For Private Circulation Only

Transcription

1 For Private Circulation Only March, 2015

2 Respected s, It is a moment of great pleasure as well as privilege for me to write to all of you as Chairman of this prestigious Ludhiana Branch of NIRC of ICAI. I understand that my predecessors and CA. Rachit Bhandari have made remarkable efforts to attain great heights and have set a benchmark for me and my team. I will try my level best to perform with same vigour and dedication for which I seek blessings and guidance from the seniors and support from the peers and young minds. I assure that your Ludhiana Branch will continue to work for the betterment of the profession and overall development of members and students. As professionals, the month of March is usually meant to discuss and analyse the Union Budget. To enlighten the members about the Union Budget 2015, which indeed was the very first activity of my tenure, a seminar on Discussion on Union Budget 2015 was organized in K.V.M School Auditorium. Ludhiana, where CA. Dr. Girish Ahuja, CA. Sanjay Agarwal (Central Council ), CA. Ashok Batra along with CA. Kumar Gaurav Dhawan (DCIT- Central Excise and Custom) were the key note speakers Message from Chairman Message from Secretary A workshop on, Finalization of Audit of Companies for FY under Companies Act, 2013 and Compliances with TDS Provisions organized on 14th March, 2015 by Ludhiana Branch at Gobindgarh Club Limited, Mandi Gobindgarh. CA. Anil Gupta & CA. Baldev Raj were the Guest Speakers. Another Seminar for our Chartered Accountants was organized on 21st March 2015, on the topic Bank Audits Critical Issues & Recent Developments at CA. S.S. Periwal Auditorium, ICAI Bhawan, Pakhowal Road, Ludhiana. Sh. D.K. Tyagi, DGM of Andhra Bank was the Chief Guest on the occasion. CA. Ajay Kumar Jain was the Guest Speaker. A Seminar for XII Students & their Parents on Career Counselling was also organized on 22nd March, Our Hon'ble Director from Board of Studies- ICAI, Shri Vijay Kapur was the Guest Speaker. Last but not the least, one day seminar for CA students was organized on 22nd March 2015 on the topic Bank Branch Statutory Audit. CA. Ajay Kumar Jain was the speaker for the day. Apart from the above, very first batch of Advanced ITT and regular batches of ITT were conducted in the month of March Our activities will never end;we will work with more energy and enthusiasm for the upcoming activities. We look forward for your suggestions for overall improvement in the working of Branch. Thanks and Regards CA. Vikas Giya Respected Professional Colleagues, It is a matter of privilege for me to share my thoughts as the Secretary of the Branch. I would like to express my sincere gratitude to all and seek your good wishes for the upcoming year. The month of March marks the ending of a Financial Year. We make all the possible efforts to complete the work or assignments in hand and also prepare ourselves for the next financial year. Every new Financial Year brings with it new changes or amendments in statutory enactments, rules and regulations thereunder. We as professionals endeavour to communicate all such changes to our clients and colleagues and correspondingly we work upon. Accordingly, we conducted the seminars on the topics - Union Budget 2015 and Companies Act, We also wished to prepare our colleagues for the Statutory Audit of Banks which they will commence with the dawn of new financial year. A seminar on critical issues and recent developments was conducted in this regard. All the seminars were attended by a large number of members and students which gives an assurance that these are the need of hour and we all are in agreement to deliver the best to all who are associated with us. I thank you all for your kind participation and look forward for the same in future as well. And before I close, I wish all our members a very fruitful financial year ahead. Regards From the Desk of Editor 2 Respected s Greetings!!! With the blessings and good wishes of all of you, our team has completed two years of togetherness. It is a pleasure to write to all of you. I have been given the responsibility of Treasurer and being the Editor of our Ludhiana Branch Newsletter after serving successful tenure of Vice Chairman last year. We are arranging regular seminars, workshops, post qualification courses, conferences, conventions and sports activities which all remained very successful with all of your blessings and active participation. In addition to activities for members, we are organising regular activities for students. We are successfully conducting CPT and IPCC coaching classes in the branch and classes are being managed after It's hard to beat a person who never gives up or before the office timings. It is my further endeavour to update all the members about the activities being organised/held at branch. Further, through this newsletter, it is ensured that knowledge and expertise of members is shared among the knowledge seekers. Our this edition is based on proposed changes in Union Budget'2015 and formation of various committees at branch level for the routine working of the branch. A man can only attain knowledge with the help of those who possess it. This must be understood from the very beginning.one must learn from him who knows. We have always tried to update the members and students with latest changes in the profession. We request all the members to actively participate and make this newsletter achieve its desired purpose. Feedback and Suggestions are welcomed!!! Thanks & Regards

3 BRANCH ACTIVITIES DURING THE MONTH OF MARCH, 2015 FOR MEMBERS 1. Seminar on Discussions on Union Budget 2015 on Guest Speaker: CA. Dr. Girish Ahuja, CA. Sanjay Agarwal (Central Council ) & CA Ashok Batra. 2. Workshop on Finalization of audit of Companies for FY under Companies Act 2013 on Guest Speakers: CA. Anil Gupta. 3. Workshop on Compliances with TDS Provisions on Guest Speakers: CA. Baldev Raj. 4. Seminar on Bank Audits- Critical Issues & Recent Developments on Guest Speaker: CA. Ajay Kumar Jain. FOR STUDENTS 1. Seminar on "Career Counseling Programme for CPT Students" on Guest Speaker: Sh. Vijay Kapur (Hon'ble Director-Board of Studies, ICAI). 2. One Day Seminar for STUDENTS on the topic Bank Branch Statutory Audit on Guest Speaker: CA Ajay Kumar Jain hours Information Technology Training (ITT) were conducted on regular basis during the month. 4. Advance Information Technology Training (Batch No. 01) were conducted on regular basis during the month. Managing Committee CA. Vikas Giya Chairman Vice - Chairman Secretary Treasurer Executive Executive CA. Dinesh Sharma Executive Executive CA. Vishal Garg Ex-Officio There are no shortcuts to any place worth going 3

4 HIGHLIGHTS OF BUDGET'2015 ON INCOME TAX 1) No Change in the rate of personal income tax. However, it is proposed to reduce CORPORATE TAX from 30% to 25% over the next four years, starting from next financial year. 2) A 12% on individuals, HUFs, AOPs, BOIs, artificial judicial persons, firms, cooperative societies and local authorities having income exceeding Rs. 1 Crore. 3) Surcharge in the case of domestic companies having income exceeding Rs. 1 Crore and upto Rs. 10 Crore is to be 7% and 12% is proposed to be levied on domestic companies having income exceeding Rs. 10 Crore. 4) In the case of foreign companies the surcharge will continue to be 2% if the income exceeds Rs. 1 Crore and is upto Rs. 10 Crore 5% if the income exceeds Rs. 10 Crore. 5) A 12% as against current rate of 10% on additional income tax payable by Companies on distribution on dividends and buyback of shares, or by mutual funds and securitization trusts on distribution of income. 6) The education cess on Income 2% for the fulfillment of the commitment of the Government to provide and finance universalized quality based education and 1% of additional surcharge called Secondary higher education cess on tax and surcharge is proposed to be continued for the financial year for all tax payers. 7) Transport allowance for salaries employees increased from Rs. 800 to Rs P.M. 8) Limit of deduction of health insurance premium increased from Rs to Rs and for Senior Citizens limit increased from Rs to Rs ) Senior citizens above the age of 80 years who are not covered by health insurance to be allowed deduction of Rs towards medical expenditures. 10) Deduction limit of Rs with respect to specified disease of serious nature enhanced to Rs in case of senior citizen. 11) Additional deduction of Rs allowed for differentlyabled persons. 12) Limit on deduction on account of contribution to a pension fund and the new pension scheme increased from Rs. 1 Lakh to Rs Lakh. 13) Additional Deduction of Rs for contribution to the new pension scheme. 14) Additional investment 15% and additional 35% to new manufacturing units set up during the period to in notified backward areas of Andhra Pradesh and Telangana. 15) Rate of Income Tax on royalty and fees for technical services reduced from 25% to 10% to facilitate technology inflow. 16) Payments to the beneficiaries including interest payment on deposit in Sukanya Samridhi Scheme to be fully exempt. 17) Yoga to be included with in the ambit of charitable purpose under section 2(15) of the Income Tax Act. 18) To mitigate the problem being faced by many genuine charitable institutions. It is proposed to modify the ceiling on receipts from activities in the nature of trade, commerce or business to 20% of the total receipts from the existing ceiling of Rs. 25 Lakh. 19) The limit of domestic transfer pricing threshold limit increased from Rs. 5 Crore to 20 Crore. 20) The PAN has been made mandatory for transactions of Rs. 1 Lakh or more. 21) Section 80JJA amended so as to extent the benefit to all assessees with manufacturing units rather than restricting it to corporate assessees only. Threshold limit reduced from 100 to 50 workmen. It is proposed to abolish Wealth Tax from Assessment Year DISCLAIMER Ludhiana Branch of ICAI is not in any way responsible for the result of any action taken on the basis of views expressed in different articles published in this newsletter. 4 The difference between ordinary and extraordinary is that little extra

5 BRANCH ACTIVITIES OF DURING THE YEAR 2014 SEMINARS 1) 20th February 2014, Seminar on Institutional Trading Platform & Developments on REIT in India. 5 CPE Hours Credit 2) 1st March 2014, Seminar on Section 195 & Amendments in TDS Provisions. 3) 15th March 2014, Seminar on Bank Audits- Raising the Bar. 4) 26th March 2014, Seminar on Companies Act ) 2nd May 2014, One Day Programme on Introduction to Service Tax organized by Indirect Taxes Committee of ICAI and hosted by Ludhiana Branch of NIRC of ICAI. 6) 10th May 2014, Half Day Programme on Companies Act ) 31st May 2014, Seminar on Companies Act ) 7th June 2014, One Day Seminar on Companies Act ) 23rd June 2014, Seminar on Procedural Aspects & Recent Amendments in Punjab VAT Act. 10) 13th July 2014, Seminar on Discussions on Union Budget CPE Hours Credit 11) 24th July 2014, Seminar on Punjab VAT Act 12) 9th August 2014, Seminar on Tax Audit Report. 13) 9th August 2014, Seminar on Women Empowerment and Recent Updates - 14) 1st September 2014, Seminar on Tax Audit Report under section 44AB of the Income Tax Act, ) 4th September 2014, Seminar on Practices on Corporate Governance and Corporate Laws under Companies Act CPE Hours Credit 16) 20th December 2014, Seminar on Wealth Tax. 17) 27th December 2014, Seminar on Recent Changes in E-TDS, online correction & Practical solutions to issue in TRACE. CONFERENCE 1) 1st and 2nd November 2014, 2 days National Conference on Direct Taxes organized by Direct Taxes Committee of ICAI and hosted by Ludhiana Branch of NIRC of ICAI. 1 WORKSHOPS 1) 1st April 2014, Workshop on Bank Branch Statutory Audit-A Step by Step Approach & Commands & r e p o r t s i n C B S Environment. 2) 6th June 2014, Workshop on Companies Act, ) 6th June 2014, Workshop on Recent Amendments in Punjab VAT Act. 4) 30th August 2014, Workshop on Section 195- TDS on payments to Non Residents. 5) 6 t h S e p t e m b e r , Workshop on Tax Audit Report under Section-44AB of the Income Tax Act, ) 6 t h S e p t e m b e r , Workshop on Service Tax Provisions relating to Tax Audit Report and Recent amendments in Service Tax. 7) 12th December 2014, Workshop on Wealth Tax. 8) 13th December 2014, Workshop on Critical and Latest Issues in Concurrent Audit of Banks. 9) 30th December 2014, Workshop on Overview of Negative List Regime & Mechanism of Reverse and Joint Charge. 10) 30th December 2014, Workshop on Place of Provision of Service Rules & Point of Taxation Rules. POST QUALIFICATION COURSE 1) From 26th April 2014 to 26th July 2014, 'Certificate C o u r s e o n Va l u a t i o n ' organized by Corporate L a w s & C o r p o r a t e Governance Committee of ICAI hosted by Ludhiana Branch of NIRC of ICAI. 50 CPE Hours Credit 2) From 31st May 2014 to 15th June 2014, 'Certificate Course on Concurrent Audit of Banks' organized by Internal Audit Standards Board of ICAI hosted by Ludhiana Branch of NIRC of ICAI. 3 3) From 16th July 2014 to 22nd July 2014, 'Certificate C o u r s e o n F o r e n s i c a c c o u n t i n g & F r a u d Detection' organized by Information Technology Committee of ICAI & IT T r a i n i n g h o s t e d b y Ludhiana Branch of NIRC of ICAI. 20 CPE Hours Credit 4) From 11th October 2014 to 7 t h D e c e m b e r , 'Certificate Course on Indirect Taxes' organized by Indirect Taxes Committee of ICAI hosted by Ludhiana Branch of NIRC of ICAI. 20 CPE Hours Credit 5) From 6th December 2014 The only thing that overcomes hard luck is hard work onwards, 'Post Qualification Course on Information Systems Audit organized by Committee on Information Technology of ICAI hosted by Ludhiana Branch of NIRC of ICAI. IT WORKSHOPS 1) On 28th April 2014, IT Workshop on Tally as an Audit Tool. 2) On 16th October 2014, IT Wo r k s h o p o n D a t a O r g a n i z a t i o n a n d Management in Excel. 4 CPE Hours Credit 3) On 16th October 2014, IT Workshop on High Impact Presentation. 4 CPE Hours Credit 4) On 15th November 2014, IT Workshop on E- mail Configuration and Search Engine Optimization. 5) On 17th November 2014, IT Workshop on Training and Demonstration on Capitaline Plus TP Transfer Pricing Database/ Software. 6) On 26th December 2014, IT Workshop on MS Excel- Tool for Financial Analysis. 7) On 26th December 2014, IT Workshop on MS Excel- Tools for Audit - CULTURAL ACTIVITIES 1) Chartered Accountant's Day was celebrated on 1st July 2014 at ICAI Bhawan, Ldh. 2) Independent Day celebrated 15 August 2014 STUDENTS CONVENTION 1) 18th and 19th January 2014, 2 days National Convention for CA Students organized by Board of Studies of ICAI and hosted by Ludhiana Branch of NIRC of ICAI and NICASA. 2) Total no. of Seminar CA Students 12 5

6 DETAILS OF MANAGING COMMITTEE LIST INFRASTRUCTURE COMMITTEE CA. Ashwani Kumar CA. P.K Gupta CA. Deepak Gupta CA. Anup Jain CA. Kawitansh Khanna CA. Vishal Garg CA. Rajiv Dutta CA. Arun Gupta CA. Vikas Giya BRANCH NEWSLETTER COMMITTEE Editor in Chief Editor Co-Editor CA. Dinesh Sharma CA. Vikas Giya COMMITTEE FOR LUDHIANA PERIPHERAL AREA MEMBERS Co- EXTRA-CURRICULAR: SPORTS & SOCIAL ACTIVITY COMMITTEES Co- CA. Dinesh Sharma GMCS/ORIENTATION COMMITTEE Co- Co- GOVT.LIASIONING COMMITTEE Co- Co- Co- Co- Co- Co- MEMBERS GRIEVANCE COMMITTEE Co- COMMITTEE FOR CPT/IPCC/FINAL STUDENTS Co- PUBLIC RELATIONS COMMITTEE Co- ISA & IT COMMITTEE Co- CA. Dinesh Sharma CA. Dinesh Shamra OFFICE CUM BUILDING MAINT & INTERNAL CONTROL COMMITTEE Co- CAMPUS PLACEMENT COMMITTEE Co- CA. Amanjot kaur COMMITTEE FOR MEMBERS IN INDUSTRY Co- 6 If it wasn't hard, everyone would do it. Its the hard that makes it great

7 One Day Seminar for Students on the topic Bank Branch Statutory Audit Seminar on "Career Counseling Programme for CPT Students" Seminar on Bank Audits- Critical Issues & Recent Developments Workshop on Finalization of audit of Companies for FY under Companies Act 2013 & Seminar On Compliances with TDS Provisions at Gobindgarh Club Limited, Mandi Gobindgarh There are no secrets to success. It is the result of preparation, hard work, and learning from failure 7

8 Seminar on Discussions on Union Budget 2015 Editor in Chief : CA. Vikas Giya # , Editor: # , Co-Editor: # The views expressed or implied in the branch newsletter are those of the authors/contributors. Ludhiana Branch of NIRC of ICAI does not accept any responsibility for the views expressed in the contributions or advertisement(s) published in the Newsletter. Disclaimer: The Ludhiana Branch of NIRC of ICAI is not in any way responsible for the result of any action taken on the basis of the advertisement published in the newsletter. The members however may bear in mind the provisions of the code of Ethics while responding to the advertisement. Printed and Published by the Ludhiana Branch of NIRC of The Institute of Chartered Accountants of India. If undelivered please return to:- Ludhiana Branch of NIRC of ICAI, ICAI BHAWAN, Near Silver Oak Gardens, Pakhowal Road, Ludhiana ludhiana@icai.org Website : 8 To achieve what 1% of the worlds population has (Financial Freedom), you must be willing to do what only 1% dare to do..hard work and perseverance of highest order