EIRC 1st January 2016 �

EIRC NEWSLETTERVOL 41 ISSUE : 11 1st JANUARY 2016 ` 10/-

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

EASTERN INDIA REGIONAL COUNCIL(Set up by an Act of Parliament)

Regi

onal

Council Writes

Principal Sponsor

Dear Brothers and Sisters,

Greetings! We have stepped into a New Year.

We have stepped into 2016. The spirit of this New Year should accompany gifts to our near and dear ones and I am sure by this time, many of us have started living our newly taken pledge for the year. I earnestly wish that you enjoy your success and multiply your feel good factor by sharing your experience with others.

A number of initiatives have been taken during 2015 and a lot needs to be taken to realize our vision. The Institute has a powerful vision that is driving all of us to new global benchmarks. Our mission and values provide the guiding principles with which we move seamlessly to realize our vision. The achievements during the year were the collective wisdom and efforts of the Council, members, employees and other stakeholders of the Institute and I am sure, we will continue our efforts to achieve further heights in times to come.

By the time this issue of EIRC Newsletter reaches the results for ICAI Elections – 2015 would be declared. The Editorial Board would like to take this opportunity to congratulate all the elected members and we are sure they will predict well for the members of not only this region, but the nation as a whole.

The time has come for EIRC and all its Branches to review their activities and progress during the past 12 months and we would be submitting our report to Head Office for due consideration of the regular appraisal for the ICAI Awards ceremony. In line with the above, EIRC would also like to review the Activities of its various Branches and all its Study Circles for various awards as per the criteria prescribed and disseminated to all. The exercise is not to undermine and rate one over other but to appreciate and applaud those who have done their job as emphasized and prescribed and also for the extra ordinary endeavour taken by them. By this exercise it would be ensured that we all arms are in sync with each one of our indispensable sublets and wings of our beloved Institute spread over the country.

CPE Hrs Activities / SuggestionsEIRC has always been keen in its endeavor to facilitate Members to update themselves, to enrich and enlarge their professional horizon and this is clearly manifested by the Seminars and Conferences it organizes. EIRC would like to request one and all to attend programmes of varied subjects that would benefit them to hone their professional skills throughout the year rather than attending programmes in the last months to complete their CPE requirements. The Editorial board urges upon the members to send in their suggestions and requirements for conduct of any CPE programme

on any professional subject or otherwise. Your valued suggestions and advice would be a great boost to the quality and applicability of the very CPE programme which would be more purposeful and productive and would be a great advantage to the participants.Annual Day FunctionAn Annual Day Function (EIRC Awards) is also planned to be organised on 20th February 2016 wherein awards, prizes will be given to the Branches and Study Circles. I urge upon everyone to please attend in large number to make the programme a grand success. Venue will be intimated shortly.

To share a few lines and themes that have always touched me :- Kindle the spark within; Lend a hand; Dream your dreams; Think before you ink; Service above self; Do what you believe in, believe in what you do;While celebrating the New Year 2016, we would also approach towards the 67th Anniversary of the Republic Day of our great country, which I believe also would be celebrated with great enthusiasm and zeal by all our members and students. EIRC would also be celebrating the same at our Institute Premises by hoisting the National flag. I bid bye wishing you and your family members a very Happy & prosperous New Year 2016 and Republic Day.

Best Wishes and warm regards,

��EIRC 1st January 2016

EIRC 1st January 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, 26th January 2016 Celebration of the 67th Year of Republic Day EIRC Premises, Russell Street, Kolkata 10.00am onwards

Saturday, 20th February 2016 EIRC Awards 2015 EIRC Premises, Russell Street, Kolkata 5.30pm onwards (Details inside in Page 4)

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

Views Exchange Saturday Internal Financial Control over CA. Subodh Kumar CA. Kushal Bhuwania, Globsyn Hall, BCCI, 4.00pm to 3Chartered Accountants 2nd January Financial Reporting- Practical Agarwal kushal.bhuwania@icai.org 6, N.S.Road, 7.00pmStudy Circle-EIRC 2016 aspects. And Recent Notification CA. Puja Borar 03340084929 1st Floor, under Sec. 195(6) read with rule Kolkata-700001 37BB of I.T. Act Certification in Form 15CA & 15CB

Views Exchange Friday Use of Form-INC-29 under Co’s ROC Officials CA. Kushal Bhuwania, Globsyn Hall, BCCI, 4.00pm to 3Chartered Accountants 8th January Act 2013 & Corporate CA. Mohit Bhuteria kushal.bhuwania@icai.org 6, N.S.Road, 7.00pmStudy Circle-EIRC 2016 Law- Critical Issues. CA. Priyanka Choraria 03340084929 1st Floor, Kolkata-700001

VITTA Salahkar Saturday Reinventing Attitude Eminent Speakers CA Dilip Parmanadka Barabazar Library 4.30pm to 3Chartered Accountants 9th January (Physometric test & 9830091611 10/1/1, Syed Salley to 7.30pmStudy Circle-EIRC 2016 Graphology) CA Devendra Agarwal Lane, Kolkata-73 9330164847

Friday, 8th Recent Issues on Companies Act CA Manoj Banthia CA Subhash Chandra R Singhi Hall, 5.30pm to 3 80January 2016 Saraf EIRC Premises 8.30pm Spot 100

Tuesday, 12th Seminar on Auditing Standards & INC- 29 ROC Officials CA Subhash Chandra R Singhi Hall, 5.30pm to 3 80January 2016 CA Vivek Agarwal Saraf EIRC Premises 8.30pm Spot 100

Tuesday, 19th Developing Enterpreneur Skills By CA CA R K Agarwal, Past Council EIRC R Singhi Hall, 5.30pm to 3 80January 2016 and Opportunities in different field Member, ICAI EIRC Premises 8.30pm Spot 100

Thursday, 21st Interaction Programme with Chief Sri S. K. Panda, EIRC R Singhi Hall, 5.30pm to 3 80January 2016 Commissioner, Service tax - Departments Chief Commissioner, Service Tax EIRC Premises 8.30pm Spot 100 perspective CA Arun Agarwal

Friday, 29th Seminar on Implications of Investigation Mr. R. S. Upadhyay, Principal EIRC R Singhi Hall, 5.30pm to 3 80 January 2016 by Income tax Department: Current Trend Director of Investigation - EIRC Premises 8.30pm Spot 100 and Priorities Income Tax CA Subhash Chandra Saraf CA Jinesh Vanzara

Tuesday, 2nd Recent Developments / Updates on CA Vivek Newatia EIRC R Singhi Hall, 5.30pm to 3 80February 2016 International Taxation CA Puja Borar EIRC Premises 8.30pm Spot 100

Tuesday, 9th Recent Changes in Companies Act CA Kamal Bagrodia EIRC R Singhi Hall, 5.30pm to 3 80February 2016 2013- MCA Circulars & Notifications CS Ravi Verma EIRC Premises 8.30pm Spot 100

Friday, 19th Seminar on PF, ESI & Labour Laws- CA Vivek Agarwal, Siliguri EIRC R Singhi Hall, 5.30pm to 3 80February 2016 Compliance & Applicability EIRC Premises 8.30pm Spot 100

��EIRC 1st January 2016

Forthcoming Programme

STUDY CIRCLE DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOURVITTA Salahkar Saturday Overview of capital market in Eminent Fund Manager CA L. B. Chourasia Barabazar Library 4.30pm to 3Chartered Accountants 16th January global economic scenario & from Mutual Fund 9051281438 10/1/1, Syed Salley 7.30pmStudy Circle-EIRC 2016 Importance of SIP House CA Adesh Jain Lane, Kolkata-73 9830236281

VITTA Salahkar Friday Search and Survey under Sri Paras Kochar CA Rikki Agarwalla Barabazar Library 4.30pm to 3Chartered Accountants 22nd January Income Tax Act 1961 9433463475 10/1/1, Syed Salley 7.30pmStudy Circle-EIRC 2016 CA Vikash Agarwalla Lane, Kolkata-73 9831135411

VITTA Salahkar Saturday How to Form Compnay Using Eminent Speaker from CA Pawan Agarwalla Barabazar Library 4.30pm to 3Chartered Accountants 30th January INC-29 & Overview of Recent Regional Director / 9830262464 10/1/1, Syed Salley 7.30pmStudy Circle-EIRC 2016 Changes in Website of MCA MCA Official CA Mayur Agarwalla Lane, Kolkata-73 9903349773

VIP Road Chartered Sunday Concept of Concurrent Audit Eminent Speakers CA Rajesh Jalan MCC Chamber of 2.00pm to 4Accountants Study 30th December and Revenue & Stock Audit 9831228811 Commerce, 6.00pmCircle-EIRC 2016 and its Difficulties as per 15B, Hemanta Basu Banking Regulation Act and Sarani, 2nd Floor RBI Act Kolkata-700001

EIRC 1st January 2016 �

Announcements

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:cabf@icai.in

Chartered Accountants Benevolent Fund

��EIRC 1st January 2016

Student’s Announcements

Non-Application of AS 30, AS 31 And AS 32 in the Final Course Paper 1: Financial Reporting

Since the entire lAS 39 “Financial Instruments: Recognition and Measurement” on which AS 30 “Financial Instruments: Recognition and Measurement”was based, has been replaced by IFRS 9 ”Financiallnstruments”; the Government of India opted to notify Ind AS 109 “Financial Instruments· in correspondence to IFRS 9. Also, AS 30, AS 31 and AS 32 on ‘Financial Instruments’ were earlier proposed to be made mandatory for Levell entities only. However, after notification of Ind AS in February, 2015, these entities will be applying the provisions stated in Ind AS 32, Ind AS 107 and Ind AS 109 and not AS 30, AS 31 and AS 32 for accounting of financial instruments. Therefore, it is felt appropriate to make applicable Ind AS 32, Ind AS 107 and Ind AS 109 in place of AS 30, AS 31 and AS 32 to the topic ‘Accounting for Financial Instruments:

Accordingly, it has been decided to make Ind AS 32 ”Financiallnstruments: Presentation” Ind AS 107”Financial Instruments: Disclosures” and Ind AS 109 “Financial Instruments” applicable on the topic ‘Accounting for Financial Instruments’ instead of AS 30 “Financial Instruments: Recognition and Measurement”; AS 31 “Financial Instruments: Presentation” and AS 32 “Financial Instruments: Disclosures” from May, 2016 examinations for Paper 1 : Financial Reporting at the Final level.

Further, it may also be noted that existing Accouriting Standards as already given in the study material will continue to be part of the syllabus alongwith the topic “Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis-a-vis Ind ASs; Carve outs/ins in Ind ASs vis- a-vis International Financial Reporting Standards (IFRSs); which has been recently included in the syllabus from May, 2016 examination and onward. Thus for the remaining topics of the syllabus of Financial Reporting paper, existing Accounting Standards will still be applicable.

Opening of New Reading Room at RajdangaEIRC of ICAI is going to open a new Reading room for Students at Rajdanga new ICAI Bhawan from February 2016. The new reading room will

be equipped with all textbooks and ICAI publications for students. The existing Reading room for Girls’ at Howrah,16/4/1, Round Tank Lane (near Mallick

Phatak), Howrah-711101 will be closed down from February, 2016.

For more information contact EIRC Library at 033-30211105/03 or mail eirc.library@icai.in

“Quiz Contest” in “UMANG”

Ms. Paulami Gorai & Ms. Sarmistha Gupta from EICASA receiving 1st prize form Prof. Dilip Shah (Dean of Students’ affair Bhawanipur College).

Mr. Shahbaaz Zaman & Mr. Pankaj Singh participating in “Quiz Contest” in “UMANG”.Mr. Shreyansh Surana participating in “Sketching competition” from EICASA in “UMANG”, the Annual student fest of Bhawanipur College.

EIRC 1st January 2016

Announcements

Restoration of Membership of the InstituteA member of the Institute enjoys the privileges by participating in the Institute’s activities and programmes designed for dissemination of knowledge, professional development and continuing professional education. A member of the Institute is entitled for monthly journal of the Institute namely, “The Chartered Accountant” and the monthly newsletters of Regional Councils and of Branches of the Institute without any fee; participation in the conferences, seminars and other programmes organized by the Institute, Regional Councils and/or Branches at concessional rates; regular update of programmes being organized and initiatives taken from time to time for the benefit of the profession and members; emerging professional opportunities, practice area development, publications of the Institute, benefits from CABF, Group Insurance Scheme and issuance of Identity Cards etc. You would appreciate that membership of the Institute gives a proud feeling of being a part of the profession. You are invited to apply for restoration of membership by submitting Form No. 9 and update the particulars wherever necessary, if any, in case your name has been removed from the “Register of Members” due to non-payment of requisite fee before the due date. You are required to sign the Form 9 duly filled in and send the hard copy/scan copy to the concerned Decentralized Office along with the local cheque/DD for the amount indicated in the Form 9 and in favour of Secretary, ICAI payable at the place where the concerned DCO is located. The Form 9 can be downloaded from the link given under: http://resource.cdn.icai.org/8593form%209_final.pdf The Form 9 duly filled in can be scanned and emailed to the concerned Regional Office or to mss@icai.in and payment of fee can also be made online by visiting the e-service link on www.icai.org

For any further clarification/information, please feel free to mail at mss@icai.in

CA. Anurag Singal (Membership No. 067099) the author of the book “Accounting for People Who Think They Hate Accounting” . Inspired from his learning in IIM Ahmedabad when grappling with the nuances of this subject became his ‘numero uno’ challenge in first semester days which ultimately made him to write for non-finance professionals.

A receipent of the “CA Professional Achiever-Manufacturing Sector” at 6th ICAI Awards in February 2013 for his contribution to various corporate houses.

An E-learning lecturer on the Board of Studies Knowledge Portal of ICAI, he is also a GMCS Faculty whose articles got published in ICAI Journal, EIRC Newsletter.

Grievance Redressal Mechanism on Administrative Matters

E-SAHAYATTA is a time bound grievance redressal mechanism hosted on ICAI website for administrative matters. Members & Students are requested to visit www.icai.org to log in their grievances. In this context, members & students are requested to log in their grievances to “correct activity” which has been listed under the E-Sahayataa, so as to avoid delay in resolving such matters/receiving appropriate replies.

In addition to the above, members and students can send their grievances related to administrative matters, to the dedicated e- mail ID grievance.cell-eirc@icai.in. The Grievance Cell will further ensure that all such e-mails received are directed/forwarded to the designated/appropriate officials on daily basis on all working days and also will strive to ensure that solution are provided for such grievances, within a reasonable time.

�EIRC 1st January 2016

Elections Announcement

EIRC 1st January 2016 �

AnnouncementsANNOUNCEMENTRoad Map for Kasba Office

���EIRC 1st January 2016

Recent Judicial PronouncementsIndirect Taxes

A. INDIRECT TAXES

Compiled and Edited By: CA. RAGINEE GOYAL

raginee@gmail.com

1. [2015] 64 taxmann.com 243 (Allahabad - CESTAT) - Amit Pandey Physics Classes v. Commissioner of Central Excise & Service Tax, Kanpur:

“Service Tax : For computing reduced penalty of 25 per cent in section 78, ‘service tax assessed or determined under section 73(2)’ is taken, which shall include both : (a) sums paid prior to issuance of notice and appropriated in adjudication order; as well as (b) further sums confirmed as payable in adjudication order”

Section 78, read with section 73, of the Finance Act, 1994 - Penalty - For evasion of duty/tax - Out of service tax of Rs.4.3 lakhs, assessee paid Rs. 3.3 lakhs prior to issuance of notice and balance Rs.1 lakhs with interest and penalty of Rs.25,000 (25 per cent of Rs.1 lakh) within 30 days from adjudication order - Assessee claimed closure of proceedings - Department argued that penalty would be Rs.1,07,500 (25 per cent of entire Rs.4.3 lakh) and must have been paid within 30 days - Assessee argued that, for computing 25 per cent penalty, service tax paid prior to issuance of notice would be excluded.

HELD : Even amount paid before issuance of notice is assessed or determined vide adjudication order and appropriated towards sum payable - Demand determined by Central Excise Officer was Rs.4.3 lakhs and Rs.3.3 lakhs paid prior to issuance of notice was appropriated - Hence, for computing 25 per cent penalty, service tax assessed or determined under section 73(2) viz. Rs. 4.3 lakhs would be taken - Hence, penalty demanded by department was affirmed [Para 5] [In favour of revenue]

Section 78 of the Finance Act, 1994, read with section 11AC of the Central Excise Act, 1944 and section 114A of the Customs Act, 1962 - Penalty - For evasion of duty/tax - Where assessee had earlier taken registration and later surrendered on ground that his gross receipts were less than registration limit and later, it would found that receipts were, in fact, much higher, assessee was guilty of intention to evade tax - Assessee cannot plead bona fide belief or mistaken belief, as he was aware of provisions of law and despite receipts being in excess of registration/exemption limit, he did not pay service tax.

2. [2015] 64 taxmann.com 59 (Mumbai - CESTAT) Leben Laboratories (P.) Ltd. v. Commissioner of Central Excise, Nagpur:

“Excise & Customs : Without giving any reason, Commissioner could not deny extension of permission to store goods without payment of duty outside factory premises, when both Range Superintendent and Division Officer found case genuine”

Rule 4 of the Central Excise Rules, 2002 - Duty payable on removal - Appellant was granted permission to store goods without payment of duty outside factory premises - Appellant, before expiry of permission, made an application for extension - Said application was vetted by Superintendent of Central Excise and he recommended same to Asstt. Commissioner, who also recommended for extension - Whether since both field formations that is, Range Superintendent as well as Jurisdictional Division officer recommended case of appellant as had been genuine one, Commissioner could not reject application without giving any reason.

3. [2015] 64 taxmann.com 102 (Ahmedabad - CESTAT) - Dhariwal Industries Ltd. v. Commissioner, Central Excise & Service Tax, Vadodara-I:

“Excise & Customs : In context of capacity based excise duty, there is difference between ‘temporary non-production for 15 days or more’ and ‘closure of factory’; in case of ‘closure of factory’ for even 6 days, assessee cannot be made liable to pay duty and if duty has already been paid, same is liable to be refunded back to assessee”

Section 3A of the Central Excise Act, 1944, read with rules 10 and 16 of the Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008 - Charge/levy - Excise duty based on production capacity - Vide Notification dated 4-2-2011, government completely banned use of plastic pouches for packing of Pan Masala and Gutkha - Assessee applied for closure of factory and machines were sealed on 10-2-2011 - On 17-2-2011, Supreme Court clarified that ban would be effective from 1-3-2011 - Assessee applied for de-sealing and machines were de-sealed on 17-2-2011 - Owing to closure of factory during 11-2-2011 to 16-2-2011, assessee applied for refund of duty pertaining to 6 days - Department denied refund arguing ‘abatement is allowed only if factory does not produce goods for 15 days or more’ - HELD : Assessee’s request for closure of factory owing to complete ban falls under first proviso to section 3A(2), read with rule 16 and therefore, there can be no duty for period of closure - It is not a case of non-production/abatement owing to temporary closure falling under rule 10 - Mere fact that factory had reopened subsequently on decision of Supreme Court cannot be used to deny benefit of ‘closure of factory.

4. 2015 (326) E.L.T. 202 (Tri. - Mumbai) - UNITED WHITE METAL LTD. Versus COMMISSIONER OF CENTRAL EXCISE, MUMBAI-V:

“Cenvat credit - Recovery of - Removal of Capital goods on closure of manufacturing operations - Cenvat/Modvat credit on said Capital goods taken originally by supplier which not reversed on transfer/sale of said goods to manufacturer - Whether impugned credit amount recoverable from appellant on removal of said goods after using them for ten years

HELD : Rule 3(4) of Cenvat Credit Rules, 2004 provides for reversal of Cenvat credit when goods removed “as such” - Since impugned goods being sold after use of ten years, and not being sold ‘as such’, no credit required to be reversed - Further, as per second proviso to Rule 3(5A) ibid, reversible Cenvat credit reduced by 2.5% for each quarter of use, which means appellant entitled to 100% of rebate on this count - Revenue not justified in demanding reversal of Cenvat credit from appellant - Impugned order set aside - Rule 3(4) of Cenvat Credit Rules 2004”

RECENT NOTIFICATIONS & CIRCULARS

Compiled and Edited By: CA RAGINEE GOYAL

raginee@gmail.com

A. CENTRAL EXCISE

1. Seeks to further amend Notification No. 12/2012-CE dated 17.3.2012 so as to provide exemption from excise duty on all raw material and parts for use in manufacture of certain specified ships/vessels subject to actual user condition and also removing the requirement of manufacturing of ships/vessels in a custom bonded warehouse under the provisions of Section 65 of the Customs Act, 1962 for availing duty benefits (Notification No.44/2015-Central Excise, dated. 24-11-2015)

2. Seeks to further amend Notification No. 22/2003-CE dated 31-03-2003 so as to enable EOUs to become eligible for duty exemption on raw materials/parts consumed in manufacture of certain specified ships/vessels and cleared to DTA, even if such ships/vessels are exempt from basic customs duty and central excise/CV duty (Notification No. 45/2015-Central Excise, dated. 24-11-2015)

EIRC 1st January 2016 ��

Recent Judicial PronouncementsIndirect Taxes

3. Seeks to further amend Notification No 12/2012-Central Excise dated 17.03.2012 so as to increase the Basic Excise Duty rates on Petrol and Diesel (both unbranded and branded) (Notification No. 46/2015-Central Excise, dated. 16-12-2015)

4. Amendment of Notification No. 27/2014 - Central Excise (NT), dated 16.09.2014 (Notification No. 24/2015-Central Excise dated. 07-12-2015)

5. Amendment of Central Excise Rules, 2002 (Notification No. 25/2015-Central Excise dated. 09-12-2015)

6. Amendment of Central Excise Rules, 2002 (Third Amendment) (Notification No. 26/2015-. Central Excise dated 18-12-2015)

7. Extension of date for submission of returns in Central Excise (Notification No. Order 01/2015-Central Excise dated. 10-12-2015)

8. Extension of date for submission of returns in Central Excise (Notification No. Order 02/2015-Central Excise dated. 18-12-2015)

9. Regarding suspension of benefits under North East Industrial and Investment Promotion Policy (NEIIPP), 2007 by DIPP and its bearing on Central Excise duty Exemption (Circular No. 1012/19/2015-CX dated 02-12-2015)

10. Minutes of Central Excise Tariff Conference held in Chandigarh on 28th and 29th October, 2015 (F.No.96/85/2015-CX.dated 07-12-2015)

11. Regarding action taken by the Government on the observations/recommendations contained in their 20th Report (16th Lok Sabha) of the Public Accounts Committee on “Non-compliance by the Ministries/Departments” in timely submission of Action Taken Notes on the Non-selected Audit Paragraphs (Civil and other Ministries) (F.No. 238/15/2015-CX. Dated 16-12-2015)

12. Authorizing officers of the Zone to appear before CESTAT Bench. Corrigendum dt.18-12-2015 (F.No.390/Misc./69/2015-JC dated15-12-2015)

13. Reduction of government litigation providing monetary limits for filing appeals by the department before CESTAT/High Courts and Supreme Court. (F.No.390/Misc./2010-JC dated 17-12-2015)

14. Withdrawal of cases pending before HC/CESTAT on the basis of earlier Supreme Court’s decisions on identical matters. (F.No.390/Misc./67/2014-JC dated 17-12-2015)

B. CUSTOMS1. Seeks to further amend notification No. 12/2012-Customs dated 17.3.2012

so as to provide exemption from custom duties on all raw material and parts for use in manufacture of certain specified ships/vessels subject to actual user condition and also removing the requirement of manufacturing of ships/vessels in a custom bonded warehouse under the provisions of Section 65 of the Customs Act, 1962 for availing duty benefits (Notification No. 54/2015-Custom, dated. 24-11-2015)

2. Seeks to further amend notification No. 52/2003-Customs dated 31-03-2003 so as to enable EOUs to become eligible for duty exemption on raw materials/parts consumed in manufacture of certain specified ships/vessels and cleared to DTA, even if such ships/vessels are exempt from basic customs duty and central excise/CV duty (Notification No. 55/2015-Custom,dated. 24-11-2015)

3. Seeks to further amend Notification No 39/96-Customs dated 23.07.1996 (Notification No. 56/2015-Custom,dated 11-12-2015)

4. Seeks to further amend Notification No. 69/2011-Customs, dated 29th July, 2011 so as to provide a concessional rate of basic customs duty in respect of tariff item 84082020 [engines of a kind used for the propulsion of motor vehicles – of cylinder capacity exceeding 250 cc] and 87084000 [gear box and parts thereof, of motor vehicles], w.e.f. 1st of January, 2016 at 5.94% and 8.13%, respectively, when imported under the India-Japan Comprehensive Economic Partnership Agreement (IJCEPA) (Notification No. 57/2015-Custom, dated. 14-12-2015)

5. Appointment of Common Adjudicating Authority (Notification No. 113/2015-Custom (NT), dated. 24.11.2015 to Notification No. 133/2015-Custom (NT), dated. 30.11.2015)

6. Amends Notification No. 83/2004-Customs (N.T) dated 30th June 2004 (Notification No. 134/2015-Custom (NT), dated. 30.11.2015)

7. Fixation of Tariff Value Notification amending Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001 (Notification No. 135/2015-Custom (NT), dated. 30.11.2015)

8. Rate of exchange of conversion of the foreign currency with effect from 4th December, 2015 (Notification No. 136/2015-Custom (NT), dated. 03-12-2015)

9. Amendment in Principal Notification No. 12/97-Customs(N.T.) dated 02.04.1997 (Notification No. 137/2015-Custom (NT), dated. 07-12-2015)

10. Appointment of Common Adjudicating Authority (Notification No.138/2015-Custom (NT),dated. 10-12-2015 to Notification No. 141/2015-Custom (NT), dated. 10-12-2015 )

11. Fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver (Notification No. 142/2015-Custom (NT), dated. 15-12-2015)

12. Notifying ‘Fireworks’ under Section 110 (1A) of Customs Act, 1962 (Notification No. 143/2015-Custom (NT), dated. 15-12-2015)

13. Rate of exchange of conversion of the foreign currency with effect from 18th December, 2015 (Notification No. 144/2015-Cutom (NT), dated. 17-12-2015)

14. Amendment in Principal Notification No. 12/97-Customs(N.T.) dated 02.04.1997 (Notification No. 145/2015-Custom (NT), dated. 18-12-2015)

15. Seeks to levy definitive anti-dumping duty on Melamine Tableware and Kitchenware products originating in, or exported from the People’s Republic of China, Thailand and Vietnam for a period of five year. (Notification No. 55/2015-Custom (ADD), dated. 04-12-2015)

16. Seeks to levy definitive anti-dumping duty on Phthalic Anhydride, originating in, or exported from Japan and Russia for a period of five year. (Notification No. 56/2015-Custom (ADD), dated. 04-12-2015)

17. Seeks to levy definitive anti-dumping duty on import of all kinds of plastic processing or injection moulding machines, also known as injection presses used for processing or moulding of plastic materials, having clamping force not less than 40 tonnes and not more than 1000 tonnes originating in or exported from the People’s Republic of China for a period of five years. (Notification No. 57/2015-Custom (ADD), dated. 04-12-2015)

18. Seeks to levy provisional anti-dumping duty on Methylene Chloride originating in, or exported from the People’s Republic of China and Russia for a period not exceeding six months. (Notification No.58/2015-Cus (ADD), dated. 08-12-2015)

19. Seeks to levy definitive anti-dumping duty on Gliclazide, originating in, or exported from the People’s Republic of China for a period of five year. (Notification No. 59/2015-Cus (ADD), dated. 08-12-2015)

20. Seeks to levy provisional anti-dumping duty on Purified Terephthalic Acid, originating in, or exported from the People’s Republic of China, Iran, Indonesia, Malaysia and Taiwan for a period not exceeding six months. (Notification No.60/2015-Cus (ADD), dated. 10-12-2015)

21. Seeks to levy definitive anti-dumping duty on import of Cold Rolled Flat Products of Stainless Steel originating in, or exported from the People’s Republic of China, Korea, European Union, South Africa, Taiwan (Chinese Taipei), Thailand and USA for a period of five years (Notification No. 61/2015-Cus (ADD), dated. 11-12-2015)

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Notification & Circular-Indirect Taxes

22. Seeks to levy definitive anti-dumping duty on Abendazole, originating in, or exported from the People’s Republic of China, for a period of five years (Notification No. 62/2015-Cus (ADD), dated. 14-12-2015)

23. Regarding amendment to Board Circular No. 18/2015-Cus dated 9.06.2015 (F. No. 450/145/2015-Cus IV, dated 04-12-2015)

24. Clarification on classification of Biodiesel under oleo chemicals (F.No 528/22/2015-STO (TU) Dated. 11-12-2015)

25. Issuance of lookout circulars(LOC) (F.No. 394/193/2015-Cus (AS) Dated. 16-12-2015)

26. Authorizing officers of the Zone to appear before CESTAT Bench. Corrigendum date 18-12-2015 (F.No.390/Misc./69/2015-JC Dated. 15-12-2015)

27. Reduction of Government litigation-providing monetary limits for filing appeals by the department before CESTAT/High courts and supreme courts (F.No.390/Misc./2010-JC Dated 17-12-2015)

28. Withdrawal of cases pending before HC/ CESTAT on the basis of earlier Supreme Courts decision’s on identical matters (F.No.390/Misc./67/2014-JC dated 17-12-2015

29. ATN of 16th Lok Sabha, CGA 29-09-2015, PAC 18-12-2015 (F.No.307/32/2015-SO (PAC-Cus.) dated 21-12-2015)

C. SERVICES TAXComplied by : CA VIKRAM KHIATAN

vikram@arvsolution.co.inThe Central Government has notified the 20th day of December, 2015 as the due date for payment of service tax liability for the month of November, 2015 for the assessees in the State of Tamil Nadu. [Notification No. 26/2015-ST dated 09-12-2015]The Central Government has notified the 20th day of December, 2015 as the due date for payment of service tax liability for the month of November, 2015 for the assessees in the Union Territory of Puducherry (except Mahe & Yanam) [Notification No. 27/2015-ST dated 18-12-2015]The issue relating to leviability of service tax on services received by apparel exporters from third party for job work has been clarified. The field formations were of the view that services received by apparel exporters is of manpower supply, which neither falls under the negative list nor is specifically exempt. However, the trade was not paying any service tax on such job work charges on the premise that services received by them is in nature of job work involving a process amounting to manufacture or production of goods, and thus would fall under negative list [section 66D (f)] and hence would not attract service tax. It has been clarified that exact nature of service needs to be determined on the facts of each case which would vary from case to case. However, if job work involves a process on which duties of excise are leviable under section 3 of the Central Excise Act, 1944, it would be covered under negative list in terms of Section 66D(f) read with section 65B (40) of the Finance Act, 1994. It has been further clarified that the essential characteristics of Job Work includes (a) Service provider is accountable for the job he undertakes; (b) Service Provider shall decide how he deploys and uses his manpower; (c) The value of service is function of quantum of job work undertaken, i.e. number of pieces fabricated etc; & (d) It is immaterial as to whether the job worker undertakes job work in his premises or in the premises of service receiver. The field formations have been directed to determine the applicability of service tax taking into account the nature of agreement/ contract and the service being provided. [Circular No. 190/9/2015-ST dated 15-12-2015]It has been provided that the Principle Chief Commissioner or Chief Commissioner is empowered to authorize a jurisdictional officer to appear before the CESTAT Bench for pleading a case on behalf of the department. It has also been decided by Hon’ble Board that where no such officer is available to argue cases, based on merits of the case, the Chief Commissioner may, in such cases authorize any other

officer of his zone to appear before the Tribunal. [Instruction bearing F. No. 390/Misc/69/2015-JC dated 15-12-2015]

The monetary limits for filing appeal before the Tribunal, High Courts & the Supreme Court has been revised by Hon’ble Board with an objective of reducing unwarranted litigations. It has been stated that no appeal shall be filed by the department before the appellate forums if the monetary limit does not exceed (a) Tribunal – INR 10,00,000/-; (b) High Courts – INR 15,00,000/- and (c) Supreme Court – INR 25,00,000/-. It has also been clarified that such monetary limit shall not apply to classification & refund issues which are of legal &/or recurring in nature. [Instruction bearing F. No. 390/Misc/163/2010-JC dated 17-12-2015]

CBEC has decided to withdraw cases pending in High Court/ CESTAT, where Supreme Court has decided on an identical matter and the decision has been accepted by the Department. [Instruction No. F. No. 390/Misc./67/ 2014-JC dated 18-12-2015]

D. INTERNATIONAL TAXATION & TRANSFER PRICING

Compiled by CA RAHUL GUPTA

rahul@arvsolutions.co.in

CBDT: Relaxes reporting/certification requirements on foreign remittances u/s 195, amends Rule 37BB [Notification No. G.S.R. 978(E) dated 16th December, 2015]

CBDT relaxes reporting & certification requirements on foreign remittances u/s 195, amends Rule 37BB with a view to strike a balance between reducing compliance burden and collection of information u/s 195; Under amended Rule 37BB, no Form 15CA and 15CB are required to be furnished by an individual for remittances not requiring RBI approval under Liberalized Remittance Scheme (LRS); Number of specified payments not requiring reporting expanded from 28 to 33 including payments for imports below INR 5 Lacs; CA certificate in Form 15CB to be furnished only in respect of payments to non-residents exceeding INR 5 lakhs during the year and that are chargeable to tax; Amended Rule 37BB to be applicable from April 1, 2016.

CBDT issues draft guidelines fordetermination of Place of Effective Management u/s 6(3) of the Income Tax Act, 1961

The Finance Act, 2015, amended the provisions of section 6(3) of the Income-tax Act, 1961 to provide that a company is a resident in India for any previous year, if it is an Indian company or its place of effective management(POEM) for that year is in India. For these purposes, the place of effective management means the place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance, made.

A legislative memorandum explaining the provisions of the Finance Bill, 2015, stated that a set of guiding principles would be issued to help taxpayers and the tax administration determine the place of effective management.

Thus, CBDT has issued the draft guidelines for determination of theplace of effective management (POEM) of a company. In brief, the guidelines provide the following:

� Process and guidance for determination of POEM of companies—both that are engaged in activebusiness outside India and those that are not;

� Factors, which by itself would not lead to a conclusion that POEM of a company is situated inIndia;

� Process to be followed by an Assessing Officer in case of a finding that a company incorporatedoutside India is resident in India due to its POEM being in India.

EIRC 1st January 2016 ��

Notification & Circular - RBI & FEMA

E. VAT

Complied by : CA VIKRAM KHIATAN

Email : vikram@arvsolution.co.in

Sale of Juice containing a mixture of mango juice and aloe vera pulp under the brand name of Yoga Pulp (type of fruit juice) will attract 5% rate of tax under Section 16(2)(b)(ii) of West Bengal VAT Act, 2003 read with entry at Sr. No. 58B of Part I of Schedule C in as much as the said entry includes fruit juice (even if mixed with other ingredients).

[Order dated 09-12-2015 by the Commissioner, Sales Taxes, West Bengal in the case Ms. Polluxx Enterprises]

It has been clarified that in case of any enrolled person or any registered employer under the West Bengal State Tax on Professions, Trades, Callings or Employments Act, 1979 is also a registered dealer under WBVAT Act, 2003 or WB Sales Tax Act, 1994 or CST Act, 1956 (collectively known as ‘Commercial Tax Acts’), then the respective Sales Tax Charge Officer or Large Tax Payer Unit, as the case may be, shall perform all Professional tax related work in respect of such enrolled person or any registered employer.

It has also been clarified that in case the person is enrolled or not, or a registered employer or not, is not registered under any of such commercial tax act then the respective designated sales tax charge office as per Notification No. 646-FT dated 14-04-2015 shall look after all matters pertaining to professional tax.

[Order dated 11-12-2015 by the Commissioner, Commercial Taxes & Professional Tax, West Bengal]

F. RBIComplied by : CA DHIRAJ KUMAR JAIN

dhiraj@icai.org1. Notification No.DNBS (PD).CC.No.03/03.02.02/2015-16 dated

26/11/2015- Online Returns to be submitted by NBFCs- Revised -It has been decided to rationalize the returns to be submitted online

through COSMOS. The revised list of returns to be submitted by NBFC is given in the annexure of the notification.

2. Notification No.DNBR.CC.PD.No.071/03.10.038/2015-16 dated 26/11/2015-

Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) – Directions

– Revision of the loan amount with tenure not less than 24 months- It is advised that limit of the loan amount, for which the tenure of the loan

shall not be less than 24 months, has been raised to ` 30,000/- from the present limit of ` 15,000. All loans necessarily be prepaid without any penalty, as hitherto.

3. Notification No.DBR.AML.BC.No.60/14.01.001/2015-16 dated 26/11/2015-

Central KYC Records Registry (CKYCR) - template for Know Your Customer (KYC) and reporting requirements under Foreign Account Tax Compliance Act (FATCA)/ Common Reporting Standards (CRS)-

The proposed CKYCR would receive, store, safeguard and retrieve the KYC records in digital form of a client. The KYC records received and stored by the CKYCR could be retrieved online by any reporting entity across the financial sector for the purpose of establishing an account based relationship. In order to facilitate collating and reporting the KYC data to the proposed CKYCR, templates finalised in consultation with other regulators and CBDT (separate for individuals and legal entity).

4. Notification No.DBR. AML. No. 7312/14.01.001/2015-16 dated 03/12/2015-

Anti-Money Laundering (AML)/ Combating of Financing of Terrorism (CFT) - Standards-

Financial Action Task Force(FATF) has updated its Public Statement and document ‘Improving Global AML/CFT Compliance:on going process’. The statement and document can be accessed from the URL mentioned in the Notification. All Regulated Entities (REs) are advised to take note of the FATF Public Statement and FATF document and be guided accordingly.

G. FEMAComplied by : CA VIVEK NEWATIA

vnewatia@sjaykishan.comRevised framework for ECBThe RBI has vide Circular No. 32 dated 30th November, 2015 provided the revised framework for ECB based on the following principles

a. Track I: - Medium term foreign currency denominated ECB with Minimum Average Maturity (MAM) of 3/5 years.

b. Track II: - Long term foreign currency denominated ECB with MAM of 10 years.

c. Track III: - Indian Rupee denominated ECB with MAM of 3/5 years.

March 31, 2016 provided the agreement in respect of the loan is already signed by the date the new framework comes into effect.

time up to 31st March, 2016 to sign the loan agreement & obtain the Loan Registration Number (LRN) from the RBI by this date:

a. ECB facility for working capital by airlines companies

b. ECB facility for consistent foreign exchange earners under the USD 10 billion Scheme; &

c. ECB facility for low cost affordable housing projects (low cost affordable housing projects as defined in the extant Foreign Direct Investment policy)

Amendment in Schedule I & II of the FEM (Borrowing & Lending in Foreign Exchange) RegulationsThe RBI vide Notification No. FEMA 358/2015-RB/GSR 920(E) dated 2nd December, 2015 amended Schedule I & II on borrowings under automatic & approval route respectively to provide that it may in consultation with the GOI prescribe any provision or proviso regarding various parameters listed or any other parameter as prescribed by the RBI & prescribe the date from which any or all of the existing proviso will cease to exist, in respect of borrowings from overseas, whether in foreign currency or Indian Rupees, such as addition/deletion of borrowers eligible to raise such borrowings, overseas lenders/investors, purposes of such borrowings, change in amount, maturity & all-in-cost, norms regarding security, pre-payment, parking of ECB proceeds, reporting & drawal of loan, refinancing, debt servicing, etc.

Amendment to Regulation 21 of the FEM (Transfer or issue of any foreign security) RegulationsAs per the provisions of Regulation 21 of the FEM (Transfer or issue of any foreign security) Regulations, a person resident in India, being an Indian Company/ body Corporate created by an Act of Parliament, may issue FCCBs/ FCEBs to a person resident outside India subject to limits & conditions specified therein. The RBI has vide Notification No. FEMA.359/2015-RB/GSR 921(E) dated 2nd Dec., 2015 amended the Regulation, to provide that it may in consultation with the GOI,

���EIRC 1st January 2016

Notification & Circular - FEMA

change/prescribe for the automatic & approval route of FCCBs, any provision or proviso for issuance of FCCBs. It may also change/prescribe any provision or proviso for issuance of FCEBs.

Amendment to Regulation 5 of FEM (Manner of Receipt & Payment) Regulations, 2015

The RBI has vide Notification No. 357/2015-RB/GSR 935(E), dated 7th December, 2015, amended Regulation 5 of FEM (Manner of Receipt & Payment) Regulations, 2000 to permit in respect of imports into India, any other mode of payment in accordance with the directions issued by the RBI to authorised dealers from time to time.

Guidelines on Trading of Currency Futures & Exchange Traded Currency Options in Recognized Stock Exchanges

In order to enable direct hedging of exposures in foreign currencies & facilitate execution of cross-currency strategies by market participants, the RBI has vide A.P. (DIR Series 2015-16) Circular No. 35, dated 10th Dec. 2015 decided, as announced in the Fourth Bi-monthly Monetary Policy Statement 2015-16 (Para 38), to permit the recognized stock exchanges to offer cross-currency futures contracts & exchange traded option contracts in the currency pairs of EUR-USD, GBP-USD & USD-JPY. Recognized stock exchanges are also permitted to offer exchange traded currency option contracts in EUR-INR, GBP-INR & JPY-INR in addition to the existing USD-INR option contract, with immediate effect. Accordingly, Market Participants, i.e., residents & FPIs, are allowed to take positions in the cross-currency futures & exchange traded cross-currency option contracts without having to establish underlying exposure subject to the position limits of USD 15 million for USD-INR contracts & USD 5 million for non USD-INR contracts, all put together, per exchange

Foreign Contribution (Regulation) Amendment Rules, 2015

The CG has vide Notification No. NO. GSR 966(E) dated 14th Dec., 2015 inter-alia made the following key amendments: -

ation for registration/ obtaining prior permission by a person under section 11, for acceptance of foreign contribution, shall be made electronically online in Form FC-3

shall place the audited statement of accounts on receipts & utilization of the foreign contribution, including income & expenditure statement, receipt & payment account & balance sheet for every financial year beginning on 1st April within 9 months of the closure of the financial year on its official website/ on the website as specified by the CG.

place details of foreign contribution received on its official website/ on the website as specified by the CG within 15 following the last day of the quarter in which it has been received clearly indicating the details of donors, amount received & date of receipt.

u/s 11 of the Act shall intimate electronically online in Form FC-6 within 15 days, of any change in the following, namely: -Name, address, nature, aims & objects & registration with local/ relevant authorities, key members of the association if at any point of time such change causes replacement of 50% or more of the original key members as reported in the application for grant of registration/prior permission/ renewal of registration under the Act.

Amendment to Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) RegulationsThe RBI has vide Notification No. FEMA.360/2015-RB GSR 983(E) dated 17th Dec., 2015 amended Schedule 5 of the Regulations to provide that a registered FII, registered FPI & long term investors like Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds & Pension Funds & Foreign Central Banks registered with SEBI may purchase on repatriation basis security receipts issued by securitization companies subject to conditions as specified by RBI &/or SEBI.

EIRC 1st January 2016 ��

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

EIRC DEEPLY MOURNS THE SAD DEMISE OF

CA ASHIS KUMAR BASUMembership No. 003731

Passed away on 12th September 2015

Work Disposal

WORK DISPOSAL WORK DISPOSAL STATUS OF VARIOUS ACTIVITIES RELEATED TO

MEMBERS SECTION as on 31/12/ 2015

1) New Enrolment 02/12/2015

2) Grant of Certificate of Practice 11/12/2015

3) Grant of Fellow Admission 11/12/2015

4) Firm Registration / Constitution 15/12/2015

5) Reconstitution of Firms 30/11/2015

6) Restoration (Prospective) 17/12/2015

7) Change of Address 23/12/2015

8) Permission of other Engagement 23/12/2015

BOARD OF STUDIES SECTION as on 22/12/2015

CPT Registration 21/12/2015

IPCC Registration 21/12/2015

Final Registration 21/12/2015

By Hand By Post

Issuance of Study Materials - CPT 02/11/2015 28/10/2015

Issuance of Study Materials - IPCC 22/12/2015 30/11/2015

Issuance of Study Materials - Final 22/12/2015 03/12/2015

GMCS Certificate Issuance Upto Date

Orientation Certificate Issuance Upto Date

ITT Certificate Issuance Upto Date

Change of Name/Address Upto Date

ARTICLES SECTION as on 27/12/2015

PARTICULARS DATE

New Registration 16/12/2015

Industrial training Registration 22/12/2015

Re-registration 09/12/2015

Termination 12/12/2015

Completion 10/12/2015

Permission to Study 23/12/2015

Supplementary Registration 12/12/2015

Change of Address 22/12/2015

LIBRARY NEWSSome of the latest and useful addition to the EIRC Library

Help Us To Serve You Better“The students/Members can download and print copies of letters in respect of different activities viz. Registration of CPT/IPCC/FINAL, Registration & ReRegistration/ Termination/Completion of Articles, New Enrollment letters of Membership, Member Card and/or constitution/ Reconstitution/Certificates of Firm, Firm Card alike from the following portal of ICAI website- www.icai.orgWEBPORTAL - www.icai.org/e-Services/Reprint letter-Member/Students.Link - http://220.225.242.179/REprintletter/reprint.aspxThey may further call HELPLINE NUMBER – 30211156 to know their Member/Student/Article status.The list of letters which presently cannot be downloaded from the above mentioned link are :1. Industrial Training Registration Letter 2. Industrial training Completion letter 3. Supplementary Registration letterIt may also be noted that they could generate letter of termination from - Termination of Article Assistant Service and not from Termination of Article Service.Presently the letters can be downloaded after 15 days of approval/completion of the particular activity.”

SL NO

TITLE AUTHOR PUBLISHER YEAR

1 Compendium of Commercial Acts

Jatin Sehgal LBH publisher 2015

2 Common Problems Faced by Income Tax Assesses

S K Tyagi CLI 2015

3 Treatise on General Principles of Government Works Contract

G S Gopalkrishnan

Thomson Reuters 2015

4 Black Money Act An Analysis

T P Ostwal BCAS 2015

5 Concise Commentary on Income Tax

Dr G Ahuja & Dr R Gupta

Bharat 2015

6 DNA of TDS & TCS P P Singh Young Global Publications

2015

7 Project Management Vinter Graham Sweet & Maxwell 2015

8 ICDS M P Vijay Kumar

Snow White 2015

9 Indian Accounting Standard

T P Ghosh Taxmann 2015

10 Guide To Companies Act, 2013

ICSI ICSI 2015

���EIRC 1st January 2016

EIRC Events

Seminar on Ethical Values & Successful Corporate Governance on 10th December 2015

Seminar on VAT Audit on 14th December 2015

L – R: CA Rahul Kumar Modi, Dr. G C Dutt, IPS

L – R: CA Rip Das, CA Sourav Loharuka

CA Rahul Kumar Modi Dr. G C Dutt, IPS

CA Sourav Loharuka CA Rip Das

Rourkela Branch – “Critical Issues on Taxation of Capital Gain & Income Tax Survey, Search & Seizure” on 27.12.2015

Siliguri Branch – National Convention for CA Students on 17th & 18th December, 2015

Speaker- Advocate Subash Agarwal, CA R.M Bagri & CA Pawan Agarwal on the Dias.

Inaugural Session of National Convention of CA Students Held at Siliguri Branch on 17th & 18 th Dec 2015.

Workshop & Training programme on Critical Issues on Taxation of Capital Gain & Income Tax Survey Speaker- CA S.S. Gupta, CA Vinay Gupta (Chairman), CA Yogesh Banka (Secretary)

Glipmse of National Convention of CA Students- Present CA Amarjit Chopra-Past President-ICAI, CA Hukum Ch Agarwal-Past Chairman-Siliguri Branch, CA Neeraj Hiroria, CA Sunil Sharma & CA Kaberi Bhuyan.

EIRC 1st January 2016 �

EIRC Events

Seminar on Accounting Standards on 21st December 2015

Seminar on Investor Awareness on 18th December 2015

CA Beena Jajodia

CA Subodh Kumar Agrawal, Past President, ICAI

CA Kanak Jain

CA Dinesh Chowbey

CA Mohit Bhuteria Mr. D N Chowdhury, Deputy ROC

L – R: CA Kanak Jain, CA Beena Jajodia

CA Deepika Bagri on the extreme left and CA Subodh Kumar Agrawal, Past President, ICAI speaking from the podium

L – R: CA Rittika Adhikary, CA Mohit Bhuteria, CA Priyanka Choraria, Mr. D N Chowdhury, Deputy ROC

Seminar on Internal Financial Control – Operation and Audit Perspective on 22nd December 2015

CA Arijit Roy CA Ravi Shah CA Deepika Bagri

��EIRC 1st January 2016

EIRC Events

Seminar on Capital Gain Taxation on 23rd December 2015

Seminar on Peer Review on 28th December 2015

Seminar on Competition Act and MSMED Act on 29th December 2015

S VaidyanathAiyar Memorial Lecture on “Professional Ethics”on 30th December 2015

L – R: CA Rahul Mandawewala, CA S S Gupta

L – R: Dr.Sandip Chatterjee, CA P S De

Meeting of the Committee for Women Empowerment on 26th December 2015

Members of the Committee in a round table discussion CA Subodh Kumar Agrawal, Past President, ICAI sharing his observations with the representative of the Committee from ICAI.

L – R: CA Beena Jajodia, CA Sanjay Maheshwari

CA Rahul Mandawewala

CA P S De

CA S S Gupta

Dr.Sandip Chatterjee

CA Beena Jajodia

CA Rittika Adhikary

CA Sanjay Maheshwari

Ms. Vaneeta Patnaik CS Aditi Jhunjhunwala

EIRC 1st January 2016 ��

���EIRC 1st January 2016

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

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

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 : eircchairman@icai.in

BOOK POSTCA Pramod Dayal Rungta, Editor

CA Subodh Kumar Agrawal, Member

CA Pawan Kumar Lilha, Co-opted Members

CA Sarad Jha, Co-opted Members

CA Anil Kumar Agarwal, Sub Group Member

CA Pradeep Kumar Drolia, Sub Group Member

CA Rajendra Kumar Parakh, Sub Group Member

CA Manoj Digga, Sub Group Member

CA Santosh Kumar Dokania, Sub Group Member

CA Binod Kumar Agrawal, Sub Group Member

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