FEBRUARY 20131

Seminar on SAP Security,Audit & Control.................21-02-2013 & 22-02-2013.............. 7, Jolly Bhavan, 2, Ground Floor, New Marine Lines, Mumbai............ ...................................4

Workshop on Partnership Firms ....................................23-02-2013 ..........................................BCAS, 7, Jolly Bhavan, 2, Ground Floor, New Marine Lines, Mumbai .................................6

Indirect Tax Laws Study Circle Meeting.....................23-02-2013 ..........................................7, Jolly Bhavan, 2, Ground Floor, New Marine Lines, Mumbai ...............................................9

Students' Annual Day ...........................................................23-02-2013 ..........................................Navinbhai Thakkar Auditorium, Vile Parle (E), Mumbai ...........................................................5

Live Screening of Budget ..................................................28-02-2013 ..........................................7, Jolly Bhavan, 2, Ground Floor, New Marine Lines, Mumbai ...............................................6

Students Study Circle ..........................................................07-03-2013 ..........................................Gulmohar Hall, 7, Jolly Bhavan, 2, Ground Floor, New Marine Lines, Mumbai .............3

Human Resource Development Study Circle ......... 12-03-2013 ...........................................7, Jolly Bhavan, 2, Ground Floor, New Marine Lines, Mumbai ...............................................5

Workshop on Continuous Control Monitoring ...... 12-03-2013 ...........................................Churchill Hall, Hotel Orchid.. ....................................................................................................................4

Workshop on Practical Issues in TDS ..........................22-03-2013 ..........................................Navinbhai Thakkar Auditorium, Vile Parle (E), Mumbai. ..........................................................8

Mastering e-filing compliances under Taxation & Corporate Laws ................................22-03-2013 to 20-04-2013 ..........H. R. College of Commerce, Churchgate, Mumbai ......................................................................3

Seminar on EPC Contracts ................................................ 13-04-2013 ...........................................J. W. Marriott ...................................................................................................................................................9

Budget Meetings ....................................................................04-03-2013, 06-03-2013, 13-03-2013 ........................................................................................................................................................................1

Lecture Meetings ...................................................................27-02-2013, 20-03-2013, 24-04-2013 .......................................................................................................................................................................2

7, Jolly Bhavan #2, New Marine Lines, Mumbai - 400020. Telephone No. 613 77 600 ; Fax : 613 77 666 ; Email: bca@bcasonline.org ; Website : www.bcasonline.org

President: Deepak R. Shah 98201 48536 | president@bcasonline.org

Vice-President: Naushad A. Panjwani 98200 59048 | vp@bcasonline.org

Hon. Jt. Secretaries: Nitin P. Shingala 98200 57694 | joint.secretary@bcasonline.org

Hon. Jt. Secretaries: Raman H. Jokhakar 98208 77976 | joint.secretary1@bcasonline.org

Hon. Treasurer: Chetan M. Shah 98202 23402 | treasurer@bcasonline.org

Vice-President’s CommuniquéDear Members,

It is said that punctuality is a virtue. I say, is it? At the outset, let me admit that I’m not invariably on time, nor am I guilt-free about being late. But this piece is not about me; it’s about my experiences. It’s a tale of two partners and a president.

My first partner (my spouse) is an absolute stickler for punctuality. No amount of reasoning or explanations work. One can’t escape the wrath that follows even a few minutes’ delay. In the days when cell phones didn’t exist, many a cinema ticket have been torn, and one was even left stranded, not knowing what to do. Thanks to the cell phone, at least one can now pre-warn a delay. Of course, the fear of the wrath continues. Arrogance of punctuality.

The other extreme is my business partner. The man had the audacity to walk in an hour late for client meetings. While one would reach the client’s office a few minutes early out of apprehension, the partner would amble in belatedly with inane excuses such as ‘traffic’, ‘mother-not-well’, and ‘migraine’. His delay was condoned. Over the years, even the excuses were dispensed with. Everyone would factor in the expected delay and it was then never an issue. Contempt of punctuality.

And then, I had the privilege of working with Rajesh Kapadia, the President of the Society in its golden jubilee year. The man has an impeccable record of never being late. Noteworthy! In fact, those who know him will vouch that he has a pleasant way of ensuring that even those meeting him are on time. Creditworthy!

One incident left a life-long impression on me. It was the Founding Day function of the golden jubilee of the Society. There were four important speakers, with Mr. Bachchan being the star speaker. I was standing with the President at the entrance to receive them. The auditorium was

BuDget MeetiNgS

Harnessing Talent and Providing Quality Service

Vol. 15 n No. 11 n February 2013

A Monthly Newsletter of the Bombay Chartered Accountants’ Society

BCASNewsletterFor Members only. For Private Circulation only. Price: R10

PROgRAMMeS At A gLANCe DAte VeNue PAge NO.

Venue: Yogi Sabhagruha, Shree Swami Narayan Mandir, Dadar (East), Mumbai – 400014

Day, Date & time: Monday, 4th March, 2013, 6.15 p.m.

Speaker: S. E. Dastur, Senior Advocate

Subject: Direct Tax Provisions of the Finance Bill, 2013

Venue: Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai – 400020

Day, Date & time: Wednesday, 13th March, 2013, 6.15 p.m.*

Speaker: Vikram Nankani, Advocate

Subject: Indirect Tax Provisions of the Finance Bill, 2013

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai – 400020

Day, Date & time: Wednesday, 6th March 2013. 6.00 p.m.

Speaker: Dadi B. Engineer, Solicitor & Advocate, Bhavana G. Doshi, Chartered Accountant

Subject: Indirect Tax Provisions of the Finance Bill, 2013(jointly with the Forum of Free Enterprise)

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

(Lecture meetings on Page 2)

BCAS 2

packed to the hilt, with people having arrived almost an hour early to occupy seats. The President was constantly in touch with Mr. Bachchan, who was delayed.

And then, a minute before the scheduled start time, I overheard him politely tell Mr. Bachchan, “Amit, I’m starting the programme. My colleague will guide you in. ” I was aghast! It must have showed on my face, for he turned to me and said, “I cannot punish 700 people who have come early for one person who is delayed.” His value for time, even of others', had me in awe. His humility, his attitude and his approach… Praiseworthy! Respectworthy!! Imbibe-worthy! ! !

How much do you love Mumbai? Enough to stop cribbing and start giving constructive solutions? Next month…Mumbai Meri Jaan.

Here’s wishing everyone happiness and love.

With warm regards,

Naushad Panjwani

BCAS Foundation operates a Right to Information (RTI) Clinic on a regular basis.

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

The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 23rd February 2013 and 9th, 16th, 23rd March 2013. Please call to obtain a prior appointment.

All the three clinics will be held in the Library room of the BCAS office.

The next Charitable Trust Clinic

will be held on 1st March 2013 from

5 p.m. to 7 p.m.

Chartered Accountants and Trustees

interested in having their queries

solved are requested to send their

queries by email to sp@bcasonline.org

and call to obtain a prior appointment,

latest by noon on the day of the clinic.

Querists are also advised to bring

along relevant papers like trust deeds,

audited accounts, etc.

Accounts & Audit clinic chAritAble trust clinicright to informAtion clinic

Advisory Panel : Narayan Varma, Adv A K Asher, Hema SampatClinic Co-ordinator : Shernaaz -61377600

Advisory Panel : Sanjeev Pandit, Himanshu Kishnadwala, Jayesh gandhiClinic Co-ordinator : Rajaram - 61377613

Advisory Panel : Ratanshaw Damanwala, Shariq Contractor, gautam Nayak, Anil Sathe, Atul ShahClinic Co-ordinator : Khushboo - 61377620

The next Accounts & Audit Clinic

will be held on 2nd March 2013 from

10.30 a.m. to 11.30 a.m.

Persons interested in having their

queries pertaining to accounting

and auditing issues solved are

requested to send the queries by

e-mail to asst.em@bcasonline.org one

week in advance and call to obtain

prior appointment, at least a day before

the day of the clinic. Please note that

the panel will not answer any queries

pertaining to tax issues.

LeCtuRe MeetiNg

Venue : Walchand Hirachand Hall, Indian Merchants’ Chamber,

Churchgate, Mumbai - 400020

Day, Date & time : Wednesday, 24th April 2013, 6.15 p.m.*

Speaker : Advocate Hiro Rai

Subject : To be announced in the next Newsletter

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

Venue : Walchand Hirachand Hall, Indian Merchants' Chamber, Churchgate, Mumbai – 400020

Day, Date & time : Wednesday, 20th March, 2013, 6.15 p.m.*

Speaker : Radhakrishnan Pillai

Subject : Chanakya on Finance and Accounting

(Under the auspices of Dilip Dalal Oration Fund)

Venue : Walchand Hirachand Hall, Indian Merchants' Chamber, Churchgate, Mumbai – 400020

Day, Date & time : Wednesday, 27th February, 2013, 6.15 p.m.*

Speaker : M. R. Bhat, Registrar of Companies

Subject : Inquiry by ROC u/s 234 of Companies Act

My advice is to never do tomorrow what you can do today. Procrastination is the thief of time.

Charles Dickens

FEBRUARY 20133

InDIreCt tax anD allIeD laws CommItteeChairman : govind goyal Convenors : Suhas Paranjpe, Sunil gabhawalla, Santosh JainCourse Coordinator: uday Sathaye, Amar Shukla, Chirag Mehta, Mandar telang, Ravi Shah, Samir Kapadia

Jointly with HR College of Commerce

Mastering e-filing compliances under taxation & Corporate LawsWith the progressive use of computers, internet, networking and various softwares, even the Government departments are transforming their implementation modules from traditional ‘manual systems’ to IT enabled ‘automatic’ system driven process. Consequently, statutory compliances under various statutes, such as obtaining registration, payment of taxes or fees, submission of various forms or returns etc. are now required to be carried out electronically using IT-oriented methods.

COuRSe OBJeCtiVe AND MetHOD OF tRAiNiNgThis programme will enable users to gain comprehensive working knowledge on practical issues related to e-compliances under various statutes. The sessions would be held in a classroom type of environment. Apart from theoretical aspects, participants will be given practical exposure and hands on training on various aspects of the e-filing and e-compliance process through the operation of computers.

eLigiBiLityThis programme would be suitable for students, staff members working with tax professionals providing tax compliance services, independent tax practitioners, newly qualified CAs looking to start their own tax practice, etc. Basic computer knowledge and theoretical background of statutory compliances is essential.

SyLLABuStheory: Overview of important compliances of procedures under statutes governing Income Tax, MVAT, Service Tax, Profession Tax and Companies Law.

Practical: Registration, preparing and uploading e–returns under the respective Acts, filing rectification statements, TDS statements, refund claims, various forms, and tracking of compliance status.

Practical training will also cover: How to access, track and use information made available on sites like CPC, ACES, MCA, TRACES, MAHAVAT.

Programme DetailsNumber & duration of session

15 sessions of approx. 3 hrs each

Dates 22nd, 23rd, 26th, 28th, 30th March 2013 and 2nd, 4th, 6th, 9th, 11th, 13th, 16th, 18th & 20th April 2013.(Sessions will be held generally on Tuesday, Thursday and Saturday)

Time 5.30 pm to 8.30 pm

Venue HR College of Commerce, Churchgate, Mumbai

Fees R6,020 + R743(ST) = R6,763/-

Restricted to 40 persons only. Enrolment on first-come first-served basisFor further details refer BCAS Website or contact BCAS office.

Enrolment form is printed on Page 16.

module topic faculty

Direct tax •Filing of Income tax returns•Filing rectifications applications•Tracking and downloading

information from TRACES

Niren Mehta

Direct tax •Filing of ETDS statements•Tracking defaults•Filing correction statements•Generating reports and TDS certificates

Avinash Rawane

faculty

*Confirmation awaited

MVAT •Registration under MVAT•Filing of returns•Requisitioning declaration forms•Uploading J1/ J2 annexure•Uploading Form e-704•Refund Applications

Govind Goyal

Profession tax

•Registration under Profession tax Act•Filing of returns

Service tax •Registration under Service tax•Filing of returns•Viewing and tracking information on the ACES site•Refunds

Bhramkstriya (Superintendent – Service tax)* / Parag Mehta

Company Law

•Incorporation of companies•Filing of returns and statements•Viewing, tracking and downloading information from MCA site•Refunds

Mr. Hemanshu Kapadia(Company Secretary)

The next study circle meeting of the Students’ Study Circle is scheduled as follows:

Day and Date Thursday, 7th March 2013

Time 6.30 pm to 8.30 pm

VenueGulmohar, Bombay Chartered Accountants’ Society, 7, Jolly Bhavan No.2, Ground Floor, New Marine Lines, Mumbai-400020

Subject LLP – an overview

Speakers Henil Satra and Smeet Madalani

Students’ Study Circle

Human resourCes CommItteeChairman : Mayur B. NayakConvenors : Bharatkumar K. Oza, Hemant P. gandhi, Mihir C. Sheth

BCAS 4

InfoteCH & 4I CommItteeChairman : Ameet N. PatelConvenors : Nandita P. Parekh, Pinky H. Shah & Kinjal M. ShahCourse Coordinator: Huzeifa i. unwala

two-day seminar on SAP security, audit & controlSAP is the world’s leading provider of business software, comprising enterprise resource planning (ERP) and related applications, to provide customers with the ability to interact with a common corporate database for a comprehensive range of applications.

In today’s business situation, it is imperative to conduct an effective audit of the organisation’s SAP system, with specific focus on security and control. General Controls Specialists reviewing Application Controls may not deliver the desired level of comfort in identifying control weaknesses in an SAP environment. This requires knowledge of the SAP system security, risks and controls.

The number of qualified IS Auditors and security professionals who can audit SAP are still very small and there is a great potential for SAP Security & Audit professionals worldwide.

The infotech & 4i Committee of the BCAS, continuing with its tradition of introducing a new and emerging area to its members, is planning to organize a two day programme that aims at enabling the attendees:• To understand the risks, control and audit in an SAP environment,• To facilitate the building and designing of better controls and audit practices • To deal with the complex technical topics in SAP Security, Audit and Controls from a business perspective so that users and security professionals will appreciate the need for effective controls.The structure of the proposed programme is as under:

The content and the faculty for the programme will be provided by JK Technosoft (JKT), a global software and ERP services company; the training will be provided by a team of SAP experts.

Day Topic Coverage

Day 1 SAP Audit and Control overview

SAP Environment and audit challengesSAP control and risks

User management, authorizations

SAP authorization concept and challengesRoles, authorization objects, Authorization values,Segregation of duties,Access control

Security OverviewBASIS Audit (sample audit checklist)

Day 2 Business process audit and challenges

Finance: Audit and controlPurchase to Pay Cycle: audit and controlOrder to Cash Cycle: audit and controlInventory: audit and controlRetail Business Process

As lead faculty, we will have Babu Jayendran with over 25 years’ experience in Information Systems Auditing and Controls. After completing his B.Sc (Hons) in Mathematics, from the Indian Institute of Technology, Kharagpur, he qualified as a Chartered Accountant and then became a Certified Information Systems Auditor (CISA) in 1985. Jayendran has also been a speaker at several meetings and seminars on Information Systems Audit in India and abroad. He is an Expert Reviewer for ISACA’s 2nd & 3rd edition publication of ‘SAP R/3 Security, Audit and Control Features – A Technical and Risk Management Reference Guide’.

Who should attend? • Statutory and Internal Auditors expected to conduct audit in SAP environment.• Budding CAs aspiring to add an important skill set to their profile • Members from industry required to source and analyse information from SAP platform.

Programme Details:

Enrolment form is printed on page no 16

Days and Dates

Thursday, 21st February 2013Friday, 22nd February 2013

Time Registration : 9.00 am to 9.30 am (Day 1)Session timing : 9.30 am to 5.30 pm. (on both days)

Fees For members R 12,500 + R 1545 (ST) = R 14,045 per personFor non-members R 17,000 + R 2,101 (ST) = R 19,101 per person(Fees includes contribution of R 50 towards BCAS Foundation)

Venue Gulmohar, BCAS, Jolly Bhavan, New Marine Lines, Mumbai 400020

aCCountIng & auDItIng CommItteeChairman : Himanshu V. KishnadwalaConvenors : Mukesh g. trivedi, Abhay R. Mehta, Suril V. ShahWorkshop Co-ordinator : Himanshu V. Vasa

Workshop on Continuous Control MonitoringWe are pleased to announce a workshop on Continuous Control Monitoring the details of which are as follows:

Day and Date Tuesday, 12th March 2013

Time 2.30 p.m. to 6.30 p.m.

Venue Churchill Hall, Hotel Orchid, Santacruz, Mumbai

Speakers Andrew Simpson, COO, Caseware RCM Inc, and Deepjee Singhal

Fees R 850 +R 105 (ST) = R 955

Topic Continuous Control Monitoring – An Internal Audit Tool and/or A Risk Management Tool

Enrolment form is printed on page 16.

FEBRUARY 20135

Jal erach Dastur Students’ Annual DayDear Students,On Saturday, 23rd February 2013, Bombay Chartered Accountants’ Society (BCAS) has organised the Jal Erach Dastur Students’ Annual Day Program to celebrate its 6th anniversary of the Students Forum at the Navinbhai Thakkar Auditorium, Vile Parle East, Mumbai from 3.00 p.m. to 8 p.m. followed by dinner.

Key attractions of the event: I Key Note address:At the Society it has always been our endeavour to harness talent and provide an environment not only conducive for pursuit of knowledge but also to provide the future chartered accountants a platform to achieve their potential. Lt. Gen. Atta Hasnain (the person who brought peace to Kashmir) will deliver the Key Note Address.

Other attractions of the event are as follows:• Essay writing competition• Elocution competition (under the auspices of Smt. Chandanben Maganlal Bhatt Elocution Fund)• Debate• Talent show Do not miss the opportunity to meet and enjoy with your student friends. Enrolment is limited for 600 students.

registration fees: R112 per student, including Service Tax and a sumptuous buffet to end a wonderful evening

Following are the centers for acceptance of registration forms: bombay chartered Accountants' society: 7,Jolly Bhavan 2, Ground Floor, New Marine Lines, Mumbai – 400020. Phone : 61377600 Fax :- +912261377666, Email: bca@bcasonline.org

mayur nayak : M/s. M.B. Nayak & Co., 502-A, Vertex Vikas Co.Op.Hsg. Soc.Ltd, Above Mitra Nursing Home, M.V. Road, Opp. Andheri East Railway Station, Andheri (East), Mumbai 400069. Phone : 26831199

chandrashekhar n. Vaze : M/S.CVK & Associates, A/103, Varadlaxmi, Gokhale Road, Mulund (East), Mumbai 400081. Phone : 21635822

Kinjal shah : 1004, 10th floor, Gold Crest Business centre, LT Road, Opp. Manubhai Jewellers, Borivali(W) Mumbai-92. Phone : 2893 2324

ravi shah : Ravi A Shah & Associates 21, Mehsana Mansion, 2nd floor, Tejpal Rd, Next to Cafe Coffee Day, Vile Parle (E) Mumbai 57. Phone : 2613 5613

Ashit shah : M/s. Shah & Savla 2nd Floor, RNJ Corporate, Jawahar - Road, Opp. Ghatkopar Station (East) Mumbai 400077. Phone : 25010700

Pranay Kochar : Kochar & Associates, 302, Swapnabhoomi, A Wing, S.K. Bole Road, Nr. Portuguese Church, Dadar (W) Mumbai 400028 Phone : 24229490

Human resourCe CommItteeChairman: Mayur B. NayakConvenors : Bharat K. Oza, Hemant P. gandhi Mihir C. Sheth

Registration Form Jal erach Dastur Students’ Annual Day

Name:.........................……………………………………………………………………………………………………

Contact Nos. Mobile:……………………………Residence Tel No:…………………………………

Office Tel No:……………………………Email:………………………………………………………….............

Firm Name:………………………………………………………………………………………………….................

Correspondence Address:………………………………………………………………………………........

Name of Principal ……………………………………………………………………….................................

I would like to assist the Students’ Forum in the following manner

……………………………………………………………………………………………………………………………………

…………………………………………………………………………………………....................................................

Payment details:

Cash / Draft / Cheque No: ............................. Drawn on..................................... Bank,

Dated: ..........................for an amount of Rs.............................................. is enclosed.

Date: .............................. ………………………..

(Signature)

Human resourCe Development stuDy CIrCle meetIngConvenors : gracy M. Mendes, Mahendra D. turakhia and Mihir C. Sheth

Day and Date Tuesday, 12th March 2013

Time 6.15 p.m.

Venue BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai - 400020

Speaker Vincent Dsouza

Topic Balance Sheet of Life

Few things tend more to alienate friendship than a want of punctuality in our engagements. i have known the breach of a

promise to dine or sup to break up more than one intimacy.

william Hazlitt

BCAS 6

InDIreCt taxes & allIeD laws CommItteeChairman : govind g. goyalConvenors : Sunil B. gabhawalla, Suhas S. Paranjpe, Santosh M. Jain

Workshop on Partnership FirmsFormation, Registration & taxationIn the business and professional world, partnership firm is a widely accepted and followed business entity.

In the Indian context, Indian Partnership Act governs and regulates the procedural aspects of Partnership formation, reconstitution, dissolution, etc. There are separate set of provisions in Indian Income tax Act to deal with taxation of such a firm. To learn these legal and tax aspects including drafting of partnership deed, BCAS has planned the following half-day workshop:

Programme Details:

Day and Date Saturday, 23rd February 2013

Time 9.30 a.m. to 1.30 p.m.

Venue BCAS Conference Room, 7 Jolly Bhavan No. 2,New Marine Lines, Mumbai – 400020

Fees For Members - R 600 + R 73 (ST) = R 673For Non-Members – R850 + R 105 (ST) = R 955(fees includes contribution of R 30 to BCAS foundation, cost of study material, if any, tea and snacks)

Topic Speakers

Drafting of Partnership Deeds Chandrashekhar N. Vaze

Procedural Aspects Uday V. Sathaye

Taxation of Firm Manish Shah

Enrolment form is printed on page 16.

Budget Publication(In English, Hindi and Gujarati)

It’s time for the Finance Minister to present the Annual Budget for the year 2013-14 and for the BCAS to bring out its Annual Budget Publication – ‘The Finance Bill, 2013 – An Analysis’.The publication will highlight the intricacies of the Budget proposals in simple language for the benefit of the members and the citizens at large. The Budget Publication will be published in 3 languages viz. English, Hindi and Gujarati.The publication will be available for delivery and sale at the BCAS office from 5th March 2013. The price for one set of 5 booklets of Budget Publication in English and 3 booklets in Hindi or Gujarati is R25.

Order Form:

Live Screening of BudgetThe BCAS has made arrangements for live screening of the Finance Minister’s presentation of Budget 2013 at the BCAS office on Thursday, 28th February 2013, from 10.45 a.m. onwards. BCAS members are invited to watch the live screening and exchange notes and opinions thereon instantly with fellow professionals over a cup of hot tea/coffee.As the seats are limited, kindly confirm your attendance by e-mail to em@bcasonline.org at the earliest.

Language of publication

Quantity of sets

Total amount payable @ R25

Postage Cost: R25 for Mumbai and suburbs R 35 for all over India for each set

Total amount payable

English (5 booklet set at R25)

Hindi (3 booklet set at R25)

Gujarati (3 booklet set at R25)

Total Amount

Name: Mr./Mrs./Ms………………………………………………………………

BCAS Membership No.: ……………..................................................

Firm’s Name: …………………………………………………………………….....

Office Address: …………………………………………………………………....

……………………………………………………………………………………................

Tel. Nos. (Office)………………………..Mobile: ………………………….

E-mail: …………………………………….........................................................

Cash/Draft/Cheque No………………………..Drawn

on:…………………………………………………Bank Dated…………………

Amount (Rs.)…………………………………..............................................

He was always late on principle, his principle being that punctuality is the thief of time.

oscar wilde

FEBRUARY 20137

BCas puBlICatIons/ stuDy materIal for sale

exploring FeMAPrice R 225Postage R 75

6th Residential Study Course on Service tax & VAt 2012Price R 600Postage R 100

Study Material DVD on Seminar on NBFC Regulations (including Audit and tax Aspects) held on 30th August 2012 Price R 1250Postage R 50

Real estate LawsPrice R 180Postage R 100

Digest of Full Bench Decisions of Central information Commission (r2i)Member Price R 120 Non-Member Price R 150Postage R 50

CA Firm of the FutureMember Price R 200 Non-Member Price R 250Postage R 100

ReCeNt PuBLiCAtiONSOtHeR PuBLiCAtiONS

gita for ProfessionalsPrice R 75Postage R 50

Advance Rulings Law and Procedures - A CompilationPrice R 125Postage R 50

Registration

of Firms with

Registrar of Firms

– Procedure and

Frequently faced

Problems*

Registration of Firms with Registrar of Firms – Procedure and Frequently faced Problems*Price R 50Postage R 25

* Will be released on 25th February 2013

punCtualItyMan Naturally loves delay,

And to procrastinate;Business put off from day to day

is always done to late.

Let ever hour be in its placeFirm fixed, nor loosely shift,

And well enjoy the vacant space,As though a birthday gift.

And when the hour arrives, be there,Where'er that "there" may be;

uncleanly hands or ruffled hairLet no one ever see.

if dinner at "half-past" be placed,At "half-past" then be dressed.

if at a "quarter-past" make hasteto be down with the rest

Better to be before you time,than e're to be behind;

to open the door while strikes the chime,that shows a punctual mind.

lewIs Carroll

BCAS 8

Full-day workshop on Practical issues in tax Deduction at SourceTaxation Committee is pleased to announce a full-day workshop on

“Practical Issues in Tax Deduction at Source (TDS)”. The importance

of TDS provisions cannot be undermined. TDS is a huge source of

revenue for the Government. Non-compliance with TDS provisions may

invite disallowance of expenditure in addition to applicability of penal

provisions. There are constant changes both in the regulatory as well as

the compliance aspects of TDS provisions. This Workshop is intended to

keep you updated with the recent developments in this field. A special

session will be taken by the Commissioner of Income Tax (TDS), Mumbai,

dealing with various developments on TDS.

Centralised Processing Cell (CPC) TDS has recently been set up in

Ghaziabad and has introduced TRACES (TDS Reconciliation Analysis

and Correction Enabling System). It is a web-based application of the

Income Tax Department for providing an interface to all stakeholders

associated with TDS administration. To understand the different roles

and responsibilities of NSDL and CPC (TDS), as well as understand the

functions and facilities available on TRACES, a session will be taken by

officials from NSDL and CPC (TDS) respectively.

Participants may send their queries in advance to the

em@bcasonline.org to enable the speakers to deal with them.

Programme Details:

Day and Date Friday, 22nd March 2013

Time 9.00 a.m. to 5.30 p.m.

Venue Navinbhai Thakkar Auditorium, Shraddanand Road, Near Sagar Restaurant, Vile Parle (East), Mumbai- 57.

Course Fees:

upto 28th February 2013

after 28th February 2013

Members R 1000 + R 123 (ST) = R 1,123

R 1,100 + R 136 (ST) = R 1,236

Non-Members R 1,350 + R 167 (ST) = R 1,517

R 1,500 + R 185 (ST) = R 1,685

The above fee includes contribution of Rs. 50/- to BCAS foundation, cost of study material, breakfast, tea, coffee and lunch.

taxatIon CommItteeChairman: gautam S. Nayak Convenors : Saurabh P. Shah, Anil D. Doshi and Rajeev N. Shah Workshop Co-ordinators: Jagdish t. Punjabi and Saroj V. Maniar

Topics Faculty

Overview of TDS V. K. Pandey CIT(TDS)

Section 192 – Salary including salary paid to expats

Yogesh Thar

Section 194A, Section 194C, Section 194J, Section 194H, Section 194I

N. C. Hegde

Section 195 - Payment to Non-Residents

Naresh Ajwani

TDS Return Filing and Assessments - Tax Credits, Issues and Resolution

Ravi Agarwal, DIT (Systems) CPC, GhaziabadBabina Dinashan, Senior Manager, NSDL

Enrolment form is printed on page no 16

invitationExpression of Interest

The committee appeals to members to come forward and submit research proposals related to any other topic of professional interest. If the proposal is accepted by the committee, BCAS would not only sponsor the research project but will also pay an honorarium to the person undertaking the research.

Members are also requested to suggest names of persons who would be interested to undertake research sponsored by the Society. Members may contact :

Cassem Rajabali, General Manager on gm@bcasonline.org.

puBlICatIon & researCH CommItteeChairman : Pranay H. MarfatiaCo-Chairman : Pradip K. thanawalaConvenors : Manish P. Sampat Manish R. Reshamwala

Punctuality is the virtue of the bored.

evelyn waugh

FEBRUARY 20139

Panel Discussion on issues in Service tax under Negative List RegimeIn the light of requests and suggestions made by various members from

BCAS and in the background of discussion at 46th RRC of BCAS, the

Indirect Tax Study Circle is pleased to announce a panel discussion on

various issues in Service Tax.

Programme Details:

Day and Date Saturday, 23rd February 2013

Time 2:45 pm to 6.30 pm

Venue Bombay Chartered Accountants’ Society, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai 400 020

Panelist Prashant Deshpande, S.S. Gupta

Fees for members of Indirect Tax Laws Study Circle

Nil

Fees for non-members of Indirect Tax Laws Study Circle

R100 + R12(ST) = R112(Limited seats)

The programme is open to all members of BCAS. It is designed on the

lines of ‘Service Tax Brain Trust Session’ conducted by BCAS on 46th

Residential Refresher Course at Bengaluru on 13-01-2013. The questions

are divided among the members of the panel who will address the

participants with their esteemed view on the same.

Considering space constraints and other aspects, only first 80

participants will be admitted. The interested participants (including

members of Indirect tax study Circle) are requested to enrol themselves,

by submitting their enrolment forms at BCAS office or by emailing

the same to em@bcasonline.org. Non-members of Indirect Tax Study

Circle may also register by paying the prescribed fees along with

enrolment form.

The participants may send their queries to BCAS on km@bcasonline.org

on or before 14th February 2013. The same will be discussed subject to

availability of time.

InDIreCt tax laws stuDy CIrCle meetIngConvenors : Suhas Paranjpe, Mandar telang, Rajkamal Shah

InternatIonal taxatIon CommItteeChairman : Kishor B. Karia, Co-Chairman : Rajesh S. KothariConvenor : Krishna Kumar Jhunjhunwala, Dhishat B. Mehta and gaurang V. gandhi

Seminar on ePC ContractsIndia has embarked on an ambitious growth trajectory, more particularly in the Infrastructure sector apart from various other sectors of the economy. This necessitates significant activities for construction, engineering, consultancy and related activities for various such projects.

The purpose of the Seminar is to understand the various aspects relating to EPC Contracts such as legal and contracting structures, its documentation, efficient planning, direct and indirect taxation, etc. The recent judicial pronouncements and the undercurrent of international practice, which have a bearing on such contracts, will also be discussed.

Programme Details:

Day and Date Saturday, 13th April 2013

Time 9.00 a.m. to 6.00 p.m.

Venue Hotel J W Marriott, Juhu, Vile Parle West.

Fees for members R 2,136 + R 264 (ST) = R 2,400

Fees for non-members R 2,670 + R 330 (ST) = R 3,000 (limited seats)

(inclusive of course material, morning breakfast, tea, coffee & lunch and Rs. 50 towards contribution to BCAS Foundation)

Topic Speakers

Introduction and legal aspects Ashish Ahuja

Direct tax aspects Pinakin Desai

Indirect tax aspects Sunil Gabhawalla

Commercial aspects (including funding aspects)

Eminent faculty

Enrolment form is printed on page no 16

even if a farmer intends to loaf, he gets up in time to get an early start.

e. w. Howe

BCAS 10

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Payment can be made by cheque/DD payable at par in Mumbai in favour of ‘Bombay Chartered Accountants’ Society’. You can also pay by cash/credit card at the payment counter of BCAS Office. If you have an Imprest Account, then you can instruct us to adjust the subscription through the imprest Account. For further details log on to www.bcasonline.org

InfoteCH & 4I CommIttee & memBersHIp & puBlIC relatIons CommIttee

Particulars Subscription Charges + Service Tax

Total Charges

Ordinary, Life and Associates of Corporate Membership R600 + 12.36% R674

Students R600 + 12.36% R674

Journal subscribers R900 + 12.36% R1,011

Non-members R1,200 + 12.36% R1,348

Lecture Meeting on Recent Developments in SEBI Regulations by Somasekhar Sundaresan, Advocate held on 6th February 2013 is available on BCAS Web TV.

Renewal of BCAS Web tV for 2013-14

FEBRUARY 201311

i.P.C.C. & Final C.A. Students’ education Crash CoursesFor May & November 2013 Examinations

"We had joined the Revision Course, which has proved very much helpful to us. We cleared both groups in First Attempt "““

Human resourCes CommItteeChairman : Mayur B. Nayak Convenors : Bharatkumar K. Oza, Hemant P. gandhi, Mihir C. Sheth

Course Co-ordinators : Chandrakant Ruparelia, Neel P. Majithia

COuRSeS FOR : C.A. i.P.C.C.• Accounting / Advanced Accounting• Business & Company Laws• Cost Accounting & F.M. • Taxation • Auditing & Assurance • Information Technology & Strategic Management

FeeS : R 1,686 (including Service Tax) per student for I.P.C.C or Final (including cost of study materials)

tiMiNgS & VeNue : 6.15 p.m. to 8.30 p.m. on weekdays (Monday to Friday) at Sydenham College, ‘B’ Road, Churchgate.DuRAtiON : From 25th January to 31st March 2013.eNROLMeNt FROM : 15th October 2012.FACuLty : Eminent personalities possessing rich experience in their respective fields.

For further information kindly contact Ms. SHeRNAAz ON 61377600 OR Mr. RAJARAM ON 61377613 during office hours.

COuRSeS FOR : C.A. FiNAL• Financial Reporting• Strategic Financial Management• Advanced Auditing• Corporates & Allied Laws• Advanced Management Accountancy• Information Systems Control and Audit• Direct Taxes• Indirect Taxes

Jointly with Western India Regional Council of The Institute of Chartered Accountants of India

imprest Scheme for PublicationsAll members, journal subscribers and students can take advantage of Imprest scheme. We have kept this scheme open for non-members also. The modalities of the scheme are as under:

• R2500 to be kept with us as Imprest cash in your account till you desire. There is no validity period for the same. (In case of non-member, R250 extra to be paid for account handling charges.)

• The base level would be R500, which needs to be replenished again to R2500 by the person opting for the scheme.

• Any publication, conference papers or CDs costing R500 or less than R500 would be sent to you by default as soon as they are published. This would also include one set of English edition of the Budget Publication (a set of 5 books).

• For outstation members, the requisite amount of postage would also be adjusted from the said Imprest account.

• For subscribers to the scheme in Mumbai, we need to be intimated in advance about the mode of delivery of the said publication. It can be sent either by courier (whereby the courier charges would also be adjusted from the imprest account) or it could be collected by your representative from the BCAS office. In case you opt for the latter option, then the delivery of the publication must be effected within 15 days of the receipt of the mail notifying the release of the publication, failing which, we would courier the publication to you, and debit the charges to your account.

• For premium publications like BCAS Referencer, Calendars and other topic specific publications, we would send an email to all the subscribers and would send these publications only on receipt of intimation from the subscriber. An email needs to be sent to km@bcasonline.org specifying the relevant details, such as quantity and the type of publication, etc. (example in the case of the Referencer — whether Premium, Refill or Super Saver)

• An intimation showing the account balance would also be sent to the subscriber every time along with the publication.

• For exit options, if a subscriber intends to exit within six months of joining the scheme, then an exit load of R100 would be deducted and the balance would be returned to him/her. In other cases, the entire balance would be returned without any exit load, upon receipt of the exit intimation.

For Imprest Scheme form please refer BCAS Website www.bcasonline.org

Renewal of BCAS Membership / Journal Subscription

Membership / Journal Subscription is due for renewal on 31st March 2013

Please renew your membership / subscription at the earliest

Remit your membership/subscription by cheque / demand draft favouring

‘Bombay Chartered Accountants’ Society’ payable at par in Mumbai or by

online payment (visit www.bcasonline.org)

Please quote your membership number / subscription number

Ensure you receive the BCA Journal without interruption

BCAS 14

A. P. (DiR Series) Circular No. 69 dated January 7, 2013 external Commercial Borrowings (eCB) Policy – Non-Banking Financial Company – infrastructure Finance Companies (NBFC-iFCs)

Presently, Non-Banking Finance Companies (NBFC) categorized as Infrastructure Finance Companies (IFC) can avail of ECB, including the outstanding ECB, up to 50% of their owned funds under the Automatic Route. ECB above 50% of their net owned funds can be availed of under the Approval Route.

This circular has: -a. Raised this limit of 50% under to 75% and hence, permits IFC to avail of ECB, including the outstanding ECB, up to 75% of their owned funds under the Automatic Route. ECB above 75% of their net owned funds can be availed of under the Approval Route.b. Reduced the hedging requirement for IFC for currency risk from 100% of their exposure to 75% of their exposure.

A. P. (DiR Series) Circular No. 70 dated January 10, 2013Anti-Money Laundering (AML) standards/Combating the Financing of terrorism (CFt) Standards - Money changing activities

This circular states that FATF has updated its Statement on 'Improving Global AML / CFT Compliance: on-going process' on October 19, 2012 and advices authorized persons and their agents / franchisees to consider the information contained in the said update. A. P. (DiR Series) Circular No. 71 dated January 10, 2013Anti-Money Laundering (AML) standards/Combating the Financing of terrorism (CFt) Standards - Cross Border inward Remittance under Money transfer Service Scheme

This circular states that FATF has updated its Statement on 'Improving Global AML / CFT Compliance: on-going process' on October 19, 2012 and advices authorized persons who are Indian agents under MTSS and their sub-agents to consider the information contained in the said update.

A. P. (DiR Series) Circular No. 72 dated January 10, 2013uploading of Reports on FiNnet gateway

This circular states that as FIU-IND has 'gone-live' from October 20, 2012 authorized persons must discontinue submission of reports in CD format after October 20, 2012 and use only FINnet gateway for uploading of reports in the new XML reporting format. Any report in CD format received after October 20, 2012 will not be treated as a valid submission by FIU-IND.

A. P. (DiR Series) Circular No. 73 dated January 10, 2013uploading of Reports on FiNnet gateway

This circular states that as FIU-IND has 'gone-live' from October 20, 2012 authorized persons who are indian agents under MTSS must discontinue

From rBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 13 circulars

submission of reports in CD format after October 20, 2012 and use only FINnet gateway for uploading of reports in the new XML reporting format. Any report in CD format received after October 20, 2012 will not be treated as a valid submission by FIU-IND.

A. P. (DiR Series) Circular No. 74 dated January 10, 2013Foreign Direct investment (FDi) in india - issue of equity shares under the FDi scheme allowed under the government route

This circular has amended the following conditions relating to issue of equity shares / preference shares under the Approval Route by conversion of import of capital goods, etc :

A. P. (DIR Series) Circular No. 74 dated June 30, 2011

Earlier Condition Revised condition

Para 3(I) Import of capital goods / Machineries / equipment(including second-hand machineries),

Import of capital goods /Machineries / equipment(excluding second-handmachineries),

Para 3(I)(b) There is an independentvaluation of the capital goods / machineries / equipment (including second-hand machineries) by a third party entity, preferably by an independent valuer from thecountry of import along with production of copies ofdocuments / certificates issued by the customs authorities towards assessment of the fair value of such imports;

There is an independentvaluation of the capitalgoods / machineries /equipment (excludingsecond-hand machineries)by a third party entity,preferably by anindependent valuer fromthe country of import alongwith production of copiesof documents / certificatesissued by the customsauthorities towardsassessment of the fair valueof such imports;

A. P. (DiR Series) Circular No. 75 dated January 15, 2013exim Bank's Line of Credit of uSD 37.90 million to the government of the Kingdom of Swaziland

Exim Bank has made available, subject to certain terms and conditions, to the Government of the Kingdom of Swaziland a Line of Credit of US $ 37.90 million for financing purchase of eligible goods and services including consultancy services from India for the purpose of Agriculture Development and Mechanization of Agriculture in Swaziland. Eligible goods and services including consultancy services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services (other than consultancy services) may be procured by the sellers from outside India.

The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and September 30, 2018 in case of supply contracts.

A. P. (DiR Series) Circular No. 76 dated January 17, 2013Reporting under Foreign exchange Management Act, 1999 (FeMA)This circular states that corporates and individuals have during the

FEBRUARY 201315

EEFC, RFC (Domestic) and Diamond Dollar account holders can now access the foreign

exchange market for purchasing foreign exchange without fully utilizing the available

balances in their foreign currency account.

““

compounding process attributed the delays in reporting to acts of omission and commission by their Banks. The circular further states that delay in reporting transactions relating to FDI, ECB & ODI affects the integrity of data and consequently the quality of policy decisions relating to capital flows into and out of the country. The circular advices Banks to take necessary steps to ensure that checks and balances are incorporated in systems relating to dealing with and reporting of foreign exchange transactions so that contraventions of provisions of FEMA, 1999 attributable to them do not occur and warns that RBI can impose a penalty on them for contravening any direction given by the RBI or failing to file any return as directed by RBI in terms of Section 11(3) of FEMA, 1999.

A. P. (DiR Series) Circular No. 77 dated January 18, 2013exim Bank's Line of Credit (LOC) of uSD 20 million to Nigerian export-import Bank

Exim Bank has made available, subject to certain terms and conditions, to the Nigerian Import-Export Bank a Line of Credit of US $ 20 million for financing purchase of eligible goods and services from India which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by Exim Bank under this agreement. Eligible goods and services of the value of at least 90% of the contract price must be supplied by the sellers from India.

The last date for opening of Letters of Credit will be May 9, 2015 and the last date for Disbursement will be November 9, 2015.

A. P. (DiR Series) Circular No. 78 dated January 21, 2013external Commercial Borrowings (eCB) Policy – Repayment of Rupee loans and / or fresh Rupee capital expenditure – uSD 10 billion scheme

Presently, only Indian companies, in the manufacturing and infrastructure sector, who are consistent foreign exchange earners can avail of ECB for repayment of outstanding Rupee loan(s) availed of by them from the domestic banking system and / or for fresh Rupee capital expenditure.

This circular grants similar facilities to Indian companies in the hotel sector (with a total project cost of INR 250 crore or more). As a result, these companies can now avail of ECB for repayment of outstanding Rupee loan(s) availed of by them from the domestic banking system and / or for fresh Rupee capital expenditure.

A. P. (DiR Series) Circular No. 79 dated January 22, 2013exchange earner's Foreign Currency (eeFC) Account, Diamond Dollar Account (DDA) & Resident Foreign Currency (RFC) Domestic Account

Presently, EEFC, RFC (Domestic) and Diamond Dollar account holders can access the foreign exchange market for purchasing foreign exchange only after utilizing fully the available balances in their foreign currency account.

This circular has removed the said restriction. Hence, EEFC, RFC

(Domestic) and Diamond Dollar account holders can now access the foreign exchange market for purchasing foreign exchange without fully utilizing the available balances in their foreign currency account.

A. P. (DiR Series) Circular No. 81 dated January 24, 2013Memorandum of instructions for Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident exchange Houses

This circular has modified condition 7 & condition 8 under Part (B) Permitted Transactions in respect of opening & maintenance of Vostro accounts of as under: -

Old Condition No. 7Payments to medical institutions and hospitals for medical treatment of NRI / their dependents and nationals of Gulf Countries in India.

New Condition No. 7Payments to medical institutions and hospitals in India, for medical treatment of NRI / their dependents and nationals of Gulf Countries, Hong Kong, Singapore and Malaysia.

Old Condition No. 8Payments to hotels by nationals of Gulf countries / NRI for their stay.

New Condition No. 8Payments to hotels by nationals of Gulf Countries, Hong Kong, Singapore and Malaysia / NRI for their stay.

if i have made an appointment with you, i owe you punctuality, i have no right to throw away your time, if i do my own.

richard Cecil

BCAS 16

Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia, Mumbai-400013.

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MH/MR/South-88/2012-14Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 15th of every month • Posted on 15th & 16th of every month

Com

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ent F

orm

• Please fill in the above form and send the same to the Society’s office along with 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 the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30 p.m. to 2 p.m. Members are requested to co-operate in this regard. • Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed.

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

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

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

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

Choice of food (wherever applicable) .......... Jain Non-Jain

Cash/Draft/ Cheque no. .................. Drawn on ............................................................................................. Bank,

Dated ......................... for an amount of r........................................................ is enclosed.

Date : ................

Panel Discussion on Issues in Service Tax under Negative List Regime......23-02-2013..... r 112 for non-members...............................

(Signature)

Seminar

Mastering e-filing compliances under Taxation & Corporate Laws .................................22-03-2013 ........ r 6,763 .............................................................

Seminar on SAP security, audit & control.............21-02-2013.......... r 14,045 for members .................................... r 19,101 for non-members..............................

Seminar on EPC Contracts..................13-04-2013........................... r 2,400 for members ......................................

r 3,000 for non-members...............................

WorkshopsWorkshop on partnership firms r 673 for members .......................Formation, Registration and Taxation.........23-02-2013 r 955 for non-members.................

Workshop on Continuous Control Monitoring ..............................................12-03-2013 r 955............................................

Workshop on Practical Issues in TDS.............22-03-2013 r 1,123 for members(Upto 28-02-2013) ................... r 1,517 for non-members (Upto 28-02-2013) ........... r 1,236 for members(after 28-02-2013) ................... r 1,685 for non-members (after 28-02-2013) ...........

IPCC & FINAL CA STUDENTS CRASH COURSE

Name :...............................................................................................................................................Registration Number Allotted by I.C.A.I. :........................................................................

Course in which admission is desired : I.P.C.C ( ) FINAL ( ) (Please tick appropriately)

Residential Address : ................................................................................................................................................................ Tel. No. (M) : ............................ E-mail :......................................

Details of Articleship : Date of Joining .................................... Estimated date of Completion ...............................Name of the Principal : .................................................

Name and address of firm where articleship is being done :..................................................................................................Tel. No.:............................ Fax No..............................

. Cash/Draft/Cheque No.....................................drawn on .....................................................Bank,dated ............................................ for an amount of R1,686/- is enclosed.

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

Notes : 1. Please send the above form along with cash/cheque/draft drawn in favour of ‘‘BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY’’, to the Society’s office, at the address mentioned above.2. We propose to have multifarious activities like Elocution Competition, Public Speaking, Self Development Education Courses, Orientation Courses, etc. for interested Students.3. Members are requested to keep the proforma of this sheet and send the same duly filled in by new articled trainee after his/her enrolment in their office.

Tick Yes No

BCAS Study Circles 2013–14Study

Circle No. Subject Fee Tick your choice here

I Direct Tax Laws 449*

II Indirect Tax Laws 449*

III Company Law, Auditing & Accounting 449*

IV FEMA 449*

V Information Technology 449*

Study Circle No. Subject Fee Tick your

choice hereVI Human Resource Development 449*

VII ITF 1,123*

VIII BCAS Suburban Study Circle 674*

XI International Economics 1,123*

X Students Study Circle 224*

* Inclusive of Service Tax of 12.36%

Tick Yes No