R.C. JAIN & ASSOCIATES LLP

Transcription

1 R.C. JAIN & ASSOCIATES LLP NEWSLETTER Purpose is an incredible alarm clock Head Office: , The Corporate Centre, Nirmal Lifestyles, L.B.S. Marg, Mulund (W), Mumbai Phone: /91, Website: www. rcjainca.com

2 INDEX 1. Income Tax GST RBI Corporate Law Hunar Haat 18 EDITORIAL TEAM CHIEF EDITOR CA R. C. Jain EDITOR CA Bijal Gajra MEMBERS CA Priyanka Shah Ekta Pamnani Monil Jain Mrunali Chavan Pritha Chandra Sanket Abhale Sidhita Krishnakumar SUPPORT TEAM Ulhas Jain CA Meera Joisher Rohini Veer Mangesh Kolekar Radhika Yadav The contents provided in this newsletter are for information purpose only and are intended, but not promised or guaranteed, to be correct, complete and up-to-date. The firm hereby disclaims any and all liability to any person for any loss or damage caused by errors or omissions, whether such errors or omissions result from negligence, accident or any other cause.

3 DIRECT TAX Income Tax 1. INCOME-TAX RULES, AMENDMENT IN RULE 8AA In exercise of the powers conferred by clause (ii) of the Explanation 1 to clause (42A) of section 2 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: (1) These rules may be called the Income-tax, Rules, (2) They shall come into force from the date of their publication in the Official Gazette. In rule 8AA of the Income-tax Rules, 1962, after sub-rule (3), the following shall be inserted, namely, In the case of a capital asset which became the property of the Indian subsidiary company in consequence to conversion of a branch of a foreign company referred to in sub-section (1) of the section 115JG, there shall be included the period for which the asset was held by the said branch of the foreign company and by the previous owner, if any, who has acquired the capital asset by a mode of acquisition referred to in clause (i) or clause (ii) or clause (iii) or clause (iv) of sub-section (1) of section 49 or sub-section (1) of section 115JG. 2. CLARIFICATION WITH RESPECT TO PARA 10 OF CIRCULAR 3 OF Instructions were issued vide CBDT Circular No. 3 of 2018 dated , to the effect that SLPs/appeals should not be filed in cases where the tax effect does not exceed the monetary limits specified under para 3 of the said Circular. It was also clarified therein that appeal should not merely be filed because the tax effect in the case exceeds the monetary limits prescribed in the said Circular. 2. In Para 10 of the said Circular read with Board's letter issued vide F. No. 279/Misc.142/2007-ITJ(Pt) dated , it has been unambiguously and expressly provided that adverse judgments relating to the following issues should 1 R. C. Jain and Associates LLP

4 DIRECT TAX be contested on merits notwithstanding that the tax effect entailed is less than the monetary limits specified in Para 3 above or there is no tax effect: (a) Where the Constitutional validity of the provisions of an Act or Rule is under challenge, or (b) Where Board's order, Notification, Instruction or Circular has been held to be illegal or ultra vires, or (c) Where Revenue Audit objection in the case has been accepted by the Department, or (d) Where addition relates to undisclosed foreign income/undisclosed foreign assets (including financial assets)/undisclosed foreign bank account. (e) Where addition is based on information received from external sources in the nature of law enforcement agencies such as CBI/ED/DRI/SFIO/Directorate General of GST Intelligence (DGGI). (f) Cases where prosecution has been filed by the Department and is pending in the Court." 3. The direction that appeals be 'contested on merits' in itself implies that there should not be any mechanical filing of appeals in these cases. It is therefore reiterated that the intent of Para 10 of Circular 3 of 2018 is that even on issues mentioned in the said Para, appeals against the adverse judgments should only be filed on merits. 4. The above may be brought to the notice of all concerned. 3. SECTION 194A OF THE INCOME-TAX ACT, 1961, INTEREST OTHER THAN INTEREST ON SECURITIES - TDS IN CASE OF SENIOR CITIZENS 1. It has been brought to the notice of CBDT that in case of Senior Citizens, some TDS deductors / Banks are making TDS deductions even when the amount of income does not exceed fifty thousand rupees. The same is not in accordance with the law as the Income-tax Act provides that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees. (Please refer to the third proviso to sub-section 3 of section 194A) 2 R. C. Jain and Associates LLP

5 DIRECT TAX 2. Under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Director General of Income-tax (Systems) is authorized to specify the procedures, formats and standards for the purposes of furnishing and verification of the statements or claim for refund in Form 26B and shall be responsible for the day-to-day administration in relation to furnishing and verification of the statements or claim for refund in Form 26B in the manner so specified. 3. In exercise of the powers delegated by the Central Board of Direct Taxes (Board) under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Principal Director General of Income-tax (Systems) hereby clarifies that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees. ~ Compiled by Sanket Abhale 3 R. C. Jain and Associates LLP

6 DIRECT TAX Case Laws: 1) Issue Involved: Discount can t be treated as Bogus If Some Customers Denied: ITAT allows Deduction to Developers Mondal Construction Co. Ltd. (Appellant) VS ACIT, Circle-23, Hooghly (Respondent) Gist of the Case: The brief facts qua the issue are that the assessee company is engaged in a trading and development of property and derives its income from the said business. Its filed its return on for the A.Y declaring total income of Rs.80,29,984/- as business income. The case of the assessee was selected for scrutiny and notices u/s 143(2) and 142(1) were issued. 1. In response to these notices, the assessees authorized Accountant appeared on several occasions and filed several details and submissions. Then ld. A.O completed the assessment by passing an order u/s 143(3) of the I.T. Act, 1961, made the addition on account of discount on sale of flat. 2. The Ld. A.O while completing the assessment u/s 143(3) of the I.T. Act, 1961, disallowed Rs.10,99,907- debited by the assessee in its profit and loss account on account of discount on sale of flats, stating that some of the parties whom the discount has been given had informed that no discount received from assessee. Hence, the ld Assessing Officer made addition of Rs.10,99,907/- 3. CIT(A) noted that assessee had debited a sum of Rs.10,99,907/- in the profit & loss account on account of discount on sale of flat. However, the Assessing Officer disallowed the said discount stating that some of the parties to whom the discount had been given, had informed that no discount received from assessee. CIT(A) also noted that the said addition has been made without taking the full details of payment made by the assessee and without giving the assessee the proper opportunity to cross examine the respective parties who denied the receipt of this discount. It also noted that considering the nature of the assessee s business, the Assessing Officer has failed to bring any cogent evidence to show that the 4 R. C. Jain and Associates LLP

7 DIRECT TAX amount debited by the assessee to the tune of Rs.10,99,907/- is bogus Therefore, considering the entirety of facts and circumstances of the case, we delete the addition of Rs.10,99,907/-. In the result, the appeal filed by the assessee is allowed. 2. Issues involved : No Tax relief for sale of Old house if New one purchased in Wife & Daughters Name Shri Hem Chandra R. Gavankar Income tax Officer -21(1)(2) B-305 Athashri Baner VS 2 nd Floor, Piramal Chamber Off. P.K. Shrodd Road Parel, Mumbai Gist of the Case: The brief facts qua the issue are that the assessee sold his old residential property and purchased a new one in the name of his wife and daughter and claimed tax relief under section 54 of the Income Tax Act while filing returns. The Assessing Officer denied the claim of the assessee and assessed 50% of the long-term capital gain at the hands of the assessee. 1. As per Section 54 sub-section (1) of the Act, the capital gain derived by the assessee from the sale of the original asset if invested by him in the purchase of a new asset within the stipulated period would be eligible for deduction under the said provision. 2. The assessee contended that section 54 is a beneficial provision it should be construed liberally and benefit under the section should be allowed to the assessee. It was further submitted that the interpretation of Section 54 and 54F no way suggest that the new house property, wherein, the assessee invested the capital gain has to be purchased in the name of the assessee. According to him, the provision only requires the assessee to invest the capital gain in the purchase of a new house property. 3. The Tribunal noticed the decision of the Bombay High Court in the said case interpreted the said provision and held that for claiming deduction under the aforesaid 5 R. C. Jain and Associates LLP

8 DIRECT TAX provisions the new house property must be owned by the assessee and/or having legal title over the same. 4. Tribunal held that since the purchase of new property/flat is in the name of assessee s wife and adult daughter and not in assessee s own name, the assessee is not eligible to claim deduction under section 54 of the Act. ~ Compiled by Monil Jain 6 R. C. Jain and Associates LLP

9 INDIRECT TAX GST Notifications 1. Notification No. 67/ Central Tax, Dated 31 st December, 2018 Seeks to extend the procedure for completing migration of taxpayers who received provisional IDs but could not complete the migration process till 31 st January, Notification No. 68/2018, 69/2018, 70/ Central Tax, Dated 31 st December, 2018 Seeks to extend the time limit for furnishing the return in FORM GSTR-3B for the newly migrated taxpayers for the period July, 2017 to February, 2019 from December, 2018 to March, Notification No. 71/2018, 72/ Central Tax, Dated 31 st December, 2018 Seeks to extend the time limit for furnishing the return in FORM GSTR-1 (Quaterly and Monthly) for the newly migrated taxpayers for the period July, 2017 to February, 2019 from December, 2018 to 31 st March, Notification No. 73/ Central Tax, Dated 31 st December, 2018 Seeks to exempt supplies made by Government Departments and PSUs to other Government Departments and vice-versa from TDS (Section 51 of CGST Act, 2017) 5. Notification No. 74/ Central Tax, Dated 31 st December, 2018 Seeks to make amendments (Fourteenth Amendment) to the CGST Rules, 2017 such as: The transporter, consignor, consignee, courier agency or e-commerce operator shall not be allowed to generate an e-way bill in case either of the recipient or the supplier has not filed / furnished the GST returns for 2 consecutive tax periods. the signature or digital signature of the supplier or his authorized representative shall not be required in the case of issuance of an electronic 7 R. C. Jain and Associates LLP

10 INDIRECT TAX invoice in accordance with the provisions of the Information Technology Act, 2000 (21 of 2000) and so on. For details kindly refer the below link: 6. Notification No. 75/2018, 76/2018, 77/ Central Tax, Dated 31 st December, 2018 Late filing fee for late filing of GSTR-3B, GSTR-1 & GSTR-4 from July 2017 to September 2018 is waived off if the GST returns which are not filed till date but are furnished between the period from 22nd December, 2018 to 31st March, Late fee for delay in filing of FORM GSTR-3B from October, 2018 onwards shall be: For NIL return - 20 per day (INR 10 CGST and INR 10 SGST) others - 50 per day (INR 25 CGST and INR 25 SGST) 7. Notification No. 78/ Central Tax, Dated 31 st December, 2018 Seeks to extend the time limit for furnishing the return in FORM ITC-04 (in respect of goods dispatched to a job worker or received from a job worker or sent from one jobworker to another) for the period July, 2017 to December, 2018 to 31 st March, Notification No. 24/ Central Tax (Rate), Dated 31 st December, 2018 Seeks to further amend notification No. 1/2017-Central Tax (Rate) dated to change GST rates on goods. For detail kindly refer 8 R. C. Jain and Associates LLP

11 INDIRECT TAX 9. Notification No. 25/ Central Tax (Rate), Dated 31 st December, 2018 Seeks to further amend notification No. 2/2017-Central Tax (Rate) dated to exempt GST on goods. For detail kindly refer Notification No. 27/ Central Tax (Rate), Dated 31 st December, 2018 Seeks to amend notification No. 11/2017- Central Tax (Rate) so as to notify CGST rates of various services. For detail kindly refer Notification No. 28/ Central Tax (Rate), Dated 31 st December, Seeks to amend notification No. 12/2017- Central Tax (Rate) so as to exempt certain services. For detail kindly refer cgst-rate 12. Notification No. 29/ Central Tax (Rate), Dated 31 st December, Seeks to amend notification No. 13/2017- Central Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) such as: Security services (supply of security personnel) provided by any person other than body corporate to a registered person located in the taxable territory is liable to GST under Reverse Charge Mechanism- Effective from 1 January, Services provided by business facilitator (BF) to a banking company, banking company located in the taxable territory is liable to GST under Reverse Charge Mechanism. 9 R. C. Jain and Associates LLP

12 INDIRECT TAX Services provided by an agent of business correspondent (BC) to business correspondent (BC), business correspondent, located in the taxable territory is liable to GST under Reverse Charge Mechanism. 13. Notification No. 04/2018 Integrated Tax, Dated 31 st December, Seeks to amend the IGST Rules, 2017 so as to notify the rules for determination of place of supply in case of inter-state supply under sections 10(2), 12(3), 12(7), 12(11) and 13(7) of the IGST Act, For detail kindly refer ORDERS 1. Order No. 02/2018- Central Tax, Dated 31 st December, 2018 Input Tax Credit on invoices and debit notes pertaining to Financial Year can be availed till the due date of furnishing GSTR-3B for the month of March The same can be availed provided the invoice details are uploaded by the supplier in its GSTR 1 (i.e. the ITC should be reflected in GSTR-2A of the recipient) 2. Order No. 03/2018- Central Tax, Dated 31 st December, 2018 Seeks to extend the due date for furnishing Annual GST return in Form GSTR 9/9A and GST Audit Report in Form GSTR 9C for the period July 2017 to March 2018 till 30 June Order No. 04/2018- Central Tax, Dated 31 st December, 2018 Seeks to extend the due date for furnishing the said statement for E-commerce (GSTR-8) for the months of October, November and December, 2018 shall be the 31st January, R. C. Jain and Associates LLP

13 CIRCULARS INDIRECT TAX 1. Circular No. 82/01/2019 GST, Dated 1 st January, 2019 It has being clarified vide Circular that Period 31st January, 2018 onwards Programs offered by Indian Institutes of Management All long duration programs (one year or more) conferring degree/ diploma as recommended by Board of Governors as per the power vested in them under the IIM Act, 2017 including one- year Post Graduate Programs for Executives. Whether exempt from GST Exempt from GST 31st January, 2018 onwards All short duration executive development programs or need based specially designed programs (less than one year) which are not a Qualification recognized by law. Not exempt from GST For detail explanation, refer 2. Circular No. 84/03/2019-GST, Dated 1 st January, 2019 It is clarified that service of printing of pictures falls under service code : Photographic and videographic processing services and not under : Printing and reproduction services of recorded media, on a fee or contract basis. The service code includes colour printing of images from film or digital media. Further, the service code clearly excludes- colour printing of images from film or digital media. 11 R. C. Jain and Associates LLP

14 INDIRECT TAX Thus, the service of printing of pictures falls under SAC and attracts 18%. 3. Circular No. 85/04/2019 GST, Dated 1 st January, 2019 It has being clarified vide Circular No. 85/04/2019- GST that supply of food and beverage services by educational institution to its students, faculty and staff where such supply is made by the educational institution itself, is exempt. However, such supply of food and beverages by any person other than the educational institutions based on a contractual arrangement with such institution is leviable to 5%. ~ Complied by CA Priyanka Shah and Ekta Pamnani 12 R. C. Jain and Associates LLP

15 RBI 1. RBI/ /86 DBR.No.Ret.BC.10/ / Section 24 and Section 56 of the Banking Regulation Act, Maintenance of Statutory Liquidity Ratio (SLR) As announced in the Statement on Developmental and Regulatory Policies on December 05, 2018, it has been decided to reduce the SLR requirement of banks by 25 basis points every calendar quarter from per cent of their Net Demand and Time Liabilities (NDTL) to (i) per cent from January 5, 2019 (ii) per cent from April 13, 2019 (iii) per cent from July 6, 2019 (iv) per cent from October 12, 2019 (v) per cent from January 4, 2020 (vi) per cent from April 11, RBI/ /92 A.P. (DIR Series) Circular No. 16 Exim Bank's Government of India supported Line of Credit of USD 500 million to the Government of the United Republic of Tanzania 1. Export-Import Bank of India (Exim Bank) has entered into an agreement dated May 10, 2018 with the Government of the United Republic of Tanzania for making available to the latter, a Government of India supported Line of Credit (LoC) of USD 500 million (USD Five hundred million) for the purpose of financing water supply schemes in the Republic of Tanzania. Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under this agreement, goods and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India. 13 R. C. Jain and Associates LLP

16 RBI 2. The Agreement under the LoC is effective from September 18, Under the LoC, the terminal utilization period is 60 months after the scheduled completion date of the project. 3. Shipments under the LoC shall be declared in Export Declaration Form as per instructions issued by the Reserve Bank from time to time. 4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer Category- I (AD Category- I) banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission. 5. AD Category I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain full details of the LoC from the Exim Bank s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai or from their website 6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law. ~ Compiled by Sidhita Krishnakumar 14 R. C. Jain and Associates LLP

17 CORPORATE LAW 1. Companies (Incorporation) Rules, 2018 Draft amendment to rule 8 of the Companies (Incorporation) Rules, 2014 is attached as an Annexure-A to the notice. This amendment intends to bring more clarity to the rules related to name availability by: (i) inclusion of illustrations in the rules; (ii) providing a clear test to determine as to whether the applied name resembles too nearly with the name of an existing company; and (iii) bringing more clarity in the rule related to general names /descriptive names and trademark applicability; 2. Companies (Incorporation) Fourth Amendment Rules, In exercise of the powers conferred by clause (41) of section 2, section 3, sub-section (1) of section 7, section 10A, section 14 and sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Incorporation) Rules, 2014, namely: - a) Declaration at the time of commencement of business-the declaration under section 10A by a director shall be in Form No.INC-20A and shall be filed as provided in the Companies (Registration Offices and Fees) Rules, 2014 and the contents of the said form shall be verified by a Company Secretary or a Chartered Accountant or a Cost Accountant, in practice. Provided that in the case of a company pursuing objects requiring registration or approval from any sectoral regulators such as the Reserve Bank of India, Securities and Exchange Board of India, etc., the registration or approval, as the case may be from such regulator shall also be obtained and attached with the declaration. 15 R. C. Jain and Associates LLP

18 CORPORATE LAW b) Application under sub-section (41) of section 2 for change in financial year-the application for approval of concerned Regional Director under subsection (41) of section 2, shall be filed in e-form No.RD-1along with the fee as provided in the Companies (Registration Offices and Fees) Rules, 2014 and shall be accompanied by the documents mentioned in the amendment. c) Application under section 14 for conversion of public company into private company- An application under the second proviso to sub-section (1) of section 14 for the conversion of a public company into a private company, shall, within sixty days from the date of passing of special resolution, be filed with Regional Director in e-form No. RD-1 along with the fee as provided in the Companies (Registration Offices and Fees) Rules, 2014 and shall be accompanied by the documents mentioned in the amendment. (i) There shall be attached to the application, a list of creditors, debenture holders, drawn up to the latest practicable date preceding the date of filing of application by not more than thirty days. (ii) A duly authenticated copy of the list of creditors and debenture holders shall be kept at the registered office of the company and any person desirous of inspecting the same may, at any time during the ordinary hours of business, inspect, and take extracts from the same on payment of ten rupees per page to the company. (iii)the company shall, atleast twenty-one days before the date of filing of the application advertise in the Form No.INC.25A (iv) Where the Regional Director on examining the application finds it necessary to call for further information or finds such application to be defective or incomplete in any respect, he shall within thirty days from the date of receipt of the application, give intimation of such information, directing the person or the company to furnish such information, to rectify defects or incompleteness and to re-submit such application within a period of fifteen days in e-form No. RD-GNL-5, Provided that maximum of two re-submissions shall be allowed. 16 R. C. Jain and Associates LLP

19 CORPORATE LAW (v) The order conveyed by the Regional Director shall be filed by the company with the Registrar in Form No.INC-28 within fifteen days from the date of receipt of approval along with fee as provided in the Companies (Registration Offices and Fees) Rules, ~ Compiled by Mrunali Chavan. 17 R. C. Jain and Associates LLP

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21 UNFOLDING THE BLINDNESS It usually happens that we don t value all that is gifted to us by the almighty. One of them is our eyes. There are some especially abled children who totally lose their vision at a very young age. Even I have taken birth with somewhat a similar kind of fortune. I was only 9 years old. It was the month of January in 2006 when we all were busy completing our syllabus for our final exams, when I started loosing my vision and this terrified me. I usually had a habit of sitting at the back during those days so that I could study as well as do mischief. But on that day, I could not see anything from my seat and had to come ahead. Within two-three days, I realised that there was a drastic change in my vision. I couldn t see anything even though I came forward. I could not even see the staircases or recognise anybody. By that time, the exams were near and it became the biggest thing of worry for me and my parents. This news had spread among all the teachers and reached the Principal. He called my mother and assured that they would promote me to STD V, but I needed to be taken immediately to hospitals for proper treatment. All my friends, parents and teachers were in a shock.. I wanted to appear for the exams anyhow. On my request, our Principal agreed to appoint teachers for conducting oral examinations especially for me. On the one hand, I was being taken to various clinics and hospitals to know exactly what had happened to me and 19 R. C. Jain and Associates LLP

22 on the other hand, my parents and teachers helped me to prepare for the exams. They used to dictate me the text and explained everything orally. I used to learn and memorise by listening to what they taught. Finally, I managed to complete my exam. All the exams were answered orally by me. The results came in the month of March. I had scored 91% and I was one of the rankers in my class. I gave a sign of relief, but we were still struggling to get a proper reply from the doctors. Finally, we went to Bombay hospital after 2 months where we came to know that I am suffering from Optic Nerve Atrophy - a disease where a person s eyes are normal but the optic nerves are damaged. Thus, there isn t a proper transmission of signals from the eyes to brain implying that the vision is destroyed.but unfortunately, the reason for such a sudden damage couldn t be found. We then went to Sankarnetralaya one of the biggest eye hospitals of Asia where we met expert doctors. They carried out various tests and recommended me to take steroids for 3 months. There isn t any proper treatment for my problem this was the reply by most of the doctors. But by God s grace, my vision could be recovered to some extent. I didn t go to school for about 3-4 months. It is only the Almighty who knows how I managed to overcome this great obstacle. It was only due to the support received from my parents, teachers, some of my true friends and my selfdetermination that I could fight this great hurdle. I remember how I had to wander about to various hospitals. Many of the doctors were even reluctant to treat me. Even our Principal was not allowing me to 20 R. C. Jain and Associates LLP

23 study in the school. He even told me to go to some special school for blind people. Such were the level of hardships which I had to face at such a young age. Nevertheless. I am really thankful to the doctors of Sankarnetralaya and Bombay Hospital who helped me to gain some of my vision. There were some elements that discouraged me, some of my friends who used to taunt me and even tried to cheat me. But I never mind as I know that, if there are some people to make me feel miserable, then there are many more people to guide and encourage me. Ultimately, we could even persuade our Principal Sir to allow me to rejoin the school. That period of 5-6 months was the worst experience of my life. But I am really thankful to God for giving me the divine power to fight and move ahead. I really believe that the divine power is present in each and every soul which becomes the powerful force to overcome the toughest obstacles in the human life. It has been 13 years now..it is still with me and may be, will accompany me till the last breath of my life. You are a part of my life now, you are infact my best friend who will never leave me alone. And I will always be happy with you and move ahead with you. CHALTI KA NAAM HAI ZINDAGI. ~ WRITTEN BY PRITHA CHANDRA 21 R. C. Jain and Associates LLP

24 Allow us to tell you more! R.C. JAIN & ASSOCIATES LLP Chartered Accountants Website: Head Office: Mumbai - Branch Offices: Bhopal - Aurangabad , The Corporate Centre, Nirmal Lifestyle, L.B.S. Marg, Mulund (W), Mumbai rcjainca@vsnl.com Phone: /91, , Plot No. 75 B, First Floor, Above Apurti Supermarket, Near Chetak Bridge, Kasturba Nagar, Bhopal. Madhya Pradesh hmjainca@rediffmail.com Phone: Su-Shobha, Plot No.7, Mitranagar, Behind Akashwani, Near Maratha Darbar Hotel, Aurangabad sskasliwal@gmail.com Phone: