BCAS - JhanCAr - Togetherness Networking Carnival for Chartered Accountants | 13th & 14th December 2014

JhanCAr - 'Togetherness & Networking Carnival' for Chartered Accountants

An Event filled with Fun, Frolic and Networking for Chartered Accountants of all age group

LET’S MAKE THIS EVENT A HUGE SUCCESS – WE AWAIT YOUR ACTIVE PARTICIPATION

BCAS strives to evolve continuously, adapt and remain relevant in changing times that has contributed to the longevity of the organization over the last six decades. As a premier voluntary group of Chartered Accountants, BCAS is acclaimed for conceptualizing and implementing innovative events aimed towards enhancing the suitability of its members in an ever-changing dynamic governance environment. In this constant endeavour BCAS has now firmed up its initiative to organise a first-of-its-kind ‘Togetherness and Networking Carnival’ for Chartered Accountants christened as ‘JhanCAr’.

JhanCAr is modelled and driven by an enthusiastic youth-wing of the BCAS under the mentorship of veteran committee members. The idea of JhanCAr evolved from BCAS’s clear objective of having a non-technical and non-academic festival of, by and for the Chartered Accountants with the two key targets of networking and celebrating togetherness. With simultaneous events happening across multiple venues under the premier carnival location of Jashoda Rangmandir(Next   to N.M Collage), Juhu, Vile Parle (West); JhanCAr aims to power-pack the two days of 13thand 14th December, 2014 with festivities that would exceed the expectations of participating Chartered Accountants. Register Now!! Limited Capacity!! First cum First Serve Basis!!  Online Registration and Payments: www.bcasjhancar.com Offline Registration Collect forms from BCAS office or Download forms from www.bcasjhancar.com and submit at: Bombay Chartered Accountants' Society, 7, Jolly Bhavan 2, Ground Floor, New Marine Lines, Mumbai – 400020 Events at JhanCAr 2014 Networking Night: Work coupled with Network can create wonders. Recreate the nostalgia and take home a new network at ‘Ek Sham Dosti Ke Naam’ – Register Now Competitions Caravan: Compete in interesting individual and group games get the tagline of‘Khelein Hum Jee Jaan Se’. – Register Now Workshops Wonder: Interesting non-technical workshops and live demonstrations await you at‘Masti Ki Paatshala’. Corporate Connect: A rare occasions to network and connect with leading and relevant corporatesrecommending their best wares at ‘Corporate Mela’. Fun-and-Frolic: For your family and in remembrance of good old days, the ‘Hum Bhi AgarBachche Hote’ fair. Book a Stall now

We look forward to meeting you in person to make JhanCAr a memorable beginning.

More at www.bcasjhancar.com PLEASE FORWARD THIS MESSAGE TO YOUR FRIENDS/COLLEAGUES/ etc. HELP US TO MAKE THIS EVENT GRAND SUCCESS

Team JhanCAr!! Dedicate to Serve Fun-Filled Memories                                                            Key Contacts Chirag Doshi               Kinjal Shah

9820452332             9892100844            em@bcasonline.org

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CAI clarification on applicability of SA 700 on tax audit reports_44AB of ITA - SA 700 deferred by a year only for the limited purpose of tax audit report (emphasis supplied)

ICAI Announcement

Clarification Regarding Applicability of SA 700 on Tax Audit Report under Section 44AB of The Income-Tax Act, 1961. - (05-07-2013) 

As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700(Revised) - Forming an Opinion and Reporting on Financial Statements. In this regard, ICAI has been receiving mails seeking clarification regarding applicability of SA 700 on tax audit reports, i.e. Form No. 3CA/3CB.

Considering the fact that all tax audit reports are now mandatorily required to be filed online and that the format of tax audit report is prescribed by the Central Government, the Council in its 325th meeting held from 1st June to 3rd June, 2013 decided to defer the applicability of SA-700 (Revised) on the tax audit report under section 44AB of the Income-tax Act,1961 by one year i.e. the requirements of SA-700(Revised) are not applicable for tax audit reports filed up to 31st March, 2014.

ICAI is further taking up the matter with the appropriate authorities so that suitable changes can be brought in the forms relating to tax audit.

Source:  http://www.icai.org/new_post.html?post_id=9687&c_id=219



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Announcements - Definition of Relative in Chapter-IV of the Council General Guidelines, 2008 - (29-07-2011)

ANNOUNCEMENT No. ICAI/ESB//2011/02 All the members of the Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of its  decision taken at the 299th Meeting of the Council held on 27th – 28th October, 2010, it has been decided that the  term “relative” for the purpose of Chapter-IV of Council General Guidelines, 2008 (Opinion on Financial Statements  when there is substantial interest) will have the same meaning as assigned to it in AS-18..

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Announcements - Amendment in Council General Guidelines , 2008 - (29-07-2011)

ANNOUNCEMENT

No. ICAI/ESB/2011/01

All the members of Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of the Council decision taken at its 306th Meeting held on 7th - 8th June, 2011, the Chapter-XII (Minimum Audit Fee in respect of Audit) of the Council General Guidelines, 2008 appended to the ICAI publication titled “ The Chartered Accountants Act, 1949” has been repealed with effect from 7th June, 2011

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Announcement of KYC Norms -ICAI

No. ICAI/ESB/2011/03

Announcement of KYC Norms

All the members of Institute of Chartered Accountants of India (ICAI), who are in practice,  are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms)  at it’s 307 th Meeting held on 13thJuly,2011, which shall be recommendatory in nature, and apply only in case of attest function.

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ITAT case:HUF is a “relative” for gifts exemption u/s 56(2)(v), (vi) & (vii)

CASE OF: Vineetkumar Raghavjibhai Bhalodia vs. ITO (ITAT Rajkot)

The assessee received a gift of Rs.60 lakhs from his HUF. The AO & CIT(A) held that as HUF was not covered by the definition of “relative”, the gift was chargeable to tax u/s 56(2)(v). The alternate submission that gift was exempt u/s 10(2)was rejected on the basis that s. 10(2) applied only to amounts received “out of income of the estate” on partial or total partition of the HUF. On appeal by the assessee, HELD allowing the appeal:

(i) S. 56(2)(v) exempts gifts from a “relative”. Though the definition of the term “relative” does not specifically include a Hindu Undivided Family, a ‘HUF” constitutes all persons lineally descended from a common ancestor and includes their mothers, wives or widows and unmarried daughters. As all these persons fall in the definition of “relative”, an HUF is ‘a group of relatives’. As a gift from a “relative” is exempt, a gift from a ‘group of relatives’ is also exempt since the singular will include the plural;

(ii) The gift was also exempt u/s 10(2) because the two conditions required to be satisfied for relief viz (1) that the assessee is a member of the HUF and (2) that he receives the sum out of the income of such HUF (may be of an earlier Year) were satisfied.

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Registration Of Lawyers For Service Tax Stayed By Madras High Court

The Revenue Bar Association, Madras, filed a Writ Petition in the Madras High Court challenging the validity of levy of service-tax on “legal consultancy services”. The Court has passed an order of interim injunction dated 24.06.2011 restraining the Ministry of Finance from compelling the members of the Petitioner from registering themselves with the service tax authorities andcollecting service-tax from them until further orders.

Click here to download Madras HC order dated 24.06.11 staying service-tax on lawyers:

http://dhavaldesaisays.files.wordpress.com/2011/06/service_tax_registration_stay.pdf

Details regarding stay orders passed by other High courts-

AP High Court-Pursuant to a Writ Petition challenging the imposition of service tax on lawyers and the prayer seeking interim relief by way of “restraining the Respondents from giving effect to directly or indirectly or acting upon the impugned provisions or collecting any service tax on the assistance provided as an officer of the Court by an advocate“, the Andhra Pradesh High Court vide order dated 18.5.2011 has ordered “Since it is represented that the other High Courts have already granted stay in similar circumstances, there shall be interim stay, until further orders”

Delhi High Court-The Delhi Bar Association has filed a Writ Petition in the Delhi High Court being WP No. 2792 of 2011 to challenge the levy of service-tax on “Legal Consultancy Services”. The High Court has today (29th April 2011) issued notice on the Writ Petition and stayed the application of the impugned provision till the next date of hearing being 23rd May 2011.

Gauahati High Court-The Bar Association of Gauhati has filed a Writ Petition in the Gauhati High Court to challenge the levy of service-tax on “Legal Consultancy Services”. The High Court has on 29th April 2011 said the matter requires in-depth scrutiny and directed that service-tax would not be recovered till the next date of hearing being 25th May 2011.

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