Goa Branch Newsletter

May 2014

1

The Institute of Chartered Accountants of India (Set up by an Act of Parliament)

Goa Branch of WIRC

MAY

2014

InsIde…

Managing

COMMITTEE

EDITORIAL

BOARD

For Members only

Chairman‟s Communiqué

Branch Activity Report

Important Notifications &

Updates

Forthcoming events

Chairman:

CA. Naveen Daivajna

Vice-Chairman:

CA. Kiran Kharangate

Secretary:

CA. Yeshwant Kamat

Treasurer:

CA. Vinesh Pikale

Members:

CA. Kedar Kenkre

CA. Anup Borkar

CA. Kedar Kenkre

CA. Naveen Daivajna

CA. Pooja Bandekar

CA. Jovilyn Pereira e Dalgado

(Above) "Certificate of Appreciation for Highly Commendable

Performance" under Small Branch Category and (Below) "Certificate of

Appreciation for the best Concept paper presented on Project on

Verification of Mining Data" awarded to Goa Branch by WIRC of ICAI for

the year 2013 at WIRC, Mumbai

Below:

Goa Branch Newsletter

May 2014

2

Respected Seniors & Dear Friends,

With new hopes and aspirations, I humbly take the baton of Goa branch of WIRC of ICAI and

greet you through my first message as the Chairman of the award winning branch of the

Western India Regional Council of ICAI.

First of all I would like to express my appreciation towards all the members who asserted their

faith and confidence in me to stand as Chairman of the Branch. I am indeed grateful to allt he

members of the Branch for honouring me with this esteemed and coveted position. I, on behalf

of all the members of the managing committee, promise you a year full of learning and

enrichment. I deem it a privilege and honour as also a great responsibility to lead the branch into

its 40th year - a Ruby Jubillee Year !! and me and my co-members will strive to make this year

a memorable one. I would also like to acknowledge and thank the Managing Committee

members, Anup, Kedar, Kiran, Vinesh and Yeshwant for their continued support in all our

activities. A word of appreciation to our support at the branch office, ably led by Mrs. Ranjita,

and I would like to thank her for the efforts and energy put in each and every program and

activity conducted by the branch. They have been of immense help and we hope they will

continue in the same vein in future.

At this juncture I would like to congratulate and thank CA Anup Borkar for a fantastic and

eventful year at the helm of affairs at the Goa branch of the ICAI during which the branch

branch was awarded the "Certificate of Appreciation for Highly

Commendable Performance" under Small Branch Category jointly with Anand Branch, and

also a "Certificate of Appreciation for the best Concept paper” presented on Project on

Verification of Mining Data" which is given by WIRC of ICAI for the year 2013. We were

fortunate to receive these awards at the hands of the President of the ICAI, CA K Raghu and

Vice President CA Manoj Fadnis at Mumbai. It will be my sincerest hope that we can build on

this legacy and keep getting even better.

We are also delighted to update you that the latest Income tax forms for the AY 2014-15

notified recently have a provision to allocate eligible tax credit between spouses governed

under the Portuguese Civil Code and where incomes are apportioned under provisions of

section 5A. This would provide significant relief to a number of assessees. The Goa Branch has

been pursuing the matter with considerable energy given the large number of people affected by

it. The Immediate Past Chairman CA. Anup Borkar, CA. Vinesh Pikale, Treasurer and Past

chairman CA. Ashish Prabhu Verlekar and other members who have been part of finding a

solution to this issue.

ChaIrman’s communiqué

Goa Branch Newsletter

May 2014

3

I would like place on record the gratitude for the efforts of our current Vice President, CA.

Manoj Phadnis, former branch nominee CA. Sushruth Chitale without whose persistent efforts

and follow up with the relevant personnel this would not have been possible

Globalization has brought to our door-step numerous opportunities for CAs in diverse areas

such as taxation, finance and corporate laws. It is my firm belief that by opting for a CA course,

one can embark upon a satisfying and lucrative professional career. As you are all aware, the

primary goal of our Institute is to mentor our CA students and ensure that they have a conducive

atmosphere to study hard and clear their final examinations and attain the coveted status of a

professional CA. We therefore need to focus our energies towards achieving a balance between

attending to the myriad needs of the student community and pursuing the CPE courses to keep

abreast of the latest developments in a fast changing world. The demand for a qualified CA is

ever increasing and the Institute offers excellent placement opportunities. While we would do

our best to provide and impart the necessary skills through various IT related programmes and

General Communication skills, our major thrust would be in areas of Continued Professional

Education (CPE) so that we all can hone our knowledge and be well informed in a real time

scenario. We sincerely hope to have a greater degree of participation and a renewed level of

enthusiasm from all our CA students as well as the CA community at large.

Going by the President of ICAI, CA K Raghu‟s motto „Moving towards new Frontiers’ and in

line with the theme of the Chairman of WIRC, CA Anil Bhandari - ‘Thinking above and

beyond’, we have drawn a Plan of Action for the coming year .I assure you all that the new

Committee will continue to work hard towards meeting all its targets and as we take on the

banner, we hope to work in unison and bring greater glory to our branch. To all my colleagues

and seniors in the profession, I seek your unstinted support and blessings and more importantly,

your enthusiastic participation in all our future programmes as you have in the past. Once again,

thank you all and I look forward to a great year ahead.

Thank You.

CA Naveen G. Daivajna

Chairman

Goa Branch Newsletter

May 2014

4

Activities organised by the Branch from 1st January to 30

th April 2014

Branch Activity Report

Date Programme / Venue Speakers No. of

Participants

CPE

Hrs.

03.01.14 CPE Teleconference on TDS on payment to non-

residents at Branch Premises

CA. Ashvinbhai Dhinal

Shah

19 2

09.01.14 4th Joint Programme of NSE and ICAI “Financial

Planning & Investors‟ Awareness

Programme”Organized by Committee on

Financial Markets & Investors‟ Protection

ICAIUnder the aegis of „National Stock Exchange

– Investor Protection Fund Trust (NSEIPFT)‟ Of

National Stock Exchange Hosted by Goa Branch

of WIRC of ICAI at GCCI Hall, Panaji, Goa

Tax Planning

How to read Revised Audit Report

CA. Abhishek Nagori

CA. Nayan Kothari

83 3

17.01.14 CPE Teleconference on Code of Ethics – Practical

Issues at Branch Premises

CA. C.N. Vaz 13 2

18.01.14 Annual Cricket Match between Income Tax

Officials and Chartered Accountants at Panaji

Gymkhana ground, Panaji Goa

Nil

01.02.14 Organise by Committee on Financial Markets &

Investors' Protection of ICAI jointly with

Committee on Government Accounting. At

Branch Premises

FEMA and Professional Opportunities for

Chartered Accountants

Investments and taxation, Property Laws,

Succession Laws, Use of RTI for investors

Overview of Provisions of FEMA- Current &

Capital Account Transactions, Residential Status

and Miscellaneous Remittance scheme

Goal Setting and Professional Opportunities for

CAs

CA Rajkumar S Adukia ,

Chairman, CFMIP&

CGA

CA. TarunGhia, Vice-

Chairman, CGA&CCM,

ICAI

CA. Paresh Shah

CA. Mahendra

Chaturmutha

52 3

06.02.14 CPE Teleconference on Overview of Search,

Seizure & Survey provisions” & “Directors,

Meetings, Independent Directors from the

Companies at Branch Premises

Sh. R.K. Gupta & CA.

Abhishek Murali

17 2

08.02.14 CPE Teleconference on Appeals before CIT

(Appeals) & ITAT at Branch Premises

CA. Tarun J. Ghia

(Central Council

Member), Shri G.D.

Agarwal (Vice-President,

ITAT) & CA. Ajay

Wadhwa,

18 2

19.02.14 Dinner Meeting with the CCIT, Shri. S.S. Rathore

and Past chairmen/ chairpersons at Citrus, Caculo

Mall, Panaji

40 Nil

20.02.14 ISA Course at Branch Premises

21 Nil

Goa Branch Newsletter

May 2014

5

Branch Activity Report

Date Programme / Venue Speakers No. of

Participants

CPE

Hrs.

21.02.14 Seminar on Direct and Indirect Taxes at Citrus,

Caculo Mall, Panaji

Chief Guest for the inaugural function – CA.

Manguesh Kinare

Tax Planning through Private Trusts

Management of Goa Commercial Taxes - VAT,

CST & Entry Tax

Capital Gains - Basic Issues

Presentation on ACL Audit software

CA. Nihar Jambusaria

CA. V. B. Prabhu

Verlekar

CA. Deepak Tikekar

Mr. Aditya Apte

125 6

26.02.14 CPE Teleconference on -BITCOIN – emerging

Crypto currency: Opportunity or Threat? At

Branch Premises

CA. Sanjeev Shah 1 2

06.03.14 CPE Teleconference on Practical issues in Foreign

Contribution Regulation Act at Branch Premises

CA. K. Kanagaraj

Antonysamy

14 2

07.03.14 Lecture Meeting on Audit Documentation &

Managing Audit Risks at Branch Premises

Audit Documentation (Engagement Letters)

Managing Audit Risks (Professional Skepticism)

CA. Kedar Kenkre

CA. Abhay Fadte

78 2

14.03.14 CPE Teleconference on Bank Branch Audit at

Branch Premises

CA. Shriniwas

Yeshwant Joshi

1 2

14.03.14 CA Students Seminar at Branch Premises

How to Face CA Exams

Perspective on Accounting Standards

Role of Articled Clerks in Bank Branch Audit

Audit of Advances

CA. Yatish Pai Vernekar

CA. Satyaprakash

Kamath

CA. Shailesh Usgaonkar.

CA. Vinesh Pikale

60 Nil

22.03.14 Bank Branch Audit at GCCI Hall, Panaji, Goa

Planning, Documentation Considerations &

effective reporting

Audit of Advances – Special Considerations

& Frauds

Basel Norms & Reporting

Risk Based Audits in CBS Environment, LFAR,

New Audit Report, Restructuring for asset

classification & Audit of Forex Transactions

CA. Uday Sathe

CA. Satyaprakash

Kamath

CA. Sandeep Welling

99 6

28.03.14 CPE Teleconference on Preparation of Project

Report & Documentation – Role of a Chartered

Accountant at Branch Premises

CA. Vinay Mruthyunjaya 2 2

Goa Branch Newsletter

May 2014

6

INCOME TAX

Source: www.incometaxindia.gov.in

Income Tax TDS Return for the Quarter 4 i.e.

January to March 2014 is to be filed on or before

15th May 2014

New Versions of RPU and FVU which are

applicable from 26th April 2014 to be used.

Download RPU v3.9 and FVU v4.2 from www.tin-

nsdl.com

Notification no. 24 dated 1st April, 2014

Rule 12 of Income Tax Rules wef 01.04.2014

related to Filing of Audit Reports & ITR

SERVICE TAX

Source: www.cbec.gov.in

Ammendment to Negative List - Notification No.

05/2014-Service Tax dated 24th February, 2014

In exercise of the powers conferred by sub-section

(1) of section 93 of the Finance Act, 1994 (32 of

1994), the Central Government, being satisfied that

it is necessary in the public interest so to do, hereby

makes the following further amendments in the

notification of the Government of India in the

Ministry of Finance (Department of Revenue),

No.25/2012-Service Tax, dated the 20th June, 2012,

published in the Gazette of India, Extraordinary, Part

II, Section 3, Sub-section (i), vide G.S.R. 467 (E),

dated the 20th June, 2012, namely:-

(i) after entry 2, the following entry shall be

inserted, namely:­­–

“2A. Services provided by cord blood banks by

way of preservation of stem cells or any other

service in relation to such preservation;”;

(ii) after entry 39, the following entry shall be

inserted, namely:-

“40. Services by way of loading, unloading,

packing, storage or warehousing of rice.”.

Notification No. 03/2014-Service Tax dated 3rd

February, 2014

The Central Government hereby directs that the

service tax payable on the services provided by an

authorised person or sub-broker to the member of a

recognised association or a registered association, in

relation to a forward contract, shall not be required

to be paid in respect of such taxable service on

which the service tax was not being levied during

the period commencing from the 10th day of

September 2004 and ending with the 30th day of

June 2012 in accordance with the said practice.

Ammendment to Negative List - Notification No.

02/2014 - Service Tax dated 30th January, 2014

Amendments in the notification of the Government

of India in the Ministry of Finance (Department of

Revenue), No.25/2012-Service Tax, dated the 20th

June, 2012, published in the Gazette of India,

Extraordinary, Part II, Section 3, Sub-section (i),

vide G.S.R. 467 (E), dated the 20th June, 2012,

namely:

(s) “governmental authority” means an authority or a

board or any other body;

(i) set up by an Act of Parliament or a State

Legislature; or

(ii) established by Government,

with 90% or more participation by way of equity or

control, to carry out any function entrusted to a

municipality under article 243W of the

Constitution;‟.

Amendment to Negative List -Notification No.

01/2014 - Service Tax dated 10th January, 2014

Amendments in the notification of the Government

of India in the Ministry of Finance (Department of

Revenue), No.25/2012-Service Tax, dated the 20th

June, 2012, published in the Gazette of India,

Extraordinary, Part II, Section 3, Sub-section (i),

vide G.S.R. 467 (E), dated the 20th June, 2012,

namely:-

In the said notification, in the opening paragraph, in

entry 11, in item (a), for the words “district, State or

zone”, the words “district, State, zone or Country”

shall be substituted.

ICAI

http://www.ica.org

ICAI expresses its concern on the proposed

definition of “Accountant” in DTC, 2013 - (17-04-

2014)

As the members are aware, the Direct Taxes Code,

2013 has proposed to widen the scope of the

IMPORTANT NOTIFICATIONS, UPDATES & ANNOUNCEMENTS

Goa Branch Newsletter

May 2014

7

definition “Accountant” to include other

professionals as well. It is a fact that various

provisions in the Income-tax Act, 1961 under which

chartered accountants have been given the

responsibilities to undertake audit and certification

of accounts of various entities have the emphasis on

“audit” of the relevant accounts which is the

exclusive domain of Chartered Accountants.

The Council of ICAI is aware that the proposed

change is a cause of major concern to the entire

profession. In this regard, ICAI has through a

representation to Ministry of Finance, placed on

record its concern not only for the profession, but for

the country as a whole since issuance of audit

certificates by persons having limited knowledge of

audit of accounts will not only be professionally

incorrect and but will raise many concerns including

causing huge revenue leakages.

A meeting in this regard was held with Mr. Rajiv

Takru, Revenue Secretary and Mr. R.K.Tewari,

Chairman, CBDT on 16.4.2014, wherein CA. K.

Raghu, President, ICAI and CA. Manoj Fadnis, Vice

President, ICAI emphasized on the fact that there is

a very significant difference in the area of expertise

of other professionals vis-a-vis Chartered

Accountants.

Members be assured that the Council of ICAI is

equally concerned and will not leave any stone

unturned to save the profession and the nation.

Act of Non CAs to Approach CAs to get Tax

Audit report signed for Audit not conducted by

them is unethical – ICAI

We are producing below the extract from the reply

of ICAI dated 29.01.2014 to CBDT in respect of

Information Provided by Tax Advocate Shri B.S.K

Rao and Shri Srikrishna to CBDT. In his letter Shri

B.S.K Rao and Shri Srikrishna has raised the

following issues before CBDT :-

In their opinion Tax Audit U/s. 44AB is not serving

any purpose and not benefiting the Income Tax

Department at all. He further submitted that there is

a Shortage of CA‟s and they have to search for the

Chartered Accountants to get the Tax Audit Report

signed in respect of Audit Conducted by them.

In response to Act of Non CA professionals of

Approaching Chartered Accountants to get Tax

Audit report signed from for audit not conducted by

them ICAI has replied as under –

In fact, the act of Non-CA tax professionals for

making an effort to approach a chartered accountant

for getting signature for audit not conducted by him

in itself is an unethical act which should be seriously

viewed.

ICAI Reply in respect of Shortage of Chartered

Accountants is as follows :-

Availability of tax Auditors for Non-Corporates:

Tax Advocates Shri B.S.K.Rao and Shri Srikrishna

in their letters addressed to Committee on Petitions,

Parliamentary Standing Committee dated 30th April,

2012 and Central Board of Direct Taxes dated May

14, 2012 stated as under:

“……. In case of Corporates, chartered Accountants

are getting fees in the range of Lakhs, but in non-

corporates cases, they get fees in the range of

Thousands only. Therefore, CA‟s make best

combination of tax audit assignments to sign tax

audit reports under section 44AB to yield Revenue.

2. Those Non-corporates assesses Rejected by CA‟s

approach Non-CA Tax professionals covered under

section 288(2) to file returns u/ s 139. Non-CA‟s

have to search out for unused limits of CA‟s in their

area, to get signatures on their audit reports. Some

CA‟s holding unused limits will not sign for work

done by non- CA‟s but the clients insist us to do the

job.

In Para No. 1 & 2 above, I have proved that CBDT

is indirectly handcuffed by 59,472 practicing CA‟s

of ICAI in the matter of revenue collection…. “

With regard to the above allegation we wish to

mention the following

a) As per the recent data provided to us by the

CBDT. 16,16,096 tax audits have been

conducted by 59,472 chartered accountants

during the year 2010-11. An analysis of the

said data clearly depicts that on an average a

chartered accountant has conducted 27 tax

audits. It may be noted that this number is

well below the ceiling limit set by ICAI i.e.

45 audits per member. Therefore, the

question of non availability of chartered

accountants for conducting tax audits of non-

corporates does not arise. It is further

pertinent to mention here that there are

adequate number of Chartered Accountants

at all places in India and there is not even a

slightest of whisper from any assessee that

no Chartered Accountant was available to

him so as to perfoi.iii his tax audit, even at

Block or District level.

b) Section 288 of the Income-tax Act, 1961

talks about authorized representative. It

clearly mentions that any assessee who is

entitled or required to attend before any

income tax authority or the Appellate

Goa Branch Newsletter

May 2014

8

Tribunal in connection with any proceedings

under the Act may attend through authorized

representatives. Further section 288(2)

provides the definition of “Authorized

representative” includes a chartered

accountant and also a non Chartered

accountant. It, however, no where mentions

that this section makes Tax Advocates

eligible, to conduct an audit or an audit under

section 44AB. Intact, section 44AB allows

only „an accountant‟ defined under

Explanation to section 288(2) to conduct the

tax audit. The Tax Advocates have a limited

role of appearing before the tax authorities

on behalf of the assessees. Even if the client

insists them to conduct audit, the Act does

not authorize them to do so.

c) Tax Advocate Shri. B S K Rao and Shri

Srikrishna have stated that non-corporate

assessees approach Non-CA Tax

professionals covered under section 288(2) to

file returns u/s 139. It may be noted that

return filing under section 139 is no where

connected with tax audit. These are two

different tasks. An assessee, the audit of

whose accounts is not complete due to one

reason or the other is eligible to file his

income tax return to avoid interest and

penalty, While, he may be ready to shell out

penalty for not getting accounts audited

within specified period. It is indeed

heartening to note that sometimes the

assessees are not able to differentiate

between the domains of Tax Auditors and

that of Income-tax Practitioners.

d) The distinction between audit fees charged

from a corporate and a non corporate entity

is not because of the status difference but

because of the difference in the complexity

of accounts, compliance of accounting

standards and other statutory provisions

involved therein. The audit fees to be

charged depend on factors like volume of

work. nature of transactions to be audited,

complexity and extent of coverage etc.

e) A chartered Accountant would in no case

accept the responsibility of audit not

conducted by him. In case he signs the audit

report in respect of accounts not audited by

him, he shall be deemed to be guilty of

professional misconduct under the provisions

of the Chartered Accountants Act, 1949. The

Chartered Accountants respect the

confidence reposed by the Government in the

profession and thereby abiding by their

professional ethics they refuse to sign the

audit report in respect of audit not conducted

by them. In fact, the act of Non-CA tax

professionals for making an effort to

approach a chartered accountant for getting

signature for audit not conducted by him in

itself is an unethical act which should be

seriously viewed.

f) Tax Advocate Shri B.S.K. Rao and Shri

Srikrishna in their letters as aforesaid have

mentioned that non-CA tax practitioners are

being forced to do the job of the tax auditor.

This is absolutely a wrong statement and

without any base. In fact, no one can be

forced to carry out a job, if one does not want

to do it. Further, it may be noted that this

action of doing audit by non-chartered

accountants is illegal and against the

provisions of the law. The non-CA tax

practitioners are neither equipped „with

knowledge to maintain books of account nor

can appreciate the intricacies of the

accounting system being followed and the

compliance of various accounting standards.

It is a fact that advocates. while studying law

do not study the subject of accountancy and

auditing , whereas a Chartered accountant

has to undergo ,at all levels of the course, the

subjects of Accounting and Auditing. A

Chartered Accountant has to undergo

rigorous practical training of 3 years as

articles under experienced chartered

accountants. The training covers all aspects

of accounting, auditing. taxation, fulfillment

of statutory compliances and so on. The very

requirement of practical training is

instrumental in shaping a well-rounded

professional to ensure that students have an

opportunity to acquire on-the-job work

experience of a professional nature. Such a

practical training inculcates a disciplined

attitude for hard work; develops necessary

skills in applying theoretical knowledge to

practical situations; provides exposure to

overall socio-economic environment in

which organizations operate; and develops

ethical values.

g) Conducting of tax audit by non-chartered

accountants having no knowledge of

Accounting Standards ,principles of

accounting and auditing and procedures

thereof would result into inaccurate

computation of income, leading to leakage of

revenue. While processing the data provided

by the Income-tax Department in respect of

Goa Branch Newsletter

May 2014

9

tax audits conducted by chartered

accountants, it was observed that a number

of tax audit reports were filed by the

assessees by quoting wrong membership

details of the Chartered Accountants. The

fact of alleged misuse of membership details

of chartered accountants was also reported to

CBDT vide letter no. DTC/2011-12/Rep-07,

dated 16th December, 2011, Letter no. DTC/

2012-13/ Rep-09, dated 15th June, 2012 and

Letter no. DTC/ 2012-13/ Rep-19, dated 18th

December, 2012. In this regard we wish to

submit that this is an illegal practice being

followed, which needs to be looked into. The

possibility of this practice being followed in

earlier years also cannot be ruled out as the

tax audit reports were not required to be filed

along with the return of income since the

year 2008.

Clarification on prohibition of simultaneously

undertaking Concurrent Audit and Quarterly

Review of the same Bank. - (02-04-2014)

Since queries are being received from members at

large on the issue, it is accordingly hereby clarified

that concurrent audit and the assignment of quarterly

review of the same Bank cannot be undertaken

simultaneously as the concurrent audit being a kind

of internal audit and the quarterly review being a

kind of statutory audit undertaken simultaneously

are prohibited under the provisions of „Guidance

Note on Independence of Auditors‟ .

http://www.icai.org/new_post.html?post_id=10516&

c_id=219

Announcement reg. abstaining from sharing of

Firm details intended for comparison of Firms. -

(30-03-2014) No. ICAI/ESB/2014/01

It has been brought to the notice of some members

that certain entities are seeking details of the

Chartered Accountants firms, for the purpose of

making ranking of the various Firms through

comparison of different parameters.

In this regard, Members are hereby informed that

sharing of details of their Chartered Accountants

firms in the aforesaid manner does not fall within the

permitted categories , and would therefore be

violative of Item 6 of Part-I of First Schedule to The

Chartered Accountants Act, 1949 . Further, as it is

known beforehand that the information regarding

firms would be used for ranking purposes, the

sharing of such details would tacitly result in

claiming superiority of one firm over other, which is

prohibited in terms of the Advertisement Guidelines

of the ICAI under Item 7 of Part –I of First Schedule

to The Chartered Accountants Act, 1949. Members

are therefore advised to abstain from such sharing of

details of their Chartered Accountants Firms.

http://www.icai.org/new_post.html?post_id=10504&

c_id=219

Company Law

http://www.mca.gov.in/

MCA notifies 183 Sections for New Companies Act,

2013 w.e.f. 1st April, 2014

http://mca21.gov.in/Ministry/pdf/CompaniesActNoti

fication26March2014.PDF

CIRCULARS

Referen

ce No Date Description

General

Circular

No.

08/2014

04-04-2014 Commencement of provisions

of the Companies Act, 2013

with regard to maintenance of

books of accounts and

preparations/adoption/filing of

financial statements,auditors

report, Board‟s report and

attachments to such statements

and reports- Applicability with

regard to relevant financial

year.

General

Circular

No.

07/2014

01-04-2014 Dissemination of Information

with regards to provisions of

the Companies Act,2013

Table of

Fees

01-04-2014 Table of Fees

General

Circular

No.

06/2014

29-03-2014 Roll out plan of various forms

under the Companies Act,

2013 and continuance of forms

under the provisions of

Companies Act, 1956

General

Circular

No.

4/2014

25-03-2014 Clarification with regard to

section 180 of the Companies

Act, 2013

General

Circular

No.

3/2014

14-02-2014 Clarification with regard to

Section 185 of the Companies

Act,2013.

Goa Branch Newsletter

May 2014

10

NOTIFICATIONS

Referen

ce No Date Description

Amend

ment to

Schedul

e II

Notification for Amendment to

Schedule II

S.O(E) 27.03.2014

Nomenclature of various forms

prescribed under the provisions

of Companies Act, 2013 being

notified.

S.O(E) 26.03.2014 Commencement Notification of

the Companies Act, 2013

S.O.582

(E)

27.02.2014

Notification relating to effective

date of provisions of section 135

and Schedule VII of Companies

Act, 2013

G.S.R.1

29(E)

27.02.2014

Companies (Corporate Social

Responsibility Policy) Rules,

2014

G.S.R.1

30(E)

27.02.2014

Notification relating to

amendments of Schedule VII of

Companies Act, 2013

G.S.R.2

61(E)

31.03.2014

Corrigenda to Notification no.

GSR 130E dated 27.02.2014

regarding Schedule VII [w.r.t

CSR Activities]

RULES

Sr.

no. Date Description

1 28.04.2014

Chapter XXIV – The Companies

(Registration Offices and Fees)

Amendment Rules, 2014

2 31.03.2014

Chapter XXI -The Companies

(Authorised to Registered )Rules,

2014.

3 31.03.2014

Chapter XXIV - The Companies

(Registration Offices and Fees)

Rules, 2014.

4 31.03.2014

Chapter XIII- The Companies

(Appointment and Remuneration

of Managerial Personnel) Rules,

2014.

5 31.03.2014

Chapter XIV- The Companies

(Inspection, Investigation and

Inquiry) Rules, 2014.

6 31.03.2014 Chapter XXII- The Companies

(Registration of Foreign

Companies) Rules, 2014.

Sr.

no. Date Description

7 31.03.2014

Chapter V - The Companies

(Acceptance of Deposits) Rules,

2014.

8 31.03.2014 Chapter X - The Companies (Audit

and Auditors) Rules, 2014.

9 30.03.2014 Chapter II - The Companies

(Incorporation) Rules, 2014.

10 28.03.2014 Chapter XXVI - Nidhi Rules, 2014.

11 28.03.2014

Chapter XXIX - The Companies

(Adjudication of Penalties) Rules,

2014.

12 28.03.2014 Chapter XXIX - The Companies

(Miscellaneous) Rules, 2014.

13 27.03.2014

Chapter I - The Companies

(Specification of definitions

details) Rules, 2014.

14 27.03.2014

Chapter III - The Companies

(Prospectus and Allotment of

Securities) Rules, 2014.

15 27.03.2014

Chapter IV - The Companies

(Share Capital and Debentures)

Rules, 2014.

16 27.03.2014

Chapter VI - The Companies

(Registration of Charges) Rules,

2014.

17 27.03.2014

Chapter VII - The Companies

(Management and

Administration) Rules, 2014.

18 27.03.2014

Chapter VIII - The Companies

(Declaration and Payment of

Dividend) Rules, 2014.

19 27.03.2014 Chapter IX - The Companies

(Accounts) Rules, 2014.

20 27.03.2014

Chapter XI - The Companies

(Appointment and Qualification

of Directors) Rules, 2014.

21 27.03.2014

Chapter XII - The Companies

(Meetings of Board and its

Powers) Rules, 2014.

22 27.02.2014 Companies (Corporate Social

Responsibility Policy) Rules, 2014

Goa Branch Newsletter

May 2014

11

Goa Branch Chairman, CA. Anup R. S. Borkar welcoming the delegates and inaugurating programme on Financial Planning & Investors’ Awareness Programme held on 9

th January 2014 at GCCI Hall, Panaji,

Goa Seated on the dais - from left to right CA. Abhishek Nagori & CA. Nayan Kothari, Faculty.

South Goa CAs team - Winner of Annual Cricket tournament between Income Tax Officials and Chartered Accountants held on 18th January 2014 at Panaji Gymkhana ground, Panaji Goa

CA. Rajkumar S. Adukia , Chairman, CFMIP& CGA, Faculty, addressing the participants at the programme FEMA and Professional Opportunities for Chartered Accountants Organise by Committee on Financial Markets & Investors' Protection of ICAI jointly with Committee on Government Accounting held on 1

st February 2014 at Goa Branch

Premises, Panaji, Goa. seated on the dais - from left to right CA. Tarun Ghia, Vice-Chairman, CGA&CCM, ICAI and Goa Branch Chairman, CA. Anup R. S. Borkar.

CA. Nayan Kothari addressing the delegates at the programme on Financial Planning & Investors’ AwarenessProgramme held on 9

th

January 2014 at GCCI Hall, Panaji, Goa. seated on the dais CA. , Faculty & CA. Anup R. S. Borkar, Chairman, Goa Branch.

North Goa and South Goa CAs Group photo at the Annual Cricket Match between Income Tax Officials and Chartered Accountants held on 18th January 2014 at Panaji Gymkhana ground, Panaji Goa

CA. Tarun Ghia, Vice-Chairman, CGA&CCM, ICAI & Faculty, addressing the participants at the programme FEMA and Professional Opportunities for Chartered Accountants Organise by Committee on Financial Markets & Investors' Protection of ICAI jointly with Committee on Government Accounting held on 1

st February 2014 at Goa Branch

Premises, Panaji, Goa.

Goa Branch Newsletter

May 2014

12

Goa Branch Chairman, CA. Naveen G. Daivajna welcoming the delegates on Issues in Income Tax & Goa Commercial Taxes held on 21

st February 2014 at Citrus, Caculo Mall, Panaji. Seated on the dais -

from left to right CA. Anup R.S.Borkar Imm. Past Chairman of Goa, CA. Nihar Jambusaria, Faculty, CA. Mangesh Kinare, Chairman, WIRC, Mumbai & CA. Yeshwant Kamat, Secretary, Goa Branch

CA. Nihar Jambusaria, Faculty and Central Council Member addressing the participants at the One Day Seminar on Issues in Income Tax & Goa Commercial Taxes held on 21

st February 2014 at Citrus, Caculo

Mall, Panaji. Seated on the dais - from left to right CA. Anup R. S. Borkar, Imm. Past Chairman, Goa Branch , CA. Naveen Daivajna, Chairman, Goa Branch, CA. Mangesh Kinare, Chairman, WIRC & CA. Yeshwant Kamat, Secretary, Goa Branch.

CA. Mangesh Kinare, Chairman, WIRC addressing the participants at the One Day Seminar on Issues in Income Tax & Goa Commercial Taxes held on 21

st February 2014 at Citrus, Caculo Mall, Panaji. Seated

on the dais - from left to right CA. Anup R. S. Borkar, Imm. Past Chairman of Goa, CA. Nihar Jambusaria, Faculty, CA. Naveen Daivajna, Chairman, Goa Branch & CA. Yeshwant Kamat, Secretary, Goa Branch

Participants at the One Day Seminar on Issues in Income Tax & Goa Commercial Taxes held on 21

st February 2014 at Citrus, Caculo Mall,

Panaji.

Dinner Meeting with the CCIT, Shri. S.S. Rathore and Past chairmen/ chairpersons held on 19th February 2014 at Citrus, Caculo

Mall, Panaji, Goa

Goa Branch Newsletter

May 2014

13

CA. Kedar Kenkre addressing the participants at the Lecture Meeting on Audit Documentation & Managing Audit Risks held on 7

th March

2014 at Goa Branch Premises, Panaji

CA. Satyaprakash Kamath addressing at the Students Seminar held on 14

th March 2014 at Branch Premises. Seated on the dais - from left to

right CA. Naveen Daivajna, Chairman, Goa Branch, CA. Kiran Kharangate, Vice Chairman & WICASA Chairman, Goa Branch, CA. Anup R. S. Borkar, Imm. Past Chairman, Goa Branch, & CA. Yeshwant Kamat, Secretary, Goa Branch

CA. Yatish Pai Vernekar addressing the Students at the Students Seminar held on 14

th March 2014 at Branch Premises

CA. Abhay Fadte addressing the participants at the Lecture Meeting on Audit Documentation & Managing Audit Risks held on 7

th March 2014 at

Goa Branch Premises, Panaji

CA. Shailesh Usgaonkar, addressing the Students at the Students Seminar held on 14

th March 2014 at Branch Premises

CA. Vinesh Pikale , addressing the Students at the Students Seminar held on 14

th March 2014 at Branch Premises.

Goa Branch Newsletter

May 2014

14

Seminar on Statutory Bank Branch Audit held on 22

nd March 2014 at

the GCCI Hall, Panjim, Goa. Seated on the dais - from left to right CA. Naveen G. Daivajna, Chairman, Goa Branch, CA. Uday Sathaye, Faculty and CA. Yeshwant Kamat, Secretary, Goa Branch

CA. Sandeep Welling addressing the participants at the Seminar on Statutory Bank Branch Audit held on 22

nd March 2014 at the GCCI Hall,

Panjim, Goa

CA. Satyaprakash Kamath addressing the participants at the Seminar on Statutory Bank Branch Audit held on 22

nd March 2014 at the GCCI

Hall, Panjim, Goa

Participants at the Seminar on Statutory Bank Branch Audit held on 22

nd

March 2014 at the GCCI Hall, Panjim, Goa

Goa Branch Newsletter

May 2014

15

Please register your name at Goa Branch office

Views expressed in this Newsletter are those of the individual contributors and not necessarily those of the Goa Branch of WIRC of ICAI. While every effort is made to reproduce ADVERBATIM, Government and/or ICAI references, notifications and other information, readers are well advised to ensure themselves of prior to further deliberation. The publication is distributed with the understanding that authors/editors and publishers are nor responsible for the result of any action taken on the basis of this work nor for any omission or error to any person, whether a purchaser of this publication or not.

Sr. No. Programme 1. One day seminar on 'Companies Act 2013' on Saturday, May 10,

2014 at Margao

2. National Residential Conference in South Goa on June 13,14 &

15, 2014

FORTHCOMING EVENTS

Goa Branch of WIRC

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Patto Plaza, Panaji

Goa 403001

Tel: +91 832 2438516

Email: goa@icai.org