newsletter october 2016 - sp chopra & coindia has decided to be the first to adopt ifrs 9...

Newsletter

October 2016

In This IssueTrending

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In This Issue

Trending Topics 03

First Set Of GST Draft Rules Released: Key Highlights

Indian Companies brace themselves for the new

Accounting Standards

Rules for Grant of Foreign Tax Credit in India

Premature withdrawal of funds from Capital Gains

Deposit Account

Due Date Chart 15

Notifications and Circulars 17

Seminars and Courses 21

Seminar

Batches for Professional Courses

About Us 26

Contact Us 29

2

TRENDING TOPICS


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First Set Of GST Draft Rules

Released: Key Highlights

Background

With its eyes firmly set on the GST goal, the

Ministry of Finance on Monday released draft

rules and formats on payment, registration,

and invoice. The rules have been released

ahead of the GST Council meet scheduled on

30 September. The Ministry has sought

feedback on the draft rules by 28 September.

Here are the quick highlights of the draft rules:

Draft Rules On Registration

Even before applying for registration, Part

A of the new form seeks to verify PAN

through Income Tax Portal and mobile

number and email id through OTP.

Application for registration is to be made

online either directly on the GSTN Portal

or through Facilitation Centres (these will

be notified separately)

26 forms have been floated including

forms for show-cause notice for

cancellation of registration, order for

amending registration, application for

revocation of cancelled registration etc.

Application seeks details of estimated

GST liability – IGST, CGST, SGST.

No fee is payable for filing application for

registration.

Draft Rules On Invoice

The draft format for Electronic Reference

Number of Invoice has been provided.

There’s a 30-day time limit for raising

invoice from the date of supply of

services but no time limit provided for

supply of goods.

Bill of Supply will be issued by suppliers

when non-taxable goods or services are

supplied or by supplies under

Composition Scheme.

Certain essential details for

supplementary invoice, debit note, credit

note, ISD invoice are also provided.

Draft Rules On Payment

Electronic Tax Liability Register, E-

Register for Cash Payments, E-Register

for Credits.

Tax can be paid through net banking,

credit or debit card, NEFT/RTGS, Over

the Counter (only up to Rs.10,000).

Generation of unique ID for every

transaction – to be correlated with Tax

Liability Register.


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At a headline level, the rules contemplate more

of electronic interactions between the tax

authorities and businesses, with only need-

based physical intervention (like verification of

premises on the application filed for

registration).

Further, all the PAN details are to be verified

online with the CBDT database, which is not

the case currently. Integration of GST and

CBDT databases would mean that GST

authorities could have access to income tax

filings of businesses and vice versa. This

should help in minimizing the leakage of tax,

both income tax and GST.

There is also a provision that the transporter of

goods need not carry the copy of the invoice, if

an invoice reference number has been

obtained by the supplier upon uploading the

invoice details on the government portal. This

would reduce the paper work for the

transporters and help in smooth movement of

goods.

There are more than 26 forms prescribed in the

draft rules for all sorts of situations such as

assessment, notices, etc. There seems to be a

move towards an exhaustive GST regime to

minimize State intervention that usually distorts

uniformity. Today the problem with the state

VAT laws is the variation across states, which

requires businesses to learn and re-learn

constantly.

The rules requires that a Bill of Supplies be

provided if the supplies are non-taxable or

under special schemes such as composition

levy. This will not have tax implications but is

probably important for statistical and internal

data purposes.

The rules provide for everything electronic from

payments registers, credit registers, etc. This

puts a lot of emphasis on digital data and

electronic money. It is again a welcome change

but may be challenge, given the large

population outside the cities and towns that

may not have access.”

Conclusion

The framework seems to be fairly close to the

current state VAT regulations. The invoicing

and registration related provisions clarify the

manner in which key processes will have to be

undertaken by a taxpayer. While the window

provided to give feedback is only two days,

industry bodies are aligning themselves to

highlight key aspects that need to be discussed

in the context of these documents.

GSTCloud.in

Indian Companies brace

themselves for the new

Accounting Standards

6

Background

The new accounting standards will have an

overarching influence across sectors

Starting June 2016 quarter, many companies

reported their results under IND AS, the

accounting standards derived by converging

the Indian Accounting Standards with the

International Financial Reporting Standards

(IFRS). The adoption of these standards has

resulted in a majority of companies reporting

adjustments related to income tax,

financial instruments (including derivatives)

and revenue recognition.

Deferred taxes under IND AS are more

broadly defined, resulting in deferred taxes

on more items such as undistributed

earnings from subsidiaries and joint ventures

and unrealised profits on intra-group

transactions.

Applicability

The Indian Accounting Standards (Ind AS)

are be applicable to the companies as

follows:

i. On voluntary basis for financial

statements for accounting periods

beginning on or after April 1, 2015, with

the comparatives for the periods ending

31st March, 2015 or thereafter;

ii. On mandatory basis for the accounting

periods beginning on or after 1st April’16,

with comparatives for the periods ending

31st March, 2016, or thereafter, for the

companies specified hereafter :

a) Companies whose equity and/or debt

securities are listed or are in the process of

listing on any stock exchange in India or

outside India and having net worth of Rs.

500 Crore or more.

b) Companies other than those covered in (ii)

(a) above, having net worth of Rs. 500

Crore or more.

c) Holding, subsidiary, joint venture or

associate companies of companies

covered under (ii) (a) and (ii) (b) above.

iii. On mandatory basis for the accounting

periods beginning on or after April 1, 2017,

with comparatives for the periods ending

31st March, 2017, or thereafter, for the

companies specified below:

a) Companies whose equity and/or debt

securities are listed or are in the

process of being listed on any stock

exchange in India or outside India and

having net worth of less than rupees

500 Crore.


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b) Companies other than those covered in

paragraph (ii) and paragraph (iii)(a) above

that is unlisted companies having net

worth of rupees 250 crore or more but

less than rupees 500 Crore

c) Holding, subsidiary, joint venture or

associate companies of companies

covered under paragraph (iii) (a) and (iii)

(b) above.

However, Companies whose securities are

listed or in the process of listing on SME

exchanges shall not be required to apply Ind

AS. Such companies shall continue to comply

with the existing Accounting Standards unless

they choose otherwise.

iv. Once a company opts to follow the Indian

Accounting Standards (Ind AS), it shall be

required to follow the Ind AS for all the

subsequent financial statements.

v. Companies not covered by the above

roadmap shall continue to apply existing

Accounting Standards prescribed in

Annexure to the Companies (Accounting

Standards) Rules, 2006.

Current Scenario

India has decided to be the first to adopt IFRS

9 equivalent — IND AS 109, the new

standard on financial instruments.

IND AS 109 provides extensive guidance on

identification, classification, recognition and

measurement of financial instruments.

Additionally, it provides guidance on de-

recognition of financial instruments and hedge

accounting and has extensive disclosure

requirements.

Presently, there is no comprehensive

mandatory guidance on financial instruments

under Indian GAAP. At a high level, the use of

fair value and present value in recording

financial instruments such as investments,

derivatives and long term deposits has

increased. Additionally, the new model for

the recognition of impairment losses, i.e. the

‘expected credit loss’ model, has also led to

an increased charge on impairment loss.

Based on IND AS quarterly results declared

during Q1 2016, the impact of this standard

is seen on various companies and Industries

such as automotive, power and mining,

metals and telecom.

IND AS 18, Revenue, covers transactions

from sale of goods, sale of services and use

by others of assets belonging to the

entity. Adoption of IND AS has resulted in

reduction of revenue due to netting of

awards and incentives to customers

and linked transactions involving sale and

subsequent repurchase from suppliers.

Significant adjustments

In Q1 2016 IND AS results, companies have

reported adjustments to revenue on such

arrangements, including reduction of

revenue due to gross vs net presentation of

revenue based on whether the entity is

acting in the capacity of a principal or agent.

Technology, pharmaceuticals, life sciences

and healthcare, metals and automotive are a

few sectors that have reported significant

adjustments to their reported revenue on

adoption of IND AS.

Reporting of revenue gross of excise duty,

with a corresponding adjustment to expense,

was one of the major adjustments to revenue

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that was seen during the June 2016 quarterly

result. However, many companies continued

with the SEBI format for quarterly results,

resenting revenue net of excise duty. In order

to have a uniform approach with respect to

disclosure, SEBI recently issued a clarification

allowing companies to present financial

results inclusive of excise duty, instead of net

of excise duty, as specified in the Companies

Act, 2013.

Finally, the impact was noted in the area of

employee benefits, resulting in higher

expense due to recognition of stock

compensation using fair value of the share-

based awards. Adjustments were also noted

due to actuarial gains/losses on defined

benefit obligations getting accounted in other

comprehensive income under IND AS instead

of the income statement. At an overall level,

the impact of adoption is clearly pervasive and

not restricted to only one sector or Industry.

Conclusion

The adoption of IND AS requires the

retroactive restatement of certain historical

period information presented within a

company’s first set of IND AS-based financial

statements. These restated periods will show

a variety of changes to a company’s key

metrics, including reported top line, bottom

line, financial position and net worth. Also, the

quantum of disclosures will increase multi fold.

This will surely allow companies to tell their

story to investors and also provide more

meaningful information for informed users of

financial information. However, companies

will have to invest time and effort into

preparing for the extensive data

requirements and disclosures.

The adoption of IND AS puts India at the

centre stage of high quality and transparent

financial reporting. Finally, this phased IND

AS transition process adopted by India is

helpful, especially for Phase-II companies,

including banks, NBFCs and insurance

companies as they benefit from the transition

experience and journey from Phase-I

companies.

CaClubIndia.com

8

Rules for Grant of Foreign Tax

Credit in IndiaBackground

Central Board of Direct Taxes (CBDT) has, vide

Notification no. 54/2016 dated 27th June 2016

notified Rules for grant of Foreign Tax Credit

(FTC). The said rules are applicable from

Assessment Year 2017-18 onwards.

Earlier, the CBDT had released draft FTC rules

on 18th April 2016 for public comments and on

the basis of comments received, the final rules

are notified. The Rules provide clarity on the

mechanism of obtaining foreign tax credit in

India, of foreign taxes paid. The intended

beneficiaries of the Rules are Indian residents

that earn foreign income.

The CBDT has now made it easier for Indian-

resident taxpayers, including large Indian

companies having overseas operations, to

claim credit for the taxes borne by them

abroad.

Credit of foreign taxes (referred to as foreign

tax credit, or FTC) was already

allowed under tax treaties with other countries

and the Income Tax Act, but the

absence of specific rules often led to litigation.

Denial of FTC by tax authorities also resulted in

double taxation on the same income in the

hands of Indian resident tax payers. FTC

eliminates double taxation on the same

income.

To illustrate: A parent company headquartered

in India earns interest on debt given to its

foreign subsidiary and is subject to a 10%

withholding tax. The Indian company will pay

tax in India on its global income (including the

foreign source interest income). The new rules

will make it easier for it to claim an FTC for the

10% tax withheld in foreign subsidiary.

Applicability

These rules are applicable for a Resident

taxpayer and the rules provides that a

resident taxpayer can claim a credit for

foreign taxes paid in

A treaty jurisdiction i.e. a country/

specified territory with which India has a

double taxation avoidance agreement or

an exchange of information agreement,

and

In any other country where income tax

includes excess profits tax or

business profits tax charged by the

central or local authority in that country

To claim a credit, two requirements

envisaged are :

(i) the foreign tax must have been paid, and

(ii) credit may be claimed for the year in

which the corresponding income is

offered to tax in India9


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FTC in respect of financial year

mismatch

The rules provide that FTC shall be allowed, in

respect of the amount of any foreign tax paid

outside India, by way of deduction or otherwise

in the year in which the income corresponding

to such tax has been offered/ assessed to tax

in India. Where income on which foreign tax

has been paid or deducted, is offered to tax

in more than one year, credit of foreign tax

shall be allowed across those years in the

same proportion in which the income is offered

to tax or assessed to tax in India.

For example, in the US, taxes could be paid

on a calendar year basis (Jan – Dec), as

opposed to India where taxes are paid on a

financial year basis (Apr – March). In such

cases, the Rules provide that where income is

taxable across two years, credit shall be

proportionately distributed across those years

based on when income is offered to tax in

India.

Indian Taxes Covered

The rule clarifies that FTC shall be available

against tax, surcharge and education cess.

Also, FTC shall not be available in respect of

any interest, fee or penalty. This is in line with

judicial precedents in the context of tax

treaties, which have held tax relief to be

available in respect of surcharge and

education cess, in addition to regular income

taxes on the basis that these taxes are

“substantially similar” to income taxes.

Foreign Taxes Covered

The rules provide that foreign tax credit shall

be available in respect of following

foreign taxes:

In respect of a country with which India

has a Double Taxation Avoidance

Agreement, the tax covered under such

agreement, and


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In respect of other countries, the tax

payable as per the laws of that country in

the nature of income tax.

Clause (iv) of Explanation to Section 91 of the

Act provides that the expression Income tax, in

relation to any country includes any excess

profits tax or business profits tax charged on

the profits by the Government of any part of

that country or a local Authority in that country.

Thus as mentioned above, FTC would not be

available for taxes not covered by

the relevant tax treaty, such as state taxes paid

in the US or branch profits’ taxes paid

overseas. Besides, the tax credit would be

restricted to the rate of tax payable under the

tax treaty, even if the actual tax paid as well as

the Indian tax payable is higher. So, if excess

taxes have been withheld by the foreign payer

out of abundant precaution, or on account of

their local laws, tax credit would be available

only for tax payable under the treaty terms.

For example, the US levies a higher rate of

withholding of 30% if a foreign entity (say, an

Indian Company) does not have a tax

identification number. In such cases, credit in

India would be available only to the extent of

applicable rate prescribed under the tax treaty.

Credit in respect of Disputed Taxes

The Rules provide that no credit shall be

available for any amount of foreign tax which is


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disputed in any manner by the taxpayer.

Therefore, a tax credit is not applicable in a

situation where foreign tax was paid by the

taxpayer on demand during scrutiny by the

foreign tax authorities, but such taxes have

been disputed by the taxpayer, under appeal

proceedings. However, in respect of disputed

foreign tax, FTC shall be allowed if the

assesse within six months from the end of the

month in which the dispute is finally settled

furnishes the following:

Evidence of settlement of dispute; and

Evidence to the effect that the liability for

payment of such foreign tax has

been discharged by him; and

An undertaking that no refund in respect of

such amount has directly or Indirectly been

claimed or shall be claimed. The move to

provide credit for ‘disputed foreign taxes’

upon final settlement of dispute is a

welcome relief. However, the procedure for

allowing such credit, especially when the

assessments are time-barred needs to be

prescribed. Also, depending on the tax

administrative efficiency of the concerned

foreign jurisdiction, it may take several

years for the final dispute to be resolved.

This time gap may lead to an undesirable

situation where taxes have been doubly

paid in India and a foreign jurisdiction for a

long duration for a transaction which was,

in the first place not taxable.

Computation of Foreign Tax Credit

FTC shall be aggregate of the amounts of

credit computed separately for each

source of income arising from a particular

country or specified territory.

FTC shall be lower of tax payable under

the Act on such income and

foreign tax paid on such income. Where

the foreign tax paid on doubly taxed

income exceeds the tax payable on such

income as per DTAA, then

such excess shall be ignored while

computing the foreign tax credit.

FTC shall be determined by converting

the foreign currency at the

Telegraphic Transfer (TT) Buying rate as

on the date of payment/deduction of

such foreign tax

Certain jurisdictions such as Singapore

follow a credit pooling system where tax

credits are not divided into various

heads. This mechanism enables

businesses to effectively utilize tax

credits and avoid double taxation due to

characterization issues. However, the

Indian system seems to follow the more

traditional form of credit segregated on

the basis of income sources.

Foreign tax Credit against MAT

The Rules further provide that:

FTC shall also be allowed against the

tax payable under MAT (section

115JB or 115JC of the Act) in the same

manner as is allowable against

the tax payable under the normal

provisions of the Act.

Where FTC available against tax

payable under section 115JB or 115JC

of the Act, is in excess of the FTC

available against the tax payable under

the normal provisions, then such excess

shall be ignored while computing the

amount of MAT credit available under

section 115JAA or 115JC of the Act.

However, the Rules are unclear on how the

computation mechanism would work in such

a case, as there may be a mismatch in the

source of income tax–between MAT and

taxes paid in the foreign country.

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How to Claim Foreign Tax Credit:

Documents Required

Taxpayers will have to furnish the following

documentary evidence for availing

the credit:

Certificate from the concerned tax

authority of the foreign country specifying

the nature of income and amount of tax

deducted/ paid by the taxpayer. In case of

foreign tax deduction, certificate of tax

deducted may be furnished,

Acknowledgement/ challan/ slip/ bank

counterfoil in respect of tax paid by

the taxpayer, and

A declaration that the amount of foreign

tax, in respect of which credit is being

claimed, is not in dispute.

Form No. 67 will be required to be filed for

claiming FTC.

Form No. 67 shall also be furnished in case

where the carry backward of

loss of the current year results in refund of

foreign tax for which credit has

been claimed in any previous year or years.

The required documents shall be filed on or

before the due date of filing the

return of income.

Conclusion

The Rules are a welcome relief to global

Indian businesses earning significant

income abroad specifically the clarity on

timing mismatches across jurisdictions,

foreign exchange fluctuation, disputed foreign

income and ease in documentation

requirements. Also, clarity on grant of FTC

against the MAT liability is a big positive.

However, there are several points that still

need to be addressed – such as ability to

claim underlying tax credit for dividend

distribution taxes, buyback taxes and tax

sparing which are unique to the Indian tax

system.

CaClubIndia.com

12

Premature withdrawal of funds from

Capital Gains Deposit Account

13

Background

The Income Tax Act has laid out exemptions

under Section 54 and Section 54F to help

taxpayers save tax on capital gains.

Exemption under Section 54 is available

on long-term Capital Gain on sale of a

House Property.

Exemption under Section 54F is available

on long-term Capital Gain on sale of any

asset other than a House Property.

To reiterate, both the exemptions are

available only on long-term capital gains.

Common requirements between the

two Sections

A new residential house property must be

purchased or constructed to claim the

exemption

The new residential property must be

purchased either 1 year before the sale or

2 years after the sale of the

property/asset.

Or the new residential house property

must be constructed within 3 years of

sale of the property/asset

If you are not able to invest the specified

amount in the manner stated above

before the date of tax filing or 1 year from

the date of sale, whichever is earlier,

deposit the specified amount in a public

sector bank (or other banks as per the

Capital Gains Account Scheme, 1988).

Only ONE house property can be

purchased or constructed.

Starting FY 2014-15 it is mandatory that

this new residential property must be

situated in India. The exemption shall not

be available for properties bought or

constructed outside India to claim this

exemption.

Differences between these two Sections:

If the cost of the new residential property

is lower than the total sale amount, then

the exemption is allowed proportionately.

For the remaining amount, you can

reinvest the money under Section 54EC

within 6 months.

Now, what if one needs the funds

immediately i.e. before the maturity of the

bonds or he doesn’t want to invest/block

the funds in property again. Yes, the same

would be taxable in the previous year in

which the funds are withdrawn, but the

assesse would be the King of his own

funds after paying the requisite taxes.

Now the question comes how he will

release his own funds from the bank. Just

giving an application to the bank for


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withdrawal of funds won’t help. Bank will

need permission from the Jurisdictional

assessing officer for the release of funds.

I had a recent experience in such case

and we had submitted the following

documents to get permission from the AO:

Acknowledgement copy along with the

copy of return

Computation of Income

Statement of Capital Gains working

Sale deed of the property sold on

which capital gains was

earned

Valuation report of the property sold.

Copy of the bonds in which the capital

gains was invested.

Copy of the passbook/bank statement in

which the sale proceeds was invested and

the same were then invested in capital

gain bonds.

Form –G in triplicate.

An explanatory note to convince the AO

for the same.


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If the ITO is satisfied and no further documents

are required, then he may sign and stamp the

form considering the TDS implications. This

may take a week. So inform your clients well in

advance about the same. Always take the

Form in triplicate since the ITO will retain

one copy, One copy will be submitted to the

Bank for release of your funds and the third

one for your own records because it would be

a sure case for scrutiny.

CaClubIndia.com

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DUE DATE CHART (October 2016)Due Date Category Particulars Form/Challan/Site

06th Oct 2016

Service Tax

Payment

Payment for the month of

September 2016www.aces.gov.in

Central Excise

Payment

Payment for the month of

September 2016www.aces.gov.in

07th Oct 2016 TDS

Deposit of TDS for the

month of September 2016ITNS 281

Deposit of TCS for the

month of September 2016Form 26QB

10th Oct 2016Central Excise

Monthly Return

Return for the month of

September 2016ER-1

15th Oct 2016 Provident Fund

Payment of Provident

Fund for the month of

September 2016www.epfindia.com

21st Oct 2016 ESIPayment of ESIC for the

month of June 2016www.esic.in

17th Oct 2016 Income Tax

Annual Return of Income

for A.Y. 2016-17

Corporate Assessee

Non Corporate

Assessee (accounts

required to be audited)

Working partner of a

firm, whose accounts

required to be audited.

www.Incometax

indiaefiling.gov.in

http://www.aces.gov.in/

http://www.aces.gov.in/

http://www.epfindia.com/

http://www.esic.in/

http://www.incometaxindiaefiling.gov.in/

http://www.incometaxindiaefiling.gov.in/

NOTIFICATIONS

AND CIRCULARS


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Notification/ Circular Reference No.

Class or classes of buyers to whom provisions of sub-

section (1D) of Section 206C shall not apply

As per Finance Act, 2016 every person , being the seller

shall, collect tax deducted at source at the rate of 1% from

the purchaser when the consideration exceeds 2lacs under

Section 206C(1D), however the provision shall not apply to

the following class or classes of buyers , namely:

Government;

Embassies, Consulates, High Commissions, Legation

or Commission and trade representation, of a foreign

State;

Institutions notified under United Nations

(Privileges and Immunities) Act, 1947

Notification No.

75/2016,

dated 19-08-2016

Extension of due date for quarterly furnishing of

15G/15H declarations

Notification No.

10/2016, dated

31st August 2016

Approval of Eligible Projects or Schemes under

Section 35AC of the Income-tax Act, 1961

Section 35AC, as amended by the Finance Act, 2016,

provides that no deduction under this Section shall be

allowed in respect of any assessment year commencing on

or after 1st April, 2018.

Press Release, dated

19-08-2016

Closure of financial accounts under Rule 114H(8)

of the Income-tax Rules, 1962 under alternative

procedure of FATCA

For providing immediate relief to the account holders

(financial institutions) and in wider public interest, it has

been decided that, the financial institutions may not close

the accounts by 31st August 2016 in respect of which

self-certifications have not been obtained.

Press Release, dated

31-08-2016

Direct Tax Law

18 Source: ICAI e-Journal


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19 Source: ICAI e-Journal

Indirect Tax LawNotification/ Circular Reference No.

Exemption of water supply services provided to the

Central Government, a local authority or a government

authority

The Central Government vide Circular No. 199/09/2016-ST,

Dated: August 22, 2016 has clarified that exemption is

available vide Mega Exemption Notification No. 25/2012

-ST dated 20.06.2012 to the following services

provided to the Government, a local authority or a

governmental authority, by way of:

a) construction, erection, commissioning, installation,

completion, fitting out, repair, maintenance,

renovation or alteration of pipeline, conduit or plant

for:

(i) water supply

(ii) water treatment, and

b) water supply

Circular No.

99/09/2016-ST, Dated:

August 22, 2016

Service tax Abatement for transport of passengers by

air embarking from or terminating in Regional

Connectivity Scheme (RCS) Airport for a period of 1

year

The Central Government inserted a new entry 5A to grant

service tax abatement of 90% on the value of service of

transport of passengers, with or without accompanied

belongings by air.

Notification No.

38/2016-Service Tax,

Dated: August 30,

Amendment in Entry 62 of Mega Exemption

Notification: Time period for Services provided by

Government or a local authority amended.

All services provided in Entry 62 prior to 1st April

2016 would stand exempted and not only the ones

provided during financial year 2015-16

Notification No.

22/2016-Service Tax,

Dated: April 13, 2016


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20

Others (MCA/ SEBI/ RBI)Notification/ Circular Reference No.

Cabinet approves simplification and liberalisation of FDI

Policy 2016 in various sectors

The Cabinet has further relaxed the norms for FDI in respect

of trading of food products manufactured or produced in

India and it has now been provided that 100% FDI under

automatic route for trading, including through E-commerce,

is permitted in respect of foods products manufactured

and/or produced in India.

Press Release dated

31st August 2016

Foreign Investment in other Financial Services Sector

The Union Cabinet has given its approval to amend

regulation for foreign investment in the Non-Banking

Finance Companies (NBFCs). The present regulations on

NBFC stipulates that FDI would be allowed on automatic

route for only 18 specified NBFC activities after fulfilling

prescribed minimum capitalisation norms mentioned therein.

Press Information

Bureau, GOI, dated

August 10, 2016

MCA Amendment in Schedule V of Companies Act 2013

The New Section II in Part II with respect to payment of

managerial remuneration in case of no profit or inadequacy

of profits has been substituted in place of the old Section

II. For complete text of the notification, please refer the link:

http://www.mca.gov.in/Ministry/pdf/Notifiation_12092016.pdf

Notification no. SO (E)

dated 12th September

2016

Non-Banking Financial Company-Systemically

Important Non-Deposit taking Company and Deposit

taking Company (Reserve Bank) Directions, 2016

RBI has notified the said Master Direction dealing with

NBFC-ND-SI.

For complete text of the circular, please refer the link:

https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10586&Mo

de=0

RBI Master Direction

no. DNBR. PD.

008/03.10.119/2016-

17 dated 1st

September 2016

Source: ICAI e-Journal

http://www.mca.gov.in/Ministry/pdf/Notifiation_12092016.pdf

https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10586&Mode=0

SEMINARS AND

COURSES


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Seminars and Discussions

Taxation Matters

22ICAI CPEC Website

S.No. PoU Topic Place Date Contact DetailsCPE

Hours

1.

New Udaan

Bhawan CPE

Study Circle

Goods and Services

Tax (GST) – Supply,

Time and Place of

Supply of Goods

New Udaan Bhawan, Opposite

Terminal 3, IGI Airport, New

Delhi 110037

12th Oct 16

15:00 - 17:00

CA Chitresh Gupta

Phone:99103679182

2.Bikaner Branch

of CIRC of ICAI

Opportunities In GST

– Impact Study”ICAI Bhawan, C-6-7-8,

Shiv Valley, G.S. Road, Bikaner

10th Oct 16

16:00- 18:00

CA. Madhukar

Hiregange2

3.Alwar Branch of

CIRC


– Impact Study”

‘ICAI Bhawan’, Behind

Stadium, CA, Lane Scheme

No.8 Extension, Alwar

10th Oct 16

16:00- 18:00

CA. Madhukar

Hiregange2

4.

Chittorgarh

Branch of CIRC

of ICAI


– Impact Study”9, Ashutosh Nagar, Near Uco

Bank, Chittorgarh (Raj.)

10th Oct 16

16:00 - 18:00

CA. Madhukar

Hiregange2

5.Central India

Regional Council

Lecture Meeting on

GST

Hotel Best Western Ace Manor,

Near Hotel Country Inn

Sahibabad, Ghaziabad

15th Oct 16

16:00-19:00

Verma Brijesh

Chandra3

6.Central India

Regional Council

Lecture Meeting on

GST

Hotel Best Western Ace Manor,

Near Hotel Country Inn

Sahibabad, Ghaziabad

21st Oct 16

16:00 - 19:00

CA. Harbansh Lal

Madan3

7.

Vile Parle CPE

Study Circle of

WIRC

Changing Section

Under GST

Navinbhai Thakkar Hall,

Shradhanand Road, Vile Parle

(East). Mumbai

12th Oct 16

17:30-20:30

CA Sunil

Gabhawala3

8.

Andheri (West)

CPE Study Circle

of WIRC

Time & Place of

Supply of Goods In

GST

Navinbhai Thakkar Hall,

Shradhanand Hall, Vile Parle

East Mumbai 57.

15th Oct 16

17:00 - 20:00Naresh Seth 3

9.

Central Kolkata

Study Circle of

EIRC

Direct Tax Dispute

Resolution Scheme,

2016

Emami Conference Hall office

of Association of Corporate

Advisors & Executives, 6, Lyons

Range, Kolkata – 700001

22nd Oct 16

15:00-19:00

Phone:

98310th709224

10.Guntur Branch of

SIRC


– Impact Study”

Guntur Branch of SIRC of ICAi

Srinivasaraothota

Guntur

10th Oct 16

16:00 - 18:00

CA Madhukar

Hiregange2

11.Bangalore

Branch of SIRC

Seminar on Sector-

wise Impact of GST

Taxation

Narayana Auditorium,

Bangalore Branch of SIRC of

ICAI, No.16/O, Millers Tank

Bed Area, Vasant Nagar,

Bangalore-560052.

15th Oct 16

10:00-17:30

CA Rajendra

Kumar P

9444017087

6

12.ACAE Study

Circle of EIRC

Input Credit Under

GST and Concept of

Supply

Emami Conference Hall office

of Association of Corporate

Advisors & Executives, 6, Lyons

Range, Kolkata – 700001

25th Oct 16

17:00 - 20:009831016916 3

13.DTPA Study

Circle of EIRC

GST- An In-depth

Analysis

DTPA Conference Hall 3,

Government Place (West),

Income Tax Building Kolkata 01

21st Oct 16

16:00 - 19:009830088400 3


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Other Matters

Seminars and Discussions

Company Law Matters

ICAI CPEC Website

S.No. PoU Topic Place Date Contact DetailsCPE

Hours

1.

DTPA Chartered

Accountants

Study Circle of

EIRC

Board Report and

Issues In Annual

Filing & Functioning

of NCLT

DTPA Conference Hall 3,

Government Place (West),

Income Tax Building 2nd Floor,

Room No. 2/32, Kolkata-700001

18th Oct 16

16:00 - 19:009163111995 3

2.Eastern India

Regional Council

Furnishing Financial

Transaction Statement

under Income Tax Act

and Rules

EIRC Auditorium

Eastern India Regional Council

The ICAI, 7, Russell Street,

Kolkata – 700071

20th Oct 16

17:30-19:309830024795 2

3.Southern India

Regional Council

Lecture Meeting on

Ind AS-2- Inventory

The Insitute of Chartered

Accountants of India

No. 122 MG Road

Nungambakkam Chennai

26th

Oct 16

18:30-20:30Phone: 9443331208 3

4.Surat Branch of

WIRCValuation of Business

2nd Floor, Saifee Building ,

Dutch Garden Road, Nr.

Makkaipul, Nanpura, Surat –

395001

15th Oct 16

15:00 - 18:00

Rajiv Singh

Phone:

981812210th5

3

5.Eastern India

Regional Council

Problems in the

Assessment of Penny

Stocks, Cash Trails,

Commodity

Transactions and

Allied Issues

EIRC Auditorium, Eastern India

Regional Council

The ICAI, 7, Russell Street,

Kolkata – 700071

21st Oct 16

17:30 - 19:30

Mr. N. K. Poddar

Phone:98310113512

S.No. PouU Topic Place Date Contact DetailsCPE

Hours

1.

ORR CPE Study

Circle For Members

In Industry of ICAI

FRS Overview

Accounting and

Auditing

Mphasis Ltd. Bagmane World

Technology Centre, WTC 3,

Block B, Marthahalli Outer

Ring Road, K R Puram,

Bangalore – 560 048

12th Oct 16

14:00-17:00

Mr Rammohan

Bhave

Phone:9167446744

3

2.Southern India

Regional Council

Fiscal Reforms In A

Federal Framework

The Insititute of Chartered

Accountants of Indian

No. 122 MG Road

Nungambakkam Chennai

21st Oct 16

18:00- 20:00

Dr. Vijay Kelkar

Phone: 80560114492

3.

Saras Baug CPE

Study Circle of

WIRC of ICAI

Annual Return

Filling Under

Companies Act’13

Tilak Road, Pune 41100215th Oct 16

8:30-10th:30

Prajot Tungare

Phone:94220807042

Batches for Upcoming

Courses


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Certificate Course on Wealth Management

and Financial Planning

Eligibility for Admission

No candidate shall be admitted to the said

course unless he/she is a member of the ICAI

at the time of admission.

Course Fee

Rs. 15000/- (Rupees Fifteen Thousand only)

Overall Scheme

The participants would be required to

attend the course sessions on weekends

(Saturday/ Sunday). They would also be

required to devote time for self-study.

CPE Hours

Appropriate CPE hours will be provided to all

the registered members as per the CPE

guidelines.

Please send the filled registration form

& Demand draft in below given

Address,

Kindly Contact: Secretary, Committee for

Capacity Building of Members in Practice,

The Institute of Chartered Accountants

(ICAI), ICAI Bhawan, First Floor,

Administrative, Block, A-29, Sector-62,

Noida, Distt.- Gautam Budh Nagar (U.P.),

P.C.201309

E-mail: [email protected],

Telephone: 0120-3045994

Objective of the Course

The objective of this Course is to equip the

members with the principles of Management of

Wealth as well as devising effective Investment

Strategy and the practical procedural aspects

and to build the competency level of the

members of the Institute to position them as

multidisciplinary financial consultants. This

Course is intended at enlightening the members

of the SMP segment & CA Firms. The emphasis

is on developing skill sets which would be

required for advising clients to make sound

financial decisions while practicing and serving

clients in diverse practice areas as compliance,

taxation etc.

Duration of the Course

20 days (only in Saturdays and/or Sundays)

24

mailto:[email protected]

Certificate Course on Forensic

Accounting & Fraud PreventionCourse Duration

7 Days

Course Fees

Rs.20,000/- per delegate payable Online or

by DD/ Pay-Order drawn in the favour of

“The Secretary, ICAI” payable at Delhi.

Further Details and Assistance

ICAI Course Coordinator

Secretary, Committee on IT, ICAI

E-Mail: [email protected]

Tel: +91 120-3045 961 / 963

Nodal Officer

CA. Amit Gupta

Assistant Secretary, CIT, ICAI

E-mail:- [email protected]

Tel: +91 120-3045 961 / 963

Other Useful Links

Online Payment

Online Registration Form


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Background

The Council of the Institute of Chartered

Accountants of India, recognizing the need for

Forensic Accounting and Fraud Prevention, in

the emerging economic scenario, has decided

to launch this Certificate Course on Forensic

Accounting and Fraud Prevention using IT and

CAATs. Forensic Accounting and Fraud

Prevention specialisation is in increasing

demand considering increasing incidents of

cyber crimes and frauds detection. It is the

practice of utilizing accounting, auditing,

CAATs/ Data Mining Tools, and investigative

skills to detect fraud/ mistakes.

Learning Outcomes

Assessment of the damages

Fact finding to see whether fraud/

embezzlement has taken place

Collection of evidences

Investigating and analyzing financial

evidences

CPE Hours

The CPE credit of 20 Hours will be given to the

participants.

http://online.icai.org/ccm.html

http://cit.icai.org/forensic_accounting.aspx

ABOUT US


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S.P. Chopra & Co. is a professional services firm established in

1949; Ranking amongst the top 20 firms in India

11 full time partners and staff strength of over 100

Offices in New Delhi, Mumbai, Canada and Dubai

Our firm offers Accounting, Assurance and Consultancy as its core business

lines for domestic and global businesses of medium to large size.

We have been empanelled with Reserve Bank of India, Royal Audit

Authority of Bhutan, United Nations and World Bank. We are also a

member of the Prime Global (an Independent association of more than

350 accounting firms all over the World).

27


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Business Process Outsourcing

Accounting and Book-keeping

Tax Return preparation

Payroll processing

Financial Reporting

Advisory

Business Risk and Control

Standard Operating Procedures

(SOPs)

Financial Due Diligence

Transaction Support

Assurance Services

Statutory and Tax Audit

IFRS Convergence and

Reporting

Internal Financial Control (IFC)


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29

Mob: 9899110300