is one of the largest body providing welfare and support to the Chartered Accountants Fraternity. It provides financial. It provides financial assistance for medical treatment, education, maintenance or any other similar purpose to necessitous persons of the CA fraternity. Financial assistance in lump sum is also fiven to the windows/relatives of the deceased member in case of accident/unnatural dealth at age below 55 years. A considerable number of members/family is already getting such assistance from CABF.
Please contribute generously towards the fund through at par cheque / DD favour “Chartered Accountants Benevolent Fund” and send it concerned Regional of ICAI at 7, Anandilal Poddar Sarani, (Russel Street) Kolkata - 700 071 or at ICAI, A-29, Sector 62, Noida - 201309, Dist-Gautam Budh Nagar (UP), Email:[email protected]
Chartered Accountants Benevolent Fund
EIRC 1st March 2016
Interactive Session on Income Tax Settlement Commission on 4th February 2016
Receiving the Best Region Award
Seminar on PF, ESI & Labour Laws – Compliance and Applicability on 19th February 2016
Seminar on Ethics in Profession and Work Life Balance on 24th February 2016
Live Telecast on Union Budget and Discussion on 29th February 2016
Seen are CA Pramod Dayal Rungta, Chairman, EIRC (2015 -16), Shri M K Mirani, Income Tax Settlement Commissioner and others
L – R: CA Pramod Dayal Rungta, Chairman, EIRC (2015 -16), CA Vivek Agarwal, CA Anirban Datta, Chairman, EIRC (2016 -17)
L – R: CA Sumit Binani, Treasurer, EIRC (2016 -17), CA Sushil Kumar Goyal, Council Member, ICAI, Pujya Gnanvatsal Swami, CA Anirban Datta, Chairman, EIRC (2016 -17)
L – R: CA Nitesh Kumar More, Member, EIRC, CA Rajarshi Dasgupta, CA Sonu Jain, Secretary, EIRC (2016-17), CA Sumit Binani, Treasurer, EIRC (2016 -17), CA Barun Ghosh
CA Pramod Dayal Rungta, Chairman, EIRC (2015 -16) receiving the award for Best Region from CA Manoj Fadnis, President, ICAI (2015 – 16). Also Seen are CA M Devaraja Reddy, President, ICAI (2016 -17), CA Anirban Datta, Chairman, EIRC (2016 -17), CA Sushil Kumar Goyal, Council Member, ICAI, CA Ranjeet Kumar Agarwal, Council Member, ICAI, CA Manish Goyal, Vice Chairman, EIRC (2016 -17), CA Sonu Jain, Secretary, EIRC (2016 -17), CA Subhash Chandra Saraf, Past Chairman, EIRC and others
CA Anirban Datta, Chairman, EIRC (2016- 17), CA Pramod Dayal Rungta, Chairman, EIRC (2015 – 16)
Pujya Gnanvatsal Swami
CA Barun Ghosh
CA Vivek Agarwal
CA Sushil Kumar Goyal, Council Member, ICAI
CA Rajarshi Dasgupta
EIRC Events
EIRC 1st March 2016
Interactive Programme with Chief Commissioner, Service Tax – Department Perspective on 5th February 2016
Seminar on VAT issues on 12th February 2016
Seminar on Scope of Tally beyond Accounting on 16th February 2016
Seminar on Recent Changes in Companies Act 2013 – MCA Circulars and Notifications on 9th February 2016
L – R: CA Arun Agarwal, CA Subhash Chandra Saraf, Past Chairman, EIRC, Shri S K Panda, Chief Commissioner of Service Tax, CA Pramod Dayal Rungta, Chairman, EIRC (2015 -16), CA Sushil Kumar Goyal, Past Chairman, EIRC, Mr. P R Chowdhury
L – R: CA Rip Das, Shri Khalid Aizaz Anwar, Jt. Commissioner, Commercial Taxes, WB, CA Anirban Datta, Chairman, EIRC (2016 -17), Shri Adesh Kumar, Addl. Commissioner, Commercial Taxes, WB, CA Prasun Kumar Bhattacharyya, Past Chairman, EIRC
L - R: CA Suyash Tulsyan, Mr. Siddharth Halder, CA Anirban Datta, Chairman, EIRC (2016 -17)
L - R: CA Kamal Bagrodia, CA Pramod Dayal Rungta, Chairman, EIRC (2015 -16), CS Ravi Verma, CA Anirban Datta, Chairman, EIRC (2016 -17)
Shri S K Panda, Chief Commissioner of Service Tax
Shri Adesh Kumar, Addl. Commissioner, Commercial Taxes, Govt. of WB
CA Prasun Kumar Bhattacharyya, Past Chairman, EIRC
CA Rip Das
CA Suyash Tulsyan
CA Kamal Bagrodia CS Ravi Verma
CA Arun Agarwal
Shri Khalid Aizaz Anwar, Jt. Commissioner, Commercial Taxes, Govt. of WB
Mr. Siddharth Halder
EIRC Events
EIRC 1st March 2016
EIRC Events
ICAI AWARDS for Excellence in Financial Reporting for the year 2014 -15 on 6th February at ITC Sonar
L – R: Shri Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank, Shri Sunil Kanoria, President, ASSOCHAM & Council Member, ICAI (nominated), CA A C Chakrabortti, Past President, ICAI, CA M Devaraja Reddy, President, ICAI (2016 -17), CA Sanjiv Kumar Chaudhary, Vice Chairman, Research Committee (2015-16), CA P R Ramesh, CA Manoj Fadnis, President, ICAI (2015-16), CA Subodh Kumar Agrawal, Chairman, Research Committee (2015 -16) & Past President, ICAI
Felicitating the Chief Guest Mr.Tshering Kezang, Auditor General of Bhutan by CA Manoj Fadnis, President, ICAI (2015 – 16). Others seen from left CA K Rahman Khan, Hon’ble MP, Rajya Sabha, CA M Devaraja Redy, President, ICAI (2016 -17), CA Sanjiv Kumar Chaudhary, Vice Chairman, Research Committee (2015-16), CA Subodh Kumar Agrawal, Chairman, Research Committee (2015 -16) & Past President, ICAI
Lighting the Inaugural Lamp by Mr. Tshering Kezang, Auditor General of Bhutan. Others seen from L – R : CA Sanjiv Kumar Chaudhary, Vice Chairman, Research Committee (2015 – 16), CA Manoj Fadnis, President, ICAI (2015 -16), CA K Rahman Khan, Hon’ble MP, Rajya Sabha, CA M Devaraja Reddy, President, ICAI (2016 -17), CA Subodh Kumar Agrawal, Chairman, Research Committee (2015 -16) & Past President, ICAI
Chief Guest - Mr. Tshering Kezang, Auditor General, Bhutan
CA P R RameshCA Sanjiv Kumar Chaudhary, Vice Chairman, Research Committee, ICAI (2015-16) & Council Member, ICAI
CA A C Chakrabortti, Past President, ICAI
Guest of Honour - CA K Rahman Khan, Hon’ble Member, Rajya Sabha
CA Subodh Kumar Agrawal, Chairman, Research Committee, ICAI (2015-16) & Past President, ICAI
CA M Devaraja Reddy, President, ICAI (2016 -17)
Shri Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank
CA Manoj Fadnis, President, ICAI (2015-16)
Shri Sunil Kanoria, Council Member, ICAI (Nominated)
EIRC 1st March 2016
EIRC Events
EIRC Awards 2015 on 20th February 2016
L – R: CA Pramod Dayal Rungta, Chairman (15-16), EIRC welcoming the audience ungta, Chairman, EIRC, CA M Sathya Kumar
Address by Chief Guest – CA Satish Garg, Accountant General, C & AG, WB
Students’ Association Award for Commendable Performance awarded to Tinsukia Branch of EICASA of EIRC of ICAI. Seen on stage are CA Subhash Chandra Saraf, Past Chairman, EIRC, CA Anirban Datta, Chairman, EIRC, CA Pramod Dayal Rungta, Chairman (15-16), EIRC, CA Manish Goyal, Vice Chairman, EIRC, CA Ranjeet Kumar Agarwal, Council Member, ICAI, CA Satish Garg, Accountant General, C & AG, WB, CA Sushil Kumar Goyal, Council Member, ICAI, CA K P Khandelwal, Past Council Member, ICAI, CA Sumantra Guha, Past Council Member, ICAI and the awardees
Students’ Association Award for Highly Commendable Performance jointly awarded to Bhubaneswar and Rourkela Branches of EICASA of EIRC of ICAI. The Chairman of Rourkela Branch of EIRC, CA Vinay Gupta receiving the award among others
Best Students’ Association Award jointly awarded to Guwahati and Siliguri Branches of EICASA of EIRC of ICAI. CA Shyam Kumar Agarwal, Chairman of Siliguri Branch of EIRC receiving the award from CA Satish Garg, Accountant General, C & AG, WB
Students’ Association Award for Highly Commendable Performance jointly awarded to Bhubaneswar and Rourkela Branches of EICASA of EIRC of ICAI. The Chairman of Bhubaneswar Branch of EIRC, CA Sanjay Kumar Agrawalla receiving the awardamong others
L - R: CA Pramod Dayal Rungta, Chairman, EIRC (2015 -16), CA Anirban Datta, Chairman, EIRC (2016 -17), CA Satish Garg, Accountant General, C & AG, WB
Best Students’ Association Award jointly awarded to Guwahati and Siliguri Branches of EICASA of EIRC of ICAI. CA Vikash K Jain, Chairman of Guwahati Branch of EIRC receiving the award among others
Branch Award for Commendable Performance jointly awarded to Bhubaneswar and Dibrugarh Branches of EIRC of ICAI. CA Sanjay Kumar Agrawalla, Chairman, Bhubaneswar Branch of EIRC receiving the award from CA Satish Garg, Accountant General, C & AG, WB
EIRC 1st March 2016
Dance Performance at the Awards CA Rakesh Kr. Choudhary CA Om Prakash Mundhra CA Sabyasachi Chattopadhyay
Branch Award for Commendable Performance jointly awarded to Bhubaneswar and Dibrugarh Branches of EIRC of ICAI. CA BhawaniPoddar, Chairman, Dibrugarh Branch of EIRC receiving the award from CA Satish Garg, Accountant General, C & AG, WB
Best Branch awarded to Siliguri Branch of EIRC of ICAI. CA Shyam Kumar Agarwal, Chairman of Siliguri Branch of EIRC of ICAI receiving the award from CA Satish Garg, Accountant General, C & AG, WB
Study Circle Award for Highly Commendable Performance awarded to DTPA Chartered Accountants Study Circle of EIRC of ICAI
Branch Award for Highly Commendable Performance awarded to Guwahati Branch of EIRC of ICAI. CA Vikash K Jain, Chairman of Guwahati Branch of EIRC of ICAI receiving the award among others from CA Satish Garg, Accountant General, C & AG, WB
Study Circle Award for Commendable Performance awarded to VittaSalahkar Chartered Accountants Study Circle of EIRC of ICAI
Best Study Circle awarded to Views Exchange Chartered Accountants Study Circle of EIRC of ICAI
Registered RN 27144/75 Registered KOL RMS / WB / RNP-227 / 2016
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
Owner: The Institute of Chartered Accountants of India, Eastern India Regional Council Printer: Shri Alok Ray, Joint Secretary, The Institute of Chartered Accountants of India, Publisher: Shri Alok Ray, Joint Secretary, The Institute of Chartered Accountants of India Published from : The Institute of Chartered Accountants of India, Eastern India Regional Council, 7, Anandilal Poddar Sarani, P.S.: Shakespeare Sarani, Kolkata - 700 071 Printed from: CDC Printers Pvt. Ltd., Tangra Industrial Estate - II, (Bengal Pottery) , 45, Radhanath Chowdhury Road, P.S. Tangra Kolkata - 700 015 Editor: Shri Pramod Dayal Rungta, Chairman, Eastern India Regional Council, The Institute of Chartered Accountants of India
The Institute does not accept any responsibility for the view expressed in the contributions of advertisements published in the newsletter. Phone: 91-33-30211140/41, Fax: 033-22272317, Website: www.eirc-icai.org, Email : [email protected]
BOOK POSTCA Anirban Datta, Editor
CA Manish Goyal, Jt. Editor
CA Sonu Jain, Member
CA Sumit Binani, Member
CA Sushil Kr. Goyal, Member
CA Ranjeet Kr. Agarwal, Member
