The Institute of Chartered Accountants of India (Setup by Act of Parliament) Pimpri Chinchwad Branch of WIRC of ICAI E-News Letter May 2015

Transcription

1 1 The Institute of Chartered Accountants of India (Setup by Act of Parliament) Pimpri Chinchwad Branch of WIRC of ICAI E-News Letter May 2015

2 2 Table of Contents Sr No Particulars Page No 1 Index 2 2 Office Bearers Chairman Communiqué 4 4 Updates/Notifications/ Circulars/ 5 Events May Circular 6 6 Legal Decision 7 7 Forthcoming Events 8 8 ITT, Orientation Programme, GMCS I & GMCS II Batches Details 9 9 Photographs 10-11

3 3 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

4 4 Dear All Members, I express my gratitude towards all the members 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 is working hard to serve the members & Students in various areas. As in my last communication I had tried to give explain Companies Act Sec 145.In Companies Act. We had taken Seminar on Black Money & Imposition of Tax Bill 2015And Introduction of GST on 23 rd May 2015 Pimpri Chinchwad Branch of WIRC of ICAI Jointly with Pune Branch for the Members & Students. I know a very busy schedule is ahead for the professionals. It is well said by Benjamin Franklin that Without continual growth and progress, such words as improvement, achievement, and success have no meaning. I mean the growth of any entity has many hurdles there will be sudden fall & sudden high the progress is to overcome & to learn about hurdles. 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. Wish you best of Luck CA Prasadh V Saraaf (Chairman), Pimpri Chinchwad Branch of WIRC of ICAI

5 5 Updates/Notification/Circulars/ events May 2015 Income-Tax Returns Revised + Due Date For Filing ROI Extended The Ministry of Finance has issued a press release dated stating that Income Tax Return Forms ITR 1, 2 and 4S have been simplified for convenience of the tax payers. It is also stated that as the software for these forms is under preparation and are likely to be available for e-filing by 3rd week of June 2015, the time limit for filing these returns is also proposed to be extended up to 31st August, 2015 ( ). A separate notification will be issued in this regard. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, as assented by the Hon ble President on 26th May 2015 and as published in the Official Gazette, is available for download The Companies (Amendment) Act, 2015 The Companies (Amendment) Act, 2015, as assented by the Hon ble President on 25th May 2015, and as published in the Official Gazette, is available for download CBDT Circular Regarding TDS From Income Of Organisations Exempt From Tax The CBDT has issued Circular No. 07 dated stating that the CBDT has decided that since corporations covered under Section 10(26888) satisfy the two conditions of Circular No. 4/2002 i.e. unconditional exemption of income under Section 10 and no statutory liability to file return of income under Section 139, any corporation whose income is exempted under Section 10(26BBB) of the Act will also be entitled to the benefit of the said Circular. Hence there would be no requirement for tax deduction at source from the payments made to PIMPRI such CHINCHWAD corporations BRANCH since OF their income is anyway exempted under the Act

6 6 CIRCULAR:- Important CBDT Circular Sets Out Procedure For Speedy Resolution Of Taxpayer s Grievances Regarding Outstanding Tax Demands The CBDT has issued Circular No. 8 of 2015 dated setting out the detailed procedure that has to be followed by taxpayers in response to an arrear demand from the AO. The Ministry of Finance has also issued a press release stating that the said Circular is because the Income Tax Department has taken note of grievances of taxpayers arising on account of outstanding tax demand which may be inaccurate due to non-reporting or delayed reporting of TDS by deductors leading to mismatch between the claim and data available with the Department, non-posting of challans, nondisposal of rectification applications, incorrect details of income or pre-paid taxes reported by taxpayer etc. It is emphasized that the Income Tax Department is committed to early and satisfactory resolution of taxpayers grievances. It is also stated that about 95% of entries of Demand involve demand up to Rs. 1 lakh and about 90% of such assessees are Individuals and HUFs. It is expected that majority of the grievances of small taxpayers can be redressed by following the procedure prescribed in the circular Finance Act 2015 Is Available For Download The Finance Act 2015, as approved by the Hon ble President on 14th May 2015 and as published in the Official Gazette is available for download Click here to download Finance Act 2015 Important Amendments To The Finance Bill 2015 Passed By The Lok Sabha Taxmann has made available the amendments made to the Finance Bill 2015 as passed by the Lok Sabha on 30th April Taxmann has also summarized all the important changes made in the Finance Bill 2015

7 7 Legal Decisions CIT vs. M. M. Aqua Technologies Ltd (Delhi High Court) COURT: Delhi High Court SECTION(S): 43B DATE: May 18, 2015 (Date of pronouncement) DATE: May 27, 2015 (Date of publication) AY: S. 43B Expl 3C: Conversion of outstanding interest into a loan does not amount to an "actual payment" of the interest and so deduction for the interest cannot be claimed In view of the Explanation 3C appended to Section 43B with retrospective effect from , conversion of interest amount into loan would not be deemed to be regarded as actually paid amount within the meaning of Section 43B of the Act

8 8 SR. NO. Date TOPIC SPEAKER CPE VENUE HALF DAY SEMINAR On Principles of International Taxation Including Practical Issues in Certification of Foreign Payments. Organised by Pimpri Chinchwad Branch Jointly with Pune branch of WIRC of ICAI CA.Pramod Shingte CA.Harish Lalwani 4 ICAI Bhawan Pimpri Chinchwad Branch of WIRC of ICAI

9 9 DETAILS OF ITT BATCHES CONDUCTED DURING THE MONTH MAY 2015 SR NO Month START DATE END DATE BATCH NO. NO OF STUDENTS 1 May May DETAILS OF ORIENTATION BATCHES CONDUCTED DURING THE MONTH MAY 2015 SR. NO. Month START DATE END DATE BATCH NO NO OF STUDENTS 1 May DETAILS OF GMCS-1 BATCHES CONDUCTED DURING THE MONTH MAY 2015 SR. Month START DATE END DATE BATCH NO NO OF NO. STUDENTS 1 May DETAILS OF GMCS-2 BATCHES CONDUCTED DURING THE MONTH MAY 2015 SR. NO. Month START DATE END DATE BATCH NO NO OF STUDENTS 1 May May MOCK TEST SERIES CPT & IPCC,FINAL MOCK TEST Sr. No Detail From date End Date No. of Venue Students 1 CPT ICAI Bhawan Pimpri Chinchwad Branch of WIRC of ICAI 2 IPCC ICAI Bhawan Pimpri Chinchwad Branch of WIRC of ICAI 3 Final ICAI Bhawan Pimpri Chinchwad Branch of WIRC of ICAI

10 10 Half day Seminar on New CARO (As Amended by New Companies Act) on 16 th may 2015 CA. Raajnish Desai, Speaker Half Day Seminar on Black Money & Imposition of Tax Bill 2015And Introduction of GST on 23 rd May 2015 Pimpri Chinchwad Branch of WIRC of ICAI Jointly with Pune Branch L To R : CA.Prasadh Saraaf chairman of Pimpri Chinchwad Branch of WIRC of ICAI, receiving memento by Speaker CA.V.T.Thakar,CA.Yashwant Kasar Chairman of Pune Branch

11 11 ANNUAL GENERAL MEETING held on From L to R:- CA.Maheshwar Marathe Secretary & Treasurer,CA.Prasadh Saraaf Chairman Pimpri Chinchwad Branch,CA.Suhas Gardi Vice-Chairman.