Bangalore Branch of SIRC · 2018. 10. 31. · 4 Bangalore Branch of SIRC of the Institute of...

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Bangalore Branch of SIRCof the Institute of Chartered Accountants of India

May2009

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Think Differently Act Perfectly

May2009

PROGRAMMES - AT A GLANCE - May 2009Date/Day Topic /Speaker Venue/Time CPE Credit

4 Hrs.

Advertisement Tariff for the Branch NewsletterColour full pageOutside back Rs. 20,000/-Inside front Rs. 15,000/-Inside back Rs. 15,000/-

Advt. material should reach us before 22nd of previous month.

Editor : CA. Cotha S. SrinivasSub Editors : CA. S.N. Ravindranath

CA. T.R. Venkatesh Babu

The Branch does not accept any responsibility forthe views expressed in Articles / Contributions /Advertisements published in this News Letter.

Inside Black & WhiteFull page Rs. 10,000/-Half page Rs. 6,000/-Quarter page Rs. 3,000/-

4 Hrs.

2 Hrs.

2 Hrs.

2 Hrs.

3 Hrs.

2 Hrs.

2 Hrs.

3 Hrs.

Take up one idea. Make that one idea your life - think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and justleave every other idea alone. This is the way to success, that is way great spiritual giants are produced.”

2 Hrs.

2 Hrs.

Note : High Tea for Programmes at Branch Premises at 5.30 pm.High Tea for Programmes at Vasavi Vidya Niketan at 6.15 pm

2 Hrs.

01.05.09 Concept of Income, Chargeability & Scope Branch PremisesFriday CA. H. Padamchand Khinha 4.00pm to 8.00pm

05.05.09 SA 500 (AAS 5),SA 501 (AAS 34), Branch PremisesTuesday CA. Suresh Kumar D 6.00pm to 8.00pm

07.05.09 TDS- Latest Amendments Branch PremisesThursday CA. Vinay. T 6.00pm to 8.00pm

09.05.09 Human Resource Accounting Branch PremisesSaturday CA. Venu 9.00am to 1.15pm

Delegate Fee - Rs. 250/- Breakfast at 8.30 am

12.05.09 SA - 700 (AAS-28), SA -710 (AAS-25), SAE - 3400 (AAS-35) Branch PremisesTuesday CA. Arun Srinivasan / CA . Unni Krishnan Menon 6.00pm to 8.00pm

14.05.09 Some issues under House Property, Business Income, Vasavi Vidya NikethanThursday Capital Gains and Other Sources Vani Vilas Road

CA. H. Naginchand Khincha 5.00pm to 8.00pmDelegate Fee Rs. 200/- or Rs. 2,000/-

15.05.09 Tax Clinic (Direct & Indirect Taxes) Cancelled due to IntensiveFriday Workshop on Income Tax

19.05.09 SA - 510 (AAS-22), SA - 520 (AAS-14), SA - 530 (AAS-15) Branch PremisesTuesday CA. Pinky Vadhwa 6.00pm to 8.00pm

21.05.09 AS - 11 Recent Amendments Branch PremisesThursday CA. K. Gururaj Acharya 6.00pm to 8.00pm

26.05.09 SA - 540(AAS -18) SA 550(AAS-23) SA560 (AAS -19) Branch PremisesTuesday CA. Suresh Kumar D 6.00pm to 8.00pm

28.05.09 Analysis of Conflicts with applicability of Service Tax and Vasavi Vidya NikethanThursday Telecomminication Sectors Vani Vilas Road

Mr. D. Venkatesh, Advocate, BangaloreDelegate Fee Rs. 200/- or Rs. 2,000/- 5.00pm to 8.00pm

02.06.09 SA 570 (Revised) under the clarity project going concern Branch PremisesTuesday SA 580 (Revised) under the clarity project 6.00pm to 8.00pm

“Written Representations”CA. Suresh D M

04.06.09 Mergers and Acquisitions - Branch PremisesThursday An Overview with Judicial Precedents 6.00pm to 8.00pm

Mr. K. Venkat Satyanarayana

Details of Intensive Workshop are not given in Programmes - at a Glance

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May2009

TAX UPDATES March 2009Chythanya K.K., B.com, FCA, LL.B., Advocate

VAT, CST, ENTRY TAX, PROFESSIONAL TAXPARTS DIGESTED:

a) 2008- 09(13) KCTJ-Part 12

b) 2009 (66) KLJ - Part 3

c) 2009 VST Vol. 21 Part 1 to 4

Reference Description

(2009) 21 VST 74 Continental Builders & Developers vs. State of Karnataka (SC)In this case, without expressing

any opinion on the merits of the case and keeping contentions on both sides expressly open, theHonorable Supreme Court direct the S.T.A. No. 2601 of 2004 to be placed before the Chairman,who is requested to constitute a special Bench in view of the conflicting opinions of the co-ordinate

Benches of the Tribunal in terms of regulation 54(a)(i). It may be recalled that the Hon. KarnatakaHigh Court had upheld the order of the KAT permitting levy of VAT on development chargereceived by the company from its customers in respect of lands representing common areaslike roads etc., surrendered in favour of the Governor. While upholding so, the High Courthad rejected the contention of the appellant that the KAT did not follow the earlier orderof the co-ordinate bench.

(2009) 21 VST 173 Larsen & Toubro Limited vs. State of Bihar (Jharkhand-HC)In this case, Iron and Steel Goodsmanufactured according to contractee’s specification were dispatched from Pondicherry to Bihar,and the Central Sales Tax liability was discharged by assessee in Pondicherry. It was held that, assessment

and demand under Bihar Act in respect of iron and steel already taxed, when no proper mechanismevolved for assessment of works contract, is not justified.

INCOME TAXa) 309 ITR – Part 4 to 5

b) 310 ITR – Part 1 to 3

c) 177 Taxman – Part 5

d) 178 Taxman – Part 1 to 2

e) 117 ITD – Part 1 to 4

f) 121 TTJ – Part 1 to 4

g) 25 CAPJ – Part 5

h) 40-B BCAJ – Part 6

i) 57 TCA – Part 9

Reference Description

310 ITR 71 CIT vs. Harjinder Kaur (Punjab & Haryana-HC)In this case, it was held that, the return did not

bear the signature of the assessee and had not also been verified. Hence, the return was an absolutelyinvalid return as it had a glaring inherent defect which could not be cured in spite of the deemingeffect of section 292B. The High Court held that the Tribunal was justified in setting aside such

assessment.

310 ITR (ST) 2 CIT vs. Estel Communications (P) Ltd.: SLP (C) No. 1732 of 2009 (SC)In this case, the Supreme

Court dismissed the Department’s SLP against the judgment dated March 7, 2008 of the Delhi HighCourt in ITA No. 527 of 2007 whereby the High Court dismissed the Department’s appeal on theground that no substantial question of law arose in the matter. Previously, the Tribunal had held that

the assessee was merely paying the non-resident for the provision of internet bandwidth and notechnical services were rendered necessitating deduction of tax at source.

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May2009

310 ITR 195 Dr. Ajith Kumar Pandey vs. ITAT (Patna-HC)In this case, it was held that, in respect of appeal

against levy of penalty, Tribunal cannot ask for fees based on income assessed. It was further held

that imposition of penalty has no nexus with total income of assessee. Therefore, case was remanded

to Tribunal to decide appeal on merits.

177 Taxman (BN) i Harvindar Pal Mehta HUF v. DCIT (Mum.-ITAT)In this case, it was held that, whether a receipt is

a business receipt or a receipt from mere letting out of an immovable property would depend on the

facts of the case; and if the primary object is to exploit the property by complex commercial activities,

then income from the same should be considered as business income.

177 Taxman (BN) iv Ramniklal J. Nathwani v. ITO (Mum.-ITAT)In this case, it was held that, unless and until the entire

amount of expenditure to be incurred over the contract is known, no profit or gain can be calculated

even if the contract moneys are received by an assessee in the course of the contract since as a rule

the balance between the cost of construction and the proceeds of contract for the purpose of

assessment under the Income-tax Act has to be struck at an interval of every accounting year because

that is the unit of time stipulated under the Act.

177 Taxman (BN) viii Gopal Purohit v. JCIT (Mum.-ITAT)In this case, it was held that, the delivery based transaction

should be treated as of the nature of investment transactions and profit therefrom should be treated

as short-term capital gain or long-term capital gain depending upon the period of holding; and

employment of an infrastructure so as to keep a track of the development in the share market

cannot turn an investment activity into a business activity.

178 Taxman (BN) i Dr. (Mrs.) Sudha S. Trivedi vs. ITO (Mum.-ITAT)In this case, it was held that, if the capital asset is

held for more than 36 months, the benefit of section 54EC cannot be snatched away because

section 50 is restricted only to the mode of computation of capital gain contained in sec 48 & 49 and

this fiction cannot be extended beyond that for denying the benefit otherwise available to the assessee

under section 54EC, if the other requisite conditions of the section are satisfied.In other words, the

deemed short term capital gains arising under sec 50 would be available for relief under sec 54EC.

178 Taxman (BN) i Meera Cotton & Synthetic Mills Pvt. Ltd. vs. ACIT (Mum.-ITAT)In this case, it was held that,

there is no warrant for reducing loss of one eligible undertaking from the profits of the other eligible

undertakings under section 8-IB; therefore, if there is profit derived from a particular industrial

undertaking, that will qualify for deduction without reduction of loss suffered by any other eligible

industrial undertaking.

178 Taxman 144 CIT vs. Raghunath Murti (Delhi-HC)In this case, assessee had filed his return of income for relevant

assessment year. Subsequently, he revised his returned income because he had to refund certain sum

to his employer company as same was found to be in excess of limits laid down in Companies Act,

1956. AO held that once salary had accrued to assessee in relevant year, amount refunded could not

be treated as excess salary retrospectively.It was held that, since assessee had refunded said amount

in view of legal requirement contained in provisions of Companies Act, 1956, same could not be

held as assessee’s income.

178 Taxman 173 CIT vs. Dewan Chand (Delhi-HC)In this case, it was held that, where assessee had furnished

confirmations from payees, wherein they had given their PAN/acknowledgment of their returns and

had confirmed that they had included amount received from assessee as their income and had also

paid taxes due on such income, assessee could not be treated as assessee in default in terms of

section 201 (1).

117 ITD 131 J.M. Baxi & Co. v. DDIT (Mumbai-ITAT)In this case, it was held that, the time-limit provided under

section 149 (3) would not apply to an assessee who has voluntarily filed return of his non-resident

principal and in whose case no order under section 163 has been passed treating him as an agent of

non-resident. In other words, it was held that the benefit of shortened limitation period oftwo years would not apply in such case.

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May2009

117 ITD (BN) iv ACIT vs. Indwel Lianings Pvt. Ltd. (Chennai-ITAT)In this case, it was held that, the benefit of

section 80-IA shall not apply to a person who executes work contracts entered into with an undertakingor enterprise.

117 ITD 90 Cotton Textiles Export Promotion Council vs. ITO (Mumbai-ITAT)In this case, it was held, onthe basis of the contents of Form No. 10 read along with the provisions of section 11(2), that theassessee can give notice in writing for more than one year and then claim of the assessee cannot be

denied merely on the ground that in the subsequent year no further notice is given by the assessee.

117 ITD 114 Millennium Infocom Technologies Ltd. v. ACIT (Delhi-ITAT)In this case, it was held that, theOECD Model Tax Convention is applicable between two developed countries whereas UN Model Tax

Convention is applicable between developed and developing countries. However, the wording ofOECD Model Tax Convention and UN Model Tax Convention is identical. Thus, the nature of the rentpaid for hosting of the website on the servers being commercial and scientific equipment is to be

treated as royalty.It was also held that, in the case of Transmission Corpn. of A.P. Ltd. vs. CIT [1999]239 ITR 587 Hon’ble Supreme Court has clearly laid down the principle that the obligation of theassessee to deduct tax under section 195 is limited only to the appropriate proportion of income

chargeable under the Act. This leaves no doubt that at the time of making payments of any sums tonon-residents, the nature of the remittance has to be determined for the purposes of deduction oftax at source. CBDT in three Circulars, i.e., Circular No. 759, dated 18-11-1997; No. 767, dated 22-

5-1998, and No. 10/2002, dated 9-10-2002 have entrusted this task to the chartered accountant. Ina case where the sum paid has no income embedded therein, there is no requirement to make anapplication under section 195(2).

121 TTJ 109 Indus Cosmeceuticals vs. DCIT (Chandigarh - ITAT)In this case, it was held that, interest onsecurity for getting VAT number is not profit derived from industrial undertaking, and hence, thesame is not eligible for deduction under s. 80-IB.

121 TTJ 145 Chandrakanth H. Shah v. ITO (Mumbai-ITAT)In this case, it was held that, Interest-free loan to theextent of Rs. 54.7 lacs obtained by assessee from four sister concerns for purchase of the flat fromone of them which was partly repaid, cannot be said to be without consideration, hence not liable to

tax under s. 56 (2) (v).

121 TTJ 208 ACIT v. Vatika Greenfield (P) Ltd. (Delhi-ITAT)In this case, it was held that, text of seized documentclearly describing that the sum mentioned there was received by the assessee as “unsecured interest-

free loan” and there being no material on record to suggest that the said figure in any way representedthe income of assessee or that the source stated in the said document was in any way false orincorrect, CIT (A) was justified in deleting the addition made by AO on the basis of said document.

Interestingly, it was held that sec. 292C does not help the Revenue, rather, it supports the case ofassessee. It was held that unless some evidence or material is brought on record by the Revenue toshow that what is stated in the seized document is not correct state of affairs the state of affairs

stated in the seized document has to be presumed to be true as mandated by s. 292C.

121 TTJ 232 ITO vs. Jindal Sons (Amritsar-ITAT)In this case, it was held that, bad debts claimed by assessee are

not allowable to the extent they are written off only by debiting the P&L a/c but no correspondingcredit is made in debtors’ accounts. It was held that in such a case, the provisions of sub-s. (2) of 36cannot be said to have been complied with.

121 TTJ 255 DCIT v. Satyam Computer Services Ltd. (Hyderabad-ITAT)In this case, it was held that, DTAAbetween India and USA is silent on the point as to whether to treat the tax paid in USA as advancetax or self-assessment tax. Assessee having paid tax in USA during financial years relevant to asst.

yrs.1998-99 and 2005-06, which if paid in India would have been treated as advance tax, there is noquestion of charging of interest under s. 234B. It was held that the Explanation 1 to s. 234B introducedby the Finance Act, 2006, w.e.f. 1st April, 2007, being clarificatory will apply to asst. yrs. 1998-99

and 2005-06 also.

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May2009

121 TTJ 340 HLS Asia Ltd. vs DCIT (Delhi – ITAI)In this case, it was held that, it is not possible to subscribe to a

view that the correct interpretation of expression “value” used in Expln. 2 to s. 80-IB (2) would bethe market value and not the book value or WDV or the depreciated value. Since the value of plantand machinery used in the eligible business is determined with reference to the value recorded by the

assessee in the books of account, the value of the machinery previously used for any purpose wouldalso be taken at the amount at which it has been brought into account of the new eligible unit.

121 TTJ 352 Idea Cellular Ltd. vs. DCIT (Delhi-ITAT)In this case, it was held that, discount to market associates

on SIM cards and recharge coupons is not subject to TDS under s. 194H. Discount allowed ontransactions resulting in outright purchase cannot be treated as brokerage or commission. It washeld that there should be in existence the relationship of principal and agent in order to bring the

discount in the ambit of commission or brokerage.

121 TTJ 510 ITO v. Farouk D. VevainaNon-occupancy charges paid by assessee, the owner of the flat to owners’society will have to be deducted in computing the annual value under section 23 on the principle of

overriding title

121 TTJ 366 ACIT vs. Baldev Raj Charla & Ors. (Delhi-ITAT)It was held that, property received by way of family

settlement and assessee having admittedly acquired property by way of family settlement dt. 1stSept., 1997, effective from 31st July, 1992, which is analogous to partition, s. 49 (1) will apply. Forthe purposes of computing capital gains, deduction has to be allowed on indexed cost of acquisition

by taking into account its fair market value as on 1st April, 1981, the property having been acquiredby previous owner in 1966.In the aforesaid case, it was held that family partition is to be treated onthe same lines as partition of HUF and the benefit of section 49 may be extended in such case.

25 CAPJ 495 Aum Chemicals vs. The ACIT (Mumbai-ITAT)In the above case, it was held that there is a differencebetween vesting in private limited company and distribution of capital assets. In case of vesting ofproperty, the property vests in the company as they exist but the case of distribution on dissolution

involves processes of division, realization, encashment of assets and apportionment of the realizedamount. Consideration for transfer of capital assets is what the transferor receives in lieu of theassets he parts with for money or money’s worth and therefore the very asset transferred or parted

with cannot be consideration for transfer. It was held that the expression full value of the considerationcannot be constituted as having a reference to the market value of the assets transferred and thatsaid expression only means the full value of things received by the transferor in exchange of the

capital assets transferred by him. Accordingly, it was held that the firm can be assessed only if thevalue of the consideration is received by the firm. In the present case, the assets and liabilities of thefirm have been transferred to the company at book value and that means the full consideration

received by the firm is amount of book value of the assets and in such situation, section 45 (4) is notapplicable.

40-B BCAJ 782 Sunil Sethi v. DCIT [2008] 26 SOT 95 (Delhi)In this case, it was held that, as the amount was given

by company to its director for business purposes of company i.e., to purchase business premises, andsaid amount was returned since the deal could not materialize, such amount could not be treated asdeemed dividend under section 2 (22) (e) of the Income-tax Act, 1961.

40-B BCAJ 786 GMR Projects Pvt. Ltd. v. ACIT (2009 TIOL 01) (Hyderabad-ITAT)In this case, it was held that, thegrant of excessive credit of TDS amounts can not be treated as escapement of income and grant ofexcessive credit of TDS can not be construed as grant of excessive relief under sub-clause (iii) of

clause (c) of Explanation 2 to section 147 of the Act.

40-B BCAJ 800 IDS Software Solutions (India) Pvt. Ltd. vs. ITO [2009 TIOL 82] (Bangalore-ITAT)In this case, itwas held that, the concept of economic employer has to be applied in case of secondment of employees

by an overseas company to its associate company in India. It was therefore held that reimbursementmade by the Indian company under Secondment Agreement to legal employer on actual cost basisrepresented salary paid to secondee, wherein no tax was required to deducted at source.

Success means doing the best we can with what we have. Success is the doing, not the getting; in t he trying, not the triumph.Success is a personal standard, reaching for the highest that is in us, becoming all that we can be.”

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May2009

Recent judicial pronouncements in Indirect TaxesNR Badrinath, B. Com.,Grad C.W.A., F.C.A., Madhur Harlalka, B. Com., F.C.A.

CENVAT Credit

1. Outward transport is eligible as input service when goodsare sold at “FOR” value and delivered at the doorstep ofthe Buyer. CBEC Circular No. 97/6/2007 – S.T., dt. 23-8-2007 clarifies that outward freight is input service whenfreight is paid by manufacturer up to customer’s doorstepand when the freight charges and transit insurance areincurred by the manufacturer and are forming part of valueof excisable goods. [Ambuja Cement Limited Vs. Union ofIndia, 2009(14)S.T.R.3 (P&H)]

2. CENVAT credit is available to job worker on moulds anddies imported by principal and transferred to the job workerby way of endorsing the customs documents / importdocuments. The CENVAT credit cannot be denied on theground that CENVAT Credit is available only if capital goodsare supplied by a finance company under loan, or hirepurchase agreement Rule 4(3) of CENVAT Credit Rules,2004. [CCE, Vadodara Vs. Jewel Brushes Private Limited,2009 (236) E.L.T.326 (Tri. –Ahmd.)]

3. In the instant case, the CENVAT credit is reversed on thedirection of the revenue officer. The department has neitherissued any show cause notice nor passed any adjudicationorder but issued a letter stating that issue has already beendecided by Assistant Commissioner. The CENVAT Creditreversed earlier on the direction of the department isrefundable since department has neither issued show causenotice nor passed any adjudication order. [BorsaraMachines Vs. CCE, Surat, 2009 (236) E.L.T 331 (Tri.-Ahmd.)]

4. In the instant case, the Revenue demanded the CENVATcredit on the allegation that the same was irregularlyavailed by the job worker. The order of demand was setaside by the Tribunal. However, the revenue subsequentlyproceeded to recover same amount from principal. TheHigh Court has held that the approach of revenue torecover the demand is nothing but an attempt to recoverthe demands by hook or crook by initiating the proceedingsbelatedly as rightly observed by the tribunal. Accordingly,the revenue demand from principle manufacturer is setaside. [CCE, Tirupathi Vs. Electrolex Kelvinator Limited,2009 (236) E.L.T. 29 (A.P)]

SERVICE TAX

5. Curing physical disorders/deformities and removal of facialand body hairs by lazer treatment is not a beauty treatmentsince it provided either by doctors or under the supervisionof doctors. The services are more appropriately classifiable

as medical services in terms of board circular F.No. B/11/1/2002 TRU dt. 1-8-2002. [CCE&C, Vadodara-I Vs. New lookCostmetics Laser Center, 2009 (14) S.T.R. 27 (Tri.-Ahmd.)]

6. Commercial Training and Coaching services are leviable toservice tax w.e.f. 1-7-2003. Further, service tax is leviableon advances received prior to 1-7-2003 for CommercialTraining and Coaching services to be provided on after 1-7-2003 since the services are rendered after introductionof service tax. The main obligation to pay service tax cannotbe altered by taking registration, issuing invoice and filingreturns etc and billing date cannot be considered as dateof rendering service. [CCE, Allahabad Vs. Krishna CoachingInstitute, 2009 (14) S.T.R. (Tri.-Del.) & P.T.Education &Training Service Limited, Vs. CCE, Jaipur, 2009 (14) S.T.R34 (Tri.-Del.)]

7. The appellant is engaged in providing Wide Area Network(WAN) to Andhra Pradesh Government. The networkinginvolved connecting all Government offices in the Statecapital and District centers and equipments like networkinterfaces etc. It is noted that the Appellant is neither theowner of the relevant data nor is involved in generationand usage of the data. In this context it is held that ensuringflow of information from different centres to headquartersand vice versa cannot be equated with making availableonline information and data access or retrieval. Hence the networking service is not “Online Informationand Database Access or Retrieval Services”. [UnitedTeclecom Ltd., Vs. CST, Bangalore, 2009 (14) S.T.R. 212(Tri.-Bang.)]

8.Membership subscription of club is not liable to service taxwhen it is paid without any return benefit. [AhmedabadManagement Association Vs. CST, Ahmedabad, 2009 (14)S.T.R. 171 (Tri.–Ahmd.)]

9.The advice to a customer to rearrange furniture is not taxableservice under the category under Interior decorator service.Further, such an isolated advice cannot be classifiable underthe “Interior Decorator” services. [CCE, Vadodara Vs.Chandan Metal Prodcuts Private Limited, 2009 (14) S.T.R.181 (Tri.-Ahmd.)]

10. The advice to invest in shares is not a taxable service underthe category ‘Management Consultant’ services since theservice does not involve management of any organizationor conceptualizing, development, modification or upgradation of any working system of any organization. [CCE, Vadodara Vs. Chandan Metal Prodcuts Private Limited,2009 (14) S.T.R. 181 (Tri.-Ahmd.)]

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May2009

CENTRAL EXCISE

11. Where the unit has inadvertently availed the CENVAT Creditprior to crossing the limit of Rs. 1 Crore and where thesame was suo motu reversed, the SSI exemption benefitshould not be denied. It is observed that the suo motureversal of CENVAT credit does not amount to a case wherecredit is availed. [Sanson Chemical Indus. Vs. CCEC&ST(A),Cochin, 2009 (236) E.L.T. 283 (Tri. –Bang.)]

12. No interest is payable on price escalation charged by way ofsupplementary invoice on for the goods cleared in the pastunder section 11AB of Central Excise Act, 1944 since there isno non-payment, short levy or short payment as envisageunder section 11A(1) of the Central Excise Act, 1944. [CC,Panchkula Vs. Polyplastics, 2009 (236) E.L.T. (P&H)]

13. Excise duty at rate of 8% is payable on sale price ofexempted goods at the time their clearance from factorygate under Rule 6(3)(b) of the CENVAT Credit Rules, 2004.The cost of such product excludes sale taxes and othertaxes. Further, the elements such as transportation, laying,jointing, testing and commissioning by any stretch ofreasoning cannot be considered to be elements of priceof exempted goods at the factory gate. Therefore, no dutywould be payable on the same. [CCE, Hyderabad Vs. Koya& Co, construction Private Limited, 2009 (236) E.L.T. 316(Tri.-Bang.)]

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May2009

BANGALORE BRANCH OF ICAI ANNOUNCES

An Intensive Weekend Workshop on “International Taxation” (IV Batch)2nd May 2009 to 14th August 2009

Objectives : The Opening of the Indian Economy has resulted in a spate of Cross -Border Transactions into and out of Indiaby way of direct and Port Folio Investments, Technology Transfers, Collaboration agreements and Joint Ventures. This has leadto implications in India & various types of the International Transactions. There is an urgent need for the Members in Industry& Practicing CAs as well to understand the implications & limitations of the basic concepts of International Tax Planning.Hence this Course has been designed with a view to exposing the CFOs and Tax Managers in the Corporate Sector &Practicing Tax – Professionals to the Concepts of International Tax Planning.

We are happy to inform the members that the response for the 3 batches was overwhelming and the feed-back was veryencouraging. Hence, this Fourth Batch.

Faculty Members: Consist of Expert renowned speakers specialized in “International Taxation” from Mumbai,Chennai and Bangalore

DATE TOPIC DURATION Speakers

Day 1 Historical Overview, Main Trends and Evolution of 4 hours CA. T.P. Ostwal

02.05.09 various model conventions 9.30am toInterpretation of Tax Treaties – Recent OECD 1.30pm Developments

Day 2 Interest / Dividend / Capital Gain 4 hours CA. S. Ramasubramaniam

09.05.09 Permanent Establishment Article 5

Day 3 Concept of Residence in Tax Treaties i.e Article 4 4 hours CA. Rishi Harlalka16.05.09 Income from Immovable Properties

Day 4 Business Income including Force of Attraction 4 hrs CA. Nitin Karve23.05.09 Attribution of profits to a PE

Day 5 Challenges in International Taxation CA. S. Krishnan

30.05.09

Day 6 Royalties and Fees for Technical Services and most 4 hrs CA. K. K. Chythanya06.06.09 Favored nation related to such payment

Day 7 Elimination of Double Taxation 4 hours CA. P V Srinivasan

13.06.09 Mutual Agreement Procedures and exchange ofinformationAuthority for Advance Ruling

Day 8 Deduction of tax at source u/s. 195 & DTAA 3 hours CA. Sriram SeshadriChennai

20.06.09 Agent of non Resident 1 hour

Day 9 Concept of thin Capitalization Current controversial 1 hour K R Sekar27.06.09 issues in International Taxation.

Electronic Commerce and Taxation 3 hours

Taxation of Income from Shipping and AirTransport services

Day 10 Partnership under the law of Tax Treaties 1 & ½ hours CA. Hitesh GajariaMumbai

04.07.09 Triangular cases 1 & ¼ hoursBeneficial ownership under tax treaties 1 & ¼ hours

Day 11 Tax haven Countries11.07.09

Cross – Border Mergers & Acquisitions – 2 hours CA. Sampath Raghunathan

Tax consideration 2 hours Hyderabad

When a poor person dies of hunger, it has not happened because God did not take care of him or her. It has happened becauseneither you nor I wanted to give that person what he or she needed.” - Mother Teresa

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May2009

Day 12 Independent Personal Services 2 hours CA. Padam Chand Khincha

18.07.09 Tax implication attaching expatriates 2 hours

Day 13 How to read the tax treaty 2 hours CA. Rajendra Nayak25.07.09 1. India – UAE Treaty and Protocol

2.India – Maurities Treaty

3. India UK DTAA4. India – Singapore India –Netherlands Treaty 2 hours

Day 14 E C Treaties – Parent Subsidiary Directives –01.08.09 Interest and Royalty Directives

Concept of Controlled foreign corporation hybrid/ 4 hours CA. Rashmin Sanghvi,financial instruments Mumbai

Day 15 Transfer Pricing08.08.09 Introduction – International Transaction – 4 hours CA. Shantha Ghosh

Associated Enterprises.Arm’s Length Price – Computation of Arm’s LengthPrice-Documentation

Day 16 Taxation of Entertainers and Athletes 4 hours CA. Abhishek Goenka14.08.09 Other income under tax treatiesNon – Discrimination 2.30pm to

and recoveryof taxes on behalf of other states 6.30pm

[EVENING] Valedictory session will be followed by Dinner 6.45pm to8.00pm

Note:

� Sessions - subject to change

� Breakfast will be served on all Saturdays at 8.30am on all the days of the course

� On inaugural day, 2nd May 2009 Sessions will be conducted between 9.30am and 1.30pm and lunch will beprovided in between.

� On 14th August 09,(Concluding) Technical Session will be conducted between 2.30pm and 6.30pm followedby valedictory session and dinner

Registration : Limited to 60 seats, Registration will be on first come first serve basis.

Course Fee : Rs. 15,000/- for Members

Rs. 18,000/- for Non – Members

Cheque/DD to be drawn in favour of “Bangalore Branch of SIRC of ICAI”

For Further details contact the Branch at: Tel : 30563500 / 512 e-mail : [email protected]

ATTENTION:CHARTERED ACCOUNTANCY STUDENTS

Bangalore Branch is happy to introduce Scholarship Scheme Merit cum Need baseStudents. Interested Students are hereby requested to forward their forms toBangalore on or before 30.06.2009. Forms can be downloaded from the websitewww.icai-bangalore.org and visit website for further details.

There are no classes in life for beginners: right away you are always asked to deal with what is most difficult.

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May2009

CA Vinay MruthyunjayaMember-IT Committee

CA. K. RaghuChairman, IT Committee

[email protected]

CA. C.S.SrinivasChairman,

Bangalore Branch of SIRC of ICAI

CA. T.R. Venkatesh BabuSecretary

Bangalore Branch of SIRC of ICAICA Sailesh AgarwalMember- IT Committee

DIAMOND JUBILEE NATIONAL IT CONFERENCEOrganised by Committee on Information Technology, ICAI

Hosted by Bangalore Branch of SIRC of ICAI

On 12th & 13th June 2009 at Hotel Le- MeridienDAY 1 09.00 a.m. Registration & High Tea

09.30 a.m. Inaugural Address

10.00 a.m. Technology Shaping the Audit Profession

11.45 a.m. ERP- Implementation Opportunities for CAs.

01.30 p.m. Lunch Break

02.00 p.m. IS Audit - Using ISACA Standards, Guidelines and Procedures

03.45 p.m. Forensic Accounting & Fraud Detection

DAY 2 10.00 a.m. KPO - Setting up, Operation for Payroll, Accounting & Tax Returns

11.30 a.m. XBRL - Extensible Business Reporting Language – ICAI Roadmap for XBRL jurisdiction

01.30 p.m. Lunch Break

02.00 p.m. Audit Tools and Software for Practicing CAs

03.30 p.m. New Professional Opportunities in IT Arena - Success Stories

05.00 p.m. Valedictory Session followed by Networking

Course Fee : Rs. 2,500/- for members, Rs 3,000/- for non-members and Rs. 2,000/- for studentsper delegate by DD/ Pay-Order/ Cheque to be drawn in favour of “Bangalore Branch of SIRC of ICAI” payableat Bangalore and to be sent to “Bangalore Branch of SIRC of ICAI,

For further/ updated details and clarifications see www.icai.org or contact: [email protected], IT Committee Ph.011-30210619/621, E-mail: [email protected]

Conference Chairman Conference Coordinators

Required for Bangalore Office of a well established firm of Chartered

Accountants based in Mumbai, Chartered Accountants / Semi qualified

personnel. Remuneration will not be a constraint for the right candidate.

Reply within 7 days to:

[email protected]

Adv

t.

Talents are best nurtured in solitude, but character is best formed in the stormy billows of the world.

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May2009

TWO DAY NATIONAL SEMINAR ON PRIVATE EQUITY

Organized by Committee for Members in Industry

Hosted by Bangalore Branch of SIRC of ICAI

On 26th & 27th June 2009 at Hotel Le- Meredien

DAY 1 10.00 a.m. Registration & Welcome

10.30 a.m Inaugural Address

11.30 a.m Private Equity: Bird’s Eye view inThe current global scenario

02.00 p.m Preparation of Business Plan – Key to Success

3.00 p.m Tea Break

04.30 p.m Valuation of PE Deals

DAY 2 10.00 a.m Private Equity – The Deal Closure – The Fine Art

11.00 a.m Fund Managers’ Perspective to the Equity Deal

12.00 p.m Role of Chartered Accountants in adding Value & assisting Company in unlocking its potential

1.00 PM Lunch

2. 00p.m. Corporate Story telling Session: Experiences of Corporates in undertaking Private Equity Deals

4.00 p.m Valedictory Session

KIND ATTENTION STUDENTS PURSUING GMCS COURSE

ANNOUNCEMENT:

REGISTRATIONS OPEN FOR THE COURSE ON“GENERAL MANAGEMENT AND COMMUNICATION SKILLS” 63rd & 64th batch

Proposed date for the Commencement of the 63rd Batch- 27-07-2009 To 12-08-2009 64th Batch- 17-08-2009 To 03-09-2009

Course Fee: Rs.4500/- DD in favour of “Bangalore branch of SIRC of the ICAI” / Cash

Duration : 15 days

Eligibility: 1) Would have completed minimum 2 years of article training. 2) Would have passed PE-IIcourse/ taken up either one group or both the groups of final exams/qualified CA. 3) Onepassport size photograph

For Further details contact the Branch on Tel: 30563500 /512/513 e-mail : [email protected]

Course Fee : Rs. 2,500/- for members, Rs 3,000/- for non-members and Rs. 2,000/- for studentsper delegate by DD/ Pay-Order/ Cheque to be drawn in favour of “Bangalore Branch of SIRC of ICAI” payableat Bangalore and to be sent to “Bangalore Branch of SIRC of ICAI,

For further/ updated details and clarifications see www.icai.org or contact: [email protected], IT Committee Ph.011-30210619/621, E-mail: [email protected]

CA Vinay MruthyunjayaMember-IT Committee

CA. K. RaghuChairman, IT [email protected]

M-09341219091

CA. C.S.SrinivasChairman,

Bangalore Branch of SIRC of ICAI

CA. T.R. Venkatesh BabuSecretary

Bangalore Branch of SIRC of ICAICA Sailesh AgarwalMember- IT Committee

Seminar Chairman Seminar Coordinators

Sow an act, and you reap a habit; sow a habit, and you reap a character; sow a character, and you reap a destiny.

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May2009 Our waking hours form the text of our lives, our dreams, the commentary

BANGALORE BRANCH OF ICAI ANNOUNCESCES

An Intensive Weekend Workshop on Service Tax (II Batch)23rd May 2009 to 19th September 2009

The areas of Professional practice in which our members can contribute their expertise are rapidly changing.With the tremendous growth in the Service sector, the Govt. is increasingly focusing on taxing the Services sector.To widen our areas of practice, it is inevitable to acquire expertise in various emerging areas like Service Tax,Energy Audit and so on. This, in-depth 15-day course on Service Tax enables the participants to update theirknowledge and their services would benefit all concerned.

Faculty Members : CAs and other Professionals with ample practical exposure and expertise in the field ofService Tax from Mumbai, Chennai and Bangalore

Subject Index for Intensive Service Tax TrainingBangalore Branch of ICAI

Day Date SUBJECT PROPOSED SPEAKERS

1 23-May-09 Inauguration Tribunal Member -

Opportunities for professionals Overview of TK Jayraman

Indirect tax-Impact on Industry and Chandak -

Service providers Past President

Constitution, levy and classification - Arvind Dattar

principles & issues

2 30-May-09 Valuation of ServicesGeneral Exemptions under Ashok Batra

Service Tax including SEZ provisions

3 6-Jun-09 Cenvat Credit relating to Service Tax Raghuraman

4 13-Jun-09 Export/Import of Service Rules Tirumalai

Refunds & Rebate under Service Tax Rajesh Kumar TR

5 20-Jun-09 Basic procedures & documentation - relating Vishnu Murthy S

to returns, invoicing, accounting for CENVAT etc.

Powers of Authorities & Assesses Nagendra Kumar - LTU

6 27-Jun-09 Asst Penalties, Appeals, Recovery, Advance Naveen Kumar K S

RulingSCN - Reply - Appeal Case Study

7 4-Jul-09 Common Errors in ST Dept Audit / Bikul Mody

Internal Audit Under ST

8 11-Jul-09 Real Estate IndustryWorks contract service, Gabawala

construction services, real estate, errection,

commissioning and installation servcies,

Site formation and clearance, excavation and

earthmoving and demolition servicesRenting of

immovable property, Real Estate Agent services,

mandap keeper and convention services

To include VAT principles, where appropriate

9 18-Jul-09 Technology - IT Software services, computer Shivadas

network services, conulting engineering serivces

Telecommunication services, Internet Telephony

services, Development of content

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May2009

10 25-Jul-09 Finance Sector - Banking and other financial A R Krishnan

services, asset management services, credit card,

debit card, charge card or other payment card

service, credit rating, forward contracts,

forex broking and recovery agent services

11 1-Aug-09 Transport Industry - Travel agent’s service, Rajesh Chandra Kumar

rail travel agents, Air travel agents,

courier service, tour operator, rent-a-cab,

Transport of goods / passenger by air, road,

rail, ship, C&F agency, CHA services and cargo

handling services

12 8-Aug-09 Media Industry - Broadcasting services, Badrinath Anand

Advertising services, Cable services, photography

services, video production services, sale of

space or time for advertisement services,

Programme producer, design services,

event management, business exhibition

services and public relation services

13 22-Aug-09 General Services - BAS, BSS, Sponsorship Servcies, BN Gururaj

Management, maintenance or repair services,

Management or Business consultant services,

supply of tangible goods, authorised service

station services

14 29-Aug-09 Architecht, CA, CS, ICWA, Interior decorator, MadhurVivek Pachisia

Franchise service, Market Research agency,

Manpower recruitment and supply agency

services, mining services, intellectual property

right services

15 5-Sep-09 Stock broking, insurance agency and auxiliary, Deepak Jain Chidanan Urs

security agency, port srvices, storage and ware

housing, commercial training and coaching,

technical testing and analysis, technical inspection

and certification, catering, packaging services

16 12-Sep-09 Case Study Vaitheeswaran

17 19-Sep-09 Panel Discussions SRS, Vaith,

Srinath (HP), NK

Conclusion, Valedictory Session Tribunal Member -

NV Ravindran

Registration : Limited to 60 seats, Registration will be on first come first serve basis.

Course Fee : Rs. 12,000/- for MemberRs. 15,000/- for Non – Member


For Further details contact the Branch onTel : 30563500 / 512e-mail : [email protected]

If you have built castles in the air, your work need not be lost; that is where they should be.Now put foundations under them.

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May2009

BANGALORE BRANCH OF ICAI ANNOUNCES

An Intensive Weekend Workshop on Income TaxDuration: 15th May 2009 to 27th June 2009

(Only on Fridays 4hrs - 4pm to 8 pm and Saturdays 6hrs 9am to 4pm)Faculty Members : CAs and other Professionals with ample practical exposure and expertise in the field ofIncome Tax from Mumbai, Chennai, Hyderabad and Bangalore

Date / Day Topics TimingsDuration

DAY - 1 Perquisites u/s 17, FBT u/s 115WA & House property 4.00 TO 8.00PM15.05.09 from Sec. 22 to Sec. 27. 4HRSFRIDAY

DAY - 2 Discussion on Disallowances u/s. 14A - Expenditure incurred in relation 9.00AM TO 1.00PM16.05.09 to income not includible in total income & 40-Amounts not 4HRSSATURDAY deductible, 40a(ia) & other disallowances.

Depreciation on intangibles u/s 32.Interest deduction under special cases 2.00PM TO 4.00PMand other deduction. 2HRS

DAY - 3 Corporatisation / restructuring’MAT u/s 115 JB- 4.00 TO 8.00PM22.05.09 Special provision for payment of tax by certain companies. 4HRSFRIDAY

DAY - 4 Tax holiday u/s. 80IA/80IB for enterprises engaged in infrastructure 9.00AM TO 1.00PM23.05.09 development or development of an SEZ, u/s. 10A/ 10B for newly 4HRSSATURDAY established enterprises in FTZ, SEZ or EOU.

Method of accounting u/s. 145 & valuation u/s.145ASpecific issues 2.00PM TO 4.00PMaudit report u/s 44AB. 2HRS

DAY - 5 Shares/Securities/ Derivatives/ CommoditiesBonus Stripping / 4.00 TO 8.00PM29.05.09 Dividend stripping u/s 94.Special transactions u/s. 50C- Special provisions 4HRSFRIDAY for full value of consideration in certain cases.Joint development

AgreementSec. 45(3)-Transfer of capital asset by a proprietor or Partner to the firm and 45(4)-Transfer of capital assets by a firm indissolution to its members.

DAY - 6 Exemption u/s. 54-Capital gain exempted on transfer of a residential 9.00AM TO 1.00PM30.05.09 property and u/s.47- Transactions not regarded as transfer. 4HRS

SATURDAY Taxability of Gifts u/s 56(2)(vi)Composite letting 2.00PM TO 4.00PM2HRS

DAY - 7 Lower deduction of tax / Nil deduction of tax certificates.’TDS u/s. 4.00 TO 8.00PM 05.06.09 194C-TDS on contract, 194J-TDS on professional charges, 4HRSFRIDAY 194I-TDS on rent. Information in Form 26AS

DAY - 8 Expat taxation 9.00AM TO 1.00PM06.06.09 4HRS

SATURDAY Certification u/s 195.Concept of income deemed to 2.00PM TO 4.00PMaccrue or arise in India- Sec.9 2HRS

DAY - 9 Transfer Pricing u/s 92 4.00 TO 8.00PM12.06.09 4HRSFRIDAY

DAY - 10 Interesting rulings of Supreme Court and AAR 9.00AM TO 1.00PM13.06.09 4HRSSATURDAY Wealth tax Act 2.00PM TO 4.00PM

2HRS

The more business a man has to do, the more he is able to accomplish, for he learns to economize his time.

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May2009

DAY -11 Taxation of trusts ’Taxation of PF/Gratuity/Superannuation and other 4.00 TO 8.00PM19.06.09 employee benefit Trusts 4HRSFRIDAY

DAY - Taxation of HUF’ 9.00AM TO 1.00PM12 20.06.09 4HRS

SATURDAY Taxation of firm/AOPCharitable Trusts, Exemption u/s 2.00PM TO 4.0011, 80G deduction, Education and other institutions PM2HRS

DAY - 13 Various types of Notice u/s 148 and 156 & responses thereto. 4.00 TO 8.00PM26.06.09 Assessment/ reassessment u/s 143-Assessment, u/s 144-Best Judgment 4HRSFRIDAY assessment, u/s 153A-Search & Seizure Assessment & Rectification

of mistakes u/s 154.

DAY - 14 Set off and carry forward of losses u/s 78 and 79. 9.00AM TO 1.00PM27.06.09 4HRS

SATURDAY Cash Credit & Unexplained investments and 2.00PM TO 4.00PM followed by Brian Trust 2HRS

Note:1) Unforeseen circumstances, sessions may be interchanged 2) High Tea will be served on Fridays at 5.30pm3) Lunch will be provided on Saturdays at 1.00pm. 4) Concluding session on 27th June will be followed by valedictory session

Course Fee : Rs. 7,500/- for Members & Non – MemberRs. 6,500/- for Members Qualified after 01.01.2007Rs. 5,500/- for Students


For Further details contact the Branch onTel : 30563500 / 512e-mail : [email protected]

CA. H. Padamchand Khincha CA. B.P. Sachin KumarCA. D.S. Vivek

CA. Venkatesh Babu T RSecretary Bangalore Branch

CA. Srinivas C SChairman Bangalore Branch

Course Chairman Course CoordinatorsCourse Directors

You will never “find” time for anything. If you want time, you must make it.

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May2009

ADMISSIONS OPENINTEGRATED PROFESSIONAL COMPETENCE COURSE

( I P C C ) ORIENTATION PROGRAMMEBangalore Branch of SIRC of ICAI is happy to announce the launch of the orientation programme for thestudents registered for IPCC.

35 hours sessions (Monday to Saturday – 10 am to 5.15 pm) on:-

1. Personality Development. 4. Business Environment.

2. Communication skills. 5. General Commercial Knowledge.

3. Office Procedure.

BATCH DURATION

` I 18th to 23rd May 2009II 25th to 30th May 2009III 1st to 6th June 2009IV 8th to 13th June 2009V 15th to 20th June 2009VI 22nd to 27th June 2009

VII 29th June 2009 to 4th July 2009

FEE: Rs. 3000/- either by Cash / Demand Draft in favour of Bangalore Branch of SIRC of ICAI.

Expert faculty members specialized in their respective areas will be conducting the sessions .

Admissions on First come first served basis. As the seats are restricted to 50 Nos. students are requested toenroll at the earliest.

Nanu R. Mallya Cotha S. Srinivas T.R. Venkatesh Babu T.C. MehtaChief Facilitator Chairman Secretary Chairman (SICASA)

For Further details contact the Branch onTel : 30563500 / 512 / 513 e-mail : [email protected]

Admissions Open

COACHING CLASSES AT BANGALORE BRANCH

Coaching Classes Duration Timings Fees

CPT - Dec 09 Batch 01st July 09 to 15th November 09 5.30 pm to 7.30 pm Rs. 4,500.00

IPCC – Nov 09 Batch 4th May 09 to 4th October 09 7.30 am to 9.30 am Rs. 7,000/- (Both the Group)

6.00 pm to 8.00 pm I Group 4,500/-

II Group 4,000/-

Final Nov 2009 Batch 17th June 09 to 31st October 09 7.30 am to 9.30 am Rs. 8,000/- 1(Both the Groups)

New Scheme 6.00 pm to 8.00 pm Rs. 5,000/- (Single Group)

Admissions on First Come First Serve Basis

Fee : DD in favour of “Bangalore Branch of SIRC of ICAI” / Cash

For Further details contact the Branch onTel : 30563500 / 512 / 513 e-mail : [email protected]

I recommend you take care of the minutes and the hours will take care of themselves

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May2009

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May2009

Bangalore Branch of SIRC · 2018. 10. 31. · 4 Bangalore Branch of SIRC of the Institute of...

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