Vice-President's Communiqué . .

BCAS Newsletter, May 2008 1

President : Rajesh Kothari, 28089956; Vice-President : Anil Sathe, 24367693; Hon. Secretaries : Pradip Thanawala, 22694248; Mayur Nayak, 26831199; Hon. Treasurer : Deepak Shah : 22420089

PROGRAMMES

AT

A

GLANCE

7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020. Tel. Nos. : 66595601 to 05; Fax : 66595606 E-mail : [email protected]; Website : www.bcasonline.org

Vice-President’s Communiqué . . ✍

Day & Date : Tuesday, 20th May 2008*

Venue : M. C. Ghia Hall, K. Dubhash Road,Mumbai-400001.

Speakers : Saroj Maniar and Raman Jokhakar,Chartered Accountants

Subject : Filing of Income-tax returns for the AssessmentYear 2008-09(This meeting is open for CA students also)

Day & Date : Wednesday, 11th June 2008*Speaker : Arati Vissanji, Advocate.

Subject : Recent important judgments on Income-tax

Day & Date : Wednesday, 18th June 2008*Speaker : Rajan Vora, Chartered Accountant.

Subject : Recent developments in corporate taxationw.r.t. MAT, FBT, ESOP and deductions u/s.10A,u/s.10B and u/s.80IA.

Day & Date : Friday, 27th June 2008*Speaker : T. N. Manoharan, Chartered Accountant.

Subject : Real estate development agreements — Taxissues including deduction u/s.80IB

*Fellowship over a cup of tea at 5.45 p.m.

Lecture MeetingsVenue : 4th floor, IMC, Churchgate, Mumbai-400020.

Time : 6.15 p.m.(unless otherwise specified)

Enrolment of members for International Tax and Finance (ITF) Study Groups ......................................................................................................................................................................... 2International Tax & Finance Conference, 2008 ..................................................................... 14,15,16,17-8-2008 ........... Hotel Usha Ascot, Matheran ........................................................... 2Advanced Workshop on FEMA ............................................................................................... 28-6-2008 .......................... Jaihind College Auditorium, Churchgate, Mumbai ......................... 5Full Day Seminar Post-Budget Controversies on Service Tax ........................................... 21-6-2008. ......................... BCAS .................................................................................................. 5Full-Day Seminar on Capital Gains — Contentious Issues ................................................... 14-6-2008 .......................... Walchand Hirachand Hall, IMC, Churchgate ................................... 5Allied Laws Workshop .............................................................................................................. 6,13,19,26-6-2008 ............. BCAS .................................................................................................. 7BCAS Study Circles for 2008-2009 ........................................................................................ 2008-2009 .......................... BCAS Conference Room .................................................................. 9BCAS Foundation — Book lending facility for CA Students ....................................................................................................................................................................................................... 12BCAS’ Students Forum ............................................................................................................ 28-6-2008 .......................... Walchand Hirachand Hall, IMC, Mumbai ..................................... 11

Harnessing Talent and Providing Quality Service May 2008Vol. 11 No. 2

Anil Sathe

Dear Members,

Over the last few days, the media has been filled with outrage overthe remarks of the US President on the cause for food shortage in theworld. While the patently erroneous content of the remarks and theattitude with which they were aired need to be condemned, one cannotignore the fact that in the near future, global food shortages maybecome a reality.

Back at home, indiscriminate conversion of agricultural land to non-agricultural use will have grave consequences. It is here that thegovernment must appreciate its role as a welfare State. Farmers willcease to carry on agriculture, if it fails to earn them livelihood,businesses will look at furthering their interests through acquiring landsfor Special Economic Zones. While the subjects act with a microperspective, the State must take a macro view. It must ensure thatagricultural activity is given the necessary incentive and infrastructuralsupport.

Over the past decade or so, there seems to be a tendency to entrustresponsibility of managing public utilities and public works to privateentities. The ostensible reason for this is that the government does nothave the resources to carry out such tasks. While one understands thebenefits of private-public partnerships, they cannot result in shifting ofresponsibility from the State to the private entrepreneur. The solutionto failure of some public endeavours is not to hive off activities to privatecontractors, but to make a sincere attempt to improve efficiency of thoseresponsible and make them accountable.

At the Society, there has been no let up in the activity. A number oflecture meetings have been planned in the month of June. The Societywill be soon entering its Diamond Jubilee Year. The BCAS has alwayshad the benefit of the wise counsel of seniors and the untiring effortsof its Core Group. But the image that it has today is also on accountof the love and affection of its membership. I am sure that this supportwill continue in increased measure in the ensuing year.

AGM and Founding Day CelebrationThe 59th Annual General Meeting of the BCAS will be heldon 7 July 2008 at 4 p.m. at C. K. Nayudu Hall, Cricket Clubof India, Churchgate, and will be followed by celebration of theFounding Day.

Details will follow in the next Newsletter.

BCAS Newsletter, May 20082

Chairman : Kishor KariaConvenors : Dhishat Mehta

Nitin ShingalaSushil Lakhani

Enrolment of Members forInternational Tax and Finance (ITF)

Study GroupsThe International Taxation Committee has been conducting two StudyGroups — ITF-1 & ITF-2 — for deliberations in the field ofInternational Taxation and Finance. The Groups run on a self-studybasis. Members of the Groups are expected to make presentationsbefore their respective Group and in the process enrich theirknowledge and share their experience with fellow members. Non-Groupmember speakers are invited only to introduce certain specialisedsubjects, which the Group members can then take up for further study.

Members of the Groups in the past have immensely benefitted fromthese deliberations. In the larger interest of members of the Society,the Committee has decided to invite new members to both the Groupsif they are willing to contribute and share their knowledge andexperience with fellow Group members. The profile of the respectiveGroups is as follows.

● ITF-1

ITF-1 was established about eighteen years ago. The deliberations inITF-1 are at an advanced level and members are expected to havebasic knowledge (including issues and case laws) and experience ofthe subject.

● ITF-2

The objective of ITF-2 is to introduce members to the field ofinternational taxation and enable them to acquire basic knowledge ofModel DTAAs through self-study and Group-study.

The Groups run on self-financing basis. Initial contribution of eachmember would be Rs.1,000.

Members desirous of joining either of the Groups may forward awritten application by way of a letter to the Assistant Event Managerat the BCAS office. The application should clearly state the name,address, BCAS membership number, contact particulars (including e-mail ID) and the current practice/work profile. The member should alsomention if he/she would like to participate and assist in administrationof the Group. The application along with a cheque for Rs.1000 shouldreach BCAS office not later than 30th June 2008. Existing ITF studygroup members should send their cheque for Rs.1000 with their nameand membership number written on its back to continue themembership.

The application of a member desirous of joining ITF-1 should alsomention the topics on which he/she would like to make presentationsand share knowledge and experience with fellow Group members.

Enrolment form is printed on page 12.

International Tax & FinanceConference, 2008

The International Taxation Committee is pleased to announce its 12thResidential International Tax & Finance Conference at Matheran inAugust 2008. Discussions in the Conference would be at an advancedlevel in the field of International Taxation and Finance. Details of theConference are as under :

Dates : August 14, 15, 16, & 17, 2008

Venue : Hotel Usha Ascot, Matheran.

Subjects :

Sr. Paper for Group Discussion/ Paper WriterNo. Presentation

1 Issues on Characterisation Pranav Sayta(including Conflict ofQualification) in Tax Treaties

2 Software industry — Current H. Padamchand KhinchaIssues with Case Studies

3 Current issues in International Pinakin DesaiTaxation — Case Studies

4 Outbound cross border Bharat Vasanitransactions — Risks T. P. Ostwal(Identification, Assessment,Analysis, Management,Mitigation) including Business,Commercial, Legal, Statutory,Tax, Financial Aspects(Presentation)

Sr. Presentation FacultyNo.

1 Hybrid/Special Financial Gautam DoshiInstruments — Statutory,Regulatory, Tax Issues withCase Studies

Fees :

Rs.6,020 per person (includes course material), stay on twin-sharingbasis, all meals, and Rs.20 contribution to the BCAS Foundation.

Accommodation :

It will be the endeavour of the Committee to accommodate all thedelegates on twin-sharing basis. However, to accommodate moredelegates, depending upon the availability of conference facilities, theCommittee may be forced to consider accommodating some of thedelegates on triple-sharing basis. The delegate will be enrolled onlyif he makes the appropriate choice in this respect in the enrolmentform.


Delegate substitution :

In the event of inability of the registered delegate to attend theConference for any reason, he/she should promptly inform theCommittee by email [[email protected]] with a copy marked [email protected], [email protected] and [email protected]. He/she should not substitute any other person to attend the Conferencein his/her place without the written consent of the Committee. TheCommittee reserves the right not to admit any substituted person tothe Conference in the event a delegate substitutes him/her in his placewithout the consent of the Committee.

Refund :

Once enrolled, requests for refunds will not be entertained.

Notes :

1. The Conference will begin in the afternoon on 14th August 2008and will conclude at around 2.00 p.m. on 17th August 2008 afterlunch. Delegates can check-in in the Hotel 11.00 a.m. onwardson 14th August 2008.

2. BCAS would make arrangement for transport of the luggage ofthe delegates reporting at Dasturi between 9.00 a.m. and 12.00noon on 14th August 2008.

3. Enrolment will commence from 26th May 2008 and will be re-stricted to 100 members of BCAS only on first-come-first-servedbasis.

4. For enrolment and any other Conference-related issues, pleasecontact only Ms. Pallavi or Mr. Rajaram at the BCAS Office.

ENROLMENT FORMInternational Tax and Finance Conference, 2008

Name : ................................................................................ Age : ...........

Company/Firm Name : .............................................................................

Mailing address : ......................................................................................

...................................................................................................................

...................................................................................................................

BCAS M’ship No. : ................... Tel. : (O) ................. (R) .....................

Fax ........................... Mobile : ........................ e-mail : .........................

(Kindly fill in the email address carefully and in legible writing toenable prompt communication)

Choice of room partner ...........................................................................

I would like to lead the group discussion for the paper [please tickin front of the relevant paper]

(1) Issues on Characterisation (including Conflict ofQualification) in Tax Treaties

(2) Software Industry — Current Issues with Case Studies

(3) Current Issues in International Taxation — Case Studies

Details of payment :

Draft/Cheque No… ............................... Dated ........................ Drawn on

......................................................................................................... Bank

for Rs.6,020 (Rupees Six Thousand Twenty Only)

I understand and acknowledge that :

✓ It will be the endeavour of the Committee to accommodate all thedelegates on twin-sharing basis. However, to accommodate moredelegates, depending upon the availability of conference facilities,the Committee may be forced to consider accommodating someof the delegates on triple-sharing basis. In such event, I :[please strike out one of the following]

● am willing to be accommodated on triple-sharing basis andhence, please enrol me.

● am not willing to be accommodated on triple-sharing basis andhence, please do not enrol me.

✓ In the event of my inability to attend the Conference for any rea-son, I would promptly inform the Committee and would not sub-stitute any other person to attend the Conference in my placewithout the written consent of the Committee and that the Com-mittee reserves the right not to admit any person to the Confer-ence in the event I substitute him/her in my place without theconsent of the Committee.

✓ Generally, no claim for refund would be entertained and theCommittee’s decision in this respect shall be final.

SignatureNotes :

1. Please use block letters (preferably typewritten) and fill completedetails.

2. Outstation members should pay only by Demand Draft.

3. Enrolment is open only to members of BCAS.

The experience of the ages that are past, the hopes of the ages that are yet to come, unitetheir voices in an appeal to us; they implore us to think more of the character of our peoplethan of its vast natural numbers; to look upon our vast natural resources, not as temptersto ostentation and pride, but as means to be converted, by the refining alchemy of education,into mental and spiritual treasures — and thus give to the world the example of a nationwhose wisdom increases with its prosperity, and whose virtues are equal to its power.

— Horace Mann



Chairman : Kishor KariaConvenors : Dhishat Mehta

Nitin ShingalaSushil Lakhani

Co-ordinators : Hiten Shah and Naresh Ajwani

Advanced Workshop on FEMAThe workshop is structured with the objective of providing guidance tomembers in handling practical issues arising in day-to-day practice ofFEMA, and regulations thereunder. The workshop is designed in theformat of case studies with special emphasis on issues arising withrespect to Inbound Investments, Outbound Investments and other issues.

Day & Date : Saturday, 28th June 2008Time : 9.30 a.m. to 2.00 p.m.Venue : Jaihind College Auditorium, 4th floor, Churchgate,

Mumbai-400020.Fees : Rs.520 each (for Members)

Rs.720 each (for non-Members)(Including Rs.20 towards contribution to the BCASFoundation, course materials and snacks)

Subject Speaker

Prevention of Money Laundering Dr. Dilip K. Sheth

Case Studies on FEMA Dilip J. Thakkar

A Senior OfficerForeign Exchange Dept., RBI*

* confirmation awaited

Total number of participants is restricted to 100 on first-come-first-servedbasis. A few seats are kept for non-members.


Chairman : Pranay MarfatiaCo-Chairman : Govind GoyalConvenors : Raman Jokhakar

Sunil GabhawallaShardul Shah

Full-Day SeminarPost-Budget Controversies on Service TaxAs usual, Union Budget has proposed various changes in the arena ofservice tax and CENVAT Credit. Some of the changes are fundamentaland have far-reaching implications. After the initial reactions, time comesto take stock, share experiences and reach some solutions. This in-depthseminar aims to achieve the said goals.

A basic knowledge of service tax law and procedures is expected. Theseminar aims at covering controversial issues in an interactive manner.The faculty will draw from their experience and also suggest practicaltips.

In the pre-lunch session, CA S. S. Gupta will take the participants throughthe amendments in CENVAT Credit Rules, 2004 with practical illustrationsand examples on applicability of Rule 6. He would also addressparticipants’ queries and provide his expert comments.

The post-lunch session will witness a panel discussion on two importantservices: namely, lease and information technology services. Both theseservices have significant elements of overlap with the VAT Laws. Thepanel therefore comprises of CA Rajat Talati who will discuss andelucidate the VAT principles pertaining to these services and CA PulomaDalal who will throw light on the service tax principles. The session shouldend with some case studies highlighting the overlap between the two lawsand the solutions presented by the subject experts to these overlaps.

Day and Date : Saturday, 21st June 2008.Time : 10.30 a.m. to 6.00 p.m.Venue : BCASFees : Rs.600 per person for members, Rs.750 per person for

non-members (Fees also cover costs towards coursematerial, lunch and snacks and Rs.20 as contributionto the BCAS Foundation)

In case the participants wish to discuss some live case studies/queries, please send them in advance to BCAS to the KnowledgeManager by email — [email protected]


Full-Day Seminar on Capital Gains— Contentious Issues

We are pleased to announce this interesting Seminar on contentiousissues. The following topics of Capital Gains arising out of :

(a) Cross Border Transactions(b) Mergers & Acquisitions(c) Conversion of Proprietorship/Partnership concern into a Company(d) Transactions in Shares, Securities & Immovable Properties

will be dealt with.

The speakers are eminent experts in the respective fields. Upon receipt

Chairman : Pinakin DesaiCo-Chairman : Rajesh ShahConvenors : Ameet Patel

Chetan ShahMayur Desai

of confirmations from them, their names would be intimated to allmembers by e-mail.

The other details of the Seminar are :

Day & Date : Saturday, 14th June 2008Venue : Walchand Hirachand Hall, IMC, ChurchgateTime : 9.30 a.m. to 6 p.m.Fees : Rs.1,250 (inclusive of breakfast, lunch, course material

and tea/coffee and contribution of Rs.20 to BCASFoundation)

Enrolment will be restricted to 200 on first-come-first-served basis.



BCAS REFERENCER 2008-09


Right to Information Clinic

Accounts & Audit Clinic

Panel of Advisors :

Sanjeev Pandit,Himanshu Kishnadwala and

Jayesh Gandhi

The next Charitable Trust Clinic will be held on Friday, 6thJune 2008, from 5 p.m. to 7 p.m. in the library room ofBCA Society at New Marine Lines.

Chartered Accountants and Trustees interested in having theirqueries solved are requested to call the Society’s office (Mrs.Mistry on extn. 20) and obtain a prior appointment, latest bynoon on the day of the Clinic. Querists are also advised tobring along relevant papers like trust deeds, audited accounts,etc.

Panel of Advisors :

Ratanshaw Damanwala,Shariq Contractor,Gautam Nayak,

Anil Sathe and Atul Shah

The BCAS Clinics

The next Accounts & Audit Clinic will be held on Saturday,7th June 2008, from 10.30 a.m. to 11.30 a.m. in the libraryroom of BCA Society at New Marine Lines.

Persons interested in having their queries pertaining toaccounting and auditing issues solved, are requested to sendthe queries by email to [email protected] one week inadvance and call the Society’s office (Mr. Rajaram on extension13 or 21) to obtain prior appointment, at least a day beforethe day of the Clinic. Please note that the Panel will notanswer any queries pertaining to tax issues.

Charitable Trust Clinic

BCAS Foundation operates Right to Information (RTI) Clinic on aregular basis. RTI Clinic is operated by Mrs. Hema Sampat, aresearch scholar on the subject of RTI, Mr. A. K. Asher, Advocate& RTI activist and Mr. Narayan Varma, past President, BCAS.

The Clinic provides help and guidance to BCAS members as alsoto non-members, i.e., all citizens, for making applications under theRTI Act and also assists in resolving any related difficulties on thesubject of RTI.

The RTI Clinic operates on every 2nd, 3rd and 4th Saturdayfrom BCAS office — 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 17th & 24th May 2008and 14th, 21st & 28th June 2008. Please call the Society’s office(Mrs. Archana) to obtain a prior appointment.

Chairman : Pranay MarfatiaCo-Chairman : Govind GoyalConvenors : Raman Jokhakar

Sunil GabhawallaShardul Shah

Allied Laws WorkshopThis workshop is jointly planned with The Chamber of Tax Consultantsto cover the following topics :

Topic Faculty

1. Cooperative Society Laws K. K. Ramani, Advocate,Ramani Legal Services

2. Drafting of various documents Shailesh Vaidya, Solicitor,Kanga & Co.,Advocates & Solicitors

3. Laws relating to formation of S. D. Israni,various entities Company Secretary

4. Laws relating to Wills and Parimal Shroff, Solicitor,succession Parimal Shroff & Co.,

Solicitors

Dates : 6, 13, 19, 26 June, 2008Time : 6.00 to 8.00 pm.Venue : BCASFees : Rs.950 per person

(Fees cover costs towards course material and refreshmentsand Rs.20 as contribution to the BCAS Foundation.

In case the participants wish to discuss some live case studies/queries, please send them in advance to BCAS to the EventExecutive by email — [email protected]


If you have a Will, we have the Ways !

If you have an academic bend of mind and if you are eager to learnnew things in life while making a decent living at the same time, hereis an opportunity of a lifetime !

Bombay Chartered Accountants’ Society (BCAS), a premier body ofChartered Accountants is looking for a person either on part-time or full-time basis to manage wealth of information and knowledge generatedby scores of programmes and courses that BCAS offers to its members/society at large.

The job profile inter alia would include co-ordination of E-learningprogrammes, website updations, journal and publications, managingmatters relating to our library and preparation of course material forvarious seminars, conferences and study circles.

The candidate should be a post graduate in commerce stream orpreferably a chartered accountant. Commerce graduates with relevantexperience in the field may also apply.

Please apply in confidence with expected salary to Col. Raje, GeneralManager, by e-mailing him at [email protected] or send your CV tohim at the Society’s office.


Contributed byGaurang Gandhi

The Reserve Bank of India has issued 5 Circulars and 2 Notifications.

A.P. (DIR Series) Circular No. 37 dated April 16, 2008

Direct receipt of Import Bills/Documents for Import of RoughPrecious & Semi-Precious Stones — Liberalisation

Presently, remittances for imports up to US $ 100,000 can be made evenwhen the import bills/documents are directly received by the importer fromthe overseas supplier.

This Circular has increased this limit to US $ 300,000 in case of importof rough precious and semi-precious stones by non-status holderexporters. Hence, non-status holder exporters of rough precious andsemi-precious stones can now make remittances for imports up to US$ 300,000 even when the import bills / documents are directly receivedby them from the overseas supplier. Thus, they have been brought onpar with non-status holder exporters who import rough diamonds.

A.P. (DIR Series) Circular No. 38, dated April 22, 2008

Deferred Payment Protocols dated April 30, 1981 and December 23,1985 between the Government of India and erstwhile USSR

The Rupee value of the special currency basket has been fixed atRs.58.6670 with effect from April 7, 2008 as against the earlier valueof Rs.60.5718.


Bids in foreign currency for projects to be executed in India

Presently, a person resident in India can incur liability in foreign exchangeand make or receive payments in foreign exchange in respect of globalbids only where the Central Government has authorised such projectsto be executed in India and approval of the concerned AdministrativeMinistry has been obtained.

This Circular has done away with the requirement of obtaining priorpermission of the Administrative Ministry and authorisation from theCentral Government for International Competitive Bidding (ICB). Hence,persons resident in India are now permitted to incur liability in foreignexchange and make or receive payments in foreign exchange in respectof global bids for projects to be executed in India without insisting onprior approval of the concerned Administrative Ministry for ICB.


Foreign Investment in Credit Information Companies — Amendmentto the Foreign Direct Investment Scheme

Press Note No. 1 (2008)

This Circular provides that foreign investment in Credit InformationCompanies will be allowed on the following terms and conditions :

(i) The aggregate Foreign Investment in Credit Information Compa-nies would be 49%.

(ii) Foreign Investment up to 49% would be allowed only with the priorapproval of FIPB and regulatory clearance from RBI.

(iii) Investment by SEBI-registered FIIs would be permitted onlythrough purchases in the secondary market to an extent of 24%and would be within the overall limit of 49% for Foreign Invest-ment.

(iv) An FII cannot individually hold, directly or indirectly, more than10% of the equity.

As a result of this amendment, reference to Credit Reference Agenciesin the list of NBFC activities in Press Note 4 (2006) dated February 2,2006 stands deleted, and a new category in respect of Credit InformationCompanies gets created.


Foreign Investment in Commodity Exchanges — Amendment to theForeign Direct Investment Scheme

Press Note No. 2 (2008)

This Circular provides that foreign investment in Commodity Exchangeswill be allowed on the following terms and conditions :

(i) There would be a composite ceiling of 49% Foreign Investment,with an FDI limit of 26% and an FII limit of 23%.

(ii) FDI will be allowed with specific approval of the Government.

(iii) The FII purchases in equity of Commodity Exchanges will berestricted only to the secondary markets.

(iv) Foreign Investment in Commodity Exchanges would also besubject to compliance with the regulations issued in this regardby the Forward Market Commission.

Notification No. FEMA. 171/2007-RB, dated December 10, 2007

Foreign Exchange Management (Foreign Currency Account by aPerson Resident in India) (Second Amendment) Regulations, 2007

This Notification amends the proviso to Regulation 9(1) of the ForeignExchange Management (Foreign Currency Account by a Person Residentin India) Regulations, 2000 with effect from April 30, 2007 as under :

“The EEFC account referred to in Regulation 4, shall be opened, heldor maintained in the form of an account in terms of such directionsas may be issued by the RBI from time to time”.

Notification No. FEMA. 174/2007-RB dated January 25, 2008

Foreign Exchange Management (Foreign Currency Account by aPerson Resident in India) Regulations, 2008

This Notification substitutes Regulation 6 of the Foreign ExchangeManagement (Foreign Currency Account by a Person Resident in India)Regulations, 2000 with effect from April 30, 2008.

It permits the opening, holding and maintaining of Foreign CurrencyAccount in India by :

1. A shipping or airline company incorporated outside India or its agentin India for meeting local expenses in India of the shipping or airlinecompany out of freight or passage collected in India or out of inwardremittances through normal banking channels from office/principaloutside India.

2. Ship-manning/crew managing agencies in India for undertakingtransactions in the ordinary course of their business.


Enrolment Form

Name : .......................................................................................................

Address : ...................................................................................................

...................................................................................................................

BCAS Memb. No. : .................. Tel. : 1 ................... 2 ........................

Mobile : ................... Fax : ...................... E-mail : .................................

Cash/Draft/Cheque No. .................. drawn on .............................. Bank,

dated .................. for an amount of Rs. ........................... is enclosed.

Date : ................. Signature

Study Subject TickCircle whereverNo. applicable

I Direct Tax Laws

II Indirect Tax Laws

III Company Law, Auditing and Accounting

IV FEMA

V Economic & Allied Laws

VI Computers

VII Human Resource Development

VIII Internal Audit Studies

Notes :

1. Fees include Rs.20 as contribution to BCAS Foundation.

2. Venue : Generally, all Study Circle meetings would be held at the Confer-ence Rooms at BCAS. In exceptional cases, at other venues.

3. Enrolment to the Study Circles is open to all members.

4. It will be our endeavour to hold 6 to 10 meetings of each Study Circle ina year.

BCAS Study Circles for 2008-2009The concept of Study Circle was initiated by BCAS. It helps participantsto analyse and discuss topics of relevance to professionals. Unlike otherprogrammes, Study Circles are very interactive and enable members toshare their views on the subject. Those of you who have been membersof these Study Circles in the past have experienced the joys and thetreasure of knowledge and invaluable contacts that these Study Circlesbring in into your professional lives.

BCAS announces the formation of Study Circles for the financial year2008-2009.

Members desirous of sharing and gaining knowledge are invited to jointhe Study Circles. The fee for each study circle has been kept at Rs.300for the year. Details of the Study Circles are given in the table alongside.

Forthcoming Study Circle Meetings*Venue : BCAS Conference Hall, BCAS

Date & Day Time Subject Speaker Study Circle/Group Convenors

16-5-2008 6.15 p.m. Working with Adobe CA Dinesh Doshi Computer Samir KapadiaFriday to 8.00 p.m. Acrobat® — Part II Study Circle Kamlesh Doshi

22-5-2008 6.15 p.m. 1. Who can borrow and from CA Pankaj Bhuta FEMA Rajesh ShahThursday, to 8.00 pm whom in Indian Rupees Proprietor of M/s. P. R. Study Circle Satish Kanodia

2. Recent Notification and Circular Bhuta & Co. Naren Madlani

5-6-2008 6.15 p.m. ETDS returns — Issues and CA Atul Suraiya Direct Tax Laws Mayur KisnadwalaThursday to 8.00 p.m procedures Study Circle Manesh Gandhi

Chetan Shah

* These meetings are restricted to members of that particular Study Circle only.

CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE� � � � � � � �

This imprest scheme started last year has received encouragingresponse with many members having taken the benefit of it. Thisfacilitates members to receive BCAS publications at their doorstep. Allmembers, journal subscribers, students and non-members can takebenefit of this scheme.

Brief modalities of the scheme are as follows :

➠ Rs.2500 to be kept with the Society as an imprest cash in youraccount. Non-member will have to pay additional Rs.250 for accounthandling charges.

➠ The base level would be Rs.250 which needs to be reple-nished again to Rs.2500 by the person opting for the scheme.

➠ Publications, conference papers or CDs costing less thanRs.250 would be sent to you as soon as they are published/released. This would also include one set of English Editionof the Budget Publication (a set of 5 books).

For further details of the scheme :Visit Society’s website at www.bcasonline.orgor contact Society’s office.

Imprest Scheme for Publications


CUT HERE CUT HERE CUT HERECUT HERE

ENROLMENT FORM

Name : ..................................................................................................................................................................................................................................................

Registration Number : .........................................................................................................................................................................................................................Course in which admission is desired : P.C.C. ( ) FINAL ( ) (Please tick appropriately)

Residential Address : ..........................................................................................................................................................................................................................

............................................................................................................................ Tel. No. (R) : ....................................... E-mail : .............................................Details of Articleship : Date of Joining ......................................................... Estimated date of Completion ..........................................................................

Name of the Principal : .....................................................................................................................................................................................................................

Name and address of Firm where articleship is being done : ..................................................................................................................................................................................................................................................................................... Tel. No. (O) : ..................................... Fax No. (O) ..................................

Cash/Draft/Cheque No. ........................................................................................... drawn on ............................................................................................... Bank,

dated .......................................................................... for an amount of Rs.1000 is enclosed.

Date : ............................................................. Signature ................................................................................

Notes :

1. Please send the above form along with cash/cheque/draft drawn in favour of ‘‘BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY’’, tothe Society’s office, at the address mentioned above.

2. We propose to have multifarious activities like Elocution Competition, Public Speaking, Self-Development Education Courses, Orientation Courses,etc. for interested students.

3. Members are requested to keep the proforma of this sheet and send the same duly filled in by new articled trainee after his/her enrolmentin their office.

Bombay Chartered Accountants’ Society7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020.

Phone : 66595601 to 05 Fax : 66595606 E-mail : [email protected] Website : www.bcasonline.org

Human Resources CommitteeChairman : Rajesh Muni Convenors : Hiten Shah, Aliasgar Kherodawala, Manish Sampat

“We had joined the Revision Course, which has proved very much helpful to us. We cleared both groups in First Attempt.”— Janhavi Thatte & Komal Jain

P.C.C. & FINAL C.A. STUDENTS’ EDUCATION CRASH COURSES(Jointly with Western India Regional Council of the Institute of Chartered Accountants of India)

For November 2008 & May 2009 Examinations1. Courses for :

C.A. PE II C.A. FinalGroup-I — Advanced Accounting Group-I — Advanced Accounting & Financial Management

— Auditing & Assurance— Law, Ethics & Communication

Group-II — Taxation Group-II — Direct Taxes— Cost Accounting & F.M. — Indirect Taxes

(In addition, important topics in — Cost ManagementIT & Strategic Management may be covered at no extra cost.) — MICS

2. Course Co-ordinators : Chandrakant Ruparelia, C.A.; B. C Jain, C.A.3. Fees : Rs.1000 per student for P.C.C. or Final (Total, and not per subject, including cost of study materials)4. Timings & Venue : 6.15 p.m. to 8.30 p.m. on weekdays at Sydenham College, ‘B’ Road, Churchgate.5. Duration : 3 months from July 1, 20086. Enrolment from : May 2, 20087. Faculty : Eminent personalities possessing rich experience in their respective fields.For further informaion, kindly contact Col. Raje/C. Ruparelia on Phone 66595601 to 05 during office hours at BOMBAY CHARTEREDACCOUNTANTS’ SOCIETY.


Dear Students,

A journey of thousand miles begins with a first step . . . . and its timefor you to take one . . . .

We invite you to join a group of vibrant and enthusiastic students toshare the experience of learning together . . . .

BCAS’s Students’ Forum

A special initiative of BCAS which aims to provide a platform to thestudents pursuing Chartered Accountancy to explore their potential andexcel in their capabilities to become successful professionals.

The only way to achieve success in the profession is throughknowledge. The forum shall conduct study circles and workshops onsubjects of professional interest, self-development and soft skills. Itwould also provide an opportunity to interact with seniors in theprofession and to get their guidance on various facets of theprofession and the ways and means to reach out to the best. Wouldyou want to be a part of it ?

If yes, simply register yourself at BCAS by subscribing to the BCAJournal at a concessional rate or by paying a token fee of Rs.50 toreceive regular and direct communication, use of library facilities atBCAS and a host of other benefits.

If No, ask your principal what would you miss.

A breakthrough session is on Saturday, 28th June 2008At Walchand Hirachand Hall, Indian Merchants’ Chamber,

Churchgate, Mumbai-400020between 4.00 p.m. and 9.00 p.m.

An exclusive evening sprinkled with career guidance and lots of fun

with

Keynote address on

‘CA — Candid Approach for Success’by

CA T. N. Manoharan, Past President, ICAI

followed by

➢ Elocution Competition and Quiz Contest 2008 (for C.A. Students)

“He came, He spoke, He won” — this is the story of a goodcommunicator. The one who speaks convincing and impressivewins half the battle.

Now here is the opportunity of the year for CA students topresent their communication skills. Be a little humorous, let imagi-nation run wild at the Elocution Competition organised by BCASfor C.A. students, under the auspices of Smt. ChandanbenMaganlal Bhatt Elocution Fund. Each contestant will be given 5minutes to express his/her views on any one of theundermentioned topics.

➠ ROLE OF A CA — DEBIT TO COST CENTRE OR CREDIT TOPROFIT CENTRE ?

Chairman : Rajesh MuniConvenors : Hiten Shah

Manish SampatAliasgar Kherodawala

➠ ARE WOMEN BETTER MANAGERS THAN MEN ?

➠ INDIA’S MISSION 2020. ARE WE ON THE RIGHT TRACK ?

➠ LAUGHTER THE BEST MEDICINE

➠ IMPACT OF ICL & IPL ON THE GAME OF CRICKET

➠ IF I WERE THE RICHEST PERSON IN MUMBAI . . . . . .

Those desirous of participating should enrol on or before 10-6-2008. The best three speakers selected by a panel of judgeswill be awarded handsomely. An elimination round will take placeon Saturday, 21-6-2008 at the Conference room of the Society,between 2.00 p.m. and 5.00 p.m. (Time limit at the eliminationround is 3 minutes).

Friends, this is not enough. We also bring before you a quiz con-test ! ! You can also participate in ‘ARE YOU SMARTER THANA 12TH GRADER ?’, the quiz contest organised only for C.A.students. This programme is scheduled along with the finalElocution Competition to be held on Saturday, 28-6-2008. Stu-dents desirous of joining any of the programmes may kindly fillup the enrolment form and send it to the BCAS office at theearliest.

➢ Antakshari competition

➢ Dinner with entertainment and

➢ Lots of information on forthcoming students’ activities.

➢ A token fee of Rs.100 will be payable per student for all or anyof the events on June 28, 2008.

➢ Do not miss the opportunity to meet and enjoy along with yourstudent friends.

➢ Enrolment is limited to first 200 students.

Kindly visit us on www.bcasonline.org (Students’ Corner) for theEnrolment form for BCAS Students’ Forum as well for theBreakthrough Meet.

Kind attention : MembersHas your Membership Subscription got over on 31-3-2008 ?

If yes, please renew your subscription now.

Please send your renewal fees toBombay Chartered Accountants’ Society’s Office.


Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Vijay Mudran, Mumbai-400031.

Combined Enrolment Form

Please fill in the above form appropriately and send the same to the Society’s office along with the requisite payment.Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft.

Name : ...................................................................................................................................................................................................................................................................

Address : ...............................................................................................................................................................................................................................................................

E-mail : ................................................ Mobile : .......................................................... Tel. : ........................................................ Fax : ........................................................

BCAS Memb. No. : ........................... Tel. (O) : ........................................................ Tel. (R) : ................................................. Fax : ........................................................

Cash / Draft / Cheque No. .................................. drawn on ..................................................................................................................................................................... Bank,

dated .................................... for an amount of Rs. ............................................................................... is enclosed.

Date : ............................... (Signature)

wherever applicable

CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MH/MR/South-88/2006-08Licensed to post without prepayment : Licence no. South-12/2006-08. Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1.

WORKSHOP :

Advanced Workshop on FEMA 28-6-2008 Rs.520 for member ...............

Rs.720 for non-member ........

Allied Laws Workshop 6,13,19,26-6-2008 Rs.950 ...............................

Enrolment Form for the Book Lending Facility for C.A. Students

Name : ..................................................................................................................................................................................................................................

Address : ..............................................................................................................................................................................................................................

..............................................................................................................................................................................................................................................

Mobile : .................... Tel (O) : ....................... Tel. (R) : ...................... E-mail : ............................ Student’s Regn. No. with ICAI : .....................

Member’s Name : ........................................................................................................................ Member’s BCAS Registration No. : .........................

(Student’s Signature)

I the undersigned hereby recommend Mr./Ms. .................................................................................................... for availing book lending facilityof the BCAS foundation. I will ensure that the borrowed books are returned back within the stipulated period.

Date : ....................... Membership no. ....................... (Member’s Signature)

The BCAS Foundation has started an Academic Book LendingFacility for ‘PE II’ & ‘Final Level’ Chartered Accountancy students.This facility is meant to assist all those students who have in themthe capability to achieve great heights but have not been able torealise their dreams due to constraints.

After consulting various experienced faculties and one to oneinteraction with students pursuing the course, a list of academic booksfor both PE II & Final Level students has been formulated.

The scheme is in force from 15th of February 2008.

Kindly note that only students recommended by the members ofBCAS are entitled for this scheme. This facility is available tostudents of Mumbai, Navi Mumbai and Thane District only.

Students can also access the list of books in the Students’ Corneron the BCAS website (www.bcasonline.org).

Desiring students should immediately approach the Librarian Ms.Madhuri Haware at BCAS Office (l [email protected]/[email protected] or call on 66595601/02/03/04/05 Extn no. 24)for further inquiries. The enrolment form is given below.

� � � � � � � �CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE

BCAS FoundationBook lending facility for CA Students

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SEMINAR

Post-Budget Controversies on 21-6-2008 Rs.600 for member .......................Service Tax

Capital Gains — Contentious Issues 14-6-2008 Rs.1250 .......................................

STUDY GROUPS

Enrolment of members for InternationalTax and Finance (ITF) Study Groups Rs.1,000. .......................................

Rs.750 for non-member ................