@E-Newsletter February 2017

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1 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA JALGAON BRANCH OF WIRC OF February 2017 Branch Management Committee CA Pallavi Mayur CA Ajay Jain CA Smita Bafna CA Sagar Patni Chairperson Vice-Chairman Secretary Treasurer CA Pankaj Agrawal CA Nitin Zawar RCM CA Shruti Shah Member Imm. Past Chairman Branch Nominee Plot No 10, ICAI Bhawan, Gajanan Colony, Ring Road, Jalgaon Ph Web:

2 Chairperson Desk Respected Members Greeting of the day! I feel privilege to take the charge as the 1 st lady chairperson of Jalgaon Branch, since its formation of 30 Years. Jalgaon is a very vibrant branch of WIRC of ICAI and it is gratifying for me to get an opportunity to address on behalf of the new team of Jalgaon branch and I extend my Sincere gratitude to all the Seniors, past chairman's, colleagues, members for vesting their trust on me and my team. The theme of Jalgaon branch for is Reinvent Ourselves it means Changesomuchsothatitappearstobenew Changes are hard to accept even if they are for good The time demand is to Reinvent Ourselves in terms of our knowledge, our habits, our attitude towards our profession. During the year , the team is committed to conduct Professional seminars and along with that we will try to conduct programs for the members overall fitness. This will include taking Medical camps, motivational Lectures, workshop on Meditation and Yoga, sports activities, etc. Our thrust will also be on enhancing Membership of CPE Study group, Building CA Brand, Making of members Directory, Start e-library, make the website more informative and provide e-news letter to the members, etc We are very happy to have our own CA Nilesh Vikamsey as the President of ICAI and CA Naveen D. Gupta as our Vice President of ICAI. Our WIRC team is headed by CA Vishu Agrawal and his team, under their guidance & support Jalgaon branch is committed to give their best to the members. The year 2016 has been a year of Wonderful memories. For the first time, Jalgaon Branch of WICASA, the students wing has got the National Best Students Association Award, a proud moment for all of us and also, the branch received the 2 nd Best Branch Award and WICASA got Certificate of Appreciation for the year 2016 at Regional level. March we will be celebrating International Women's Day and getting ourselves geared up for Bank Branch Audit via full day seminar. Once again I sincerely thank all the members of CA fraternity and I seek support, guidance and good wishes. Warm Regards CA Pallavi Mayur Chairperson

3 Charge Handover Ceremony

4 Reinvent Ourselves Reinvent Ourselves- The dictionary meaning of Reinvent Ourselves is to Change so much so that it appears to be New Jalgaon Branch theme is apt for The Current Professional Scenario.

5 CA N. S. Doshi 1. Sec. 14A/Rule 8D RECENT DIRECT TXES JUDGEMENTS Assessee s non-interest bearing funds being much more than its investments which have yielded tax free dividend non disallowance u/s. 14A/Rule 8D. Gindwell Norton Ltd., V. Addl. CIT, (2017) 147, DTR, 185 Mumbai ITAT. 2. Income from House property 2.1 While computing ALV of a house property let out by the assessee notional interest on interest free security deposit has to be taken into consideration. Sobha Interiors Pvt. Ltd., V. Dy. CIT, 162, ITD, 267; Bang. 2.2 Property let out in earlier year and vacant for whole relevant year Intended to be let out and not own use. AV to be taken at Rs. NIL. Sec. 23 (1) (c). Informed Technologies India Ltd., V. Dy. CIT, (2017) 54, ITR (Trib) 397, Mumbai. 3. Charitable Trust Where revenue had granted registrations u/s. 12, treating the activities as charitable, merely charging of fee for carrying out such activities would not loose character of charity.

6 4. Capital Gain 4.1 Exemption u/s. 54 Even if an assessee acquires a new house on credit the assessee cannot be denied benefit of deduction u/s. 54 as what is required u/s. 54 (10 is that the cost of new house should be equal to or more than amount of LTCG. Gopal Saran Darbari V. ITO 162, ITD, 342; Delhi. 4.2 Investment in Bods When amount received as advance under an agreement to sell a capital asset is invested in specified bonds, benefit u/s. 54EC is available. CIT V. Subhash V. Supnekar, (2017) 77, Taxmann.com 226 Bombay. 5. Cash Credits 5.1 Assessee furnishing documents to evidence genuineness of transaction and identity and creditworthiness of parties Failure by A.O. to conduct adequate and proper inquiry into materials while invoking Section 68. No addition can be made under section 68. Rajmandir Estates (P) Ltd., V. Principal CIT Kolkata III, (2015) 77, Taxmann.com 285 (SC). CIT V. V/s. Lovely Exports (P) Ltd., (2009) 319, ITR, St.5 (SC). 5.2 Sundry Creditors could not be treated as bogus where corresponding purchases from them were admitted and payments to same. Sundry Creditors continuing from earlier years were accepted by Assessing Officer as genuine payments.

7 ITO V/s. Standard Leather Pvt. Ltd., (2017) 162, ITD (Kol) Penalty u/s. 271 (1) (c) Concealment o Income Furnishing inaccurate particulars of Income satisfaction of AO mandatory A.O. not certain whether he has to proceed on basis that assessee has concealed his Income or had furnished inaccurate particulars of Income. A.O. failed to apply mind at time of issuing penalty notice to assessee. Levy of penalty invalid Sec. 271 (1) (c) and 274. Prince Consultancy (P) Ltd., V/s. Dy. CIT. (2017) 54, ITR, (Trib) 334, Mumbai.

8 CA Benevolent Award Objective The objective for which the fund is established is to provide financial assistance for maintenance, education or any other similar purpose to necessitous persons being:- (a) persons who are or have been members of the Institute, whether subscribers to the fund or not; or (b) wives and children of persons who are or have been members of the Institute, whether subscribers to the fund or not. (c) widows and children of deceased persons who have been members of the Institute whether subscribers to the fund or not. (d) relatives or others who were dependent for support on a person who has been a member of the Institute, whether subscriber to the fund or not; and who has died without leaving a widow or child. Procedure for becoming a member of the CABF : There are two categories of members :- (a)life Member: A single payment of Rs. 5000/- shall make a person eligible to be admitted as a life member of the fund. Thereafter he shall not be liable to pay any amount on account of subscription and shall be styled as a 'Life Member'. (b) Ordinary members: All other members shall be described as 'Ordinary Members' and shall have to pay an annual subscription of Rs. 1000/-. Apart from this any member can subscribe for 'Voluntary Contribution'. Procedure for making payment Membership subscription to the Chartered Accountants Benevolent Fund can be paid along with annual membership fee. Alternatively it can be paid separately by local cheque/dd to the respective Decentralized offices or Regional offices or Head office. Application format The application for enrolment as a member of the fund shall be made in form 'A'.

9 Extent of assistance available : Monthly Assistance Maximum monthly assistance available to a member or persons eligible to receive the assistance is from Rs.4500/- to Rs.7500/- per month according to the circumstances of the use renewable after one year. This is for maintenance of family of members/widow/relatives of deceased members. Financial assistance will be given only to the members/widows/relatives whose monthly family income is not more than Rs /- pm. Ex-gratia financial assistance of Rs /- is provided to the legal heir of deceased member in case of accidental death/ unnatural death at the age below 55 years against claim. Procedure for availing assistance Application for financial assistance should be made in prescribed format along with all relevant supporting documents mentioned therein. The application must be recommended by any Central Council Member or Chairman/Vice Chairman/Secretary of any Regional Council or Branch/ Ex- President/Chairman/Vice-Chairman and Member Secretary/Member of Managing Committee of CABF /Member of Managing Committee of Regional Council.

10 (B) DATES TO REMEMBER 5 TH Service Tax Service Tax Payment by Companies for January. 5 th Central Excise Duty Payment for all assessee other than SSI Units for January 7 th Income Tax TDS Payment for January. 10 th Central Excise Monthly return in Form ER-1 (Ann. 12) for other than units availing SSI exemption for January. Monthly Return in Form ER-2 (Ann. 13) 100% Export Oriented Undertakings for January. Exports-Procurement of specified goods from EOU for use in manufacture of Export goods in Form Ann. 17B for DTA units procuring specified goods from EOU for manufacture of export goods. Proof of Export in Form Ann. 19 once in a month for all exporters, exporting goods under Bond. Exports details in Form Ann. 20 for Manufacturers following simplified export procedure. Removal of excisable goods at concessional rate in Form Ann. 46 for Manufacturers receiving the excisable goods for specified use at concessional rate of duty in terms of the Rules described in col th P.F. P. F. Payment for January (Grace period of five days has been abolished) 21 st ESIC ESIC Payment for January. 21 st MVAT MVAT Monthly Payment and Return for January. Service Tax payment by Companies for March. 28th Central Excise Duty Payment for all assesses other than SSI Units for March. Particulars relating to clearances, electricity load etc. in Form Ann. 4 exceeding the limit of Rs. 90 lakhs of exempted clearance for small scale units availing exemption and whose turnover exceeds or has exceeded Rs lakhs in a financial year, as the case may be. 28 th Professional Tax Monthly Return (Covering salary paid for the preceding months (Tax. Rs. 50,000 or more).

11 Forthcoming Events of March 2017 Date Subjects Speaker 11-Mar-17 Seminar on Taxation of Trust & NGO's 15-Mar-17 Seminar Wome as Multitasker 25-Mar-17 Seminar on Bank Branch Audit CA Suhas Malankar, Mumbai CA Shweta Jain RCM CA PritiSavla, Mumbai, RCM CA AbhijitKelkar, Nagpur, CA KVS Shyamsundar, Mumbai CPE Hours Venue ICAI Bhavan, 10, Gajanan Colony, Ring Road, Jalgaon ICAI Bhavan, 10, Gajanan Colony, Ring Road, Jalgaon ICAI Bhavan, 10, Gajanan Colony, Ring Road, Jalgaon

12 Programes of February 2017

@E-Newsletter January 2017

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA JALGAON BRANCH OF WIRC OF ICAI @E-Newsletter January 2017 Branch Management Committee CA Nitin Zawar CA Pallavi Mayur CA Ajay Jain CA Pankaj Agrawal Chairman