Institute of Chartered Accountants of India News letter Navi Mumbai Branch Of WIRC WWW. NaviMumbaica.org Volume 02/11-12 April, 2011

Size: px

Start display at page:

Download "Institute of Chartered Accountants of India News letter Navi Mumbai Branch Of WIRC WWW. NaviMumbaica.org Volume 02/11-12 April, 2011"

Jordan Black
5 years ago
Views:

Institute of Chartered Accountants of India Navi Mumbai Branch Of WIRC WWW. NaviMumbaica.

members shall add them to their dairies to take maximum benefit of the programmes organized by the branch. Managing Committee Chairman CA. S.H. Teckchandani 9833413399 Vice Chairman CA.

Minaxi A. Rachchh 9820898183 Branch Address: VI MUMBAI BRANCH of WIRC F/2,C-3, 2 nd Floor, Near Vijaya Bank Sector 10, Vashi, Navi Mumbai 400-703. Phone No. 022-229095 www.navimumbaica.

1 Institute of Chartered Accountants of India Navi Mumbai Branch Of WIRC WWW. NaviMumbaica.org Volume 02/11-12 April, 2011 Chairman s Communication Dear Professional Colleges, We have planned the calendar of activities for the year, the same has been given in this news letter, hope the members shall add them to their dairies to take maximum benefit of the programmes organized by the branch. Managing Committee Chairman CA. S.H. Teckchandani Vice Chairman CA. Narendra Mangal Secretary CA. Sreekumar Nair Treasurer CA Sameer L. Gavli Members CA. M.V. Mahashabde CA. J. D. Tandel CA. Srikant Limaye CA. Minaxi A. Rachchh Branch Address: VI MUMBAI BRANCH of WIRC F/2,C-3, 2 nd Floor, Near Vijaya Bank Sector 10, Vashi, Navi Mumbai Phone No Amongst, other programmes, we have planned an intensive course/certificate course has been planned on IFRS in the month of June Also, an International RRC is being planned in the month of August Since, we expect a good response for both these programmes and limited seats to offer, we request the members to kindly come forward and register for these programmes at the earliest. For the benefit of the members who are regular in attending the Study courses, we are initiating the payment of annual fees titled as CPE Annual Fees, those members opting to pay this annual fees shall be entitled to attend all the study circles meetings which provide upto 4 CPE hours per programme. This shall encourage members to attend more programmes without being obliged to pay fees for each programme. The detailed announcement and the forms for the purpose of registration have been given in this news letter. All 8 committee members of Navi Mumbai Branch had an opportunity to attend 2 days Orientation Programme for the Office Bearers of the Branch followed by felicitation of the Institute President and Vice President, organised by the WIRC, on the 14 th & 15 th March We had the opportunity to meet the Institute President and put forward our request for obtaining the Branch Premises/Land, he has assured us to do the needful in the matter. Based on the assurance we have from the President, we are looking for options of acquiring an Office premise of about 2500 to 5000 square feet. I appeal to the members to make the possible contribution to the Building fund; the Institute has given us a lot, we need to do our bit. All contributions received shall be published in the news letter, expect in case of request for withholding the name. With Warm Regards, CA. S. H. Teckchandani Chairman

Volume 02/11-12 - 2 - Institute of Chartered Accountants of India From the Editors Desk FOOD FOR THOUGHT We need to understand that thoughts are tools. Are we using them as productively as we can?

2 Volume 02/ Institute of Chartered Accountants of India From the Editors Desk FOOD FOR THOUGHT We need to understand that thoughts are tools. Are we using them as productively as we can? Are our thoughts serving us well, or are we their victims? It's up to us News Profession Tax Notification Notification No. PFT-1011/CR-11/Taxation-3 dated 31 st January, 2011 under the Profession Tax Act, Following changes are effected as per the Notification : With effect from 31 st January, 2011, the Rule 11(2A) is newly inserted. As per the Rule, the employers who are liable to file their profession tax returns on monthly basis are mandatorily upload their monthly returns in electronic mode with effect from 1 st February, 2011 in form IIIB. Rule 11 (a) & (c) are amended and clause (b) is deleted and new clause 11A is inserted. From 1 st April, 2011 the threshold limit and periodicity to file return is changed as given in the following table Profession Tax Liability during the Previous Year Less than Rs. 50,000/- Filing of the Return on yearly basis on or before 31 st March of the year to which return relates. Rs. 50,000 or more An employer obtaining new profession tax registration certificate Required to upload profession tax returns on monthly basis on or before the last date of the month to which return relates. Required to upload returns on monthly basis during the first year of registration. Revised SCHEDULE VI (Section 211 ) of Companies Act (Effective ) Highlights of Revised Schedule VI: (Contributed by CA. Minaxi A. Rachchh) It is applicable to all companies. Accounting Standards prescribed under the Companies Act in addition to that require the disclosure requirements of revised Schedule VI. All disclosures required by Companies Act to be made in notes to accounts. Classification of all assets and liabilities into current and non-current. Net working capital will not be appearing in Balance sheet. Fixed assets to be shown under non-current assets and it has to be bifurcated in to Tangible & intangible assets. Continued...

3 Volume 02/ Institute of Chartered Accountants of India Highlights of Revised Schedule VI: (Continued from above) Long term borrowings to be shown under non-current liabilities and short term borrowings to be shown under current liabilities with separate disclosure of secured / unsecured loans. Period and amount of continuing default as on the balance sheet date in repayment of loans and interest to be separately specified. Finance lease obligations are to be grouped under the head non-current liabilities. Lease deposits to be disclosed as long term loans & advances under the head non-current assets. Definition of current asset and current liability in line with converged IND AS 1 or IAS 1. Lease deposits to be disclosed as long term loans & advances under the head non-current assets. Bank balances in relation to ermarked balances, held as margin money against borrowings, deposits with more than 12 months maturity, each of these to be shown separately. Sundry creditor is named as Trade payables and there is no mention of micro & small enterprise disclosure. Current maturities of long term debt to be disclosed under other current liabilities. Additional Disclosures for the i) Shares held by each shareholder holding more than 5% shares, ii) Reconciliation of no. of Shares outstanding at the beginning and end of the year, etc. Share application money pending allotment is new classification Nature and purpose of each reserve to be stated only for those aggregated under Other Reserves Share Options O/s Account New Classification under the Head Reserves and Surplus. Debit Balance of P&L A/c to be deducted from Reserves & Surplus. Reserve and Surplus balance can be negative. Information under Non Current Liabilities and Current Liabilities are nearly identical as earlier (Secured & Unsecured Loans + Current Liabilities), only the disclosure will be on the Liability side of the Balance Sheet. Investments are to be disclosed as Non Current Investments and Current Investments under heads Non Current Assets & Current Assets respectively. While under Fixed Assets no Accounting treatment is to be made for Foreign Exchange Loss/Gain after acquiring assets from outside India. Dividends proposed to be disclosed separately. Any item of income / expense which exceeds one per cent of the revenue from operations or Rs.1,00,000/- whichever is higher; to be disclosed separately. Expenses in Statement of Profit and Loss to be classified based on nature of expenses. Finance cost shall be classified as interest expense, other borrowing costs & Gain / Loss on foreign currency transaction & translation. Gain / Loss on foreign currency transaction to be separated into finance costs and other expenses. Goods traded in by the company to be disclosed in broad heads in notes. Disclosure of quantitative details of goods is diluted. Turnover of less than Rs.100 Crs Rounded off to the nearest Hundreds, thousands, lakhs or millions or decimal thereof. Turnover of Rs. 100 Crs or more Rounded off to the nearest lakhs, millions or crores, or decimal thereof. More details see link : (Keep the curser above the link and Press Ctrl & click to open link)

4 Volume 02/ Institute of Chartered Accountants of India VI BRANCH OF WIRC OF ICAI FORTHCOMING EVENTS OF THE BRANCH Day & Date Friday Thursday To PROGRAMME/TOPIC VENUE TIMING CPE HRS Issues involved in Transfer Pricing, P.E. and Payments covered u/s.195 NMSA, Vashi Family Picnic Full Day Amendments in Schedule VI of Companies Act,195 Annual General Meeting To be notified Full Day Seminar for Service Tax Intensive Course in IFRS Foundation Day Celebration Emerging Opportunities for Chartered Accountants Tax Audits and Disallowances under Income Tax Acts International RRC Issues involved in Capital Gains Provisions under TDS Set off and carry forward of losses under Income Tax Peer Reviewer s Course Full Day Seminar on Issues involved under income tax, VAT, Service Tax for Construction Industry Assessments, Penalties and Appellate Procedure Full Day Seminar on VAT Audits Issues involved in NMMC Cess Professional Opportunities for detection of Cyber Crime, Frauds under EDP Sports Day Full day on 4 weekends ( & ) To be announced Continued...

5 Volume 02/ Institute of Chartered Accountants of India Day & Date PROGRAMME/TOPIC VENUE TIMING CPE HRS Provisions under RTI Act Students Conference Family Arrangements, HUF and Taxation of Trusts Full day seminar on practical aspects involved in Accounting Standards Tuesday Budget Live Telecast, followed by group discussion thereafter. 2.00pm Budget 2012 Analysis Full Day Seminar on Direct Tax Code Table of Fees applicable for all above programmes Sr. No. Category ICAI - Members ICAI - Students 1. CPE Annual Fees $ (Members opting to pay the annual fees shall be eligible to attend the Programmes with CPE Hours marked $ without payment of any additional fees) Rs.3,000/- 2. Full Day Seminar Rs.1,100/- Rs. 00/- 3. Half Day Seminar Rs. 700/- Rs. 300/- 4. Study Circle Fees per study circle ( $ Fees payable by Members other than opting for payment of CPE Annual Fees) Notes: Rs. 350/- $ 1> All programmed tentative and subject to change. 2> All CPE hours subject to confirmation of ICAI. 3> Please fill in the common enrolment form and register. 4> All programmes open for Spot registration with additional fees of Rs.50/-. 5> Other than ICAI Members/Students fees shall be 1.5 times the above fees. Common Enrolment form (Please print this and Submit along with your cheque) Membership No: /Students Registration No: Member in Practice: Yes / No Name: Co. Name: Address : Pin code Rs.150/- Phone: Mobile: Office: Residence: Payment of Fees towards - programmes organised by Navi Mumbai Branch of I.C.A.I. (Note: Fees payable are non-transferable to other members/students and or programmes by other branches or study circles) 1> CPE Annual Fees Rs. 3,000/- 2> Seminar on the / / (date) Rs. /- 3> Study Circle on the / / (date) Rs. /- 4> on the / / (date) Rs. /- 5> Contribution to Building Fund Rs. /- Total Rs. /- Cheque No: dated / / drawn on bank in favour of Navi Mumbai Branch of I.C.A.I. payable at Mumbai, enclosed. Signature Courier/Mail the cheques to Navi Mumbai branch address given here below

Volume 02/11-12 - - Institute of Chartered Accountants of India Photo Gallery Seminar on the Bank Branch Audit Held on the 19 th March, 2011 From Left to Right CA. Sreekumar Nair, Secretary, CA. S. H. Teckchandani, Chairman and CA.

6 Volume 02/ Institute of Chartered Accountants of India Photo Gallery Seminar on the Bank Branch Audit Held on the 19 th March, 2011 From Left to Right CA. Sreekumar Nair, Secretary, CA. S. H. Teckchandani, Chairman and CA. Narendra Mangal, Vice Chairman Editor: CA Shankar H. Teckchandani - (M) If undelivered Return to ICAI, VI MUMBAI BRANCH. F/2,C-3, 2 nd Floor, Near Vijaya Bank Sector 10, Vashi, Navi Mumbai To,

26 th Regional Conference of WIRC. Revised Schedule VI. CA N. Venkatram 16th December, 2011

26 th Regional Conference of WIRC Revised Schedule VI CA N. Venkatram 16th December, 2011 Agenda Background and Applicability Structure of Revised Schedule VI Points and Issues Comparison with the Existing