Western India Regional Council of The Institute of...
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Jamnagar Branch of Western India Regional Council of The Institute of Chartered Accountants of India
Proud Moment – Jamnagar Branch of WICASA had grabbed the Second Rank
in Best Branch Award, for the year 2016-17 under the Small Branch Category
(Students) at the Regional Level.
Heartiest Congratulations to Team Jamnagar - WICASA for their continuous
endeavors and Sincere Thanks to all the Students and Members for their agile and
involved participation throughout the year, expecting same for the years to come.
Dear Professional Colleagues (Jamnagar - ICAI),
It’s a privileged for me to be a Chairman of Jamnagar Branch of WIRC
of ICAI, and to serve the members and students, for the year 2017-
18. We all are the witness of the progress and achievements of
Jamnagar Branch in the Past. In this year also we ensure our best
efforts to carry on the same with the same responsibility and dedication
as its been carried over till now. Yes, the legacy will be continued.
Maintaining our momentum of the year and due focus on GST, we are planning to organize
various seminars and study circle meetings on GST, ICDS and other current affairs’ topics
including One Residential Refreshers’ Course at dwarka for the benefits of members and
students in the days to come.
Up till now we had various programs on ICDS, TDS & TCS Awareness, Bank Branch Audit,
where many members and students had participated and enriched their knowledge. Along with
that Jamnagar Branch had also invited and felicitated Team WIRC – 2017 in the month of April.
My journey as a Chairman of Jamnagar Branch of WIRC of ICAI will not be completed successfully without the support of all the members and students of Jamnagar Branch. In Particular, I would like to thank to all members of the branch who elected me as a committee
member of branch by giving highest 1st preference votes in last election and provided me an opportunity to serve the members and students of our branch. I would also like to thank to all
committee members of branch who elected me as chairman of Jamnagar branch for the year 2017-18 unanimously.
At presently we all are much awaiting of two most important things.... Firstly the GST and
second the most important ...Monsoon.... Arrival of Both will give us more Opportunities and
Relief... Wishing you all Happy Learning…!
Yours Sincerely,
CA. Kaushikgiri B. Gosvami
Chairman
Jamnagar Branch of WIRC of ICAI
Managing Committee (2017-18)
Designation Name of Member
Chairman CA. Kaushikgiri B. Gosvami
Vice-Chairman CA. Amit H. Mehta
Secretary CA. Sanjeev C. Buddh
Treasurer CA. Shraddha B. Mehta
Chairperson Jamnagar branch of WICASA CA. Bhavik H. Dholakia
Committee Members CA. Sheela M. Dattani
Jamnagar Branch Nominee CA. Purushottam Khandelwal
Recent Judgement – Direct Tax
Raj Dadarkar & Associates vs. ACIT (Supreme Court) (Date of pronouncement- May 9, 2017; Date of publication - May 13, 2017)
Law on tests to be applied to determine whether income from property is chargeable as “Income from house
property” or as “Profits and gains of business” explained. The objects clause is not determinative. Income earned
from a shopping center is required to be taxed under the head “Income from House Property” (Chennai
Properties 373 ITR 673 (SC) and Rayala Corporation distinguished)
Click here for more...
State Of Jharkhand vs. Lalu Prasad Yadav (Supreme Court)
(Date of pronouncement-May 8, 2017; Date of publication - May 11, 2017)
Severe strictures passed against the High Court for "inconsistent decision-making" and passing orders which
are "palpably illegal, faulty and contrary to the basic principles of law" and by ignoring "large number of
binding decisions of the Supreme Court" and giving "impermissible benefit to accused". Law on condonation of
delay explained. CBI directed to implement mechanism to ensure that all appeals are filed in time.
Click here for more...
CIT vs. Raghuvir Synthetics Ltd (Supreme Court) (Date of pronouncement - March 28, 2017; Date of publication - April 28, 2017)
S. 143(1)(a): Even though there was a raging controversy amongst the High Courts on whether expenditure for
raising capital is capital or revenue in nature, the judgement of the jurisdictional High Court is binding on the
assessee and any view contrary thereto is a "prima facie" mistake that requires adjustment.
Click here for more...
Kross Television India Pvt Ltd vs. Vikhyat Chitra Production
(Bombay High Court) (Date of pronouncement- March 23, 2017; Date of publication - May 1, 2017)
Service of notice by Whatsapp: The purpose of service is put the other party to notice and to give him a copy of
the papers. The mode is irrelevant. The rules and procedure are not so ancient or rigid that only antiquated
methods of service through a bailiff or by beat of drum is acceptable. E-Mail & Whatsapp are not formally
approved but if service is shown to be effected and is acknowledged it cannot be said that the Defendants had
‘no notice’. Defendants who avoid and evade service by regular modes cannot be permitted to take advantage of
that evasion.
Click here for more...
Updates – Direct Tax (Source – Incometaxofindiaefiling.gov.in & open net)
File your Statement of Financial Transactions (SFT) for 2016-2017
File your Statement of Financial Transactions (SFT) for financial year 2016-2017 by May 31st, 2017 To keep a watch on high value transactions undertaken by the taxpayer, the Income-Tax
law has framed the new concept of furnishing of Statement of Financial Transactions (SFT) in Form No 61A. It has replaced earlier annual information return reporting. All
business assesses liable under tax audit, various financial institutions and professionals, will have to report a slew of high-value transactions such as cash deposit, credit card payments, share sale, property deals, debentures and mutual fund units among others. All
these transactions are to be reported in a separate statement which will be Statement of Financial transactions (SFT).
Key points for understanding the Statement of Financial reporting
Requirement of filing Annual Information Return (AIR) is now being replaced by Statement
of Financial Transactions (SFT). SFTs have to be filed in separate form and not along with Income Tax (IT) returns.
The form for SFT reporting is Form 61A. It consists of 4 parts. The due date for filing first SFT for financial year 2016-2017 is May 31, 2017. It is applicable for all the business taxpayers liable for tax audit, professionals, and
financial institutions. Entities that will report are banks, professionals, fund houses, forex dealers, post office,
nidhis, non-banking finance companies, and property registrars, companies issuing bonds and debentures, and listed companies buying back shares from specific persons, mutual fund trustee, any person liable for audit u/s 44AB of the Act.
Changes have created new classes of first time filers who have to file SFT of specified transactions for FY 2016-17.
Salaried individuals are not required to file for statement of financial transactions (SFT). The nature of transactions includes cash payment for purchase of demand drafts or pay
orders of Rs 10 lakh or more in a year; cash payment of Rs 10 lakh or more for purchase
of prepaid RBI instruments, cash deposit or withdrawal of Rs 50 lakh or more from current account; one-time deposit of Rs 10 lakh or more with banks, nidhis, NBFCs and post
offices; payment of Rs 1 lakh or more in cash and Rs 10 lakh or more by other mode against credit card bill issued to a person during the year; and property registrars for deals worth Rs 30 lakh or more.
While reporting the transaction in Form 61 (Statement of Financial transaction) a business taxpayer will have to take into account all the accounts of the same nature maintained in
respect of a person during a financial year; also, while attributing the entire value of the transactions to all the persons in cases where the account is maintained or transactions recorded in the name of more than one person.
Penalty on delay is Rs. 100 per day, if notice not received, else upto Rs 500/ day Filing of inaccurate information will attract penalty of Rs 50,000.
Statement of Financial Transaction_User Guide_Link
SFT_ALL Information_Pdf Link
Recent Notification/Circulars
Dated: 25/05/2017
A new functionality “Add/Register as Representative” is enabled in e-Filing portal. The existing
functionalities of “Legal Heir”, “Liquidator” and “Person Competent to Verify” are consolidated
into a single functionality along with additional categories. For details click here to read more...
Dated: 16/05/2017
Vide Notification No.37/2017, Central Government exempts certain Individuals from Quoting
Aadhaar Number or Enrolment ID from 1st July, 2017. For details click here to read more...
Dated: 11/05/2017
Press release on PAN Aadhaar linkage
Dated: 10/05/2017
The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar.
Just click on the link on the left pane-> Link Aadhaar. Provide PAN, Aadhaar no. and ENTER
NAME EXACTLY AS GIVEN IN AADHAAR CARD (avoid spelling mistakes) and submit. After
verification from UIDAI, the linking will be confirmed. In case of any minor mismatch in Aadhaar
name provided, Aadhaar OTP will be required. Please ensure that the date of birth and gender
in PAN and Aadhaar are exactly same. There is no need to login or be registered on E-filing
website. This facility can be used by anyone to link their Aadhaar with PAN.
Dated: 13/04/2017
A unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC), Income
Tax Department located in Bengaluru by the Department of Post. Taxpayers can henceforth
address their mails to "Centralized Processing Center, Income Tax Department, Bengaluru
560500" for the purpose of submission of ITR-V forms and other documents which require
physical mode of transmission.
Dated: 06/04/2017
Quoting of Aadhaar / Enrolment ID of Aadhaar application form is made mandatory for filing
of return of income and for making an application for allotment of Permanent Account Number
with effect from 1st July, 2017. For details. Refer Press Release
Updates – Indirect Tax
GST Rates for Goods
http://www.cbec.gov.in/resources//htdocs-cbec/gst/chapter-wise-rate-wise-gst-schedule-18.05.2017.pdf
GST Compensation Cess Rates for different supplies
http://www.cbec.gov.in/resources//htdocs-cbec/gst/gst-compensation-cess-rates-18.05.2017.pdf
Schedule of Gst Rates for Services
http://www.cbec.gov.in/resources//htdocs-cbec/gst/Schedule%20of%20GST%20rates%20for%20services.pdf
Services under Reverse Charge
http://www.cbec.gov.in/resources//htdocs-cbec/gst/List%20of%20Services%20under%20reverse%20charge.pdf
Classification Scheme for Services under GST
http://www.cbec.gov.in/htdocs-cbec/gst/Classification%20Scheme%20for%20Services%20under%20GST.xlsx
Standardized PPT on Revised Model GST Law (Nov 2016) (By INDIRECT TAXES COMMITTEE THE ICAI)
http://idtc-icai.s3.amazonaws.com/download/Standardised%20PPT%20on%20Revised%20Model%20GST%20Law.pdf
Recent Updates in other Areas RECENT DEVELOPMENTS (FROM THE KNOWLEDGE PORTAL OF THE ICAI)
(HTTP://WWW.PDICAI.ORG/RECENTDEVELOPMENT.ASPX)
Office of the Comptroller General of India (O/o C&AG) has accepted suggestions of Chairman,
PDC to discontinue applicability of minimum compensation criteria in respect of sole proprietor
firms. They also accepted the suggestion that a provisional panel would be hosted on the
website of the office of the C&AG for 5-7 days and an opportunity be given to the CA firms to
represent within a stipulated period for any correction in the online data filed by the firms.
Pursuant to meeting of Chairman, PDC with General Manager (F&A), National Highways Authority of India (NHAI), New Delhi; NHAI has accepted to reduce the Earnest Deposit Money
from Rs. 10,000 to below Rs. 2,000 in their future RFPs.
Public debt falls to Rs 61 lakh crore at end of 2016-17: Govt (23.05.2017) (http://www.pdicai.org/MoreNews.aspx)
India's public debt declined to Rs. 60.66 lakh crore at the end of the 2016-17 Fiscal in March,
registering a fall over the previous quarter of 1.9 percent, an official statement said on Monday. Government debt (excluding liabilities under the Public Account) was at Rs 61.84 lakh crore at
the end of December 2016, said the quarterly report on debt management released by the Finance Ministry. The government's domestic borrowing for 2016-17 has been revised downwards, it said. "Government issued dated securities worth Rs 80,000 crore to complete
its gross borrowings of Rs. 5,82,000 crore for FY 16," It said
MATERNITY BENEFIT (AMENDMENT) ACT, 2017 RECEIVED THE ASSENT OF THE PRESIDENT1
The Maternity Benefit (Amendment) Act, 2017 received the assent of the President on the
27th March, 2017. Salient features of the Maternity Benefit (Amendment) Act, 2017 are as under:
Maternity leave available to the working women increased from 12 weeks to 26 weeks for the first two children.
Maternity leave for children beyond the first two will continue to be 12 weeks. Maternity leave of 12 weeks to be available to mothers adopting a child below the age of
three months as well as to the “commissioning mothers”. The commissioning mother has
been defined as biological mother who uses her egg to create an embryo planted in any other woman.
Every establishment with more than 50 employees to provide for crèche facilities for working mothers and such mothers will be permitted to make four visits during working hours to look after and feed the child in the crèche.
The employer may permit a woman to work from home if it is possible to do so. Every establishment will be required to make these benefits available to the women from
the time of her appointment. GOVERNMENT TAKES A NUMBER OF MEASURES TO PROMOTE COUNTRY’S
PERFORMANCE IN ‘EASE OF DOING BUSINESS2
Ministry of Labour & Employment has taken a number of measures to promote Country’s performance in ‘Ease of Doing Business’ which include:-
Registration process for EPFO and ESIC are fully online on real time basis. Common Registration Service, for registration under 5 Central Labour Laws, has been
provided on e-biz Portal. Shram Suvidha Portal, launched by the Ministry on 16.10.2014, has facilitated Single Online
Annual Return under 9 Central Labour Acts. The Shram Suvidha Portal also provides facility for Common Monthly Return for EPFO and
ESIC.
Ministry has also notified “Ease of Compliance to maintain Registers under various Labour Laws Rules, 2017” on 21st February 2017 which has in effect replaced the 56
Registers/Forms prescribed under 9 Central Laws and Rules made thereunder into 5 common Registers/Forms. This will save efforts, costs and lessen the compliance burden by various establishments.
1 Available at: http://egazette.nic.in/WriteReadData/2017/175036.pdf
2 Available at: http://pib.nic.in/newsite/erelease.aspx?relid=0
Article on Women’s Day (Contributed by CA. Khushali Shukla)
Happy Women’s Day…!!!
She believed she could and so she did….
At the outset, I would like to bid my
utmost appreciative wishes to all the
female affiliates of our network on the
occasion of International Women’s Day
celebrated worldwide on March 8th, 2017,
a day to rejoice womanhood, a
day to cheer the power of
strongness, and a day to
smear the feat of gender
equality. Audrey Hepburn said
“The true beauty in woman is
reflected in her soul. It is the caring that
she lovingly gives, and the passion that she knows”. The origins of the day can be outlined to 1908,
when 15,000 women marched through New York City demanding voting rights, better pay and shorter
working hours. A year later, the first National Woman’s Day was witnessed in the US on February 28, in
accordance with a pronouncement by the Socialist Party of America. In 1910, a woman called Clara
Zetkin – leader of the ‘women’s office’ for the Social Democratic Party in Germany – tabled the inkling
of an International Women’s Day. She proposed that every country should celebrate women on one day
every year to push for their demands. A conference of more than 100 women from 17 countries agreed
to her recommendation and IWD was formed. In 1911, it was celebrated for the first time in Austria,
Denmark, Germany and Switzerland on March 19. In 1913, it was decided to transfer IWD to March 8,
and it has been feted on that day ever since. The day was only recognized by the United Nations in
1975, but ever since it has fashioned a theme each year.
Adrain Michael says, “She is water. Powerful enough to drown you, soft enough to cleanse you, and
Deep enough to save you”. Woman is one of the beautiful creations of God. Women incline to detriment
themselves, their contentment, just to make her family delighted. She is the one who is austere
professional BOSS at the workplace and a nesh MOTHER/ DAUGHTHER/WIFE/SISTER at home. At this
juncture, we salute to every female for doing all their altruistic hard work with the paramount
perseverance each day and every day, just for a better tomorrow of their families.
Today, we are in the 21th century ad venting the contemporary age, where women has made its streak
in every field equivalent with the male section of our society, may be it be in commercial, athletics,
theatre or policymaking. Remotely, talking about our line of work, we got our first lady Chartered
Accountant in 1933 named as R Sivabhogam born 23 July 1907 in India. She was a believer in Gandhian
principles and wore Khadi till her death on 14 June 1966. As per ICAI's statistics, women CAs made up
20% of the total membership in 2012, a figure which rose to 21% in 2013 and in November 2014,
women make up for 22% of CAs, currently its 25%+. Presently, there are almost 50,000 women CAs.
CA Naina Lal Kadwai, Group General Manager of HSBC India, CA Visakha Hari, mesmerizing harikatha
artiste, CA Chanda Kochhar, managing director (MD) and chief executive officer (CEO) of ICICI Bank
and the list continues. We feel honored for their every sweat made towards our vocation and feminism.
In the said perspective, I remember a famous quote:
“Zindagi ke apne kirdar eese jio ke….
parde girne ke baad bhi taliya bajti rahe”.
Above all, the next generation females have found work life equilibrium, where they efficaciously manage
household and professional life correspondingly, and unquestionably doing it for the entire life is exigent.
It takes a lot of expertise, nerve, fortitude, sustenance, and co-operation to make it conceivable. It’s a
matter of mammoth gratification for a lady and their families for doing a flawless job. Women have
started being sovereign and robust. They have congregated the buoyancy to surmount the sphere with
their energies. But, the backing and co-operation which she gets from her
FATHER/BROTHER/HUSBAND/MENTOR, from her male counterparts cannot be undervalued either. At
the end, it’s the thing which makes her journey complete.
Times have transformed now. As truthfully said, behind every successful man there is a woman, but the
vica-versa is also not deniable. Behind many successful women, there is a man. It’s the phase when
both the genders apprehend the fact of their specific significant roles in this society. What is vital is to
culminate the long ago debate of gender inequality and believe that men and women mutually are
independent and inter-dependent. So, this women’s day, let’s not continue this debate, and express our
gratitude to all the men in our lives for helping us stand on our own feet. Thank you for being our escort,
our guru, our comrade, and sometimes our supporting partners, at all the times we needed. It’s the
upkeep and understanding of a man, with which a woman breathes her dreams. We value that not every
man is depraved and forbidding, nonetheless most of them aren’t. But, it’s something like “One bad fish
spoils the whole pond”. A father works hard his entire lifespan till he brings the moon for his daughter,
a MENTOR/PRINCIPLE offers out his whole brainpowers for his student, till she is skillful and
knowledgeable enough. A Brother sacrifices his sleep just to pick up his sister late night in the city; A
Husband adjusts his family and makes them apprehend the fact of his wife’s career. It’s something
overlooked or being taken for granted in the flimflam of woman being woman. Therefore, we express
thanks all the men in our lives, for being an indispensable chunk of our life and concerning our
individuality with all the affection and esteem.
At the same time, there is a requisite to acknowledge the fact not every women in the nation is fortunate
enough to get esteem from their male counterparts. Many times, there are canned as burden in their
families. Being a woman professional, I am startled at times to live in a place where there is news of
crime against women. Naina Sahni, Priyadarshini Mattoo, Shivani Bhatnagar, Natasha Singh, Madhumita
Shukla and Jessica Lall murder cases being high-profile cases are just a few examples. In point of fact
plentiful such crimes against women could be revealed from the records of the police stations from
corner to corner of our country. These heinous crimes are an impediment to our being as humans – they
are a question mark on our existence as ingredient of a civil society. We should ask ourselves as to how
earnestly we consider struggling against such iniquities that exist in our society. Notwithstanding the
fact that women have outshined themselves in every status quo, our mindset has not changed. And
such a revolution is very much a requisite for a peaceful society. Till how much interval, be duty-bound
to woman follow the restrictive social orders, where a man being adult enough to haul her life, but it
gets manifested as unpunishable, just because THE CRIME is done by the minor. Nevertheless, we stand
tall. We women are also equipped to face all the dares. Don’t let my Looks deceive you. I have the
MOUTH of a sailor, the TEMPER of an Italian Housewife, and the TOLERANCE of an Irishman. Hillary
Clinton said “Don’t confuse having a career with having a life. Power means happiness , power means
hard work and sacrifice”.
Wrapping my today’s text, Let us all celebrate womanhood and spectacle the world that gone are those
days where beauty was known through beautiful faces.
From now onwards, Being Strong Is The New Beautiful. Lets, Not Limit Ourselves To Being Typical
Woman, Lets Be Strong, Capable Women Heading Towards The Modern Era.
1.
2.
3. 4.
Glimpses of
Seminars Till Now…
Seminars on…
1. TDS & TCS
Awareness
2. Bank Audit
3. Recent
Changes in
Income Tax,
applicable from
01.04.2017.
4. ICDS.
Excel Challenge (Contributed by CA. Ketan Malde)
: Challenge for this month :
Refer to image:
In the given example, in Row 3,
Purchase Data is merged across
Column B to Column F. This is done for
better presentation of data. However,
in such kind of situations where any
data is merged, when we apply Filter,
Filter will not be captured on each
column data, instead it will be captured
at Purchase Data. In such case, we will
have to select data manually from 4th
row till end and then apply filter or
unmerge the cell.
To avoid such kind of situation, is there
any way?
Please mail in your solution to [email protected] / [email protected] by 5th June, 2017.
: Challenge of previous month :
How can you filter the data in a field with bold font? Refer to image below for more clarity.
In the image above, we can insert the additional
column with “yes” in data with bold and “no” in
data regular font and apply filter on that column
to get required data. But consider the situation
where data runs into thousands of rows, how
can we get/filter/extract data with bold font?
:Solution:
Correct solution was provided by CA. Hiren
Aashra. Keep it up! Here is the solution:
Step 1: Select the data and Go to “Find and Replace” [HOME -> Find and Select -> Replace] or
shortcut key [Ctr + H]. Following screen will appear.
Step 2: Click on Options (as highlighted in the image shown above). Click on Format button and Select “Format...”
option as shown in the image below
Step 3: Find Format window will appear.
Go to Font tab -> Font Style, Select Bold
and Press OK. Similarly, go to Replace
with -> Format -> Format... Replace
Format window will appear. Go to Fill
Tab and Select any color to replace with
and Press OK. Click on “Replace All”
button.
All fields (from the selection) with bold
will be replaced with the color selected.
Step 4: Apply Filter on the Column by navigating to Data -> Filter or Shortcut key “Ctr + Shift + L”
and use filter by color option to get the desired data.
:Alternate Solution:
We can write a small macro for this solution and get the desired solution with ease.
Providing solution with use of macro will not be convenient here. Those who are interested
in knowing the same, may drop a mail to me. Will share with them.
Contact Us:
305-307, 312-314, Mayur Complex, Khodiyar Colony, Aerodrome Road, Jamnagar 361006 Gujarat
India
Telephone: -288-2713333, e-Mail: [email protected], Website: http://www.jamnagar-icai.org
Feedback: "The Jamnagar Branch of WIRC of ICAI endeavours to apprise the readers about the amendments made in various Tax Laws
vide significant notifications, circulars, case laws etc. We welcome your feedback on the Update and its contents. Please email
at [email protected] for feedback.”
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