Bangalore Branch News Letter - June 2011

1 June2011

Bangalore Branch of SIRCof the Institute of Chartered Accountants of India

2June2011

3 June2011


DISCLAIMER : The Bangalore Branch of ICAI is not in anyway responsible for the result of any action taken on the basisof the advertisement published in the newsletter. The members, however, bear in mind the provision of the code of ethics whileresponding to the advertisements. The views and opinions expressed or implied in the Branch Newsletter are those of the authors

and do not necessarily reflect that of Bangalore Branch of ICAI.

CALENDAR OF EVENTS - June & July 2011Date/Day Topic /Speaker Venue/Time CPE Credit

Note : High Tea at 5.30 pm for programmes at 6.00 pm at Branch Premises.

Advertisement Tariff for the Branch NewsletterColour full pageOutside back ` 30,000/-Inside back ` 24,000/-

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

Inside Black & WhiteFull page ` 15,000/-Half page ` 8,000/-Quarter page ` 4,000/-

Editor : CA. Venkatesh Babu T.R.

Sub Editor : CA. Ravindranath S.N.

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01.06.11 Discussion on Finance Act, 2011 Branch PremisesWednesday CA. H. Padamchand Khincha & CA. K. K. Chythanya 06.00pm to 08.00pm

08.06.11 “Training programme for Auditors of Souharda Branch PremisesWednesday Co- operatives - Prerequisites for empanelment” 10.30am to 01.30pm

Details at page No: 17

08.06.11 Service Tax - Recent Budget Amendments Branch PremisesWednesday CA. A. Saiprasad 06.00pm to 08.00pm

09.06.11 Private Trusts, Gifts & Settlements - Law, Sri Bhagawan Mahaveer JainThursday Documentation & Planning College Auditorium Next to

CA. N. C. S. Raghavan Bangalore Stock Exchange05.00pm to 08.00pm

15.06.11 Labor Law Compliance - Management Tips Branch PremisesWednesday Sri. Ram K. Navaratna 06.00pm to 08.00pm

Chief Executive, HR Resonance, Bangalore

18.06.11 Golden Jubilee State Level Conference Jnana Jyothi ConventionSaturday & "SAMVIT - POTENCY OF KNOWLEDGE" Centre,Central College Campus19.06.11 Details at page No: 21 Palace Road, Bangalore-560 001Sunday For online registration visit www.bangaloreicai.org

22.06.11 Latest updates on “Central Excise” - Branch PremisesWednesday for Small Scale Industries 06.00pm to 08.00pm

CA. B. D. Chandrasekhar24.06.11 National Conference for IT Industry Hotel Le-MeridianFriday & Details at page No: 20 Sankey Road, Bangalore25.06.11 For online registrationSaturday visit www.bangaloreicai.org

29.06.11 Foreign Contribution (Regulation) Branch PremisesWednesday Act 2010 (FCRA)-New Provisions of Foreign 06.00pm to 08.00pm

Contribution effective from May 2011CA. Manju S. George

30.06.11 Investor Awareness Programme Chowdaiah Memorial HallThursday Details at page No: 6 Vyallikaval,Malleshwaram

Bangalore - 560 003

01.07.11 CA Day Celebrations Branch PremisesFriday Flag Hoisting by CA. N C S Raghavan 09.30am onwards

06.07.11 “Understanding Intellectual Property Branch PremisesWednesday Rights” - A CA’s perspective 06.00pm to 08.00pm

Sri. H. L. Narendra BhattaPatent Attorney, Bangalore

09.07.11 Commencement of Certification CourseSaturday on Indirect Taxes

Details at Page No: 18

Today knowledge has power. It controls access to opportunity and advancement. -Peter Drucker

2 hrs

4June2011

1. Payment of MCA fees byelectronic mode: Vide GeneralCircular dated 09.03.2011, all thepayments of value uptoRs.50,000/- for MCA services hasto be paid only in electronic modew.e.f 27.03.2011. By this banksare following T+1 day of reportingonline payments. Earlier due tophysical payment of challans atbank, banks were following T+3days of reporting the payment.

It is contemplated to make all thepayments, including payment ofvalue above Rs.50,000/-also,through electronic mode w.e.f01.10.2011.

2. Company name availabilityrules: Vide General Circulardated 15.03.2011, the CentralGovernment has made the newCompanies (Name Availability)Rules, 2011. However, this Rulewill come into force from the dateas the Central Government in theOfficial gazette notified. One ofthe salient feature of this Rule willbe that, where the proposed nameis containing more than one word,there will be an option in the e-form 1A for certification by thepractioner, who will certify that hehas used the search facilityavailable in the portal of the MCA.Where such e form 1A is certifiedby the practioner, after due care,the name will be made availableby the system online to the

GIST OF FEW LATESTCIRCULARS & NOTIFICATIONISSUED BY MINISTRY OFCORPORATE AFFAIRS (MCA)By CA.Ravi Prasad

applicant without backend processby the ROC. However, this facilitywill not be made available forchange of existing name of thecompany. If, later it is found thatthe name ought not to have beenallowed under the provisions ofSection 20 of the Companies Act,1956 (Act) read with these Rules,then the practioner shall be liablefor penal action.

3. Filing of Balance Sheet & Profit& Loss Account in XBRL mode:Vide General Circular dated31.03.2011 and General Circular25/2011 dated 12.05.2011, allCompanies listed in India andtheir subsidiaries having a paid upcapital of Rs.5 Crore and aboveor a Turnover of Rs.100 Crore orabove excluding bankingcompanies, insurance companiespower companies, NBFCs andoverseas subsidiaries of thesecompanies shall file balance sheetand profit & loss account for theyear 2010-11 onward by usingXBRL (eXtensible BusinessReporting Language)taxonomy.The said taxonomy is being hostedon the website of MCA. It is notclear from this circular whetherBalance Sheet for the year ended31.12.2010 (if the company isfollowing calendar year)also needto be filed in XBRL mode. Since,the circular says that all thecompanies covered by this

circular are permitted to file upto30.09.2011 “without anyadditional fees”, I am of the viewthat Balance Sheet and Profit &Loss Account for the year ended31.12.2010 is also covered by thiscircular & such companies haveto file their Balance Sheet andProfit & Loss Account in XBRLmode.

4. Allottment of DirectorIdentification Number (DIN):Vide General Circular No 11/2011dated 07.04.2011 it has beendecided that all existing DINholders who have not furnishedtheir PAN earlier at the time ofobtaining DIN, are required tofurnish their PAN by filing e formDIN 4 by 31.05.2011.

5. Certification of e forms bypracticing professionals: VideCircular No 14/2011 dated08.04.2011 and General CircularNo 26/2011 practicingprofessionals are made moreresponsible before submitting/certifying documents, speciallythose documents which areapproved online and also filing ofFinancial Statement in XBRLmode. Henceforth, action wouldalso be initiated on receipt of anycomplaint, anonymous orotherwise, against suchprofessionals. For alleged wrongsubmission, quick enquiry will beconducted by the concernedRegional Director (RD) who willbe assessing the prima facie,wrong doing by the professionals.The report will be submitted to eGovernance cell of MCA. The cellwill inform the concernedProfessional Institute to initiatethe enquiry.

6. Procedure to be followed while

Knowledge has to be improved, challenged, and increased constantly, or it vanishes. - Peter Drucker

5 June2011


appointing the Cost Auditors byCompanies: Vide GeneralCircular No 15/2011 dated11.04.2011 Ministry has reviewedthe existing procedure followedby the Companies and insupersession of earlier order/circular issued in this regard, therevised procedure to be followedby the Companies and CostAuditors are stated in this circular.

7. Simplified procedure forAmalgamation of GovernmentCompanies under Section 396:vide General Circular No 16/2011dated 20.04.2011, withoutprejudice to the generality ofSection 396, it has been decidedthat in appropriate cases,simplified procedure shall beadopted for Amalgamation ofGovernment Companies underSection 396 of the Act.

8. Service of documents by e modeinstead of Under Certificate ofPosting: Vide General CircularNo 17/2011 dated 21.04.2011,after considering Sections 2,4,5and 81 of the InformationTechnologies Act, 2000 hasallowed paperless compliancethrough electronic mode by theCompanies as legally validcompliance under Section 53 ofthe Act. The only condition thathas to be fulfilled is that theCompany has obtained e mailaddresses of its members forsending the notice/documentsthrough e mail by giving anadvance opportunity to everyshareholders to register their email address and changes thereinfrom time to time with theCompany. In cases where e mailaddresses has not been registered,then service of notice/documents

has to be any other modes ofservice as provided under Section53 of the Act.

9. Sending copies of annual reportthrough electronic mode: VideGeneral Circular 18/2011 dated29.04.2011,after consideringSections 2,4,5 and 81 of theInformation Technologies Act,2000 has allowed paperlesscompliance through electronicmode by the Companies as legallyvalid compliance under Section 53of the Act. Accordingly, theCompanies can do away withsending physical Annual Report ofa Company comprising BalanceSheet, Profit & Loss account,Director’s Report, Auditor’sReport etc to its members asrequired under section 219 of theAct. This is subject to fulfillmentof couple of conditions by theCompany.

10. Marking a Company as havingmanagement dispute:VideGeneral Circular 19/2011 dated02.05.2011, in order to bringuniformity, this circular is issuedto clarify that Registrar ofCompanies shall use the facilityof “marked as havingmanagement dispute” alert in theMCA system. The ROC shallmark as having managementdispute only in those cases wherethe Court or Company Law Board(CLB) has directed to maintainstatus quo with reference to any eform/has granted any injunction orstay in taking the document onrecord.

11. Clarification on applicability ofCompanies (Particulars ofEmployees) Amendment Rules,2011: Vide General Circular No23/2011 dated 02.05.2011, it has

been clarified that the amendedemployee’s salary[referAmendment Rule vide GSR (E)dated 31.03.2011] to be disclosedin Directors Report is applicableto all Director’s Report approvedby the Board of Director’s on orafter 01.04.2011, irrespective ofthe accounting year beingapproved by the Board. VideNotification dated 31.03.2011, thedisclosure limit of employeessalary has been raised fromRs.24,00,000 PA to Rs.60,00,000/- PA or as the case may be fromRs.2,00,000PM to Rs.5,00,000/-PM.

12. Participation by Director inmeetings of Board/Committeeof Directors:Vide GeneralCircular No 28/2011 dated20.05.2011 it has been clarifiedthat Directors of a Company mayparticipate in a meeting of Board/Committee of Directors under theprovisions of Act throughelectronic mode. For this purpose,the Company shall comply withcertain requirements. Few of themajor requirements are as under;

● Electronic mode means audiovisual electronic communicationfacility, which enables all personsparticipating in that meeting tocommunicate concurrently witheach other without anintermediary.

● Every Director must attend themeeting of the Board/Committeeof Directors personally at least onemeeting a financial year.

● Chairman of the meeting to ensureresponsibility as to proper videoconference facility, safeguard theintegrity of the meeting viavideoconferencing, prepare theminutes of the meeting, ensure

The world is the great gymnasium where we come to make ourselves strong. -Swami Vivekananda

6June2011

that no one other than theconcerned Director or authorizedparticipants are only attending themeeting.

● The notice of the meeting shallinform about the availability ofparticipation through videoconference.

● Notice of the meeting shall alsoseek confirmation as to whetherDirector will attend physically orthrough electronic mode.

● Director attending through videoconference is counted for quorumand hence Chairman to ensurepresence of quorum throughoutthe meeting.

● The place where the Chairman orSecretary is sitting will be theplace of meeting

● Draft minutes shall be circulatedin soft copy not later than 7 daysof the meeting for comments/confirmation to the Directors whoattended the meeting.

13. Issue of Certificate by DigitalSignature: Vide General CircularNo 29/2011 dated 20.05.2011. Asper Companies Regulation 24,every certificate or copy grantedunder the provisions of the Actshall be signed and dated by ROCand shall bear his official seal. Inorder to cut timelines and steptowards “Green Initiative” it hasbeen decided that all certificatesand standard letters issued by theROC will now be issuedelectronically under the digitalsignature of ROC. This willcommence in phased manner w.e.f30.06.2011.

14. Clarification of applicability ofprovisions of Section 108A to108I of the Act:Vide GeneralCircular No 30 dated 23.05.2011it has been clarified that Sections108A to 108I of the Act havebecome redundant and will haveno legal force, due to repeal ofMRTP Act, 1969.

15. Vide Notification GSR 222(E)dated 17.03.3011, the CentralGovernment has delegated to theROC, the powers and functions ofthe Central Government under thefollowing provisions of the Act i.e,Section 21, Section 25, Proviso tosub section (1) of Section 31, Subsection (1D) of Section 108,Section 572

(source: MCA website)

INVESTOR AWARENESS PROGRAMME (2011)“EMPOWERMENT FOR INVESTOR EDUCATION &

PROTECTION”Organised By

THE INSTITUTE OF CHARTERED ACCOUNTANTSOF INDIA

Under the aegis ofINVESTOR EDUCATION AND PROTECTION FUND

(IEPF) OF MCAHost Branch:

BANGALORE BRANCH OF SIRC OFTHE INSTITUTE OF CHARTERED ACCOUNTANTS

OF INDIADay & Date:

Thursday, 30th June 2011

Time:05.00pm to 08.00pm

Venue:

Chowdaiah Memorial Hall,Vyalikaval, Malleshwaram,

Bangalore-3

CPE Credit: 2 Hrs Delegate Fee: NIL

Programme DetailsTopics

Mutual Fund – Vis –a- Vis Secondary MarketRole of Professionals in guiding Small Investors

Trading online – Do’s and Don’tsSystematic Investment Plans

Tea: 04.30pm

PROGRAMME IS OPEN TO GENERAL PUBLICEmail: [email protected]

Website: www.bangaloreicai.org

Truth can be stated in a thousand different ways, yet each one can be true. -Swami Vivekananda

7 June2011


TAX UPDATES APRIL 2011CA. Chythanya K.K., B.com, FCA, LL.B., Advocate

VAT, CST, ENTRY TAX,PROFESSIONAL TAX

a) 2011-12(16) KCTJ Part 1b) 33 VST – Part 1c) 39 VST – Part 2, 4 & 5d) 5 GST – Part 3

INCOME TAX

PARTS DIGESTED:

a) 332 ITR – Part 4 & 5b) 333 ITR – Part 1c) 197 Taxman – Part 3 & 7d) 198 Taxman – Part 1 to 3e) 8 ITR(Trib) – Part 6 to 8f) 129 ITD – Part 5 to 8g) 137 TTJ – Part 1, 2 & 4h) 43-A BCAJ – Part 1i) 4 International Taxation-Part 4

Reference/Description[2011] 332 ITR 483 (Delhi) HC: CITv. Narender Anand

In the instant case the assesseewas required to file returns for theyear ending 31st March 1988 by 31st

July 1988. However the assesseesought extension of time up to 30th

September 1988, which was acceptedto by the AO. The assessee during theinterim as between the actual due dateand the extended due date of filingthe return, had remitted its sales taxdues. In the said context, the DelhiHigh Court held that the sales tax paidcould not be disallowed under Section43B (which provides for deductiononly upon actual payment). The Courtwas of the opinion that so long asthere was an extended period of timegranted or deemed to be granted bythe AO, all acts done within theextended period must be deemed tohave been done within the prescribedperiod of time as originally stipulated.

[2011] 332 ITR 531 (Ker) HC: B.Raveendran Pillai v. CITIn the instant case the Kerala HighCourt has held that in a case wherethere was purchase, by the assessee,of hospital as a going concern alongwith goodwill, the Assessee wasentitled to depreciation on the valueof goodwill so bought. The Courtnoted that the hospital was run in thesame building, in the same town, inthe same name for several years priorto purchase by the assessee. Bytransferring the right to use the nameof the hospital itself, the previousowner had transferred the goodwill tothe assessee and the benefit derivedby the assessee was retention ofcontinued trust of the patients whowere patients of the previous owners.The Court opined that when thegoodwill paid was for ensuringretention and continued business inthe hospital, it was for acquiring abusiness and commercial right whichwas comparable to trademark,franchise, copyright etc., as wasreferred to in the first part of clause(ii) of Section 32(1).The Kerala HighCourt followed the case of CIT v.Hindustan Coco Cola Beverages. Ltd.[2011] 331 ITR 192 (Delhi) HC

[2011] 332 ITR 602 (SC): G u f f i cChem P. Ltd. v. CIT CIT & anotherv. Mandalay Investment P. Ltd.

In the instant case the assesseewhich was carrying on the businessof manufacturing, selling anddistribution of pharmaceutical andmedical preparations, received a sumof Rs. 50 lakhs during the AY 1997-98 from Ranbaxy as non-competitionfee. The High Court reversing thedecision of the Tribunal had held thatthe same was taxable. On appeal, the

Apex Court reversing the decision ofthe High Court held that prior to April1, 2003 such receipts were capital innature and only post the said date theParliament had stepped in to tax suchreceipts specifically by way ofinsertion to Section 28 vide clause(va).It is a welcome decision puttingat rest the controversy surroundingthe issue for the pre-amendment era.

[2011] 333 ITR 13 (Delhi-HC): SISLive v. ITO

In the instant case the High Courthad passed an order earlier on a writpetition against an order underSection 197, that the petitioner beheard by the competent authority anddecision be taken without beinginfluenced by the previous order. Inresponse to the said instruction of theHigh Court, the AO passed an orderunder Section 197. On a writ petitioncontending that the assumption ofjurisdiction under Section 197 wastotally without jurisdiction, the DelhiHigh Court held that the properremedy available to the petitioner wasto challenge the said order (passedunder Section 197) via a revisionunder Section 264(2) and thereforedid not entertain the instant writpetition.

[2011] 333 ITR 38 (Delhi-HC) (FB):CIT v. (1) Moni Kumar Subba (2)Miracle Exporters P. Ltd.In the instant case the Delhi HighCourt dealt with the determination ofthe annual value of the property underSection 23(1), wherein clause (a)stipulates as to the amount for whichthe property could reasonably beexpected to be let. It was held that theaddition on account of notionalinterest was not proper where theassessee took inordinately large sumof money as interest-free depositcompared to the agreed monthly rent.It was further held that fair rent had

Knowledge is the eye of desire and can become the pilot of the soul. -Will Durant

8June2011

to be determined on a stand alonebasis without adding the notionalinterest.

[2011] 333 ITR 99 (Bom-HC):CIT v. Ronuk Industries Ltd.In the instant case the Bombay HighCourt held that the ITAT was justifiedin holding that the case of the assesseewas a fit case for stay of outstandingdemand beyond the period of 365days as per the provision of Section254(2A) by ignoring the mandatoryamendment in the third proviso toSection 254(2A) made by the FinanceAct, 2008, with effect from October1, 2008 providing that the order ofstay granted shall vacate after theexpiry of 365 days even if the delayin disposing of the appeal is notattributable to the assessee.

[2011] 197 Taxman 477 (Kar-HC.),9 taxmann.com 248 (Kar-HC.) :Toyota Kirloskar Motor (P.) Ltd. v.Addl. CITIn the instant case the Karnataka HighCourt held that a writ wasmaintainable when there was aviolation of principles of naturaljustice. The Court noted that even ifthere was an alternative remedy forchallenging the draft assessment orderbefore dispute resolution panel underSection 144C, where before passingdraft assessments order, neitherassessee’s prayer for personal hearingwas considered nor were documentsalready on record taken intoconsideration in their properperspective by the TPO, such order isliable to be set aside.

(2011) 198 Taxman 1 (Ker-HC)10taxmann.com 4 (Ker-HC): CIT v.O. Abdul RazakIn the instant case the Kerala HighCourt held that for the purpose ofExplanation (a) to Section 6(1)(c)

[which provides for an exception andsubstitutes 182 days in place of 60days as the number of days of stayunder consideration in respect of thatrelevant assessment in cases where aperson leaves India on employmentetc.], ‘employment’ would includeself employment like business orprofession taken up by the assesseeabroad.In this strange but welcomedecision, the benefit of requirement ofstay for not less than 180 days wasextended to person leaving India onself employment also.

(2011) 198 Taxman 26 (Mad.-HC)(Mag.): CIT v. R. Srinivasan

In the instant case the assessee hadpurchased a house property for a sumof Rs. 56,23,740 and its registrationwas made on 18.08.2000. Within aperiod of one year from the date ofpurchase of the said property, theassessee sold his insurance surveybusiness to ‘S’ company at a price ofRs. 56 lakhs. For the relevantassessment year while computing theamount of long-term capital gains onsaid sale, the assessee claimeddeduction under Section 54F inrespect of the said house property. TheAO rejected the claim of the assesseeon the ground that the assessee hadnot purchased the property out of thesale consideration of the transferredasset. On appeal, both theCommissioner (Appeals) and theTribunal held that there was an optiongiven to the assessee under Section54F to invest in house property evenwithin a period of one year before thedate on which the transfer took placeand therefore, the assessee waseligible for exemption under Section54F. The said view was affirmed bythe High Court.

(2011) 198 Taxman 224 (Kar-HC)10 taxmann.com 49 (Kar) :

Mahesh G. Shetty v. CITIn the instant case the assessees werepartners of a firm. Apart fromassessment of partnership firm, theywere also assessed to tax in theirindividual capacity on returns filed bythem. In their assessment for the year1995-96, the AO gave deduction ofinterest paid on borrowal forinvestment in firm. On 29-12-99, theCommissioner under Section 263, setaside the order of the AO holding thatafter insertion of Section 14A, interestpayable on amount invested in apartnership firm could not be allowedas deduction. The assessee challengedthe said order of the Commissionercontending that in view of the provisoto Section 14A, no order could bepassed enhancing assessment orreducing refund already made. TheHigh Court held that since the provisoto Section 14A was inserted only byFinance Act, 2002, with retrospectiveeffect from 11-5-2001, as such on thedate of the order of the Commissionerunder Section 263, the said provisowas not in existence and hence itwould be inapplicable in the instantcase. Therefore it was held that theorder passed by the Commissionerwas valid and within his powers underSection 263.

[2011] 8 ITR(Trib) 639(Bangalore): Medreich Ltd.Dy. CITIn the matter of classifying whether aparticular expenditure was capital orrevenue in nature, the Tribunal heldthat payment for services rendered inconnection with issue of shares wascapital in nature and the fact that theshare capital was raised for workingcapital requirements was not relevant.It was noted that application of fundsdoes not decide the character of themoney collected.In the matter of

Every addition to true knowledge is an addition to human power. -Horace Mann

9 June2011


amortisation of certain preliminaryexpenditure under Section 35D, theTribunal held that expenses inconnection with issue of shares wasneither expenses incurred beforecommencement of business nor wasthere a case of setting up of a new unitand therefore the said expenses do notqualify for amortisation under Section35D.

(2011) 129 ITD 422 (ITAT-Mum)10 taxmann.com 86 (ITAT-Mum) : 3i Infotech v. Dy. CITIn the instant case the assessee was inthe business of development ofcomputer software, which includedproduction of computer software andall processes thereon, i.e. assemblingand recording of programmes ontapes, discs, perforated media, etc. As

per the method of accountingfollowed by the assessee, it used totreat expenditure on development ofcomputer software as part of ‘work-in-progress’ during the period ofdevelopment of software and afterattaining technical feasibility and onsoftware being ready for sale,expenditure was capitalised anddepreciation was claimed on suchcapitalised cost. For the assessmentyear in question, assessee hadincurred certain expenditure ondevelopment of software products.Since the said expenditure was mainlyon account of salary, electricity, rentetc., assessee claimed deductionunder Section 37(1). However thesame was objected to by the AO.Having regard to the said facts the

Tribunal held that since way ofallowing expenditure in earlierassessment years was an acceptedmethod both for accounting purposesas well as for computing incomeunder the Act, there was no reason totake different view for assessmentyear in question.This is an interestingcase where the software developmentcosts were capitalized and not writtenoff as and when incurred. Thismethod of accounting may typicallyapply to product companies.Further,in regard to claim of deduction underSection 35, the Tribunal held thatsince the business of the assessee wasdevelopment of software for itsclients, any expenditure incurred indoing so could not by itself fall withinparameters of Section 35(1)(iv).

Knowledge cultivates your seeds and does not sow in your seeds. -Khalil Gibran

Bangalore

On24th and 25th (Friday & Saturday) June, 2011

Venue: BEL Ambedkar Stadium, Near BELCircle, Bangalore

Dear Students,

Bangalore Branch of SICASA is organizing “ALLINDIA” tennis ball cricket tournament on 24th and25th of June, 2011. We request your sportiveparticipation in the event in large numbers and makethis as a successful endeavour.

Fees:` 2,000 – for teams from Bangalore` 3,000 – for outstation teams

(With accommodation facility)

Organized By:SICASA Bangalore Branch of SIRC of ICAI#16/0, Millers Tank Bed Area, Bangalore – 560 052.Tel: +91(08)30563500 Fax: 30563555.Email: [email protected] more details, visit: www.bangaloreicai.org

Bangalore

On26th (Sunday) June, 2011

Venue: BEL Ambedkar Stadium, Near BELCircle, Bangalore

Dear members,

Bangalore Branch of SICASA is organizing tennisball cricket tournament on 26th of June, 2011. Werequest your sportive participation in the event inlarge numbers and make this as a successfulendeavour.

Fees: ` ` ` ` ` 2,000 – for members team

Contact Details:Chandrashekar M P, Vice Chairman-SICASA

9880128309

Madhu Kumar K S, Secretary-SICASA9480258359

Gurunandan, Sports –Convenor-SICASA9964246850

10June2011

RECENT JUDICIALPRONOUNCEMENTS ININDIRECT TAXESN.R. Badrinath, Grad C.W.A., F.C.A.Madhur Harlalka, B. Com., F.C.A

SERVICE TAX

The respondents had claimed refundof unutilized credit of service tax whichwas taken in relation to export ofservices which were rejected by theoriginal authority on the ground that therespondent had taken registration laterand the refund claim pertains to theperiod prior to the registration. Thelower appellate authority set aside theorder of the original authority on theground that registration is merelyrequired for the purpose of maintenanceof accounts and for following theprocedure and that non-registrationcannot be a ground for not enforcing ademand or not allowing a refund.Further, he has also taken into accountthe fact that it is the Government’spolicy not to burden export withdomestic taxes. On appeal, it was heldthat the reasoning adopted by the lowerappellate authority is proper. Further,the relevant rules require only thoseassessees to take registration who arerequired to pay service tax. This is acase where the respondents were notliable to pay any service tax but aremerely claiming refund of theunutilized credit of tax paid on inputservice. As such, the order passed bythe lower appellate authority requiresno interference. Consequently, theDepartment’s appeals were rejected.[Commissioner of Service Tax, Chennaivs. M/s. E-Care India Private Limited.2011-TIOL-590-CESTAT-MAD]

The appellants had providedcontainers to various units in theSpecial Economic Zone (‘SEZ’).Exemption under Notification No. 4/2004-ST dated 31.03.2004 was denied

and the service tax demand was raisedby the adjudicating Commissioner onthe ground that containers have beenpartly used inside the SEZ and partlyoutside SEZ. The appellant contendedthat under the Special Economic ZoneAct, 2005 and the rules framed thereunder, exemption is available from thepayment of service tax on taxableservice provided to a unit in the SEZand the exemption cannot be deniedirrespective of the fact that thecontainers have carried cargo out ofSEZ territory. However, it was held thatas per Rule 31 of the Special EconomicZone Rules, 2006, exemption isavailable to services rendered to a unitin the SEZ for the authorizedoperations. There is no dispute that thecontainers provided to the units in SEZhave been used by such units forbringing inputs for manufacture andcarrying the finished goods out of SEZfor export purposes. Therefore, theimpugned services relating to supply ofcontainers in the SEZ are exempt frompayment of service tax. Accordingly theimpugned order was set aside and theappeals were allowed. [M/s. NorasiaContainer Lines vs. Commissioner ofCentral Excise, New Delhi. 2011-TIOL-574-CESTAT-DEL]

The appellant were registered withthe service tax department for providingconstruction and works contractservices and were paying tax byclaiming an abatement of 67% from therealized amount for the servicesprovided to their customers under thecategories of “commercial or industrialconstruction services” and“construction of complex services”.Investigations conducted by thedepartment revealed that the said claim

of abatement was being wronglyavailed by the appellant in as much asthey were not including the value of thefree supplied items by their customers.It was also found that the appellant hadwrongly availed the benefit of WorksContract (Composition scheme forpayment of service tax) Rules, 2007 inrespect of the on going contracts. Basedon such investigations, differentialservice tax of Rs. 36.80 crore wasdemanded with interest and penalties.However, it was held that all the issuesinvolved in the present appeal arecontentious and arguable and a finalview can only be taken at the time ofdisposal of the appeal. Accordingly, theappellants were directed to make a pre-deposit of Rs. 5 crore and the balanceamount of duty, interest and entireamount of penalty was stayed duringthe pendency of the appeal. [M/s.Ahluwalia Contracts (India) LimitedVs. CST, New Delhi. 2011-TIOL-575-CESTAT-DEL]

The issue in the present case relatesto the constitutional validity of servicetax levy on renting of immovableproperty. The petitioner relied on thejudgement of the Hon’ble High Courtof Delhi in the case of Home SolutionRetail India Limited Vs. Union of Indiaand Others [2009 (14) S.T.R 433 (Del.),wherein it was held that renting out ofimmovable property for use in thecourse of business or commerce wouldnot constitute a taxable service andhence exempt. Accordingly, theNotification no. 24/2007 dated22.05.2007 and the Circular no. 98/1/2008-ST dated 04.01.2008 areincorrect, ultra vires the Act and liableto be set aside. The Revenue contendedthat the said decision of the Hon’bleHigh Court has been stayed by theSupreme Court and therefore, noreliance could be place on the same.Section 65(105) (zzzz) has beenamended by the Finance Act, 2010whereby renting of immovable propertyfor use in the course of business or

True knowledge exists in knowing that you know nothing. - Socrates

11 June2011


commerce would be considered astaxable service. However, it was heldthat the petitioner had rentedimmovable property for the purpose ofbusiness or commerce and is a taxableservice. Accordingly, the writ petitionwas dismissed. [Utkal Builders LimitedVs. Union of India. 2011 (22) S.T.R 257(Ori.)]

In the present case service tax wasdemanded y including the value of freesupply of materials such as cement andsteel in the assessable value of thecommercial and industrial constructionservices rendered by the applicants. Theapplicant contended that the pre-depositshould be waived off based on thedecision of the Tribunal in the case ofGulf Oil Corporation Limited vsHyderabad [2010 (20) STR 830].Accordingly, the pre-deposit of servicetax along with interest and penalty wasstayed till the disposal of appeal.[Petron Civil Engineering PrivateLimited Vs. Commissioner of CentralExcise, Salem. 2011-TIOL-598-CESTAT-MAD]

The appellants availed taxableservices under the category GoodsTransport Agency (‘GTA’) and incurredliability to service tax as a recipient ofthe service. The Commissionerdemanded the pre-deposit of service taxwith penalty. Relying on the decisionof the Tribunal in the caseof Sakthimasala Pvt. Ltd. Vs. CCE,Salem [2009 (015) STR 0314 (Tri. -Chennai)] and Navyug Alloys Pvt. Ltd.Vs. CCE&C, Vadodara-II [2008-TIOL-2156-CESTAT-AHM] the appellantscontended that once the GoodsTransport Operator (‘GTO’) had paidthe tax, the recipient was not requiredto discharge the same liability.However, it was held that as per Para5.7 of letter F. No. 341/18/2004-TRU(Pt) dated 17.12.2004 of the Ministryof Finance, if service tax due ontransportation has been paid or ispayable by a person liable to pay,service tax should not be charged forthe same amount from any other personto avoid double taxation. Accordingly,

the impugned order was set aside andthe matter was remanded to theCommissioner for fresh adjudication.[M/s. Deccan Chromates Limited Vs.CCE, Hyderabad. 2011-TIOL-597-CESTAT-BANG]

In the present case the Commissioner(Appeals) had extended credit ofservice tax paid on passenger air fare,servicing charges and insurance chargesof company vehicles and residentialtelephone lines of the staff. TheRevenue preferred an appeal againstsuch extension of credit by theCommissioner (Appeals). It was heldthat, the assessee is eligible to credit ofservice tax paid on air travel fare, if theair travel has been performed for thepurpose of company business. Since thedepartment did not contend that the airtravel was performed for the personalpurposes of the officers, credit hasrightly been extended. As regardsextension of credit of service tax paidon servicing charges and insurancecharges of the company vehicles, inlight of the decision of the Tribunal inthe case of CCE Guntur Vs CCLProducts (India) Ltd. [2009 (16) STR305], these charges are to be held asbeing used in relation to themanufacture of final products. Withrespect to the telephone lines, based on the decision in the case of ITC Ltd.Vs CCE Salem [2009 (14) STR 847] andnoting that it is not the case of theRevenue that telephone service wasused for personal purposes of theofficials of the assessee, it was held thatthe credit is admissible. Accordingly,the impugned order extending the creditwas upheld and the Revenue’s appealwas dismissed. [Commissioner ofCentral Excise, Tirunelveli Vs. DCWLimited. 2011-TIOL-606-CESTAT-MAD]

The applicant obtained registrationas a co-developer of an aviation specificSpecial Economic Zone (‘SEZ’). Theapplicant proposed to set up a unitwithin the SEZ and providemaintenance, repair and overhauling

(‘MRO’) facilities to domestic andforeign aviation entities. The applicantproposed to enter into a contract withan overseas entity to procure contractsfor MRO services from domestic andforeign airlines. The overseas entitywill sub-contract to the applicant thecontract for MRO services to be carriedout in the SEZ. The applicant will bepaid in convertible foreign exchange bythe overseas entity. The applicant alsoproposed to enter into direct contractswith domestic and foreign airlines thatwill pay the applicant in convertibleforeign exchange. In this regard theapplicant requested for a ruling as towhether service tax is applicable on theservices rendered to the overseas entityand also on the services rendereddirectly. It was held that all central lawsapply to SEZs with modifications orexceptions, if any, as provided in theSEZ Act or rules made there under.MRO facilities to domestic as well asforeign aviation entities in SEZ areliable to service tax since MRO servicesin SEZ for foreign entities cannot beconsidered as export of service. Servicetax will be chargeable on the servicesrendered within the SEZ unlessspecifically exempted under the SEZAct or under the Finance Act, 1994 orany rules or notifications there under.[M/s. MAS-GMR AerospaceEngineering Company Limited 2011-TIOL-06-ARA-ST]

CENTRAL EXCISE

The issue here relates to classificationof ‘non-vegetable pizza’ and ‘chickenwings’ i.e. whether it is classifiable as‘sausages and similar products of meat’attracting duty of 16% or as ‘bread,pastry, cakes, biscuits and other bakerswares’ attracting nil rate of duty. Therespondents were the manufacturers of‘pizzas’ and ‘chicken wings’. Thedepartment contended that the non-vegetable pizzas manufactured by therespondent are ‘preparations of meatput up in unit container’ and bears thebrand name of ‘Pizza Hut’ and attractsduty of 16% ad valerom. Accordingly,

Beware of false knowledge; it is more dangerous than ignorance. -George Bernard Shaw

12June2011

they demanded duty which, wasconfirmed by the Joint Commissionerof Central Excise, Mumbai along withinterest and penalty. On appeal, it washeld that held that ‘non-vegetablepizzas’ and ‘chicken wings’ will notattract 16% duty. The cardboard box inwhich the pizza is placed cannot betreated as a unit container where amanufacturer predetermines theproduct, the quantity and the price atwhich he intends to sell. Accordingly,the appeal filed by the department wasdismissed. [Commissioner of CentralExcise, Mumbai Vs. M/s. DodsalCorporation Private Limited. 2011-TIOL-576-CESTAT-MUM]

The assessee had cleared goods tothe developers of SEZ and theadjudicating authority confirmed theduty on the ground that goods clearedto SEZ developers are exempt fromduty and hence the appellant is liableto pay an amount of 8 or 10% of thevalue of goods cleared to SEZdevelopers availing Cenvat credit oninputs used for manufacture of final

Thought must be divided against itself before it can come to any knowledge of itself. -Aldous Huxley

products. However, relying on thedecision of the Tribunal in the case ofSujana Metal Products Limited [2009(243) ELT 542], it was held that theassessee is eligible to avail Cenvatcredit of duty paid on inputs, whichhave been used for manufacturing offinal products supplied to SEZDevelopers. Accordingly, theapplication for stay is allowed andrecovery of the amounts is stayed tilldisposal of the appeal. [M/s. KarvirNivasini Mahalaxmi Ispat PrivateLimited Vs. CCE, Pune. 2011-TIOL-595-CESTAT-MUM]

The issue in the present case waswhether in view of the fact that therewas a delay of one or two days inmaking payment of duty with referenceto clearance of the finished goods,imposition of penalty was justifiable.The department issued show-causenotice stating that the assessee hadcleared the finished goods either on lesspayment or without payment of duty forcertain invoices and accordingly leviedpenalty under Section 11 AC of the

Central Excise Act which wasconfirmed by the Commissioner. On anappeal by the assessee, the Tribunalafter considering the facts andcircumstances of the case, in view ofthe fact that there was delay of only oneor two days in making the payment ofduty, reduced the penalty levied undersection 11AC. On an appeal by theRevenue, based on the decision in thecase of Union of India Vs. RajasthanSpinning and Weaving Mills andCommissioner of Customs and CentralExcise Vs. Lanco Industries Ltd. [2009-TIOL-63-SC-CX], it was held that oncethe section is held to be applicable in acase, the authority concerned wouldhave no discretion in quantifying theamount and penalty must be imposedequal to the duty determined undersection 11A(2). Accordingly, the orderof the Tribunal was set aside and theorder of the Commissioner wasrestored. [Commissioner of CentralExcise, Hyderabad Vs. M/s. PrudentialSpinners Limited. 2011-TIOL-45-SC-CX]

Adv

t.IFFCO requires Accountants/Accounts Officers

IFFCO desires to recruit CA (Inter) candidates having experience from 5 to 10 years

with reputed organizations for IFFCO’s State Marketing/Area Offices situated in Karnataka.

However, the positions are transferable through out IFFCO including new establishments

which may come up in future. The desirous candidate may send their applications to

[email protected] by 25th June 2011. The selected candidates may be placed in a suitable

position, the CTC of which may range from Rs.5 to Rs.7 Lakhs depending on the

experience.

13 June2011


Adv

t.

A great opportunity for you to build a career inFinancial Research and Analysis

If you are looking for a career outside Audit and Accounting we could have justthe opportunity for you. We are looking for CAs (including candidates who havecleared their CA Inter/ CA PE-II / PCC / IPCC and completed their articleship) tojoin Team Probe as research analysts.

The role involves detailed research, generation of insights and report writing onboth listed and unlisted companies. The end-users of these reports are fundmanagers, investment bankers and corporate decision makers.

We are a team who enjoy what we do and are very passionate about deliveringgenuine value to our customers. As we grow we are constantly looking for people,with passion and a belief in doing the right thing, to join us. We are committed toproviding an environment that recognizes and rewards merit and is driven byhard-work.

The role is based in Bangalore.

Interested candidates may email their detailed resumes to: Ms. Sowmya Anish

Email : [email protected] : 9632776879Website : www.probeequityresearch.com

2966, 4th Cross12th Main,HAL 2nd Stage Indira Nagar,

Bangalore 560008 India

It is beyond a doubt that all our knowledge that begins with experience. -Immanuel Kant

14June2011

OFFICE SPACE FOR CHARTERED ACCOUNTANTS

SPACE SUMMARY

The fully furnished office for rental, ready to occupy and is most suitable for settingup of CA office/ practice suitable of primelocality equipped with one conferenceroom, 5 cabins with around 52 workingtables, fully air conditioner, power backupsupply with UPS & Generator with otherfacilities.

LOCATION

HanumanthanagarBangalore – 560019

INTERESTED CA’S PLEASE CONTACT:Contact Person: PoornimaContact No: 9900504911Email id: [email protected]

Adv

t.

A well known and fast growing CA

firm in Rajajinagar, Bangalore is

looking for newly qualified,

ambitious Chartered Accountants

for the position of Senior Manager-

Direct and Indirect Taxation with

start-up remuneration of

Rs.2,40,000 per annum for

suitable candidates.

If interested, kindly send us your

resume by e mail to:

[email protected]

Contact : 9844054339

Qualified Chartered Accountants(minimum 2 years experience)looking for career in Taxation

We require smart, brilliant and hard-workingChartered Accountants in International Taxation,direct and indirect tax field.

The Candidate should have a minimum of twoyears of work experience in direct tax or indirecttax matters. Exposure with MNC corporateswould be an added advantage.

Our firm offers the advantages of an attractiveremuneration package commensurate withprofile and experience and fast-track careeradvancement opportunities for committedcandidates.

Contact Details

Rishi Madhur & Co.Chartered Accountants

www.rishimadhur.comPh: 4114 5757 /4114 5858/2535 2222

Email: [email protected]

Adv

t.A

dvt.

The wise man should restrain his senses like the crane and accomplish his purpose with due knowledge of his place, time and ability. -Chanakya

15 June2011


Sub: Deputation ofIndustrial Traineesin ING Vysya Bank

ING Vysya Bank would like to provide CharteredAccountancy students, an opportunity to getindustry exposure while pursuing the course,which would a stepping stone to their futurecareers.

A formal approval has been sought from the ICAIBhawan, Chennai Office, permitting ING VysyaBank to impart industrial training to CharteredAccountancy students for a period ranging from9 months to 12 months. A copy of the approvalhas been attached with this letter.

Currently, there is an immediate requirement forone trainee in the Taxation unit of FinanceDepartment. Candidates who can joinimmediately will be preferred, however, therewould be formal selection process.

Interested candidates please contact LakshmiRaju by mailing your updated resume [email protected]. You can alsocontact 080 – 25005217 for any clarifications inthis regard.

Adv

t.A

dvt.

Adv

t.

CA. K. B. NAMBIARM.NO. : 007211

Expired on : 02.05.2011

OBITUARY

We deeply regret to inform

SAD DEMISE

of our members

CA. RAJENDRAN. KM.NO. : 011756

Expired on : 13.05.2011

May their soul rest in peace.

Great dreams of great dreamers are always transcended. -Abdul Kalam

16June2011

IMPORTANT DATES TO REMEMBER DURING THE MONTH OF JUNE 2011

5th June 2011 Payment of Excise Duty for May 2011

Payment of Service Tax for May 2011 by Corporates6th June 2011 E-Payment of Excise duty for May 2011

E-Payment of Service Tax for May 20117th June 2011 Deposit of TDS/TCS Collected during May 2011

STPI Monthly Returns10th June 2011 Monthly Returns for Production and Removal of Goods and CENVAT Credit for May2011

Monthly Return of excisable Goods Manufactured & Receipt of Inputs & Capital Goods by Units inEOU,STP,HTP for May 2011Monthly Returns of Information relating to Principal Inputs for May 2011 by Manufacturer of SpecifiedGoods who Paid Duty of Rs.1 Crore or More during Financial Year 2010-11 By PLA/CENVAT/Both

15th June 2011 Payment of EPF Contribution for May 2011Return of Employees Qualifying to EPF during May 2011Payment of 1st Installment of Advance Tax for Corporates

20th June 2011 Monthly Return and Payment of CST and VAT Collected During May 2011Quarterly return and payment of Employee Profession Tax collected for the quarter March to May

21st June 2011 Deposit of ESI Contributions and Collections for May 2011

25th June 2011 Consolidated Statements of Dues and Remittances Under EPF and EDLI for the May 2011Monthly Returns of Employees Joined the organisation during May 2011Monthly Return of Employees left the organisation during May 2011

30th June 2011 STPI Annual Performance Report – FY 2010-11

Announcement of Coaching Classesfor November 2011 Examinations

Bangalore Branch of SIRC of ICAI is pleased to announce that CA Final & IPCC Coaching Classes shall be commencingfrom June, 2011 for November 2011 Examination and for CPT from July 2011 for the December 2011 Examination.

The faculty members are chosen after due consideration to their relevant industry exposure/experience coupled with passionand interest towards teaching at ICAI, including areas of competence and expertise.

Registrations open for Coaching Classes

Fees Duration Timings

CPT for Rs.4500/- July 2011 to 05.30pm to 07.30pm (Monday to Friday)Dec 2011 Exam October 2011 03.00pm to 07.30pm (Saturday)

07.30am to 12Noon (Sunday)

IPCC for Rs.8000/- for Both Groups June 2011 to 07.30am to 09.30am andNov 2011 Exam Rs.5000/- for Only Group1 September 2011 06.00pm to 08.00pm (Monday to Saturday)

Rs.4000/- for Only Group2 07.30am to 12Noon (Sunday)

FINAL for Rs.8000/- for Both Groups June 2011 to 07.30am to 09.30am andNov 2011 Exam Rs.6000/- for Single Group September 2011 06.00pm to 08.00pm (Monday to Saturday)

07.30am to 12Noon (Sunday)

Note: We request Members to inform their articles.

ANNOUNCEMENT

Attn: Chartered Accountancy StudentsAs a part of Golden Jubilee Celebrations Bangalore Branch of SIRC of ICIA is happy to announce Scholarship toCA Students on Merit cum Need base. Interested students are hereby requested to submit the duly filled applicationsat Bangalore Branch office (Form can be downloaded from branch websitewww.bangaloreicai.org) on or before15th June 2011.

Knowledge of what is possible is the beginning of happiness. -George Santayana

17 June2011


Bangalore Branch of SIRC ofThe Institute of Chartered Accountants of India

Jointly withKarnataka State Souharda Federal Co-operative Ltd

is organising“Training programme for Auditors of

Souharda Co-operatives - Prerequisites for empanelment”Wednesday, 08th June 2011

at Branch Premises between 10.30am & 01.30pm

Registration & Inauguration 10.00am onwards

Session Topic SpeakerSession 1 Souhardha Co-operative Act 1997 & Allied Acts CA. B V Ravindranath, Sagar

applicable to Souharda Co-operativesTea Break

Session 2 Audit Guidelines issued by CA. B V Ravindranath, SagarSouharda Federal Co-operativesProgramme is followed by Lunch

Note: 1. Members who have already undergone training and on the empanelment, this training programme is not mandatory.2. Empanelment List is valid for 2 years.

Registration Fees: Rs.300/- Cheque / DD drawn in favour of “Karnataka State Souharda Co-operative” payable at Bangalore.

Registrations restricted to 200 members.

For further details, please contact:Mrs.Roopashree Mr. V J Karkun, Training Officer, Souharda Co-operativesTel: 080-30563500 / 513 Email: [email protected] Mob: 9482734077 Email:[email protected]

CA. Venkatesh Babu T R CA. Ravindranath S N Sri. S. R. Sathishchandra Sri.Sharanaguda G PatilChairman Secretary President Executive Director

Co-Opted Bangalore Members - 2010-11

Name Committee Allotted

CA. B.P. Rao Committee on International Affairs

CA. H. Padam Chand Khincha Committee on International Taxation

CA. J. Subrmanian Board of Studies

CA. Vinay Mruthyunjaya Committee for Members in Industry

CA. Shabbir Pasha Committee on International Affairs

CA. Raviprasad Auditing & Assurance Standards Board

CA. Sanjay Dhariwal M Indirect Taxes Committee

CA. Lalit M. Sharma Committee for Members in Entrepreneurship & Public Service

CA. C.N. Srinivasan Auditing & Assurance Standards Board

Congratulations

The good life is one inspired by love and guided by knowledge. -Bertrand Russell

18June2011

Basic Certificate Course on Indirect TaxationUnder the aegis of Indirect Tax Committee of ICAI

Course Coordinator for Bangalore CentreCA Sanjay M Dhariwal

For further details please contactAssistant Secretary

The Institute of Chartered Accountants of IndiaICAI Bhawan, 16/O, Millers Tank Bed Area, Bangalore – 560 052

[email protected], 080 30563541 / 542

Considering the service tax law which is growingexponentially over the years and the GST which is expectedto be in place in the coming year/s, the role of the accountantis increasing day by day. An advisor who is not aware of theknowledge of business and accounting aspects may find itdifficult to guide the tax payer. It is estimated that as on datechartered accountants in limited practice of service tax maybe in excess of 4000, concentrated mainly in the metros.With this course we hope to add at least 2000 more membersin gaining expertise in this area by March 2013.

However considering the tremendous potential of indirecttaxes and the impact on the economy members inemployment or in practice cannot ignore this area. Year afteryear also the reforms in this area of taxation would encouragemore professionals to enter/ gain expertise. The contributionof indirect taxes to the total tax collected in our country wouldbe around 65% [considering the CST/VAT also] which is fairlysignificant.

We are pleased to announce that First Batch of BasicCertificate Course on Indirect Taxation at Bangalore isscheduled from 9th July 2011subject to the minimumregistration of 25 candidates. The other details are mentionedbelow:

Duration of the Course L: 12 Days (Weekends – Saturdaysand Sundays)

Eligibility for Admission: Associate or Fellow members ofICAI

Registration: Registration will be on first come first servebasis. The registration form along with the requisite fee maybe sent to the Nodal Officer at the mentioned address.

Overall scheme: The participants would be required to

attend the workshop on Saturday and Sunday. They wouldalso be required to devote time for self study and case studygiven to them. Participants would be grouped for preparingcase studies. The participants must complete the self studyhours and case study for appearing in the Assessment test.

Course fee: Rs. 20000/- (Rupees Twenty thousand only)inclusive of first assessment fee shall be payable at the timeof Registration. Course fee once paid is non-refundable underany circumstances.

Evaluation: Participants who successfully complete theworkshop with at least 90% of attendance would be eligibleto appear in the Assessment test.

Eligibility to qualify: A candidate has to secure 60% marksin aggregate in the Assessment test.

Limit to the number of attempts for the Assessment test:There will be no limit to the number of attempts for theassessment test. The participants can re-appear for the testand the re-appearance fee will be Rs. 1000/-. The participantswill be allowed to re-appear for the test only after six monthsfrom the first attempt

No. of seats: For every session -25 to 50

CPE Hours 100 CPE Hours (50 Structured and 50Unstructured) will be provided to all the registered membersas per the CPE guidelines.

Sri S. Narayanan Endowment Lecture

jointly withKarnataka State Chartered Accountants Association

on Friday, 8th July 2011between 4.15 pm and 5.30 pm

Speaker : Dr. Gururaj Karajagi, Chairman, Academy for Creative Teaching

Topic : JEEVANOTSAAHA - CELEBRATIONS OF LIFE

Venue : API Bhavan, Behind Jain Hospital, Vasantnagar, Bangalore

We should not give up and we should not allow the problem to defeat us. -Abdul Kalam

19 June2011


20June2011

21 June2011


22June2011

Bangalore Branch News Letter - June 2011

Documents

Transcript of Bangalore Branch News Letter - June 2011