The Institute of Chartered Accountants of India VASAI BRANCH …vasai-icai.org/Image/March...

CMYK Vasai Newsletter, January 2011


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Editor : CA Umesh Narvekar Published by Vasai Branch of Western India Regional Council of The Institute of Chartered Accountants of India and printed at Finesse Graphics and Prints Pvt. Ltd., 309, Parvati Ind. Est., Sun Mill Compound, Lower Parel, Mumbai 400 013. Tel. : 40364600The views and opinions expressed or implied are those of the authors or contribution and do not necessarily reflect those of Vasai Branch. Unsolicited articles and transparencies are sent in at the owner's risk and the publisher accepts no liability for loss or damage. Material in this publication may not be reproduced, whether in part or in whole, without the consent of Vasai Branch.

DISCLAIMER: The Vasai branch is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Newsletter. The members, however, may bear in mind the provision of the Code of Ethics while responding to the advertisements.

Address: Office No.115/116 Ostwal Ornate, Bldg. No. 1A, Jesal Park, Bhayandar (E), Thane- 401 105. Telephone: 022-2817 8518 / 3245 9348Email: [email protected] / [email protected]: www.vasai-icai.org

Undelivered please return to :

Vasai Branch of WIRCThe Institute of Chartered Accountants of India,

PHOTO GALLERY

Visit www.vasai-icai.org

12The Institute of Chartered Accountants of IndiaVASAI BRANCH of WIRC NEWSLETTER

The Institute of Chartered Accountants of India VASAI BRANCH of WIRC NEWSLETTER

` 15/- For Members Only

VASAI BRANCH OF WIRCNEWSLETTER

The Institute of Chartered Accountants of India

MARCH, 2011

1. CA Unmesh Narvekar (Chairman- Vasai Branch) Felicitating newly qualified CA.2. CA Unmesh Narvekar (Chairman-Vasai Branch) addressing newly qualified CAs for their future and about the branch.3. CA D.P. Revawala (Committee member - Vasai Branch) Felicitating newly qualified CA.4. CA Pramod Dhamankar (Past Chairman-Vasai Branch) Presenting Memento & Bouquet to Dr. Isac John ( Faculty) .

1 2

FROM CHAIRMAN’S DESKMANAGINGCOMMITTEE

EDITORIALBOARD

Chief Editor CA.Unmesh Narvekar 9821236179

Editors: CA. Kishor Vaishnav

9892194382

CA. D. P. Revawala

9820076418

CA. Lalit Munoyat

9820193508

CA. Haresh Mehta

9823137477

CA. Sanjit Rana

9820848887

CA. Mehmood Lilani

9820627815

CA. Aniket Padhey

9922063800

Chairman CA.Unmesh Narvekar9821236179

Vice Chairperson CA.Shweta Jain9920737198

Secretary CA. Ramanand Gupta9322231113

Treasurer CA. Kishor Vaishnav9892194382

Past Chairman CA. Lalit Bajaj9867692321

Past Chairman CA. Pramod Dhamankar9987155522

Committee Members CA. D.P. Revawala9820076418

CA. Rakesh Soni9820673833

WIRC Nominee CA. Anil Bhandari9821037605

Felicitation of New CAs by Vasai Branch on 20 th Feb 2011 at Vasai Hostel Seen L-R on Dais: CA Pramod Dhamankar (Past Chairman ), Faculty) CA Unmesh Narvekar ( Chairman ), CA Shweta Jain (Vice Chairperson),

CA D.P. Revawala( Committee Member) , CA Kishor Vaishnav (Treasurer) & CA Lalit Bajaj (Past Chairman) Standing at Centre.Dr. Isac John (

March, 201112 March, 2011 1

C ommitted for Achivements

3 4

Dear Members,

On the Special occasion of my first communiqué as chairman of our Vasai branch I would like to take an opportunity to thank all my Vasai Branch members who showed confidence and aptitude in my work and elected me as committee member in the last year to serve you all.

At this juncture my sincere thanks to all the committee members who handed over to me the opportunity to grace the honourable chair of ‘The Chairman’ Vasai Branch of WIRC. I am indeed grateful to them for the trust they have bestowed on me and I expect the same generosity and co-operation from them throughout the coming year.

Friends, I have always considered that ‘Success Is A Journey & Not A Destination’ and so I consider this chairmanship as an opportunity to act to the best of my abilities to contribute to the further growth of our most vibrant branch and achieve our desired vision as narrated in Vasai Branch Mission 2011-12.It was always a vision of all the past chairmen of the branch to make the branch flourish and ascend as every term passed by. I too maintain the same vision of excellent performance of our branch, and shall strive to achieve it because I well understand that “greatness is never given it’s always earned”.

At this outset I would also like to heartily congratulate our Vasai Branch members and our past chairman CA Lalit Bajaj for his valuable contribution & team efforts of all committee members because of which our branch achieved the Highly Commendable Performance Award 2010 from WIRC in Large Category Branches. This is indeed one more milestone in the progress of our Branch.

We heartily congratulate & welcome the newly elected office bearers of WIRC, CA Shriniwas Joshi as Chairman, CA B.K. Patel as Vice Chairman, CA Shardul Shah as Secretary & CA Julfesh Shah as Treasurer from whom we seek guidance & support.

We also congratulate WIRC Team for wining the Best Region & the best WICASA award from the ICAI by keeping the wining precedent in continuation.

We also heartily congratulate & welcome the new visionary President CA G. Ramaswamy & the Vice President CA Jaydeep Shah who are the torch bearers of our profession and wish them all a successful and a promising year ahead.

We believe that felicitation programmes boost up better qualities in professionals and make them more responsible. In this context we have had a very grand programme of felicitation for newly qualified CAs in our area to recognize their achievement and to encourage their future prospects.

Our first RRC at a wonderful location like Matharen jointly with Vasai-Virar Study Circle was indeed pleasant experience of knowledge updation and some leisure hours spent with professionals in a fantastic environment. The Live Screening of Union Budget & Discussion thereafter was a unique feature of this program. We congratulate the Conveners of the study circle for their great efforts in making this RRC a great success.

The Union budget 2011 will bring new changes & to update these changes we will be conducting a public meeting on it. The Bank Branch audit allotment is in process & to make the members more equipped with latest changes we have kept a full day Seminar on Statutory bank Branch Audit on 13th March 2011.

We have also planned a RRC at Malabaleshwar in the month of April with a view to relax our minds after the hectic end of the financial year & to re-energise for new tasks ahead.

Its my appeal to all colleagues, members and students to attend these events in large numbers and make them successful.

So, Let us all work together today to achieve a brighter tomorrow.

With warm regards

CA Unmesh NarvekarChairman

VISION LEADS STRATEGIES, COMMITMENTS LEADS ACHIEVEMENTS



CA G. RAMASWAMY (President, ICAI, 2011-12)

CA JAYDEEP SHAH (Vice President, ICAI, 2011-12)

CA SHRINIWAS JOSHI CHAIRMAN (WIRC)

CA B. K. PATEL VICE CHAIRMAN (WIRC)

CA SHARDUL SHAH SECRETARY (WIRC)

CA JULFESH SHAH TREASURER

Committees MemebrsCommittee Committee & Publication & Grivances Research Development &

CapacityBuilding

Designations

Chairman Pramod Shweta Kishor Lalit Bajaj D.P. Revawala Shweta Ramanand Dhamanakar Jain Vaishnav Jain Gupta

Member Lalit Bajaj Pramod D.P. Revawala Kishor Vaishnav Ramanand Gupta Mehul Savla Shweta JainDhamanakar

Member Philips Colaso Kailash Mantri Lalit Munoyat U.C. Gurg Mr. Kelkar Ashwin Dhedia Dayaram Paliwal

Member Pramod Kanojia Ramesh Batham Sanjit Rana Dinesh Kotecha Dushyat Haresh Mehta Santosh SharmaChaudhary

Member Sachin Kore Narendra Haresh Mehta Atul Mehta Dinesh Kotecha Santosh Burnwal Umesh MistryBhambwani

Member Aftab Alam Amit Parkar Mehmood Lilani Manikchand Daga Madhukar Karve Sajeev Abraham Santosh Sankhe

Member Purshottam Soni Ganpat Deopura Aniket Padhey Nitesh Shah Arjun Saini Nitesh Kothari Bharat Majithia

Member Ashok Bansal Nitin Atal - Amar Kakaria C. K. Palan Alpesh Shah K. B. Kothari

Students Newsletter Representation Grant / Program & IT Professional

HEARTY CONGRATULATIONS

March, 2011March, 20112

SUB-COMMITTEES OF VASAI BRANCH CHART 2011

CA UMESH NARVEKAR CHAIRMAN

CA SHWETA JAIN VICE-CHAIRPERSON

CA RAMANAND GUPTA SECRETARY

CA KISHOR VAISHNAVTREASURER

CA ANIL BHANDARIWIRC NOMINEE




CA.Nitesh Kothari, Conveyor of Bhayandar CPE Study CirclePresenting Memanto to Mr. Henry Richard (ROC)

Lectures for IPCC Students by CA Pramod Dhamankar (Past Chairman) on Company Law.

Over Speakers in Seminar on Construction Industry

CA Manish Gadia CA Hetan Patel

CA Amar Shukla CA Tarun Ghia

March, 2011March, 2011 11

PHOTO GALLERY

New office Bearers for the Year of 2011-12 For Vasai Branch of WIRC of ICAI. Seen from L to R -CA Unmesh Narvekar (Chairman),CA Shweta Jain (Vice Chairperson), CA Lalit Bajaj (Past Chairman), CA Ramanand Gupta ( Secretary), CA Kishor Vaishnav (Treasurer), CA Pramod Dhamankar (Past Chairman),


March, 2011The Institute of Chartered Accountants of India VASAI BRANCH of WIRC NEWSLETTER

We shall strive to attain the following:-

• Acquiring the branch premises or Land for branch premises which will provide all the infrastructural facilities at one place.

• Creating more physical as well as IT infrastructure for efficient services.

• Efficient Branch Administration through IT initiatives.

• Creating more professional opportunities through integration in various fields of professional interest.

• Promoting Networking among small and medium practitioners for Capacity building.

• Optimum utilization of branch resources for the benefit of members & students.

• Providing In house coaching classes to the students & making available Virtual Classes.

• Coordinating with various Institutes, Colleges & Schools for CA career counseling among students & for CA Brand building.

• Enhancement & updation of knowledge through number of qualitative Continuing Professional Education Programs.

• To act as facilitator for members & students in representing their problems & difficulties to ICAI in profession related matters.

• Playing a role of facilitator in forwarding members suggestions through ICAI to Central and State Governments on various economic and commercial legislations & Exposure drafts issued by ICAI.

• To create awareness amongst members and public at large with regard to the new laws, rules & Regulations & Investor awareness though conducting various seminars & Public meetings.

• Coordinating with various institutions, organizations & corporates at different levels for tie-up arrangements for the benefit of members & students.

• Conducting social events as CA brand building measures in branch area.

CA Unmesh Narvekar - Chairman

Vasai Branch is awarded with Highly Commendable Performance Award 2010 from WIRC in Large Branch Category.

VASAI BRANCHMISSION 2011-12

March, 2011 3

HEARTY CONGRATULATIONS

DATE SEMINAR ON TIMINGS "CPE HRS " VENUE SPEAKER CO-ORDINATORS FEES.

5th Mar.2011 Budget Meeting 4.30 p.m. 3 Indravarun Hall CA Vimal Punamiya CA Pramod Dhamankar to 8.30 p.m. Bhayandar (E) Mr. S. N. Niwatkar 9987155522 -

Mr. Sudheer Raut CA Ramanand Gupta -Mr. Deshpande 9322231113

6th Mar. Women's day 10.00 a.m. ITT Center,Mira Road. CA Anu Agarwal CA Shweta Jain - -2011 Special to 1.00 p.m. 3 9920737198

13th Mar Bank Branch Audit 9.30 a.m. 6 GCC, Mira Bhayandar Road, CA. Niranjan Joshi CA Shweta Jain 750/-.2011 to 5.30 p.m. Mira Road (E) CA. Dhananjay Ghokhle 9920737198 for Members

CA Nitant Trilokekar CA Ramanand Gupta 650/-CA. Parag Hangekar 9322231113 for Articles

26th Mar Certification 6.00Pm 3 ITT Centre, Mira - Road Eminent CA Ramanand Gupta 200/- 2011 Program for to 9.00Pm 9322231113 for Members

CA Shweta Jain 9920737198

22th April RRC at Mahabalshwar 9 Mahabaleswar Eminent CA Pramod Dhamankar upto 31.3.11 to 24th CA Shweta Jain 4,900/-April 2011 CA Ramanand Gupta From 1.4.11

CA Lalit Bajaj 5,500/-

FORTHCOMING Programmes FOR MEMBERS


The Institute of Chartered Accountants of India VASAI BRANCH of WIRC NEWSLETTERMarch, 2011

CPE: 9 Hrs.

RRC AT MAHABALESHWAR

Just Chill in Summer at Mahabaleshwar with Tasty Topics

2nights & 3days Stay at a Beautiful location in posh &

Enjoy sight scene & Travel by A C Coach & many more attractions

Venue : Mahabaleshwar.

Day & Date : Friday, 22.04.2011 TO Sunday, 24.04.2011

Fees : Up to 31st March 2011` 4,900/- per person & ` 3,900/- per child (from 3yrs. To 9 yrs.)From 1st April 2011 Onwards.` 5,500/- per person & `. 4,500/- per child (from 3yrs. To 9 yrs.)

Co-ordinators :CA Pramod Dhamankar 9987155522 CA Shweta Jain 9920737198 CA Ramanand Gupta 9322231113 CA Lalit Bajaj 9867692321

Topics Amendments in Service tax & Its Impact. Revised Schedule VI for Companies.TDS Compliances & you.

Eminent Faculties.

Notes Accommodations are on double or triple sharing basis subject to availability.Bookings on first come first serve basis only against full payment.Family members are allowed at the same rate.Draw your cheques in favour of Vasai Branch of WIRC.Cancellation of Bookings not allowed.

a Accomodation


RRC AT MAHABALESHWAR



SPECIAL HEALTH CHECKUP SCHEME FOR CAs at BhaktiVedanta Hospital, Mira Road

COMPREHENSIVE HEALTH CHECK UP SCHEME FOR CHARTERED ACCOUNTANTS

DESCRIPTION MALE FEMALEHaemoglobin þþ

TC / DC þþ

Platelet Count þþ

ESR þþ

Diabetes Profile FBS þþ

PPBS þþ

Lipid Profile Total Cholesterol þþ

Triglyceride þþ

Kidney Profile þþ

Creatinine þþ

Liver Function Test þþ

SGPT þþ

Bilirubin þþ

General Tests Stool Routine þþ

Urine Routine þþ

HIV þþ

Acid Phosphatase þ

Pap Smear þ

ECG þþ

Mammography Radiology Tests X-Ray Chest þþ

Consultations General Physician þþ

Ophthalmology þþ

Gynaecology þ

Orthopaedic (for Men only) þ

SPECIAL OFFER RATES RS. 2500 3000

Special Discount on Mammography @ Rs. 500/- included in the package.Complimentary Breakfast & Lunch included.

HEALTHY CHILD HEALTH CHECK UP PLANCBC

ESR

BLOOD GROUP

STOOL ROUTINE

URIMNE ROUTINE

MONTOUX

X-RAY CHEST

CONSULTATION

PAEDIATRIC

CHILD PSYCHOLOGIST

SPECIAL OFFER RATES @ RS.1000/- ONLY

DESCRIPTION MALE FEMALEHeamoglobin þþ

TC / DC þþ

Platelet Count þþ

ESR þþUrine ® þþ

Stool ® þþ

Diabetic Profile Fasting Blood Sugar þþ

Post Parandial Blood Sugar þþ

Lipid profile Cholesterol þþ

HDL Cholesterol þþ

LDL Cholesterol þþ

VLDL Cholesterol þþ

HDL/LDL Ratio þþ

Toatal cholesterol / HDL Ratio þþ

Triglycerides þþ

Renal profile Phosphorous þþ

Blood Urea þþ

Protein þþ

Electrolyte þþ

Serum Creatinine þþ

Calcium þþ

Uric Acid þþ

Liver Profile þþ

Bilirubin þþ

SGOT þþ

SGPT þþ

Proteins (Albumin, Globulin, A/G Ratio) þþ

Alkaline Phosphatase þþ

ECG þþ

Chest X - Ray þþ

Eye check up þþ

Consultation - Ophthalmologist þþ

Consultation - Physician þþ

Consultation - Orthopaedic þþ

Consultation - Dental þþ

Complete Physical check Up þþ

Acid Phosphatase þ

Pap Smear þ

Mammography þ

Consultation - Gynaecologist þ

Stress Test þþ

SPECIAL OFFER RATES-RS. 4300 5000

Package includes Complimentary Breakfast & LunchSpecial Discount on Mammography @ Rs. 500/- included in the package.

EXECUTIVE HEALTH CHECK UP FOR CHARTERED ACCOUNTANTS

Members are requested to go with prior appointment& also Carry Identity Proof. (Institute Identity Card)For Details Contact -

Mr. Sandeep kaimal - 9321996847Vasai Branch - 022- 28178518

BhaktiVedanta Hospital - 022- 30052554




ROC COLUMN by Henry Richard

The Institute of Chartered Accountants of India VASAI BRANCH of WIRC NEWSLETTER March, 2011

As against the estimated number of 34110 defunct companies under the jurisdiction of the Office of the Registrar of Companies, Mumbai, only 2229 applications have been received under Easy Exit Scheme 2011. The Ministry of Corporate Affairs has extended the Scheme upto 30/04/2011 with a view to facilitate the promoters/directors of such defunct companies to exit without any hassle. But only 6.5 % of such defunct companies have responded leaving a huge scope for other defaulting companies to avail this Scheme. The Easy Exit Scheme 2011 has several special attractive features :-

(a) Updation of filing of returns/accounts is not insisted in the Scheme. Even if there are arrears in filing of returns for several years, the companies are not required to update such returns which saves a lot of inconvenience to such companies and their directors.

(b) Under the Easy Exit Scheme - 2011, the publication of Gazette Notification under sub-section (3) of Section 560 of the Companies Act, 1956 has been dispensed with, which saves substantial time in the process of striking off the name of the company u/s. 560 of the Companies Act, 1956.

(c) No prosecution action is being initiated against such companies and its directors for non-filing of returns/financial statements.

The defaulting companies and their directors should not miss this golden opportunity for easy exit without hassle. Professional friends may prevail upon their client companies which are in default to avail this one time golden opportunity.

Even in cases of those applications which have been received, many have been sent back on account of several defects in the application. Some of these defects are narrated below :-

(i) The Directors’ details furnished in the application under the Easy Exit Scheme-2011 do not match with the data base maintained in the MCA-21. It is expected that the applicants in such cases should clearly state the position regarding directors as appearing in the MCA-21 database. In case, the directors have expired or resigned, the same should

be communicated to ROC by way of clarification in the application. It would not be necessary for such companies to file Form-32. However, the status must be clarified alongwith the required supporting documents.

(ii) Companies which are carrying on business activity after 01/04/2008 are not eligible for this Scheme. Therefore, companies should examine their Balance Sheet after 01/04/2008 and ensure that no business activity is carried out before uploading Easy Exit Scheme-2011 application form.

(iii) The Scheme lays down ineligibility criteria. The companies are expected to examine their own records and ensure that the companies which are ineligible as per the said criteria should not make application which ultimately lead to rejection.

(iv)Companies must ensure that the documents like Affidavit, Indemnity Bond are duly stamped and there are no under-stamped documents.ZT h e financial and other data given in all the three documents, namely, Statement of Account, Indemnity Bond and Affidavit should match and co-relate and there should not be any discrepancy.

(vi)In cases where the litigations are pending in Court, defunct companies and their directors should take steps to close the litigations and thereafter make application under Easy Exit Scheme - 2011 on or before 30/04/2011.

Professional friends are requested to bear in mind the above facts and accordingly advise their clients who are eligible to avail this Scheme and prevail upon them to avail the one time opportunity which may not come again.

March, 2011 9

ROC COLUMN

5th March., 2011 :- Service tax & Excise payment (if paid through physical mode)

6th March., 2011 :- Service tax & Excise payment (if paid through electronic mode)

7th March., 2011 :- TDS / TCS payment

10th March., 2011 :- Filing of Excise return (ER-1) and Form ER-6

15th March., 2011 :- PF monthly payment / 4th Advance income-tax installment

21st March ., 2011 :- MVAT-TDS payment / MVAT & CST monthly payment / ESIC payment / MVAT & CST monthly return

25th March ., 2011 :- PF monthly return

31st March., 2011 :- Issue of TDS certificate / PT payment / Service Tax & Excise Duty payment for month of March

DUE DATES JUST TO REMIND YOU!!!

Mr.Henry RichardROC Mumbai


The Institute of Chartered Accountants of India VASAI BRANCH of WIRC NEWSLETTERMarch, 2011March, 2011March, 20118

1.General Assessees From Rs. 1.60 Lakhs to Rs. 1.80 Lakhs

2.For Lady Assessee From Rs. 1.80 Lakhs to Rs. 1.90 Lakhs

3.For Senior Citizen 60 year and above but less than 80 Years From Rs. 2.25 Lakhs to Rs. 2.50 Lakhs

4. Very Senior Citizen 80 yrs & aboveNew Slab exempt upto Rs. 5.00 Lakhs5. Surcharge (For income > 1.00 Crorea) In case of domestic Company.

5%b) In case of other Company 2%6. Exemption limit on Gross Receipt for Trust carrying on business activities

Increased from Rs. 10 Lakhs to 25 Lakhs7.Expenditure incurred by an assessee as an employer by way of

contribution towards a pension scheme allowed as deduction u/s 368. The aggregate amount of deduction u/s 1) 80C, 2) 80 CCC and 3) 80CCD

not to exceed Rs. 1.00 Lakhs.

9. Additional deduction of Rs. 20000.- u/s 80CCF for subscription to long-term infrastructure bonds.

10. A beginning has made to curb black money by introducing sec. 94A -Avoidance of tax by certain transactions in securities.

11. Dividend received from foreign companies is not taxable u/s 115BBD . thirty per cent.

12. MAT increased from 18% to 18.50% of the book profit. Units under SEZ also covered by MAT provisions.

13. MAT also applicable to Limited Liability Partnership @ 18.50%14. Dividend Distribution Tax U/S 115-O made applicable to SEZ Units also.15. TDS @ 5% applicable to any income by way of interest payable to a

non-resident, or to a foreign company, by an infrastructure debt fund Sec 194LB.

16. The scheme relating to allotment of Document Identification Number scrapped.

CA Lalit Munoyat

1.The rate of excise duty for non-petroleum goods increased from 4% to 5%.

2.Excise duty on Branded Ready-made garments and made-up articles levied @ 10% with 40% abatement from MRP. SSI benefits also extended to such units.

3.About 130 items have been levied a nominal duty of 1% ad valorem with the condition that no credit of the duty paid on input and input services is taken.

4.The levy of 1% levied on jewellery either bearing a brand name or sold under a brand name.

5. Credit of the duty paid on items that are being subjected to the levy of 1% would not be available to a manufacturer or service provider who buys them.

6.The concessional rate of 1% shall be payable in cash only and not by the use of cenvat credit.

7.Service tax levied on Services by air-conditioned restaurants having license to serve liquor

8 .Serv ice tax lev ied on Shor t - te rm accommodat ion in hotels/inns/clubs/guest houses etc with declared tariff of Rs. 1000/- per day or higher with abatement of 50% .

9.Vehicular services from authorised & unauthorised service station both are now covered by service tax.

10.Service tax at a composite rate of 1.5% of the gross amount of premium are liable to service tax..

11.Service tax is now applicable to Commercial Training or Coaching Service in respect of recognized and unrecognized education both.

12.Clubs to pay service tax on use of its facilities by non-members.13.Business Support Service to include operational or administrative

assistance of any kind.14.Representational Services by legal professionals provided (except from

an individual to individual) is now taxable.15.Health services provided by centrally air conditioned clinical

establishment in whole or any part of the establishment and more than

25 beds for in-patient treatment are now taxable.50% abatement is permitted.

16.The composition rate applicable to in relation to purchase or sale of foreign currency, has been reduced from 0.25% to 0.1%

17. New rules Point of Taxation Rules 2011 have been framed to provide for charge of service tax from Cash System to Accrual System of accounting. New Rule 5B

18.The penalty for non filing of service tax return increased from Rs. 2000/- to Rs. 20000/-

19.The extent of penalty is being further reduced to 1% per month of the tax amount for the duration of default, with an upper ceiling of 25% of the tax amount.

20.The rate of interest for default has been raised to 18%. For SSI provider with turnover less than 60 lakhs it is 15%

21.The penalty payable u/s 76 is reduced by 50% with an upper limit equal to service tax.

22.General penalty increased from Rs. 5000/- to 10000/-23.To avail the benefit of reduced penalty equal to 25% of duty, the period

for payment has been increased to 90 days in case of 30 days for general.

24.Small scale sector a) Individual and sole proprietor assessees with a turnover upto Rs 60 lakhs shall not be subject to audit. b) Interest rate for all assessees (including firms and corporates) upto a turnover of Rs 60 lakhs shall be 3% less than the prescribed rate.

25. The rate of reversal of tax in case of taxable & exempted services is reduced to 5% of the exempted services.

26. A banking company , FI, NBFC, providing taxable service shall pay for every month an amount equal to fifty per cent. of the CENVAT credit availed on inputs and input services in that month.

27. An insurer carrying on life insurance business in relation to the risk cover in life insurance and in relation to management of investment, under unit linked insurance business shall pay for every month an amount equal to twenty per cent of the CENVAT credit availed on inputs and input services in that month.

A.CHANGES IN THE INCOME TAX BY FINANCE BILL 2011 (28-02-2011)New Exemption Limits:

B.CHANGES IN THE EXCISE DUTY & SERVICE TAX T BY FINANCE BILL 2011 (28-02-2011)

BUDGET HIGHLIGHTS



Venue :- Green Court Club (G.C.C.) Mira Bhayandar Road, Mira Road (East)Day, Date :- Sunday, 13th March 2011Time :- 9.30 a.m. to 5.30 p.m.Fees:- ` 750/- for members, 650/- for CA students & 950/- for others.

(Including Breakfast, Lunch & Study Material)(Please add ̀ 100/- towards CA Benevolent Fund as Voluntary Contribution)

Co-ordinators:- CA Shweta Jain - 9920737198CA Ramanand Gupta - 9322231113

Participants will get Bank Branch Audit Booklet

09.30 a.m. to 10.00 a.m. Registration & Breakfast -

10.00 a.m. to 11.30 a.m. Practical issues in planning & execution CA. Niranjan Joshi including certification.

11.30 am to 11.45 am Tea Break

11.45 am to 1.15 pm LFAR Reporting CA. Dhananjay Gokhale

1.15 pm to 2.15 pm Lunch Break

2.15 pm to 3.45 pm Bank fraud in statuatory audit CA.Nitant Trilokekar

3.45 pm to 4.00 pm Tea Break

4.00 pm to 5.30 pm Audit of Advances & NPA CA. Parag Hangekar

` `

Published by WIRC

Timings Topics Speakers

Certification Course for Empanelment for Audit of Primary Agricultural Credit Co-op Societies (PACS)

Compulsory Certification Course for Empanelment for Audit of Primary Agricultural Credit Cooperative Societies (PACS).Last date for Submission of Application for Empanelment is 31st March 2011.

Topic

Speaker Time

CPE

Venue

Fees

Co-ordinators Note

: Training on Common Accounting system for PACS

: Eminent Speaker

: 6.00 pm to 9.00pm

: 3 Hrs.

: ITT Center of Vasai Branch, D- 216/217, Shanti Shopping Centre, Opp. Railway Station, Mira Road East.

: ` 200/- per member.

: CA Ramanad Gupta- 9322231113, & CA Shweta Jain - 9920737198.

: Participant will be issued with certificates which needs to be attached with empanelment application.

March, 2011 5

Seminar on BANK BRANCH AUDIT

CPE6 Hrs

CPE3 Hrs




ROC COLUMN by Henry Richard


The Institute of Chartered Accountants of India VASAI BRANCH of WIRC NEWSLETTERMarch, 2011

( Rupees in...........)Particulars Note No. Figures as at Figures as at

the end of the end of current previous reporting reporting period period

I. Revenue from operations xxx xxx II. Other Income xxx xxxIII. Total Revenue (I + II) xxx xxx

IV. Expenses:Cost of materials consumed xxx xxx Purchases of Stock-in-Trade xxx xxx Changes in inventories of finished goods xxx xxx work-in-progress and Stock-in-Trade

Employee benefits expense Finance costsDepreciation and amortization expense Other expensesTotal expenses xxx xxx

V. Profit before exceptional and xxx xxx extraordinary items and tax (III-IV)

VI. Exceptional items xxx xxx

VII.Profit before extraordinary items and xxx xxx tax (V - VI)

VIII.Extraordinary Items xxx xxx

IX.Profit before tax (VII- VIII) xxx xxx

X.Tax expense: (1) Current tax xxx xxx (2) Deferred tax xxx xxxXI. Profit (Loss) for the period from xxx xxx continuing operations (VII-VIII)XII. Profit/(loss) from discontinuing operations xxx xxx

XIII. Tax expense of discontinuing xxx xxx operations

XIV. Profit/(loss) from Discontinuing xxx xxx operations (after tax) (XII-XIII)

XV. Profit (Loss) for the period (XI + XIV)xxx xxx

XVI. Earnings per equity share:(1) Basic xxx xxx(2) Diluted xxx xxx

See accompanying notes to the financial statements

( Rupees in...........)Particulars Note No. Figures as at Figures as at

the end of the end of current previous reporting reporting period period

1 2 3 4

PART I – Form of BALANCE SHEET

Name of the Company……………………. Balance Sheet as at ………………………

I. EQUITY AND LIABILITIES(1) Shareholders’ funds

(a) Share capital (b) Reserves and surplus(c) Money received against share warrants

(2) Share application money pending Allotment(3) Non-current liabilities

(a) Long-term borrowings (b) Deferred tax liabilities (Net) (c) Other Long term liabilities(d) Long-term provisions

(4) Current liabilities(a) Short-term borrowings(b) Trade payables(c) Other current liabilities(d) Short-term provisions

TOTAL

II. ASSETSNon-current assets

(1) (a) Fixed assets(i) Tangible assets (ii) Intangible assets(iii) Capital work-in-progress(iv) Intangible assets under development

(b) Non-current investments (c) Deferred tax assets (net) (d) Long-term loans and advances (e) Other non-current assets

(2) Current assets(a) Current investments(b) Inventories(c) Trade receivables(d) Cash and cash equivalents(e) Short-term loans and advances(f) Other current assets

See accompanying notes to the financial statements

PART II – Form of STATEMENT OF PROFIT AND LOSS

Name of the Company……………………. Balance Sheet as at ………………………

March, 2011 7March, 2011March, 20116

REVISED SCHEDULE VI FOR COMPANIES ( PART-I ) REVISED SCHEDULE VI FOR COMPANIES ( PART-II )

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