BCASNewsletter. Vice-President s Communiqué. Experts LECTURE MEETING PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

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1 For Members only. For Private Circulation only. Price: R10 BCASNewsletter Harnessing Talent and Providing Quality Service A Monthly Newsletter of the Bombay Chartered Accountants Society Vice-President s Communiqué My Dear Members, What an eventful month it has been! The events, their aftermath, unravelling of truths and political rumblings. Just too much has happened in last 30 days since I communicated with you. The terrorist attack on Uri, death of our 18 brave soldiers and the drama thereafter too much has already been said and heard in the matter. India has done well for once in isolating Pakistan which has now been widely seen to be the state sponsor of terrorism. Amongst the various measures under consideration, one is about revoking the water sharing arrangement of more than five decades. Just after the Uri incident and before the surgical strikes, our PM had called a meeting of top officials to discuss how India could review the Indus Water Treaty (IWT) which so far has been generously ensuring life sustaining water to Pak. He has decided to set up a task force to review the IWT. He said blood and water cannot flow together. While one may have a different view on humanitarian grounds as also on other strategic consideration, at times hard times do call for hard decisions. Overall India has done well this time around in not only responding to the attacks but also creating an opinion worldwide, including at the UN, against the nuisance of terrorism and the victory of sort lies in the fact, the world now considers the argument being made by India all along that there is no good or bad terrorism. In all forms terrorism is unacceptable. India has also finally ratified the Paris Climate Change treaty whereby it will have to adhere to certain measures to reduce pollution by the year In fact, India has gone one step further and has also conveyed that it can prepone the usage of hydrofluorocarbons (HFC) before 2026 if the developed world also agree to commit to bring down the same to acceptable levels by that year. The rain-god has been kind by showering all its bounty in equal measures in almost whole of the country. In fact, the monsoon has LECTURE MEETING Vol. 19 No. 07 OCTOBER 2016 Speaker: CA. Hitesh Gajaria Subject: Transfer Pricing Recent developments & controversies Venue: BCAS Hall, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai Day, Date & Time: Friday, 11 th November, 2016, 6.15 pm* *(Fellowship over a cup of tea at pm) (Continued on page 2) PROGRAMMES AT A GLANCE DATE VENUE PAGE NO. Experts Chat - Is BEPS Answer to Tax Planning? BCAS, Jolly Bhavan No.2, New Marine Lines Study Circle On Establishment Of Place Of Business In India BCAS, Jolly Bhavan No.2, New Marine Lines Human Development Study Circle Meeting BCAS, Jolly Bhavan No.2, New Marine Lines Company Law, Accounting & Auditing Study Circle BCAS, Jolly Bhavan No.2, New Marine Lines Two Days Seminar Jointly With ACAA & Hotel Kohinoor Continental, Andheri-Kurla Road, Andheri East.. 04 Seminar On Alternative Fund Raising Options For Corporates Walchand Hirachand Hall, IMC, Churchgate Two Days Seminar On Advanced Excel & Gulmohar, BCAS, New Marine Lines Full Day Workshop On Writing And Drafting Skills ICAI Bhawan, Near MIT College, Aurangabad Days Orientation Workshop For CA Students & BCAS, Jolly Bhavan No.2, New Marine Lines th Intensive Study Course on DTAA...3, 10, 17, 24 December 2016, 7, 14, 28 January Gulmohar, BCAS, New Marine Lines Golden Jubilee Residential Refresher Course (GJRRC) to ITC Rajputana Palace, Jaipur Lecture Meeting Watch, Like, Share, Connect with BCAS Global Experts Speaker: CA. Rashmin Sanghvi in a fireside chat with CA. Sushil Lakhani Subject: Is BEPS answer to Tax Planning? Venue: BCAS Hall, 7, Jolly Bhavan 2, New Marine Lines, Mumbai Day, Date & Time: Wednesday, 19 th October, 2016, 6.15 pm pm been fairly widespread this year throughout the length and breadth of the nation barring very few districts where there has been scanty rains. This augurs well and shall lead to demand push in the economy by increased agricultural produce. This will also have impact on reduced inflation in food items with expectation of bumper crop this year, though it may lead to increase in prices of other commodities due to increased demand. As a matter of fact, it seems that ability to control inflation in the near term has led Monetary Policy Committee (MPC) to reduce the interest rates recently. The new RBI Governor Urjit Patel cut interest rates by 25 bps in his first policy decision. For the first time the policy rate was decided by the MPC a key element in India s move to an inflation targeting policy that also democratizes the process. The 6 member 7, Jolly Bhavan #2, New Marine Lines, Mumbai Tel : ; F : ; bca@bcasonline.org ; Website : ; WebTV : President: Chetan Shah president@bcasonline.org Vice-President: Narayan R. Pasari vp@bcasonline.org Hon. Jt. Secretary: Sunil B. Gabhawalla js@bcasonline.org Hon. Jt. Secretary: Suhas Paranjpe js1@bcasonline.org Hon. Treasurer: Manish P. Sampat treasurer@bcasonline.org OCTOBER

2 (Continued from page 1) MPC framework is on the lines similar to the US Federal OPC. The focus is how quickly the policy rates translate into actual lending rates which the industry is demanding. Besides, there is expectation of another 25 bps cut in early 2017, so that it remains active in infusing liquidity in the banking system as has been the case in recent months. While on the economy more good news have been pouring in regarding possible improvement in ease of business ranking, moderate success of IDS, Government is showing concern in administration of fiscal laws. For once, the Prime Minister himself has voiced concern regarding rising complaints against the Income-tax department. The work on GST is being carried out earnestly at all levels with the GST Council having met twice within three weeks of its constitution. While agreements, disagreements on some issues in federal setup are a given norm, the discussions taking place in all seriousness are visible and heartwarming. At BCAS, we have lined up various programs to educate the members on nuances of the subject. Recently we had a very well attended lecture meeting on GST-Place of Supply Rules addressed by CA. Bhavna Doshi. The concept of place of supply rules is core to the levy of GST just as manufacture and sale were core to Excise and Sales-tax laws. Members are requested to keep watching the Newsletter regularly for more such important programs on the subject. A common refrain one hears from the members of our fraternity is about constraint on time and same not being commensurate with the remuneration earned. It is said that there is no room for success for the overburdened and overworked. You could become an achiever when you do the work, but you become successful when you get the work done by delegation! Look at our human body; it is an amazing example of delegation and its success in keeping us alive. Each part of the body has its own function and that s how the system works as a whole. Imagine if the stomach took over the job of the lungs! It would no longer be able to perform its task of digestion well. This would create a burden on the intestines, and in a spiralling effect, on other organs, leading eventually to the collapse of the entire system. If you are being loaded with other people s work, you need to work on how to move from doing the work yourself to getting the work done. When you help in overseeing the work and getting it done, you have empowered the person to be confident at his job. A confident worker does not pass over his work; he takes pride in doing it himself. When you do someone else s job, you both lose. When we show that confidence in our juniors and article students, we also do the same thereby leaving more time for ourselves to concentrate on more value added work. This also helps in instilling leadership qualities in our juniors and students who are professionals of future as they learn from us. India is a culture where helping people is a social obligation. Professional success evades those who work under obligation. When you master the art of delegation, you not only find yourself shooting towards success, but you also empower others to follow the same course. No matter how much your compulsion is to take on other people s work, resist it. Delegate it. Last Sunday the Society organised a successful full day crash course on a subject of CA Finals (ISCA) which was well attended and benefitted by students. I take this opportunity to wish you a very happy Diwali in advance. Diwali the festival of light signifies victory of good over evil, light over darkness and rekindles the hope. May all beings be enlightened! I will be happy to receive your feedback and suggestions on vp@ bcasonline.org With Best Regards Narayan Pasari RIGHT TO INFORMATION CLINIC Advisory Panel : Hema D. Sampat Clinic Co-ordinator: Mrs. Madhuri Haware Foundation operates a Right to Information (RTI) Clinic on a regular basis. The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI. The RTI Clinic operates on Saturdays from 11 am to 1 pm. The next RTI Clinic days accordingly are 22 nd October 2016 and 12 st, 19 th, 26 th November Please call to obtain a prior appointment. CHARITABLE TRUST CLINIC Advisory Panel : Dr. Gautam N. Shah and CA. Tushar K. Doctor Clinic Co-ordinator: Mrs. Madhuri Haware The next Charitable Trust Clinic will be held on 11 th November 2016 from 5 pm to 7 pm. Chartered Accountants and Trustees interested in having their queries solved are requested to send their queries by to journal@bcasonline.org and call to obtain a prior appointment, latest by noon on the day of the clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc. ACCOUNTS & AUDIT CLINIC Advisory Panel : CA. Sanjeev R. Pandit, CA. Himanshu V. Kishnadwala, CA. Jayesh M. Gandhi Clinic Co-ordinator : Mrs. Madhuri Haware The next Accounts & Audit Clinic will be held on Saturday, 5 th November 2016 from 4 pm to 5 pm. Persons interested in having their queries pertaining to accounting and auditing issues resolved are requested to send the queries by to journal@bcasonline.org one week in advance and call to obtain prior appointment, at least a day before the day of the clinic. Please note that the panel will not answer any queries pertaining to tax issues. ALL THE THREE CLINICS WILL BE HELD IN THE LIBRARY OF THE SOCIETY 2 OCTOBER 2016

3 EXPERTS IS BEPS ANSWER TO TAX PLANNING? Jointly with International Taxation Committee Chairman: CA. Gautam S. Nayak, Co-Chairman: CA. Mayur B. Nayak Convenors: CA. Deepak N. Kanabar, CA. Gaurang V. Gandhi, CA. Rutvik R. Sanghvi Dear Members, The recent news on International tax arena is known to all. The European Commission ruling; that a sweetheart tax deal between Apple and the Irish tax authorities amounted to a huge implication of taxes. As a result of which Ireland has been asked to recover from Apple Euro 13Bn plus interest. Google has also done pretty well at avoiding taxes on foreign profits. Nearly 53% of company profits come from overseas, which would be a hellacious tax bill if it ever came completely due. Google has managed, through a deft series of overseas subsidiaries and tax havens, to shave $3.1 billion off its tax bill over the past three years. These are just a few cases we have heard of recently. What is the story behind them and how has BEPS and Equalization levy taken shape as anti-avoidance measures in the field of International taxation? What will be the effects on: Indian taxation, foreign investors corporate structuring etc.? Well, we can enhance our preview and understand some key aspects on 19 th October 2016 at an interactive chat with CA. Rashmin Sanghvi along with CA. Sushil Lakhani. The chat will be followed by an interactive session with the audience. CA. Rashmin Sanghvi will share his vast knowledge in the area of international taxation with case studies and answer questions of the attendees on the emerging complexities in the field of international tax. The details of the programme are as follows: Day & Date Wednesday, 19 th October 2016 Time 6.15 p.m. to 8.00 p.m. Speakers CA. Rashmin Sanghvi in a fireside chat with CA. Sushil Lakhani Venue 7, Jolly Bhawan No. 2, Opp. Nirmala Niketan, Sir Vithaldas Thackersey Marg, New Marine Lines, Mumbai Topic Is BEPS answer to Tax Planning? The session will be followed by Q & A. Members are requested to occupy their seats well in advance. Members can also send their questions at lm.qna@bcasonline.org Please make it convenient to attend this meeting and actively participate. OCTOBER

4 TWO DAYS SEMINAR JOINTLY WITH AHMEDABAD CHARTERED ACCOUNTANTS ASSOCIATION (ACAA) Dear Member, Seminar Committee is happy to announce two days Seminar jointly with Ahmedabad Chartered Accountants Association (ACAA) on 21 st & 22 nd October 2016 at Hotel Kohinoor Continental, Andheri-Kurla Road, Opp. J. B. Nagar, Andheri East, Mumbai Around 40 members of ACAA are expected to attend. Considering the opportunity of networking as well as gaining knowledge from learned faculties, we decided to accommodate few members from Mumbai on Non-Residential basis. There will be Six Presentation Papers. The details of Subjects & Paper Writers are as follows: - Subject Paper Writer Chairman Penalties under Income Tax Act. CA. Sonalee Godbole CA. Anil Sathe How to read DTAA CA. Mayur Nayak CA. Gautam Nayak Non Resident Taxation CA. Vishal Gada CA. Ameet Patel Transitional Provisions Under GST CA. Mandar Telang CA. Govind Goyal Capital Gains (Special reference to Real Estate Transactions) CA. Bhadresh Doshi CA. Dilip Lakhani Recent Judicial Pronouncements Advocate Sunil Lala CA. Kishor Karia Contribution per Participant for members on Non-Residential basis (Local Member) shall be `4,850/- inclusive of Course Material, Breakfast, Lunch on both the days, Service Tax Contribution towards BCAS Foundation. Considering the limitation of facilities available at the Hotel, maximum 30 members can be enrolled locally. Those interested are requested to enroll at the earliest to avoid disappointment. Members from Ahmedabad are requested to Contact CA. Raju Shah from Ahmedabad (Mobile: ) for enrolment details. For any other details Please Contact CA. Uday Sathaye, Chairman, Seminar Committee (Mobile: ) We trust that you will attend this seminar and benefit from the expert deliberations on the subject by the Learned Speakers. SEMINAR COMMITTEE Chairman: CA. Uday V. Sathaye Convenors: CA. Bharat K. Oza, CA. Mayur B. Desai, CA. Rajeev N. Shah 4 OCTOBER 2016

5 TWO DAYS SEMINAR ON ADVANCED EXCEL Dear Member, Human Development and Technology Initiative Committee is happy to announce two days Seminar on Advanced Excel on 25 th and 26 th November We professionals use MS Excel to varying degrees. Some of us rather struggle while using it whereas some others might be quite proficient and would like to go to the next level. In any case, everyone will agree that the software is an ocean & knowing more and more about it will always help us in our work-life. The learned speaker will cover advanced Excel functions such as Flash Fill, Datedif Function, Goal seek for performing Trial and Error, Scenario Manager for simulations, Alternatives to nested if, If error If na functions, Pivot Tables, Sparklines, Fuzzy lookup add-in, Data Table, Data tables - multi-variable simulation, ASAP Utilities add-in, Table and Table tools and Array Formulas, advance features of Pivot Table etc. Participants can bring their own laptop and practice online during the session. Considering the limitation of facilities available, maximum 30 members can be enrolled locally. Those interested are requested to enroll at the earliest to avoid disappointment. We trust that you will attend this seminar and benefit from the expert deliberations on the subject by the Learned Speaker. Day & Date 25 th and 26 th November, 2016 Time Speaker 9.00 a.m. to 6.00 p.m. CA. Nachiket Pendharkar, CFA Venue Gulmohar, BCAS, Jolly Bhavan No.2, New Marine Lines, Mumbai Fees Member = ` 4,600 Non Member= ` 5,750 (Contribution per Participant is inclusive of Course Material, Breakfast, Lunch on both the days, Service Tax and Contribution towards BCAS Foundation.) Brief Profile of the speaker Nachiket is a Microsoft certified corporate trainer for MS Excel and Excel VBA. He has been a trainer and faculty on the subject including with the ICAI for their FAFP programme where he advises on fraud detection/ prevention tools using MS Excel and MS Access. Nachiket was shortlisted in the top 30% candidates across the world in the Excel ModelOff competition (a global competition on financial modelling using MS Excel) in their 2015 edition. HUMAN DEVELOPMENT AND TECHNOLOGY INITIATIVES COMMITTEE Chairman : CA. Nitin Shingala, Co-Chairman : CA. Mihir Sheth Convenors: CA. K. K. Jhunjhunwala, CA. Nikunj S. Shah, CA. Mukesh Trivedi OCTOBER

6 FULL DAY WORKSHOP ON WRITING AND DRAFTING SKILLS JOINTLY WITH AURANGABAD BRANCH OF WIRC OF ICAI Dear Member, In 21 st Century of ideas and innovations, the cutting edge professional writing and communication skills are a must to achieve a higher level of success in professional career. This workshop aims at enhancing professional writing and Drafting skills for young CAs and aspiring writers who desire to master this vital craft. Day, Date Saturday, 12 th November, 2016, Time 9.00 a.m. to 5.30 p.m. Venue ICAI Bhawan, Near MIT College, Aurangabad. Fees Members `900/- Per Head Non Members `900/- Per Head (Fees includes Service Tax, Course Material, Lunch, Tea /Coffee with Snacks). Faculty CA. Raman Jokhakar: Fundamentals of Professional Writing and Communication Skills. Key considerations in drafting of various Deeds and Documents CA. Anil Sathe : Drafting in Tax Litigation Submissions to Tax Authorities, Appeals and Opinions Key takeaways: Master the art of delivering powerful, clear, and persuasive professional writing/ communication Polish your writing - contemporary business English, common writing pitfalls and self-editing techniques Effective drafting of various tax litigation documents such as submissions, appeals and opinions The participation to the workshop is restricted to only 60 participants. We trust that you will attend this workshop and benefit from the expert deliberations on the subject by the Learned Speakers. HUMAN DEVELOPMENT & TECHNOLOGY INITIATIVES COMMITTEE Chairman: CA. Nitin P. Shingala Convenors: CA. Shreyas Trivedi, CA. Mrinal A. Mehta BOMBAY CHARTERED ACCOUNTANTS SOCIETY - STAFF CONTACT DETAILS Sr. No Name Role ID Direct Line 1 Ms. Mamta Varma Member Relations Executive Membership, Imprest, Publications and Online Payments mrd@bcasonline.org Mr. Manoj Lokhande, Front Desk Executive Enrollments and Collections frontoffice@bcasonline.org Mr. Prakash Palsamkar, Front Desk Executive Enrollments and Collections frontoffice@bcasonline.org Mr. Javed Siddique, Events Manager Co-ordinator for Lecture meetings, Seminars, Workshops & Residential Courses em1@bcasonline.org Mr. Bilal Ansari, Asst. Event Manager Co-ordinator for Lecture meetings, Seminars, asst.em2@bcasonline.org Workshops & Residential Courses 6 Ms. Reema Pawar, Events Executive Co-ordinator for meetings and study circles at BCAS office asst.em1@bcasonline.org Mr. V. K. Sharma, Journal & Newsletter Production km@bcasonline.org Knowledge Manager 8 Ms. Madhuri Haware, Journal & Newsletter Production asst.km@bcasonline.org Asst. Knowledge Manager 9 Ms. Rathi Nair, Secretary to President Executive Assistant sp@bcasonline.org Mr. Upendra Hisaria, Office Manager General Office Administration om1@bcasonline.org Ms. Jyoti Malkani, General Manager Escalations and all other matters not mentioned above. gm@bcasonline.org OCTOBER 2016

7 FULL DAY SEMINAR ON ALTERNATIVE FUND RAISING OPTIONS FOR CORPORATES JOINTLY WITH THE CHAMBER OF TAX CONSULTANTS With global economies becoming volatile in the wake of stagnation in the west, slowdown of a major neighbouring economy, unpredictable commodities, inflation and resultant increase in cost of funds, especially in emerging markets, it is the time for corporates to revisit its fund raising options. In the International market, funds are cheaper owing to higher level of money supply. This creates the need for establishing financing in the right combination, from perspectives, the cost as well as tenor of funds. Opening up of global markets have eased the flow of international funds significantly. This has created a pool of domestic and international capital with varying risk profiles (equity, debt or convertibles) available to be invested in higher return providing economies like India. Corporates need funding in the form of long gestation funds for capital expenditure or infrastructure development, or for relatively shorter gestation for working capital requirements etc. With the traditional sources of funding becoming expensive and unattractive, owing to higher return expectations with stable inflation rates, it has given rise to an opportunity of opening the vista of alternative fund raising options. The role of raising funds has never been so important as it is today in the dynamic and highly competitive markets. And this seminar has been organised with a view to consider these vital aspects. The seminar will be extremely useful for all sizes of Corporates, Merchant Bankers, Private Equity Firms, Wealth Managers & other Financial and Capital Market intermediaries. It will also be fruitful for Chartered Accountants, Advocates and other professionals dealing with Financial matters. Day, Date & Time Friday, 25 th November 2016 Time 9:00 a.m. to 5:00 p.m. Venue Walchand Hirachand Hall, Indian Merchants Chamber, Opp. Churchgate Railway Station, Mumbai Fees ` 2,200/- (Inclusive of Service Tax, course materials, lunch & refreshments) Sr No. Topics Speakers 1. Keynote Address Mr. Nimesh Shah, MD and CEO, ICICI Prudential AMC 2. Understanding the Need and Purpose of Fund Raising (For Working Capital, Asset Financing, Acquisitions, Expansions, Repayment of Past Liabilities) Taking Decision on most appropriate structure. 3. Fund Raising through Equity, Private Equity, Venture Capital, Preference Shares or any other such products - Understanding the Issues, Negotiation Skills, threats and Documentation 4. Fund Raising through various Fixed Income Securities, Structured Products, Debt Products with or without put and call options, understanding the advantages and disadvantages of listing Mr. Abizer Diwanji, Partner and National Leader, Financial Services, Ernst & Young LLP Mr. Bhavesh A. Shah, Managing Director, Investment Banking, JM Financial Inst Ltd. Mr. Amit Tripathi, Head Fixed Income Investment, Reliance Mutual Fund 5. Raising Finance in foreign currencies - Advantages and Disadvantages Mr. N. S. Venkatesh, Executive Director Laxmi Vilas Bank, Chennai CORPORATE & ALLIED LAWS COMMITTEE Chairman : CA. Kanu Chokshi Convenors: CA. Kinjal Shah, CA. Manish Reshamwala & CA. Preeti Oza Programme Co-ordinator: CA. Harsh Dedhia OCTOBER

8 2 DAYS ORIENTATION WORKSHOP FOR CA STUDENTS Dear Member, HDTI Committee is pleased to organise two day s orientation workshop for the new CA students. Objective of the Workshop To orient articled students with the emphasis on practical working on important subjects of their studies. Subjects include Direct & indirect taxes, corporate laws, accounting & auditing etc. To guide them on practical working including E filling under various laws. Workshop is specially designed for the new articled students. Benefits to students and to Members: Students will be oriented on practical aspects to handle various assignments including audits, Returns, computations under various laws. The workshop will guide to sharpen their skills. They may handle the assignment effectively and represent the firm with confidence. Details of the programme are as follows: Topic Two Days Orientation Workshop for CA Students Day, Date & Time Thursday, 8 th & Friday, 9 th December 2016 from 9.30 a.m. to 5.30 p.m. Venue BCAS, 7, Ground Floor, Jolly Bhavan 2, New Marine Lines, Mumbai Fees ` 1,500 + Service Tax 15% i.e 225= ` 1,725. ( Fees include Morning Snacks, Lunch, afternoon Tea /coffee & Study Material) Speaker Topic CA. Atul Bheda CA. Kewal Shah Effective Articleship Indirect Taxes CA. Pankaj Tiwari Companies Act, 2013 CA. Zonobia Kagzi CA. Mukesh Trivedi Adv. Jignesh Shah CA. Anand Paurana CA. Kinjal Shah Accounts and Audit Direct Taxes Film appreciation selected speeches of Palkhiwala Practical working around Tally Working on Excel We request members to encourage the new articled students in their firm to register and also allow them to attend this programme. You will appreciate that they will immensely benefit by attending this very important programme which in result will enable them to perform better in the office. Kindly circulate this to all the Articled students in your firm. HUMAN DEVELOPMENT AND TECHNOLOGY INITIATIVES COMMITTEE Chairman : CA. Nitin Shingala, Co-Chairman : CA. Mihir Sheth Convenors : CA. Mukesh Trivedi, CA. K.K. Jhunjhunwala & CA. Nikunj Shah 8 OCTOBER 2016

9 17 TH INTENSIVE STUDY COURSE ON DOUBLE TAX AVOIDANCE AGREEMENT BCAS flagship study course on DTAA is very useful for any professional aspiring to practice international tax Indispensable for new entrants to the field; Practitioners can update themselves with the latest developments on DTAA / International Tax. The 17 th batch of the Intensive Study Course on Double Tax Avoidance Agreement (DTAA) would be held from 3 rd December 2016 to 28 th January Day & Date To be held on Saturdays - 3 rd, 10 th, 17 th and 24 th of December 2016; 7 th, 14 th and 28 th of January Time 9.00 a.m. to 6.00 p.m. Venue Gulmohar, BCAS, Jolly Bhavan No.2, New Marine Lines, Mumbai Fees Early Bird till 2 nd November 2016 After 2 nd November 2016 Member Non Member Member Non Member ` 9,250 ` 10,975 ` 11,550 ` 13,275 Lectures taken by experts in International tax Practical and informative. Around 28 lectures in all covering each article of DTAA. Special emphasis on features like Force of Attraction, Most Favoured Nation, GAAR and Triangular Cases Based on the UN / OECD Model Double Tax Convention. Classroom style learning Test on completion of the course. INTERNATIONAL TAXATION COMMITTEE Chairman: CA. Gautam Nayak Co-Chairman: CA. Mayur Nayak Convenors: CA. Deepak N. Kanabar, CA. Rutvik Sanghvi, CA. Gaurang Gandhi Workshop Co-ordinator: CA. D. S. Sharma STUDY CIRCLE EVENTS Committee Topic Day, Date & Time Venue Speakers International Taxation Committee Establishment of Place of Business in India-Branch, Liaison Office, Project Office & Agency Tuesday, 18 th October 2016, from 6.15 p.m. to 7.45 p.m. BCAS, 7 Jolly Bhavan No. 2, Ground Floor, New Marine Line, Mumbai BCAS, 7 Jolly Bhavan No. 2, Ground Floor, New Marine Line, Mumbai BCAS, 7 Jolly Bhavan No. 2, Ground Floor, New Marine Line, Mumbai Group Leader - CA. Hinesh Doshi Human Development and Technology Initiatives Committee Introduction to Management Concepts in Acharya Chanakya s Arthashastra Monday, 24 th October, 2016 from 6.15 p.m to 8.00 p.m Facilitator - Mr. Mahendra Garodiya Accounting and Auditing Committee Ind AS 16 - Property Plant and Equipment, Ind AS 40 - Investment Property and Ind AS 38 - Intangible Assets (Along with effects on Preparation of Ind AS Opening Balance Sheet) Tuesday, 25 th October, 2016, from 6.15 p.m. to 8.15 p.m. Group Leader - CA. Anand Bathiya Please block your dates for Forthcoming Study Circle Meetings of Accounting and Auditing Committee Date Topic Group Leader 16 th November, 2016 Ind AS 21 - The Effects of Changes in Foreign Exchange Rates, Ind AS 23 - Borrowing Costs and Ind AS 17 - Leases (Along with effects on Preparation of Ind AS Opening Balance Sheet) 30 th November, 2016 Ind AS 2 - Inventory, Ind AS 12 - Income Taxes and Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets (Along with effects on Preparation of Ind AS Opening Balance Sheet) CA. Sanjay Chauhan Eminent Speaker 14 th December, 2016 Ind AS 18 - Revenue and Ind AS 11 - Construction Contracts Eminent Speaker We trust that you will attend the above study circle meetings and benefit from the expert deliberations on the subject by the group leader. OCTOBER

10 BCAS WEB TV Lecture Meeting on Development in Accounting Standard Under IGAAP & Ind AS Practical Issues by CA. Amarjit Chopra, held on 14 th September 2016, is available on BCAS Web TV. Subscribe Now!!! Particulars Total Charges* Ordinary, Life and Associate of Corporate Membership R 690 Journal R 690 Non-members R 690 Students *Inclusive of Service Tax. WEB TV service complimentary with annual subscription. Payment can be made by cheque/dd payable at par in Mumbai in favour of Bombay Chartered Accountants Society. You can also pay by cash/credit card at the payment counter of BCAS Office. If you have an Imprest Account, then you can instruct us to adjust the subscription through the Imprest Account. The rates are subject to change based on notification from time to time. 10 OCTOBER 2016

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13 BCAS ON THE WEB As you are aware that at present, our various events, circulars & representations etc. are available for your reference on our website. Similarly Videos, Photos, Announcements etc. related to Past/Forthcoming Events & Monthly updates in respect of President s/ Vice-President s Message are also uploaded on BCAS Social Media. You can view all the BCAS Updates through the following links created for the purpose. BCAS Website: BCAS website is an online knowledge portal for disseminating knowledge, developing skills & enlightening on the current developments through our series of events, lecture Meetings etc. 1 Online services: Members can make online payments for various services like membership fee, events enrolment, publications, renewal fee, subscription fee etc. 2 Forthcoming Events: The Forthcoming Events give the awareness about the upcoming events such as study circles, lecture meetings, seminars, workshops, camps etc. 3 Thought Mailers: Thought mailers are the independent views expressed by the Authors on the Social, Educational & Professional aspects etc. 4 RTI: Right to Information (RTI) is a voluntary initiative by BCAS Foundation to help in filing the RTI petition. 5 Annual Reports: The Annual Reports include Annual Financial Statements, Details of Managing Committee, BCAS Publications, Thought Mailer Contributors, Events Videos and Auditors Reports etc. since Financial Year Referencer: Referencer is the compilation of various topics on Accounting & Finance, Acts & Regulations and Circulars etc. compiled by experts in the respective fields. 7 E-Book: E-Book is a softcopy of the publications uploaded on the Website. 8 Publications: It contains the list of BCAS as well as other publications. 9 Newsletters: The Newsletter is a monthly circulation to BCAS Members containing the Vice-President s communique & various programs of the Society. 10 Circulars: These are the circular issued by ICAI/RBI/Government of India/Government of Maharashtra etc. 11 Representations: Representations are the part of the escalations/grievances/suggestions etc. on the Circulars/Notifications issued on Tax & Finance matters etc. 12 NEFT Details: NEFT details are meant for online money transfer for Membership Fees, Journal Subscription, WebTV Subscription, Events Registration, Publications etc. 13 Enrolment Forms: Enrolments forms are required for the purpose of registration under Events/Membership/Other Subscriptions/BCAS Hall etc. 14 Careers: This is the placement portal for organisations for their manpower requirements 15 Seminar & Course Materials: This link contains the presentations & study/course material on different events held by BCAS. 16 News & updates: News & Updates are the source of latest information & updates on BCAS Activities. E-Journal: Monthly E-Journal is the reflection of hard copy of the Journal printed & dispatched to the Members & Journal Subscribers on Monthly basis. WebTV: WebTV is the online portal to watch past event videos online. Social Media 1. Facebook: All the Forthcoming/Past events Photos & Announcements are posted here. 2. Twitter: The monthly updates including President s & Vice-President s message are updated here. 3. YouTube: Past Lecture Meetings videos are posted here. 4. LinkedIn: President s & Vice-President s message are updated here on monthly basis. You can join the below mentioned LinkedIn groups for your independent views. BCAS - Domestic Taxation, BCAS - International Tax, BCAS - VAT, BCAS - Infotech for Accountants, BCAS - Practice Management BCAS - XBRL, Global Chartered Accountants, BCAS - Service Tax, BCAS GST, BCAS - IFRS Make use of the above links on our website to get latest updates. OCTOBER

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16 MEMBERSHIP FEES FOR FY One time Amount in ` Life Membership 10000* Yearly Life Membership with Journal 10000* 1200 Journal Subscription 1200 Ordinary Membership Fees (including Journal Subscription) ICAI Member on or after ICAI Member prior to Amount in ` Entrance Fees 500* 1000* Annual Fees 1500* 1500* Corporate Membership Fees Amount in ` Entrance Fees 5000* 3 years membership fees for nominating 2 associate Members 10000* Additional associate member for 3 years 6000* Entrance Fees is not payable in case of Renewal *denotes subject to service tax at rates applicable from time to time. Student Membership Fees Amount in ` 1 year 2 years 3 years Fees include e-journal, web TV subscription, study Circle & discount on selected events. (Fees are inclusive of service tax) For enquiries you may please contact BCAS office at: or write to us at mrd@bcasonline.org ADVERTISE IN BCAS JOURNAL ADVERTISEMENT RATES:- Cover (Multicolor) Fourth cover ` 30,000/- Third cover ` 25,000/- Second cover ` 25,000/- Inside Pages: Full (Multicolor) ` 17,500/- Full (B & W) ` 8,000/- Half (B & W) ` 5,000/- Quarter (B & W) ` 3,750/- Get benefit of reaching out to subscribers across the country 5% Discount for 6 insertions 10% discount for 12 insertions For enquiries you may please contact BCAS office at: or write to us at gm@bcasonline.org 16 OCTOBER 2016

17 BCAS FOUNDATION The BCAS Foundation was formed on 23rd May 2002 and is registered as a Public Charitable Trust under Bombay Public Trust Act, 1950 and is also registered under Section 12AA of Income-tax Act. The principal activity of the Foundation is to apply its income and the corpus to various public charitable purposes such as relief of poor, education, medical relief, rural development and other object of general public utility. BCAS Foundation has always been a pioneer in funding projects on disaster management in the country. It had undertaken the task of rebuilding the schools destroyed by various natural calamities. The initial rebuilding of school after the Gujarat earth quake was undertaken by BCAS as at that time BCAS Foundation was not in existence. The BCAS Foundation had undertaken the task of rebuilding of school at Puducherry which was destroyed by Tsunami, rebuilding of Subhashnagar School in Gopeshwar at Uttarakhand which also received the award from HUDCO. For the Chennai Floods, it has donated ` 5 lacs to Ramakrishana Math for participating in school building construction by them. The BCAS Foundation regularly participates with the Dharma Bharati Mission in its project Chalo English Sikhaye which was started in the year and contributes in teaching conversational English and imparting values to children from vernacular medium schools and Municipal schools. Almost 20 schools (mostly vernacular medium schools) are covered by this project during One of the major activities of BCAS Foundation today is the RTI Clinic. Late Mr. Narayan Varma who was an active RTI activist and one of the founder trustees of the Foundation was vigorously pursuing this activity. BCAS has been organising regular RTI clinics at its premises since many years providing free guidance to any citizen, intending to make a RTI application. The RTI Clinic operates on Saturdays from 11 a.m. to 1 p.m. Volunteers, Mrs Hema Sampat and Mr Kamlesh Shah regularly come and provide guidance to citizens. Citizens who participate in the clinic feel that the guidance was good and useful. Various people put forward their queries and find that the meeting with the co-ordinators are satisfying and informative. The BCAS Foundation has also been a supportive of the Go Green initiative and since past few years has taken up the Tree Plantation program at Dharmpur District, Valsad - Gujarat. Like every year this year too the program received excellent response and trees were planted for captive plantations on the farmer s field which would generate income for them in future. On 27 th August 2016 BCAS Foundation organised Blood Donation Drive jointly with Tata Memorial Hospital which received a good response. We whole heartedly thank all people who came forward to participate in this noble cause and also the team of experts from Tata Memorial Hospital for their time and efforts. OCTOBER

18 18 OCTOBER 2016

19 Enrolment form overleaf... OCTOBER

20 RENEWAL OF BCAS MEMBERSHIP / JOURNAL SUBSCRIPTION MEMBERSHIP / JOURNAL SUBSCRIPTION DUE FOR RENEWAL FOR PLEASE RENEW YOUR MEMBERSHIP / SUBSCRIPTION AT THE EARLIEST TO AVOID CANCELLATION REMIT YOUR MEMBERSHIP/ SUBSCRIPTION BY CHEQUE / DEMAND DRAFT FAVOURING BOMBAY CHARTERED ACCOUNTANTS SOCIETY PAYABLE AT PAR IN MUMBAI OR NEFT PLEASE QUOTE YOUR MEMBERSHIP NUMBER / SUBSCRIPTION NUMBER ENSURE YOU RECEIVE THE BCA JOURNAL WITHOUT INTERRUPTION 20 OCTOBER 2016

21 USE OF BCAS HALL BY MEMBERS FOR EDUCATIONAL PURPOSES It is the objective of the Society to disseminate knowledge in the fields of Chartered Accountancy. The managing committee has decided to make BCAS Hall available to members for their in-house staff training at a nominal cost. The Hall is well equipped with screen, projector and audio systems. We believe that this will be an added membership benefit and will enable members, especially the start-ups, small and medium practices to arrange staff training at BCAS premises. The Application cum Undertaking form for the said use is given below and soft copy may be downloaded from the BCAS Website. We hope that you will use this additional feature of your BCAS membership. BOMBAY CHARTERED ACCOUNTANTS SOCIETY 7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai Application cum Undertaking Form FOR USE OF BCAS HALL The Office Manager, Bombay Chartered Accountants Society, Mumbai BCAS Membership No: Name (Mr. /Ms.) id: Mobile No: Name of the Organisation Date:../ / I wish to organise a training event in the field of Chartered Accountancy for my organisation as detailed below: Day Date Time Seating Style Expected Gathering (Theatre/Classroom)...Nos. Topic: Brief Description of the Event: Time Slot Preference: [Subject to availability] Time Slot Timings Tick 1 st Slot Half Day 9.00 am to 1.00 pm 2 nd Slot Half Day 1:30 pm to 5:30 pm Full Day 9:00 am to 5:30 pm I am enclosing the hire charges& deposit towards the same. Details as follow: Details By Cash/ Cheque No. Dated Bank Name Amount HIRE CHARGES DEPOSIT (Refundable) I have read, understood the terms and conditions on the reverse and agree to abide by them. Signature of Member For office use Receipt no:... Date:. Amt.`... Towards Deposit Receipt no:... Date:. Amt. `....Towards Hire charges Date: Prepared by Verified by OCTOBER

22 Terms and Conditions 1. BCAS Hall can be used for educational purpose in the field of Chartered Accountancy by a Member only and in accordance with the policy of the Society and for no other purposes either directly or indirectly or for commercial purpose. 2. The hall usage is made available by the BCAS to facilitate education of its members in the field of chartered accountancy at nominal cost/charge. The current charges are as under, till any revision: TIME Slot Amount * 1 st Slot 2 nd Slot Half Day ` 7, am to 1.00 pm 1.30 pm to 5.30 pm Full Day ` 15, am to 5.30 pm Deposit ` 10,000 a. Above rates are subject to service tax / GST as applicable. b. Hall can be booked only 45 days prior to the date of educational event subject to availability except Sundays and BCAS Holidays. c. Combined capacity of the hall is about 90 people in theatre style seating and 50 people in classroom style. d. Refund of security deposit will be after 10 working days from the date of the event. 3. Any member wishing to make reservation for use of the BCAS Hall for the purpose stated in point 1 above should pay such charges and deposit 100% in advance. 4. Extension of time will strictly be subject to availability and there being no booking for next session and solely at the discretion of BCAS. Extension beyond 8.00 pm will not be permitted. ` 1,500 will be levied for every additional hour or a part thereof. 5. The Society reserves the right to accept or reject any application. 6. In case of cancellation of booking by members, a letter in writing duly signed by the member has to be received, 25% of the Hall charges will be deducted, in such case and balance will be refunded in 15 working days. In case of cancellation of booking by BCAS office, the entire amount will be refunded. 7. It is not permitted to stick any papers, balloons, pictures etc. on the wall, ceiling or curtains. In case of any damage caused to the property of the Society, the BCAS will have the right to recover compensation for such damages or disfiguration out of the refundable deposit. 8. The vehicle/s of the visitor/s to the BCAS Hall will not be permitted to be parked in the Jolly Bhavan Society premises. The use of the Hall is solely at the risk of the member and BCAS does not undertake any obligation for any loss or damage to the member or other persons attending such event. Members are advised to take care of their valuable and belongings at all times, and BCAS shall not be responsible for any loss thereof 9. Facilities Facilities included in booking charges. Full Hall Over Head Projector Fixed Screen Fixed Podium with Microphone Tea / Coffee (Once per slot) Tables Chairs Facilities not included Food & Other Beverages Handouts, photo-copy, folders, stationery Computers and Laptops. Strictly, no cooking / heating is permitted inside the BCAS premises. Only packed food can be served. 10. This application should be submitted to- The Office Manager, BCAS, Jolly Bhavan 2, New Marine Lines, Churchgate, Mumbai Contact: By Order BCAS 22 OCTOBER 2016

23 FROM RBI Contributed by : Gaurang V. Gandhi The Reserve Bank of India has issued the following 2 Notifications Notification No. FEMA 5(R)/2016-RB dated September 8, 2016 CORRIGENDUM G.S.R. 389(E) dated September 8, 2016 Foreign Exchange Management (Deposit) Regulations, 2016 By a Corrigendum dated September 8, 2016 published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i), the following changes have been made to Notification No. FEMA 5(R)/2016-RB relating to Foreign Exchange Management (Deposit) Regulations, 2016: - Paragraph 6(3) of Schedule I has been substituted as under: - Loans outside India - Authorised dealers may allow their branches/correspondents outside India to grant loans to or in favour of non-resident depositor or to third parties at the request of depositor for bona fide purpose against the security of funds held in the NRE accounts in India and also agree for remittance of the funds from India, if necessary, for liquidation of the outstanding. Previously, third party loans could be given for bona fide purpose except for the purpose of relending or carrying on agricultural / plantation activities or for investment in real estate business. With this amendment restriction on user of funds has been removed. Notification No. FEMA 375/2016-RB dated September 9, 2016 Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Thirteenth Amendment) Regulations, 2016 This Notification states that Schedule 1, in Annex B, Paragraph F.8 Notification No. FEMA. 20/2000-RB dated 3rd May 2000 will be substituted as under: - F.8 Other Financial Services Financial Services activities regulated by financial sector regulators, viz., RBI, SEBI, IRDA, PFRDA, NHB or any other financial sector regulator as may be notified by the Government of India. 100% Automatic F.8.1 Other Conditions i. Foreign investment in Other Financial Services activities shall be subject to conditionalities, including minimum capitalization norms, as specified by the concerned Regulator/Government Agency. ii. Other Financial Services' activities need to be regulated by one of the Financial Sector Regulators. In all such financial services activity which are not regulated by any Financial Sector Regulator or where only part of the financial services activity is regulated or where there is doubt regarding the regulatory oversight, foreign investment up to 100% will be allowed under Government approval route subject to conditions including minimum capitalization requirement, as may be decided by the Government. iii. Any activity which is specifically regulated by an Act, the foreign investment limits will be restricted to those levels/ limit that may be specified in that Act, if so mentioned. iv. Downstream investments by any of these entities engaged in "Other Financial Services" will be subject to the extant sectoral regulations and provisions of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, as amended from time to time. OCTOBER

24 Registered with the Registrar of Newspapers for India under R.N /98 Regd. No. MCS/093/ Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1 Published on 15th of every month Posted on 15th & 16th of every month BCAS Study Circles Study Circle No. Subject Fee Tick your choice here Study Circle No. Subject Fee Tick your choice here I Direct Tax Laws 460* VI Human Resource Development 460* II Indirect Tax Laws 460* III Company Law, Auditing & Accounting 460* IV FEMA 460* V Information Technology 460* VII ITF 1,150* VIII BCAS Suburban Study Circle 690* IX International Economics 1,150* X Students Study Circle 230* * Inclusive of Service Tax of 15% Seminar Two Days Seminar Jointly with Ahmedabad Chartered Accountants Asscn.(ACAA) & R4,850/- per member on non-residential basis Full Day Seminar on Alternative Fund Raising Options for Corporates R2, Two Days Seminar on Advanced Excel & Member...R4, Non Member..R. 5, Workshop 2 Days Orientation Workshop for CA Students & R1, Full Day Workshop on Writing and Drafting Skills Member...R Non Member...R Combined Enrolment Form Study Course Double Tax Avoidance Agreement...3, 10, 17, 24 December 2016, 7, 14, 28 January Till 2 nd November 2016 : Member :...R Non Members : R10, After 2 nd November 2016 : Member :...R Non Members : R13, Study Circle Study Circle on Establishment of Place of Business in India Human Development Study Circle Meeting Company Law, Accounting and Auditing Study Circle Name :... Address : Mobile :... Age :...Gender :...(M/F) BCAS Memb. No. :... Tel. (O) :... Tel. (R) :... Fax :... Name of Company/ Firm... Choice of food (wherever applicable)...jain...veg...non Veg... Cash/Draft/Cheque no.... Drawn on...bank, Dated... for an amount of r... is enclosed. Date :... (Signature) Please fill in the above form and send the same to the Society s office along with requisite payment. Please mention your name and membership number on the reverse side of the local cheque/at par cheque/demand Draft. The Cheque/DD will be in the name of Bombay Chartered Accountants Society. Your participation will be confirmed only after the realization of payment at BCAS, for which a receipt will be provided for your reference. Kindly note that the cash counter timings are from am to 5.30 pm on Monday to Friday and am to 1 pm on Saturday. The lunch time is 1.30 pm to 2 pm Members are requested to co-operate in this regard. Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed. Edited, printed & published by Anil Sathe on behalf of Bombay Chartered Accountants Society, Mumbai Printed at Spenta Multimedia Pvt. Ltd., Mumbai OCTOBER 2016