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November 2014 • CITC NEWS

CITC NEWS

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Price 2/- (for members only)

President : Mr. Paras Savla (Tel.: 24322258) | Vice President : Mr. Avinash Lalwani (Tel.: 23865363)Hon Jt. Secretaries Mr. Hinesh Doshi (Tel.: 24132475) Mr. Ajay Singh (Tel.: 22698338) | Hon. Treasurer Mr. Hitesh R. Shah (Tel.: 22001436)

Vol. XIV No. 1 For private circulation only November, 2014

The Chamber of Tax

Consultants

Visit www.ctconline.org For Latest Updates, Notifications & Study Material of the Programmes

Forthcoming Programmes Committee Date Pg. Nos.

JAMMU & KASHMIR FLOOD RELIEF FUNDDear Members,In the month of September 2014 many parts of the State of Jammu & Kashmir were severely affected by unprecedented floods. This is the first time in decades that the State has witnessed such calamity. Many people have lost their lives and many are temporarily displaced. A large part of the local population is affected as their houses / hospitals are swept away. Many parts of the State have lost its connectivity as roads, bridges and other infrastructure are damaged. Farmland, shops and other tourist facilities which were the main means of livelihood of the natives is lost. Even other basic facilities like medical centres, schools, etc., are affected. At present main focus is to carry out primary relief work. The rehabilitation and relief work would require substantial resources. The Chamber of Tax Consultants (CTC) has taken upon the task of collecting donations for this noble cause. The detailed modalities are being worked out. Depending on the circumstances, as per the object of the CTC, we shall directly or indirectly get involved in the restoration/rehabilitation of schools, colleges or any other educational institutions or join hands with other well-known and reliable NGOs or sister organisations actively engaged in such rehabilitation work.We earnestly request you to donate generously for this noble cause. We also request you to collect donations from clients, friends, relatives, etc. CTC has opened a separate bank account – “The Chamber of Tax Consultants A/c Jammu & Kashmir Relief Fund” where all the funds gathered would be deposited. Kindly send your cheque in the above name. All donations will qualify for deduction u/s. 80G of the Income-tax Act, 1961.No administrative expenses connected with work shall be charged to the project. All volunteers will contribute time and efforts without any charges/reimbursement.Total Donations Received till 29th October, 2014 is ` 18,000/-Thank you in advance.For The Chamber of Tax Consultants

Kishor Vanjara Paras K. Savla Chairman President The Jammu & Kashmir Flood Relief Committee

Study Circle Meeting Study Circle & Study Group 3-11-2014 12

Full Day Seminar on Assessment, Reassessment and Direct Tax 8-11-2014 5 Settlement Commission

Self Awareness Series Membership & EOP 11-11-2014 9

Intensive Study Group on (ISG) - Direct Taxes Direct Tax 13-11-2014 12

Indirect Tax Study Circle Meeting Indirect Tax 2-12-2014 9

Students Study Circle Meetings Students 4-12-2014, 8-1-2015, 7 5-2-2015 & 5-3-2015

Conference on Transfer Pricing – Mitigation of Litigation International Taxation 6-12-2014 9

Study Group Meeting Study Circle & Study Group 11-12-2014 12

1st RRC on Companies Act, 2013 With LLP Act, 2008 Allied Laws & Corporate Members 12-12-2014 to 14-12-2014 2 & 3

Workshop on Taxation of Foreign Remittances International Taxation 19-12-2014 to 20-12-2014 8

3rd Residential Refresher Course on Service Tax Indirect Tax 23-01-2015 to 25-01-2015 4 & 5

38th Residential Refresher Course RRC & Public Relations 19-02-2015 to 22-02-2015 6

Jammu & Kashmir Flood Relief Fund — — 1

Unreported Income Tax Decisions — — 10

Request for Suggestions for Pre-Budget Memorandum Law & Representation — 5

PUBLICATION

Transfer Pricing An Industry & Technical Perspective International Taxation — 11


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1ST RESIDENTIAL REFRESHER COURSE ON THE COMPANIES ACT, 2013WITH THE FLAVOUR OF LIMITED LIABILITY PARTNERSHIP ACT, 2008 AT RAS RESORT, SILVASSAFRIDAY, 12TH DECEMBER, 2014 TO SUNDAY, 14TH DECEMBER, 2014

INDIRECT TAXES COMMITTEEChairman : Vijay BhattVice Chairperson : Priti SavlaConvenors : Vijay Kewalramani Ashok MehtaAdvisor : Pravin Veera

ALLIED LAWS COMMITTEE

Archaic Companies Act, 1956 has been replaced by the newly enacted Companies Act, 2013 (‘the Act’). This is a landmark legislation and has with far-reaching consequences not only on the Indian companies but also the professional viz. Chartered Accountants, Company Secretaries, Cost Accountants, Lawyers etc. New Act throws various challenges on varied fora viz.

• Borrowing

• Lendings

• Services rendered by the Auditors

• Investments

• Raising of capital

• Rotation of Auditors

• Responsibilities on Directors/Auditors

• Increased compliance.

Corporate India and also the professionals will have to minutely examine new provisions to develop approach for ensuring proper compliance of the Law. Hence, the Allied Laws Committee and the Corporate Members Committee have organised 1st Residential Refresher Course (RRC) at “RAS RESORT”, Silvassa (www.rasresorts.com).

The Committees have planned for the delegates to update the knowledge of the newly introduced “The Companies Act, 2013” and Provisions relating to Conversion of Companies to LLP, with the papers by the eminent faculties on the subjects. The beautiful evenings at the banks of Daman Ganga River will be more flooded with the entertainment programmes for the delegates, making the RRC truly refreshing.

Topics Paper Writers

Paper for Presentation Role and Responsibilities of Directors, Independent Directors, Key Management Personnel, Managerial Remuneration

Ms. Savithri Parekh Chief-Secretarial - Pidilite Industries

Paper for Discussion Case Studies-1 on Accounts, Audits, Internal audit, fraud reporting, NFRA, Responsibilities of Auditors, lending and investments, Related party transactions

CA Himanshu Kishnadwala

Paper for Presentation Private /Unlisted Companies – Benefits Lost and retained – Way forward through LLP

CA Anup P. Shah

Paper for Discussion Case Studies-2 on Raising of Finance-Share Capital, Debentures, Deposits etc.

CA Anand Bathia

Brains Trust - Important issues on Companies Act, 2013 Dr. V. R. Narsimhan (Chief, Regulations, National Stock Exchange) & CA Nilesh Vikamsey

Chairman : Vipul ChoksiVice-Chairman : Hasmukh DedhiaConvenors : Neha Gada Mitesh MajithiaAdvisor : Sujal Shah

CORPORATE MEMBERS COMMITTEE

RRC ON COMPANIES

ACT


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RRC Dates: Friday, 12th December, 2014 to Sunday, 14th December, 2014

Delegate fees up to 15-11-2014

For Members

Double Occupancy - ` 7,921 + Service Tax 12.36% - ` 979 = Total ` 8,900

For Others

Double Occupancy - ` 9,167 + Service Tax 12.36% - ` 1,133 = Total ` 10,300

Delegate fees from 16-11-2014

For Members


For Others


The fee includes 2 Nights & 3 Days accommodation on double occupancy basis in AC Room, meals starting with Lunch on Friday (12th Dec.) and ending with Lunch on Sunday (14th Dec.) and course material.

In case of cancellation, no refund request shall be entertained, except under genuine unavoidable circumstances, subject to the approval of the Allied Laws Committee & the Corporate Members Committee.

Delegates are requested to make their own travel arrangements. Apart from Road transport, convenient trains are available between Mumbai-Central & Vapi/Bhilad.

From Vapi (18 km) /Bhilad (10 km), Autorickshaws are easily available to reach the venue and vice versa.

Delegates are requested to plan accordingly and inform CTC about their travel arrangements.

(Car Parking available at venue. Driver’s arrangements available neareby to the venue at member’s cost)

Note:

1) Check in time at Hotel : Friday, 12th December, 2014 at 12.00 noon.

Check out time : Sunday, 14th December, 2014 at 12.00 noon.

2) RRC will commence at 2.30 p.m. on Friday, 12-12-2014 (after lunch) and end by 12.30 p.m. on Sunday, 14-12-2014 (followed by Lunch).

3) Delegates are requested to send their questions for Brains Trusts Session by e-mail/hard copy to the Chamber’s office latest by 20th November, 2014.

Interested members may download the “form” from Chamber’s website www.ctconline.org or may collect it from Chamber’s office and send it along with the cheque. Outstation members are requested to send DD/at Par Cheque. Visit www.ctconline.org to avail the facility of ONLINE PAYMENT.

About RAS Resort It is located on 10 acres of wooded land on the banks of the beautiful Daman Ganga river, strategically located close to the hub of Silvassa, yet away from the hustle and bustle of the city. Nature is truly at its best at the Resort, which makes it an ideal venue for residential conferences. RAS Resort is well equipped with the modern amenities such as swimming pool, steam, sauna, Gymnasium, Kerala Ayurvedic Spa and sports activities like tennis, badminton, volley ball, basket ball, cricket, cycling, table-tennis, billiard and other fun activities. The Resort is having round the clock in-room dining & Docaria Bakery & Cake shop.

About Silvassa It is the Capital of Union Territory – Dadra & Nagar Haveli, is a 3 hours convenient drive from Mumbai connected through an excellent 4 lane Western Express Highway (170 Kms) and also has easy rail access from Mumbai, Delhi, Ahmedabad etc. with Vapi – about 30 minutes (18 Kms) & with Bhilad about 15-20 minutes (10 km) drive. Silvassa enjoys a great cultural legacy having been ruled by Marathas, Kohli Dynasty and having been a Portuguese Colony. It boasts of a fabulous countryside, lakes, gardens, museums, temples and last but not the least, proximity to the beaches at Daman. There are lots of places of interest in and around Silvassa. Explore the mystic aura of picturesque surroundings and discover tranquillity in places where history is a living experience. One can also plan to visit the famous Shri Mahalaxmi Temple on route at Dahanu, while travelling by Road from/to Mumbai.


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3RD RESIDENTIAL REFRESHER COURSE ON SERVICE TAX FOUNTAINHEAD LEADERSHIP CENTRE, BAMANSURE, POST KIHIM, ALIBAUG, MAHARASHTRA-402 201

Chairman : Pranav KapadiaVice Chairman : Aalok MehtaConvenors : Narendra Soni Akhil KediaAdvisor : A. R. Krishnan

INDIRECT TAXS COMMITTEE

RRC

Learn Inside, Think OutsideIndirect Tax Committee of The Chamber of Tax Consultants is pleased to announce the 3rd Residential Refresher Course (RRC) on Service Tax, at Fountainhead Leadership Centre–Alibaug, Maharashtra. In this 3 day RRC, we will enjoy the educative environment of Fountainhead

Leadership Centre, which is a training centre of Edelweiss Group, a renowned leading financial group of Mumbai. The purpose of the RRC is to carry out in-depth analysis on the evergreen subject of Service tax in lush green environment with inflow of knowledge and outflow of ideas with eminent & versatile personalities in the field of service tax. To share and enrich the members knowledge, papers covering recent issues in service tax law have been selected to be discussed at the RRC. The papers selected are significant from the perspective of complexities involved in determining service tax liability as well as compliance of service tax law. The burning issues involved in Real Estate industry and POPS and PPSR are sought to be discussed at the RRC. The paper on Assorted Case Studies on service tax would cover other recent and important issues.

Papers for Discussion Speakers

Paper–I Case Studies on Indirect Tax Issues in Real Estate Industry Mr. K. Vaitheeswaran, Advocate

Paper–II Case Studies in Place of Provision and Point of Taxation Rules under Service Tax

Ms. Malini Mallikarjun, Advocate

Paper–III Case Studies under Service Tax (other than on the above two topics)

CA S. S. Gupta

Presentation

I Settlement Commission, Compounding of Offences and Advance Ruling under Service Tax

Mr. Vipin Jain, Advcoate

Date : Friday, 23rd January, 2015 to Sunday, 25th January, 2015

Venue : Fountainhead Leadership Centre–Bamansure, Post Kihim, Alibaug, Maharashtra-402 201

Fees : Delegate Fees up to 30/11/2014 ` 9,500/- + ` 1,175/- (12.36% ST) = ` 10,675/- for members ` 10,750/- + ` 1,328/- (12.36% ST) = ` 12,078/- for non members Delegate Fees after 30/11/2014 ` 10,500/- + ` 1,328/- (12.36% ST) = ` 12,078/- for members ` 11,750/- + ` 1,452/- (12.36% ST) = ` 13,202/- for non members

The fee includes 2 Nights–3 Days accommodation on double occupancy basis in Standard AC Room, meals starting with Lunch on Friday (23rd Jan.) and ending with Lunch on Sunday (25th Jan.) and the course material.

Note: 1. Delegates are requested to make their own travel arrangements. 2. In case of cancellation, no refund request shall be entertained, except under genuine unavoidable circumstances, subject

to the discretion & approval of Indirect Taxes Committee. 3. Checkin time at Fountainhead: Friday, 23rd January, 2015 at 10.00 am.4. Checkout time: Sunday, 25th January, 2015 at 10.00 am.5. RRC will commence at 11.00 am on Friday, 23rd January, 2015 and end by 2.00 pm on Sunday, 25th January, 2015.

Please return the duly completed form along with Cheque / DD in favour of “The Chamber of Tax Consultants”. (Outstation members are requested to make the payment by At par Cheque / Demand Draft only)



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About Fountainhead Leadership Centre

Spread over 6 acres at Kihim, Alibaug, Fountainhead – an Edelweiss Group Initiative – is built on the philosophy of ‘Learn Inside, Think Outside. Its infrastructural facilities and external environment help unite the inflow of knowledge with the outflow of ideas. With open-air amphitheatre linked to breakout areas, restaurant and a leisure section complete with a fully equipped gym, steam, swimming pool and Jacuzzi. A view from the 60 feet high Crow’s nest presents Fountainhead – a marvelous piece of architecture surrounded by mango and palm trees, wooded pathways, a lily pond, colourful butterflies and chattering birds around the flora and fauna of Alibaug.

Fountainhead can be best reached by catamaran/ferry from Gateway of India, in South Mumbai’s Colaba area. The boat ride from Gateway of India to Mandwa Jetty takes around 45 minutes followed by a bus journey from Mandwa jetty to Fountainhead of about 10 mins. The bus drops outside Fountainhead. Journey cost for Ferry including Bus fare is generally ` 150/-.

The nearest Railway station is Pen, situated 28 kms from Alibaug, which is directly linked with Khopoli on the Central Railway line of Mumbai. Fountainhead is approximately 108 km from Mumbai by road.

About Alibaug

Popular for its fresh air, clear water and sands, Alibaug is a coastal town on the narrow strip of the Arabian Sea. Alibaug overlooks golden sandy beaches and generously peppered with tall coconut, betelnut and mango trees while casuarinas dot the beachline. The town enjoys pleasant climate throughout the year while greenery makes Alibaug irresistible during the winter. Prime attraction at Alibaug are its numerous beaches, water sports and forts.

FULL DAY SEMINAR ON ASSESSMENT, REASSESSMENT AND SETTLEMENT COMMISSION

REQUEST FOR SUGGESTIONS ON PRE-BUDGET MEMORANDUM

SEMINAR

Chairman : Ketan VajaniVice Chairman : Sameer DalalConvenors : Dinesh Poddar Rahul HakaniAdvisor : K. Gopal

DIRECT TAX COMMITTEE

Chairman : Vipul JoshiCo-Chairman : Mahendra SanghviVice-Chairman : Shailesh BandiConvenors : Krish Desai, Amrit PorwalAdvisor : Y. P. Trivedi

LAW & REPRESENTATION COMMITTEE

Income-tax assessments for Assessment Year 2012-13 are in full swing. This year we are also facing lot many reassessment proceedings for earlier years for various reasons. Assessment Proceedings are the first proceedings in the series of proceedings that finally determine the tax liability and also various penalties of the assessee. Proper representation at the stage of assessment is always a benefit since primary facts are established at this stage. The Finance No. 2 Act, 2014 has enlarged the scope of the proceedings before Settlement Commission. It is necessary to understand the exact scope before the Settlement Commission and also various other connected procedural aspects. Considering the above needs of the professional community, The Direct Tax Committee is pleased to announce a full day Seminar on Assessment, Reassessment and Settlement Commission. The Seminar will include sessions on:

No. Topic Speakers1 Current common issues faced during assessment and reassessment proceedings CA Reepal Tralshawala2 Do’s and Don’ts during the assessment proceedings and reassessment proceedings with

practical examplesCA Atul Bheda

3 Law of Evidence and importance of evidence in assessment and reassessment proceedings Mr. K. Gopal, Advocate4 Settlement Commission – Scope, Advantages, Limitations and Procedures CA Chetan Karla

Day & Date : Saturday, 8th November, 2014Time : 9.30 a.m. to 5.30 p.m. Venue : M. C. Ghia Hall, Rampart Row, Kalaghoda, Fort, Mumbai-400 001Fees : ` 1,500/- + ` 185/- Service Tax = ` 1,685/-

Interested members may download the Form from the Chamber’s website www.ctconline.org or may collect it from Chamber’s office and send it along with the cheque. Outstation members are requested to USE ONLINE payment facility.

Like every year, this year also the Chamber intends to make exhaustive Pre- Budget representation.

For this, the Chamber is in process of preparing Pre-Budget memorandum, which would be followed by personal meetings with the key officials of the Ministry of Finance, alogwith Chairman CBDT. The Chamber therefore invites suggestions from the members on any aspect of direct or indirect taxes for which representation is desired.Members are requested to send their suggestions latest by 10th November, 2014 by email [email protected].

The Chamber also intends to make representations on various other fiscal and allied laws, like Companies Act, SEBI, RBI, ROC, Stamp Act etc. Hence, the Chamber also solicits views and suggestions from the members in this regard too.


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38TH RESIDENTIAL REFRESHER COURSE AT TOSHALI SANDS RESORT, PURI, ODISHA THURSDAY, 19TH FEBRUARY, 2015 TO SUNDAY, 22ND FEBRUARY, 2015

INDIRECT TAXES COMMITTEEChairman : Parag VedVice-Chairman : Chetan ShahConvenors : Charu Ved Ryan FernandesAdvisor : Bhavesh Vora

RRC & PUBLIC RELATIONS COMMITTEE

In its endeavour to explore new venues for the delegates, the Residential Refresher Course and Public Relations Committee is pleased to announce the Chamber’s 38th Residential Refresher Course (RRC) at “Toshali Sands Resort”, Puri (www.toshalisands.com).

Puri, the holy land of Lord Jagannath, is the district headquarters of Puri district, Odisha. It is situated on the Bay of Bengal, around 60 kilometrers south of the State capital of Bhubaneshwar.

Puri is famous for its annual Ratha Yatra, or “Festival of Chariots”, when the deities Jagannath, Balabhadra, and Subhadra, are brought out of the temple, and placed in a chariot procession.

Located on the Konark Marine highway on the Golden Triangle of Odisha, Toshali Sands Resort is aesthetically built to match the architectures of the temples of Odisha. The Resort is spread in 25 acres and is surrounded by the beauty of the lush green environs. It is close to Balighai Puri Beach.

To enrich the members with the knowledge, papers covering recent developments in tax laws have been selected to be discussed at the RRC.

Particulars Faculties

Paper I: Deeming Provisions under the Income-tax Act Paper Writer: CA Anil Sathe

Paper II: Issues in Corporate Taxation including LLP Paper Writer: CA Milin Mehta

Paper III: Case Studies on Direct Tax Paper Writer: CA A. K. Sabat

Paper for Presentation: Domestic Transfer Pricing CA Karishma Phatarphekar

Brains’ Trust: Direct Tax Brains’ Trustee: Mr Saurabh Soparkar, Sr Advocate

RRC Dates : Thursday, 19th February, 2015 to Sunday, 22nd February, 2015

Delegate fees up to 15-11-2014 : ` 11,748 + Service Tax 12.36% ` 1,452 = Total ` 13,200

Delegate fees from 16-11-2014 : ` 13,083 + Service Tax 12.36% ` 1,617 = Total ` 14,700

The fee includes 3 nights–4 days accommodation on double occupancy basis in standard AC room, meals starting with lunch on Thursday (19th Feb.) and ending with breakfast on Sunday (22nd Feb.), course material and Sight Seeing to Konark & Puri temple.

Registration is on first–come–first served basis

In case of cancellation, no refund request shall be entertained, except under genuine unavoidable circumstances, subject to the approval of the RRC & PR Committee.

Toshali Sands Resort is well connected by road from Bhubaneshwar. Flight options available from Mumbai for reaching Bhubaneshwar are listed below. The Resort is about 1.5 hours from Bhubaneshwar Airport. Delegates are requested to make their own travel arrangements up to Bhubaneshwar Airport.

Transportation by A.C. Bus (Optional)

Pick-up from & drop to Bhubaneshwar Airport at an additional cost of ` 1,200/- (inclusive of Service Tax) is being arranged.

Bus from Bhubaneshwar Airport will leave at around 1.00 pm on Thursday, 19th February, 2015. Delegates are requested to book their tickets accordingly and inform CTC about the bus option.

Bus from Puri to Bhubaneshwar Airport will leave at around 9.30 am on Sunday, 22nd February, 2015.

RRC


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Flight timings from Mumbai

Mumbai-Bhubaneshwar

Airline Flight No Departure Arrival

Indigo 6E 553 10.25 a.m. 12.30 p.m.

Air India AI 669 10.25 a.m. 12.45 p.m.

Bhubaneshwar-Mumbai

Airline Flight No Departure Arrival

Indigo 6E 293 8.50 a.m. 11.10 a.m.

Indigo 6E 552 1.00 p.m. 3.20 p.m.

Air India AI 670 1.20 p.m. 3.40 p.m.

Note: Above flight timings are indicative. Kindly check with Airline before booking the tickets.Note: 1) Check-in time at Hotel : Thursday, 19th February, 2015 at 12 noon Check-out time : Sunday, 22nd February, 2015 at 8 a.m. 2) RRC will commence at 4.30 p.m. on Thursday, 19-2-2015 and end by 6 p.m. on Saturday, 21-2-2015 followed by

Gala dinner. 3) Delegates are requested to send their questions for Brains Trusts Session by e-mail/hard copy to the Chamber’s office latest by

31st December, 2014.Please return the duly completed Form along with Cheque/DD in favour of “The Chamber of Tax Consultants”. Outstation members are requested to make payment by At Par Cheque/Demand Draft only. Interested members may download the “form” from Chamber’s website www.ctconline.org or may collect it from Chamber’s office and send it along with the cheque. Outstation members are requested to send DD/at Par Cheque. Visit www.ctconline.org to avail the facility of ONLINE PAYMENT.

STUDENTS STUDY CIRCLE MEETINGS STUDENTS

SC MEETINGS

Chairman : Manish GadiaVice Chairman : Kamal DhanukaConvenors : B. L. Maheshwari Kishore JoshiAdvisor : A. S. Merchant

STUDENTS COMMITTEE

The Chamber of the Tax Consultants has formed a new committee “STUDENTS COMMITTEE”. The Chamber has always kept the flame of knowledge burning strong through times and hence the thought of forming “STUDENTS COMMITTEE”. The objective of this committee is to cater to the needs of the Students who are future torch bearers of the professionals. The committee’s prime focus is to equip students skill-sets required for the execution of various compliances under various statutes in their day-to-day work during the training period. The committee looks forward to imparting practical training to students, thereby developing and sharpening their skills and knowledge. It also strives to help students to improve the quality of work being handled by them. The fundamental object of the committee is to create interest of next generation of professionals in field of taxation and accounting.Various activities of the committee will be to organise Study Circle Meetings/seminars/conferences for students. The activities of the committee would cater to students pursuing Chartered Accountancy, CS, CWA, Bachelor/Master of Law/Commerce/Taxation/ Banking & Finance. In the present scenario for the practicing professional and professional in industry the responsibility has increased so much as regards compliance work under various statutes that any negligence in it has huge cost. Training programs of the committee would help students undergoing training to get themselves trained by the expert faculties and equip them with latest amendment in regulations/law. A trained junior is always an asset, but at times it is difficult to impart training due to various professional constraints. This difficulty will be addressed in such programmes. Training would help in building capacity of the student under training. The programme curriculum will be designed keeping in view the current scenario and the compliances requirement in the area of Direct tax, Indirect tax, Tax Audit, Companies Act, Bank Audit etc. for students. The members are requested to encourage their Articled Trainees, law students and other staff to participate in the student programmes by enrolling as student members.The committee has planned to launch Students Study Circle. Six meetings are planned up to 31-3-2015. Details of Future Student Study Circle Meetings:Venue : Maheshwari Bhawan, Chira Bazar, Marine Lines, MumbaiTime : 4.00 p.m. to 6.00 p.m.Fees : a. ` 400 + ` 50/- Service Tax = ` 450/- per Student for 5 or more enrollment from one firm b. ` 500 + ` 62/- Service Tax = ` 562/- for others

Tentative Dates Subjects Speakers Coordinator4th December, 2014 MVAT Audit CA Prashant Vora CA Hemant Gandhi 8th January, 2015 Compliance under Companies Act, 2013 Eminent Speaker CA Heneel Patel 5th February, 2015 E-Filing of TDS Return Eminent Speaker CA Hitendra Gandhi 5th March, 2015 Finance Bill Eminent Speaker CA Mandeep Singh Talwar


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WORKSHOP ON TAXATION OF FOREIGN REMITTANCES WORKSHOP

INTERNATIONAL TAXATION COMMITTEE

Chairman : Naresh Ajwani

Vice Chairman : Ramesh Iyer

Convenors : Devendra Mehta Varsha Galvankar Ganesh Rajagopalan

The Workshop:The International Taxation Committee is pleased to announce an Intensive and detailed Workshop on the practical as well as procedural aspects of TDS on Foreign Remittances including the understanding of the application of the tax treaty. It will be spread over 9 - 10 sessions.

While making payments to non-residents, payers have an onerous liability to deduct correct tax at source. Incorrect deduction invites severe penal consequences. The law is constantly expanding. There are several court precedents, some of them conflicting. In this situation, the committee has thought it appropriate to hold this workshop.

Professionals to whom the workshop can benefit:The workshop is designed for professionals with basic knowledge of the subject. The workshop will help professionals in practice and industry to update themselves with the TDS provisions considering recent developments and understanding the Double tax Avoidance Agreements, OECD and UN commentaries, etc.

Subject coverage: The workshop will cover law and procedure, in depth analysis of section 195 / 197, interplay of section 206AA with other sections, relevant rules, applicable Provisions of the Treaty together with the procedural aspects of issue of certificate (Forms 15CA / 15CB), obtaining TRC, declaration in Form 10F, relevant rules, application for lower deduction of tax etc. Practical aspects of application of Double Tax Avoidance Agreement (DTAA) with a special focus on foreign remittances including understanding of various concepts of DTAA will be discussed.

Details of sessions are as under:

Topics SpeakersLaw and procedure applicable to Taxation of Foreign Remittance, applicable Rules Circulars and Provisions of the Treaty, Law, Procedure of TDS provisions for Non Residents

CA Sushil Lakhani

Overview of the DTAA -Application scope, (Article 1,2,3 and 4)and Mechanism of Use of Treaty, Interplay between ITA and Treaty, Priority of Articles, Tax credit mechanism etc

CA Rashmin Sanghvi

Business profits CA Radhakishan Rawal

Taxation of Other payments-.Artist and Sports men, Other Income, Directors Fees and Students Remuneration

To be confirmed

Income of Non Residents from Shipping and Aircraft Operation CA Sudhir Nayak

Taxation of Interest and Dividend CA Paresh P. Shah

FTS and Royalty CA Shabbir Motorwala

Taxation of Capital Gains including indirect transfers Mr. S. R. Patnaik, Advocate

Expatriates Taxation-Inbound and Outbound deputation-Payment to Non Residents for Services in India as well as Outside India

To be confirmed

Brains Trust CA Nihar Jambusaria, CA M.P. Lohia

The details of the Workshop are as under:

Days & Dates Time VenueFriday, 19th December, 2014 9.00 a.m. to 6.00 p.m. West End Hotel, No. 45, New Marine Lines,

Mumbai, Maharashtra 400 020.Saturday, 20th December, 2014 9.00 a.m. to 6.00 p.m.

Fees : For Members : ` 3,250/- + ` 402/- (12.36% S. Tax) = ` 3,652/- For Non-Members : ` 3,750/- + ` 464/- (12.36% S. Tax) = ` 3,933/- (Inclusive of cost of course material, Snacks, Tea/Coffee and Lunch)



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INDIRECT TAX STUDY CIRCLE MEETING (ONLY FOR IDT SC MEMBERS)

IDT SC MEETING

INDIRECT TAX COMMITTEE

Chairman : Pranav KapadiaVice Chairman : Aalok MehtaConvenors : Narendra Soni Akhil KediaAdvisor : A. R. Krishnan

Day & Date : Tuesday, 2nd December, 2014 Subject : Recent Updates & Issues in MVAT Audit.Chairman : CA Deepak Thakkar Group Leader : CA Deepali MehtaVenue : Conference Hall, 2nd Floor, All India Local Self Government, Sthanikraj Bhavan, C. D. Barfiwala Marg, Juhu Lane, Andheri (W), Mumbai–400 058.Time : 6.00 p.m. to 8.00 p.m.

CONFERENCE ON TRANSFER PRICING – MITIGATION OF LITIGATION CONFERENCE

INTERNATIONAL TAXATION COMMITTEE

Chairman : Naresh Ajwani

Vice Chairman : Ramesh Iyer

Convenors : Devendra Mehta Varsha Galvankar Ganesh Rajagopalan

The ConferenceInternational Taxation Committee of The Chamber of Tax Consultants is pleased to announce a unique conference on “Transfer Pricing – Mitigation of Litigation”. Transfer Pricing adjustments have increased considerably from about ` 1,500 crores to over ` 70,000 crores during the past 10 years. Several cases are in litigation. While there are several areas of disputes, how should one plan for such disputes during assessments and post assessments. The conference will aim to cover areas and discuss approaches which one can consider for mitigation of litigation – at the time of filing the return, during assessments, and post assessments. One may need to take a business-cum-legal approach – for CIT (Appeals), DRP, MAP, APA, safe harbour, stay order for demands, etc.Who can attend?The conference will be useful to practitioners in Transfer Pricing, CFOs and executives dealing with the Transfer Pricing in their companies.The subjects which will be covered are

Topics SpeakersGlobal scenario and India updates CA Samir GandhiNavigating challenges by robust documentation on current controversial issues:

Eminent speakers

i) Issue of Shares, Location Savings, Savings on Development Centres and R&D Centres

ii) Management Charges, Marketing Intangibles. Representation before the ITAT/HC on Transfer Pricing Controversies - Practical Experiences

CA Sunil Moti Lala

Alternate Dispute Resolution Mechanism – APA, MAP, Safe Harbour – Practical experiences

CA Manisha Gupta

BEPS – Country by Country Reporting – Indian perspective CA Sanjay KapadiaPanel Discussion on Effective Handling of TP Litigation Moderator – CA Samir Gandhi

Panellists -- CA Karishma Phatarphekar- Senior Revenue Official- Ms. Bela Sheth Mao, Tax Director, India and

Senior Lead, Global Transfer Pricing team, Shell

Day & Date : Saturday, December 6, 2014Venue : Palladium Hotel, Lower Parel, MumbaiTime : 10.00 a.m. to 5.00 p.m.Fees : • For members – ` 2,600 plus service tax ` 322 = ` 2,922/-

• Non-members – ` 3,250 plus service tax ` 402 = ` 3,652/-Interested members may download the “form” from Chamber’s website www.ctconline.org or may collect it from Chamber’s office and send it along with the cheque. Outstation members are requested to send DD/at Par Cheque. Visit www.ctconline.org to avail the facility of ONLINE PAYMENT.

SELF AWARENESS SERIES (ONLY FOR SAS MEMBERS)

SAS MEETING

MEMBERSHIP & EOP COMMITTEE

Chairman : Parimal ParikhVice Chairman : Hemant ParabConvenors : Ashok Manghnani Ketan SaiyaAdvisor : Kishor Vanjara

Day & Date : Tuesday, 11th November, 2014Subject : Art of Managing–self and aroundFaculty : Mrs. Rita Shah, Management ConsultantTime : 6.15 p.m. to 8.15 p.m.Venue : CTC Conference Hall, 3 Rewa Chambers, Gorund Floor, 31, New Marine Lines, Mumbai-400 020.


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UNREPORTED DECISIONSBy Mr. Ajay R. Singh & Mr. Rahul R. Sarda, Advocates

1. S. 285BA: AIR information – Addition on the basis of unreconciled AIR statements. The AO noted that the AIR information showed professional receipts of Rs.34,49,43,172/- by the assessee which were

required to be reconciled with the books of accounts. The assessee reconciled major portion of the amount but could not reconcile the amount of Rs.2,32,75,363/-. It was stated by the assessee that these receipts were not received by the assessee. However, the AO observed that since the assessee had failed to reconcile the above stated receipts, he treated the same as concealed income of the assessee and added the same to the total income of the assessee.

Held, that the professional fees shown by the assessee in its P&L account far exceeds than the amount shown in the AIR information. Even the assessee has reconciled the major portion of the receipts. It has not been denied by the Revenue Authorities that full and complete details of the parties are not mentioned in the AIR information. The addition in this case has been made by the lower authorities solely on the basis of AIR information. Addition based solely on AIR information is not sustainable in law, especially in the absence of full details of parties and when the professional receipts declared by the assessee far exceeds than the amount mentioned in the AIR information.

M/s. A. F. Ferguson & Co. vs. JCIT, ITA No. 437 /M// 2013 dated 8/10/2014, AY 2009-10 (ITAT Mumbai) (www.ctconline.org)

2. S. 148: Reassessment – Not giving copy of recorded reasons even after 18 years – Assessment records not traceable.

Before the Tribunal the, assessee stated that assessee had requested the AO in November 1996 to furnish him the copy of reasons recorded, that in February 1997 the assessee again requested to furnish the copy ,however the AO did not supply the copy of the reasons. Even after filing the return of income on 26.11.1996 the assessee wrote several letters regarding furnishing the copy of the reasons recorded, that till date assessee had not received any reply from the AO or the reasons recorded by him.

As the question of supply of reasons recorded by the AO was raised by the assessee and it went to the root of the matter, the Bench directed the Departmental Representative to produce the records to verify as whether the reasons were recorded by the AO and whether same were supplied to the assessee. The AO appeared with the assessment records but the relevant records were not traceable or were not available.

It was found that even after completion of the assessment/appellate proceedings the assessee was requesting the AO to supply him the copy of the reasons. But, till the date of hearing i.e. on 19.09.2014 i.e. even after 18 years of the issuance of notice u/s. 148 of the Act, the AO is not been able to prove that the assessee was supplied copy of the reasons recorded. Hence, the assessment was quashed.

Vinoda B. Jain v. JCIT, ITA No. 676/M/2014 dt. 24/9/2014, AY 1991-92, (Mumbai ITAT) (www.ctconline.org)

3. S. 253: Appeal – Appellate Tribunal - Instruction No. 5 dated 10.07. 2014 – Applicable to pending appeals also.

As per Instruction No. 5 dated 10.07.2014, issued by the CBDT, no appeal should be filed where tax effect of the disputed issue was less than Rs.4 lakhs. Held this circular is applicable also to pending appeals. As the tax effect in the case under consideration was Rs.3.06 lakhs i.e. less than the monetary-limit prescribed by the Board, the appeal was decided against the AO.

DDIT (IT) v. Shinhan Bank, ITA No. 4549/M/2013 dt. 23/9/2014, (ITAT Mumbai) (www.ctconline.org)

4. S. 54: Capital gains – Purchase of new house – Allotment letter – No agreement.

If the allotment letter and proof of payment is produced, it cannot be said that the assessee did not invest in the purchase of new property. Section 54 of the Act speaks about investment of capital gains arising from transfer of a long term capital asset within a specified time. There is no requirement in the Act that necessarily the assessee has to produce the agreement more specifically when the letter of allotment along with proof of payment/investment was duly produced before the concerned authorities.

Shri Khemchand Fagwani v. ITO, ITA No. 7876/M/2010 dt. 10/9/2014, AY 2007-08, (Mumbai ITAT) (www.ctconline.org)

ANNOUNCEMENT

International Taxation Committee is pleased to announce its 6th International Tax Conference. There have been several developments internationally which can affect international tax practice. The dates and venue are as under:

Dates : 9th and 10th January 2015 (Friday and Saturday)

Venue : Novotel Hotel, Juhu, Mumbai.

Members may kindly block the dates. Details will be announced in next newsletters and by emails.


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Posted at Mumbai Patrika Channel Sorting Office – Mumbai 400 001.

Date of Publishing 1st of Every Month Date of Posting : 1st & 2nd November, 2014

If undelivered, please return to :

Non-receipt of the CTC News must be notified within one month from the date of publication, which is 1st of Every Month.

Printed by Shri Kishor Vanjara and published by him on behalf of The Chamber of Tax Consultants (owners), 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai 400 020 and Printed at Finesse Graphics & Prints Pvt. Ltd., 309, Parvati Industrial Premises, Sun Mill Compound, Lower Parel (W), Mumbai 400 013 and published at The Chamber of Tax Consultants (owners), 3, Rewa Chambers, 31, New Marine Lines, Mumbai 400 020.

Editor : Shri Kishor Vanjara

To

3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai–400 020

Tel.: 2200 1787 / 2209 0423 • Fax: 2200 2455 E-mail: [email protected] • Website: www.ctconline.org

THE CHAMBER OF TAX CONSULTANTS

Regd. No. MH/MR/South-133/2012-14 Registered with Registrar of Newspaper for India under R. No. MAHENG/1999/1376

STUDY CIRCLE MEETING(ONLY FOR SC MEMBERS) SC

MEETING

STUDY CIRCLE & STUDY GROUP COMMITTEE

Chairman : Ashok SharmaVice Chairman : Dilip SanghviConvenors : Dinesh Shah Paras S. Savla Deepesh ChhedaAdvisor : Mahendra Sanghvi

Day & Date : Monday, 3rd November, 2014 Subject : Issues in Domestic Transfer Pricing Including Various Methods for determining ALP. Group Leader : CA Rakesh AlshiTime : 6.15 p.m. to 8.00 p.m. (Discussion)Venue : Babubhai Chinai Committee Room, 2nd Floor, IMC, Churchgate, Mumbai-400 020This meeting is in continuation of earlier meeting held on 6th October, 2014. Please bring the Notes distributed at the last meeting.

STUDY GROUP MEETING(ONLY FOR SG MEMBERS)

SG MEETING

Day & Date : Thursday, 11th December, 2014Subject : Recent Judgments under Direct TaxesSpeaker : Mr. Vipul Joshi, Advocate Time : 6.15 p.m. to 8.00 p.m. Venue : Babubhai Chinai Committee Room, 2nd floor, IMC, Churchgate, Mumbai-400 020. Note: During the Course of the meeting 5 to 10 minutes will be devoted for discussion on “understanding a Latin legal Term”.

INTENSIVE STUDY GROUP ON (ISG) – DIRECT TAXES(ONLY FOR ISG MEMBERS)

SEMINAR

Chairman : Ketan VajaniVice Chairman : Sameer DalalConvenors : Dinesh Poddar Rahul HakaniAdvisor : K. Gopal

DIRECT TAX COMMITTEE

Day & Date : Thursday, 13th November, 2014 Time : 6.00 p.m. to 8.00 p.m. (Discussion) Speaker : Eminent FacultyTopic : Recent Important Decisions under Direct Tax Venue : CTC Conference Room, 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai-400020.The decisions for the meeting will be circulated by email to all the members in due course Members are requested to study decisions before the meeting so that optimum use can be made of the discussion at the meeting. Your active participation in the meetings is desired for the success of the programme.

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