NEWS LETTER
Vol. No. 2
Issue No. 2
April 2015
The Institute of Chartered Accountants of India (Set up by an Act of Parliament)
AHMEDABAD BRANCH OF WIRC OF ICAI
Chairman’s Message
OFFICE BEARERS
CHAIRMAN
CA. Amrish J. Patel
99252 03549
Dear Members,
The Financial year beginning on 1st April has it's own importance for
Chartered Accountants. Generally the financial year is adopted for
maintaining the books of accounts by the entities and our audit report also
covers the Financial year . With the beginning of new Financial year I wish all
our esteemed members a very happy Financial year 2015-16 . With the
beginning of April the mercury also starts soaring especially at places like
Ahmedabad and people start looking at cooler options , But our members
thirst and appetite for knowledge does not see any change and their spirited
involvement in branch activities keeps soaring .
The month of March started with a budget week celebration at the branch
initiating discussions and lectures by eminent speakers covering fine prints of
budget proposals on direct and Indirect Taxes. Jam Packed Gujarat University Convention Centre Hall with 2300
plus participants on 2nd March, 2015 is a testimony of members interest who turned up to listen to Dr Girish
Ahuja's lecture on detailed Technical Analysis of Finance Bill 2015, which was supported by JITO. First Reactions
on Budget by CA NC Hegde on 1st March and Analysis of indirect tax proposals in the budget by Advocate Sujit
Ghosh on 3rd March drew wide appreciation from the members. Heavy demand for entry passes by the members
to listen to Shri Saurabhai Soparkar ' s Technical Analysis on Finance Bill jointly organized by CA Association at
Tagore Hall shows the immense popularity and respect for the person who has been decoding the finance bill
year after year for the benefit of the members.
Many provisions of the Companies Act , 2013 , has left the professionals and Business communities confused
and programs on Companies Act has always received unprecedented response. After many representations by
the stake holders , though late MCA was able to relax the provisions with respect to refund of deposits for the
time being which is a welcome step but a number of draconian provisions in the Companies Act 2013 needs due
consideration in the interest of survival of business and the authorities needs to address them with their
proactive approach. A Seminar on Year End Compliance on Companies Act-2013 titled “compliances from
auditor's perspective “on 9th March, 2015 led by CA. Priyanshu Gaudana was well received. Again a Seminar
on Companies Act,2013- on very burning topic – “ Critical issues for Private Limited Companies with “special
focus on Deposits, Loans & Advances , Depreciation” by well-known faculty CS MC Gupta, drew more than Full
house at Shantinath hall.
Through this communication, I would like to draw the attention of the members that the Company's Act has cast
enormous responsibility and liability on Chartered Accountants and they are advised to adequately insure
themselves from class action suits. Very recently as per a news paper report a Toronto lawyer has launched a
$384-million class-action lawsuit against Deloitte LLP, alleging that hundreds of lawyers were misclassified as
independent contractors, depriving them of employee benefits.
Seminars on statutory Bank Branch audit has been of immense interest to the members and Two half day
seminars during the month on critical issues in Bank branch audits were addressed by CA Atul Gupta, Ca Kuntal
Shah , CA Atul Bheda and CA Sanjay V Shah immensely benefitting the members . Looking to the response and
request from the members one more seminar on bank branch audit has been planned in the first week of April.
Information Technology Updates 2
VAT Updates
4
Economy Updates
5
Income Tax Updates
Service Tax Updates
4
Company Law Updates
6
3
VICE CHAIRMAN
CA. Vikashkumar Jain
93277 15892
SECRETARY
CA. Satyendra Jha
98240 44820
TREASURER
CA. Chintan Patel
90999 21163
MEMBERS
CA. Aniket Talati
CA. Hersh S. Jani
CA. Hiren D. Shah
CA. Purushottam Khandewal
TREASURER WIRC
FROM AHMEDABAD
CA. Subodh Kedia, RCM
98792 67750
EX. OFFICIO MEMBERS
CA. Dhinal Shah, CCM
98250 29950
CA. Parag Raval, RCM
98243 39200
CA. Priyam R. Shah, RCM
98240 96112
NEWSLETTER
COMMITTEE
CHAIRMAN
CA. Amrish Patel
CO-CHAIRMAN
CA. Hersh Jani
CONVENOR
CA. Sandesh Mundra
MEMBERS
CA. Mehul Talera
CA. Niral Parikh
Photo Gallery
7-8
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Vol. No. 2 | Issue No. 2 | April 2015
AHMEDABAD BRANCH OF WIRC OF ICAI
For the genuine difficulties faced by the persons practicing in the area of Income Tax Laws , while dealing with the department and redressal of
associated technical problems , an open house was arranged jointly with other professional bodies and associations and Hon'ble Principal Chief
Commissioner of Income Tax , Shri S K Ray alongwith senior officers of the department responded to the queries raised . It was heartening to note the
positivity of the Principal CIT and his team on a public platform , where he invited the aggrieved to visit him on Wednesday as per CBDT guidelines
for grievance redressal. Members are requested to take note of the same and approach higher authorities for genuine difficulties .
The Board of studies of ICAI is in the process of revising the syllabus of the CA course and proposals have been hosted on the website of the institute
for public comments In order to have more views and wider reach . An outreach meeting was organized at the branch with Educationists , Eminent
and senior Chartered Accountants , RCM and Students , etc., in presence of CA Dhinal Shah CCM and representative from Board of studies Ms Prem
Bhutani. The meeting was a resounding success with the presence of Dr. MN Patel , Vice Chancellor of Gujarat University as Guest of Honour and
principal's of reputed City colleges contributing their views and suggestions for the betterment of the syllabus.
Strengthening of the Coaching classes at the branch and welfare of the students are my equal priorities and career counseling programs arranged at
the branch received overwhelming response not seen in the recent past. The motivating address to students by CA Nitin Parikh CFO of Zydus Cadila
Group was mesmerizing .
I also take this opportunity to thank the Honourable Minister of Education, Gujarat Shri Bhupendra Singh Chudasama for his support to
Ahmedabad branch for encouraging the students of XII Commerce to consider Chartered Accountancy as one of the career options.
I was also honored to be the Chief-Guest at 3rd Annual Function of Kadi Sarva Vishva Vidyalay, a private university of Gujarat State in presence of
President of Kadi Institute, Shri Vallabhbhai Patel where the Students were encouraged and motivated for their career and life goals.
The branch had the privilege of felicitating the Office bearers of WIRC of ICAI for 2015-16, CA. Sunil Patodia, Chairman , CA. Dilip Apte, ViceChairman CA. Sushrut Chitale, Secretary and our own local RCM CA. Subodh Kedia, Treasurer on 28th March, 2015. We thank the office bearers for
giving us an opportunity to felicitate them and for showering their love and affection on the members of Ahmedabad branch.
Friends , Ahmedabad branch is proud to announce a felicitation program for the supreme torch bearers of the Profession, Honourable President CA
Manoj Fadnis and Honourable Vice President CA M Devraja Reddy on 18th April , 2015 at Sardar Patel Smarak , Shahibaug. The details of the program
has been hosted on the website of the branch and I request all the members to participate in large numbers and interact with the Hon'able President
and Vice President.
I end with a quote
Let him come with me, who has love in his heart and courage in his mind.
Swami Vivekanand.
With warm Regards
CA. Amrish Patel
Chairman
Information Technology Updates
4.
Thereafter, Windows 8/8.1 File History will automatically
save copies of your data files (and, if applicable, others'
data files) to the external hard drive device. For added
protection, as you update your data files, File History
automatically saves the newer versions of your files, but
also retains older versions (in case you ever need to
retrieve them).
5.
File History's Advanced Settings option (shown below)
allows you to adjust the intervals in which files are backed
up, the amount of disk space allocated to the backup
process, the age of older file versions retained, and the
option to allow other users to back up to your external
drive across the network.
(Contributed by CA. Student Tarun Masani)
7 easiest steps to backup and restore your Win 8 / 8.1
2
1.
Plug an external USB drive or media card into your
computer.
2.
From Control Panel, select File History. Wait a few
seconds for the tool to identify your external drive, and
then click the Turn on button, as pictured below.
3.
File History can also back up the data from other users on
your network, even if their computers aren't running
Windows 8, provided those remote computers have
properly shared their data across the network. To enable
other users to back up their data on your network to the
same device attached to your computer, select Yeswhen
prompted.
6.
After selecting Yes, notifications will be sent to other
network users with instructions for including their
selected data in the File History backup process.
The additional Select drive option will allow you to back
up to other drives located elsewhere on your local area
network, and the Exclude folders option enables you to
select specific data folders to exclude from the backup
process.
7.
Should the need arise to restore files, select the Restore
personal files option from the File History dialog box,
select the files or folders to be restored, and then click OK.
Vol. No. 2 | Issue No. 2 | April 2015
AHMEDABAD BRANCH OF WIRC OF ICAI
Income Tax Updates
(Contributed by CA. Jasmin Shah)
Notifications :Notification No.32/2015 dated 31/03/2015
The CBDT notifies the income computation and disclosures
standards specified inthe Annexure to the notification and to be
followed by all assessees, following the mercantile system of
accounting, for the purposes of computation of income chargeable
to income-tax under the head “Profit and gains of business or
profession” or “ Income from other sources”. This notification shall
come into force with effect from 1st day of April, 2015, and shall
accordingly apply to the assessment year 2016-17 and subsequent
assessment years.
Legal Decisions:S. 10(23C)(v) & (vi): Mere surplus does not mean
institution is existing for making profit. The predominant
object test must be applied. The AO must verify the activities of the
institution from year to year. The 13th proviso to Section 10(23C) is
of great importance in that assessing authorities must continuously
monitor from assessment year to assessment year whether such
institutions continue to apply their income and invest or deposit
their funds in accordance with the law laid down. Further, it is of
great importance that the activities of such institutions be looked at
carefully. If they are not genuine, or are not being carried out in
accordance with all or any of the conditions subject to which
approval has been given, such approval and exemption must
forthwith be withdrawn. All these cases are disposed of making it
clear that revenue is at liberty to pass fresh orders if such necessity is
felt after taking into consideration the various provisions of law
contained in Section 10(23C) read with Section 11 of the Income Tax
Act. Queens Educational Society vs. CIT (Supreme Court)
S. 10A/10B: loss suffered in s. 10A/10B units cannot be setoff against the profits of taxable units. The Act of Parliament
in consciously retaining this section in Chapter III indicates its
intention that the nature of relief continues to be an exemption.
Chapter VII deals with the incomes forming part of the total income
on which no income-tax is payable. These are the incomes which are
exempted from charge, but are included in the total income of the
assessee. Parliament, despite being conversant with the
implications of this Chapter, has consciously chosen to retain section
10A in Chapter III. CIT vs. Kei Industries Ltd (Delhi High Court)
S. 14A & Rule 8D cannot be interpreted to mean that the
entire tax exempt income can be disallowed The window for
disallowance is indicated in Section 14A, and is only to the extent of
disallowing expenditure “incurred by the assessee in relation to the
tax exempt income”. This proportion or portion of the tax exempt
income surely cannot swallow the entire amount . Joint Investments
Pvt. Ltd vs. CIT (Delhi High Court)
S. 29/37(1): Loss due to fraud & financial irregularities has
to be allowed in the year of detection. Loss due to fraud and
financial irregularities have to be allowed as a deduction in the year
of detection. This is in line with the Board circular No.35D(XLVII-
20)(F.No.10/48/65-IT(A-I) dated 24.11.1965 and the judgement of
the Hon'ble Supreme Court in the case of Associated Banking
Corporation Of India Limited. vs CIT reported in 56 ITR 1(SC).
ACIT vs. Boots Piramal Health Care Ltd (ITATMumbai)
S. 32: Expenditure allowable u/s 35D cannot be capitalized
to asset for claim of depreciation This provision allows
amortisation of the specific category of expenditures incurred by the
assessee. The legislature, therefore, having specifically provided for
amortisation of the preliminary expenditure which includes
expenditure incurred for issuance of shares by the assessee in
connection with the issue of shares, the said expenditure on issue of
shares is not eligible for depreciation. International Computers
Indian Manufacture vs. CIT (Bombay High Court)
S. 36(1)(iii)/ 37(1): Normally revenue expenditure incurred in a
particular year has to be allowed in that year and if the assessee
claims that expenditure in that year, the Department cannot deny
the same. Fact that assessee has deferred the expenditure in the
books of account is irrelevant. However, if the assessee himself
wants to spread the expenditure over a period of ensuing years, it
can be allowed only if the principle of 'Matching Concept' is
satisfied. Taparia Tools Ltd vs. JCIT (Supreme Court)
S. 41(1)/68: Failure to establish genuineness of old
liabilities means that there is a remission/ cessation of
such liabilities. The assessee failed to establish the genuineness
of these liabilities by producing supporting evidence. Simply the
liabilities being reflected against certain names in the books of
account would not establish the genuineness of liabilities. Bharat
Dana Bera vs. ITO (ITATMumbai)
S. 271(1)(c): Disclosing income but classifying it under a
wrong head amounts to furnishing inaccurate particulars
and attracts penalty. The assessee's argument supra of the same
being only a differential treatment of the very same, i.e., rental,
income, so that there has been thus neither any concealment nor
furnishing of inaccurate particulars of income, though appealing, is
misconceived. The reason is simple. Yes, the assessee has apparently
stated the quantum and nature of the income correctly. However,
penalty u/s 271(1)(c) is not only qua the misstatement of fact/s but
also of law. Shubhmangal Portfolio Pvt. Ltd vs. CIT (ITATMumbai)
S. 271(1)(c): Disallowance of expenditure for failure to
deduct TDS does not attract penalty. The disallowance of
expenditure was attracted due to non-deduction of TDS and it
cannot be said to be a case of concealment of income or furnishing
of inaccurate particulars of income. The levy of penalty u/s.271(1)(c)
of the Act is not attracted. Rushi Builders and Developers vs. ACIT
(ITATMumbai)
Chapter VI-A deductions are not limited to the business
profits but are available to the extent of the Gross Total
Income In other words, the income from interest and dividend shall
not form part of the gross total income as defined under section
80B(5) of the Act. CIT vs. J. B. Boda&Co.P. Ltd (Bombay High Court)
Awareness Programme on FINANCIAL REPORTING PRACTICES
Organised by: Financial Reporting Review Board of ICAI
Hosted by:Ahmedabad Branch of the WIRC India Regional Council of ICAI
Venue:Hotel Regenta, Ashram Road. Ahmedabad Dates:April 25, 2015
CPE
6 Hours
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Vol. No. 2 | Issue No. 2 | April 2015
AHMEDABAD BRANCH OF WIRC OF ICAI
Service Tax Updates
3. REVERSE CHARGE MECHANISM:a.
(Compiled by CA. Rahul Maliwal)
Major Changes applicable in service tax w.e.f.
01/04/2015:1. EXEMPTIONS WITHDRAWN:a.
b.
Presently, these are taxed under partial reverse charge
mechanism.
4. RATIONALIZATION OF ABATEMENTS:-
Now no more exemption is available for specified services
provided to the Government, a local authority or a
governmental authority by way of construction' erection,
commissioning, installation, completion, fitting out,
repair, maintenance, renovation, or alteration of –
- a civil structure meant for use other than for
commerce, industry, etc.
- a structure meant predominantly for use as an
educational, clinical, or an art or cultural
establishment.
- a residential complex predominantly meant for selfuse or the use of their employees.
a.
A uniform abatement is now being prescribed for
transport by Rail, road and vessel. Service Tax shall be
payable on 30% of the value of such services subject to a
uniform condition of non-availment of Cenvat Credit on
inputs, capital goods and input services.
b.
At present, Service Tax is payable on 40% of the value of
air transport of passenger for economy as well as higher
classes, e.g. business class. The abatement for classes
other than economy is being reduced and service tax
would be payable on 60% of the value of such higher
classes.
Type of Service
Exemption to services provided by a performing artist
in folk or classical art form of (i) music, or (ii) dance, or
(iii) theater, available only if amount charged is upto
1,00,000 for a performance ,further the exemption shall
not apply if services provided by artist under a brand.
Transport of goods by Road
Transport of goods by vessels
Transport of Passenger by
air (Economy)
Transport of Passenger
by air (Other than economy)
2. EXEMPTIONS INTRODUCED:a.
Any service provided by way of transportation of a patient
to and from a clinical Establishment by a clinical
establishment is exempt from Service Tax. The scope of this
exemption is being widened to include all ambulance
services.
b.
Service provided by a Common Effluent Treatment Plant
operator for treatment of effluent is being exempted.
c.
Services by way of pre-conditioning, pre-cooling, ripening,
waxing, retail Packing, labeling of fruits and vegetables is
being exempted.
Manpower supply and security services being brought to
full reverse charge.
Proposed
Earlier
(Taxable (Taxable Value
Value after
after
abatement) abatement)
25%
40%
40%
30%
30%
60%
40%
60%
5. CENVAT CREDIT:a.
Amendment of Rule 4(7) of Cenvat Credit rule to provide
that the service tax paid both under partial and full reverse
charge by the service receiver, credit of service tax payable
by the service recipient is allowed to be availed after
making the payment of service tax and even if value of
service is not paid.
VAT Updates
(Contributed by CA. Monish S Shah)
Udhyog Board are eligible to refund for tax
separately charged by a registered dealer from whom he
NOTIFICATIONS AND CIRCULARS
1) The government vide notification (GHN-14) VAT2015 S(2) (43) th gives the clarification and rates for
tax on Technical textiles and exemption on oral
contraceptive pills, Isabgul and Isabgul husk and
reduction in tax on Imitation jewelry and A T F. For
clarification on Textile please refer annexure I & II The
notification is effective 1-4-2015.
2)
4
A registered dealer who is certified manufacturer of
specified goods and who has obtained the Eligibility
Certificate from Gujarat Rajya Khadi and Gram
has purchased cotton rovings. The application is to be made in
KVIB-1. GHN-15 VAT -2015. S.40 (1) (9)th. This is effective 1-42015.
JUDGEMENTS
1)
Tax credit cannot be reduced for tax free by-product as per M K
Agro Tech (p) ltd v/s State of Karnataka [2015] 77 VST 153
(karn).
2)
Transfer of entire business along with liability of debtors and
creditors is held as not sale of goods falling u/s 2(12) of the GST
Act held in M/s. Sayaji Mill Ltd No 1 Sales Tax Ref No 5 of 1993
decided on 06/12/2006. Reported at 2013 GSTB Page GH 59
Vol. No. 2 | Issue No. 2 | April 2015
AHMEDABAD BRANCH OF WIRC OF ICAI
Economy Updates
The Major Difference
(Contributed by CA. Rutvij Modi)
Nitty Gritty of Land Acquisition
Why Law related to land acquisition required?
Indian population is heavily depending on Agriculture. However, the
contribution from agriculture sector to the GDP is less than 15%.
Further, most of the population depending upon agriculture sector
lives on low paying jobs.
Agriculture sector is also heavily dependent on monsoons, and one
monsoon failure affects all the people associated with the
agriculture sector. In order to avoid that, we need to reduce the
dependency of people on agriculture by creating more and more
high paying jobs and for that one needs industries. For setting up of
industries we need land.Industrialists can purchase land directly
from land holders but in India records of land holding cannot be
easily verified. This opens the possibility of disputes after purchase.
Hence, Industrialist expects that government should acquire land on
their behalf and hence there is need of Land Acquisition Act.
LARR Act, 2013
Land Ordinance, 2014
The LARR Act 2013 requires
that the consent of 80% of land
owners is obtained for private
projects and that the consent of
70% of land owners be
obtained for PPP projects.
The Ordinance exempts the
five categories mentioned
below from this provision of
the Act.
1. Defence
2. Rural Infrastructure,
3. Affordable housing
4. Industrial corridors,
Infrastructure projects
including Public Private
Partnership (PPP) projects
where the central government
owns the land.
Social Impact Assessment
Mandatory for every type of
project.
Social Impact Assessment not
needed for above mentioned
five categories.
Only Private “companies” can
acquire land for public purpose.
The Ordinance changes this to
acquisition for 'private
entities'.
Hence, not it
includes a proprietorship,
partnership, company, nonprofit organisation, or other
entity under any other law.
It excluded the acquisition of
land for private hospitals and
private educational institutions
from its purview.
The Ordinance removes this
restriction.
The LARR Act 2013 required
that if land acquired under it
remained unutilised for five
years, it was returned to the
original owners or the land
bank.
The Ordinance states that the
period after which unutilised
land will need to be returned
will be five years, or any
period specified at the time of
setting up the project,
whichever is later.
The LARR Act 2013 stated that
if an offence is committed by
the government, the head of
the department would be
deemed guilty unless he could
show that the offence was
committed without his
knowledge, or that he had
exercised due diligence to
prevent the commission of the
offence.
The Ordinance replaces this
provision and states that if an
offence is committed by a
government official, he
cannot be prosecuted without
the prior sanction of the
government.
Land Distribution in India
Land Distribution %
4%
11%
Agriculture Land
Forests
25%
60%
Deserts and Unusable
Land
Remaining
(cities, industries etc.)
What is Land Acquisition?
Land acquisition is the process by which the government forcibly
acquires private property for public purpose without the consent of
the land-owner.It is thus different from a land purchase, in which the
sale is made by a willing seller.
Law Governing Land Acquisition
Land Acquisition was governed by the Land Acquisition Act, 1894.
The law was very old, ineffective and draconian. UPA Government in
year 2013 introduced Land, Acquisition, Rehabilitation and
Resettlement Act (LARR Act), 2013 and provided stringent
provisions to acquire land. The new law created havoc amongst the
industrialists and since 2013, no land has been acquired so far. This
created adverse impact on the investment environment in the
country and hampered the growth of the nation as projects worth of
billions of dollars are struck because of want of land. To create more
business friendly environment, the NDA Government introduced
Land Ordinance, 2014 and amended certain provisions of the LARR
Act.
Conclusion:
To keep farmers on the farm we must maintain a strong farm safety
net, but we will also have to build a thriving companion economy to
compliment production.There is no decision that we can make that
doesn't come with some sort of balance or sacrifice. The same is the
case with the land acquisition.
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Vol. No. 2 | Issue No. 2 | April 2015
AHMEDABAD BRANCH OF WIRC OF ICAI
Company Law Updates
(Contributed by CA. Chintan Patel)
(1) Deposit Clarification for Private Companies
Issue date: 30th March 2015
MCA has issued General Circular No. 05/2015 and clarified that
amounts received by private companies from their
members, directors or their relatives prior to 1st April,
2014 shall not be treated as 'deposits' under the
Companies Act,2013 and Companies (Acceptance of
Deposits) Rules, 2014, as such amounts were not treated as
deposits under section 58A of the Companies Act 1956 and rules
made thereunder.
This is subject to the condition that relevant private company
shall disclose, in the notes to its financial statement for the
financial year commencing on or after 1st April, 2014 the figure
of such amounts and the accounting head in which such
amounts have been shown in the financial statement.
However, any renewal or acceptance of fresh deposits on or after
1st April, 2014 shall be in accordance with the provisions of
Companies Act, 2013 and rules made thereunder.
(2) Companies (Acceptance of Deposits) Amendment
Rules 2015
Notification dated 31.03.215
1.
In case of share application money received before
the 1st April,2014 and disclosed in the balance sheet for
the financial year ending on or before the 31st March,2014
against which the allotment is pending on the
31st March,2015, the company shall, by 1st June
2015, either return such amounts to the persons from
whom these were received or allot shares, stock, bonds
or debentures or comply with the rules.
2.
Every eligible company shall obtain, at least once in a year,
credit rating for deposits accepted by it in the manner
specified herein below and a copy of the rating shall be sent
to the Registrar of companies alongwith the return of
deposits in Form DPT-3;
3.
The companies may accept deposits without deposit
insurance contract till the 31st March, 2016 or till
the availability of a deposit insurance product, whichever is
earlier.
(3) MCA has issued notifications dated 19th March 2015 and
amended 3 rules:
a. Companies (Meeting of Board & its Powers) Amendment
Rules, 2015:
Removed the following items nos. from Rule 8 that
requires passing of Resolution at the Board
Meeting:
1. to take note of appointment(s) or removal(s) of one
level below the Key Management Personnel,
2. to take note of the disclosure of director's interest and
shareholding,
3. to buy, sell investments held by the company (other
than trade investments), constituting five percent or
more of the paid up share capital and free reserves of
the investee company,
4. to invite or accept or renew public deposits and related
matters ,
5. to review or change the terms and conditions of public
deposit,
6. to approve quarterly, half yearly and annual financial
statements or financial results as the case may be.
b. Companies (Management and Administration Rules)
Amendment Rules, 2015:
'Voting through electronic means'- substituted Rule
20 by defining few terms like cut off date, electronic voting
system, agency etc. and provided clarity on evoting at
General meeting venue etc.
c. Companies (Share Capital and Debentures) Amendment
Rules, 2015:
It permits 45 days to listed companies to issue duplicate
share certificates, authorisation to any other person for
signing share certificate even if the Company has company
secretary, changes in certain time periods, etc.
(4) Clarification of Applicability of Sec. 186 to
Loans/Advances to employees
General Circular No. 4/2015 dated 10.03.215
It was clarified that loans and/or advances made by the
companies to their employees , other than the
managing or whole time directors (which is governed
by section 185) are not governed by the requirements
of section 186 of the Companies Act, 2013.
This clarification will, however, be applicable if such
loans/advances to employees are in accordance with the
conditions of service applicable to employees and are also in
accordance with the remuneration policy, in cases where such
policy is required to be formulated.
CONGRATULATIONS
CA. SUNIL TALATI , Eminent Chartered Accountant of the city and First ever President of ICAI , from
the state of Gujarat has been elected as a member of Service Export Promotion Council, set
up by the Ministry of Commerce & Industry , Government of India for the years 2015 - 2017. He has
been elected as representative for Accounting / Auditing and Book Keeping Services Sector governed
by SEPC. It is first time in the history of Gujarat that a Chartered Accountant has been elected from
the state of Gujarat as a member in of such a reputed Institution.
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Vol. No. 2 | Issue No. 2 | April 2015
AHMEDABAD BRANCH OF WIRC OF ICAI
GYANSETU STUDY CIRCLE ON 1.3.2015
INDIRECT TAX BUDGET ANALYSIS ON 3.3.2015
Seen L to R : CA. Pradeep Tulsian, CA. Amrish Patel, Chairman,
CA. Nandkishore Hegde, Faculty and CA. Subodh Kedia, Treasurer-WIRC
Seen L to R : CA. Satyendra Jha, CA. Amrish Patel, Chairman,
Adv. Sujit Ghosh, Faculty, CA. Vikash Jain and CA. Purushottam Khandelwal
DETAILED TECHNICAL ANALYSIS OF FINANCE BILL, 2015 ON 2.3.2015
Welcoming Audiance by CA. Amrish Patel, Chairman
Speaker
Girish Ahuja
Seen L to R : CA. Hersh Jani, CA. Chintan Patel, CA. Subodh Kedia, TreasurerWIRC, CA. Satyendra Jha, CA. Amrish Patel, Chairman, Dr. CA. Girish Ahuja,
Faculty, Shri Hemant Shah, President-JITO, CA. Jainik Vakil, CA. Purushottam
Khandelwal,CA. Priyam Shah, RCM and CA. Vikash Jain
SEMINAR ON YEAR END
COMPLIANCE : COMPANIES ACT, 2013
SEMINAR ON COMPANIES ACT, 2013 :
CRITICAL ISSUES FOR PVT. LTD. COMPANIES
Seen L to R : CA. Harshit Dalal, CA. Vikash Jain, CA. Amrish
Patel, CA. Priyanshu Gundana, CA. Chintan Patel, CA.
Satyendra Jha and CA. Divyang Shah
Seen L to R : CA. Anuj Shah, CA. Hersh Jani,
CS M. C. Gupta, Faculty and CA. Jay Sheth
HALF DAY SEMINAR ON BANK BRANCH AUDIT
SEMINAR ON GST - THE GAME CHANGER
Seen L to R : CA. Purushottam Khandelwal, CA. Amrish Patel,
Chairman, CA. Atul Bheda, Faculty, CA. Chintan Patel, and
CA. Priyam Shah, RCM
Seen L to R : CA. Sanket Shah, CA. Purushottam Khandelwal,
CA. Amrish Patel, Chairman, CA. Niren Shethia, Faculty, CA.
Chintan Patel, CA. Vikash Jain and CA. Kaushal Kapasi
OPEN HOUSE ON INCOME TAX AT GCCI
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Vol. No. 2 | Issue No. 2 | April 2015
AHMEDABAD BRANCH OF WIRC OF ICAI
RNI No. of RNP is GUJENG/2013/53555
Regn. No. AHD-C/23/2014-2017 - valid upto 31.12.2017
Date of Publish & Posting 13th of every Month
at Ahmedabad PSO
FELICITATION OF WIRC OFFICE BEARERS
DISCUSSION MEETING ON CA COURSE
If undelivered return to :
AHMEDABAD BRANCH OF WIRC OF ICAI
ICAI Bhawan, 123, Sardar Patel Colony, Near Usmanpura Under Bridge,
Naranpura, Ahmedabad - 380 014
Phone : 079-3989 3989, 2768 0946, 2768 0537
Email : [email protected] Web : www.icaiahmedabad.org
CAREER COUNCELLING SEMINAR FOR STUDENTS
Book-Post
Printed and Published by CA. Hersh Jani on behalf of AHMEDABAD BRANCH
OF WIRC OF ICAI and Printed at Pratiksha Printers, M-2, Hasubhai Chamber, Ellis
bridge, Ahmedabad - 380 006 and published from AHMEDABAD BRANCH OF WIRC
OF ICAI, ICAI Bhawan, 123, Sardar Patel Colony, x Naranpura, AHMEDABAD – 380
014. Editor - CA. HERSH JANI
Disclaimer : While every effort is made to ensure that the information contained within this newsletter is correct, Ahmedabad Branch of WIRC of ICAI is not responsible for the
accuracy or otherwise of information provided by the contributors. Ahmedabad Branch of WIRC of ICAI is not in any way responsible for the result of any action taken on the basis of
the advertisement published in the Newsletter.
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