nl-sept.05 for PDF - bcasonline.org SWOT analysis 4 Time management 5 Effective communication ......

BCAS Newsletter, May 2006 1

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President : Sanjeev Pandit, 24903751-2; Vice-President : Himanshu Kishnadwala, 26286909; Hon. Secretaries : Anil Sathe : 24367693; Ameet Patel : 22675585; Hon. Treasurer : Naushad Panjwani, 28764521

PROGRAMMES

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GLANCE

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

Vice-President’s Communiqué . . ✍

Day & Date : Wednesday, 7th June 2006*

Speaker : Mr. Nikhil Bhatia, Chartered Accountant

Subject : Non-Residents and Returning Indians— Tax and FEMA-related Issues

Day & Date : Wednesday, 21st June 2006*

Speakers : Mr. Samir Kapadia, Chartered AccountantMr. C. N. Vaze, Chartered Accountant

Subject : Filing of Income-tax Returns for A.Y. 2006-07(This meeting is open to C.A. students also)

Day & Date : Wednesday, 12th July 2006*

Speaker : Mr. V. H. Patil, Advocate

Subject : Taxation of Construction Industry

*Fellowship over a cup of tea at 5.45 p.m.Lecture Meeting at 6.15 p.m.

Lecture MeetingsVenue : 4th flooor, IMC, Churchgate, Mumbai-400020.

Himanshu Kishnadwala

A full-day Seminar on ‘E Filing’ ....................................................... 3-6-2006 .................... Gulmohar-Tulip-Lotus Conference Rooms, BCAS, Mumbai-400020. ... 2

She-CA Study Circle for the year 2006-07 .................................... 9-6-2006 .................... Gulmohar, BCAS Conference Room, Mumbai-400020. ........................ 6

‘How to be more successful in life’ ................................................ 24, 25-6-2006 .......... BCAS Conference Room, Mumbai-400020. ............................................ 3

PE II & Final C.A. Students’ Education Crash Courses ............. from 3-7-2006 .......... Sydenham College, ‘B’ Road, Churchgate .............................................. 4

Workshop on the book ‘One Minute Manager’ for Members ..... 8-7-2006 .................... BCAS Conference Room, Mumbai-400020. ............................................ 3

International Tax and Finance Conference, 2006 ......................... 12,13,14,15-8-2006 .. Treat Resort, Silvassa ................................................................................ 5

BCAS�

Harnessing Talent and Providing Quality Service May 2006Vol. 9 No. 2

Accounts & Audit ClinicThe next Accounts & Audit Clinic will be held on Saturday, 3rdJune 2006, from 10.30 a.m. to 11.30 a.m. in the library room ofthe BCA Society at New Marine Lines.

Persons interested in having their queries solved are requested tocall the Society’s office (Mr. Rajaram on extension 13) and obtaina prior appointment, a day before the day of the Clinic.

Panel of Harish N. Motiwalla, Himanshu V. Kishnadwala andAdvisors Jayesh M. Gandhi

Dear Members,

A recent communication from the President of ICAI mentions that thecurrent growth trend in the profession is more towards industry andless towards practice. As per the statistics available, during 2005, outof 7,455 Chartered Accountants who qualified, only about 17%obtained Certificate of Practice and the remaining 83% opted foremployment.

This trend towards more CAs joining industry has adversely affectedpractising Chartered Accountants and medium-sized firms who arefaced with a high staff turnover. This is because these firms cannotmatch the remuneration levels offered by the industry or even bybigger firms. Since the industry (especially the service sector) isbooming, this scenario is not likely to undergo a change in the nearforeseeable future.

To overcome this difficulty, it is time for the small and medium firmsto re-evolve and come together with like-minded firms through‘networking’ and ‘mergers’. This is also necessitated to keep abreastwith new legislations being introduced and numerous amendmentsbeing carried out to existing laws.

The months of May/June are generally the time when such mediumand small firms do not have heavy work pressure. This is, therefore,the most appropriate time to hold discussions with other firms andcarry out integration, so that the work pressure from July onwards canbe handled better. This will also help these firms to service theirclients better, to attract new clients and also other CAs to work withthem.

With best wishes,

P.S. : Renewal subscription to BCAS for 2006-07 was due on 1st April. Haveyou renewed your subscription ? If not, act fast, before the journal andthe newsletter stops reaching you.

BCAS Newsletter, May 20062

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�Chairman : Shariq ContractorConvenors : Samir Kapadia

Nirav DalalNikunj Shah

A full-day Seminar on

‘E Filing’

Information Technology has managed to pervade almost all aspectsof our professional life. It is no longer just a tool to improve efficiency,but is an integral part of contemporary practice. One major advantageof the technology is that it removes human subjectivity and brings inuniformity and transparency. Thus, taxpayers and practitioners can relyon a system where human intervention is minimised, reducing bias,subjectivity and chances of abuse by vested interests.

In recent times, the Government has invested large sums to createTax Information Network. As professionals, we have become familiarwith ETDS returns and Online PAN & TAN applications. Yet there ismuch more in store, for instance, the recent initiative with MCA-21.

Keeping these developments in mind, the Bombay CharteredAccountants’ Society has designed a full-day seminar which willencompass not only ETDS, but E filing under MCA-21 and servicetax and excise returns. The workshop will be conducted by eminentpersonalities. We also intend to invite the Registrar of Companies andsenior persons with hands-on experience from NSDL, and Service TaxDepartment.

The details of the seminar are as under :

Day & Date : Saturday, 3rd June 2006

Time : 10.00 a.m. to 5.00 p.m.

Venue : Gulmohar-Tulip-Lotus Conference Rooms, BCAS,New Marine Lines, Mumbai-400020.

Fees : Rs.950 per participant (inclusive of lunch, coursematerial if any, and contribution of Rs.20 towardsBCAS Foundation)

Topic Speaker

E filing under the MCA-21 scheme Mr. S. Ramanujam,Director, Intime Spectrum

E filing with Service Tax, Excise Mr. Sunil Gabhawalla,and DGFT FCA

E filing under the Income-tax Act Eminent Speakers

Confirmations are awaited from ROC and senior persons from NSDL andService Tax Department

Enrolment form is printed on page 8.

Members elected and co-opted tothe Managing Committee for the

year 2006-07†

Office Bearers :

President

Himanshu Kishnadwala

Vice-President

Rajesh Kothari

Hon. Secretaries

Naushad Panjwani

Pradip Thanawala

Hon. Treasurer

Mayur Nayak

Ex-officio Members :

Sanjeev Pandit(Outgoing President)

Publisher

Narayan Varma

Elected Members

Ameet Patel

Anil Sathe

Deepak Shah

Himanshu Vasa

Nitin Shingala

Rajeev N. Shah

Raman Jokhakar

Sonalee Godbole

Co-opted Members

Rajesh Kapadia

Anup Shah

Hiten Shah

Nandita Parekh

Samir Kapadia

Yogesh Thar

† To assume office at the conclusion of the ensuing AGM.


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�Chairman : Pradeep ShahConvenors : Hiten Shah

Manish SampatAliasgar Kherodawala

Workshop on the book‘One Minute Manager’

for Members

HRD Committee is proud to announce a much sought-after bookappreciation workshop on international best-selling book ‘the ONEMINUTE MANAGER’.

The workshop will acquaint you with and teach you the importantprinciples and help you in implementing the three fundamentals ofgood management, namely :

1. The need to establish clear-cut goals,

2. The need to praise good performance, and

3. The art of reprimanding people when required.

The workshop details are as follows :

Day & Date : Saturday, 8th July 2006

Time : Registration to begin at 9.00 a.m.

Programme timings 9.30 a.m. to 5.30 p.m.

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

Faculties : Mr. Murli Mehta and Mr. Vivek Patki

Fees : Rs.820 (inclusive of course material, lunch &afternoon snacks and Rs.20 for BCAS Foundation)

Enrolment restricted to 35 on first-come-first-served basis.


The future depends on what we do in the present.— Mahatma Gandhi

‘How to be more successful in life’Workshop for Students

Is your life not all it could be ?

This workshop is designed to start off a journey of self developmentand personal progress. This course will acquaint you with the basicsubjects essential for leading a fuller, better and richer personal andprofessional life. Three excellent faculty members who have trainedthousands of young aspirants will be your guide on this journey ofself development.

“Journey of thousand miles begins with a first step”

This one and a half day workshop spread over six sessions wouldelaborate on the following subjects :

1 Goal achievement

2 Self esteem

3 SWOT analysis

4 Time management

5 Effective communication

6 Managing ourselves

Day & date : Saturday, 24th June & Sunday, 25th June 2006

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

Sunday, 9.30 a.m. to 1.30 p.m.

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

Faculties : Mr. Murli Mehta, Mr. Nikhil Desai & Mr. Vivek Patki

Fees : Rs.620 (inclusive of course material, lunch on 24thJune 2006 and snacks on 25th June 2006and Rs.20 for BCAS Foundation)

Enrolment restricted to 35 on first-come-first-served basis.


‘It is never too lateto become what you might have been.’

— George Eliot

BCAS Foundation conducts Right to Information Clinic.

The Right to Information Clinic (RTI Clinic) is headed by Mrs.Hema Sampat, a research scholar on the subject of RTI. TheClinic has two RTI activists, Mr. Kewal Semlani and Mr.Shailesh Gandhi as advisors. Mr. A. K. Asher, Advocate alsoassists in the working of the Clinic.

The Clinic provides help and guidance to BCAS members asalso to non-members, i.e., all citizens, for making applicationsunder the RTI Act and also assists in resolving any relateddifficulties on the subject of RTI.

The Clinic will operate twice a month from BCAS office at7, Jolly Bhavan No. 2, Ground floor, New Marine Lines,Mumbai-400020. (Tel. : 66595601-05).

The 5th session will be held on 27th May 2006.

The dates for June 2006 are : 3rd and 17th

Right to Information Clinic


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ENROLMENT FORM

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

Registration Number : .........................................................................................................................................................................................................................

Course in which admission is desired : PE II ( ) FINAL ( ) (Please tick appropriately)

Residential Address : ..........................................................................................................................................................................................................................

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

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

dated .......................................................................... for an amount of Rs.1000 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’soffice, 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/herenrolment in their office.

Bombay Chartered Accountants’ Society7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020.

Phone : 66595601 to 05 Fax : 66595606 E-mail : [email protected] Website : www.bcasonline.org

Human Resource Development Committee

Chairman : Pradeep A. Shah Convenors : Hiten C. Shah, Aliasgar Kherodawala,Manish P. Sampat

“We had joined the Revision Course, which has proved very much helpful to us. We cleared both groups in First Attempt”.— Miss Janhavi Thatte & Miss Komal Jain

PE II & FINAL C.A. STUDENTS’ EDUCATION CRASH COURSES

(Jointly with W.I.R.C. of I.C.A.I.)For November 2006 & May 2007 Examinations

1. Courses for :C.A. PE II C.A. FinalGroup-I — Accounting Group-I — Advanced Accounting & Financial Management

— Auditing Group-II — Direct Taxes— Business & Corporate Laws — Indirect Taxes

Group-II — Income Tax & C.S.T. — Cost Management— Cost Accounting & F.M.

(In addition, important topics in (In addition, important topics inIT may be covered at no extra cost.) MICS may be covered at no extra cost).

2. Course Co-ordinators : Mr. Chandrakant Ruparelia, Mr. B. C. Jain, Mr. Yatin Vyavaharkar

3. Fees : Rs.1000 per student for P.E.II or Final (Total, and not per Subject, including cost of Study Materials)

4. Timings & Venue : 6.15 p.m. to 8.30 p.m. on weekdays at Sydenham College, ‘B’ Road, Churchgate.

5. Duration : 3 months from July 3, 2006

6. Enrolment from : May 2, 2006

7. Faculty : Eminent personalities possessing rich experience in their respective fields.

For further informaion kindly contact Mr. Raje/Mr. C. Ruparelia on Phone 66595601 to 05 during office hours at BOMBAY CHARTEREDACCOUNTANTS’ SOCIETY.


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� Chairman : Kishor KariaConvenors : Mayur Nayak

Chetan ShahDhishat Mehta

International Tax andFinance Conference, 2006

The Committee is pleased to announce a residential International Taxand Finance Conference, 2006 in the Union Territory of Silvassa inAugust 2006. The Conference venue is a luxury resort viz. TreatResort. Discussion in the conference would be at an advanced levelin the field of International Taxation and Finance. Other details of theConference are as mentioned below :

Dates : August 12, 13, 14 & 15, 2006

Venue : Treat Resort, Silvassa

Fees : Rs.5,100 per person (includes course material, stay in theresort on twin-sharing basis, all meals and contribution to theBCAS Foundation)

Rs.900 per person for to and fro travel to Treat Resort(Optional) (Travel by AC Chair Car and Taxi)

Sr. Papers for group discussion Paper writersNo.

1 Practical issues in taxation ofexpatriates in India and theIndians deputed abroad Mr. Pranav Sayta

2 Role of Trusts in global business& investments (Taxation &Regulatory Aspects) Mr. T. P. Ostwal

3 Case studies on structuring ofinbound and outbound investments(Taxation & Regulatory Aspects) Mr. Ketan Dalal

Sr. Case studies for panel discussions PanelistsNo.

4 Case studies in international Mr. Pinakin Desaitaxation Mr. Dilip K. Sheth

Sr. Papers for presentation Paper writersNo.

5 Setting up a unit in SEZ — Law,Procedure & Taxation[with special reference to FDI] Mr. Yogesh Thar

6 Service Tax on cross-bordertransactions — Law & Practice Mr. A. R. Krishnan

Enrolment will commence from 22nd May 2006 and will be restrictedto 100 members only on first-come-first-served basis. Once enrolled,requests for refunds/replacements will not be entertained. Membersopting for travel arrangements through BCAS are requested to enrolbefore 7th June 2006.

The Conference will begin in the afternoon on 12th August 2006 andwill conclude at around 2.00 p.m. on 15th August 2006 after lunch.Option for transport must be exercised at the time of enrolment.Members opting to travel on their own must check in the resort onlyafter 10.00 a.m. on 12th August 2006.

For enrolment please contact Mr. Rajaram at the BCAS Office.

ENROLMENT FORM

International Tax and Finance Conference, 2006

Name : .............................................................................. Age : .............

Company/Firm Name : ............................................................................

Mailing address : .....................................................................................

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

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

BCAS M’ship No. ................... Tel. (O) ..................... (R) ..................

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

(Kindly fill in E-mail address carefully and in legible writing to enableus to forward the soft copy of conference material)

Transport required : Yes/No

Choice of room partner : .......................................................................

I would like to lead the group discussion for the paper .................

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

Detail of payments

Conference Fees Travel Total (Rs.)

Delegate 5,100 900 6,000

➠ Travel arrangement : To and fro Vapi — by train in AC ChairCar and to and fro Treat Resort to Vapi Station by taxi.

➠ Members travelling on their own should check in the resort after10.00 a.m. on 12th August 2006.

Draft/Cheque No. ................... dated ................... Drawn on ...........................

....................... Bank for Rs. .......... [ ............................................... (in words)]

Note :

1. Please use block letters, preferably typewritten and fill complete details.

2. Outstation members to pay by Demand Draft only.

Signature

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The Reserve Bank of India has issued the following 3 circulars.

A.P. (DIR Series) Circular No. 31, dated April 21, 2006

Export of goods and services — Extension of period ofrealisation

Presently, authorised dealers are permitted to grant extension of timefor realisation of export proceeds beyond the prescribed period fromthe date of export where the invoice value does not exceed US $100,000.

This circular has increased this limit of US $ 100,000 to US $1,000,000. Thus, authorised dealers can now grant extension of timefor realisation of export proceeds beyond the prescribed period fromthe date of export where the invoice value does not exceed US $1,000,000.


Remittance of initial and recurring expenses for branchoffices opened abroad

Presently, an Indian entity is permitted to remit up to 2% of its averageannual sales/income or turnover during the last two accounting yearstowards initial expenses and 1% of its average annual sales/incomeor turnover during the last two accounting years towards recurringexpenses.

This circular has increased the said limits of 2% and 1% to 10% and5%, respectively. Thus, an Indian entity can now remit up to 10% ofits average annual sales/income or turnover during the last twoaccounting years towards initial expenses and 5% of its averageannual sales/income or turnover during the last two accounting yearstowards recurring expenses.


Exim Bank’s Line of Credit of USD 50.40 million to the FijiSugar Corporation Limited, Fiji Islands

The Exim Bank has made available, subject to certain conditions, aLine of Credit (LOC) to the Fiji Sugar Corporation Limited, Fiji Islands,aggregating to US $ 50.40 million for financing exports from India, ofequipment, goods and services which are eligible for export under theForeign Trade Policy of the Government of India, for modernisation,upgradation and capacity expansion of sugar plants of the Fiji SugarCorporation Limited in Fiji Islands.

The terminal utilisation period is 48 months from the scheduled dateof contract in case of project exports and 72 months from the dateof execution of the Credit Agreement in case of other supply contracts.

She-CA Study Circlefor the year 2006-07

The She-CA group announces the She-CA Study Circle designedfor Women Chartered Accountants. Members desirous of sharingand gaining knowledge are invited to join the Study Circle. Thefees for the same are Rs.220 (including Rs.20 towards BCASFoundation).

We, at BCAS, had an encouraging response to the Study Circlestarted for Women CAs at the convenient timing of 11.00 a.m.— 1.00 p.m. The She-CA Study Circle for the year 2006 startedon 21st April 2006, where the topic dealt with was Understandingthe Finance Act, 2006.

After taking consensus of the members present at the meeting,it has been decided to focus on two core areas of practice tohelp sharpen our skills viz. Taxation Aspects for Individuals (withspecial focus on high net worth individuals) and Service Taxrelating to selected industries.

The second meeting of this Study Circle has been fixed onFriday, 9th June 2006 between 11.00 a.m. to 1.00 p.m. asunder :

Topic : Filing of Individual tax return with specialreference to Capital Gains provisions

Chair person : Sonalee Godbole, C.A.

Venue : Gulmohar, BCAS Conference Room

This Study Circle will provide an interactive platform forprofessional learning, and also present an opportunity to meetother women CAs and be part of a unique network. We lookforward to receiving the enrolment of all of you.


The next Charitable Trust Clinic will be held on Friday, 2nd June2006, from 5 p.m. to 7 p.m. in the library room of BCA Societyat New Marine Lines.

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

Panel of Advisors : Ratanshaw Damanwala, Shariq Contractor,Gautam Nayak, Anil Sathe and Atul Shah

Charitable Trust Clinic

The 57th Annual General Meeting of the BCA Society and theFounding Day Celebration will be held on 6th July 2006 at C. K.Nayudu Hall, Cricket Club of India, Churchgate, Mumbai.

Attention Members


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

Combined Enrolment Form

Please fill in the above form appropriately and send the same to the Society’s office along with the requisite payment.Please mention your name and membership number on the reverse side of the cheque/DD.

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

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

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

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

Student’s Regn. No. with ICAI : .......................................................................................................................................................................................................................

Name and address of Principal : .....................................................................................................................................................................................................................

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

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

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

� wherever applicable

✁ ✁ ✁ ✁ ✁ ✁ ✁ ✁CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE

STUDY CIRCLE :

She-CA Study Circle for the year 2006-07 9-6-2006 220 ..........

SEMINAR :

Seminar on ‘E Filing’ 3-6-2006 950 .................

BCAS publications for sale

Sr. Name of Publication Price PostageNo. Rs. Rs.

1 Exploring DTAA 250 50

2 Harmful Tax Competition— An Emerging Global Issue 100 25

3 Software — Accounting & Taxation 150 50

4 CD of BCAJ Archives from April 2000to March 2005

For members & journal subscribers 200 20For others 300 20

5 Accrual System of Accounting— A Study 130 50

6 CD on the discussions conducted at the39th RRC by various paper writers 100 20

7 Fraud Detection— A Practical Approach for Auditors 300 75

8 Budget Book

English (1 set of 10 books) 60 40Marathi (1 set of 6 books) 30 25Hindi (1 set of 6 books) 30 25Gujarati (1 set of 6 books) 30 25

9 Reporting under CARO 2003A Compilation — Revised and Updated 150 35

BCAS Opinion PollCast your vote

and help us in mobilising the opinion of our members, so thatthe same can be conveyed in a strong voice to the authorities.

This month’s poll :Can the Right to Information Act be used

as a catalyst in transforming the working ofIncome-tax Department ?

Yes

No

Can’t say

To cast your vote, log on towww.bcasonline.org

The result of the last poll is as under :Do you think the Service Tax Amendments

relating to CAs in the Budget, 2006are discriminatory ?

Yes — 92.95%

No — 5.63%

Can’t say — 1.42%

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

WORKSHOPS :

‘How to be more successful in life’ 24,25-6-2006 620 .................

The book ‘One Minute Manager’ 8-7-2006 820 .................

nl-sept.05 for PDF - bcasonline.org SWOT analysis 4 Time management 5 Effective communication ......

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