lecture meetings vice-president’s communiqué · 4 bcas newsletter, october 2008 42nd residential...

BCAS Newsletter, October 2008 1

President : Anil Sathe, 24367693; Vice-President : Ameet Patel, 66178000; Hon. Secretaries : Pradip Thanawala, 22694248; Mayur Nayak, 26831199; Hon. Treasurer : Deepak Shah : 22420089

PROGRAMMES

AT

A

GLANCE

7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020. Tel. Nos. : 66595601 to 05; Fax : 66595606 E-mail : [email protected]; Website : www.bcasonline.org

Vice-President’s Communiqué . . ✍

Day & Date : Wednesday, 22nd October 2008

Speaker : Sunil Gabhawalla, Chartered Accountant

Subject : Issues in Cenvat Credit

Day & Date : Wednesday, 19th November 2008

Speaker : P. R. Ramesh, Chartered Accountant

Subject : Convergence to IFRS — Challenges andStrategies

Day & Date : Wednesday, 26th November 2008

Speaker : Dilip V. Lakhani, Chartered Accountant

Subject : Survey — Legal, tax and accounting aspects— Assessment implications

*Fellowship over a cup of tea at 5.45 p.m.

Lecture Meetings*Venue : 4th floor, IMC, Churchgate, Mumbai-400020.

Time : 6.15 p.m. (unless otherwise specified)

Seminar on Issues in Procedural and Administrative Aspects of Service Tax ................ 18-10-2008. ............................................. BCAS ........................................................................... 7A Conference to celebrate its Diamond Jubilee ................................................................... 8-11-2008 ................................................ Y. B. Chavan Auditorium, Nariman Point. .............. 3Dr. CA X.Y. Zee — For Chartered Accountants who wish to become Doctors . . . ...... November 2008 .............................................................................................................................. 5IFRS Study Circle ..................................................................................................................... November 2008 ............................................................................................................................ 10Indirect & Allied Laws Seminar .............................................................................................. 7,13,20,28-11-2008 ................................. Gulmohar Hall, BCAS Society. ................................. 7Ninth Intensive Study Course on Double Tax Avoidance Agreement ............................... 16-12-2008 to 5-3-2009 ......................... Jai Hind College, ‘A’ Road, Churchgate, Mumbai. 242nd Residential Refresher Course (RRC) ............................................................................ 23rd to 26-1-2009 .................................. Hotel Country Inn & Suites, Goa ............................. 4TDS — e-Learning Course ................................................................................................................................................................................................................................................................. 8Why you can’t do without this effective communication and public speaking course .... 4,8,11-1-2009, 18,22-1-2009, 1-2-2009 BCAS Conference Room, Mumbai-400020. ............. 2

Harnessing Talent and Providing Quality Service October 2008Vol. 11 No. 7

Dear Members,

GREED. This small word is probably at the root of what appears tobe heading towards a financial crisis that threatens to engulf almostthe entire world. The disastrous occurrences in the financial servicessector across the globe have had a telling effect on the sentimentsof people across various sectors. The continuously falling stock indicesand the closure of iconic investment banks coupled with the bailoutpackages offered by the US Govt. have all hit the headlines and havebeen the favourite topic of discussion for millions of people. It isobvious that there will be an adverse impact of all these on the jobmarket in India and elsewhere. Short-term investors would be the mosthurt in the process. Whether or not long-term investors will also behurt will depend on how long the current crisis lasts. The gravity ofthe situation that prevails in the USA is borne out by the fact thaton 3rd October, President Bush signed the Emergency EconomicStabilisation Act of 2008 and the same has now become law in theUSA. There are various measures taken by the US Congress aimedat providing relief to their citizens and corporates. We wait with batedbreath as a mega economic story appears to be getting written onthe international stage. We all need to tighten our belts and braceourselves for the impending economic recession.

The busy tax and audit season is finally over. Despite an over-burdenof work for our members in this crucial month, all of us have beenable to complete our assignments in time. This only shows that ifproper planning and systematic processes are put in place, we canall achieve our targets without having to go to the Finance Ministrywith requests for extension of due dates. With the e-filing processstabilising now and with our members becoming more accustomed tothis paperless system, it is hoped that filing of the various tax returnswill become a simpler and less strenuous process for all of us.

At the BCAS, we are now going full steam ahead with the variousDiamond Jubilee year events. Enrolment for the RRC has begun.Preparations for the Diamond Jubilee Conference too are in full swing.

The Research Committee has come up with a very interesting event,the details of which are published in this newsletter. I hope that moreand more members will come forward and attend our programmes thisyear.

At the national level, the Nano is finally out of Singur and into a morehospitable place. One hopes that the House of Tatas is now able toachieve its historic and ambitious goal smoothly.

My colleagues at the BCAS join me in wishing you a very joyous,peaceful and wonderful festive season.

Yours sincerely,

Ameet N. Patel

A business that makes nothing but moneyis a poor business. — Henry Ford

BCAS Newsletter, October 20082

Ninth Intensive Study Course on

Double Tax Avoidance AgreementCourse Co-ordinators : Gaurang Gandhi, Chetan Shah, Manish Unadkat

The above-mentioned 9th batch would be held from 16th December,2008 to 5th March, 2009. This intensive course would be conductedin classroom style. There will be around 28 lectures in all, coveringeach article of DTAA with special emphasis on features like force ofattraction, most favoured nation & triangular cases and a testthereafter. The UN Model Convention will form the basis of the course.

Faculty will comprise senior professionals having expertise in the fieldof International Taxation and may include the following persons :

Dilip J. Thakkar, Geeta Jani, Hitesh Gajaria, Jayesh Karia, KeyurShah, Kishor Karia, Mayur Desai, Mayur Nayak, Naresh Ajwani,Pinakin Desai, Pranav Sayta, Rajiv G. Shah, Sharad Jain, SushilLakhani, T. P. Ostwal, Vispi Patel and Yogesh Thar.

Dates : 16th December, 2008 to 5th March, 2009

Time : Tuesdays and Thursdays : 6 p.m. to 8 p.m.Saturdays : 3 p.m. to 7 p.m.

Venue : Jai Hind College, ‘A’ Road, Churchgate, Mumbai.

Fees : Rs.5,000 per participant (including Rs.20 as contribution toBCAS Foundation)

Enrolment is restricted to 50 participants on first-come-first-servedbasis. To give benefit of this course to a larger spectrum of members,enrolment would be restricted to a maximum of 7 members from thesame organisation and additional members from that organisationwould be kept on waiting list. They would be enrolled if vacancy islater available.

Enrolment fees are non-refundable, non-transferable and as perSociety’s policy, a participant is not permitted to substitute anotherperson.

Enrolment form is printed on page 12.

Chairman : Pinakin DesaiCo-Chairman : Rajesh KothariConvenors : Dhishat Mehta

Nitin ShingalaSushil Lakhani

Why you can’t do without this effectivecommunication and public speaking coursePeople in organisations typically spend over 75% of their time in aninterpersonal situation; thus it is no surprise to find that at the rootof a large number of organisational problems is poor communications.Effective communication is an essential component of organisationalsuccess, whether it is at the interpersonal, intergroup, intragroup,organisational, or external level.

Regardless of who you are and what type of job you currently haveor plan to have, there’s a good chance that one day you will berequired to make a speech in public.

It may be a presentation for your colleagues. It may be a toast at yourbest friend’s wedding. It may be a statement at a community meeting.Whatever the purpose, you need to be prepared for that day.

Of course, even if you’re never called upon to vocalise your own ideasin front of others, learning how to effectively speak in public willincrease your confidence, make you more comfortable with otherpeople, and fine tune your communication skills. Being an effectivepublic speaker gives you the tools to make a difference in yourbusiness, in your community, even in the world.

Public speaking is a skill that everyone needs to learn and not allare born as good communicators. The Human Resource Committeeof the Bombay Chartered Accountants’ Society under the auspices ofAmita Memorial Trust has organised a workshop on Public Speakingand Effective Communication for its members and students. In thisworkshop we will cover the basic process of communication and thenwe will cover some of the most difficult communication issues studentsand members face while interacting with other people. This workshopwould provide constructive and effective feedback along with personalperformance appraisal.

The details of the workshop are as follows :

Members Students

Day & Sunday 4-1-2009 Sunday 18-1-2009Date : Thursday 8-1-2009 Thursday 22-1-2009

Sunday 11-1-2009 Sunday 1-2-2009

Time : 9.00 a.m. to 5.30 p.m. (Time is indicative andmay be extended on some days)

Venue : BCAS Conference Room, 7 Jolly Bhavan no. 2,New Marine Lines, Mumbai-400020.

Faculty : Murli Mehta, Nikhil Desai and Vivek Patki.

Fees : Rs.1020 for Students; Rs.1220 for Members(including Rs.20 for BCAS Foundation)

Enrolment is restricted to 30 in each category on first-come-first-servedbasis.


Chairman : Rajesh MuniConvenors : Manish Sampat

Aliasgar KherodawalaMukesh Trivedi

Kind attention : MembersHave you renewed your Membership for the

financial year 2008-09 ?

If not, please renew latest by 31st October 2008.

Please send your renewal fees to :

Bombay Chartered Accountants’ Society’s office,between 10.30 a.m. and 5.30 p.m. on Monday to Friday

and on Saturday 10.30 a.m. to 1 p.m.


Bombay Chartered Accountants’ Societyis pleased to announce

A Conferenceto celebrate its Diamond JubileeConference Theme : ‘Challenges of Change — Always Ahead’

Date : 8th November 2008

Venue : Y. B. Chavan Auditorium, Nariman Point.

Time : 9.30 a.m. to 6 p.m.

Programme :

Particulars/Subject Speaker

Inauguration CA Ved Jain,and Keynote Address President, Institute of Chartered

Accountants of India (ICAI)

Direct Taxes —Is India a Tax Haven ? CA T. P. Ostwal

Indirect Taxes — Mr. R. Sekar,Road Map to GST Joint Secretary, Ministry of Finance

Mr. Rohan Shah, Advocate

Accounting & Auditing — Ms. Harriet Mossop,IFRS Global Trends Chartered Accountant,

Ernst & Young, UK.

Perspective of the Profession, CA T. N. Manoharan,a decade from today Past President, ICAI.

Valedictory Session An eminent personality

Delegate Fee :Rs.1850 (Includes Mini-Breakfast, Lunch, Tea, ConferenceMaterial, a copy of special issue of The BCAJ to be releasedon the occasion and contribution to BCAS Foundation).

Delegate Fee for CA Students :Rs.900 (Does not include contribution to BCAS Foundation).

Admission is limited to 450 delegates and 100 students, bothon first-come-first-served basis. Payment to be made by localcheque/Demand Draft/At par cheque, drawn in favour of“Bombay Chartered Accountants’ Society”.



42ndResidential Refresher Course of

BCAS

Chairman : Uday V. SathayeConvenors : Hiten C. Shah

Rajeev N. ShahYatin K. Desai

Details about Papers & Paper Writers :

Subject / Title of paper Paperwriter Type of paper

The Seminar & PR Committee is happy to announce its42nd Residential Refresher Course (RRC) at Hotel CountryInn & Suites, Goa from 23rd to 26th January 2009, in thisDiamond Jubilee Year of BCAS. The venue, Country Inn &Suites is a brand new hotel in South Goa opened in October2007, having an excellent Portuguese ambience.

1. Contribution per person is as follows, inclusive of stay,food, sight seeing and cost of course material.

Without Transport ........................................... Rs.12000/-

With Transport by Konkan Railway(including Enroute Dinner & Breakfast)

By II Class Sleeper (Non AC) ..................... Rs.12900/-†

By 3 Tier AC Sleeper ..................................Rs.13900/-†

For participants travelling by Air, Pick up and drop to

& from Airport at Goa will be arranged in coach oncomplimentary basis. Participants travelling by any othermode of travel will have to make their ownarrangements to reach the venue.

2. All participants will be accommodated in Suite Rooms.Each suite comprises two rooms each having an LCDTelevision and a bathroom. A suite very comfortablyfacilitates accommodation of three participants.Participants are requested to fill the enrolment formgiving choice of 2 room partners so as to enable thecommittee to allocate the partner/s of their choice. Alsoensure that the partner/s you choose also opt for thesame choice.

Very few rooms are twin-sharing. Kindly note that thedecision of the committee will be final in case ofallotment of room & room partner/s. Facilities in allrooms are identical with free wi-fi internet connection.

CA Regulations — Some Issues.

Building an effective Internal audit practice with specialfocus on small and medium firms.

Do You have IT in you ? The Dinosaur is extinct.Without Information Technology you will too.

Case Studies in Income Tax.

Case studies in Service Tax.

TDS From Payments to non-residents— Scope & Macro Issues (Section 195).

† Subject to availability of tickets.

Very few seats are still available. Please send enrolment immediately to avoid disappointment. Forenrolment form please refer to page 5 of the September 2008 Newsletter or visit the BCAS websitewww.bcasonline.org

Kindly note that no refund will be given in case of cancellation for any reason and nosubstitute will be allowed, once enrolled.

CA Mukund M. Chitale

CA Nandita P. Parekh

CA Ninad B. Karpe

CA T. Banusekar

Adv. K. Vaitheeswaran

CA Kishor B. Karia

Presentation

Discussion

Presentation

Discussion

Discussion

Discussion


Accounts & Audit Clinic

Panel of Advisors :

Sanjeev Pandit,Himanshu Kishnadwala and

Jayesh Gandhi

The next Charitable Trust Clinic will be held on Friday, 7thNovember 2008, from 5 p.m. to 7 p.m. in the library roomof BCA Society at New Marine Lines.

Chartered Accountants and Trustees interested in having theirqueries solved are requested to call the Society’s office (Mrs.Mistry on extn. 20) and obtain a prior appointment, latest bynoon on the day of the Clinic. Querists are also advised tobring along relevant papers like trust deeds, audited accounts,etc.

Panel of Advisors :

Ratanshaw Damanwala,Shariq Contractor,Gautam Nayak,

Anil Sathe and Atul Shah

The next Accounts & Audit Clinic will be held on Saturday,1st November 2008, from 10.30 a.m. to 11.30 a.m. in thelibrary room of BCA Society at New Marine Lines.

Persons interested in having their queries pertaining toaccounting and auditing issues solved, are requested to sendthe queries by email to [email protected] one week inadvance and call the Society’s office (Mr. Rajaram onextensions 13 & 21) to obtain prior appointment, at least a daybefore the day of the Clinic. Please note that the Panel willnot answer any queries pertaining to tax issues.

Charitable Trust Clinic

Right to Information ClinicBCAS Foundation operates Right to Information (RTI) Clinic on aregular basis. RTI Clinic is operated by Mrs. Hema Sampat, aresearch scholar on the subject of RTI, Mr. A. K. Asher, Advocate& RTI activist and Mr. Narayan Varma, past President, BCAS.

The Clinic provides help and guidance to BCAS members as alsoto non-members, i.e., all citizens, for making applications under theRTI Act and also assists in resolving any related difficulties on thesubject of RTI.

The RTI Clinic operates on every 2nd, 3rd and 4th Saturdayfrom BCAS’s office — 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 18th and 25thOctober 2008 and 8th, 15th & 22nd November 2008. Please callthe Society’s office (Ms. Shernaaz) to obtain a prior appointment.

Chairman : Ashok DhereCo-Chairman : Dilip ThakkarConvenors : Mayur Kisnadwala

Nandita Parekh

Dr. CA X.Y. ZeeThis announcement is only for a select few !

— For Chartered Accountants who wish to become Doctors . . .

The Research Committee is planning to organise a meeting in lateNovember 2008 of those Chartered Accountants who havecontemplated pursuing Ph.D., so that they can add the coveteddesignation of ‘Dr.’ to their names. The purpose of the meeting wouldbe to help CAs answer questions like :

➠ Can I do a Ph.D. after CA, even if I have not done M.Com. ?

➠ Where can I do a Ph.D.? Which universities/Institutions can Iregister with ?

➠ How long does it take ?

➠ What is the commitment of time that is required ?

➠ Who are the others in my profession who have completed or arepursuing Ph.D. ?

➠ What kind of opportunities will open up for me after doing Ph.D. ?

We, at the Research Committee, feel that for many CharteredAccountants, pursuing a Ph.D. would open up varied opportunities —in the academic field, in the field of research, in public/globalorganisations (like the UN, World Bank, etc.), in consulting and inassignments involving strategy development.

Even more important is the sense of personal satisfaction that it wouldbring to a professional by devoting time and energy to study a subjectclose to her/his heart and see the end result in terms of a well-documented thesis.

In view of the very specialised nature of the topic and need to havea committed audience, it has been decided to allow participation onlyby invitation. Therefore, if you have the academic hunger andprofessional passion that is required to pursue a Ph.D. and would liketo be invited to the meeting, please forward your contact details [email protected] and be sure to mark the subject as “Yes, I wantto become a Doctor”.

An apple a day may keep the doctor away and lethargy in respondingto this announcement may keep the doctorate away !

Corrigendum

Due to some technical problems in the post office, index toBCA Journals April 2008 to September 2008 could not beissued as a supplement along with the BCAJ October 2008issue. Hence, kindly ignore the mention about the same on thefront cover of the BCAJ October 2008 issue. The said indexwould be sent immediately on sorting out of the said technicalproblems.


Indirect & Allied Laws Seminaron 7, 13, 20 and 28 November 2008

Subjects Speakers

Laws concerning Securities —SCRA, SEBI Listing Rules andothers

Covering Dealers, Investors, Brokersand Intermediaries, Issue of shares,Listing, delisting and relisting, ADRsand GDRs, Money Laundering Act withspecial emphasis on professional op-portunities under Securities laws.

Laws relating to reorganisation ofcompanies

Covering Mergers, spin-offs, Part IX,Takeovers, Offer for sale, Bulk deals,Block deals, Buy back.

Private Trust laws

With specific emphasis on Tax plan-ning & Structuring and Family & otherArrangements

Economic and Legal Developmentsapplicable/relevant to Professionals

Covering various relevant and currenttopics affecting CA practice such asConsumer Protection Act and Insurancecoverage, Impact of LLP — risk andopportunities, Avenues for growth forpractice units, cross country tie ups,Practice management issues, and soon.

Chairman : Pranay MarfatiaConvenors : Raman Jokhakar

Satish KanodiaToral Mathuria

Seminar on

Issues inProcedural and Administrative Aspects

of Service Tax

Saturday, 18th October, 2008.

Most of the seminars/programmes on Service Tax concentrate on thesubstantive provisions of the law interpreting the taxability of atransaction, availability of CENVAT, applicability of reverse chargemechanism, etc. While the initial emphasis was on voluntarycompliance, interaction with the Service tax Department cannot beavoided.

This seminar deals with all practical issues pertaining to proceduralaspects of service tax. It aims at covering only controversial issues.The faculties will draw from their experience and also suggest practicaltips.

Topics to be covered

1. Registration

2. Payment of Service Tax

3. Filing of Returns

4. Responding to Summons, Letters, Notices, Personal TelephoneCalls

5. Recording of Statement

6. Show Cause Notice, Drafting of a Response and PersonalHearing

7. Service Tax Department Audit, Visits & Surveys

8. Jurisdiction of Service Tax & Central Excise Authorities

9. Drafting of Appeals

10. Representations before the Authorities concerned.

Basic knowledge of service tax law and procedures is expected fromparticipants.

Faculty : CA Samir Kapadia, CA Rajiv Luthia,CA Rajkamal Shah and CA Bharat Shemlani

Day & Date : Saturday 18th October 2008

Time : 9.30 a.m. to 5.30 p.m.

Venue : BCAS

Fees : Rs.750 per participant (inclusive of course material,refreshments & lunch and Rs.20 as contribution toBCAS Foundation.)

In case the participants want to discuss some live case studies/queries, please send the same in advance to BCAS to the KnowledgeManager by email : [email protected]


CA Jayesh Thakur

Venue : Gulmohar Hall, BCAS Society.

Time : 6.15 p.m. to 8 p.m.

Fees : Member : Rs.600 (Including Rs.20 ascontribution for BCAS foundation)

Non-Member : Rs.750 (Including Rs.20 ascontribution for BCAS foundation)


CA Amrish Shah

CA Vishal Shah

CA Shariq ContractorCA Uday Sathaye


TTTTTakakakakake a Riske a Riske a Riske a Riske a Risk Register withRegister withRegister withRegister withRegister withof Defaultingof Defaultingof Defaultingof Defaultingof Defaulting eLBCeLBCeLBCeLBCeLBCAS.comAS.comAS.comAS.comAS.com

InterestInterestInterestInterestInterest LearLearLearLearLearn aboutn aboutn aboutn aboutn aboutTDSTDSTDSTDSTDS

PPPPPenaltyenaltyenaltyenaltyenalty Ensure properEnsure properEnsure properEnsure properEnsure propercompliancecompliancecompliancecompliancecompliance

DisalloDisalloDisalloDisalloDisallowancewancewancewancewance AAAAAvvvvvoid varoid varoid varoid varoid variousiousiousiousiousof Expenseof Expenseof Expenseof Expenseof Expense probprobprobprobproblemslemslemslemslems

LitigationLitigationLitigationLitigationLitigation RelaxRelaxRelaxRelaxRelax

The Choice is Yours !Enrol for our e-Learning CourseLog on to www.eLBCAS.com for a free trial

TDS


Contributed byGaurang Gandhi

The Reserve Bank of India has issued 6 Circulars and SIA has issued1 Press Release and 1 Press Note.

Press Release F.No. 5(10)/2006-FC, dated 27th June 2008

Corrigendum to Press Note 7 (2008) — Consolidated Policy onForeign Direct Investment

A Corrigendum to Press Note 7 (2008) has been issued vide PressRelease dated June 27, 2008 substituting Serial No. 25 under paraII. As a result, the following point is deleted from the column “Otherconditions” of the earlier clause :

“f. The minimum capitalisation norms would apply/would be appli-cable where the foreign holding in an NBFC (both direct andindirect) exceeds the limits indicated at (a) above.

g. The capital for the purpose of minimum capitalisation normsshall consist of ordinary shares only.”

A.P. (DIR Series) Circular No. 14, dated September 5, 2008

Overseas Investment — Rationalisation

Presently, documentary evidence (share certificates or any otherdocument where share certificates are not issued) in respect ofoverseas investment has to be filed with RBI six months from the dateof effecting remittance or the date on which the amount to becapitalised became due to the Indian party or the date on which theamount due was allowed to be capitalised.

This Circular states that henceforth such documentary evidence inrespect of overseas investment has to be filed with the bank effectingthe remittance and not with the RBI. The bank will forward to RBIa certificate along with Part III of Form ODI mentioning the receiptof such evidence in respect of overseas investment.


Foreign Exchange Management Act, 1999 — Advance Remittancefor Import of Services

Presently, importers of services into India can make remittances upto US $ 100,000 or its equivalent to overseas beneficiary withoutrequiring him to provide a guarantee from a bank of internationalrepute situated outside India or a guarantee from a bank in India, ifsuch a guarantee is issued against the counter guarantee of a bankof international repute situated outside India.

This Circular has, subject to certain terms and conditions, increasedthis limit of US $ 100,000 or its equivalent to US $ 500,000 or itsequivalent. However, where the remittance exceeds US $ 500,000 orits equivalent, a guarantee from a bank of international repute situatedoutside India or a guarantee from a bank in India, if such a guaranteeis issued against the counter guarantee of a bank of internationalrepute situated outside India, will be required to be obtained from theoverseas beneficiary before remittance can be made.

Press Note 8 (2008) No. 12(58)/2005-FC, dated August 19, 2008

Guidelines for Foreign Investment in Commodity Exchanges

The extant guidelines on investment in Commodity Exchanges providethat no foreign investor/entity including persons acting in concert canhold more than 5% of equity in these exchanges.

This Press Note provides that Commodity Exchanges have beengranted transition/complying/correction time up to June 30, 2009 todivest foreign equity in excess of the prescribed cap.


External Commercial Borrowings Policy — Liberalisation

(a) ECB — infrastructure sector — Presently, borrowers in theinfrastructure sector are allowed to avail ECB up to US $ 100 millionper financial year for Rupee expenditure for permissible end usesunder the Approval Route.

This Circular has increased this limit from US $ 100 million to US$ 500 million. ECB in excess of US $ 100 million for Rupeeexpenditure will have a minimum average maturity period of 7 years.

(b) All-in-cost ceilings in respect of ECB borrowings have beenrevised as under :

Average maturity period All-in-cost ceilingsover 6 months LIBOR*

Existing Revised

3 years and up to 5 years 200 bps 200 bps

More than 5 years and up to 7 years 350 bps 350 bps

More than 7 years 350 bps 450 bps

* for the respective currency of borrowing or applicable benchmark


Issue of Foreign Currency Exchangeable Bonds Scheme, 2008

This circular lays down the guidelines for operationalisation of theForeign Currency Exchangeable Bonds Scheme, 2008.


Deferred Payment Protocols dated April 30, 1981 and December23, 1985 between Government of India and the erstwhile USSR

The Rupee value of the special currency basket has been fixed atRs.63.0186 with effect from September 12, 2008 as against the earliervalue of Rs.60.4392.


Exim Bank’s Line of Credit of USD 20 Million to Government ofthe Republic of Mozambique

Exim Bank has made available, subject to certain terms andconditions, a Line of Credit (LOC) of US $ 20 million to the Republicof Mozambique for financing eligible goods and services includingconsultancy services from India, relating to transfer of water drillingtechnology and equipment from India to Mozambique. Goods and


A CD containing data of the BCAJfor the last 8 years viz. from April2000 to March 2008, is nowavailable for sale.

It has advanced and sophisticatedsearch option, using which anyinformation can be accessed withjust a few clicks of the mouse.This powerful tool to assist you in

your professional practice is available at a very nominal price ofRs.400 to members and journal subscribers and at Rs.500 to others.Postage charges for the same would be Rs.20, extra.

Chairman : Shariq ContractorConvenors : Samir Kapadia

Nikunj ShahManish Unadkat

Forthcoming Study Circle Meetings*Venue : BCAS Conference Hall, BCAS

Date & Day Time Subject Speaker Study Circle/Group Convenors

Tuesday 6.15 p.m. Foreign Currency CA Vishal Shah ITF I, ITF II & Natwarlal Thakrar21-10-2008 to 8.00 p.m. Exchangeable Bonds FEMA Study Circle Shardul D. Shah

Rajesh P. Shah

* Restricted to members of that particular Study Circle only.

services of the value of at least 85% of the contract price must besupplied by sellers from India and the remaining goods and services(other than consultancy services) can be procured from outside India.

The last date for opening of LOC and disbursement will be 48 monthsfrom the scheduled completion date of the contract in case of projectexports and May 24, 2014 in case of supply contracts.

IFRS Study CircleDear Member,

The Institute of Chartered Accountants of India (ICAI) has announcedthat the Indian accounting standards will converge with IFRS in 2011.Though this will have limited applicability initially, some of these stepsfor convergence will have to be initiated in April 2009.

With a view to updating the knowledge-base of members, the Societyhas decided to start a study circle on IFRS which will commence fromNovember 2008. The enrolment is limited to 50 members. Around 8to 10 meetings will be held from November 2008 to March 2009. Theenrolment fee will be Rs.1,000.

Enrolment form is given below.

Chairman : Hemendra ShahCo-Chairman : Harish MotiwallaConvenors : Narayan Pasari

Abhay MehtaKamlesh Doshi

Enrolment Form

Name : .......................................................................................................

Address : ...................................................................................................

...................................................................................................................

BCAS Memb. No. : .................. Tel. : 1 ................... 2 ........................

Mobile : ................... Fax : ...................... E-mail : .................................

Cash/Draft/Cheque No. .................. drawn on .............................. Bank,

dated .................. for an amount of Rs. ........................... is enclosed.

Date : ................. Signature

Imprest Scheme for Publications

This scheme started last year, has received encouraging response withmany members having taken its benefit. It facilitates members to receiveBCAS publications at their doorstep. All members, journal subscribers,students and non-members can take benefit of this scheme. Briefmodalities of the scheme are as follows :

➠ Rs.2500 to be kept with the Society as an imprest cash in youraccount. Non-member will have to pay additional Rs.250 for accounthandling charges.

➠ The base level would be Rs.250 which needs to be replenishedagain to Rs.2500 by the person opting for the scheme.

➠ Publications/Conference papers/CDs costing less than Rs.250 wouldbe sent to you as soon as published/released, along with EnglishEdition of the Budget Publication (a set of 5 books).

For further details of the scheme :

Visit Society’s website at www.bcasonline.org or contact Society’s office.

BCAS Calendar 2009Booking has started for BCAS Calendar 2009. For booking your order please visit the BCAS website www.bcasonline.org


BCAS Publications for Sale

(1) Harmful Tax Competition— An Emerging Global Issue 100 25

(2) CD on the discussions conducted at the39th RRC 2006 by various paper writers 100 20

(3) Audit Checklist for CompaniesFor a member 300 50

For a non-member 350 50

(4) Registration of Firms with RoF

For a member 25 20For a non-member 30 20

(5) Laws & Business— A Compendium (2nd Edition)


(6) International Tax & FinanceConference 2008 (Set of 4 Papers)


(7) Right to Know — The Right to InformationAct, 2005 (Pack of 10 booklets) 50 15

(8) Service TaxBasic Concepts and Procedures 35 20

Goods Transport Agency Services 30 20Business Auxiliary Services

& Business Support Services 30 20

(Revised and Updated up to June 2008)

(9) EPC Contracts — a monograph 200 50

(10) Journal CD — April 2000 to March 2008For a member 400 20

For a non-member 500 20

(11) Law of Service Tax2nd Edition, September 2008 250 60

(12) Transfer Pricing Manual — 2008 1200 150

Name of the Publication Price Postage(Rs.) (Rs.)

Books / CDs / Papers

Note : Cheque should be drawn in favour of “Bombay Chartered Accountants’Society”, except in case of sr. no. 7, where it should be drawn infavour of “BCAS Foundation”.

elBCAS.comempowered learning

Bombay Chartered Accountants’ Society

Service Tax Course Module

Service Tax Fundamentals

The law of Service Tax is drafted as a stopgap arrangement through the FinanceAct, 1994. Several fundamental aspects pertaining to the levy are not addressed inthe law, for example, the definition of service itself. This module takes you throughsome of the key fundamentals and provides appropriate tools to navigate the complexweb of service tax law.

Procedural Aspects

“A good tax administered badly is worse than a bad tax administered well.” Such isthe importance of procedural compliances in any tax law. This module takes youthrough the procedural aspects of the levy so that one is no longer ignorant on thecompliance front.

Valuation of Taxable Services

Warren Buffet has said, “price is what you pay and value is what you get.” With theintroduction of Valuation Rules, it is vital to understand the meaning of value becausea loosely drafted transaction structure can sometimes make the venture unviable. Thismodule takes you through a maze of provisions, complex practical issues, to applywhat you learn.

Export and Import of Services

Taxation of cross border transactions poses significant challenges specially, becauseservices are intangible in nature. Unlike goods, it may be difficult to determine withprecision the place of consumption of service. This module steers you through abumpy ride on the legislative front and gears you up to absorb impending shocksfrom the judiciary or elsewhere.

CENVAT Credit Mechanism

Being a transaction driven law, an efficient model of input tax credit can avoidcascading effect and substantially reduce costs. However, a less than fully efficientCENVAT mechanism forces businesses to bear a load of indirect taxes. This moduleexplains the nitty-grittys of the credit mechanism so that the burden is as light aspossible. The point to remember is what the government gives, it must first take away.

Analysis of few important Services

With around 100 services in place, it would be difficult to study all of them. All thesame, some services are special and deserve widespread attention. This moduleexplains a few such services of general applicability across the board. You not onlytake home the provisions pertaining to such taxable services but also the methodologyto analyse other services.

Don’t Delay, Be First,Service Tax Module Now On-line

TDS Module

Over 35 hours of online training comprising of

➠ Overview, basic concepts, fundamentals➠ Procedure and compliance➠ Detailed analysis for each category of payment➠ Payment to Non-Residents also covered➠ Latest circulars, notification and case laws➠ Easy access to high quality, flexible learning materials➠ Learning through cutting edge technology just a click away

Course fee for TDS module

BCAS Members : Rs.3,500 Others : Rs.4,500inquire at BCAS for special rates on bulk registrations

Don’t Delay, Register Now !Contact details :

Bombay Chartered Accountants’ Society7, Jolly Bhavan 2, New Marine Lines, Churchgate, Mumbai-400020.Tel. : +92-22-66596601/2/3/4/5 Fax : +91-22-66595606 Mail : [email protected]


Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Vijay Mudran, Mumbai-400031.

Combined Enrolment Form

Please fill in the above form appropriately and send the same to the Society’s office along with the requisite payment.

Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft.

Kindly note that w.e.f. 1-9-2008 the cash counter timings will be from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. onSaturday. The lunch time is 1 p.m. to 2 p.m. Members are requested to co-operate in this regard.

Name : ...................................................................................................................................................................................................................................................................

Address : ...............................................................................................................................................................................................................................................................

E-mail : ................................................ Mobile : .......................................................... Tel. : ........................................................ Fax : ........................................................

BCAS Memb. No. : ........................... Tel. (O) : ........................................................ Tel. (R) : ................................................. Fax : ........................................................

Cash / Draft / Cheque No. .................................. drawn on ..................................................................................................................................................................... Bank,

dated .................................... for an amount of Rs. ............................................................................... is enclosed.

Date : ............................... (Signature)

wherever applicable

CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MH/MR/South-88/2006-08Licensed to post without prepayment : Licence no. South-12/2006-08. Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1.

CONFERENCE :

‘Challenges of Change — Always Ahead’ 8-11-2008 Rs.1850 member/non-member

Rs.900 CA student ........................COURSE :

Ninth Intensive Study Course on 16-12-2008 toDouble Tax Avoidance Agreement 5-3-2009 Rs.5000 per participant ..............

Enrolment Form for the Book Lending Facility for C.A. Students

Name : ..................................................................................................................................................................................................................................

Address : ..............................................................................................................................................................................................................................

..............................................................................................................................................................................................................................................

Mobile : .................... Tel (O) : ....................... Tel. (R) : ...................... E-mail : ............................ Student’s Regn. No. with ICAI : .....................

Member’s Name : ........................................................................................................................ Member’s BCAS Registration No. : .........................

(Student’s Signature)

I the undersigned hereby recommend Mr./Ms. .................................................................................................... for availing book lending facilityof the BCAS foundation. I will ensure that the borrowed books are returned within the stipulated period.

Date : ....................... Membership no. ....................... (Member’s Signature)

The BCAS Foundation has started an Academic Book LendingFacility for ‘PE II’ & ‘Final Level’ Chartered Accountancy students.This facility is meant to assist all those students who have in themthe capability to achieve great heights but have not been able torealise their dreams due to constraints.

After consulting various experienced faculties and one to oneinteraction with students pursuing the course, a list of academic booksfor both PE II & Final Level students has been formulated.

The scheme is in force from 15th of February 2008.

Kindly note that only students recommended by the members ofBCAS are entitled for this scheme. This facility is available tostudents of Mumbai, Navi Mumbai and Thane District only.

Students can also access the list of books in the Students’ Corneron the BCAS website (www.bcasonline.org).

Desiring students should immediately approach the Librarian Ms.Madhuri Haware at BCAS Office (l [email protected]/[email protected] or call on 66595601/02/03/04/05 Extn no. 24)for further inquiries. The enrolment form is given below.

BCAS FoundationBook lending facility for CA Students

� � � � � � � �

SEMINAR :

Indirect & Allied Laws Seminar 7,13,20,28-11-2008 Rs.600 for member ..............Rs.750 for non-member ......

Seminar on Issues in Procedural andAdministrative Aspects of Service Tax 18-10-2008 Rs.750 ...................................

WORKSHOP :

Why you can’t do without this effective communication and public speaking course .... 4,8,11-1-2009, 18,22-1-2009, 1-2-2009 . Rs.1020 for student Rs.1220 for member

lecture meetings vice-president’s communiqué · 4 bcas newsletter, october 2008 42nd residential...

Documents