Goa Branch of WIRC. Managing COMMITTEE EDITORIAL BOARD. The Institute of Chartered Accountants of India (Set up by an Act of Parliament) JUNE 2014

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1 The Institute of Chartered Accountants of India (Set up by an Act of Parliament) Goa Branch of WIRC JUNE 2014 For Members only InsIde Chairman s Communiqué Branch Activity Report Important Notifications & Updates Forthcoming events Managing COMMITTEE Chairman: CA. Naveen G Daivajna Vice-Chairman: CA. Kiran Kharangate Secretary: CA. Yeshwant Kamat Treasurer: CA. Vinesh Pikale Members: CA. Kedar Kenkre CA. Anup Borkar EDITORIAL BOARD Flag Hoisting on CA Day at Goa Branch Premises as Goa Branch enters its Ruby Jubilee year CA. Kedar Kenkre CA. Naveen G Daivajna CA. Pooja Bandekar CA. Jovilyn Pereira e Dalgado 1

2 ChaIrman s communiqué Respected Seniors & Dear Friends, Greetings to one and all!! The month of June has seen the Goa branch achieving the unprecedented task of hosting two National Conferences - One for members and the other for CA students. This would not have been without the hard work and support from the managing committees of the branch and WICASA Goa. A 3 day National Conference for members was organised under the aegis of the Continuing Professional Education (CPE) Committee of the ICAI between June 13-15, 2014 at Majorda Beach Resort, Majorda-Goa. The conference witnessed participation of CAs from across the states of Goa, Maharashtra and Gujarat. Shri Narayan (Nanabab) Bandekar, President of the Goa Chamber of Commerce and Industry (GCCI) was the Chief Guest for the event and in his address to the delegates expressed how the role of CAs had grown multifold from being book keeping and accounting services to Total Business Solution Providers encompassing Advisory, Compliance, Business planning and every aspect of finance and business. He also described how ICAI has forged ahead to become a leader in the sphere worldwide. Senior Chartered Accountant from Panaji, CA V.B Prabhu Verlekar was the guest of honour. He recollected the outstanding achievements of some of the senior members of the branch and how the profession has seen a rise of women CAs over the years. Eminent faculty from all over India CA Chetan Dalal, CA Dr Girish Ahuja, Adv K K Chythanya, Adv Vaitheeswaran, CA Ameet Patel and CA Madhusudhan Kankani presented on Forensic Accounting, Assessment of AOP s and BOI s,tds on Payments to Non-Residents, Service Tax Issues, Social Media Technology & Chartered Accountants & Companies Act Reporting and Governance A two days National Conclave for CA Students The Generation Next Chartered Accountant was hosted by the branch in association with the Goa Branch of WICASA under the Aegis of Board of Studies, ICAI on the 28th & 29th at the Ravindra Bhavan, Margao - Goa. The programme was a huge success and was attended by around 320 students from across the Goa, Karnataka and Maharashtra. 2

3 The conference was inaugurated by Dr. Satish R. Shetye, Vice-Chancellor, Goa University, in the presence of CA. M. Devaraja Reddy, Chairman, Board of Studies, ICAI, CA. Mahesh Madkholkar, Goa Branch Nominee, RCM- WIRC of ICAI. Special Sessions on Digital Threats & Security by Mr. Rakshit Tandon Renowned Cyber Expert & Management Games by Eminent Management Trainer - Mr. Rajesh Gaonkar were very well appreciated by the participants. There were 4 Technical Sessions during the 2 day Conference on various topics like Accounting and Auditing, Direct & Indirect Tax, Corporate Compliances & Profession and Professional Ethics. It is our fond hope that there will be an increase in interest levels in the student community and they are motivated and spurred to actively participate in further such events. May I also take this opportunity to inform you all that the Goa branch is in its 40th year also known as the Ruby Jubilee of Anniversaries, The Journey of 40 years has indeed been an incredible one! Every active member of the branch and all its Past Chairpersons and Managing committee members deserve congratulations for the immense effort that has gone into nurturing the branch which has led to achievement of this milestone. The Goa branch has had humbler origins. The seeds of our existence as a branch were sown way back in 1971 when, with the assistance of around 50 members, they immediately set about the task of building the foundations of the new entity. Finally, after a period of perseverance, the branch was officially notified with the assistance of Late CA Anil Parikh, the then Central Council Member w.e.f. 04 July CA S J Thaly was chosen as the first Chairman. In fact, the Goa branch was among the first offices to be set up in the Western Region and the basic purpose of the Committee back then, was to find a suitable location and call an Annual Meeting so that all the members of the surrounding areas could meet and exchange views. Before CPE was made compulsory, the branch activities were limited to an informal study circle and gradually more seminars and activities were undertaken. In fact the Budget Talk which is organised in association with the GCCI annually is one of the most sought after events on the calendar for most people. The branch had on its rolls around 30 students who had to travel to Belgaum as it was then the closest examination centre for the CA exams. The branch has now grown in strength and stature and currently has under its fold a nearly 500 strong CA community and more importantly caters to the needs of over 700 students. CA Day was celebrated with much enthusiasm with a host of activities lined up at the branch. The Flag hoisting was carried out at the Branch Premises after which Senior Member and Past Chairman, CA. A. V. Kamat, unveiled the Roll of Honour of Past chairpersons. This was followed by an enlivening session where past chairpersons shared their thoughts and memories during their tenure at the branch. A Tree plantation program was subsequently held at the Kamat Towers premises. The AGM was held on the same day and well attended by majority of the past chairpersons The eventful day concluded with a blood donation camp organised in association with the Goa Red Cross and an eye check up camp facilitated by Manipal Hospitals. 3

4 I must say that the successful organization of all branch programs was made possible only through your active participation in the various programs and this inspires us to line up more events during the year. To our CA brethren, I hope you stand by us as always and be our inspiration through your active support and participation in all our activities. As you are aware, the branch was able to revive GMCS courses at a time when due to lack of student numbers, the branch was unable to organise this course. However, due to sincere and dedicated efforts of members CA. Shailesh Usgaonkar, CA. Yatish Pai Vernekar and CA. Satyaprakash Kamath, we were able to turn around this situation and successfully conduct numerous batches in Goa, which even sought interest from outstation students making Goa branch as one of the most sought after venues for GMCS in India. The newer guidelines of conducting GMCS I & II, requires a faculty to take not more than 6 hours per batch and this has put considerable strain on the branch which is unable to have a pool of CA and non CA faculties for the 15 sessions that need to be meticulously planned and conducted. We hereby invite interested members, with a minimum post qualification experience of 3 years and who have experience in the requisite area to come forward as faculty for GMCS/Orientation and also recommend non-ca faculty to the branch. I would urge young members to look at this unique opportunity to showcase their teaching talent!! As we enter our 40th year, our Ruby Anniversary, let us all resolve to not rest on our laurels, but march ahead towards newer horizons We have a lot in store this year and you will hear more about the same in our ensuing newsletters. Thank You. CA Naveen G. Daivajna Chairman 4

5 Activities organised by the Branch from 1 st April to 1 st July 2014 Branch Activity Report Date Programme / Venue Speakers No. of Participants CPE Hrs CPE Teleconference on How to face income tax assessment and survey proceedings? A threadbare analysis at Branch Premises CA. Sunil Talati to Mock Test for IPCC & Final students for May 2014 Exam at Branch Premises 116 Nil Industrial Visit for CA Students Schiffer and Menezes India Pvt. Ltd. (Industrial unit manufacturing toothbrushes and denture brushes) located at Verna Industrial Estate Lecture Meeting on Controversial Issues relating to Trusts at Branch Premises 25 Nil CA. Brijesh Shah To GMCS COURSE -1 (IPCC Student) at Branch Premises One Day Programme on Companies Act 2013 at BPS Club Margao Overview Corporates, Investors Audit and Accounts Board and Management Disputes Independent Directors, Managerial Remuneration Fraud and Management Responsibility. Companies Act Administration CPT Mock Test for Exam at Branch Premises CPE Teleconference on Provisions of, Companies Act, 2013 Impacting CA Profession, at Branch Premises CA. Shashikant Shenoy, Bangalore CA. Sushruth Chitale, Mumbai CA. Sunil Talati CA. V Murali 27 Nil Nil Seminar on Digital Threats and Securities - organised by IT Committee,ICAI at Citrus, Caculo Mall Panjim Mr. Rakshit Tandon Programme for Young Members at Citrus, Caculo Mall Panjim CA. Prafulla Chhajed CA. Bhavana Doshi Nil How to Face CA Exam for CPT Students CA. Shailesh Usgaonkar CA.Yatish Pai Vernekar 26 Nil 5

6 Branch Activity Report Date Programme / Venue Speakers No. of Participants Lecture Meeting on Auditing in Information Systems Environment at Branch Premises Cryptography in IS Audit Working of TCP/IP Protocol CA. Gaurav Kenkre CA. Akhil Pai CPE Hrs To GMCS Course -Final Students at Branch Premises 14 Nil To To National Residential Conference at Majorda Beach Resort, Majorda Organised by Continuing Professional Education Committee of ICAI National Conclave for CA Students 2014 GOA Ravindra Bhavan, Margao Goa Organised by Board of Studies, ICAI Nil Annual Meeting at Branch Premises 20 Nil Founder's Day/CA Day at Branch Premises Unveiling of the Past Chairpersons scroll of honour at the hands of CA. Ananth V. Kamat Address by Past Chairpersons on the Journey of the Branch over the last 40 years. Sapling Plantation at Kamat Towers Eye Camp by Manipal Hospitals at ITT Lab between 2-5 pm Blood Donation Camp at branch premises between 2-5 pm 45 Nil 6

7 MEF Dear Professional Colleague, This is in respect to the Multipurpose Empanelment Form for the year This is to inform that Multipurpose Empanelment Form for the year has been made live at Last date for submission of online form is 4th August, 2014 and the last date of submission of hard copy of "DECLARATION FOR MEF " is 14th August, Here, I would like to emphasise that empanelment form is meant for every full time practicing member/firm and not only for those desirous of empanelling themselves for Bank Branch Auditors' Panel as UCN will be allotted to the non-eligible applicants for Bank Branch Auditors' panel also so that their data can be sent to the requisite authorities for other bank audits and other assignments. However, the following applicant will not be allotted UCN: 1. Member practicing in his individual name not holding full time CoP and/or associated as partner/ proprietor/chartered Accountant employee in any other firm. 2. In case of firm, if none of partner/proprietor is 1. exclusively associated with the firm. 2. holding fulltime Certificate of Practice (CoP). The Professional Development Committee, ICAI will also be using the panel formed on the basis of this MEF form for panel to various requesting authorities/regulators. Therefore, it is requested that all the fields of the form should be filled-in/replies be given, including of the questions related to experience of the applicant in various other sector/professional assignments. The information/ replies shall be correct and based on the related document/evidence so as to avoid the delay and causing in-eligibility. Being necessary it is suggested that before going directly to the MEF form, applicant should first go through the "Points which shall be carefully read and be taken care for Multipurpose Empanelment Form (MEF) for the year ". In case applicant faces any problem of any sort, they may login the complaint at the Complaint Centre available at If the complaint logged therein is not resolved within three working days, the applicant may call at , , , , and In case the issue is not resolved through complaint center and the telephonic call, you may mail to the Secretary, PDC (secretarypdc@icai.in) under copy to me. With warm regards Yours sincerely, (CA. Shyam Lal Agarwal) Chairman, Professional Development Committee 7

8 IMPORTANT NOTIFICATIONS, UPDATES & ANNOUNCEMENTS INCOME TAX Source: Notification no. 26 dated 16th May, 2014 Income tax (5th Amendment Rules), 2014 notified substituting the below forms: Form 49A - Application for allotment of PAN in case of Indian citizens/indian Companies/Entities incorporated in India/Unincorporated entities formed in India Form 49AA - Application for allotment of PAN in case of Individuals not being a citizen of India/Indian Companies/Entities incorporated outside India/Unincorporated entities formed outside India Notification no. 28 dated 30th May, 2014 effective from 1st April, 2014 Income tax (5th Amendment Rules), 2014 notified. In Rule 12, in sub-rule (2) in the proviso,- (a) after the expression "section 10A", the expression "section 10AA" shall be inserted (b) after the expression "section 44AB", the expression "section 44DA, section 50B" shall be inserted (c) for the expression " or section 115JB", the expression "section 115JB or section 115VW" shall be substituted. Form ITR 3, Form ITR 4, Form ITR 5, Form ITR 6 and Form ITR 7 shall be substituted. Notification no. 31 dated 11th June, 2014 Cost inflation index for Financial year notified as 1024 Notification no. 32 dated 23rd June, 2014 Wealth tax (1st Amendment Rules) Rules, 2014: In the Wealth Tax Rules, 1957 for rule 3, the following rule shall be substituted, namely: 3 - Form of return of net wealth be verified in the manner specified therein. (b) In respect of assessment year and any other subsequent assessment year in case of individuals, Hindu Undivided families and companies, be in Form BB and shall be verified in the manner specified therein. (2) Subject to provisions of sub-rule (3), for the AY and any other subsequent assessment year, the return of net wealth referred to in sub rule (1) shall be furnished electronically under digital signature (3) In case of individual or Hindu Undivided Family to whom provisions of section 44AB of the Income Tax Act, 1961 (43 of 1961) are not applicable, the return of net wealth referred to in sub rule (1) may be furnished for assessment year in a paper form. (4) The return of net wealth required to be furnished in Form BB shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of tax and interest paid, or any document or copy of any account or form or report of valuation by registered valuer required to be attached with the return of net wealth under any provisions of the Act. (5) The Director of Income - Tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners specified in subrule (2) After Form BA, Form BB has been inserted (1) The return of net wealth referred to in section 14 shall (a) In respect of assessment year and earlier assessment years in case of individuals, Hindu Undivided families and companies, be in Form BA and shall 8

9 Company Law Draft Notification available for comments: ion_ _1.pdf CIRCULARS Reference No 27/ / / / / / / / / /2014 Date Description Clarification regarding filing of Form DPT4 under Companies Act, Clarification with regard to use of the words "Commodity Exchange" in a company-reg. Clarification on applicability of requirement for resident director. Clarification with regard to holding of shares in a fiduciary capacity by associate company under section 2(6) of the Companies Act,2013 Clarification relating to incorporation of a company i.e. company Incorporated outside India Clarification with regard to format of annual return applicable for Financial Year and fees to be charged by companies for allowing inspection of records. Clarifications with regard to provisions of Corporate Social Responsibility under section 135 of the Companies Act, Clarification with regard to voting through electronic means Clarification on Rules prescribed under the Companies Act, Matters relating to share capital and debentures Clarification for filing of form No. INC-27 for conversion of company from public to private under the provisions of Companies Act, / / / / / / / / / Filing of MGT-10- clarification Applicability of PAN requirement for Foreign Nationals. Clarification regarding maintaining register in new format [sub-section(9) of section 186] Clarifications on Rules prescribed under the Companies Act, Matters relating to appointment and qualifications of directors and Independent directors Extension of validity period for names reserved as on 31st March, 2014 Applicability of PAN requirement for Foreign Nationals. One time opportunity for extension of period of Reservation of Name. Certification of E- forms/non e-forms under the Companies Act, 2013 by the Practicing Professionals: - regarding. Availability of E- forms/non-e-forms under the companies act 2013 S.O ( E) dated 6th June, 2014: In exercise of the powers conferred by sub-section (3) of Section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 6th day of June, 2014 as the date on which the provisions of sub-section (2) and (3) of section 74 of the said Act shall come in force. Section 74 of the Companies Act, 2013 pertains to repayment of deposits, etc. accepted before commencement of this Act: 9

10 RULES Year Date Description Companies (Prospectus and Allotment of Securities) Amendment Rules, Companies (cost records and audit) Rules, Companies (Management and Administration) Amendment Rules, The Companies (Share capital and Debentures) Amendment Rules, The Companies (Declaration and Payment of Dividend) Amendment Rules, The Companies (Meetings and Powers of Board) Amendment Rules, The Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, The Companies (Acceptance of Deposits) Amendment Rules,

11 CA. Brijesh R. Shah, Faculty, addressing the participants at the Lecture Meeting on Controversial Issues relating to Trusts held on 26 th April 2014 at the Branch Premises. Goa Branch Chairman, CA. Naveen G. Daivajna welcoming the delegates at the One Day Seminar on Companies Act 2013 held on 10 th May 2014 at BPS Club, Margao - Goa. Seated on the dais - from left to right CA. Shashikant Shenoy, Faculty and CA. Virendra Prabhudesai, Past Chairman, Goa Branch. CA. Shashikant Shenoy, Faculty addressing the participants at the One Day Seminar on Companies Act 2013 held on 10 th May 2014 at BPS Club, Margao, Goa. CA. Sushruth Chitale, Faculty addressing the participants at the One Day Seminar on Companies Act 2013 held on 10 th May 2014 at BPS Club, Margao, Goa CA. Yatish Pai Vernekar addressing the students at the seminar on How to Face CA Exam for CPT Students held on 31 st May 2014 at Goa Branch Premises, seated on the dais CA. Vinesh Pikale, Treasurer, Goa Branch. CA. Yeshwant Kamat, Secretary Goa Branch welcoming the delegates and inaugurating One Day Seminar on Digital Threats and Securities Companies Act 2013 held on 31 st May 2014 at Citrus, Caculo Mall, Panaji, Goa. Seated on the dais - from left to right : Mr. Rakshit Tandon, Faculty & CA. Naveen Daivajna, Chairman Goa Branch. 11

12 Mr. Rakshit Tandon, Faculty, addressing the participants at the One Day Seminar on Digital Threats and Securities Companies Act 2013 held on 31 st May 2014 at Citrus, Caculo Mall, Panaji, Goa. Interactive meeting organized by Goa Branch under the AEGIS of the Young Members Empowerment Committee, ICAI held on 31 st May 2014 at Citrus, Caculo Mall, Panaji, Goa. Interactive meeting organized by Goa Branch under the AEGIS of the Young Members Empowerment Committee, ICAI held on 31 st May 2014 at Citrus, Caculo Mall, Panaji, Goa. Mr. Narayan Bandekar, President of Goa Chamber of Commerce and Industry, lighting the traditional lamp at the Inauguration of National Residential Conference held between 13 th - 15 th at Majorda Beach Resort, Majorda - Goa. Standing from left to right -CA. Vinesh Pikale, Treasurer, Goa Branch, CA. Naveen G. Daivajna, Chairman, Goa Branch, CA. V. B. Prabhu Verlekar, Guest of honour & Past Chairman of Goa Branch, CA. Yeshwant Kamat, Secretary, Goa Branch, CA. Anup R. S. Borkar, Past Chairman, Goa Branch, CA. Kiran Kharangate, Vice Chairman, Goa Branch, CA. Mahesh Madkholkar, Goa Branch Nominee, RCM, WIRC, CA. Kedar Kenkre, Managing Committee Member, Goa Branch of WIRC of ICAI. Rare photographs of the branch being displayed during the National Residential Conference held between 13 th - 15 th at Majorda Beach Resort, Majorda - Goa CA. Chetan Dalal, Faculty, addressing the participants at the National Residential Conference held between 13 th - 15 th at Majorda Beach Resort, Majorda, Goa. Seated on the dais -from left to right - CA. Mahesh Madkholkar, Goa Branch Nominee, RCM, WIRC & CA. Vinesh Pikale, Treasurer, Goa Branch 12

13 CA. Dr. Girish Ahuja, Faculty, addressing the participants at the National Residential Conference held between 13 th - 15 th at Majorda Beach Resort, Majorda- Goa. Seated on the dais -from left to right - CA. Sonia Ketkar & CA. R. K. Pikale, Past Chairman of Goa Branch. Adv. K. K. Chaitanya Faculty, addressing the participants at the National Residential Conference held between 13 th - 15 th at Majorda Beach Resort, Majorda, Goa. Seated on the dais -from left to right - CA. Chetana Shetty & CA. Virendra Prabhudesai, Past Chairman of Goa Branch. Adv. Vaitheeswaran Krishnamurthi, Faculty, addressing the participants at the National Residential Conference held between 13 th - 15 th June 2014 at Majorda Beach Resort, Majorda, Goa. Seated on the dais from left to right - CA. Kedar Kenkre, Managing Committee Member & CA. Sandip Bhandare, Past Chairman of Goa Branch. CA. Madhu Sudhan Kankani Faculty, addressing the participants at the National Residential Conference held between 13 th - 15 th at Majorda Beach Resort, Majorda, Goa. Seated on the dais -from left to right - CA. Sriniwas Joshi, Past Chairman of Goa Branch & CA. Pretest Kakodkar. CA. Ameet Patel Faculty, addressing the participants at the National Residential Conference held between 13 th - 15 th at Majorda Beach Resort, Majorda - Goa. Seated on the dais -from left to right - CA. Pradip Kakodkar & CA.Venkatesh Shenai. Dr. Satish R. Shetye, Vice-Chancellor, Goa University, lighting the traditional lamp at the Inauguration of National Conclave for CA Students 2014 GOA held between 28 th to 29 th at Ravindra Bhavan, Margao Goa. Standing from left to right -CA. Anup R. S. Borkar, Past Chairman, Goa Branch, CA. Ganesh Daivajna, Past Chairman of Goa Branch, CA. Mahesh Madkholkar, Goa Branch Nominee, RCM, WIRC, CA. Naveen G. Daivajna, Chairman, Goa Branch, CA. M. Devaraja Reddy, Chairman, Board of Studies, ICAI, CA. Kiran Kharangate, Vice Chairman & WICASA Chairman Goa Branch, CA. Abhijit Kelkar, Faculty. 13

14 CA. M. Devaraja Reddy, Chairman, Board of Studies, ICAI, addressing the participants at the National Conclave for CA Students Seated on the dais -from left to right CA. Kiran Kharangate, Vice Chairman & WICASA Chairman Goa Branch, Dr. Satish R. Shetye, Vice-Chancellor, Goa University, CA. Naveen G. Daivajna, Chairman, Goa Branch, Ms. Sonam Kantak, Secretary, Goa Branch of WICASA. Group Photograph of the Organising Committee, faculty and paper presenters at the National conclave for CA Students 2014 GOA held between 28 th to 29 th at Ravindra Bhavan, Margao Goa. Student delegates at the National Conclave for CA Students 2014 GOA held between 28 th to 29 th at Ravindra Bhavan, Margao. Student delegates at the National Conclave for CA Students 2014 GOA held between 28 th to 29 th at Ravindra Bhavan, Margao. Unveiling of the Past Chairpersons scroll of honour at the hands of CA. Anant V. Kamat, Past Chairman of Goa Branch of WIRC of ICAI held on 1 st July 2014 at Goa Branch Premises. Sapling Plantation at Kamat Towers held on 1 st July 2014 at the hands of past chairpersons of Goa branch. 14

15 Blood Donation Camp organized by Red Cross Society on 1 st July 2014 at Goa Branch Premises Eye Camp by Manipal Hospitals held on 1 st July 2014 at Goa Branch Premises FORTHCOMING EVENTS Sr. No Programme Budget Talk 2014 by CA Dr. Girish Ahuja at The HQ, Vasco on 17th July, 2014 Certificate Course on Concurrent Audit of Banks at Branch premises on August 22, 23,24 & September 5,6,7, 2014 Investor Awareness Program in July/August 2014 at Margao - Goa Companies Act 2013 Workshop (Tentatively on August 15&16, 2014 details will follow) Mock Tribunal (Tentatively in first week of October 2014) Please register your name at Goa Branch office Goa Branch of WIRC 201/202, Kamat Towers Patto Plaza, Panaji Goa Tel: goa@icai.org Views expressed in this Newsletter are those of the individual contributors and not necessarily those of the Goa Branch of WIRC of ICAI. While every effort is made to reproduce ADVERBATIM, Government and/or ICAI references, notifications and other information, readers are well advised to ensure themselves of prior to further deliberation. The publication is distributed with the understanding that authors/editors and publishers are nor responsible for the result of any action taken on the basis of this work nor for any omission or error to any person, whether a purchaser of this publication or not. 15