Circulated By Email Volume - VIII | September 2020 Vadodara Branch of Western India Regional Council of The Institute of Chartered Accountants of India The Institute of Chartered Accountants of India (Setup by an Act of Parliament) Editorial Team CA. Krunal Brahmbhatt 78748 11551 Chairman CA. Vinod Pahilwani 98980 78176 Vice-Chairman CA. Manoj Sahu 90990 94500 Secretary CA. Rikin Patel 88667 09509 Treasurer CA. Vishal Doshi 98240 59901 Ex-officio CA. Hitesh Agrawal 99980 28737 IP - Chairman CA. Rahul Agrawal 97233 10418 Committee Member CA. Dhruvik Parikh 99795 39966 Committee Member CA. Krunal Brahmbhatt CA. Dhruvik Parikh CA. Nayan Kothari CA. Rahul Parikh CA. Hitesh Thakkar CA. Rachit Sheth CA. Chinmay Naik CA. Janki Gohil CA. Sakshi Somani CA. Neel Shah CA. Sahil Rao Managing Committee Contents Dear All Obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it that’s the way of life. This is the month of September and all our professional brothers get involved in completion of auditing though not at a pace where we used to because of extension of due dates . What I believe this year 2020 is abnormal for all business and profession but this is new normal where we learn many ways to deal with unique situation. We have scheduled workshop of Excel training by CA Amit Jain as 4 day series, requesting all members to take benefit of this session and along with that we have plan session on professional opportunity for members on Gujarat industrial policy and NSE on 12th September. ICAI Updates: 1] Research Committee: It has launched the following initiatives for the members and students at large to avail the benefits of such schemes: 1. ICAI Doctoral Scholarship Scheme – For details https://www.icai.org/new_post.html?post_id=16491 2. ICAI Research Project Scheme - For details https://resource.cdn.icai.org/59494research48411project.pdf 3. ICAI International Research Award - For details https://resource.cdn.icai.org/59392research48349awards.pdf 4. ICAI Awards for Excellence in Financial Reporting – For details https://www.icai.org/new_post.html?post_id=16508 2] EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS AT THE EXAMINATION CENTRES FOR THE CHARTERED ACCOUNTANTS EXAMINATIONS: A member who fulfills the above mentioned eligibility criteria, desirous of empanelling himself for the assignment, may do so, online at on or before 20.09.2020. http://observers.icaiexam.icai.org 3] The IASB publication of IFRS comprising IFRS Part B (Illustrative Examples and Implementation Guidance) and IFRS Part C (Bases for Conclusions) that accompany the IFRS Standards is also placed on the ICAI website for guidance in application of the Ind AS. The above e- version of updated Ind AS and related guidance material are available at: https://www.icai.org/new_post.html?post_id=15361 4] ICAI Cares - Medical Financial Assistance to the Members and their dependents suffering from CORONA. The Detailed Notification can be accessed on https://www.icai.org/post/covid19cabf. Regards, CA. Krunal Brahmbhatt Chairman Chairman Communication Forthcoming Events 2 Pg 0 Judicial Decisions on Indirect Taxes Pg 02 Financial Instruments Part-5 Pg 03 SC Leaping to Facts than Law Pg 07 Direct Tax Updates Pg 08 Due Date Calendar Pg 10 Photo Gallery Pg 11
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Circulated By EmailVolume - VIII | September 2020
Vadodara Branch of Western India Regional Council ofThe Institute of Chartered Accountants of India
The Institute of Chartered Accountants of India(Setup by an Act of Parliament)
Editorial Team
CA. Krunal Brahmbhatt 78748 11551Chairman
CA. Vinod Pahilwani 98980 78176Vice-Chairman
CA. Manoj Sahu 90990 94500Secretary
CA. Rikin Patel 88667 09509Treasurer
CA. Vishal Doshi 98240 59901Ex-officio
CA. Hitesh Agrawal 99980 28737IP - Chairman
CA. Rahul Agrawal 97233 10418Committee Member
CA. Dhruvik Parikh 99795 39966Committee Member
CA. Krunal Brahmbhatt CA. Dhruvik Parikh
CA. Nayan Kothari CA. Rahul Parikh
CA. Hitesh Thakkar CA. Rachit Sheth
CA. Chinmay Naik CA. Janki Gohil
CA. Sakshi Somani CA. Neel Shah
CA. Sahil Rao
Managing Committee
Contents
Dear All
Obstacles don’t have to stop you. If you run into a wall, don’t turn around andgive up. Figure out how to climb it, go through it, or work around it that’s theway of life.
This is the month of September and all our professional brothers getinvolved in completion of auditing though not at a pace where we used tobecause of extension of due dates .
What I believe this year 2020 is abnormal for all business and profession butthis is new normal where we learn many ways to deal with unique situation.
We have scheduled workshop of Excel training by CA Amit Jain as 4 dayseries, requesting all members to take benefit of this session and along withthat we have plan session on professional opportunity for members onGujarat industrial policy and NSE on 12th September.
ICAI Updates:
1] Research Committee: It has launched the following initiatives for themembers and students at large to avail the benefits of such schemes:
1. I C A I D o c t o r a l S c h o l a r s h i p S c h e m e – F o r d e t a i l shttps://www.icai.org/new_post.html?post_id=16491
2. I C A I R e s e a r c h P r o j e c t S c h e m e - F o r d e t a i l shttps://resource.cdn.icai.org/59494research48411project.pdf
3. I C A I I n t e r n a t i o n a l R e s e a r c h A w a r d - F o r d e t a i l shttps://resource.cdn.icai.org/59392research48349awards.pdf
4. ICAI Awards for Excellence in Financial Reporting – For detailshttps://www.icai.org/new_post.html?post_id=16508
2] EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS AT THEEXAMINATION CENTRES FOR THE CHARTERED ACCOUNTANTSEXAMINATIONS: A member who fulfills the above mentioned eligibilitycriteria, desirous of empanelling himself for the assignment, may do so,online at on or before 20.09.2020.http://observers.icaiexam.icai.org
3] The IASB publication of IFRS comprising IFRS Part B (IllustrativeExamples and Implementation Guidance) and IFRS Part C (Bases forConclusions) that accompany the IFRS Standards is also placed on theICAI website for guidance in application of the Ind AS. The above e-version of updated Ind AS and related guidance material are availableat: https://www.icai.org/new_post.html?post_id=15361
4] ICAI Cares - Medical Financial Assistance to the Members and theirdependents suffering from CORONA. The Detailed Notification can beaccessed on https://www.icai.org/post/covid19cabf.
Regards,
CA. Krunal Brahmbhatt
Chairman
Chairman Communication Forthcoming Events 2Pg 0
Judicial Decisions on Indirect Taxes Pg 02
Financial Instruments Part-5 Pg 03
SC Leaping to Facts than Law Pg 07
Direct Tax Updates Pg 08
Due Date Calendar Pg 10
Photo Gallery Pg 11
Vadodara Branch of WIRC of ICAI
Volume - VIII September 2020
02
Branch Events
Timing : 04:00 pm to 06:00 pm
Fees : Rs. 500/- + 18% GST
Webinar on Excel Training
Topic Faculty
Basic Excel Features : Basic Idea about excel, CA. Amit JainBasic common formula and functions used inexcel i.e. filter, countif, sumif, Dropdown list,min, max, LEN, rank, sorting and many more.
Advanced Excel Functions : Conditional CA. Amit JainFormatting, Print Options, Lookup function(vlookup, Hlookup), Logical Function (If),Advanced Vlookup (lookup with match), Trim
Pivot (Basic to Advanced Features), Slicer, CA. Amit JainChart, Dashboard, GSTR 2A Reconciliation inExcel in 5 minutes.
Auditing Tool in Excel, Basic and advanced CA. Amit Jainprotection in excel, Overview of Macro(Automation in Excel).
Day & Date : Friday, 28.08.2020
shall fall within the meaning of the term apparatus,
equipment and machinery and therefore, shall be
eligible for claim of ITC. Further. It was ruled that
ITC was eligible of GST on Steel & Civil Structure on
which the water slides are installed.
[Atriwal Amusement Park – AAR – Madhya
Pradesh]
1.2 The Appellate AAR ruled that when it has been
established that money, transported by the
Appellant in the cash -carry vans, can be
considered as goods, ITC in respect of the cash
carry vans used for the transportation of cash will
be available to the Appellant in accordance with
provisions of section 17 (5) (a)(ii) of the CGST Act,
2017.
[CMS Info Systems Ltd – Appellate AAR –
Maharashtra]
II. INTERMEDIARY
The Petitioner is an association comprising of
recycling industry engaged in manufacture of
metals and casting etc. The members of the
petitioner also facilitate sale of recycled scrap
goods for their foreign principals in India and other
countries.
Thus, the members of the petitioner association
not only deal with goods sold by foreign principals
to customers in India but also facilitate sale of
goods by foreign principals in non-taxable territory
to their customers, who are also located in non-
taxable territories. According to the petitioner,
member of the petitioner association receives only
the commission upon receipt of sale proceeds by
its foreign client in convertible foreign exchange.
Thus, according to the petitioner, the transaction
entered into by the members of the petitioner
association is one of export of service from India
and earning valuable convertible foreign exchange
for the same. According to the petitioner, IGST
cannot be levied on the members of the petitioner
association, who are engaged in the transaction of
export of service as stated above as the petitioner
members’ export of services is covered by the
Section 16(1) of the IGST Act, 2017 which provides
for “zero rated supply”.
The Petitioner had approached the Honourable
High Court to determine the issue as to whether the
provisions of Section 13(8)(b) rws 2(13) and 8(1) of
HrsCPE 8
(Subject to Confirmation)
Day & Date : Saturday, 29.08.2020
Day & Date : Friday, 04.09.2020
Day & Date : Saturday, 05.09.2020
Vadodara Branch of WIRC of ICAI
Announces Webinar on
Top 6 Opportunitiesof
NSE Platforms - for CA’s
Date
12 September, 2020th
Time
04.00 pm to 05.30 pm
Time
05.30 pm to 07.00 pm
Gujarat New IndustrialPolicy - 2020 & Professional
Opportunity for CA’s
CA. Ashish Goyal, VP NSE CA. G. B. Modi
CPE : 3 Hrs. Fees : Rs. 300 + GST
Contributed by : CA Anirudh Sonpal.can be reached at [email protected]
Judicial Decisionson Indirect Taxes
I. INPUTTAX CREDIT
1.1 With reference to water slides installed in an
amusement park, the AAR rules that Water Slides
Vadodara Branch of WIRC of ICAI
Volume - VIII September 2020
03
t h e I G S T A c t , 2 0 1 7 a re u l t ra v i re s a n d
unconstitutional or not?
The Honourable High Court observed that ‘the
basic logic or inception of Section 13(8)(b) of the
IGST Act considering the place of supply in case of
intermediary to be the location of supply of service
is in order to levy CGST and SGST and such
intermediary service therefore, would be out of the
purview of IGST. There is no distinction between the
intermediary services provided by a person in India
or outside India. Only because, the invoices are
raised on the person outside India with regard to the
commission and foreign exchange is received in
India, it would not qualify to be export of services,
more particularly when the legislature has thought
it fit to consider the place of supply of services as
place of person who provides such service in India.
There is no deeming provision as tried to be
canvassed by the petitioner, but there is stipulation
by the Act legislated by the parliament to consider
the location of the service provider of intermediary
to be place of supply. Similar situation was also
existing in service tax regime w.e.f. 1st October
2014 and as such same situation is continued in
GST regime also. Therefore, this being a consistent
stand of the respondents to tax the service provided
by intermediary in India, the same cannot be treated
as “export of services” under the IGST Act and
therefore, rightly included in Section 13(8)(b) of the
IGST Act to consider the location of supplier of
service as place of supply so as to attract CGST and
SGST.’
The Honourable High Court held that it cannot be
said that the provision of Section 13(8)(b) rws 2(13)
o f t h e I G S T A c t , 2 0 1 7 a re u l t ra v i re s o r
unconstitutional in any manner.
[Material Recycling Association of India vs UoI –
Gujarat HC]
III. REFUND – INVERTED DUTY STRUCTURE
The Honourable High Court allowed the claim of the
refund made by the petitioners considering the
unutilised input tax credit of “input services” as part
of the “net input tax credit”(Net ITC) for the purpose
of calculation of the refund of the claim as per Rule
89(5) of the CGST Rules,2017 for claiming refund
under Sub-section 3 of Section 54 CGST Act,2017.
The Honourable High Court opined that Explanation
(a) to Rule 89(5) which denies the refund of
Impairment of Financial Assets – Expected Credit Loss
(ECL) model
Introduction
The Impairment requirements of Ind AS 109 are based
on ECL model. This will result in earlier recognition of
impairment loss as compared to the incurred loss model
prescribed under Accounting Standards (“AS”).
Applicability
ECL model under Ind AS 109 applies to following
financial instruments:
• Financial assets that are debt instruments which
are measured at Amortised cost (e.g. loans, debt
securities, deposits and bank balance) or at
FVTOCI meeting both, business model test and
contractual cashflow test;
• Loan Commitments which are not measured at
FVTPL;
• Financial guarantee contracts issued which are not
measured at FVTPL;
• Lease receivables under Ind As 116; and
• Trade Receivables or any contractual right to
receive cash or other financial asset under Ind AS
regarding Section 271(1)(c ). To touch the apparent facts
of the case, the case was relating to penalty under
Section 11AC of the Central Excise Act, 1944 and never
of the penalty under Income Tax Act. However, in the said
decision, the honorable Apex Court had ruled that
penalty under section 11AC of CEA is similar to 271(1)(c )
of IT Act. Taking the basis of ruling, the department
started attacking Tax Payers from all sides although the
ruling was never of Section 271(1)(c ) of the Act.
Similarly, same thing has happened positively for cases
under section 68 of the Act in the recent judgment of the
honourable Apex Court in case of Basir Ahmed Sisodia v.
ITO (2020) 271 Taxman 247 (SC).
Leaping to Facts than Law: The question involved before
the honourable SC was relating to the law laid down
under Section 68 of the Act. Despite being given several
opportunities, the assessee had failed to prove the
authenticity of the entries in question and consequently
the AO added the amounts as 'unexplained cash credits'
u/s 68. Although the question before the honourable SC
was relating to Section 68 of the Act, the honourable
court leaped to the appeal against the penalty
proceedings before lower authorities. In appeal against
the penalty, the CIT(A) had held that the Tax Payer had
not made any concealment of income or furnished
inaccurate particulars of income. The apex court
observes that during the penalty proceedings the Tax
Payer had furnished affidavits & statements of
unregistered dealers which was duly verified and
accepted by the AO without any adverse findings. Court
holds that “the factual basis on which the Officer formed
his opinion in the assessment order ..in regard to
addition of Rs.2,26,000/….stands dispelled by the
affidavits and statements of the concerned unregistered
dealers in penalty proceedings.”, SC opines that in such
situation, “..the addition of amount of Rs.2,26,000/-
cannot be justified, much less, maintained.”
The above landmark Judgement has following
beneficial implications:
a) The honourable court can not only be pleaded for
substantial question of law, even substantial
question of fact can also be pleaded in appropriate
cases.
b) If the question before the higher authority is
differently dealt by the lower authorities or vice versa,
this decision can be easily quoted or contended.
c) Question of additional evidences where the appellate
authorities have regret to accept can be contested by
quoting above decision.
d) SC has demonstrated landmark principle that truth
can be searched and dig out from any matter
covered with lower authorities.
e) This Judgement is good fight against NRA Iron on
account of fact that in both proceedings, the original
addition was made without supporting and
satisfaction of Section 68 of the Act.
Contributed by : CA. Narendra Hindochacan be reached at [email protected]
Direct Tax Updates
Income-tax
1. Faceless Assessment
The issue that hogs the limelight right now isFaceless Assessment.
In a rare event, the Prime Minister himselfannounced the broad contours of this reformpertaining to Income-tax on 13th August 2020.
In the manner characteristic of the Government, as
Vadodara Branch of WIRC of ICAI
Volume - VIII September 2020
09
experienced in the event of Demonetisation andLockdown, the announcement has immediateeffect. However, unlike the earlier announcements,by all indications, this announcement is unlikely tocreate hardships and I expect it to bring goodtimes for most assessees, consultants and theOfficers.
In short, the Assessee will not need to attend theIncome-tax Office in person. In fact he may noteven know who is making assessment. Alsoassessment will not be dependent on one person.The selection of cases will not be by an individualofficer but by what may be considered artificialintelligence. The case be selected at one location,the technical inputs may come from anotherlocation, verification may be done from a differentlocation, assessment may be framed at stilldifferent location and the draft assessment ordermay be reviewed at yet another location. Hard tothink of corruption entering this maze.
I recollect the inconvenience of being present inperson at the time and on the date chosen by someOfficer. Sometimes a number of them chose thesame date and time. In the new dispensation, I canpossibly attend an assessment while holidaying inGoa. Or think of large number of senior officialsliving away from family for long periods due toposting at another location. Days may not be farwhen the same official can live with his family whileattending to official duties.
The announcement was followed by variousnotifications detailing the procedures, creation ofhierarchy of CCITs, PCITs, DCITs, ACITs, AOs, etcand defining their jurisdiction within NationalEassessment Centre and Regional Centres.
In an online programme organised by WIRC on 1stSeptember, 2020, 3 Senior Officials responded tos eve ra l q u e r i e s re l a t i n g to i s s u e s n o tcontemplated in or dealt with in thesenotifications.
In short, it would appear that within, say, Income-tax department in Vadodara, the Officers would bedivided into two categories, one dealing withfaceless assessments and the other dealing withother matters. The former may constitute majorityof about 2/3rd.
Local Officers will continue to hold jurisdiction asregards several issues, including issue of noticesunder section 148 and dealing with objections,stay of demand, recovery, rectifications, penalty,appeal effects, filing second appeals prosecutionetc. Cases relating to search and seizure andInternational taxation may not be covered by
faceless assessments, but assessments undersection 147 will be covered.
There will be issues as to how reference will bemade to valuers, how summons will be issued andwho will do cross examination, how the notices willbe issued under section 133(6) and many otherissues, although such issues may not be arising inall cases.
Assessing Officers will no longer have powers ofSurvey which powers will be now exercised byInvestigation Wing.
Let us wait and watch how this plays out and let uscontribute our share to make it successful.
2. Returns of income for Assessment Year 2019-20
By Notification dated 29th July, 2020, furtherextension upto 30th September, 2020 is grantedfor filing Return or Revised Return for theAssessment Years 2019-20
3. First appeal proceedings
As per announcements, first appeals will becomefaceless from 25th September, 2020. moreWhiledetails may become known by then, instructionsby CBDT Chief by communication dated 9th July,2020 indicates that the appeals are required to bedisposed of through e-appeal proceedings bysending the communication through the e-filingportal and or through emails only. The responsesshould also be through the same method as thiswill also ensure social distancing which is ofparamount importance at these times. Even thesubmissions are to be only electronic and thesame are not to be received in paper form.
What is noteworthy is that while very convenientplatforms are available for video conference, thepresent instructions do not contemplate even thatkind of interaction.
4. Notices for E assessment proceedings
While Covid 19 has created stress for almost all, theRevenue had put a hold on issue of notices forassessment as the notices would further add tothe stress. And now that lot of assessees wouldhave composed themselves, instructions areissued to start the Assessment process whichwas on hold so far. While the notices forassessment are always a bitter pill, now they will besugar coated. The notices will state that it is issuedto help you. If you are wondering how a scrutinynotice will help you, it clarifies that it will help you inputt ing end to uncer tainty of a pendingassessment. So time to dust off your digital orphysical records and be ready.
Vadodara Branch of WIRC of ICAI
Volume - VIII September 2020
Due Date CalendarContributed by : CA. Himesh D. Gajjarcan be reached at [email protected]
(1) Vide Notifications issued by the Central Government as on 24th June,2020 & 27th June, 2020 there has been relaxation given inthe Interest Payment and waiver of the Late Fees but it has conditions attached to it. So, here due date for GSTR 3B and GSTR 1given below represents the date till which relaxation in Late Fees and Interest has been granted. (2) Due Date tabulated below is asnotified till 26th August, 2020
DueDates
07-Sep-20
11-Sep-20
12-Sep-20
14-Sep-20
14-Sep-20
15-Sep-20
15-Sep-20
15-Sep-20
20-Sep-20
23-Sep-20
27-Sep-20
30-Sep-20
30-Sep-20
30-Sep-20
30-Sep-20
30-Sep-20
ReportingPeriod
Aug-20
Aug-20
May-20
Jul-20
Jul-20
AY 2021-22
Aug-20
Aug-20
Aug-20
Jun-20
Jul-20
FY 2018-19
FY 2018-19
FY 2018-19
Aug-20
Aug-20
Compliance Details
Deposit of Tax Deducted/TaxColected (TDS/TCS) Under ITAct, 1961
GSTR 1
GSTR 3B
TDS Certificate under section194-IA and 194-IB - Form 16Band Form 16C
TDS Certificate for taxdeducted under section 194M
Second instalment of advancetax
Deposit of Provident Fund
Deposit of ESIC
GSTR 3B
GSTR 3B
GSTR 3B
GSTR 9
GSTR 9A
GSTR 9C
Due date for furnishing ofchallan-cum-statement inrespect of tax deducted undersection 194-IA & IB
Due date for furnishing ofchallan-cum-statement inrespect of tax deducted undersection 194-M
Applicability
All Non Governemnt Deductors/Collectors
GST Registered Taxpayers with Annual Turnover morethan 1.5 crores.
Any Person Registered Under GST having turnoverLess than 5 Cr in Previous Year
As Applicable
As Applicable
As Applicable
Any Person registered with PF Authorities
Any Person registered with ESIC Authorities
Any Person Registered Under GST having turnovermore than 5 Cr in Previous Year
Any Person Registered Under GST having turnoverLess than 5 Cr in Previous Year (For Taxpayerregistered in Gujarat)
Any Person Registered Under GST having turnoverLess than 5 Cr in Previous Year (For Taxpayerregistered in Gujarat)
GST Registered Person having Turover exceeding 2 Crbut less than 5 Cr.
Composite Dealers registered under GST
GST Registered Person having Turover exceeding 5 Cr.
As Applicable
As Applicable
Details to be Furnished
Details relating to transaction of Tax Deducted/TaxColected (TDS/TCS).
Details relating to Outward Supplies made during themonth.
Summary of Supplies Made, RCM Discharged, ITCClaimed and Tax Payment
Deduction of tax at source from payment on renting ofImmovable property
TDS on payment to resident contractors andprofessionals (Individuals and HUFs)
Advance Tax Payment
Employer and Employees Contribution to PFAuthorities along with Admin Charges
Employer and Employees Contribution to ESICAuthorities along with Admin Charges
Summary of Supplies Made, RCM Discharged, ITCClaimed and Tax Payment (Late Fees will be Max Rs.500 Rs if GSTR 3B filled till 30/9/20
Summary of Supplies Made, RCM Discharged, ITCClaimed and Tax Payment
Summary of Supplies Made, RCM Discharged, ITCClaimed and Tax Payment
Annual Return for Normal Registered Taxable Person
Annual Return for Composition Scheme
Reconcilliation Statement
Payment of tax at source from payment on renting ofImmovable property/Buyer of Immovable Property
TDS on payment to resident contractors andprofessionals (Individuals and HUFs)
10
OB
IT
UA
RY
CA. Narendra Lalpuria
left for Heavenly Abode on 22.08.2020May the departed Soul rest in peace
Vadodara Branch of WIRC of ICAI
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