NEWSLETTER VASAI BRANCH OF WIRC. The Institute of Chartered Accountants of India T E A M. September 2014

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1 The Institute of Chartered Accountants of India VASAI BRANCH OF WIRC T E A M NEWSLETTER T ogether E veryone Achieve More Happy Navratri

2 PHOTO - GALLERY Felicitation of WIRC of Office Bearer 2014 held on 24th August 2014 (L-R) : CA. Sumeet Doshi (Committee Member Vasai Br.), CA. Vimal Agarwal (Committee Member Vasai Br.), CA. Dayaram Paliwal (Chairman WICASA Vasai Br.), CA. Shruti Shah (Secretary WIRC), CA. Anil Bhandari (Chairman-WIRC), CA. Kishor Vaishnav (Chairman Vasai Br.), CA. Girish Kulkarni (Treasurer WIRC), CA. Umesh Mestry (Vice Chairman Vasai Br.), K.B.Kothari (Committee Member Vasai Br.) CA. Kishor Vaishnav (Chairman Vasai Br. of WIRC) Presenting Bouquet to CA. Anil Bhandari (Chairman WIRC) CA. Umesh Mestry (Vice Chairman-Vasai Br.) Felicitating CA. Shruti Shah (Secretary WIRC) CA. Vimal Agarwal (Committee Member Vasai Br.) Felicitating CA. Girish Kulkarni (Treasurer WIRC) Felicitation of Hon ble Vice-President of ICAI 31st August 2014 (L-R) : CA. Sumeet Doshi (Committee Member Vasai Br.), K. B. Kothari (Committee Member Vasai Br.), CA. Umesh Mestry (Vice Chairman-Vasai Br.), CA. Vishnu Agarwal (RCM), CA. Shruti Shah (Secretary WIRC), CA. Kishor Vaishnav (Chairman-Vasai Br.), CA. Manoj Fadnis (Vice President-ICAI), CA. Tarun Ghia (CCM), CA. Sandeep Jain (RCM), CA. Dayaram Paliwal (Chairman WICASA Vasai Br.), CA. Vimal Agarwal (Committee Member Vasai Br.) CA. Kishor Vaishnav (Chairman-Vasai Br.) Felicitating CA. Manoj Fadnis (Vice President-ICAI) CA. Manoj Fadnis (Vice President-ICAI) Presenting Bouquet to CA. Harshit Changoiwala 4th Ranker in CA Final WICASA Team Presenting Bouquet to CA. Manoj Fadnis (Vice President-ICAI) CA. Manoj Fadnis (Vice President-ICAI) Visited at Vasai Branch Office 2 The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter

3 CHAIRMAN S COMMUNICATION This is one of the most holy months in the Indian calendar. By the time you receive this Newsletter we will have already wished each other Ganpati Bapa Morya and Micchami Dukkadam and would be preparing for the upcoming Navratri and Dussehra festivals. I extend my wishes for these festivals to all Members, Students and their families while at the same time ask everyone to imbibe the spirit of wisdom, righteousness and forgiveness as extolled by these festivals. It was an honour for the branch to felicitate Honorable Vice-President, ICAI- CA. Manoj Fadnis. I would also like to thank CA. Tarun Ghia -Central Council Member on the occasion of Inauguration session at Orientation Programme for Newly Qualified Chartered Accountants. We have also felicitated New WIRC Office Bearer CA Anil Bhandari as Chairman, CA Shruti Shah as Secretary & Branch Nominee and Girish Kulkarni as Treasurer at the Awareness Programme on Financial Reporting Review Board organized by Committee of Financial Reporting Review Board of ICAI and hosted by Vasai Branch under the guidance of CA. Nilesh S. Vikamsey & CA. Nihar N. Jambusaria Central Council Members wherein more than 150 Members participated and graced the occasion. Branch also conducted Seminar on Investor Awareness Programme highlighting the Phases of Market up trends & down trends and many more. We had organized Quiz & Elocution Contest, wherein huge number of students whole heartily participated and graced the occasion by contributing their knowledge and understanding. Branch also successful conducted Seminar of Tax Audit wherein CA Tarun Ghia, Central Council Member enlighten subject knowledge on Recent Developments, Amendment in Form No. 3CA/ 3CB & Form No. 3CD, E-filing of Tax Audit Report, Date for filing tax audit report- date of filing return of income to more than 250 participants. It is for the first time that Vasai Branch also supported to Committee for Member in Industry in the Campus Placement Programme for Newly Qualified Chartered Accountants, wherein Eight candidates were selected by Deloitte Haskins & Sells LLP. This Placement Programme of the Institute provides an excellent opportunity to the recruiters to peruse the particulars of a large number of Chartered Accountants, interview and recruit the suitable ones in their organisation. The scheme provides an opportunity both to employing organisations as well as the young professional aspirants to meet and explore the possibility of having a mutually beneficial relationship. This is to inform you that WIRC Reference Manual is available at the Branch office. This year s WIRC reference Manual is very different with T E A M the theme Thinking Above and beyond. I am sure you would like to preserve your copies to the earliest. Letter of Assessment of various Assessees in Thane Range disallowance of claim of purchase submitted to CCIT from branch (copy of same is attached herewith). Forthcoming Programme We, have always been taking several initiatives including providing academic inputs in the form of Study Material, Practice Manual, Suggested Answers, RTPs, etc., so that students can prepare well for the examinations. With a view to further encourage the students to evaluate their preparation for the examination, Branch is conducting Mock Test for IPCC & Final level students. Branch has also scheduled School Level Debate Competition, The purpose of this debate competition is to create awareness among the students about their career and the various options available to them as choice of career. This would also help the students in personality development and improving communication skills. It would also be an endeavor to sensitize the students with the issues related to the topics, and create awareness on societal and other national concerns. Certificate Course on Indirect Taxes are schedule in October month which focus as on key area such as Overview of indirect taxes, value added tax, central excise duty, customs duty, service tax, GST and Foreign Trade Policy, We request you to take advantage of the said course by early enrolment. Certificate Course on Concurrent Audit - The Internal Audit Standards Board of the ICAI is pleased to offer Certificate Course on Concurrent Audit of Banks to enable members to understand the intricacies of Concurrent Audit of Banks. By undergoing this Certificate Course you will be able to hone your skills in carrying out internal check of the transactions and other verifications and compliance with the procedures laid down. We request you to take advantage of said course by early enrolment. With Warm Regards CA Kishor Vaishnav MANAGING COMMITTEE CA. Kishor Vaishnav Chairman CA. Umesh Mestry Vice-Chairman CA. Preksha Jain Secretary & Treasurer CA. Dayaram Paliwal CA. Ramanand Gupta CA. K. B. Kothari WICASA-Chairman Imm. Past Chairman Committee Member CA. Vimal Agarwal CA. Sumeet Doshi CA. Shruti Shah Committee Member Committee Member WIRC-Nominee EDITORIAL BOARD Editor : CA. Kishor Vaishnav Joint Editor : CA. Vimal Agarwal CA. Unmesh Narvekar, CA. Haresh Mehta, CA. Pramod Dhamankar, CA. Hemant Shah, CA. Haresh Kenia, CA. Lalit Munoyat, CA. Kamal Dhareva, CA. Preeti Agarwal, CA. Rajesh Utkur, CA. Sanjay Paharia. The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter 3

4 FORTHCOMING - PROGRAMMES FORTHCOMING PROGRAMMES FOR MEMBERS Date Seminar on Timings Venue Speakers Co-ordinators Fees CPE 7th Sept 2014 Seminar on Tax Audit am to 1.00 pm Free 3 Hrs New Zaika, Opp. Venkatesh, Bhayandar (West) CA. Tarun Ghia CA. Dayaram Paliwal CA.Vimal Agarwal CA. Deepak Bansal CA. Sandip F. Jain th Sept 2014 Seminar on Tax Audit 4.00 pm to 7.30 pm Hotel Kubera, Vasai (West) CA. Avinash Ravani CA. Umesh Mestry CA. K.B.Kothari CA. Lalit Bajaj CA. Xavier Rajan C A. Ja g a deesh Deva dig a CA. Anadi Bhase Free 3 Hrs 11th Oct 2014 to 23rd Nov 2014 (Every Sat & Sun) Certificate Course on Indirect Taxes 9.30 am to 5.30 pm Amruta Building, Indralok Phase-II, New Golden Nest Road, Bhayandar (East) Eminents CA. Umesh Mestry CA. Vimal Agarwal CA. K. B. Kothari ` 15000/- 70 Hrs 27th Dec 2014 to 11th Jan 2015 (Every Sat & Sun) Certificate Course on Concurrent Audit of Banks 9.30 am to 5.30 pm Amruta Building, Indralok Phase-II, New Golden Nest Road, Bhayandar (East) Eminents CA. Dayaram Paliwal CA. Preksha Jain CA. Sumeet Doshi ` 12500/- 36 Hrs ANNOUNCEMENT It has been decided to grant extension to students, who were registered for practical training on or after 1st May, 2012 and completed one year of their practical training but not completed the GMCS-I Course, are required to complete GMCS-I Course latest by 31st December, The above students are advised to register at the portal or contact the nearest Regional Council/Branch for registration on GMCS-I Course and complete the same at the earliest but not later than 31st December, Director, Board of Studies Seminar on Tax Audit Day & Date Saturday, 13th Timing 4.00 p.m. to 7.30 p.m. (Followed by Dinner) Venue Hotel Kubera, Vasai Road (W) Fees Free Speaker CA. Avinash Ravani Programme Chairman CA. Kishor Vaishnav Co-Ordinators CA. Umesh Mestry CA. K. B. Kothari CA. Lalit Bajaj CA. Xavier Rajan CA. Jagadeesh Devadiga CA. Anadi Bhase CPE 3 HRS 4 The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter

5 FORTHCOMING - SCHEDULE Certificate Course on Concurrent Audit of Banks CPE 36 HRS Organized by : Internal Audit Standard Board of the ICAI Hosted By : Vasai Branch of WIRC of ICAI Venue Vasai Branch of WIRC Amruta Building, Indralok Phase II, New Golden Nest Road, Bhayander ((E) Day & Date 27th Dec 2014 to 11th Jan 2015 (Every Sat & Sun) Timing 9.30 am to 5.30 pm Participation Fees ` 12500/- Payable by Cheque/DD in favour of Secretary, ICAI payable at Delhi Course Chairperson CA. Jyoti Singh Secretary, Internal Audit Standards Board Course Director CA. Kishor Vaishnav Chairman Vasai Branch of WIRC Course Co-ordinators CA. Dayaram Paliwal CA. Preksha Jain CA. Sumeet Doshi For Registrations /01 Date 27-Dec Dec Jan Jan Jan Jan-15 Certificate Course on Indirect Taxes Venue Day & Date Timing Participation Fees Course Chairperson Programme Schedule Particular Inaugural Session Legal and Regulatory Frame work, KYC norms & Obligation of banks under Prevention of Money Laundering Act (PMLA 2002) Negotiable Instrument Act, 1881 Effective Concurrent Audit Diligence Reports for Banks Loans and Advances, Book Debts and Stock Audit, Banker Panel Discussion (GMs of Banks to Address) Concurrent Audit Procedures FOREX & TRADE Fraud Detection, Classification and Reporting, Discussion on Case Studies on Frauds Occurred in Banking Industries Treasury and Investment Function Part I Treasury and Investment Function Part II Prudential norms on Income Recognition, Assets Classification and Provisioning pertaining to Advances Implementation of Basel Capital Regulatory Requirements in India. Disclosure Requirements Audit in CBS Environment Software Usage in Banks CBS Demonstration Objective Assessment Organized by : Indirect Taxes Committee Hosted By : Vasai Branch of WIRC of ICAI Vasai Branch of WIRC Amruta Building, Indralok Phase II, New Golden Nest Road, Bhayander (E) 11th Oct 2014 to 23rd Nov 2014 (Every Sat & Sun) 9.30 am to 5.30 pm ` 15000/- Payable by Cheque/DD in favour of Secretary, ICAI payable at Delhi CA. Surbhi Jain Secretary, Indirect Taxes Committee Course Director CA. Kishor Vaishnav Chairman Vasai Branch of WIRC Course Co-ordinators CA Umesh Mestry CA. Vimal Agarwal CA. K.B. Kothari For Registrations /01 CPE 70 HRS Date Area Topics 11-Oct-14 General Covering overview of Indirect Taxes Opportunities in Practice or Employment-Indirect taxes/ Overview of Indirect Taxation in India Constitution related taxation Aspects of Constitution aspects Excise Introduction of Excise Law 12-Oct-14 Custom Introduction to Custom Law Foreign Trade, SEZ and Refunds Foreign Trade Policy Duty drawback and Export Promotion Schemes under Foreign Trade Policy like SEZ, Refund under Exports of Goods for Service tax 18-Oct-14 Service Tax Levy of Service Tax and Negative List, Declared Services (With Recent Case Law, Notification and Circulars) Major Exemptions including Mega Exemption Notification / Abatements (With Recent Case Law, Notification and Circulars) 19-Oct-14 Service Tax Service Tax Rules,1994 (Rule by Rule) and Reverse Charge and Joint Charge (With Recent Case Law, Notification and Circulars) Point of Taxation Rules and (Rule by Rule) (With Recent Case Law, Notification and Circulars) 01-Nov-14 Service Tax Place of Provision of Service Rules (Rule by Rule) (With Recent Case Law, Notification and Circulars) Determination of Value Rules 2006 (With Recent Case Law, Notification and Circulars) 02-Nov-14 CENVAT CENVAT Credit Rules both excise/ Service tax (With Recent Case Law, Notification and Circulars) 08-Nov-14 CENVAT CENVAT Credit Rules with Practical Illustration and Case Service Tax Studies Interest, Penalties, and Appellate Procedure (Refer Material of One day Course) 09-Nov-14 Service Tax Handling Show Cause Notice, like analysis of show cause notice, drafting reply of show cause notice, preparation of evidences, etc. Introduction to Suggested Service Tax Audit Format for Preparedness of Desk Review and Audit Under Service tax 15-Nov-14 Service Tax Case Study on Practical Review of Learning 16-Nov-14 Service Tax Mock Tribunal Works Contract Tax Introduction of Works Contract, Applicability of VAT and Service tax on Works Contract 22-Nov-14 Central Sales Tax Introduction, Levy and Principal State VAT law Programme Schedule of CST Introduction, Levy and Principal of VAT (State Law relevant to State where program is being organized) 23-Nov-14 GST Introduction, Levy and Principal of GST The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter 5

6 RECENT CASE LAWS & OTHER DEVELOPMENT/AMENDMENTS Compiled by CA. Hemant R. Shah Amendments & other developments: 1) Due date for filing Tax Audit Report for A.Y extended to 30/11/2014 CBDT extended due date for furnishing Tax Audit Report U/s 44AB of the Income Tax Act, 1961 for A.Y from 30/09/2014 to 30/11/2014 in case of assessees who are not required to furnish Report U/s 92E of the Act. The Order is silent about the extension of due date for filing Returns. As we are all aware that the Audit Report needs to be furnished first before filing income tax returns for audit assesses. However, the CBDT Order remains unclear on this subject. Schema will be available at the website of Income Tax Department within a couple of days with the facility to import already filled data in the previous utility. It is further clarified that the Tax Audit Report (TAR) U/s 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid TAR furnished U/s 44AB of the Act. F.No.133/24/2014-TPL 2) CBDT Notifies norms for compulsory Scrutiny of cases in F.Y The CBDT has issued Instruction No.6 of 2014 dated 02/09/2014 and announced the procedure and criteria for compulsory manual selection of cases for scrutiny for F.Y The guidelines appear to have been issued pursuant to the direction of the Delhi High Court in Joginder Pal Gulati vs. OSD CPIO 3) CA Community Files PIL against Revised Tax Audit Report in Delhi & Other HCs CBDT has vide notification no.33/2014 dated 25/07/2014 revised the format of Tax Audit Report (TAR) to be furnished U/s 44AB of the I.T.Act w.e.f. 25/07/2014 and vide Order No.F.No.133/24/2014- Dated 20/08/2014 extended the due date of filing (TAR) to 30/11/2014 but kept the due date of Income Tax Return (ITR) unchanged to 30/09/2014, which has created lot of confusion amongst the professionals and taken away the relief provided by CBDT vide extension of due date of TAR. Tax Community has demanded the following from CBDT, which has not got any response or clarification till date:- 1. Defer the Implementation of Revised Tax Audit Report to A.Y in view of mid-year release of TAR and further delay in release of Utility. 2. If above is not possible, atleast extend the due date of ITR on the lines of TAR to 30/11/ Even if CBDT considers deferring The Revised TAR extension of ITR to 30/11/2014 due to lot of time loss in making efforts towards implementation of revised TAR and in view of mid- year release of TAR and further delay in release of Utility. Tax Community and professionals have made the above demands also to Elected Representatives, CBDT and Finance Ministry by writing on social media, Websites, giving written representation and sending to all the concerned authorities but all such efforts failed to gain any result. Further many tax professionals has also commented on Face book page of ICAI President CA. K. Raghu requesting to make presentation to concerned authorities for extension of due date of ITR and also questioned the benefit from extension of due date of TAR without extension of due date of ITR, which has not elicited any response from him till yesterday. In view of the same some of the members of ICAI has decided to fight the issue of extension of due date of TAR without extension of TAR due date on their own and filed an appeal in Delhi high Court on Friday 5th vide Mahesh Kumar & Co. vs. UOI and Others in Court no.2 of Hon ble Mr.Justice Badar Durrez Ahmed and Hon ble Mr. Justice Siddharth Mridul. Writ Petition was listed for Monday 8th vide Diary no /2014. W.P.(C) 5990/2014 and placed for Final Hearing on 15th September, Notices issued to Union of India through Revenue Secretary & Chairman CBDT for final disposal of WRIT on 15. 4) NIL TDS intimation to Deptt. This article is applicable to all persons having the TAN No. (for TDS deduction purposes) 6 The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter

7 Currently, if there is no TDS to be deducted, no action is taken in terms of filing TDS return for the particular quarter. Due to this practice of non-intimation, the Income Tax department has been finding it difficult to differentiate between the following two types of deductors: 1. Deductors required to file return but not filed, & 2. Deductors not required to file Return due to NIL TDS Henceforth, the Deptt. has introduced a new functionality in the TRACES site wherein the persons who are not required to submit a return of TDS due to non applicability in any particular quarter, shall have to submit a Declaration for the same on TRACES. Procedure for filing of Nil TDS Return/Declaration for non filing of TDS statement is given below: 1. Login through your registered id at in (TRACES site) 2. Go to Statement/Payments TAB after login > Declaration for Non filing of TDS statement (as shown in the image below). 5) Computation of Net Profit for CSR contribution as per Section 198 Table to compute Net Profit for CSR contribution as per Section 198 of Companies Act, 2013: RECENT CASE LAWS & OTHER DEVELOPMENT/AMENDMENTS Particulars Net profit after tax* Add : Allowed Credits 1 Profit on sale of immovable property (Original Cost WDV) Less : Credits Disallowed 1 Premium on shares or debentures 2 Profit on sale of forfeited shares 3 Profit on sale of immovable property (Sale Value of Immovable Property Original Cost) 4 Surplus in P&L on measurement of asset or liability at fair value Less : Expenses Allowed 1 All the usual Working Charges 2 Director s Remuneration 3 Bonus or Commission paid to Staff 4 Tax on escess or abnormal profits 5 Tax on business profits imposed for special reasons 6 Interest on Debentures 7 Interest on Loans 8 Expenses on repairs (other than Capital Expenditure) 9 Contributions made under section 181 (Bonafide Charitable Trusts) 10 Depreciation 11 Prior period items 12 Legal liability for compensation or damages 13 Insurance Expenses Add : Expenses Disallowed 1 Income Tax 2 Compensations, damages or payments made voluntarily 3 Capital Loss on sale of undertaking or part thereof (Not include losses on sale of asset) 4 Expenditure in P&L on measurement of asset or liability at fair value * Net profit after tax is taken as base and accordingly the adjustments need to be considered. FY The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter 7

8 DIRECT TAXES LAW UPDATE Compiled by Haresh P. Kenia INCOME-TAX (SEVENTH AMENDMENT) RULES, 2014 SUBSTITUTION OF FORM NOS.3 CA, 3CB AND 3CD NOTIFICATION NO.33/2014 [F.NO.133/1/2014 TPL]/SO 1902(E), DT In exercise of the powers conferred by section 295 read with section 44AB of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, has substituted Form No. 3CA, Form No. 3CB and Form No. 3CD in the Income-tax Rules, 1962, in Appendix- II. SECTION 164 OF THE INCOME-TAX ACT, 1961 CHARGE OF TAX WHERE SHARE OF BENEFICIARIES UNKNOWN CLARIFICATION ON TAXATION OF ALTRNATIVE INVESTMENT FUNDS HAVING STATUS OF NON-CHARITABLE TRUSTS UNDER INCOME-TAX ACT, 1961 {224 TAXMANN (St.) 235} CIRCULAR NO. 13/2014 [F.NO.225/78/2014 ITA.II], DATED The SEBI (Alternative Investment Funds) Regulations, 2012 ( AIF Regulations ) vide Regulation No. 4 issued in May 2012 aims at regulating all forms of private pool of funds in India. The said Regulations divide the Alternative Investment Funds ( AIFs ) into three broad categories Category-I, Category-II and Category-III Alternative Investment Funds, depending upon the operational strategies, objectives and fund structure. A large number of AIFs registered with SEBI have been set up in the form of non-charitable trusts. While the AIFs, being Venture Capital Funds, making investment in the Venture Capital Undertakings have been accorded tax pass through status under section 10(23FB) read with section 115U of the Income-tax Act, 1961( Act ) (whereby income arising in the hands of such Fund would be treated as tax exempt, while investors of such funds would become liable to tax liability on as if the investors have made the investments directly in the Venture Capital Undertaking), clarification has been sought about tax-treatment in cases of AIFs being non-charitable trusts where the investors name and beneficial interest are not explicitly known on the date of its creation - such information becoming available only when the funds starts accepting contributions from the investors. The Board has been requested to clarify whether the income of such funds would be taxable in the hands of the Trustees of the AIF in the capacity of a Representative Assessee (as defined u/s 160(i)(iv) of the Act) or in the hands of investors (i.e. contributors of funds) The matter has been examined. In the situation where the trust deed either does not name the investors or does not specify their beneficial interests, provisions of sub-section (1) of section 164 would come into play and the entire income of the Fund shall become liable to be taxed at the Maximum Marginal Rate of incometax in the hands of the trustees of such AIFs in their capacity as Representative Assessee. It is also clarified that in such cases, provisions of section 166 of the Act need not be invoked in the hands of the investor, as corresponding income has already been taxed in the hands of the Representative Assessee in accordance with sub-section (1) of section 164 of the Act. However, in cases of funds where names of the beneficiaries and their interests in the Fund are determined i.e. stated in the trust deed, the tax on whole of the income of the Fund - consisting of or including profits and gains of business, would be leviable upon the Trustees of such AIF, being Representative Assessee at the Maximum Marginal Rate in accordance with subsection (1A) of section 161 of the Act. The clarification given above shall not be operative in the area falling in the jurisdiction of a High Court which has taken or takes a contrary decision on the issue. SECTION 90 OF THE INCOME-TAX ACT, 1961 DOUBLE TAXATION AGREEMENT AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH FOREIGN COUNTRIES GOVERNMENT OF MALTA NOTIFICATION 34/2014 [F. NO.504/06/2003- FTD-I]/SO 1996(E), DT An Agreement and the Protocol was entered into between the Government of the Republic of India and the Government of Malta, for the avoidance of 8 The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter

9 DIRECT TAXES LAW UPDATE double taxation and the prevention of fiscal evasion with respect to taxes on income. The date of entry into force of the said Agreement and the Protocol is the 7th day of February, 2014, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement and the Protocol, in accordance with paragraph 1 of article 29 of the said Agreement. Sub-paragraph (a) of paragraph 3 of Article 29 of the said Agreement provides that the provisions of the said Agreement shall have effect in India in respect of income derived in any fiscal year beginning on or after the first day of April next following the calendar year in which the said Agreement enters into force. Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby directs that all the provisions of said Agreement and the Protocol between the Government of the Republic of India and the Government of Malta for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, as set out in the Annexure hereto, shall be given effect to in the Union of India with effect from the 1st day of April, FINANCE (NO. 2) ACT, 2014 {224 TAXMANN (St.) 179} The Finance (No. 2) Bill received the Presidential Assent on 06th August, 2014 and was enacted as Act after certain amendments. The above citation may be referred for complete details. SECTION 90 OF THE INCOME-TAX ACT, 1961 DOUBLE TAXATION AGREEMENT AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH FOREIGN COUNTRIES FIJI NOTIFICATION 35/2014 [F.NO.503/11/2005- FTD-II]/SO 2049(E), DT Whereas, an Agreement between the Government of the Republic of India and the Government of the Republic of Fiji for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed in India on the 30th day of January, 2014 (hereinafter referred to as the Agreement); And whereas, the said Agreement entered into force on the 15th day of May, 2014, being the date of the later of the notifications of the completion of the procedures required by the respective laws for entry into force of the Agreement, in accordance with paragraph 2 of Article 30 of the Agreement; And whereas sub-paragraph (a) of paragraph 3 of Article 30 of the said Agreement provides that the provisions of the Agreement shall have effect in India in respect of income derived in any fiscal year beginning on or after the first day of April following the calendar year in which the Agreement enters into force; Now, therefore, in exercise of the powers conferred by sub-section (1) of section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that all the provisions of the said Agreement, as annexed hereto, shall be given effect to in the Union of India SECTION 119 OF THE INCOME TAX ACT, 1961 INCOME-TAX AUTHORITIES INSTRUCTIONS TO SUBORDINATE AUTHORITIES EXTENSION OF DUE DATE FOR OBTAINING AND FURNISHING OF REPORT OF AUDIT UNDER SECTION 44AB FOR A.Y IN CASE OF ASSESSEES WHO ARE NOT REQUIRED TO FURNISH REPORT UNDER SECTION 92E FROM TO ORDER [F.NO.133/24/2014-TPL], DATED In exercise of power conferred by section 119 of the Income-tax Act ( the Act ), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, It is further clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act. The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter 9

10 PHOTO - GALLERY Awareness Programme on Financial Reporting Practices held on 24th August 2014 (L-R) : K. B. Kothari (Committee Member Vasai Br.), CA. Umesh Mestry (Vice Chairman Vasai Br.), CA. Dayaram Paliwal (Chairman WICASA Vasai Br.), CA. Nilesh S. Vikamsey (CCM), CA. Kishor Vaishnav (Chairman Vasai Br.), CA. Deepak Bansal (Convener - Bhayander CPE Study Circle), CA. Sumeet Doshi (Committee Member Vasai Br.), CA. Xavier Rajan (Convenor Vasai-Virar CPE Study Circle), CA. Jagadeesh Devadiga (Deputy Convenor Vasai-Virar CPE Study Circle) at Inauguration of Seminar Speakers Participants CA. Nilesh S. Vikamsey CA Nihar Jambusaria CA. N. Jayendran Orientation Programme for Newly Qualified CA held on 31st August 2014 CA. Abhay Mehta (L-R) : CA. Umesh Mestry (Vice Chairman Vasai Br.), Mr. Kishor Dalwani (Speaker), CA. Tarun Ghia (CCM), CA. Manoj Fadnis (Vice President-ICAI), CA. Kishor Vaishnav (Chairman Vasai Br.), CA. Shruti Shah (Seceretary-WIRC), CA. Dayaram Paliwal (Chairman WICASA Vasai Br.) Speakers Participants Mr. Kishore Dalwani Mr. S. H. Teckchandani 10 The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter

11 PHOTO - GALLERY Investor Awareness Programme held on 31st August 2014 (L-R) : CA. Xavier Rajan (Convenor Vasai Virar CPE Study Circle), K. B. Kothari (Committee Member Vasai Br.), CA. Umesh Mestry (Vice Chairman Vasai Br.), CA. Anadi Bhase (Speaker), CA. Kishor Vaishnav (Chairman Vasai Br.), CA. Sumeet Doshi (Committee Member Vasai Br.) CA. Ramanand Gupta (Imm. Past Chairman-Vasai Br.) Presenting Memento to CA. Anadi Bhase (Speaker) Campus Interview Programme for Newly Qualified CA held on 31st August 2014 Quiz & Elocution Contest held on 1st Editor: CA. Kishor Vaishnav Published by Vasai Branch of Western India Regional Council of The Institute of Chartered Accountants of India and printed at Finesse Graphics and Prints Pvt. Ltd., 309, Parvati Ind. Est., Sun Mill Compound, Lower Parel, Mumbai Tel. : The views and opinions expressed or implied are those of the authors or contribution and do not necessarily reflect those of Vasai Branch. Unsolicited articles and transparencies are sent in at the owner s risk and the publisher accepts no liability for loss or damage. Material in this publication may not be reproduced, whether in part or in whole, without the consent of Vasai Branch. DISCLAIMER: The Vasai branch is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Newsletter. The members, however, may bear in mind the provision of the Code of Ethics while responding to the advertisements. Printed by Finesse To Undelivered please return to : The Institute of Chartered Accountants of India, Vasai Branch of WIRC Address: Amruta Building, Indralok Phase-II, New Golden Nest Road, Bhayander (East), Thane Telephone: vasaibranch@gmail.com Website: The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter 11