Volume - II | March 2018 Baroda 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 Contents CA. Dhiren Parikh 93762 11099 Chairman CA. Hitesh Agrawal 99980 28737 CA. Krunal Bhrambhatt 78748 11551 CA. Vin d Pahilwani 98980 78176 CA. Pradeep Agrawal 98985 60967 CA. Arpan Dodia 98983 83530 CA. Abhijit J Kotecha 98254 83173 CA. Manoj Sahu 90990 94500 CA. Rikin Patel 88667 09509 Vice-Chairman Secretary Treasurer Ex-officio IP - Chairman Committee Member Committee Member Committee Member o CA. Dhiren Parikh CA. Manoj Sahu CA. Rahul Parikh CA. Nayan R Kothari CA. Neena Patel CA. Gunjan Agrawal CA. Jigita Shah CA. Dhruti Vaidya CA. Parth Patel CA. Chintan Popat Forthcoming Events ... 2 Congratulations Direct Tax Updates ... 4 Judicial Decisions on Indirect Taxes ... 5 ... Controversies in Making Exports with Payment of IGST ... Expectations of Various Stakeholders from SBA of Banks ... 8 Snap Gallery ... 11 ... 3 GST Update 6 7 Pg. No. Managing Committee Chairman Communication Dear Members, In every phenomenon the beginning remains always the most notable moment. Importantly, ICAI has changed guards and I congratulate our new ICAI President CA. Naveen N.D. Gupta and our Vice President CA. Prafulla Chhajed and pledge our complete support to the President’s vision for the year 2018-19. I am sure these stalwarts will lead ICAI to greater heights of glory. We pledge to work closely with our leaders and accelerate the growth of branch under their esteemed guidance. WIRC also handed over its leadership to a young and dynamic Chairman CA. Sandeep Jain. I also take the opportunity to congratulate new team of WIRC CA. Sandeep Jain, CA. Priyam Shah, CA. Purushottam Khandelwal, CA. Balkishan Agarwal and CA. Vikrant Kulkarni on being elected as the Chairman, Vice Chairman, Secretary, Treasurer and WICASA Chairman respectively of Western India Regional Council for the year 2018-19. I congratulate them all and assure that the Branch will carry out its functions in sync with the Action Plan down. It gives me immense sense of pride to share about yet another victory of TEAM BARODA 2017. Baroda Branch has been adjudged as Second BEST BRANCH of the region and Baroda WICASA has been awarded as BEST STUDENTSASSOICATION of the region for the year 2017. I take this opportunity to congratulate and thank the entire CA fraternity, Students of Baroda Branch and Staff members of Baroda Branch for their co-operation and support throughout the year. The month of February witnessed various events and seminars on Union Budget 2018, Live Screening and Public Programme on Union Budget 2018, Lecture meeting on Companies (Amendments) Act,2017 and Role of Chartered Accountants, Full day seminar on GST –Practical Issues and Solutions, Programme on Accounting and Actuarial fundamentals of Standard on Employee Benefit IND AS-19, programme on Insolvency and Bankruptcy Code –Law & Practical Issues jointly with Federation of Gujarat Industries (FGI) and GST Clinic. CPE Study circle has successfully completed its 20th year and I congratulate founder Chairman and his team, all Convener & Co- convener and Members of branch for their support and co-operation for organising various study circle meetings. Details of programs for the month of March are given in the newsletter and I hope members will participate and be benefitted by the same as most of these programs will concentrate on practical exposure and expertise for the members. The month of March is a busy one for all Chartered Accountants as fraternity is gearing up with Bank Branch Audit, Advance Tax calculation, Filing Income tax Returns, GST returns and Tax payments etc. But March is also a month of colour and I extend my warm wishes to all members on the occasion of Holi. May this festival of colours brings happiness and joy to your life. Chairman CA. Dhiren Parikh e-Newsletter
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Volume - II | March 2018
Baroda 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)
EditorialTeam
Contents
CA. Dhiren Parikh 93762 11099Chairman
CA. Hitesh Agrawal 99980 28737
CA. Krunal Bhrambhatt 78748 11551
CA. Vin d Pahilwani 98980 78176
CA. Pradeep Agrawal 98985 60967
CA. Arpan Dodia 98983 83530
CA. Abhijit J Kotecha 98254 83173
CA. Manoj Sahu 90990 94500
CA. Rikin Patel 88667 09509
Vice-Chairman
Secretary
Treasurer
Ex-officio
IP - Chairman
Committee Member
Committee Member
Committee Member
o
CA. Dhiren Parikh CA. Manoj Sahu
CA. Rahul Parikh CA. Nayan R Kothari
CA. Neena Patel CA. Gunjan Agrawal
CA. Jigita Shah CA. Dhruti Vaidya
CA. Parth Patel CA. Chintan Popat
Forthcoming Events ... 2
Congratulations
Direct Tax Updates ... 4
Judicial Decisions on Indirect Taxes ... 5
...
Controversies in Making Exportswith Payment of IGST ...
Expectations of VariousStakeholders from SBA of Banks ... 8
Snap Gallery ... 11
... 3
GST Update 6
7
Pg. No.
ManagingCommittee
Chairman Communication
Dear Members,
In every phenomenon the beginning remains always the most notable
moment.
Importantly, ICAI has changed guards and I congratulate our new ICAI
President CA. Naveen N.D. Gupta and our Vice President CA. Prafulla
Chhajed and pledge our complete support to the President’s vision for
the year 2018-19. I am sure these stalwarts will lead ICAI to greater
heights of glory. We pledge to work closely with our leaders and
accelerate the growth of branch under their esteemed guidance.
WIRC also handed over its leadership to a young and dynamic
Chairman CA. Sandeep Jain. I also take the opportunity to congratulate
new team of WIRC CA. Sandeep Jain, CA. Priyam Shah, CA.
Purushottam Khandelwal, CA. Balkishan Agarwal and CA. Vikrant
Kulkarni on being elected as the Chairman, Vice Chairman, Secretary,
Treasurer and WICASA Chairman respectively of Western India
Regional Council for the year 2018-19. I congratulate them all and
assure that the Branch will carry out its functions in sync with theAction
Plan down.
It gives me immense sense of pride to share about yet another victory of
TEAM BARODA 2017. Baroda Branch has been adjudged as Second
BEST BRANCH of the region and Baroda WICASA has been awarded
as BEST STUDENTSASSOICATION of the region for the year 2017. I
take this opportunity to congratulate and thank the entire CA fraternity,
Students of Baroda Branch and Staff members of Baroda Branch for
their co-operation and support throughout the year.
The month of February witnessed various events and seminars on Union
Budget 2018, Live Screening and Public Programme on Union Budget
2018, Lecture meeting on Companies (Amendments) Act,2017 and
Role of Chartered Accountants, Full day seminar on GST –Practical
Issues and Solutions, Programme on Accounting and Actuarial
fundamentals of Standard on Employee Benefit IND AS-19,
programme on Insolvency and Bankruptcy Code –Law & Practical
Issues jointly with Federation of Gujarat Industries (FGI) and GST
Clinic.
CPE Study circle has successfully completed its 20th year and I
congratulate founder Chairman and his team, all Convener & Co-
convener and Members of branch for their support and co-operation for
organising various study circle meetings.
Details of programs for the month of March are given in the newsletter
and I hope members will participate and be benefitted by the same as
most of these programs will concentrate on practical exposure and
expertise for the members. The month of March is a busy one for all
Chartered Accountants as fraternity is gearing up with Bank Branch
Audit, Advance Tax calculation, Filing Income tax Returns, GST
returns and Tax payments etc.
But March is also a month of colour and I extend my warm wishes to all
members on the occasion of Holi. May this festival of colours brings
happiness and joy to your life.
Chairman
CA. Dhiren Parikh
e-Newsletter
Baroda Branch of WIRC of ICAI2
Branch Events
HrsCPE 3
Day & Date :
Time :
Venue :
Saturday, 03.03.2018
2:00 pm to 5:00 pm
Faculty :
Fees :
CA. Sanjay Shah, Ahmedabad
Rs. 300/- including GST
ICAI Bhawan, Vadodara
Workshop on Filing the documents &legal issues in Partnership Firm
Day & Date :
Time :
Venue :
Tuesday, Wednesday & Friday
06, 07 & & 09.03.2018
06.00 to 08.00 pmpm
CA. Nirav Shah
CA. Farhad Wadia
CA. Varun Fitter
Rs. 50/- including GST
ICAI Bhawan, Vadodara
Faculty :
Fees :
Workshop for Accountants
Day & Date :
Time :
Venue :
Thursday, 08.03.2018
03.00 to 05.00 pm (Followed by Hi Tea)pm
Dr. Darshana Thakker, Ahmedabad
Rs. 50/- including GST
ICAI Bhawan, Vadodara
Faculty :
Fees :
Celebration of International Women’ day –“ Paint Your life”
Day & Date :
Time :
Thursday, 08.03.2018
06.00 pm onwards
Fees :
Venue :
Rs. 750/- including GST
Delta 9, Gorwa, Vadodara
Celebration of International Women’ day –Box Cricket League
Study Circle EventsDay & Date :
Time :
Topic :
Faculty :
Fees :
Venue :
Thursday, 15.03.2018
6.00 pm to 8.00 pm
Aum Shri Lokaay Namah:
Nirmal Parekh
NIL for Study Circle members and Rs. 250/-(including 18% GST for non members)
ICAI Bhawan, Vadodara
Day & Date :
Time :
Topic :
Faculty :
Fees :
Venue :
Friday, 23.03.2018
6.00 pm to 8.00 pm
Decoding Online Banking Frauds
CA. Urvanki Shah
NIL for Study Circle members and Rs. 250/-(including 18% GST for non members)
ICAI Bhawan, Vadodara
HrsCPE 2
HrsCPE 2
Day & Date :
Time :
Topic :
Faculty :
Fees :
Venue :
Saturday, 10.03.2018
02:00 pm to 05:00 pm
Tax Planning through HUF & Familyarrangement including Case studies & Practicalaspects and Prepara t ion of Wil l &documentation in relation to HUF & Familyarrangement
CA. Vimal Punmiya, Mumbai
Rs. 300/- including GST till 08.03.2018thereafter Rs. 400/- including GST
ICAI Bhawan, Vadodara
Half day seminar
HrsCPE 3
WICASA EventsRevisionary Lectures Schedule for May 2018
Day & Date :
Time :
Topic :
Faculty :
Venue :
Saturday, 24.03.2018
09.30 am to 05.30 pm
Statutory Bank BranchAudit
CA. Shriniwas Joshi, Mumbai
CA. Sanjay Rane, Mumbai
CA. R. C. Thakkar, Vadodara
Fees : Rs. 600/- for Members on or before21.03.2018 thereafter Rs. 800/- plus GST.Rs. 350/- for students on or before 21.03.2018thereafter Rs. 500/-
ICAI Bhawan, Vadodara
plus GST
Full Day Seminaron Statutory Bank Branch Audit
Date
04-03-2018
12-03-2018
13-03-2018
Topic
Amendment Direct Tax
Mangement of Working Capital
Cost of Capital
Faculty
CA. Nirav Shah
CA. Mahesh Jaiswal
14-03-2018
15-03-2018
16-03-2018
16-03-2018
17-03-2018
17-03-2018
17-03-2018
18-03-2018
19-03-2018
20-03-2018
21-03-2018
22-03-2018
23-03-2018
24-03-2018
24-03-2018
Major Topics of Audit
Information and Technology
Financing Decisions
Advance Auditing andProfessional Ethics
Marginal Costing / StandardCosting
Amendment Direct Tax
Corporate & Allied Laws
Marginal Costing / StandardCosting
Accounting Standards, Espo,Underwriting, Buyback
Issue in Partnership Accounts
Cash Flow Statement (direct &Indirect Method )
Single Entry
Internal Reconstruction
Accounting for Non TradingOrganization
Accounting Standard
Amalgamtion
Major Topics of ISCA
CA. Harshad Jaju
CA. Himanshu Shah
CA. Mahesh Jaiswal
CA. Aseem Trivedi
CA. Siddharth Jadeja
CA. Nirav Shah
CA. Aseem Trivedi
CA. Siddharth Jadeja
CA. Mansi Bhatt
MR. Divyesh Dholakia
MR. Divyesh Dholakia
MR. Soham Vaishnav
CA. Yuvraj Bachhawat
HrsCPE 6
Day & Date :
Time :
Friday, 02.03.2018
09.30 am onwards (Followed by Brunch)
Venue : ICAI Bhawan, Vadodara
Holi Celebration
Jointly with All Gujarat Federation of Tax Consultant
Baroda Branch of WIRC of ICAI3
CongratulationsCA. Naveen N. D. Gupta,
President ICAI
2018-2019
A man of professional wisdom, vision andstrong organisational skills with a firmbelief in inclusive growth of Indian accountancy profession,CA. Naveen ND Gupta has been elected as the new Presidentof The Institute of Chartered Accountants of India (ICAI) on12th February 2018. A seasoned professional of 22 years ofstanding, CA. Naveen ND Gupta is widely commended forhis role in making the Income Disclosure Scheme, 2016 asuccess, which was acknowledged by the Finance Minister.
He is now Chairman of Board of Directors of ICAI-ARF(Accounting Research Foundation) and XBRL India. ICAI-ARF is instrumental in driving governmental accountingreforms in various bodies such as Indian Railways, MCD andKMC. He is also Director Indian Institute of InsolvencyProfessionals of ICAI, which is the first Indian IPA.Internationally, he is technical Advisor to member SMPCommittee of IFAC.
His association as Central Council Member at ICAI, nowrunning in 9th year since 2010, with position as VicePresident in 2017-2018; has made him traverse regimen ofstandard setting, quality assurance framework, anddisciplinary mechanism. He has earlier been Chairman ofICAI’s Committee (s) on Direct Taxes, Economic,Commercial Laws & WTO, Peer Review Board, CapacityBuilding of CA Firms and Small & Medium Practitionersand Public Relations. He has been appreciated for hisdistinguished contribution as Vice-Chairman of Audit &Assurance Standard Board, Professional DevelopmentCommittee, Internal Audit Standards Board, ContinuingProfessional Education Committee, and Board of Studies.
Known for his prowess in many areas, he steered the draftingof IFRS compliant Schedule III to the Companies Act, 2013,Ind-AS compliant Schedule III for NBFC, Ind-AS -114 onRegulatory Deferral Accounts and Guidance Note onAccounting for Rate Regulated Activities as Convener. He isalso credited for initiating and starting two Certificate
Courses on ‘Intellectual Property Rights’ and ‘Anti MoneyLaundering Laws’for ICAI.
He is representing ICAI in many important committeesconstituted by the Government Ministries/ Regulators suchas Government Accounting Standards Advisory Board(GASAB) and Audit Advisory Board both constituted byC&AG of India, Board of Insurance Regulatory &Development Authority (IRDA), National AdvisoryCommittee on Accounting Standards (NACAS) and SEBI’sPrimary MarketAdvisory Committee.
With focus on innovation and niche enablement, he intendsto position CA profession as aiding and upholding publicinterest by enhanced focus on QualityAssurance framework,calibrating Regulation with development and leveragingdigital technology to turn disruptions arising out of changingparadigm of businesses to niche empowerment.
His vision is to work for Global mobility of CAprofessionalsthrough enhanced focus on recognition overseas, capacitybuilding through exposure to jurisdiction specific skillbuilding programs and exploring newer industrial trainingopportunities domestically and overseas as also internationalplacements of Indian CAs.
CA. Prafulla Chhajed,
Vice President,
ICAI 2018-2019
A blend of experience, foresight andprofessional excellence dedicated to thecause of accountancy profession, CA.Prafulla Chhajed is the new Vice Presidentof the Institute of Chartered Accountants ofIndia (ICAI) for the term 2018-19. He was elected as the VicePresident of the ICAI by the 23rd Council of the Institute onFebruary 12, 2018.
Having gained deep insights into the profession as a fellowmember of the ICAI with more than 20 years of impeccableprofessional standing, he has been serving the ICAI and theprofession as a Central Council Member since 2013-14. Amulti-dimensional personality, he is widely commended forprofessional acumen, organizational and leadership skills.
Bestowed with professional prudence, he has been elected to
the Central Council for two consecutive terms (i.e. 2013-16and 2016-19). As a Council Member, he has exceptionallyserved the ICAI and the accountancy profession as theChairman of Committee for Professional Accountants inBusiness & Industry, and Committee on Banking, Insurance,Pension & Financial Markets in 2017-18, and ProfessionalDevelopment Committee, Committee on Public Finance andGovernment Accounting and Committee on CorporateSocial Responsibility in 2016-17. CA. Prafulla Chhajed hasbeen widely commended for his initiatives as Chairman ofYoung Members Empowerment Committee and WomenMembers Empowerment Committee.
CA. Prafulla Chhajed has always inspired his fellowmembers with his humble down-to-earth approach toconnect with people, and self-less service to the profession.Aresident of Mumbai, he has actively partnered in the growthof the nation and the profession as a member.
A proponent of giving a global outlook to Indianaccountancy profession, CA. Prafulla Chhajed haspassionately represented the profession on the internationalfront at several global meetings and conferences. With aglobal approach and vision, he has been appreciated for hiswork as ICAI nominee on ‘Public Sector FinancialManagement Committee (PSFMC)’of The Confederation ofAsian and PacificAccountants (CAPA).
CA Prafulla Chhajed was Chairman of Western IndiaRegional Council of ICAI for the year 2007-2008 and waselected Regional Council Member of Western IndiaRegional Council of ICAI for the period of 9 years from2001-2010.
He has been contributing to various Publications and hisarticles on Taxation and Investments have been published inwell-known Marathi daily ‘Maharashtra Times’ for 15 yearsbesides in other Publications. More than 600 articles havebeen published till date As the Vice President of the ICAI,CA. Prafulla Chhajed is now the Vice-Chairman of allStanding Committees of the ICAI including Executive,Finance and Examination Committees, and the ex-officioMember of all Non-Standing Committees of the ICAI andJoint Editor of The Chartered Accountant journal. He is alsoDirector on ICAI-Accounting Research Foundation andXBRLIndia.
Baroda Branch of WIRC of ICAI4
the only reason for giving large discounts is to earn
profits in a later year. According to news reports,
has started disallowing the
whole/part of such discounts
expenditure. I do not consider such
disallowances is valid in law, but the disturbing part of
such disallowances is the uncertainty they create and
the collateral damages in terms of litigation costs,
liquidity issues and reduction in valuation of the
concerned company.
The Income Tax Department has launched an ‘online
chat’ service for taxpayers so that they can seek
answers to their basic queries and doubts relating to
direct tax issues.Awindow has been hosted on the main
p a g e o f t h e d e p a r t m e n t ’ s w e b s i t e –
www.incometaxindia.gov.in/ – with a prominent icon
stating ‘Live Chat Online- ask your query’.
It would appear that a
to answer the general queries of a
taxpayer. A person can enter the ‘chat room’ by
furnishing an email-id and ask questions as a guest. An
has also been provided to the taxpayer for
the
Income-tax Department.
While only God can resolve all the issues, I believe the
facility may resolve simple issues faced by many
taxpayers.
Section 54 allows exemption from tax on capital gains
if such gains are invested in a new house. If the new
house comes with built in furniture like cupboards built
in a wall, we would consider cost of such furniture as
cost of the house. The house will also come with
electrical fittings which also, I believe, we would
Income-tax Department
considering the same as
capital
team of experts from the
department and independent tax practitioners has
been deputed
option
emailing the entire chat to their IDs for future
reference although responses may not bind
3. Online chat on website of Income-tax Department
4. Exemption under section 54 also for furniture etc.
Congratulations
Heartiest Congratulations to Newly Elected Office Bearersof WIRC of ICAI
CA. Saneep K C Jain - Chairman
CA. Priyam Shah - Vice Chairman
CA. Purshottam Khandelwal - Secretary
CA. BalkishanAgarwal - Treasurer
CA. Vikrant Kulkarni - Chairman, WICASA
Congratulations
CA. Satyakant Shastri elected as
Syndicate Member for Second Term
in the Syndicate of
Maharaja Sayajirao University of Baroda.
1. Credit for tax deducted at source when Cash basis
used
2. Discounts by e-commerce companies
Stress created by the processes of Income-tax
Department has not spared even the Chartered
Accountants as regards their own cases.
I believe there are substantial number of Chartered
Accountants who claim credit for tax deducted in the
year of receipt of professional fees and not in the earlier
year in which tax is deducted at source. However,
credit is denied in case of many of them (as tax appears
in Form 26AS of a different year) who, as a result, are
engaged in prolonged processes for rectification.
Another lot of Chartered Accountants claimed as soon
as they saw it in Form 26AS. They accounted income
to the extent of tax deducted at source and claimed
credit for entire amount of tax deducted. Credit was
allowed in most such cases but in a few it was not
allowed citing the rule to the effect that credit is
allowable in the year in which income is accounted.
Before the Ahmedabad Bench of ITAT, it was argued
that the Income-tax Department should not create
problems when giving credit in one year or another is
immaterial. This argument is not brought out in the
order but the
E commerce companies often give large
which result in losses,
image. Apparently
Tribunal did allow credit of entire
amount of tax although income was accounted only
partly. This was in case of M/s Theo Desh Consultants
The ICAI and the Baroda 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. The members, however, may bear in mind the provisions of the Code of Ethics whileresponding to the advertisements. The views and opinion expressed or implied in the Newsletter are those of the authors / contributors and do not necessarily reflect those of Baroda Branch. Unsolicited matters are sent at the owner's risk and the publisher accepts no liability for loss ordamage. Material in this publication may not be reproduced, whether in part or in whole, without the consent of Baroda Branch. Members are requested to kindly send material of professional interest to The same may be published in thenewsletter subject to availability of space & editorial editing.
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The tariff for advertising given below are duly approved by the Managing Committee of the Baroda Branch.Advertisements are received directly by the Branch and no advertising agency has been appointed for this purpose. ThisNewsletter is circulated without any charges to its members and other important categories of recipients as per ICAI Advisory on Newsletters. Subscription rate is Rs. 20/- per issue for others. CA. Dhiren Parikh on behalf of Baroda Branch of WIRC of ICAI