E-News Letter February 2015

Transcription

1 The Institute of Chartered Accountants of India (Setup by Act of Parliament) Pimpri Chinchwad Branch of WIRC of ICAI 1 P a g e

2 Dear All Members, To begin with, I would like to express my gratitude towards all the members who trusted in me and embedding the faith and confidence to stand as The Chairman of Pimpri Chinchwad branch. I would like to place on record my sincere appreciation and thanks to all my colleagues in the Managing Committee and you all, for the confidence reposed upon me as a Chairman of the Branch for the year ahead.., I, Like my predecessors would work very diligently for the benefit of the profession. The branch was inaugurated by the auspicious hands of our then President CA.K.Raghu on 26th November 2014.I especially thanks to all the Central council Members, Regional Council Members of ICAI. Friends I am proud to mention here that because of team work and unity of our Managing Committee Members we have won Certificate of Appreciation from Central Level in medium Category. We have also won Certificate of Highly Commendable Performance in Medium received from Regional Level of ICAI. We had won Certificate of Highly Commendable Performance in Medium Category for WICASA from Regional Level ICAI. I would like to congratulate the immediate Past Chairman, CA. Baban Dangle for his outstanding performance in getting Certificate of Appreciation & Certificate of Highly Commendable Performance. Congratulate to all our managing committee members, Regional Council Members, Central Council Member and to the entire Members and Students fraternity for their whole hearted involvement in all Branch activities and programs without which it was not possible to achieve this great accomplishment. I know a very busy schedule is ahead for the professionals. It is well said by Benjamin Franklin that An Investment in Knowledge Always Pays the Best Interest. I mean the key of knowledge help us to get success in our life & I would like to wish everyone all the success.. Various CPE programme was conducted by the branch for the members. The forthcoming event is designed for members &students surely there are benefit for the future purpose. I hereby on behalf of all the members promise you a year full of knowledge and enhancement. As I conclude my communication, I leave you with these striking lines of Henry Ford Coming together is a beginning; keeping together is progress; working together is success. Wish you best of luck, CA Prasadh V Saraaf (Chairman), Pimpri Chinchwad Branch of WIRC of ICAI 2 P a g e

3 Table of Contents Sr No Particulars Page No 1 Chairman Communiqué 2 2 Index 3 3 Office Bearers (Out Going) 4 4 Office Bearers (UP Going) 5 5 Updates/Notifications/Circulars/Events Forthcoming Events Details of OP/GMCS-I/II P a g e

4 OUT GOING MANAGING COMMITTEE MEMBERS ( Year ) CA.Baban S.Dangale Chairman CA.Santosh Sancheti Vice Chairman CA.Prasadh V.Saraaf Secretary CA.Pankaj Patni Treasurer CA.Manojkumar Agarwal Immediate Past Chairman CA.Suhas Gardi Managing Committee Member CA.Maheshwar M.Marathe Managing Committee Member CA.Kishor Gujar Managing Committee Member 4 P a g e

5 MANAGING COMMITTEE MEMBERS (Year ) CA.Prasadh Saraaf Chairman CA.Suhas Gardi Vice Chairman CA.Maheshwar Marathe Secretary & Treasurer CA.Baban Dangale Immediate Past Chairman CA.Manojkumar Agarwal Past Chairman CA.Kishor Gujar Managing Committee Member CA.Santosh Sancheti Managing Committee Member CA.Pankaj Patni Managing Committee Member 5 P a g e

6 Budget 2015: Download Finance Bill 2015 The Finance Bill 2015, as introduced in the Lok Sabha today , is available for download CBDT Clarification Circular On Scope Of S. 40(a)(i) TDS Disallowance The CBDT has issued Circular No. 3/2015 dated in which it has issued a clarification regarding the expression amounts not deductible under section 40(a)(i) of the Income-tax Act, The CBDT has referred to its earlier Instruction No. 02/2014 dated and clarified that for the purpose of making disallowance of other sum chargeable under section 40(a)(i) of the Act, the appropriate portion of the sum which is chargeable to tax under the Act shall form the basis of such disallowance and shall be the same as determined by the AO having jurisdiction for the purpose of section 195(1) of the Act CBDT Circular on Non-Chargeability of Interest U/s 234A On S. A. Tax The CBDT has issued Circular No. 2/2015 dated on the issue of chargeability of interest u/s 234A of the Income-tax Act, 1961 on self-assessment tax paid before the due date of filing the return of income. CBDT Lays Down Procedure for Launching Prosecution For TDS/ TCS Default The CBDT has issued a document titled Standard Operating Procedure for Prosecution in Cases Of TDS/ TCS Default. The SOP sets out in a systematic manner the procedure for identification of cases of TDS/ TCS default, the procedure for launching prosecution and the time frame for completing the entire process. The role of the different TDS authorities in addressing the issue of prosecution and compounding of TDS cases is also set out in detail 6 P a g e

7 Rashmikant Kundalia vs. UOI (Bombay High Court) COURT: Bombay High Court SECTION(S): 234E DATE: February 6, 2015 (Date of pronouncement) DATE: February 9, 2015 (Date of publication) AY: - S. 234E: The late filing of TDS returns by the deductor causes inconvenience to everyone and s. 234E levies a fee to regularize the said late filing. The fee is not in the guise of a tax nor is it onerous. The levy is constitutionally valid The late submission of TDS statements means the Department is burdened with extra work which is otherwise not required if the TDS statements were furnished within the prescribed time. This fee is for the payment of the additional burden forced upon the Department. A person deducting the tax (the deductor), is allowed to file his TDS statement beyond the prescribed time provided he pays the fee as prescribed under section 234E of the Act. In other words, the late filing of the TDS return/statements is regularised upon payment of the fee as set out in section 234E. This is nothing but a privilege and a special service to the deductor allowing him to file the TDS return/statements beyond the time prescribed by the Act and/or the Rules. We therefore cannot agree with the argument of the Petitioners that the fee that is sought to be collected under section 234E of the Act is really nothing but a collection in the guise of a tax 7 P a g e

8 Live Screening of Union Budget 2015 CA.Prakash Pamnani is expressing their views to members in Group Discussion on Union Budget P a g e

9 : - Sr. No Date & Topics Speakers CPE Hrs Half day Seminar on Analysis of Union Budget, 2015 Jointly with Pune branch. 1. Direct Taxes 1. CA. Girish Ahuja 2. CA. Ashok Batra 4 2. Indirect Taxes Group discussion on state budget 2015(No public meeting) 1.CA.Maheshwar Marathe 2. CA.Suhas Gardi Full day Seminar on Bank Branch Audit 1. Non-Performing Assets (Provisioning Norms) 2. Verification of Advances under CBS Environment 3. Expectations of Central Statutory Auditors from Branch Auditors 4. Long Term Audit Report & Certifications Seminar on Precautions before Audit under Companies Act Secretarial Compliance 2. Statutory Records (Minutes, Resolution) 3. CSR 1.CA. Suresh Mehta 2. CA. Chintamani Deshpande 3. CA. Prashant Tidke 4. CA. Prashant Tidke 1.CS. Mahesh Athawale 2.CS. Anagha Anasingaraju 3.CA.Kusai Goawala P a g e

10 DETAILS OF ORIENTATION BATCHES CONDUCTED DURING THE MONTH FEB.2015 SR. NO. Month START DATE END DATE BATCH NO NO OF STUDENTS 1 Feb Feb SR. NO. DETAILS OF GMCS-1 BATCHES CONDUCTED DURING THE MONTH FEB.2015 Month START DATE END DATE BATCH NO NO OF STUDENTS 1 Feb DETAILS OF GMCS-2 BATCHES CONDUCTED DURING THE MONTH FEB SR. NO. Month START DATE END DATE BATCH NO NO OF STUDENTS 1 Feb P a g e