THE INSTITUTE OF CHARTERED ACCOUNTANTS …...Wish you all a very happy Independence Day and let’s vouch that we constantly remain in bond and touch to strengthen our community and

EIRC 1st August 2015 �

EIRC NEWSLETTERVOL: 41 ISSUE: 06 1st AUGUST 2015 ` 10/-

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

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

CA Pramod Dayal Rungta Editor & Chairman, EIRC of ICAI Ch

airman Writes

Principal Sponsor

Dear Brothers & Sisters,

In the present days, due to stress and paucity of time, the problem of balancing life and work has assumed serious proportions for professionals. Across the globe competition, fast changing scenario and rising expectations have put us on the sharp edge of the blade. History stands witness to the fact that man has been struggling to adjust himself to ever changing environment. I know a very busy schedule is ahead for the professionals looking to the last dates for finalization of accounts as well as the tax returns. It is said that “knowledge recycles the mind and keeps everything fresh. Knowledge brings the mind back to purity.” This is a period when each should work with the power of knowledge and I would like to wish everyone all the success.

The hidden secret of survival and growth and the great beauty about life has been that, as long as we are alive, we have the ability to learn new skills and engage in new kinds of work, activities, jobs, duties and responsibilities. Things never stand still in this dynamic world. Those who do not keep abreast with changes in this fast moving world, suffer.

I recall a famous quote, ”Some people change when they see the light, others when they feel the heat.”

Thus one cannot do today with the tools and methods of yesterday and still be in business tomorrow, especially the professionals. So is for all of us. I am sure that our members will also be able to show a bright new face in the coming changing scenario. Let us keep ourselves open to face and live the forthcoming tax regime and new era of fiscal consolidation. In this direction the Regional Council keeps organizing CPE Programmes, to assist our esteemed members and dear students. We invite and welcome all the members to attend these programs and be enlightened by thought-provoking deliberations, interactive discussions and the valuable query sessions.

40th Regional Conference

Teamwork divides the tasks and multiplies the success. An individual commitment to a group effort makes a team work, a company work, a society work, an organisation or a CA firm work, and above all, EIRC also work. It was good to see unity, enthusiasm, responsibilities amongst the team Members closely associated with the tasks allocated for the Regional Conference. I must appreciate and thank all my colleagues in the Regional Council and the Central Council and delegates for their support. Also the cooperation from each of the arms i.e., Branches and Study Circles of the EIRC in making the 40th Regional Conference scheduled on 21st & 22nd August 2015 a grand success. In this regard, let me take this opportunity to boast that this very mega event is each one of all the Branches and Study

Circles of EIRC and they are the co-host of the same and together will ensure it marked in a red letter event in the history of EIRC. However let me record a special recognition towards the support extended by Guwahati Branch in conceptualising the theme of this Regional Conference.

Student Convention

I had the privilege of being present during the National Convention for CA Students organized by Board of Studies of ICAI hosted jointly by EICASA and EIRC on 11TH & 12TH July 2015 wherein the participants benefited with the quality deliberation on various topics of contemporary relevance for the CA Course as well as for self-development. It was very gratifying to see students presenting technical papers at this Conference with excellent content and with great confidence and enthusiasm! The Students

Association (EICASA) also witnessed its election of its new office bearers on 28th July 2015. I welcome all newly elect office bearers of EICASA and wish them a very promising and fruitful tenure.

Hard work and determination are the keys to success in any field and the best way to capture moments is to pay attention. I congratulate all students who have come out with flying colours and better luck next time for those who couldn’t make it. A little effort, a little more concentration and focus towards our aim should be maintained at every point of time especially when it comes to our profession. Keep a positive attitude and victory is yours.

By the time you receive this Newsletter, our country will be in full swing making preparations to celebrate our 69th Independence Day. India has come a long way in the last 69 years, but to become a world class nation, India has to develop on many fronts. Developing Best Human Resource Practices is among the most important needs for India’s growth. Wish you all a very happy Independence Day and let’s vouch that we constantly remain in bond and touch to strengthen our community and take our beloved country to a platform where we can proudly boast of our contribution.

Before I conclude, I wish all a very Happy Independence Day and Happy “Raksha Bandhan”.

Wish you best of luck

�

��EIRC 1st August 2015


Forthcoming Programme

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

EIRC

DAY AND DATE PROGRAMME DETAILS VENUE DURATION

REGIONAL CONFERENCE

Friday 21st August & 40th Regional Conference (12 CPE) Science City Auditorium, Kolkata 10.00am to 5.00pm Saturday 22nd August 2015 (Details inside in Page 15-20 )

Wednesday, 5th Seminar on Panchayat Accounting Mr. Subroto Mukherjee, CA Ranjeet Kumar R Singhi Hall, 5.30pm to 3 80August 2015 & Auditing Hon`ble Minsiter Pnchayti Raj, WB Agarwal EIRC Premises 8.30pm Spot 100 Eminent Speakers

Saturday,8th Seminar on Direct Taxes Details inside in Page 5 EIRC Hotel Golden Park 10.00am to 6 1100August 2015 5.30pm Spot 1300

Tuesday, 11th TDS with special reference to Sec 195 CA Vivek Newatia CA Subhash R Singhi Hall, 5.30pm to 3 80August 2015 Stay of Demand u/s 220(6) and Penalty CA Manoj Sethia Chandra Saraf EIRC Premises 8.30pm Spot 100 Proceedings u/s 271(1)(b) / 271(1)(c)

Friday, 14th Seminar on Investor Awarness CA Vivek Bajaj CA Anirban Datta R Singhi Hall, 5.30pm to 3 80August 2015 EIRC Premises 8.30pm Spot 100

Monday, 24th Case Studies on Service Tax CA Sushil Kr. Goyal, CA Manish Goyal R Singhi Hall, 5.30pm to 3 80August 2015 Past Chairman,EIRC EIRC Premises 8.30pm Spot 100 Best Practices and Future of Accounting CA Sanjib Sanghi finaly unfolded, using Technology

Wednesday, 26th Journey from Accounting CA Krishanu CA Sunil Kumar R Singhi Hall, 5.30pm to 3 80August 2015 Standards to Ind AS Bhattacharya, Past Sahoo EIRC Premises 8.30pm Spot 100 Chairman,EIRC Companies Act Problems & Suggestions CA Nitesh More

Friday, 28th VAT Audit-Recents Development in Mr. Rajsekhar Bandopadhyay CA Ranjeet Kumar R Singhi Hall, 5.30pm to 3 80August 2015 the VAT Arena Add. Comm.,Commercial taxes Agarwal EIRC Premises 8.30pm Spot 100 Mr. Khalid A Anwar Jt Comm., Commercial taxes CA Prasun Kr. Bhattacharya, Past Chairman,EIRC CA Rip Das

Monday, 31st Practical Discussion on Problems & CA Sumit Binani CA Subhash R Singhi Hall, 5.30pm to 3 80August 2015 Solutions for Private Limited Companies Chandra Saraf EIRC Premises 8.30pm Spot 100 under Companies Act 2013 Revenue Audit & Stock Audit of Banks CA Sonu Jain

Wednesday, 2nd Provisions Relating to Accounts and Audit CA Debasish Mitra, CA Anirban Datta R Singhi Hall, 5.30pm to 3 80September 2015 in the Companies Act 2013 Past Chairman,EIRC EIRC Premises 8.30pm Spot 100 LLP Formation & Conversion along CA Vishnu Tulsyan with Tax Implications

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 Registartion Fees collected for each programme Rs 10 per person would be contributed to Chartered Accountant Benevolent Fund

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

BRANCH

Siliguri Branch Saturday, 8th Seminar on Income Tax Eminent Speakers CA Shyam Kumar Agarwal ICAI Bhawan 3.00pm 6 August 2015 9434001663 Onwards [email protected]

DAY AND DATE PROGRAMME DETAILS VENUE DURATION

IMPORTANT DATES

Friday, Saturday, Sunday, ICAI International Conference 2015 Brilliant Convention Centre, Indore (M.P) Day 1 - 3.00pm to 7.00pm 7th, 8th, 9th August 2015 Day 2 & 3 - 9.30am to 5.30pm

Saturday, 15th August 2015 Celebration of Independence Day ICAI Bhawan, EIRC Premises (Russel Street) 10.00am onwards

Tuesday & Wednesday International Conference for CA Student at Indore University Auditorium, Bhanwar Kuwa, Day 1 - 8.30am to 8.30pm 1st & 2nd September, 2015 (Details inside in Page 7) Indore Day 2 - 9.30am to 5.30pm


Forthcoming Programme

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

DTPA Chartered Wednesday, 5th Black Money Act Related to Adv Paras Kochar CA Sanjay Bajoria DTPA Conference 4.00pm to 3Accountants’ Study August 2015 Foreign Income & Assets [email protected] Hall 3, Government 7.00pm Circle-EIRC 9331845005 Place (West)

DTPA Chartered Wednesday,12th How to save Hundreds of CA Sanjib Sanghi CA Sanjay Bajoria DTPA Conference 4.00pm to 3Accountants’ Study August 2015 Hours using Excel [email protected] Hall 3, Government 7.00pm Circle-EIRC 9331845005 Place (West)

Views Exchange Saturday, 8th Company Audit 2014-2015 Eminent Speakers CA. Kushal Bhuwania Globsyn Room 3.00pm to 4Chartered August 2015 all we need to Know. [email protected] (Telegraph Room), 7.00pm Accountants Study 03340084929 BCCI, 6, N.S.Road, Circle-EIRC 2nd Floor, Kolkata -700001

Views Exchange Saturday, 29th Issues in E-filling of IT Return Eminent Speakers CA. Kushal Bhuwania Globsyn Room 3.00pm to 4Chartered August 2015 & Tax Audit Report. [email protected] (Telegraph Room), 7.00pm Accountants Study 03340084929 BCCI, 6, N.S.Road, Circle-EIRC 2nd Floor, Kolkata -700001

VIP Road Chartered Saturday, 1st Secretarial Standards I & II CS Sikha Gupta CA Rajesh Singhania Merchant Chamber 2.30pm to 4Accountants Study August 2015 CA Mayur Agarwal 9830094600 of Commerce, 6.30pm Circle-EIRC 15B Hemanta Basu Sarani, Kolkata-700001

VIP Road Chartered Sunday, 23rd Negative List & Exemptions in CA Sushil Kumar Goyal CA Rajesh Jalan 220, Bangur 10.00am to 3Accountants Study August 2015 Service Tax as amended 9831228811 Avenue, 1.00pm Circle-EIRC Kolkata-700055

VIP Road Chartered Saturday, 29th Audit Reports as per Standard CA Debasis Mitra CA Rajesh Singhania Merchant Chamber 2.30pm to 3Accountants Study August 2015 Auditing Practices 9830094600 of Commerce, 5.30pm Circle-EIRC 15B Hemanta Basu Sarani, Kolkata-700001

Vitta Salahkar Saturday, 8th How to Handle Service Tax CA Vikash Dhanania CA Govind Prakash Barabazar library 4.30pm to 3Chartered August 2015 Notice For Audit, Manual Agarwal 10/1/1, Syed 7.30pm Accountants Study Scrutiny etc 9831064437 Salley lane, Circle-EIRC Kolkata-73

Vitta Salahkar Friday, 14th Amalgamation & Mergers Advt Ajay Choudhary CA Pawan Kumar Agarwal Barabazar library 4.30pm to 3Chartered August 2015 9830262464 10/1/1, Syed 7.30pm Accountants Study Annual Return as per CS Shikha Gupta Salley lane, Circle-EIRC Companies Act,2013 Kolkata-73

Vitta Salahkar Friday, 28th Income Tax and Eminent Speakers CA Deepak Tibrewala Barabazar library 4.30pm to 3Chartered August 2015 Companies Act 2013 9433386939 10/1/1, Syed 7.30pm Accountants Study Salley lane, Circle-EIRC Kolkata-73

Best Wishes for

69th


Announcements

ELECTION 2015Option for Polling Booth

ELECTIONS TO THE TWENTY THIRD COUNCIL AND TWENTY SECOND REGIONAL COUNCILSThe next elections to the Council and the Regional Councils of the Institute of Chartered Accountants of India are scheduled to be held on 4th and 5th December, 2015 in cities having more than 2500 members (i.e. Ahmedabad, Bangalore, Chennai, Delhi/New Delhi, Gurgaon, Hyderabad, Jaipur, Kolkata, Mumbai, Pune, Surat and Thane) and on 5th December, 2015 at all other places in terms of the provisions of Rule 21 of the Chartered Accountants (Election to the Council) Rules, 2006 specified by the Central Government. According to the provisions of clause (3) of Schedule 2 to Rule 6 of the aforesaid Rules, a notice is required to be published giving the voters in cities, having more than one polling booth located at different addresses, an opportunity to exercise their option to vote at a particular polling booth within that city.

Accordingly, an Announcement for Option for a particular Polling booth in cities/towns i.e., Bangalore, Mumbai, Kolkata and Delhi/New Delhi having more than one polling booth located at different addresses has been hosted on the Website of the Institute. For full details kindly visit the Institute’s Website www.icai.org. The Link to reach the said Announcement is http://220.227.161.86/38320election2015-27986.pdf

(V. Sagar) Secretary and Returning Officer

6CPE HRS

Seminar on Direct Taxes

Saturday, 8th August 2015 Hotel Golden Park, Kolkata� Demystifying Valuation under the Discounted Cash Flow Method (Art, Science or Magic?)� Important Issues in Business deductions: Section 29 to Section 44DD

CA Shariq Contractor, Mumbai� Section 263-Power and Implication with Special Reference to Addition under Section 68 towards Share Capital� Appeal under the Income Tax Act 1961

CA KK Chythanya, Bengaluru

AnnouncementStay Connected with us on Facebook by liking our page

https://www.facebook.com/EasternIndiaRegionalCouncil?fref=ts&ref=br_tfTo download the Background Material of Seminar, copy the given link to your

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

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

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 8, Anandilal Poddar Sarani, Kolkata - 700 071 or at ICAI, A-29, Sector 62, Noida - 201309, Dist-Gautam Budh Nagar (UP), Email:[email protected]

Chartered Accountants Benevolent Fund

Announcement Regarding Firms who are interested in MergerThe firms wishing to merge with other firms may provide the following details and send the same to EIRC Office, 7 AnandilalPoddarSarani (Russell Street), 4th Floor, Kolkata –700071. The last date for sending the details is 1st September, 2015. Name:…………………………………………………………. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Address:………………………………………………………………… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Mobile No. ………………………………. . . .. . . . . . . . . . . . . . . . . . Email Id:…………………………………………………. . . . . . .Number of Partners…………….…………….……………. . . . . Number of Qualified Employees …………. .……………. . . . . . . . . . . . . Area of Specialisation……………. …………….……………. . . Years of Experience……………….…………….……………. . . . .Area of Interest…………………………………………… . . .

Date…………………….. …………….……………. . . . . . . Signature………………………….…………….…………….

Please note on receipt of the same the consolidated list will then be hosted on the EIRC Website. The basic objective of this initiative is that it is seen that many small firms wish to merge with other firms to grow bigger. After the data base is made available and hosted on EIRC Website it would make the same possible.

[Note: A special Session on Networking & Merger will be held on second day of the 40th Regional Conference i.e. 22nd August 2015 at Science City Auditorium, Kolkata]


My Dear Students,

I would like to congratulate all the students who have cleared the CA Finals Examinations. I know your hearts would be brimming with joy on finally becoming a Chartered Accountant after all the efforts you have put to become one. Also by the time this Newsletter reaches you IPCC results would also be announced. Thus congratulations also

to all the students who clear their IPCC exams. For those students who could not clear their exams I would just like say that never stop working. Remember ever failure comes with a lesson so accordingly understand your strengths and weakness and start working hard from now, to give nothing but your best the next time.

National Convention for CA Students held on 11th & 12th July 2015

I am pleased to the response received for the National Convention for CA Students which was held on 11th & 12th July 2015 at Calcutta University, Kolkata. It was you who made the programme a grand success. I have sure that all the participants who attended the conference were mesmerized by the vibrant start of the programme. The various technical & special sessions brought forward different opinions on various topics. The students who attended the conference also went back with spiritual outlook towards life. Also the cultural night brought forward various hidden talents of the CA Students. I thank all of you for making this two day event a grand success.

Branch Level Elocution & Quiz Contest for CA Students was held on 17th July & 23rd July 2015

A large number of students participated in the Branch Level Elocution & Quiz Contest for CA Students which was held on 17th July & 23rd July 2015. The winners of the Elocution and the Quiz Contest will now face each other at the Regional Level Elocution & Quiz Contest, my best wishes to all of them.

EICASA

Annual General Meeting of EICASA & Elections of the EICASA Managing Committee 2015 -16 held on 28th July 2015

The Annual general meeting of EICASA was held on 28th July 2015 whereby the Report and Accounts of EICASA for the period 1st April 2014 to 31st March 2015 was adopted. The election for the EICASA Managing Committee 2015-16 was also held on the same day and a new team comprising of 12 members was elected. The new team will assume office from 16th Sept 2015.

Share & Care

I thank all the students for donating generously for the EICASA initiative Share & Care. I urge all the students to continue with this effort and make the initiative a grand success, the dates for which would be announced soon.

I would just like to end by a small message from my side. Always remember that Education gives you Knowledge, Knowledge gives you Power, Power gives you Respect and Respect is the one which ultimately gives you Happiness. So do give your best as a student so as to have a bright future ahead.

I look forward to your views and suggestions for EICASA activities or any other matter concerning the student’s fraternity. It’s your valuable suggestions which will help us taking further initiatives for the benefit of the students.

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

Best Regards,

CA Anirban DattaChairman EICASA and Vice Chairman EIRC of ICAI

Branch Level Elocution Contest on 17th July 2015

L -R: Prof. Dilip K Shah, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Anirban Datta, Vice Chairman, EIRC, CA Purvi Mehrotra, Mr. Saquib Gulzar, Vice Chairman, EICASA and contestant

L - R: Mr. Keshav Kejriwal, Secretary, EICASA, Mr. Saquib Gulzar, Vice Chairman, EICASA, CA Anirban Datta, Chairman, EICASA, Mr. Srijib Bardhan, Dy. Director, BOS, ICAI, Kolkata, Mr. Kaushal Baid, Treasurer, EICASA

Branch Level Quiz Contest on 23rd July 2015 EICASA AGM on 28th July 2015

Students participating in Quiz Contest, inset CA Arijit Chakraborty as Quiz Master

EIRC 1st August 2015

Announcements for Student

CA. Vishnu AgrawalConference Coordinator &

Chairman, Indore Branch of CICASA

CA. Sunil G. KhandelwalConference Coordinator &

Chairman, Indore Branch of CIRC

CA. Nilesh S.VikamseyConference Co-Chairman &

Vice Chairman, Board of Studies

CA V. MuraliConference Chairman &

Chairman, Board of Studies

For registration queries contact:

Indore Branch of CIRC of ICAI, ICAI Bhawan, Plot No. 19-B, Scheme No. 78, Part II, (Near M P Pollution Board), Indore (M.P.) Ph: 0731-4298198, 2570052, 53, Email: [email protected]

Students (pursuing Practical Training/Industrial Training) are invited to contribute papers for presentation (1500 to 2000 words) for topics in Technical-Sessions and submit for approval a soft copy of the Paper at [email protected] by 14th August, 2015 and a hard copy of the same along with Student’s Photograph (with his/her name on the back of the photograph), ICAI students’ Registration Number, Course pursuing, complete postal address, Mobile, Landline numbers and e-mail ID be also sent to the Indore Branch. Outstation student speakers shall be reimbursed actual travelling expenses limited to 2 tier AC Train fare and DA @ Rs. 1500/- per day for lodging etc. Students who are interested to participate in the cultural programme are requested to register before 14th August, 2015 at Indore Branch.

INTERNATIONAL CONFERENCE FOR CA STUDENTS AT INDOREDates: 1st & 2nd September, 2015

Venue: University Auditorium, Bhanwar Kuwa, IndoreOrganized by: Board of Studies, ICAI

Hosted by: Indore Branch of CIRC of ICAI and Indore Branch of CICASA

Theme: EMPOWERING EXCELLENCE

Day 18:30am to 9:30am Registration9:30am to 11:00am Inaugural Session Guests of Honour – CA Manoj Fadnis Hon’ble President, ICAI

CA. M. Devaraja Reddy, Hon’ble Vice-President, ICAI

11:00am to 11:45am Special Session I – Interaction with Board of Studies, ICAI

CA. V. Murali, Chairman, Board of Studies, ICAI

CA. Nilesh S. Vikamsey, Vice-Chairman, Board of Studies, ICAI

11:45am to 1:15pm Technical Session I- Global Convergence

(i) IFRS: A step towards Global compatibility (ii) Change in Trade and Commerce due to Digital Divide (iii) International integrated reporting framework

2:00pm to 3:30pm Technical Session II- Ushering an Era of Taxation Reforms

(i) Introduction to Indian GST. (ii) An Introduction to Double Taxation Avoidance Agreements. (iii) Transfer Pricing with respect to International transactions - Issues and Perspectives.

3:30pm to 4:30pm Special Address- CA Industry Leader

4:30pm to 6:00pm Technical Session III- Audit New Avenues

(i) Forensic audit (ii) Risk based audit (iii) CSR audit

6:30pm onwards Cultural Programme

Day 29:30am to 10:30am Spiritual Session

10:30am to 12:00noon Technical Session IV- Tools of International Finance

(i) Role of CA Profession in developing sound capital markets.

(ii) Cross Border Financing

(iii) Forex Risk Management

12.00noon to 1.00pm Special Session II- Motivational Session

2:00pm to 3:30pm Technical Session V- IT as a tool for Professional

(i) Audit in ERP Environment – Recent Developments

(ii) IT Tools for Fraud Detection- National and International Case Studies

(iii) IT- as an enabler for development of Accounting Profession.

3:30pm to 5:00pm Technical Session VI- Emerging Laws

(i) Prevention of Money Laundering

(ii) Foreign Account Tax Compliance Act [FATCA]

(iii) Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015

5:00pm to 5:30pm Valedictory Session

Students are hereby requested to register for the International Conference at the earliest as per the following details:

Regn fees Rs. 500/- per student

Payment Mode Cash/DD/Cheque to be drawn in favour of Indore Branch of CIRC of ICAI payable at Indore

For Online Registration Visit: http://www.icai.org/ccm.html?progid=1042

�EIRC 1st August 2015

A. DIRECT TAXESCompiled by CA Sunil Surana

[email protected]

CALCUTTA HIGH COURT in the case of CIT Central-II v Balarampur Chini Mills Ltd in ITA No. 176 of 2009 with ITA 678 of 2008 delivered on 02/07/2015.Principles of Res-judicata explained.Where the Department did not file any appeal against the order of the Tribunal in the preceding year deleting the penalty, the Hon’ble Court held that a view taken by the High Court stands on a different footing than the view taken by the Tribunal. The Tribunal is a statutory body. A judgement rendered by the Tribunal cannot attract the principles of res judicata whereas a judgement rendered by the High Court would certainly attract the principles of res judicata.

BOMBAY HIGH COURT in the case of Reliance Industries Ltd v CIT in ITA No. 1021 & 1022 of 2000 delivered on 20/07/2015.For levying penalty u/s 221 the requirement of a written order treating a person to be an assessee in default may not be necessary when it is admitted position between the parties that the assessee is in default .

It was held that Penalty u/s 221 for failure to pay TDS in time can be levied even if the assessee voluntarily pays the TDS. Financial hardship, diverse locations and lack of computerization are not good excuses. The fact that CIT(A) decided in favour of the assessee & deleted the penalty does not necessarily mean that two views are possible

KOLKATA ITAT in the case of Evergreen Pvt Ltd v ITO in ITA No. 1221/Kol/2012 pronounced on 27/07/2015.No disallowances or adjustments can be made u/s 143(1)(a).

It was held that “under the guise of effecting an adjustment under the first proviso to section 143(1)(a), the Assessing Officer could not decide debatable issues. Unless the inadmissibility of a deduction was evident and obvious (as in the case of section 154) from the return and its annexures, the Assessing Officer who wanted to disallow a deduction or a claim, was bound to follow the procedure under section 143(2) of giving a notice to the assessee; and that no substantial adjustments, which required examination of evidence or which would require a hearing, were contemplated under section 143(1)(a). The assessee was entitled to a notice under section 143(2) even though the result of the hearing and consequential disposal might lead to the same result. In other words, the fact that on ultimate analysis, the assessee might not be entitled for the deduction claimed from the total income did not mean that recourse could be had to disallowance under section 143(1)(a), dispensing with, hearing and denying opportunity to the assessee to challenge the disallowance”

B. INDIRECT TAXESCompiled by CA Rginee Goyal

[email protected]

1. Commissioner v. Pallipalayam Spinners Pvt. Ltd. - 2015 (318) E.L.T. A180 (Mad.)]- Cenvat credit — Plastic crates used to transfer intermediate product in factory to be held as accessories and eligible to credit as capital goods

Revenue felt that the plastic crates are not capital goods and are not liable for Cenvat credit, sought to recover the credit availed by the appellant. The Appellate Tribunal in its impugned order had held that plastic crates used in the factory of appellant to transfer the intermediate product from one stage of manufacture to another, would have to be held as accessories to the textile machinery employed for manufacture of final product and would be eligible for Cenvat credit as capital goods as per Rule 2(a) of Cenvat Credit Rules, 2004.

2. 2015 (318) E.L.T. 275 (Tri. - Del.) - JCT LTD. Versus COMMISSIONER OF C. EX., JALLANDHAR - Exemption subject to non-availment of Cenvat credit on inputs - Subsequent reversal of Cenvat credit without utilization - Reversal of Cenvat credit amounts to non-taking of credit on inputs - Benefit of Exemption Notification No. 30/2004-C.E. not deniable.

The assessee would be eligible for benefit of exemption Notification No. 30/04-C.E. There is no dispute that the benefit of the exemption notification is subject to the condition that no duty credit that is taken but the assessee during November and December, 2005 had taken Cenvat credit of Rs. 6,622/- in respect of certain inputs and during January to March, 2006 had taken Cenvat credit of Rs. 2,753/- in respect of certain inputs. However, the assessee’s claim that this credit had not been utilised and had been reversed as soon as this irregularity was pointed out by the Department is not refuted by the Department. Since the credit taken was reversed without being utilized, in our view, the judgment of Hon’ble Allahabad High Court in the case of Hello Minerals Water (P) Ltd. v. Union of India (supra) which is based on the Apex Court’s judgment in the case of Chandrapur Magnet Wires (P) Ltd. v. CC, Nagpur (supra) would be applicable to the facts of this case and the assessee have to be treated as not having taken the Cenvat credit and would be eligible for the exemption benefit. In view of this, the impugned order denying the benefit of exemption Notification No. 30/04-C.E. and confirming the duty demand on this basis against the assessee is not sustainable and the same is set aside.

3. Mcleod Russel (India) Ltd. Vs Union of India, 2015(39) S.T.R. (Calcutta) - when State providing special security force is sovereign function, no service tax is leviable.

In this case, the appellants were engaged in the business of tea owning tea plantations in the State of Assam. A consortium of tea planters entered into MOU with the state of Assam to protect their plantations. A force was created by the Assam Government namely Assam Tea Plantation Security

Force (ATPSF) comprising of policemen and home guards for protecting the planters and their property. The Assam government sought reimbursement of the salaries of the security personnel from the members of the consortium including appellants. The Revenue issued an SCN on the appellants contending that the above services would be covered under Security Service and more specifically a Support Service exigible to service tax in the hands of the service receiver. In appeal to the HC, it was held that ATPSF discharged sovereign function of State of maintaining peace and security in Assam. Appointments to this force, its management, control, finance, discipline etc were regulated by the Government of Assam. Therefore, it was neither ‘support service’ by Government u/s 65B(49) nor service of a private security guard or watchman for levying service tax.”

4. Gurpreet Galvanising Pvt. Ltd. Vs. CC, CE & ST, Hyderabad-IV, 2015-TIOL- 1383-CESTAT-BANG: Refund in respect of inward services is irrelevant for claiming refund on outward services.

In this case, the appellant was paying service tax on GTA services received on both inward and outward transportation of goods without claiming abatement of 75% and were availing 100% Cenvat credit on such payment. On objection of the audit party, they reversed the 75% of the credit availed by them and further filed refund claim for such reversed amount since they were liable to pay ST only on 25% of the total service cost. The Revenue rejected the claim contending that since the appellant failed to claim refund of excess service tax paid on inward transportation, they could not claim refund of service tax on outward transportation also. The Tribunal held that,act of assessee of not claiming refund in respect of inward transportation is irrelevant to determine the eligibility of refund of tax on outward transportation.

Recent Judicial Pronouncement Direct & Indirect Taxes


Notification & Circulars

A. DIRECT TAXESCompiled by CA Sunil Surana

[email protected]

Section 119 of The Income-Tax Act, 1961 - Income-Tax Authorities - Instructions to Subordinate Authorities - Condonation of Delay in Filing Refund Claim and Claim of Carry Forward Losses Under Section 119(2)(B)

Circular 9/2015 [F.No.312/22/2015-Ot], Dated 9-6-20151. In supersession of all earlier Instructions/Circulars/Guidelines issued by the Central Board of Direct Taxes (the Board) from time to time to deal with the applications for condonation of delay in filing returns claiming refund and returns claiming carry forward of loss and set-off thereof under section 119(2)(b) of the Income-tax Act, (the Act) the present Circular is being issued containing comprehensive guidelines on the conditions for condonation and the procedure to be followed for deciding such matters.

2. The Principal Commissioners of Income-tax/Commissioners of Income-tax (Pr.CsIT/CsIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims is not more than Rs.10 lakhs for any one assessment year. The Principal Chief Commissioners of Income-tax/Chief Commissioners of Income-tax (Pr.CCsIT/CCsIT) shall be vested with the powers of acceptance/rejection of such applications/claims if the amount of such claims exceeds Rs.10 lakhs but is not more than Rs. 50 lakhs for any one assessment year. The applications/claims for amount exceeding Rs.50 lakhs shall be considered by the Board.

3. No condonation application for claim of refund/loss shall be entertained beyond six years from the end of the assessment year for which such application/claim is made. This limit of six years shall be applicable to all authorities having powers to condone the delay as per the above prescribed monetary limits, including the Board. A condonation application should be disposed of within six months from the end of the month in which the application is received by the competent authority, as far as possible.

4. In a case where refund claim has arisen consequent to a Court order, the period for which any such proceedings were pending before any Court of Law shall be ignored while calculating the said period of six years, provided such condonation application is filed within six months from the end of the month in which the Court order was issued or the end of financial year whichever is later.

5. The powers of acceptance/rejection of the application within the monetary limits delegated to the Pr.CCsIT/CCsIT/Pr.CsIT/CsIT in case of such claims will be subject to Following conditions:

i. At the time of considering the case under Section 119(2)(b), it shall be ensured that the income/loss declared and/or refund claimed is correct and genuine and also that the case is of genuine hardship on merits.

ii. The Pr.CCIT/CCIT/Pr.CIT/CIT dealing with the case shall be empowered to direct the jurisdictional assessing officer to make necessary inquiries or scrutinize the case in accordance with the provisions of the Act to ascertain the correctness of the claim.

6. A belated application for supplementary claim of refund (claim of additional amount of refund after completion of assessment for the same year) can be admitted for condonation provided other conditions as referred above are fulfilled. The powers of acceptance/rejection within the monetary limits delegated to the Pr.CCsIT/CCsIT/Pr.CsJT/CsIT in case of returns claiming refund and supplementary claim of refund would be subject to the following further conditions:

i. The income of the assessee is not assessable in the hands of any other person under any of the provisions of the Act.

ii. No interest will be admissible on belated claim of refunds.iii. The refund has arisen as a result of excess tax deducted/collected at source

and/or excess advance tax payment and/or excess payment of self-assessment tax as per the provisions of the Act.

7. In the case of an applicant who has made investment in 8% Savings (Taxable) Bonds, 2003 issued by Government of India opting for scheme of cumulative interest on maturity but has accounted interest earned on mercantile basis and the intermediary bank at the time of maturity has deducted tax at source on the entire amount of interest paid without apportioning the accrued interest/TDS, over various financial years involved, the time limit of six years for making such refund claims will not be applicable.

8. This circular will cover all such applications/claims for condonation of delay under section 119(2xb) which are pending as on the date of issue of the Circular.

9. The Board reserves the power to examine any grievance arising out of an order passed or not passed by the authorities mentioned in para 2 above and issue suitable directions to them for proper implementation of this Circular. However, no review of or appeal against the orders of such authorities would be entertained by the Board.

CENTRAL BOARD OF DIRECT TAXESNOTIFICATION No. 60 /2015/F.No.142/10/2015-TPL

INCOME-TAXNew Delhi, the 24th July, 2015

S.O. 2031 (E)- In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O. 709(E), dated the 20th August, 1998, namely:- 2. In the said notification, in the Table, after serial number 34 and the entries relating thereto, the following serial number and entries shall be inserted, namely:- Sl. No. Financial Year Cost Inflation Index 35 2015-16 1081

B. SERVICE TAXComplied by CA Vikram Khaitan

[email protected]

Conditions, safeguards and procedures for issue of invoices, preserving records in electronic form and authentication of records and invoices by digital signatures prescribed. The key conditions includes using Class 2 or Class 3 Digital Signature Certificate duly issued by the Certifying Authority in India, maintaining separate electronic records for each factory or each service tax registration and ensuring appropriate backup of records in electronic form [Notification No. 18/2015, dated 06-07-2015]

Methodology of detailed scrutiny of ST-3 returns, w.e.f. 01-08-2015 prescribed. The same includes (a) Preliminary Online Scrutiny [ensuring the completeness of the information furnished in the return, arithmetic correctness of the amount computed as tax and its timely payment, timely submission of the return and identification of non-filers and stop-filers]; (b) Detailed Manual Scrutiny [checking the taxability of the service, the correctness of the value of taxable services and the effective rate of tax after taking into account the admissibility of an exemption notification, abatement, or exports, if any; ensuring the correct availment/utilization of CENVAT Credit on inputs, capital goods, and input services]; and (c) Selection Of Returns For Detailed Scrutiny [conducted in respect of such assessees whose total tax paid (Cash + CENVAT) for the FY 2014-15 is below Rs 50 lakhs. Each Commissionerate has to select equal number of assessees for carrying out returns’ scrutiny from each of the these three total tax paid bands (Cash+CENV AT) viz., Rs 0 to Rs 10 lakhs, Rs 10-25 lakhs and Rs 25-50 lakhs for the financial year 2014-15]. The Scrutity includes reconciliation of information furnished in the ST-3 return with ITR Form Nos. 4, 5, 6 and 26AS and any third party information made available.

The Scrutiny should be completed within 3 months. In no event should an assessee be subjected to both audit and detailed manual scrutiny. [Circular 185/42015 dated 30-06-2015]


Notifications & Circulars

F. RBI-NBFCCompiled by CA Dhiraj Jain

[email protected] no.DNBR.CC.PD.No.041/03.10.01/2014-15 dated 25/06/2015- Appointment of Non-Deposit Accepting NBFCs with asset size of Rs.100crore and above as sub-agents under Money Transfer Service Schemes(MTSS)- All non-deposit taking NBFCs shall act as sub-agents under MTSS without any prior approval of RBI. Deposit accepting NBFCs are however, not permitted to undertake such activity.Notification No.DNBR(PD) CC.No.050/03.10.119/2015-16 dated 01/07/2015Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977:-Notification No.DNBC.39/DG (H)-77 dated 20/06/1977:- The Reserve Bank has issued the following directions set out below:-a) Preliminary directions which shall apply to every financial institution which is

a company and which carries on business in any place in the State of Jammu and Kashmir and to every financial institution which is a company and which carries on business in any place in India.

b) Acceptance of deposits by miscellaneous non-banking companiesc) Copies of balance sheet and accounts together with the Director’s report to be

furnished to the Reserve Bank.NOTIFICATION No.DNBR (PD) CC.No.045/03.10.119/2015-16 dated 01/07/2015-Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions,2007:NOTIFICATION No.DNBS.192/DG (VL)-2007 dated 22/02/2007- The Reserve Bank of India has issued the Directions relating to the prudential norms which shall be known as the “Non-Banking Financial(Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007” including income recognition,income from investments,accounting standards,accounting of

B. CENTRAL EXCISECompiled by CA Rginee Goyal

[email protected]. Seeks to further amend Notification No.30/2004-Central Excise dated

09/07/2004 (Notification No.34/2015-Central Excise, dated17-07-2015)2. Seeks to further amend Notification No.1/2011-Central Excise dated 01/03/2011

(Notification No. 35/2015-Central Excise, dated17-07-2015) 3. Seeks to further amend Notification No.12/2012-Central Excise dated

17/03/2012 (Notification No.36/2015-Central Excise, dated17-07-2015)4. Seeks to further amend Notification No.30/2004-Central Excise dated 9.7.2004

(Notification No.37/2015-Central Excise, dated 21-07-2015)5. Seeks to further amend Notification No.1/2011-Central Excise dated 1.3.2011

(Notification No. 38/2015-Central Excise, dated 21-07-2015)6. Seeks to further amend Notification No.12/2012-Central Excise dated

17.3.2012 (Notification No.39/2015-Central Excise, dated 21-07-2015)7. Regarding Digitally signed invoices in Central Excise and Service Tax-

Conditions, safeguards and procedures (Notification No. 18/2015-Central Excise (NT) dated 06-07-2015)

8. Instructions regarding Detailed Scrutiny of Central Excise Returns (Circular No.1004/11/2015-CX dated. 21-07-2015)

9. Clarification relating to Notifications No.30/2004-Central Excise dated 09.07.2004, No.1/2011-Central Excise dated 01.03.2011 and No.12/2012-Central Excise dated 17.03.2012, as amended (Circular No.1005/12/2015-CX dated. 21-07-2015)

10. Instructions regarding maintenance of Records in Electronic Form and authentication of records by Digital Signature–manner of verification (F.No. 224/44/2014-CX.6 dated 06-07-2015)

C.CUSTOMS1. Regarding Exemption for customs duty on cut and polished diamonds imported

by specified agencies in FTP (Notification No.40/2015-Customs,dt. 21-07-2015)

2. Tariff Notification in respect of fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Silver (Notification No.65/2015-Customs (NT),dated 30-06-2015 )

3. Rate of exchange of conversion of the foreign currency with effect from 03rd July, 2015 (Notification No.66/2015-Customs (NT),dated 02-07-2015)

4. Tariff Notification in respect of fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver (Notification No.67/2015-Customs (NT),dated. 15-07-2015)

5. Rate of exchange of conversion of the foreign currency with effect from 17th July, 2015 (Notification No.68/2015-Cus(NT),dated 16-07-2015)

6. Seeks to levy definitive anti-dumping duty on imports of steel and fibre glass measuring tapes and their parts and components, originating in or exported from the People’s Republic of China for a period of five years (Notification No.31/2015-Cus (ADD), dated 09-07-2015)

7. Seeks to levy definitive anti-dumping duty on imports of Phenol, originating in or exported from South Africa for a period of five years (Notification No.32/2015-Cus (ADD), dated 10-07-2015)

8. Seeks to extend the validity of Notification No. 30/2011-Customs, dated the 4th March, 2011 for a further period of one year (Notification No.33/2015-Cus (ADD), dated 13-07-2015)

D. WB VATComplied by CA Vikram Khaitan

[email protected] person or any employer having a valid certificate of enrolment or certificate of registration or both, who has not defaulted in making payment of due tax, or in submitting return or both, may obtain a profession tax payment certificate upon

generation by him from the website of the Directorate following the electronic process incorporated therein for such purpose [Notification No. 863 – FT, dated 30-06-2015]Alternative arrangement specified for furnishing paper copy of returns / online acknowledgments through a Facilitation Centre authorised by the Commercial Tax Directorate (list available on website). The above arrangement is an optional one for the dealers and is in addition to the existing procedures for furnishing of paper copy of online submitted returns in the office of the appropriate assessing authority either manually or by post or courier [Trade Circular No. 12/2015 dated 07-07-2015]One time exercise of collecting dealers’ Email ID, Mobile No., Profession Tax Enrolment number and their representatives’ E-mail ID and Mobile no. undertaken to overcome the problem of large number of e-mails and mobile numbers stated in the portal being incorrect or not belonging to the dealers. Dealer’s own email-ID and mobile number shall be verified by PIN/OTP before accepting the same by the application and the given PT enrolment number shall be verified with the PT database before acceptance. It may be noted that updation of above details and correction of PAN (in case of inaccuracy) should be done immediately and definitely prior to filing of return for the Q.E. June, 2015 [Trade Circular 13/2015 dated 14-07-2015]

E. Odisha VATCompiled by C K K Bajoria

[email protected] No. 16883 dt. 11-06-2015 ; Exemption from levy of Odisha VAT on the sale of Groundnut pods and Sunflower seeds by Odisha State Cooperative Marketing Federation Ltd to National Agricultural Cooperative Marketing Federation Ltd under the Price Support Scheme (PPS) Operation Notification No. 17764 dt. 23-06-2015 ; Exemption of VAT on ATF when sold to International Flights subject to certificate issued by such International flights.

EIRC 1st August 2015 ��

investments,need for policy on demand/call loans,asset classification,provisioning reqyirements,disclosure in the balance sheet,constitution of audit committee by non-banking financial companies,accounting year,schedule to the balance sheet,transactions in government securities,submission of a certificate from Statutory Auditor to the Bank,Requirement as to capital adequacy,loans against non-banking financial company’s own shares prohibited,restrictions on investments in land and building and unquoted shares,concentration of credit/investment,submission of half yearly return,exposure to capital market,norms relating to infrastructute loan,norms for restructuring of advances.NOTIFICATION No.DNBR (PD) CC.No.042/03.10.119/2015-16 dated 01/07/2015-Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions,1998:NOTIFICATION No.DFC.118/DG (SPT)-98 dated 31/01/1998- The Reserve Bank of India has issued Directions for the purpose of enabling the Bank to regulate the credit system to the advantage of the country.These Directions shall be known as the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions,1998 whicha shall include commencement of the directions,restrictions on acceptance of public deposits by mutual benefit financial companies,restrictions on acceptance of public deposits by non-banking financial companies,downgrading of credit rating,regularisation of the public depositsaccepted earlier and held in excess of the permissible extent,ceiling on the rate of interest,payment of brokerage,renewal of public deposit,payment of interest on overduepublic deposits,joint deposit,particulars to be specified in application form soliciting public deposits,advertisement and statement in lieu of advertisement,minimum lock in period and repayment in the event of death of the depositor,furnishing of receipt to depositor,information to be included in the Board’s report,employees security deposit,copies of balance sheet and accounts together with the Director’s report,auditor’s report,notes on accounts and returns to be furnished to the Reserve Bank,provision for submitting Auditor’s Certificate,returns to be submitted to the Reserve Bank of India,balance sheet,returns, etc. to be submitted to the Department of Non-Banking Supervision,non-applicability of the Directions to certain types of non-banking financial companies.

NOTIFICATION No.DBR.BP.BC.No.5/21.04.172/2015-16 dated 01/07/2015-Bank Finance to Non-Banking Financial Companies(NBFCs)- The credit related matters of banks have been progressively deregulated by Reserve Bank of India.Consistent with the policy of bestowing greater operational freedom to banks in the matter of credit dispensation and in the context of mandatory registration of NBFCs with the Reserve Bank, most of the aspects relating to financing of NBFCs by banks have also been deregulated.However, in view of the sensitivities attached to financing of certain types of activities undertaken by NBFCs, restrictions on financing of such activities continue to be in force.

NOTIFICATION No.DNBR (PD) CC. No.058/03.10.119/2015-16 dated 01/07/2015-Frauds-Future approach towards monitoring of frauds in NBFCs-Incidence of frauds in NBFCs is a matter of concern.While the primary responsibility for preventing frauds lies with NBFCs themselves, a reporting system for frauds is prescribed which may be adopted by NBFCs, both NBFCs-D and NBFCs-ND-SI(Non-Deposit taking NBFCs with asset size of Rs.500 crore and above.

NOTIFICATION No.DNBR (PD) CC.No.046/03.10.119/2015-16 dated 01/07/2015-Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions,2011:NOTIFICATION No.DNBS.233/CGM (US)-2011 dated 21/11/2011- The Reserve Bank of India has issued directions which shall be known as the Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions,2011 which includes credit rating capital adequacy,investment,credit concentration norms,risk weights for the purpose of capital adequacy and all other prudential norms as specified in Systematically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions,2015 including income recognition, asset classification and provisioning norms will be applicable for IDF-NBFCs.

NOTIFICATION No.DNBR (PD) CC.No.055/03.10.119/2015-16 dated 01/07/2015- Miscellaneous Instructions to NBFC-ND-SI:-The following modifications were made in the regulatory framework for NBFCs such as regulatory framework for Systematically Important NBFCs-ND (NBFCs-ND-SI), additional single exposure norms for Asset Finance Companies,expansion of activities of NBFCs through automatic route,effective date and transition,scope of application to certain categories,supervisory framework for NBFC-ND-SI,guidelines for NBFC-ND-SI as regards capital adequacy,liquidity and disclosure norms,asset liability management reporting,enhancement of NBFCs capital raising option for capital adequacy purposes,rating of NBFCs.criteria for deciding NBFC-ND-SI status,ready forward contracts in Corporate Debt Securities,participation in currency optionsNOTIFICATION No.DBR.No.FSD.BC.18/24.01.009/2015-16 dated 01/07/ 2015- Master Circular on Credit Card,Debit Card and Rupee Denominated Co-branded Pre-Paid Card operations of banks and Credit Card issuing NBFCs:-The Reserve Bank of India has issued statutory guidelines that provides a framework of rules/regulations/standards/practices to the credit,debit,prepaid card issuing banks and to the credit card issuing NBFCs to ensure that the same are in alignment with the best customer practices.Banks should adopt adequate safeguards and implement the guidelines in order to ensure that their card operations are run on sound,prudent and customer friendly mannerNOTIFICATION No.DNBR (PD) CC.No.053/03.10.119/2015-16 dated on 01/07/2015-Non-Banking Financial Companies-Corporate Governance (Reserve Bank) Directions,2015-Notification No.DNBR.019/CGM (CDS)-2015 dated 10/04/2015:-The Reserve Bank of India has issued the directions relating to Corporate Governance which shall apply to every non-deposit accepting Non-Banking Financial Company with asset size of Rs.500 crore and above (NBFCs-ND-SI), as per its last audited balance sheet,and all deposit accepting Non-Banking Financial Companies(NBFCs-D) which shall include constitution of an Audit Committee,Nomination Committee,Risk Management Committee.It shall also include rotation of partners of the Statutory Auditors Audit Firm,framing of Internal guidelines.All applicable NBFCs shall put up to the Board of Directors,at regular intervals the progress made in putting in place a progressive risk management system and risk management policy and strategy followed by the NBFC.NOTIFICATION No.DNBR (PD) CC.No.057/03.10.119/2015-16 dated 01/07/2015- Non-Banking Financial Companies Auditor’s Report(Reserve Bank) Directions,2008-Notification No. DNBS. 201/DG (VL)-2008 dated September 18, 2008:- The Reserve Bank of India issues directions for the purpose of proper assessment of books of accounts of NBFCs which shall include Auditors to submit additional Report to the Board of Directors,matters to be included in the Auditor’s report,reasons to be stated for unfavourable or qualified statements,obligation of auditor to submit an exception report to the Bank. NOTIFICATION No.DNBR (PD) CC.No.047/03.10.119/2015-16- dated 01/07/2015-Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs) Directions:- An NBFC-MFI is defined as a non-deposit taking NBFC (other than a company licensed under Section 25 of the Indian Companies Act,1956) that fulfills the following conditions:(i)Minimum Net Owned Funds of Rs.5 crore (For NBFC-MFIs registered in the North Eastern Region of the country,the minimum NOF requirement shall stand at Rs.2crore).(ii)Not less than 85% of its net assets are in the nature of “qualifying assets”. The Reserve Bank of India has issued directions for Non-Banking Financial Company-Micro Finance Institution which includes the regulatory framework for NBFC-MFIs,Statutory Auditors certificate,Fair Practices Code,Geographical Diversification,Formation of SRO,Monitoring of Compliance,Application for Registration as NBFC-MFIs. NOTIFICATION No.DNBR (PD) CC.No.044/03.10.119/2015-16 dated 01/07/2015:-Non-Systematically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions,2015- NOTIFICATION No.DNBR.008/ CGM (CDS) - 2015 dated 27/03/2015:-The Reserve Bank of India has issued the directions which shall be known as the Non-Systematically Important Non-Banking Financial(Non-Depo sit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions,2015 which includes income recognition,income from investments,accounting standards,accounting of investments,need for policy on



demand/call loans,asset classification,provisioning requirements,provision for standard asstes,disclosure in the balance sheet,accounting year,schedule to the balance sheet,transactions in government securities,submission of a certificate from statutory auditor to the bank,requirement as to capital adequacy, Loans against security of single product - gold jewellery, Verification of the ownership of gold, Standardization of value of gold accepted as collateral in arriving at LTV Ratio, Safety and security measures to be followed by Non-Banking Financial Companies lending against collateral of gold jewellery, Loans against security of shares, Concentration of credit/investment, Information with respect to change of address, directors, auditors, etc. to be submitted, NBFCs not to be partners in partnership firms, Norms for restructuring of advances, Flexible Structuring of Long Term Project Loans to Infrastructure and Core Industries. NOTIFICATION No.DNBR (PD) CC.No.060/03.10.119/2015-16 dated 01/07/2015- Opening of Branch/Subsidiary/Joint Venture/ Representative office or Undertaking Investment Abroad by NBFCs:- All NBFCs desirous of making any overseas investment must obtain ‘No Objection’ (NoC) of the Department of Non-Banking Supervision of RBI before making such investment, from the Regional Office in whose jurisdiction the head office of the company is registered.NOTIFICATION No.DNBR (PD) CC.No.061/03.10.119/2015-16 dated 01/07/2015- Requirement for Obtaining Prior Approval of RBI in Cases of Acquisition / Transfer of Control of NBFCs:- The prior written permission of the Reserve Bank of India shall be required for-a) any takeover or acquisition of control of an NBFC, whether by acquisition of

shares or otherwise;b) any merger / amalgamation of an NBFC with another entity or any merger

/ amalgamation of an entity with an NBFC that would give the acquirer / another entity control of the NBFC;

c) any merger / amalgamation of an NBFC with another entity or any merger / amalgamation of an entity with an NBFC which would result in acquisition / transfer of shareholding in excess of 10 percent of the paid up capital of the NBFC.

d) Prior written approval of the Reserve Bank would also be required before approaching the Court or Tribunal under Section 391-394 of the Companies Act, 1956 or Section 230-233 of Companies Act, 2013 seeking order for mergers or amalgamations with other companies or NBFCs.

NOTIFICATION No.DNBS.IT.CC.No.01/24.01.191./2015-16 dated 01/07/2015:- Returns to be submitted by NBFCs:-A. Returns to be submitted by deposit taking NBFCs-NBS:-1. Quarterly1 Returns on deposits in First Schedule2. 2. NBS-2 Quarterly3 return on Prudential Norms is required to be submitted by

NBFC accepting public deposits4. 3. NBS-3 Quarterly return on Liquid Assets by deposit taking NBFC5. 4. NBS-4 Annual return of critical parameters by a rejected company holding

public deposits. (NBS-5 stands withdrawn as submission of NBS 1 has been made quarterly6.)

5. NBS-6 Monthly return on exposure to capital market bydeposit taking NBFC with total assets of Rs 100 crore and above7.

6. Half-yearly ALM return by NBFC holding public deposits of more than Rs.20 crore or asset size of more than Rs. 100 crore8.

7. Audited Balance sheet and Auditor’s Report by NBFC accepting public deposits9.

8. Branch Info Return10. B. Returns to be submitted by NBFCs-ND-SI 9. NBS-7 A Quarterly11 statement of capital funds, risk weighted assets, risk

asset ratio etc., for NBFC-ND-SI12.

10. Monthly Return on Important Financial Parameters of NBFCs-ND-SI.11. ALM returns: (i) Statement of short term dynamic liquidity in format ALM

[NBS-ALM1] -Monthly, (ii) Statement of structural liquidity in format ALM [NBS-ALM2] Half yearly, (iii) Statement of Interest Rate Sensitivity in format ALM -[NBS-ALM3], Half yearly.

12. Branch Info return C. Quarterly return on important financial parameters of non deposit taking

NBFCs having assets of more than Rs.50 crore and above but less than Rs 100 crore

13. Basic information like name of the company, address, NOF, profit / loss during the last three years has to be submitted quarterly by non-deposit taking NBFCs with asset size between Rs 50 crore and Rs 100 crore.

As at the end of March every year, all NBFCs are required to submit an annual certificate duly certified by the Statutory Auditors that the company is engaged in the business of NBFI requiring it to hold the CoR. The certificate shall also indicate the asset / income pattern of the NBFC for making it eligible for classification as AFC, Investment Company, or Loan Company.NOTIFICATION No.DNBR (PD) CC.No.043/03.10.119/2015-16 dated 01/07/2015:- Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015:- NOTIFICATION No.DNBR.009/ CGM (CDS)-2015 dated 27/03/2015:-The Reserve Bank of India has issued the directions which shall be known as the Systematically Important Non-Banking Financial(Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions,2015 which includes income recognition,income from investments,accounting standards,accounting of investments,need for policy on demand/call loans, Asset classification, Standard asset provisioning, Disclosure in the balance sheet, Schedule to the balance sheet, Transactions in government securities, Submission of a certificate from Statutory Auditor to the Bank, Requirement as to capital adequacy, Loans against security of single product - gold jewellery,Verification of the ownership of gold, Standardization of Value of Gold accepted as collateral in arriving at LTV Ratio, Safety and security measures to be followed by Non-Banking Financial Companies lending against collateral of gold jewellery, Loans against security of shares, Concentration of credit/investment, Information with respect to change of address, directors, auditors, etc. to be submitted, NBFCs not to be partners in partnership firms, Norms for restructuring of advances. NOTIFICATION No.DNBR (PD) CC.No.049/03.10.119/2015-16 dated 01/07/2015:- The Non-Banking Financial Company - Factors (Reserve Bank) Directions, 2012:-The Reserve Bank of India has issued directions which shall be known as the non-banking financial company - factors (reserve bank) directions, 2012 which includes applicability of the Directions,registration and matters incidental,net owned fund,principal business,conduct of business,prudential norms,submission of returns,export/import factoring. NOTIFICATION No.DNBR (PD) CC.No.051/03.10.119/2015-16 dated 01/07/2015:- Know Your Customer’ (KYC) Guidelines – Anti Money Laundering Standards (AML) -’Prevention of Money Laundering Act, 2002 - Obligations of NBFCs in terms of Rules notified thereunder:- All NBFCs were advised to adopt KYC Guidelines with suitable modifications and ensure that a proper policy framework on KYC and Anti Money Laundering measures is formulated.It includes guidelines for NBFCs and persons authorised by NBFCs including brokers/agents, general guidelines, Allocation of Unique Customer Identification Code, Accounts of Politically Exposed Persons, Client accounts opened by professional intermediaries, Accounts of proprietary concerns, Maintenance of records of transactions, Preservation of records, Reliance on third party due diligence, Reporting to Financial Intelligence Unit-India, Assessment and Monitoring of Risk.



NOTIFICATION No.DBR.AML. BC. No. 15 /14.01.001/2015-16 dated 01/07/2015:- Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards/Combating Financing of Terrorism (CFT)/Obligation of banks and financial institutions under PMLA, 2002:- Banks/FIs have been advised to ensure that a proper policy framework on ‘Know Your Customer’ and Anti-Money Laundering measures is formulated. KYC procedures also enable banks/FIs to know/understand their customers and their financial dealings better and manage their risks prudently. Banks/FIs should frame their KYC policies incorporating the following four key elements:(i) Customer Acceptance Policy (CAP)(ii) Customer Identification Procedures (CIP); (iii) Monitoring of Transactions; and (iv) Risk Management. NOTIFICATION No.DNBR (PD) CC.No.054/03.10.119/2015-16 dated 01/07/2015:- Fair Practices Code :-The Guidelines on Fair Practice Code for NBFCs includes:-a) Applications for loans and their processing b) Loan appraisal and terms/conditionsc) Disbursement of loans including changes in terms and conditionsd) Responsibility of Board of Directorse) Grievance Redressal Officerf) Language and mode of communicating Fair Practice Codeg) Regulation of excessive interest charged by NBFCsh) Complaints about excessive interest charged by NBFCsi) Clarification regarding repossession of vehicles financed by NBFCsNOTIFICATION No.DNBR (PD) CC.No.064/03.10.001/2015-16 dated 02/07/2015:- Applicability of Credit Concentration Norms:- Notification No. DNBR 027 /CGM (CDS) -2015 dated 02/07/2015-The Reserve Bank of India has amended the Directions as follows:-In sub-paragraph (1) of paragraph 24 of the Directions, after the fourth proviso, the following proviso shall be inserted - “Provided further that nothing contained in paragraph 24(1) shall apply to (A) investments of NBFC in shares of (i) its subsidiaries; (ii) companies in the same group, to the extent they have been reduced from Owned Funds for the calculation of

NOF and (B) the book value of debentures, bonds, outstanding loans and advances

(including hire-purchase and lease finance) made to, and deposits with, - (i) subsidiaries of the NBFC; and (ii) companies in the same group, to the extent they have been reduced from Owned Funds for the calculation of

NOF”.Notification No. DNBR 028 /CGM (CDS) -2015 dated 02/07/2015:- The Reserve Bank of India has amended the Directions as follows:-In sub-paragraph (1) of paragraph 20 of the Directions, after the second proviso, the following proviso shall be inserted - “Provided further that nothing contained in paragraph 20(1) shall apply to (A) investments of NBFC in shares of (i) its subsidiaries; (ii) companies in the same group, to the extent they have been reduced from Owned Funds for the calculation of

NOF and

(B) the book value of debentures, bonds, outstanding loans and advances (including hire-purchase and lease finance) made to, and deposits with, -

(i) subsidiaries of the NBFC; and (ii) companies in the same group, to the extent they have been reduced from Owned Funds for the calculation of

NOF”.Notification No. DNBR(PD)CC.No.065/03.10.001/2015-16 dated 09/07/2015:- Requirement for obtaining prior approval of RBI in cases of acquisition/ transfer of control of Non-Banking Financial Companies (NBFCs)- Prior written permission of the Reserve Bank shall be required for any takeover or acquisition of control of an NBFC, which may or may not result in change of management,any change in the shareholding of an NBFC,any change in the management which would result in change in more than 30 percent of the directors,excluding independent directors.Prior approval would not be required for those directors who get re-elected on retirement by rotation. Notification No. DNBS(IT).CC.No.01/24.01.191/2015-16 dated 09/07/2015:- Returns to be submitted by NBFCs (Asset Size below Rs. 500 crore):- All non-deposit taking NBFCs (NBFCs-ND), with assets less than Rs. 500 crore are required to submit an Annual Return.Two new Return Formats have been created to capture important financial parameters of the respective category of NBFCs,i.e.NBS 8 for NBFCs-ND with assets size between Rs.100-500 crore and NBS 9 for NBFCs-ND with assets size below Rs.100 crore.Notification No. DBR.No.BP.BC.30/21.04.048/2015-16 dated 16/07/2015:- Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Credit Card Accounts- ‘Past due’ status of a credit card account for the purpose of asset classification would be reckoned from the payment due date mentioned in the monthly credit card statement.

Consequently, in case of banks, a credit card account will be treated as non-performing asset if the minimum amount due, as mentioned in the statement, is not paid fully within 90 days from the payment due date mentioned in the statement.

Notification No. DNBR.CC.PD.No.066/03.10.01/2015-16 dated 23/07/2015:- Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy - Review of the Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan(CAP)-

The Department of Banking Regulation, Reserve Bank has since reviewed theFramework based on the representations received from banks and the Indian Banks’ Association (IBA) on difficulties faced by them in its effective implementation and made certain modifications to the Framework vide circulars dated October 21, December 22, 2014 and June 8, 2015. On a review, it has been decided that the modifications in the Framework made vide the above mentioned circulars shall also be, mutatis mutandis, applicable to NBFCs.

G. FEMAComplied by CA Vivek Newatia

[email protected]

New Master Circulars issued by RBIRBI has issued various Master Circulars on 1st July 2015 updating and consolidating various provisions under FEMA:

Foreign Nationals



Nationals of Non-Indian Origin

Subsidiary (WOS) Abroad

Currency Vostro Accounts of Non-resident Exchange Houses

These Master Circulars are being updated from time to time as and when the fresh instructions are issued and may be referred to for general guidance. The AD Category-I banks and Authorized banks may refer to respective circulars/notifications for detailed information, if so needed.Re-export of unsold rough diamonds from special notified zone of customs without Export Declaration Form (EDF) formalityIn order to facilitate re-export of unsold rough diamonds imported on free of cost basis at Special Notified Zone (SNZ), the RBI has vide A.P. (DIR SERIES 2015-16) Circular No.1, dated 2-7-2015, clarified that the unsold rough diamonds, when re-exported from the SNZ (being an area within the Customs) without entering the Domestic Tariff Area (DTA), do not require any EDF formality.Investment in companies engaged in tobacco related activities As per Notification No. FEMA.20/2000-RB dated May 3, 2000, and Notification No. FEMA. 242/2012- RB dated October 19, 2012, Foreign Direct Investment is prohibited in manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes.It is clarified vide A.P. (Dir Series 2015-16) Circular No.2, Dated 3-7-2015, that the prohibition applies only to manufacturing of the products mentioned therein and foreign direct investment in other activities relating to these products including wholesale cash and carry, retail trading etc. shall be governed by the sectoral restrictions laid down in the FDI policy framed by the Department Of Industrial Policy & Promotion.Exim Bank’s GoI supported Line of Credit (LOC) of USD 15.13 million to the government of Republic of DjiboutiExim Bank has entered into an agreement dated March 9, 2015 with the Government of Republic of Djibouti, for making available to the latter, a LOC of USD 15.13 million for financing Ali Sabieh Cement Project in the Republic of Djibouti. The credit agreement under the LOC is effective from June 5, 2015 and the date of execution of agreement is March 9, 2015. Under the LOC, the last date for opening of letters of credit and disbursement will be 48 months from the scheduled completion date of contract in the case of project exports and March 8, 2021 (72 months from the execution date of the credit agreement) in the case of other supply contracts.Introduction of composite caps for simplification of FDI policy to attract foreign investments The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to review the existing FDI policy on various sectors provided in the Consolidated FDI Policy Circular 2014, as amended by the Consolidated FDI Policy Circular 2015, by introducing composite caps for simplification of Foreign Direct Investment (FDI) policy to attract foreign investments vide Press Release, dated 16-7-2015.Issue of shares under employees stock options scheme and/or sweat equity shares to persons resident outside India The RBI has vide A.P. (Dir Series 2015-16) Circular No.4, Dated 16-7-2015 decided

that an Indian company may issue “employees’ stock option” and/or “sweat equity shares” to its employees/directors or employees/directors of its holding company or joint venture or wholly owned overseas subsidiary/subsidiaries who are resident outside India, provided that :a) The scheme has been drawn either in terms of regulations issued under the

SEBI Act, 1992 or the Companies (Share Capital and Debentures) Rules, 2014 notified by the Central Government under the Companies Act 2013, as the case may be.

b) The “employee’s stock option”/”sweat equity shares” issued to non-resident employees/directors under the applicable rules/regulations are in compliance with the sectoral cap applicable to the said company.

c) Issue of “employee’s stock option”/”sweat equity shares” in a company where foreign investment is under the approval route shall require prior approval of the FIPB of Government of India.

d) Issue of “employee’s stock option”/”sweat equity shares” under the applicable rules/regulations to an employee/director who is a citizen of Bangladesh/Pakistan shall require prior approval of the FIPB of Government of India.

Export factoring on non-recourse basis In order to facilitate exports, AD Category – I banks have been permitted vide A.P. (Dir Series 2015-16) Circular No.5, Dated 16-7-2015, to provide ‘export factoring’ services to exporters on ‘with recourse’ basis by entering into arrangements with overseas institutions for this purpose without prior approval from the Reserve Bank of India subject to compliance with guidelines issued by the Department of Banking Regulation in this regard.Foreign investment in India by foreign portfolio investors It is clarified vide A.P. (Dir Series 2015-16) Circular No.6, Dated 16-7-2015, that the restriction on investments with less than three years residual maturity shall not be applicable to investment by FPIs in security receipts (SRs) issued by the Asset Reconstruction Companies. However, investment in SRs shall be within the overall limit prescribed for corporate debt from time to time.

H. International TaxationCompiled by CA Rahul [email protected]

International TaxationCBDT notifies valuation rules and timelines for one-time compliance window under Black Money Taxation Act [Notification No. 58/2015 /F. No. 133/33/2015-TPL dated 2nd July 2015]CBDT issues clarifications in form of FAQs on one time compliance window scheme of the Black Money Taxation Act [Circular No. 13 of 2015 dated 6th July 2015]The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Black Money Taxation Act) was enacted on 26 May 2015, and has been made effective from 1 July 2015 (Notification No. – 56/2015). The Black Money Taxation Act covers all persons who are resident in India in accordance with the provisions of the Income Tax Act, 1961 (the Act). However, individual who are not ordinarily resident (RNOR) in India are excluded from the ambit of the Black Money Taxation Act.Any undisclosed foreign income and undisclosed foreign assets detected after 30 June 2015 will henceforth be taxed under the Black Money Taxation Act, and not under the Act. Besides the stringent penalties and prosecution, the Black Money Taxation Act contained the provision of a onetime compliance opportunity to those who have undisclosed foreign assets. Where any disclosure is made under one time compliance the window, the declarant can come clean by paying 60% as tax and penalty thereon. No prosecution will be launched against them under the Black Money Taxation Act.In order to provide clarification on several unclear aspects, especially provisions related to “one time compliance window”, the Central Board of Direct Taxes (CBDT) has recently released Frequently Asked Questions (FAQs).




EIRC 1st August 2015 17

18Ê EIRC 1st August 2015





NOTIFICATIONNo.13-CA (EXAM)/CPT/December/2015: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test will be held on Sunday, 13th December, 2015 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre.

[This Common Proficiency Test will be conducted as per provisions of Regulation 25 D (3) of the Chartered Accountants Regulations, 1988.]

First Session 10.30 AM to 12.30 PM (IST)(i.e. Morning Session) Section - A Fundamentals of Accounting Section - B Mercantile Laws

Second Session 2.00 PM to 4.00 PM (IST) (i.e. Afternoon Session) Section - C General Economics Section - D Quantitative Aptitude

Applications for admission to Common Proficiency Test is required to be made in the relevant prescribed form as contained in the Information Brochure, which may be obtained from the Deputy Secretary (Examinations), The Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110002 on payment of ` 1500/- (` 500/- towards examination fee and `1000/- towards cost of application form and Information brochure) per application form. The fee for candidates opting for Abu Dhabi and Dubai, centres will be US $170 (US $ 150 towards examination fee and US $ 20 towards cost of application form and information brochure) or its equivalent Indian Currency. The fee for the candidates opting for Kathmandu centre are required to remit INR.1850/-(INR 850/- towards examination fee and INR 1000/- towards the cost of application form and information brochure) or its equivalent foreign Currency. Since the cost of Information brochure containing Common Proficiency Test application form includes the examination fee, no separate fee is required to be remitted at the time of submitting the filled in application form. The Information brochure containing Common Proficiency Test application form will also be available in the Regional and Branch Offices of the Institute and can be obtained there from on cash payment on or from 6th October, 2015.

Common Proficiency Test application forms duly filled in may be sent so as to reach the Deputy Secretary (Examinations) at New Delhi not later than 27th October, 2015. Applications received after 27th October, 2015 shall not be entertained under any circumstances. Applications duly filled in will be received by hand delivery at the office of Institute at New Delhi and at the Decentralised Offices of the Institute at Mumbai, Chennai, Kolkata, Kanpur, Delhi, Ahmedabad, Bengaluru, Ernakulam, Hyderabad, Indore, Jaipur, Nagpur, Pune, Surat, Thane and Vadodara upto 27th October, 2015. Candidates residing in these cities are advised to take advantage of this facility. It may be noted that there is no provision for acceptance of application forms after 27th October, 2015 with late fee.

The candidates who fill up the examination application form online at http://icaiexam.icai.org from 6th October, 2015 (10.00 hrs) to 27th October, 2015 (17.30 hrs) and remit the fee online by using either VISA or MASTER Credit / Debit Card shall not be charged `1000/- (i.e. cost of application form fee).

The aforesaid Common Proficiency Test (CPT) is open only to students registered with the Institute of Chartered Accountants of India for the Common Proficiency Course on or before 1st October, 2015 and fulfill the requisite eligibility conditions.

For more Information visit : www.icai.org

NOTIFICATIONNo. 13-CA (EXAM)/N/2015: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Intermediate (IPC) and Final examinations will be held on the dates given below at the following places provided that sufficient number of candidates offer themselves to appear from each centre.Similarly, Examinations in Post Qualification Courses under Regulations 204, viz.: Management Accountancy Course (MAC) Part – I, Corporate Management Course (CMC) Part – I, Tax Management Course (TMC) Part – I, Insurance and Risk Management (IRM), and International Trade Laws and World Trade Organisation (ITL & WTO) examinations (which are open to the members of the Institute) will be held on the dates given below at the above places (centres in India only) provided that sufficient number of candidates offer themselves to appear from each of the above places.INTERMEDIATE (IPC) EXAMINATION [As per syllabus contained in the scheme notified by the Council under Regulation 28 E (3) of the Chartered Accountants Regulations, 1988]

Group-I : 2nd, 4th, 6th & 8th November 2015Group-II : 10th, 13th & 15th November 2015(Afternoon Session: 2.00 PM to 5.00 PM) (IST)

FINAL EXAMINATION[As per syllabus contained in the scheme notified by the Council under Regulation 31 (ii) of the Chartered Accountants Regulations, 1988.]

Group-I : 1st, 3rd, 5th & 7th November 2015Group-II : 9th, 12th, 14th & 16th November 2015(Afternoon Session: 2.00 PM to 5.00 PM) (IST)

MANAGEMENT ACCOUNTANCY COURSE (MAC) PART – I, CORPORATE MANAGEMENT COURSE (CMC) PART – I, TAX MANAGEMENT COURSE (TMC) PART – I EXAMINATIONS

Group-I : 9th & 12th November 2015Group-II : 14th & 16th November 2015 (Afternoon Session: 2.00 PM to 5.00 PM) (IST)

INSURANCE AND RISK MANAGEMENT (IRM) EXAMINATIONModules I to IV 9th, 12th, 14th & 16th November 2015(Afternoon Session: 2.00 PM to 5.00 PM) (IST)

INTERNATIONAL TRADE LAWS AND WORLD TRADE ORGANISATION (ITL&WTO) EXAMINATION

Group A 2nd , 4th & 6th November 2015Group B 8th, 10th & 13th November 2015(Afternoon Session: 2.00 PM to 5.00 PM) (IST)

The candidates who apply online at http://icaiexam.icai.org from 4th August, 2015 to 25th August, 2015 and remit the fee online by using either VISA or MASTER Credit/ Debit Card shall not be charged ` 1000/- in case of Intermediate (IPC) & Final examination (i.e. cost of application form fee). They shall however, be required to remit additional ` 600/- towards late fee in case the application online is made after 25th August 2015 and upto 1st September, 2015.The fees payable for the various examinations are as under:

INTERMEDIATE (IPC)For Both the Groups / Unit - 9 ` 1900/-For one of the Groups / Unit 1 to 8 ` 1200/-

FINAL EXAMINATIONFor Both the Groups ` 2700/-For one of the Groups ` 1500/-

MANAGEMENT ACCOUNTANCY COURSE (MAC) PART - 1, CORPORATE MANAGEMENT COURSE (CMC) PART – I, TAX MANAGEMENT COURSE (TMC) PART – I EXAMINATIONS

For Both the Groups ` 2000/-For one of the Groups ` 1000/-Insurance & Risk Management (IRM) Examination ` 2000/-

INTERNATIONAL TRADE LAWS AND WORLD TRADE ORGANISATION (ITL & WTO) EXAMINATION:

For Both the Groups ` 4000/-For one of the Groups ` 2000/-

Candidates of Intermediate (IPC) and Final examination opting for Dubai /Abu Dhabi / Muscat are required to remit, US$ 420 and US$ 480 respectively or their equivalent Indian Currency irrespective of whether a candidates appears in a group or in both the groups or in a unit. Candidates of Intermediate (IPC) and Final Examinations opting for Examination Centre at Kathmandu are required to remit Indian ` 2700/- and Indian ` 3600/- respectively or their equivalent relevant foreign currency irrespective of whether the candidates appear in a group or in both the groups or in a unit.

For more Information visit : www.icai.org

TO BE PUBLISHED IN PART III SECTION 4 OF THE GAZETTE OF INDIA

ICAI Notification


EASTERN INDIA REGIONAL COUNCIL THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

Russell Street Office: ICAI Bhawan 7, Anandilal Poddar Sarani (Russell Street), Kolkata- 700071Kasba Office : ICAI Bhawan, 382/A, Prantik Pally, Kasba, Kolkata – 700107

Name ResponsibilityKasba Office

Russell Street Office

EMAIL

Dr. Alok Ray, Jt. Secretary (9330001192) Decentralised Office - Head 30840277 30211102 [email protected]. Abhijit Basu, Dy. Secretary (9830664225) In Charge of Members & Articles 30840271 – [email protected] MEMBERS SECTION Mr. Pradip Sarkar, Consultant Disputes, Query Redressal Fees Enquiry 30840296 – [email protected]

Mr. Arun Kumar Santra, Asst. SecretaryFellow COP, Cancellation & Restoration of COP, Script Certificate and Fees enquiry, CA. Main Exam, IFRS & ISA Exam related issues.

30840287 – [email protected]; [email protected]

Ms. Nandini Guha, Executive OfficerEnrollment of Associate Membership, Identity Card, Script Certificate and fees enquiry

30840299 – [email protected]

Mr. Somnath De, Executive Officer Merger, Networking, Reconstitution of Firms 30840288 – [email protected], Mr. Soumen Mondal, DEO Restoration of name, Registration of Firms 30840289 – [email protected] SECTIONMr. Utpal Basu, Consultant Article Registration, Completion 30840257 - [email protected]

Ms. Anindita Kundu, Sr. Executive OfficerArticle Re-registration, termination, Other Courses, Exam eligibility

30840265 – [email protected]; [email protected]

Ms. Shreya Lohia, Executive OfficerRegistration alongwith other courses, Supplementary Registration


Ms. Sutapa Das, Executive Officer Article Completion & Secondment 30840263 – [email protected]. Pallab Ghosh, DEO Registration, Industrial Training, ATC, 30840259 – [email protected]. Moushumi Bhadra Chatterjee, DEO Article Re-registration, termination & Other Course 30840266 – [email protected] BOARD OF STUDIESMr. Srijib Bardhan, Dy. Director (9332561250) Head of Dept. 30840251 – [email protected], Mr. Bivas Kanti Dasgupta, Consultant Final & ITT Certificate, Campus Placement 30840242 – [email protected]

Ms. Susmita Sen, Student CounsellorTo know about CA Course, Student Programmes, Campus Placement


Ms. Sarmistha Biswas, Section Officer Orientation Course 30840237 – [email protected]. Piyali Chatterjee, DEO CPT, IPCC – 30211123 [email protected]. Kaushik Bhattacharjee, DEO IPCC, CPT, Revalidation 30840241 – [email protected]. Swarup Karmakar, LDC Distribution of Study Materials 30840243 – [email protected] Qualification Courses (PQC) CELL

CA Debasish Sen, Asst. Secretary (9903424014)Co-ordinator and Nodal Officer of all Post Qualification & Certificate Courses.

– 30211117 [email protected]

CALCUTTA COMPUTER CENTREMs. Malini Sinha Chowdhury, Sr. Faculty In Charge of Computer Centers. – 30211142 [email protected] COUNCILMr. Pallab Sarkar, Dy. Secretary (9230062227) GMCS – 30211144 [email protected]; [email protected]. Kabir Ghosh, Consultant Seminar Information – 30211134 [email protected]. Pradyut Chakraborty, Consultant Seminar Information – 30211104 [email protected] Mr. Saibal Krishna Chakraborty, Asst. Secretary Seminar Information – 30211104 [email protected]. Amit Paul, Sr. Executive Officer Seminar Information – 30211133 [email protected], [email protected]. Jyoti Luharuka, Executive Officer Website (eirc-icai.org), Seminar Information – 30211133 [email protected]. Santanu Bose, DEO Seminar information, CPE Hrs. – 30211108 [email protected]; [email protected]

Ms. Swati Banerjee, Librarian In Charge of Library Section – [email protected], [email protected]

SALES COUNTER / PUBLICATIONSMr. AN Bhaduri, Asst. Secretary (9748003216) Publications – 30211120 [email protected]

Mr. Abhijit Roy, LDC Sales Counter 30211101/47 [email protected]

Contact Details


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

EIRC DEEPLY MOURNS THE SAD DEMISE OF

CA CHANDAN MAY SADHUPast Chairman, Asansol Branch

Membership No. 052741Passed away on 13th July 2015

CA SUSHIL KUMAR BISWASMembership No. 053383

Passed away on 3rd April 2015

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

SlNo Title & Edition Author Publisher Year

1Your Strategy needs a Strategy

Martin Reeves Harvard Business

2015

2 The Open Organisation Jim WhitehurstHarvard Business

2015

3 The Value Elephant Sanjay Kulkarni

Portfolio Penguin

2015

4 Winning InstinctVirendar Kapoor

Bloomsbury 2015

5The Portfolio Book of Great Indian Business Stories

Portfoli Penguin

Portfolio Penguin

2015

6 God’s Own Office James JosephPortfolio Penguin

2015

7 How we Learn Benedict Carey Macmillan 2015

8India’s Greatest CEOs Tell you how to win

Suhel Seth Maven Rupa 2015

9 Beat The Crowd Ken Fisher Wiley 2015

10 Dr Joseph BelmonteBuffet And Beyond

Wiley 2015

11Taxation of Blck Money Stashed Abroad

K K RamaniCurrent Publication

2015

12 You Can Heal Your Life Louise HayHay House India

2014

Please enrol and enjoy the treasure of knowledge at EIRC Library. For further information call EIRC at (033)30211103/o5 or mail us at [email protected]

WORK DISPOSAL WORK DISPOSAL STATUS OF VARIOUS ACTIVITIES RELEATED TO

MEMBERS SECTION as on 27/07/20151) New Enrolment 15/07/2015

2) Grant of Certificate of Practice 15/07/2015

3) Grant of Fellow Admission 15/07/2015

4) Firm Registration / Constitution 15/07/2015

5) Reconstitution of Firms 09/07/2015

6) Restoration (Prospective) 15/07/2015

7) Change of address 15/07/2015

8) Permission of other engagement 15/07/2015

ARTICLES SECTION as on 29/07/2015

New Registration 21/05/2015

Industrial training Registration 22/07/2015

Re-registration 08/07/2015

Termination 11/07/2015

Completion 08/06/2015

Permission to Study 20/07/2015

Supplementary Registration 22/07/2015

Change of Address 25/07/2015

BOARD OF STUDIES SECTION as on 28/07/2015

CPT Registration 09/07/2015

IPCC Registration 08/07/2015

Final Registration 03/07/2015

By Hand By PostIssuance of Study Materials - CPT Upto Date 15/07/2015

Issuance of Study Materials - IPCC Upto Date 15/07/2015

Issuance of Study Materials - Final Upto Date 15/07/2015

GMCS Certificate Issuance Upto Date

Orientation Certificate Issuance Upto Date

ITT Certificate Issuance 28/06/2015

Change of Name/Address Upto Date

CA UTPAL DASGUPTAMembership No. 015120

Passed away on 11th July 2015

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

2. Howrah Reading Room for Girls’ at 16/4/1,Round Tank Lane near Mullick Phatak, Howrah-711101.

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

Work Disposal


Asansol Branch

Student Conference organised by Asansol Branch of EIRC

Guwahati Branch

National Convention for CA students, Uddan- Beyond All Limits

Silver Jubilee Celebration of Durgapur branch held on 28.07.2015

Durgapur Branch

Raniganj Branch

Seminar on LLP Formation & Conversion along with Tax Impact organised by Raniganj Branch of EIRC

Sambalpur Branch

Seminar on Implementation of Companies Act 2013 on 27th June 2015 by Sambalpur Branch of EIRC

Siliguri Branch

L - R: CA Sanjoy Das, Secretary, Siliguri Branch, CA Manish Goyal, Secretary, EIRC, CA K P Khandelwal, Past Council Member, ICAI, CA Pramod Dayal Rungta,Chairman, EIRC, CA A H Dalal, Past President, ICAI, CA Manoj Fadnis, President, ICAI,CA Sumantra Guha, Council Member, ICAI, CA Shyam Kr Agarwal, Chairman, Siliguri Branch, CA Vikash Jain, Chairman, Guwahati Branch

R - L : CA Shyam Kr Agarwal, Chairman, Siliguri Branch, CA Manoj Fadnis, President, ICAI, CA A H Dalal, Past President, ICAI & Mrs. Dalal, CA Pramod Dayal Rungta, Chairman, EIRC

Inaugural Session; National Convention for CA students, Uddan- Beyond All Limits on 7th and 8th July 2015

Branch Events


EIRC Event

CA Day Celebrations – 1st July 2015

Seminar on NBFC on 10th July 2015

Hoisting of CA Flag – CA Pramod Dayal Rungta, Chairman, EIRC addressing the gathering. Others (L – R): CS Mamta Binani, Vice President, ICSI, CA Sonu Jain, Past Secretary, EIRC, CA Subhash Chandra Saraf, Past Chairman, EIRC, CA Anirban Datta, Vice Chairman, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Manish Goyal, Secretary, EIRC, CA Sumantra Guha, Council Member, ICAI and others

Cancer Awareness and Detection Camp – (L - R) CA Pramod Dayal Rungta, Chairman, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Anirban Datta, Vice Chairman, EIRC, Dr. V K Agarwal, Oncologist, CA Manish Goyal, Secretary, EIRC

Felicitation of Members 80 Yrs. And above – L : R: CA Anirban Datta, Vice Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, CA Salil Kumar Gupta, Past President, ICAI, CA A C Chakrabortti, Past President, ICAI, CA Santosh Kumar Dasgupta, Past President, ICAI, CA Sumantra Guha, Council Member, ICAI, CA Manish Goyal, Secretary, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

L – R: Dr. Sathyan David, CGM, DNBS, Central Office, RBI, CA Pramod Dayal Rungta, Chairman, EIRC, CA Anirban Datta, Vice Chairman, EIRC and others

Blood Donation Camp –Among others are CA Pramod Dayal Rungta, Chairman, EIRC, CA Anirban Datta, Vice Chairman, EIRC, CA Manish Goyal, Secretary, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC & others

Late CA P M Narielvala Lecture on “Paradigms of Indian Economic Development – Controversies and Issues” by CA Bhaskar Banerjee, Former Council Member, ICAI. Others are CA Manish Goyal, Secretary, EIRC, CA Anirban Datta, Vice Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC

L – R: CA Mohit Bhuteria, CA Manoj Banthia, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

EIRC Event


National Convention for CA Students – 11th & 12th July 2015

Lighting the Inauguration Lamp – L – R: CA Manish Goyal, Secretary, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Anirban Datta, Chairman, EICASA & Vice Chairman, EIRC, CA Abhijit Bandyopadhyay, Council Member, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Subhash Chandra Saraf, Past Chairman, EIRC, Mr. Saquib Gulzar, Vice Chairman, EICASA, CA Sunil Kumar Sahoo, Treasurer, EIRC

L – R : Mr. Gaurav Rathi & Mr. Rounak Agarwal (both paper presenters), CA Manish Goyal, Secretary, EIRC, CA Abhijit Bandyopadhyay, Council Member, ICAI, Mr. Ritesh Agarwal, paper presenter, Mr. Keshav Kejriwal, Secretary, EICASA

L – R: Mr. Tejan Dargar, Ms. Megha Agarwal (both paper presenters), CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Prasun Kumar Bhattacharyya, Past Chairman, EIRC, Ms. Deepika G, paper presenter, Mr. Kaushal Baid, Treasurer, EICASA

Releasing the Souvenir - L – R: CA Anirban Datta, Chairman, EICASA & Vice Chairman, EIRC, CA Abhijit Bandyopadhyay, Council Member, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, Mr. Saquib Gulzar, Vice Chairman, EICASA

Interactive Session – L - R : CA Sunil Kumar Sahoo, Treasurer, EIRC, CA Anirban Datta, Chairman, EICASA & Vice Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC, CA Abhijit Bandyopadhyay, Council Member, ICAI, CA Manish Goyal, Secretary, EIRC, Ms. Sanju Agarwal, Board Member, EICASA

EIRC Events EIRC Event

Motivational Session : HG AshrayGauranga Das, Head of Education, ISKON

Mr.Gaurav Chandra Dutt, IG, (IPS)


EIRC Events

National Convention for CA Students – 11th & 12th July 2015

L – R: Ms. Saheen Khan, Mr. Harshit Singhal (both paper presenters), CA Sunil Kumar Sahoo, Treasurer, EIRC, CA Somobrata Dutta, Past Chairman, EIRC, Mr. Diganta Chowdhury, paper presenter, Mr. Anup Soni, Board Member, EICASA

Fashion Show by Students

Convocation on 12th July 2015

Lighting the Inauguration Lamp- L-R: CA Sushil Kumar Goyal, Past Chairman, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Yogesh Gupta, IPS, Special Director, ED, CA Manish Goyal, Secretary, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, CA Manoj Fadnis, President, ICAI, CA Abhijit Bandyopadhyay, Council Member, ICAI, CA Subhash Chandra Saraf, Past Chairman, EIRC, CA V Murali, Chairman, BOS

CA Yogesh Gupta, IPS, Special Director, ED

CA Manoj Fadnis, President, ICAI

Cultural Show by Underground Authority

A View of the ConvocationOath taking ceremony at Convocation

Releasing the day’s Chronicle – The EICASA Board Members alongwith CA V Murali, Chairman, BOS, ICAI (center), CA Anirban Datta, Chairman, EICASA & Vice Chairman, EIRC (left) and CA Ranjeet Kumar Agarwal, Past Chairman, EIRC (right)

EIRC Event


EIRC Events

Seminar on Direct Taxes on 14th July 2015

L – R: CA Rajkumar Adukia, Council Member, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC

Workshop on Forensic Accounting & Fraud Prevention on 14th July 2015

L – R: CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC,

CA Milin Mehta CA Ashok Raghavan

L – R: CA Manish Goyal, Secretary, EIRC, CA Anirban Datta, Vice Chairman, EIRC, CA Aditya Kumar Maheshwari, Past Chairman, Siliguri Branch, CA Pramod Dayal Rungta, Chairman, EIRC

CA Pramod Dayal Rungta, Chairman, EIRC, CA T P Ostwal and others

Seminar on ICDS on 7th July 2015 Seminar on Contemporary Topics on International Taxation & Transfer Pricing jointly with IFA on 3rd July 2015

L – R: CA Manish Goyal, Secretary, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Vivek Agarwal, CA Pramod Dayal Rungta, Chairman, EIRC

Seminar on Labour Law on 16th July 2015

L : R: CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sanjay Agarwal, CA Kamal Bagrodia, CA Pramod Dayal Rungta, Chairman, EIRC

Audit Report and Companies Act Matter Different Issues in Depreciation on 30th July 2015

Meeting with Mr. Moloy Ghatak, Hon’ble Minister of Labour, Govt. of WB by CA Pramod Dayal Rungta, Chairman, EIRC

Meetings with State Ministers, Govt. of West Bengal

Meeting with Sri Jyotirmoy Kar, Hon’ble Minister of Co-operation, Govt. of WB (right) by CA Manish Goyal, Secretary, EIRC (left) and CA Pramod Dayal Rungta, Chairman, EIRC

EIRC Event


Seminar on Capital Market on 25th July 2015

L – R: CA Anirban Datta, Vice Chairman, EIRC, Mr. Kamal Kothari, Chairman, EIRC-ANMI, CA Bijay Murmuria, Past President, ANMI, CA Subodh Kumar Agrawal, Past President, ICAI, Mr. J N Gupta, MD – Stakeholder Empowerment Services, CA Pramod Dayal Rungta, Chairman, EIRC

L – R: CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Nilesh Shah, Kotak, CA Anand Rathi, Chairman – Anand Rathi, Mr. Pranab K Choudhury, Ex. ICRA, Mr. Ritesh Jain, CIO - Tata AMC, CA Rakesh Somani

Lighting the Inauguration Lamp – Seen are CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Anirban Datta, Vice Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, CA Subodh Kumar Agrawal, Past President, ICAI, Mr. J N Gupta, MD – Stakeholder Empowerment Services, Mr. Kamal Kothari, Chairman, EIRC-ANMI, CA Bijay Murmuria, Past President, ANMI and others

L – R: CA Subhash Chandra Saraf, Past Chairman, EIRC, Mr. Amit Tandon, MD, Institutional Investor Advisory Services, CS. Pawan K Vijay, Past President, ICSI, CA Dipankar Chatterji, Past Council Member, ICAI, Mr. Kaushik Mukherjee, Partner, J Sagar, Mr. J N Gupta, MD, Stakeholder Empowerment Services, CA Vinod Goyal

Mr. Amit Tandom, MD, Institutional Investor Advisory Services

Mr. Anand Rathi, Chairman - Anand Rathi

Mr. Atul Suri, Rare Enterprises

Mr. Basav Bhattacharyya Mr. J N Gupta, MD -Stakeholder Empowerment Services

Mr. Kaushik Mukherjee, Partner, J Sagar

Mr. Pranab K Choudhury, Ex. ICRA

Mr. Ritesh Jain, CIO - TATA AMC

Panel Discussion on Bull Markey vs. Economy – L – R: CA Vivek Drolia, Mr. Ambareesh Baliga, Mr. Atul Suri, Rare Enterprises, Mr. Basav Bhattacharyya, Mr. Ritesh Jain, TATA AMC, CA Abhishek Bhutra

CA Dipankar Chatterji, Past Council Member, ICAI

CA Nilesh Shah, KOTAK CS Pavan K Vijay, Past President, ICSI

CS Subodh Kr. Agrawal, Past President, ICAI

EIRC Event



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

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

BOOK POSTCA Pramod Dayal Rungta, EditorCA Anirban Datta, Jt. EditorCA Manish Goyal, MemberCA Sunil Kumar Sahoo, MemberCA Ranjeet Kumar Agarwal, MemberCA Subodh Kumar Agrawal, MemberCA Pawan Kumar Lilha, Co-opted Members

CA Sarad Jha, Co-opted MembersCA Anil Kumar Agarwal, Sub Group MemberCA Pradeep Kumar Drolia, Sub Group MemberCA Rajendra Kumar Parakh, Sub Group MemberCA Manoj Digga, Sub Group MemberCA Santosh Kumar Dokania, Sub Group MemberCA Binod Kumar Agrawal, Sub Group Member

��

Documents

THE INSTITUTE OF CHARTERED ACCOUNTANTS …...Wish you all a very happy Independence Day and let’s vouch that we constantly remain in bond and touch to strengthen our community and