Branch of SIRC e-Newsletter Bengaluru

CPE MEETINGS

(Set up by an Act of Parliament)

The Institute of Chartered Accountants of India

Branch of SIRC e-NewsletterBengaluru

For Private circulation only

English MonthlyVolume 10 | Issue 8 | March 2022 | Pages : 34

CA. (Dr.) Debashis MitraPresident, ICAI

CA. Aniket Sunil TalatiVice-President, ICAI

CA. China Masthan TalakayalaChairman, SIRC of ICAI

CA. Srinivasa TChairman

CA. Divya SVice-Chairperson

CA. Pramod Ramamohan Hegde

Secretary

CA. Hallur Manjunath Mahanthappa

Treasurer

At the Helm of Affairs

Newly Elected Office Bearers - 2022-23

Study Circle MeetKey Journal Entries & Workings in IND AS

nd2 March, 2022

Study Circle MeetRecent Amendments in GST

th8 March, 2022

One Day Seminar on Bank Branch Audit

th19 March, 2022

Hands on Training on Excel for Bank Branch Audit

nd th22 & 26 March, 2022

Study Circle MeetPortfolio Building Strategies for Wealth Creation through Equity Markets

th9 March, 2022

Half Day Seminar on TDS Update (Residents & Non – Residents)

th16 March, 2022

Half Day Seminar on Faceless Assessments & Re-assessments

rd23 March, 2022

Women's CA Conference

Study Circle MeetStartup – How to create benefits under Income Tax Act and other benefits

th30 March, 2022

2Visit our website: bangaloreicai.org for Online RegistrationMarch

2022

Chairman’s Communique . . .


2022

Dear Esteemed Professional Colleagues!!!

Greetings!!!

It gives me an immense pleasure to write the

first Chairman Communique in my tenure.

I am short of words to express my gratitude

to you all for the unstinted love, support and

blessings bestowed on me for three consecutive

terms to reach such a coveted position, thanks

a lot and I seek your continued support for all

my future endeavors.

I congratulate my entire new team of

9 Members, which has been got elected

unopposed. I highly appreciate the sacrifice

made by the young gentlemen’s CA Nischal R

Badrinath & CA Rajesh S Prasad who withdrew

their nomination for the common good cause

of the members during pandemic and made

Bangalore branch outstanding/model branch

in the country for not conducting the election

even though it is the biggest branch in India.

I also congratulate CA Cotha S Srinivas for getting

elected to Central Council and representing us

in HO and CA A B Geetha & CA Pannaraj S

for getting elected to Southern Region and

representing us in SIRC.

World is slowly recovering from the shock of novel

virus called Corona(Covid-19), but, unfortunately

we are witnessing disturbance in other parts

of the globe (Russia-Ukraine war), it is literally

taking away lives and peace in those countries

and global economy feels the squeeze due to

that war. We pray our Indian students and people

stuck in that Country return home safely and

we pray almighty to bring peace between those

countries and their life should come to normalcy

at the earliest.

Our members have faced lot of challenge, ups

and downs in their personal and professional life

during Covid-19 and even now. We are nothing

less than a corona warrior, because during such

life threatening situation members toiled day

and night to comply their client statutory filings

and assisted government to raise taxes on time

in such a difficult times with less efforts of the

government.

Our women members are doing a phenomenal

job and we can’t forget their contribution to the

profession. March 8th being a women’s day, I wish

all women members a very happy Women’s day.

Last two years during pandemic our predecessors

had done a fantastic job by putting lot of efforts

to emanate the knowledge through virtual

mode even in such a difficult situation. Now it

is the responsibility of new team to bring back

the glory of Bangalore branch by conducting

Bengaluru Branch of SIRC of the Institute of Chartered Accountants of India

3Online Registration open for Coaching Classeswww.bangaloreicai.org

March 2022

programs physically, to realize this I seek your

utmost support by actively participating physically

to our programs.

Our first Program started by our great speakers

CA M P Vijay Kumar and CA K. Gururaj Acharya

on Revised Schedule III & Its interplay with revised

CARO (as per the latest ICAI guidance note)

considering the importance of the corporate

audit and risk and rewards involved in it.

Our second program on 23rd February on

Accounting for Digital Asset by our renowned

young speakers CA Asha M and CA. Manik

Bansal and made an in-depth analysis on the

topic selected.

Our upcoming programs for your knowledge

kitty as given below:

1. On 2nd March 3, 2022, to know all about the

Key Journal entries and workings on Ind AS

by CA Mohan R Lavi.

2. On 9th Portfolio Building Strategies for Wealth

Management Creation through equity markets

by CA. B. V. Rudramurthy.

3. On 16th March 2022 Half Day Seminar on

Update on TDS (Residents & Non – Residents)

by CA. D.R. Venkatesh & CA. C. Sandeep.

4. On 19th March 2022, One Day Seminar

on Bank Branch Audit in Hotel Chancery

Pavilion, Speakers for the program are

CA Dhananjay Gokhale, CA Ismail B

Sonawalla, Mumbai, CA Premanath D,

Hyderabad & CA Vittal Raj, Chennai.

5. On 22nd & 26th March 2022, Hands on

Training on Excel for Bank Branch Audit by

CA. Venu Gopal G

6. On 23rd March 2022, Half Day Seminar

on Faceless Assessments & Re-assessments

by CA. H. Padamchand Khincha &

CA. K.K. Chythanya

7. On 30th March 2022, Start-up – How to

create, benefits under Income Tax Act and

other benefits by CA. Mridul Agarwal.

We have planned programs for members in

Tumkur and Hosur Chapters also. With this

program we complete the platter of programs

for the month of March.

Endeavour to Evolve

Engage to Excel

CA. Srinivasa.T

Chairman

Bengaluru Branch of SIRC of ICAI


2022

Legendary Speaks

A FUTURE READY PROFESSION IN THE DIGITAL ERACA. K. Raghu

Former Board Member of the International Federation of Accountants, the apex body of Accountants, says that disruptive technologies

have transformed the traditional accounting and audit roles. CA K.Raghu, who served as the President of the Institute of Chartered

Accountants of India during 2014-15, outlines how professionals need to embrace technology to be relevant and is confident that the

profession is future ready to meet the challenges in this era of digital disruption.

Today, innovation in technology

has impacted the accounting

profession in a big way. The Internet

is becoming all invasive, pushing the

global economy to go digital. As the

profession races to build capacity and

develop specialty practice areas, many

professionals have started exploring

new avenues in the field of Data

Analytics, Robotic Process Automation,

Artificial Intelligence, Blockchain and

other emerging technologies.

Digital Disruption - Beyond

the Comfort Zone

To stay relevant, Chartered

Accountants have no choice but to

embrace technology. Change is now

constant, opportunities are boundless

and accountants must embrace

innovation to remain effective business

partners. The profession has embraced

technology but the pace of change

in technology is accelerating and is

now having a profound impact on our

profession.

If the accounting profession is to

maintain its relevance at the centre

of business and the public sector, the

• Fraud Detection

Fraud Detection is gaining lot of

importance and AI tools can help

organisations to detect frauds on

an online real-time basis. AI tools

can spot fraudulent transactions

and help organisations to detect

and prevent fraud easily.

• Robotics Process Automation

(RPA)

RPA has the potential ability

to disrupt the entire business

functions across all companies and

sectors.

Where humans were once the sole

resource to perform functions such

as customer service, transactional

activities and generating insights,

RPA technology has advanced to

a level where robots can perform

these same tasks, with even

greater efficiency and accuracy.

This means there is a huge

opportunity for existing finance

and accounting functions, which

generates a lot of transactional

repetitive activities, to optimise

their processes through RPA.

accountants need the skills to assess

and implement technology-driven

initiatives so that they enable cognitive

business and further transform the

finance and accounting functions.

The profession’s positioning and brand

needs to incorporate digital leadership

and cognitive business.

New Technologies impacting the

profession:

• Artificial Intelligence (AI)

Artificial Intelligence aims to

replicate human intelligence in

machines and AI applications are

revolutionising all sectors of the

economy, be it manufacturing or

service organisations, both in the

private and the public sector. AI

has impacted the Accountancy

sector in a big way and AI tools

are being used for providing

online accounting services, fraud

detection services and cyber security

services. AI can assist Chartered

Accountants in conducting online

real-time audits, creating audit

dashboards and providing fintech

services to various clients.



March 2022

• Cloud Accounting

Storing data on remote servers

opens up opportunities by making

geography unimportant. Once

data is entered in the cloud,

you can work on it anywhere -

in your office, at the airport, in

your home 500 miles away. Cloud

Computing is now evolving like

never before, with companies

of all shapes and sizes adapting

to this new technology. While

Cloud Computing is undoubtedly

beneficial for mid-size to large

companies, it is not without its

downsides, especially for smaller

businesses.

• Big Data and Analytics

It has the potential to transform

almost every aspect of business –

from research and development to

sales and marketing and to provide

new opportunities for growth.

Trained to structure, gather and

analyse financial information,

accountants and finance

professionals can apply their core

skills to non-financial and other

datasets and help make Big Data

smaller and more structured.

Big Data and Data Analytics

provides an opportunity to

accounting professionals to use

their skills in descriptive analytics,

predictive analytics and prescriptive

analytics.

Big Data would also help

accounting professionals to play

a strategic role, proactive and a

future-facing role than a traditional

finance role. The availability of

online real-time information will

assist in quick decision making

and also assist them to speed up

of the audit process. Finally, Big

Data analytics will improve the

quality and accuracy of financial

reporting.

• Cyber Risk Consulting

Cyber Risk services which include

Cyber Strategy and Management,

Cyber Intelligence and Cyber

Analytics are gaining ground due

to the advent of mobile technology,

Cloud Computing and social

media. Chartered Accountants, as

Technology Consultants, can help

businessmen in realigning their

business to the dynamic economic

conditions.

• ERP Implementation

Chartered Accountants are

playing a key role as functional

consultants in deployment of ERP

packages, upgrading to new and

improved functionalities and post-

implementation maintenance of

ERP systems.

• Blockchain Technology

Blockchain works as a series of

blocks, each of which contains

digital information such as sender

ID, recipient ID, recipient ID, time

stamp, a consensus protocol such

as proof of work and hashed

(registered) value of the previous

block. Each block contains a full

history of the transactions involved,

and the subsequent blocks in the

chain carry that date forward with

each one containing a hash of the

previous block.

Blockchain alters the conventional

techniques for invoicing,

reconciliation, documentation,

contract preparation and

mechanises the physically

performed assignments. Blockchain

can streamline financial reporting

and audit processes. Chartered

Accountants can also assist

organisations in help implementing

Blockchain solutions effectively.

Blockchain technology would

also transform the way audit

is conducted. Today, account

reconciliations, trial balances,

journal entries, sub-ledger extracts

and supporting spreadsheet files

are provided to an auditor in a

variety of electronic and manual

formats and this involves significant

time to complete the audit process.

In a Blockchain environment, an

auditor will have online real-time

access to date via the read-only

nodes in Blockchains and would

help the auditor to speed up the

audit process since information is

provided instantly.

• Peripheral technologies (Drones,

Cameras and Sensors)

Drones and Sensors are

increasingly being used to

assist audit procedures. Drones

- equipped with cameras and

sensors - can inspect assets such

as buildings or agricultural land

to make more efficient valuations

and asset write-offs. Drones can

particularly support accountants

in stock taking. This means that

the audit process can be expanded

from sampling to a test of the


2022

entire inventory without spending

more man-hours.

Another major benefit is the

possibility to perform continuous

stocktaking. It becomes possible

to obtain a real-time overview

of inventories while at the same

time patterns can be analysed and

deviations detected due to the

availability of real-time data.

• Cyber Security

Cyber Attacks are becoming a

growing reality in the digital world,

and today, top banks, financial

institutions and corporates are

giving a lot of importance for Cyber

Security in their organisations and

investing heavily on cyber security

infrastructure.

Chartered Accountants can offer

their services to the Cyber Security

strategy of a company and help

them create a strong cyber security

infrastructure that is robust and

sophisticated. Cyber Security

allows companies to detect frauds

and other vulnerabilities in the ERP

systems in their organisation and

prevent cyber attacks on real time

basis across the enterprise.

• Digital Commerce

Digital Commerce uses the

Internet, mobile networks

and commerce infrastructure

to execute transactions with

customers or businesses, today

we find that new business models

are driving growth and creating

value by disrupting many existing

businesses. For example, Flipkart,

Snapdeal, Big Basket are successful

enterprises in the digital commerce

space. Aggregators in the travel,

food, hospitality, transport, housing,

fashion has created many success

stories. Example, Uber, Ola, Zomato

have created huge valuations. The

Government of India is also driving

digital commerce in a big way.

Many traditional business houses

have ventured into e-commerce in

a big way.

In the scenario, it is essential for

CA’s to study the developments in

the digital commerce space. CA’s

can offer pre-funding consulting

services, due-diligence, valuation,

negotiation and post funding

reviews to such digital commerce

companies where huge investments

are flowing into these companies.

We can offer our services as

a trusted advisor by providing

strategic inputs over and above

contributions in core areas of

accounting, finance, tax and audit.

Digital Disruption - What CA

firms need to do now

• Invest in Technology and develop

go-to-market strategy to enhance

clients’ execution of relevant

business technology.

• Develop Data Warehouse

Architecture competencies

to support clients Business

Intelligence.

• Work with technology companies

to develop AI tools.

• Develop dashboards, real-time

tracking and predictive analytics.

• Invest in Drone technology for

Stocktaking.

• Make an analysis of clients

and investigate the need for

technologically supported advisory

services among SMEs and mid-

market enterprises.

• Consolidate businesses to create

entities with new expert units

(lawyers, finance, investment

advisers, etc.).

• Automate processes using office

management software.

Conclusion

We are in a period of rapid change

and in the next few years, the role

of many Chartered Accountants will

be to keep pace with the gradual

digitization of clients and help them

navigate technologies, systems and

data digitisation.

The CA study programmes must offer

students an insight into digitisation

trends, technological developments

and new business models, and

value chains as well as new types of

risk, transformation processes, etc.

affecting accountancy activities. They

must learn how to apply new business

models (including models based on

information technology, business

procedures, analytics, risk, strategy,

value chain analytics, processors and

product development, the blurring of

sectoral boundaries, etc.

Lifelong learning is critical to

future-proofing the profession -

incorporating both technology itself

as well as its effective application

and implementation. This learning

will showcase to the world that we

the CA profession is a future ready

profession.



March 2022

CALENDAR OF EVENTSCPE MEETINGS FOR THE MONTH OF MARCH 2022

DATE AND DAY

TOPIC / SPEAKER TIMESTRUCTURED CPE HOURS

02.03.2022Wednesday

Study Circle MeetKey Journal Entries & Workings in IND ASCA. Mohan R LaviDelegate Fees :

PHYSICAL Members Rs. 200/- Plus GST

VIRTUAL Members Rs. 100/- Plus GST

Physical cum VirtualVasanthnagar

Branch Premises6.00 pm to 8.00 pm

2 hrs

08.03.2022Tuesday

Study Circle MeetRecent Amendments in GSTCA. T.R. Rajesh KumarDelegate Fees : Members – Rs. 250/- Inclusive of GST

TDCAA Premises, Near Sree Raj

Theater, Sri Nagar, Tumkur

2 hrs

09.03.2022Wednesday

Study Circle MeetPortfolio Building Strategies for Wealth Creation through Equity MarketsCA. B.V. RudramurthyDelegate Fees :





2 hrs

16.03.2022Wednesday

Half Day Seminar on TDS Update (Residents & Non – Residents)CA. D.R. VenkateshCA. C. Sandeep Organized by : Bengaluru Branch of SIRC of ICAI

Delegate Fees :

PHYSICALMembers Rs. 400/- Plus GST

Non Members Rs. 1,000/- Plus GST

VIRTUALMembers Rs. 200/- Plus GST

Non Members Rs. 600/- Plus GSTDetails at Pg. No.28



3 hrs

19.03.2022Saturday

One Day Seminar on Bank Branch AuditOrganized by : Bengaluru Branch of SIRC of ICAI

Delegate Fees :

PHYSICALMembers Rs. 2,300/- Plus GST



Non Members Rs. 1,000/- Plus GSTDetails at Pg. No.29

Chancery Pavilion, #135, Residency

Road, Bengaluru 560 025 9.30 am to 6.00 pm

6 hrs


2022

EDITOR :

CA. SRINIVASA.T

SUB EDITOR :

CA. PRAMOD R. HEGDE

Advertisement

Tariff for the

Branch

e-Newsletter

COLOUR FULL PAGE

Outside back ` 40,000/-

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Advt. material should reach us before 22nd of previous month.

Disclaimer: The Bengaluru Branch of ICAI is not in anyway responsible for the result of any action taken on the basis of the articles and advertisements published in the e-Newsletter. The views and opinions expressed or implied in the Branch e-Newsletter are those of the authors/guest editors and do not necessarily reflect that of Bengaluru Branch of ICAI.

CALENDAR OF EVENTSCPE MEETINGS FOR THE MONTH OF MARCH 2022

DATE AND DAY


22.03.2022Tuesday

Hands on Training on Excel for Bank Branch AuditCA. Venu Gopal G

Delegate Fees : Rs. 400/- Plus GST

ICAI, 29/1, Race Course Road, Bengaluru-560 0015.00 pm to 8.00 pm

3 hrs

23.03.2022Wednesday

Half Day Seminar on Faceless Assessments & Re-assessmentsCA. H. Padamchand KhinchaCA. K.K. ChythanyaOrganized by : Bengaluru Branch of SIRC of ICAI

Delegate Fees :

PHYSICALMembers Rs. 400/- Plus GST



Non Members Rs. 600/- Plus GST

Details at Pg. No.30



3 hrs

26.03.2022Saturday

Hands on Training on Excel for Bank Branch AuditCA. Venu Gopal G

Delegate Fees : Rs. 400/- Plus GST

ICAI, 29/1, Race Course Road, Bengaluru-560 0015.00 pm to 8.00 pm

3 hrs

30.03.2022Wednesday

Study Circle MeetStartup – How to create benefits under Income Tax Act and other benefitsCA. Mridul AgarwalDelegate Fees :





2 hrs



March 2022

CALENDAR OF EVENTSCPE MEETINGS FOR THE MONTH OF APRIL 2022

DATE AND DAY


20.04.2022Wednesday

Study Circle MeetDelegate Fees :





2 hrs

27.04.2022Wednesday

Study Circle MeetOutbound Investment Policy under FEMACA. Chidanand UrsDelegate Fees :





2 hrs

Women’s CA ConferenceOrganized by : Bengaluru Branch of SIRC of ICAI

Details will be uploaded on website


Branch Premises

6 hrs

Note : Due to busy schedule of Bank Audit,

there is No CPE Study Circle Meet on Wednesday, 6th & 13th April 2022

Bengaluru Branch of SIRC of ICAI is seeking articles from members to publish in it’s

monthly newsletter/special compendium discussing and analysing industries such as

Banking, Education, Fisheries, Garments, Healthcare, Information Technology,

Iron & Steel, Mining, Machine Tools, NBFC, Pharma, Rolling Mills,

Retail, Start-ups, Trading, Travel & Tourism, etc.

It is recommended that the article highlight the following themes:

1. Contemporary issues that the industry faces and suggestions to tackle the same.

2. Growth Potential. 3. Government incentives launched towards said industry.

4. How a Chartered Accountant can add value to the industry in the capacity of a

consultant, advisor or in Various Other Capacities.

Articles submitted must be original work of the author.

Sources if used are to be cited accordingly.

Please send your article to:

[email protected]; [email protected]; [email protected]


2022

FEMA POINTERS

CA. Santhosha Kumar

regulations relating to remittance

of assets held in outside India

by person resident in India and

remittance of assets held in India

by a person resident outside India.

5. The regulations issued under the

Foreign Exchange Management

(Debt Instruments) Regulations,

2019 as amended from time to

time by Reserve Bank under Foreign

Exchange Management Act, 1999

deals with regulations relating to

investment in India by a Person

Resident Outside India.

6. Master Direction No 13 on

Remittance of Assets, Master

Direction on Deposits and

Accounts, notifications and

applicable circulars as amended

from time to time or any other

regulations applicable for the

above matter.

The implication on the assets or

investments held in India is based on

the residential status of the Individual.

The residential status of an Individual

is defined under section 2 (v) of the

Foreign Exchange Management Act,

1999 defines “Person resident in

India” as below:

(v) “person resident in India”

means—

(i) a person residing in India for more

than one hundred and eighty-two days

during the course of the preceding

financial year but does not include:

FEMA Pointers No 12

Q. a) When a resident becomes

non-resident Indian, what are

the implications on the assets or

investments in India?

Many residents to expand business they

are moving from India and settling down

abroad when they come to India for

permanent settlement many questions

come to their mind from the point

of view of taxation, investments and

bank accounts. Generally implications

under Foreign Exchange Management

Act, 1999 are not keen observed, thus

it is important for us as members and

clients to understand the implications

of settlement into India from outside

India.

When an Indian Resident decides to

move outside India, they may have

investments in Proprietorship firms,

Partnership Firms, Private Limited

Companies and also have a directorships

in Indian Companies. Under these

probabilities, I have tried to cover the

implications in this article.

Following are the regulations/masters

circulars which needs to be read to

understand the implications of the

above scenario:

1. Section 6 of the Foreign Exchange

Management Act 1999 read with


(Permissible Capital Account

Transactions) Regulations, 2000

amended from time to time.

2. Foreign Investment in India is

regulated in terms of clause

(b) sub-section 3 of section 6

and section 47 of the Foreign

Exchange Management Act,

1999 (FEMA) read with Foreign

Exchange Management

(Transfer or Issue of a Security

by a Person resident Outside

India) Regulations, 2017 issued

vide Notification No. FEMA

20(R)/2017-RB dated November

7, 2017. These Regulations are

amended from time to time

to incorporate the changes in

the regulatory framework and

published through amendment

notifications.



(Deposit) Regulations, 2016

as amended from time to time

by Reserve Bank under Foreign

Exchange Management Act, 1999

deals with regulations relating

to deposits (including opening

of bank accounts and type of

bank accounts eligible) between

a person resident in India and a

person resident outside India.



(Remittance of Assets)

Regulations, 2016 as amended

from time to time by Reserve

Bank under Foreign Exchange

Management Act, 1999 deals with



March 2022

(A) a person who has gone out of

India or who stays outside India, in

either case—

(a) for or on taking up employment

outside India, or

(b) for carrying on outside India a

business or vocation outside India, or

(c) for any other purpose, in such

circumstances as would indicate his

intention to stay outside India for

an uncertain period;

(B) ……………………………………….

(a) ……………………………………….

(b) ……………………………………….

(c) ……………………………………….

in such circumstances as would indicate

his intention to stay in India for an

uncertain period;

Person resident outside India

is defined under Section 2(w) of

FEMA, 1999 as a person who is not

resident in India. Unlike Income tax,

wherein residential status of a person

is determined only on the basis of

physical stay in India, under FEMA,

it is the intention of ‘leaving India’

or ‘coming to India’ determines the

residential status.

As per section 6 of Foreign Exchange

Management Act, 1999 any person

may sell or draw foreign exchange

to or from an authorised person for

a capital account transaction subject

to provisions under other sections

or regulations. Section 6 provides as

below:

6. Capital account transactions.—

(1) Subject to the provisions of sub-

section (2), any person may sell or

draw foreign exchange to or from an

authorised person for a capital account

transaction.

(5) A person resident outside India

may hold, own, transfer or invest

in Indian currency, security or any

immovable property situated in

India if such currency, security or

property was acquired, held or

owned by such person when he

was resident in India or inherited

from a person who was resident in

India. Such investment will be held

by such person on a non-repatriable

basis.

Assets (Share / Securities, Immovable

Property and Indian Currency) which

were acquired at time when a person

was resident in India can be continued

to be held even after he become

non-resident. The same can even be

transferred or invested.

So, the question whether other assets

like Jewellery, Paintings, Silver Articles

etc., interest in LLP or Partnership

Firm can also be in terms of Section

6(5)?. Though the section specifically

mention about Indian currency, security

or any immovable property, however

the intention is to cover all type of

assets like Jewellery, Paintings,

Silver Articles etc., interest in LLP or

Partnership Firm.

In view of the above provisions,

following points to be noted for

assets held in Sole proprietorship,

LLP and Partnership Firm:

1. NRI or OCI can continue to be

proprietor, partner of Indian LLP,

Partnership firm after becoming

non-resident.

2. Fresh investment in Sole

Proprietorship, LLP towards capital

may be made through NRO to

make it distinctively clear that

fresh investment is also on non-

repatriation basis.

3. Fresh investment in form of

loan cannot be made to Sole

Proprietorship, LLP or partnership

firm. Existing Loan may be

continued. However repayment of

loan by LLP or firm shall be made

to NRO account.

4. Existing resident account should be

re-designated to NRO account if

person leaves India for uncertain

period (for employment or business

or vocation outside India)

In view of the above provisions,

following points to be noted for

assets held as shares or securities

in Indian Company:

1. NRI or OCI can continue to be

shareholder of Indian company

under non repatriation basis. No

further reporting is required with

the RBI or Authorised dealer.

2. Fresh investment into an Indian

Company towards capital may

be made through NRO to make

it distinctively clear that fresh

investment is also on non-

repatriation basis.

3. Fresh investment in form of loan

cannot be made to Indian Company.

Existing Loan may be continued.

However repayment of loan by

Indian Company shall be made to

NRO account.

Word of Caution:

While it is true that many regulations

have been liberalized as above to

encourage the investments from

NRIs, OCIs and Non-residents, an

expert opinion must be taken

before applying the above contents

in case of live scenarios as they

may factually be different from the

above scenario.


2022

SCOPE OF PROVISIONAL ATTACHMENT – EXTENDED AFTER AMENDMENT

CA. Annapurna Kabra

The provision relating to provisional

attachment is inserted to protect

the revenue from unscrupulous dealers/

taxpayers. The powers relating to

provisional attachment are normal

currency in fiscal statutes. Various

earlier provisions such as section 73-C

of chapter 5 of the Finance Act 1994,

section 11DDA of Central Excise Act

1944, Section 127-D of the Customs

Act 1962, to name a few contained

pari Materia provisions for provisional

attachment.

Rule 5 of the code of civil procedure

1908, provides for attachment before

judgement. In Raman Tech & Process

Engg. Co Vs Solanki Traders, the

Honourable Supreme Court of India

held that for the purpose of attachment

before judgement is to prevent the ends

of justice from being defeated. Such

power ‘’ not exercised mechanically or

merely for asking’ and that a defendant

is not debarred from dealing with her/

his property merely because a case is

filed against him.

Section 83: Provisional Attachment

Prior to 31.12.2021

state that where during the pendency

of any proceedings under Section 62,

63, 64, 67, 73, 74 The Commissioner

is of the opinion that for the purpose

of protecting the interest of the

against someone would mean, to start

taking ‘a legal action against him’. Legal

proceeding is pending as soon as it is

commenced and until it is concluded.

Proceeding will be considered as

pending until the order is issued by the

authorities. In case of Vinod Kumar

Murlidhar Chechani [2021] 123(Gujarat),

it was held that the property cannot

be provisionally attached where

proceedings under Section 67 are no

longer pending. Additionally, pursuant

to the search, proceedings under any of

the other sections mentioned in Section

83 have not been initiated. Provisional

attachment shall come to an end as

soon as proceedings under any of the

specified sectors are completed. In

case of Kaish Impex (P.) Ltd. [2020] 114

(Bombay), the Provisional attachment

of property merely on the basis of

summons issued U/s 70 is not valid as

it is out of the scope of Section 83.

Now after the amendment all the

above decisions will be reviewed as

the scope of sections is widened by

including the term ‘after the initiation

of the proceedings’ It will not only

cover the specified sections but covers

the chapter of assessment, inspection,

search, seizure, Arrest and Demand and

Recovery. Therefore, once the action

is initiated under any of the above

chapters, the provisional attachment

Government revenue, It is necessary so

to do, he may, by order in writing attach

provisionally any property, including

bank account belonging to the taxable

person in such manner as may be

prescribed. Every such provisional

attachment shall cease to have effect

after the expiry of a period of one year

from the date of the order made under

sub-section.

With effect from 01.1.2022, the

Notification 39/2021 – CT dated

21.12.2021 has amended section 83

of the CGST Act

Where after the initiation of the

proceedings under chapter XII,

Chapter XIV or Chapter XV, the

commissioner is of the opinion that for

the purpose of protecting the interest

of the Government Revenue, it is

necessary to do so, he may by order in

writing attach provisionally any property

including bank account belonging to

the taxable person or any person

specified in section 122(1A), in such

manner as may be prescribed. Every

such provisional attachment shall cease

to have effect after the expiry of a period

of one year from the date of the order

made under sub-section.

The Proceeding means ‘an action’ or

‘that which initiates an action’ or ‘a

step in an action’. To start Proceeding



March 2022

can be made anytime irrespective of the

fact that activity under the impugned

provision is completed.

The expression “reason to believe” may

also apply to Section 83 of the CGST

Act. These inter alia include holding

of belief in good faith and such belief

not being based on mere suspicion,

gossip, or rumour by the department.

The reasons to believe must have a

rational connection with the formation

of belief. There must be direct nexus

between material coming to the notice

of the officer and formation of his

beliefs. GST law does not mandate the

Commissioner to provide any reasons

for attaching property provisionally.

(Radha Krishnan Industries Vs State

of Himachal Pradesh (CA 1155 of

2021 dated 20.4.2021). Therefore, it is

always open to the court to examine the

question whether reasons for formation

of opinion have rational connection or

relevant bearing to the formation of

such opinion and are not extraneous to

the purposes of the statue (Bhikhubhai

Vithalbhai Patel (Gujarat) AIR 2008 SC

1771)

The word “may” indicate not only

discretion, but an obligation to consider

that a necessity has arisen to pass an

order of provisional attachment. The

provisional attachment should be done in

case if it harms the interest of the revenue

or when there is uncertainty in relation

to collection of tax. The Commissioner

should first form opinion that petitioner

would not be able to pay the tax dues

after assessment proceedings are over

[Patran Steel Rolling Mill –[2019] 105

(Gujarat)]. Property should be attached

only if there is reasonable apprehension

that assessee may default the ultimate

collection of demand (Valerius Industries

[2019] 109 (Gujarat)]. Where property

is mortgaged with bank and value of

property is less than outstanding bank

dues, provisional attachment of such

property is meaningless, as the basic

purpose of attachment is not fulfilling

[Bindal Smelting Private Limited [2020]

116 (Punjab & Haryana)].

The properties that can be attached of

the taxpayer are like Immovable property,

movable property, bank accounts,

saving account, current account, fixed

deposit/recurring deposits, depository

account. The properties like current

account having debit balance, mortgage

property, cash credit account as it is loan

account cannot be attached (Superfine

Impex Private Limited v. Union of India’

- 2020 (12) TMI 1165 (HC)). The whole

amount in Bank Account will not be

attached. Only the amount intimated

by the department will be attached by

the Bank Authority. Where the property

to be provisionally attached consist of

the share or interest of the concerned

taxable person in property belonging

to him and another as co-owners the

provisional attachment shall be made

by order to the concerned person

prohibiting him from transferring the

share or interest or charging in any way.

Prior to Amendment, the Commissioner

can provisionally attach property of only

‘taxable person’. The Property belonging

to another person cannot be attached.

Section 83 does not provide for

automatic extension to any other taxable

person. The property of a person (other

than taxable person), who is inquired

by sending summon under Section 70,

cannot be attached (Gehna Trading

LLP [2020] 114 (Bombay)]. After the

amendment the scope of section 83

is widened, and the persons specified

in section 122(A) is also included like

any person who retains the benefit of

a transaction or at whose instance such

transaction is conducted like

Supply of any goods or services or

both without issue of any invoice or

issues an incorrect or false invoice

with regard to any such supply

Issue any invoice or bill without

supply of goods or services or both

in violation of the provisions of this

Act or the rules made thereunder

Availment or utilization of Input

Tax Credit without actual receipt of

goods or services or both either fully

or partially, in contravention of the

provisions of this Act or the rules

made thereunder

Takes or distributes Input Tax Credit

in contravention of Section 20, or

the rules made thereunder

In case of ‘JSK & Sons v. State of Gujarat’

- 2020 (43) G.S.T.L. 154 (Guj), wherein

the bank accounts of the petitioners

have been provisionally attached

under Section 83 as in the case of the

petitioners no proceedings are pending

under any of the sections mentioned

therein. The High Court observed that

prima facie it appears from the record

that the petitioners were involved in the

activity of bogus billing and generation

of E-way bills without physical

movement of the goods. It cannot

be said that the impugned orders are

passed for provisional attachment are

used as a tool to harass the petitioners


2022

or it would have irreversible detrimental

effect on the business of the petitioners.

The Court held that it cannot be said

that the Revenue has no reason to form

an opinion as required under Section

83 of the CGST Act for passing the

impugned provisional attachment order.

The High Court dismissed the petitioner

being devoid of merits Therefore in

instances of bogus billing/circular

trading/wrongful availment of input tax

credit, the property of even the taxable

person as specified in section 122(1A)

can be provisionally attached.

The time limit of one year is specified

and it is not open ended. The

authorities continuing beyond one

year is reprehensible and contrary to

law. If the appropriate authority is of

the opinion that such an attachment is

further required to protect the interest

of revenue, then they may issue a fresh

order.

The person whose property is attached

can file an objection if such property was

not liable to be attached. The taxpayer

can file an objection within seven

days of attachment. The GSTN portal

provides details of attachment. The

taxable person can file objection in reply

to such details at the GSTN Portal itself.

If commissioner accepts such objection,

he will release the property by issuing

Form GST DRC 23. If Commissioner

rejects and does not accept the

objection, property will remain attached

for one year. There is no provision in the

GST law for the officer to pass an order

vacating the provisional attachment

if the proceedings are not completed

within a year. When objection is not

accepted by the Commissioner, one

would need to file a write petition

before the jurisdictional High Court as

no alternative remedy is available under

the law (Principal Additional Director

General DGGI, Chennai v. Sri Marg

Human Resources (P,) Ltd.[2021] 130

taxmann.com 12 (Madras)].

The term ‘It is necessary to do so’ is often

disregarded or overlooked. In many

instances the powers are exercised more

to stop the business of the taxpayer

than to protect the revenue interests.

The High Courts have intervened and

reduced the rigors arising from reckless

use of attachment weapon under

GST. The property attachment power

is very drastic and far reaching power

and should be used cautiously only

on weighty grounds. The Authorities

should take into consideration following

points before passing the order like

whether it is revenue neutral situation

and reconciliation of statement of

output liability or input tax credit

reversal if any.

The CBIC had issued guidelines in CBIC

– 20/16/05/2021- GST/359/23/02/2021

prior to the amendment to section 83.

The cases fit for provisional attachment

were as follows:

1. Where taxable person has supplied

any goods or services without issue

of any invoice with an intention to

evade tax, or

2. Where taxable person has issued

any invoice without supply, or

3. Where taxable person has availed

ITC using the invoice or bill issued

without any corresponding supply

or fraudulently availed ITC without

any invoice, or

4. Where taxable person has collected

any amount as tax but has failed to

pay the same to the Government

beyond a period of 3 months, or

5. Where taxable person has

fraudulently obtained refund, or

6. Where taxable person has passed on

ITC fraudulently to the recipient(s)

but has not paid the commensurate

tax

The Circular had given the directions

for intimation to taxpayers but was

not incorporated in Rule 159. After

amendment from 01.1.2022 the

intimations to taxpayers can be done

in DRC 22 and accordingly Rule 159 is

amended. Therefore, revised guidelines

should be issued for provisional

attachment including the issues covering

transitional issues prior amendment and

post to amendment of section 83.

The commissioner should form opinion

based on the issue involved and cannot

invoke the provisional attachment

section wise and will be based on

the reasons/opinion as formed for

provisional attachment.

Therefore, the author believes that by

extending the scope of section 83, the

provisional attachment will become

routine matter and the attachment

of bank account will be harsh on the

person and will affect the running of

the business. Therefore, the power

of provisional attachment should be

exercised as a last resort and not as a

routine affair by the department officials.

In other words, the power of provisional

attachment should be applicable only in

exceptional circumstances and not as a

routine exercise.



March 2022

IMPLICATIONS UNDER GST ON SUPPLY OF CRYPTO OR DIGITAL ASSETS

CA Deepak Kumar Jain, B.Com., FCA., ACS., LLB

Crypto has become a parallel

currency, allowing transfer of value

held in digital wallet, from one person

to another, without going through a

central authority or bank and to allow

the digital asset, as consideration for

purchase of goods and services. In

the recent Union Budget, transactions

in digital assets and crypto have been

subjected to income tax with connected

withholding tax requirement. This has

certainly ignited the implications on

such transactions under GST.

Understanding Digital Assets

1. Digital assets are not defined under

GST law and the law is silent is on

its meaning, categorisation and

taxation. Accordingly, it may be

relevant to decipher its meaning

under allied law. Section 2(47A)

of the Finance Bill, 2022, seeking

to tax transactions in virtual digital

assets, defines it as:

(47A) “virtual digital asset” means

(a) any information or code or

number or token (not being Indian

currency or foreign currency),

generated through cryptographic

means or otherwise, by whatever

name called, providing a digital

representation of value exchanged

with or without consideration, with

the promise or representation of

having inherent value, or functions

as a store of value or a unit of

account including its use in any

financial transaction or investment,

but not limited to investment

scheme; and can be transferred,

stored or traded electronically;

(b) a non-fungible token or any other

token of similar nature, by whatever

name called;

(c) any other digital asset, as the

Central Government may, by

notification in the Official Gazette

specify:

2. More often, digital assets or virtual

currencies or crypto currencies, as

they are called, use cryptography,

to prevent counterfeit or double

spend of the currency. They

enable secure online payments

without the use of third-party

intermediaries. “Crypto” uses

decentralized network based on

blockchain technology, having

various encryption algorithms and

cryptographic techniques that

safeguard transactional entries,

such as elliptical curve encryption,

public-private key pairs, and

hashing functions, depicted below:

3. Blockchain technology is essentially

a set of connected blocks or an

online ledger. Each block contains a

set of transactions that have been

independently verified by each

member of the network. Every new

block generated must be verified by

each node before being confirmed,

making it almost impossible to

forge transaction histories. The

contents of the online ledger must

be agreed upon by the entire


2022

network of an individual node, or

computer maintaining a copy of

the ledger.

4. Per the above, the uniqueness

of blockchain technology is that

each owner transfers the digital

currency to the next by digitally

signing an encryption, say a hash

of the previous transaction and

the public key of the next owner

(transferee) and adding these to

the end of the digital currency. In

this manner, a payee can verify

the signatures, to verify the chain

of ownership, preventing double

payments or counterfeit.Bitcoin

is the most popular and valuable

cryptocurrency.

5. There appears to be unanimity of

opinion among all the regulators

and the governments of various

countries that though virtual

currencies have not acquired

the status of a legal tender, they

nevertheless constitute digital

representations of value and that

they are capable of functioning as

(i) a medium of exchange; (ii) a unit

of account; (iii) a store of value.

Classification under GST

6. Taxability of Private digital assets

has become a perineal question

after introduction of income tax

on transaction of virtual digital

assets and brings us to analyse the

implications under GST.

7. Section 2(52) defines ‘goods’ to

“means every kind of movable

property other than money and

securities but includes actionable

claim, growing crops, grass and

things attached to or forming part

of the land which are agreed to be

severed before supply or under a

contract of supply”;

8. The Central Goods and Services

Tax Act, 2017 defines ‘money’

under Section 2(75) to mean “the

Indian legal tender or any foreign

currency, cheque, promissory note,

bill of exchange, letter of credit,

draft, pay order, traveler cheque,

money order, postal or electronic

remittance or any other instrument

recognised by RBI, when used as a

consideration to settle an obligation

or exchange with Indian legal

tender of another denomination

but shall not include any currency

that is held for its numismatic

value.”

9. Perusal of the term ‘Money’

evidences that money means

legal tender or foreign currency,

recognized by RBI. Digital assets

are not money or foreign currency

recognized by RBI and hence will

not be regarded as ‘Money’.

10. The Central Goods and Services

Tax Act, 2017 defines “Securities”

under Section 2(101) as “shall have

the same meaning as assigned to

it in clause (h) of section 2 of the

Securities Contracts (Regulation)

Act, 1956”.

The term “securities” the Securities

Contracts (Regulation) Act, 1956, is

defined to include—

(i) shares, scrips, stocks, bonds,

debentures, debenture stock or

other marketable securities of a like

nature in or of any incorporated

company or other body corporate;

(ia) derivative;

(ib) units or any other instrument

issued by any collective investment

scheme to the investors in such

schemes;

(ic) security receipt as defined in clause

(zg) of section 2 of the Securitisation

and Reconstruction of Financial

Assets and Enforcement of Security

Interest Act, 2002;

(id) units or any other such instrument

issued to the investors under any

mutual fund scheme;

(ie) any certificate or instrument (by

whatever name called), issued to

an investor by any issuer being a

special purpose distinct entity which

possesses any debt or receivable,

including mortgage debt, assigned

to such entity, and acknowledging

beneficial interest of such investor

in such debt or receivable including

mortgage debt, as the case may

be;

(ii) Government securities;

(iia) such other instruments as may be

declared by the Central Government

to be securities; and

(iii) rights or interests in securities;”

11. Perusal of the term ‘Securities’

would evidence that digital assets

will not fall meaning within the

assigned meaning.

12. In the landmark judgment of Tata

Consultancy Services Vs. State of

Andhra Pradesh [271 ITR 401 (SC)]

the constitution bench of Supreme

Court on the question whether

certain software would fall within

the meaning of goods under the

state sales tax law and it was held

by the majority that the term goods

used in the Constitution of India is

very wide and under the relevant

Act it includes all types of movable

properties irrespective of tangible



March 2022

or intangible and a transaction

sale of computer software is a

sale of goods within the meaning

of relevant sales tax act. In the

concurring opinion, Hon’ble Justice

Sinha laid down a three-part test

for software to classify as goods

i.e. (a) its utility (b) capable of

being bought and sold (c) capable

of being transmitted, transferred,

delivered, stored and possessed.

13. In the instant case, it can be

observed that cryptocurrencies are

intangible assets that are made,

marketed, and stored on physical

servers. They can be bought and

sold, transmitted, transferred,

delivered, stored, and possessed.

Private digital assets like Bitcoin

and Ethereum are used for various

purposes like a store of value,

transfer of value, micropayments,

and decentralized applications.

These features and the demand for

cryptocurrencies for these purposes

indicates their utility. Therefore, it

can be concluded that based on

the text of the law, private digital

assets are closest to be regarded as

goods and can be classified as such

under the GST law.

Taxability under GST

14. The table below summarizes the

possible implications under GST, of

transactions connected with digital

assets:

15. India, is certainly considering to

tax transactions in private digital

assets. Consequent to growth in

such transactions, in the absence

of any formal mechanism provided

under law, such transactions will

be subject to tax at gross value.

Ambiguity under law coupled

with delayed administration, could

cause significant hardship to this

industry. While the offenders have

their way out, an ignorant assessee

may be made to lose all gains from

deployment of his already taxed

resources.

Way-forward

16. Upon introduction of digital

currency by RBI, the industry will

be split between private digital

assets and digital currency or assets

backed by government. India’s

digital currency will be regarded as

money under GST and will not be

taxed as such, while transactions

in private digital assets, will be

taxed as goods, unless banned or

appropriately regulated.

17. It may be imperative for the industry

to make a representation to the GST

council to allow discharge of GST

at nominal rates for the past, with

an appropriate amnesty scheme, to

ensure that delay in regulation does

not impact an ignorant but willing

tax payer. Given the number of

assessee’s engaged and the volume

of such transactions, this may be in

the interest of justice, equity and

good conscience.

Transaction Taxability Reasoning

Purchase of goods

or services in

exchange of private

digital asset (say

Bitcoin)

Regarded

as

exchange

of goods

for goods

or services

Considering digital assets (bitcoin) to be goods,

transfer of bitcoin in exchange of goods or

services will be regarded as barter i.e. exchange

of goods for goods or services, in return. As

digital assets are not classified as such, the

general rate of GST ought to be applicable.

Alternatively, bitcoins may be regarded as

intangible assets and classified as such.

Purchase of private

digital assets

(say bitcoin) on

payment of money

(Indian Rupee or

foreign currency)

Seller of

private

digital

asset will

be subject

to GST

Considering the digital asset (say bitcoin) to be in

the nature of goods, the seller of bitcoin ought

to be liable to charge GST for sale of bitcoin, in

consideration for payment in money, at general

rate of GST

Services provided

in connection with

sale or purchase or

exchange of private

digital assets

Taxable as

Supply of

services

Supply of services in connection with purchase,

sale or exchange of digital assets for a

consideration, charged as service fee, will be

subject GST at standard rate, applicable for

services.

Sale of private non-

fungible tokens

Treated

as an

intangible

asset

other than

software

NFT, which are capable to be sold on digital

markets are treated in the same manner as sale

of intangible and ought to be taxed as such at

the rate applicable for intangibles.


2022

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March 2022

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March 2022


2022

CA. APURVA G.

Paper-4: Taxation - Direct Tax Laws Dates: 24.03.2022 to 25.03.2022

10am to 5.30pm

BENGALURU BRANCH OF SIRC OF ICAI (Set up by an Act of Parliament)

ORGANISING PHYSICAL SUBJECTWISE PRE - EXAM CRASH COURSE FOR CA INTERMEDIATE

STUDENTS FOR MAY 2022 EXAMS Tentative scheduled faculty may change due to non availability at that point of time

PHYSICAL INTERMEDIATE CRASH COURSE

CA. MRIDUL AGARWAL Paper-2: Corporate and Other Laws

Dates: 18.03.2022 to 20.03.2022 Timings: 10am to 5.30pm

CA. MURALI NAGARAJ All-India Rank Holder

Paper-5: Advanced Accounting Dates: 28.03.2022 to 31.03.2022

10am to 5.30pm

CA. MURALI NAGARAJ

All-India Rank Holder Paper -1: Accounting (Gr-1)

Dates: 14.03.2022 to 17.03.2022 Timings: 10am to 5.30pm

CA. DILIP RAJPUROHITH Paper-4: Taxation -Indirect Tax Laws Dates: 26.03.2022 to 27.03.2022

10am to 5.30pm

CA. M. TABISH HASSAN Paper-3: Cost and Management

Accounting Dates: 21.03.2022 to 23.03.2022

Timings: 10am to 5.30pm


CongratulationsRANK HOLDERS - DECEMBER 2021 EXAMS

Sl No. Name SRO NO Roll NoTotal Marks Obtained

CITY RANK

Intermediate (IPC) / Intermediate

1 SANJAY D SRO0715657 464207 605 1

2 SHREYAS U SRO0748668 463853 598 2

3 ADITYA BAJAJ SRO0732972 462701 587 3

4 RACHITA MURTHY SRO0732368 460972 563 4

5 HIMAANSHI V SRO0744962 463761 562 5

5 SUHAS KAJE SRO0719745 460570 562 5



March 2022


2022



March 2022


2022

Half Day Seminar on TDSOrganised by Bengaluru Branch of SIRC of ICAI

On Wednesday, 16th March 2022

Physical cum Virtual

Venue: S. Narayanan Auditorium, Vasanthnagar Branch Premises, Bengaluru

Time: 4.00 pm to 7.15 pm

TIMINGS TOPICS SPEAKERS

3.30 pm to 4.00 pm REGISTRATION & NETWORKING

4.00 pm to 5.30 pm TDS Update (Residents & Non – Residents) CA. D.R. Venkatesh &CA. C. Sandeep

5.30 pm to 5.45 pm SNACKS & TEA BREAK

5.45 pm to 7.15 pm Contd. Session

CA. Srinivasa T CHAIRMAN

CA. Pramod R Hegde SECRETARY

BENGALURU BRANCH OF SIRC OF ICAI

3 hrsCPE

Online Registration openDELEGATE FEES : For MEMBERS: For NON MEMBERS:

PHYSICAL Rs. 400/- (Plus GST) Rs. 1,000/- (Plus GST)

VIRTUAL Rs. 200/- (Plus GST) Rs. 600/- (Plus GST)

Mode of Payment: Online / Cash / Cheque in favour of

“Bangalore Branch of SIRC of ICAI”, payable at Bengaluru

For Registration, Please contact: Email : [email protected]

Tel: 080-4394 4868/876, 96069 13003 Website : www.bangaloreicai.org

Bengaluru Branch of SIRC of ICAIis looking for the Post of

Front Office Assistant & Office Assistants / ClerksHaving good communication skills.

Qualification : Any Graduate, Age between : 25 to 30,

Minimum of 0 to 2 Years of Experience, No of posts: 4

Address : The Chairman, Bengaluru Branch of SIRC of ICAI.

Send your CV to [email protected]; [email protected]; [email protected]



March 2022

One Day Seminar on Bank Branch AuditOrganised by Bengaluru Branch of SIRC of ICAI

On Saturday, 19th March 2022


Venue: Chancery Pavilion, #135, Residency Road, Bengaluru 560 025

Time: 9.30 am to 6.00 pm


9.00am to 9.30am REGISTRATION & NETWORKING

9.30am to 10.00 am INAUGURATION by the Chief Guest

10.00am to 11.30am Overview of Income Recognition and Asset Classification (IRAC) Norms

CA. Dhananjay GokhaleMumbai

11.30am to 12.00 noon TEA BREAK

12.00 noon to 1.30pm Audit of Advances & Documentation CA. Ismail B. SonawallaMumbai

1.30pm to 2.30pm LUNCH BREAK

2.30pm to 4.00pm Data Analytics for LFAR / IFCoFR (Internal Financial Control Over Financial Reporting)

CA. Premnath DHyderabad

4.00pm to 4.30pm TEA BREAK

4.30pm to 6.00pm Key technical aspects to know in CBS Branches CA. R. Vittal RajChennai

CA. Srinivasa T CHAIRMAN

CA. Pramod R Hegde SECRETARY


6 hrsCPE

Online Registration open

DELEGATE FEES : For MEMBERS: For NON MEMBERS:

PHYSICAL Rs. 2,300/- (Plus GST) Rs. 4,000/- (Plus GST)

VIRTUAL Rs. 600/- (Plus GST) Rs. 1,000/- (Plus GST)

Mode of Payment: Online / Cash / Cheque in favour of “Bangalore Branch of SIRC of ICAI”, payable at Bengaluru




2022

Half Day Seminar on Faceless Assessments

Organised by Bengaluru Branch of SIRC of ICAI

On Wednesday, 23rd March 2022


Venue: S. Narayanan Auditorium, Vasanthnagar Branch Premises, Bengaluru

Time: 4.00 pm to 8.15 pm


3.30 pm to 4.00 pm REGISTRATION & NETWORKING

4.00 pm to 6.00 pm Faceless Assessments & Re-assessments CA. H. Padamchand Khincha&CA. K.K. Chythanya

6.00 pm to 6.15 pm SNACKS & TEA BREAK

6.15 pm to 8.15 pm Contd. Session

CA. Srinivasa T

CHAIRMAN

CA. Pramod R Hegde

SECRETARY


4 hrsCPE

Online Registration open

DELEGATE FEES : For MEMBERS: For NON MEMBERS:

PHYSICAL Rs. 400/- (Plus GST) Rs. 1,000/- (Plus GST)

VIRTUAL Rs. 200/- (Plus GST) Rs. 600/- (Plus GST)

Mode of Payment: Online / Cash / Cheque in favour of

“Bangalore Branch of SIRC of ICAI”, payable at Bengaluru



31March 2022

Inauguration of Discussion by Lighting the lamp CA K.K. Chythanya CA. H Padamchand Khincha

CA. S. RamasubramanianChief Guest CA. S. Prakash Chand Past Chairman


CPE Meeting's - Members ProgrammesClause by Clause Discussion on Union Budget 2022 - DIRECT TAXES

Half Day Seminar on Companies Act, 2013

CA. Pramod R HegdeSecretary

Bengaluru branch of SIRC of ICAI

Felicitation to Outgoing Chairman, CA. B. T. Shetty Presentation of Memento to CA. M.P. Vijay Kumar

Presentation of Memento to CA. K. Gururaj Acharya

Inauguration of Seminar by Lighting the lamp CA. Jatin Christopher CA. T.R. Rajesh KumarChief Guest CA. P.V. Nagaraja Gupta

Past Chairman, Bengaluru Branch of SIRC of ICAI

Half a Day Seminar on Indirect Tax proposals - Union Budget 2022

CA. A. S. Vishnu Bharath CA. Anil Kumar H CA. P.V. Nagaraja Gupta CA. S. Prakash Chand

Past Chairmen Birthday Celebrations

Job Oriented Accounting Training Program - Valedictory Session

Inauguration of Seminar by lighting the lamp CA. Srinivasa T Chairman


CA. B.T. Shetty Imm. Past Chairman


CA. K. Gururaj Acharya CA. M.P. Vijay Kumar Director, Sify Singapore

(Pte) Limited

Convocation Ceremony 2022

Inauguration of Convocation Ceremony 2022 by Lighting the lamp

Guest of Honour - CA. B P Rao Past President, ICAI

Guest of Honour - CA. K Raghu Past President, ICAI

CA. B. T. Shetty, ChairmanBengaluru Branch of SIRC of ICAI

CA. Cotha S. Srinivas Central Council Member, ICAI

Coordinator - CA. Dayaniwas Sharma Central Council Member, ICAI

Felicitation to the Guest of Honour CA. B P Rao, Past President, ICAI

Felicitation to the Guest of Honour CA. K Raghu, Past President, ICAI

CA. Manik Bansal CA. Ankit MaheshwariCA. Sreehari Kutsa CA. Asha M

Study Circle Meetings

32 March 2022

CA. T.V. Mohandas Pai Chairman

Manipal Global Education Services, Bengaluru

CA. H. Padamchand Khincha Leading Corporate & International

Tax Consultant

Mr. Sharad SharmaCo-founder

iSPIRT Foundation

Dr. Soumya Kanti Ghosh Group Chief Economic Advisor

State Bank of India, Mumbai

Prof. R. Vaidyanathan Cho Ramaswamy Visiting

Chair Professor for Pubic Policy at Sastra University, Thanjavur

Mr. V. Lakshmikumaran Founder & Managing Partner Lakshmikumaran & Sridharan,

Attorneys, New Delhi

th28 Awareness Programme on “Analysis of Union Budget 2022” – Virtual

Moderators Panelists

Updates in GSTN Portal and Practical Issues under GST Law

CA. Annapurna D Kabra CA. Sushil Kumar PadhyDr. Ravi Prasad M.PAddional Commissioner of

Commerical Taxes, Govt. Karnataka

Risk Assessment

33March 2022

SICASA Speaker’s Forum

CA. Vijay RajaChief Guest

Dr. Ramalal S StudentsInauguration of Discussion by Lighting the lamp CA. Srinivasa TChairman


Felicitation to the Chief Guest Snap shot of Students

Bengaluru Branch of SIRC News Letter English Monthly Printed, Published & Edited by Editor CA. Srinivasa.T, Chairman, on behalf of Bengaluru Branch of SIRC of ICAI., No.16/O, 'ICAI Bhawan', Millers Tank Bed Area, Vasantnagar, Bengaluru-560052, Karnataka

Tel: 080 - 4394 4868 / 876, Mob: 96069 13003 / 004, www.bangaloreicai.org e-mail : [email protected] Printed at: Jwalamukhi Mudranalaya Pvt. Ltd., 44/1, K.R. Road, Basavanagudi, Bengaluru-560 004, Ph : 080-2660 8090, e-mail : [email protected]

34 March 2022

Newly Elected Office Bearers for the year 2022-2023

Welcoming the Newly Elected Branch Chairman, CA. Srinivasa. TNew Office Bearers - Invoking Gods Blessings

Newly Elected Managing Committee Members of Bengaluru Branch of SIRC of ICAI for the year 2022 - 2025

Welcoming the New Chairman by Members & Speakers

Branch of SIRC e-Newsletter Bengaluru

Documents