1

Vice-President’s Communiqué

Harnessing Talent and Providing Quality Service

Vol. 15 n No. 2 n May 2012

n A Monthly Newsletter of the Bombay Chartered Accountants’ Society

For Members only. For Private Circulation only. Price: `10

BCASNewsletterDear Members,

You would be happy to note that on account of the joint efforts of BCAS and CTC, an interactive meeting with the Chief Commissioners of Income Tax was held on 9.5.2012 to discuss and address procedural problems and various issues bothering professionals and tax payers that need to be attended to expeditiously. Based on the discussion and suggestions given in the meeting, the Department will be announcing an action plan in the coming month. We will circulate the clarifications and actions agreed to be taken by the CCIT once we receive the final minutes of the meeting. With this responsive approach by the Department, one is hopeful that the difficulties faced will be smoothened. From now on such meetings will be held on an ongoing basis.

The most acclaimed “BCAS Referencer” is in its 50th year. Over the years it has found a special place on the desks of almost all professionals. The Referencer is well-structured and covers various aspects of law needed for day-to-day working using simple and lucid language. I am pleased to inform you that the advance booking offer has generated good response. Members yet to book a copy, may do so at the earliest.

The other major programmes announced—Service Tax RRC in Goa, in June 2012, and International Tax and Finance Conference in Goa, in August 2012—have been received well. Members can acquaint themselves with the recent changes and developments in both the fields by attending the programme.

The “Jal Erach Dastur Students’ Annual day” will be held on 26th May 2012, where in Padma Shri (CA) T N Manoharan will give the keynote address. I request each one of you to encourage your article students to participate in the various events planned and to attend the Annual Day.

At BCAS, the newly elected team will take over the reins of office on the Founding Day of the Society i.e, from 6th July 2012. The process

President: Pradip Thanawala , 98200 45632;president@bcasonline.org

Vice-President: Deepak Shah , 98201 48536; vp@bcasonline.org

Hon. Jt. Secretaries: Nitin Shingala , 98200 57694; joint.secretary@bcasonline.org Chetan Shah , 98202 23402; joint.secretary1@bcasonline.org

Hon. Treasurer: Raman Jokhakar, 98208 77976, treasurer@bcasonline.org

PROGRAMMES AT A GLANCEStudents’ Annual Day ...............................................................26-05-2012 ............................... Navinbhai Thakkar Auditorium, Vile Parle East, Mumbai ................................................ 3

Students’ Study Circle ..............................................................01-06-2012 ............................... BCAS Conference Room, 7 Jolly Bhavan No. 2, New Marine Lines, Mumbai ................. 2

Half Day Seminar on Finance Act, 2012-Direct Provisions ......09-06-2012 ............................... Walchand Hirachand Hall, IMC, Churchgate, Mumbai ................................................... 4

Seminar on Practical Aspects of Important Articles of DTAAs and Imapct of Recent Amendment to Section 9 ........................16-06-2012 ............................... Novotel Hotel, Balraj Sahani Marg, Juhu Beach, Mumbai .............................................. 4

Internal Audit Studies Foundation Course ...............................18-06-2012 ............................... Parle International Hotel, B.N.Agarwal Market, Vile Parle (E), Mumbai .......................... 7

6th Residential Study Course on Service Tax & VAT ................22-06-2012 ............................... Rio Resort,Arpora,Goa .................................................................................................... 5

Two Day Workshop on Cyber Security Digital Forensics ..........13-07-2012 ............................... Lotus, BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai .................................. 6

Students Crash Course ............................................................25-07-2012 ............................... Sydenham College, Chuchgate, Mumbai ........................................................................ 9

E-Learning Program on XBRL ..................................................ongoing program ....................... online program ............................................................................................................. 10

Lecture Meeting .......................................................................20-06-2012 and 27-06-2012 .... Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai ............... 1

7, Jolly Bhavan No. 2, New Marine Lines, Mumbai - 400020. Tel. Nos. : 61377600; Fax: 61377666 Email : bca@bcasonline.org; Website : www.bcasonline.org

BCAS Newsletter I May 2012

Lecture MeetingVenue I Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai – 400020Day, Date & Time I Wednesday, 20th June, 2012, 6.15 p.m*.Speaker I Advocate Shailesh ShethSubject I Tough times never last, but tough people do (under the auspices of Dilip N. Dalal Oration fund)

Venue I Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai – 400020Day, Date & Time I Wednesday, 27th June, 2012, 6.15 p.m*.Speaker I CA. Jinal Shah & CA. Manori ShahSubject I Filing of Income-Tax Returns for A.Y. 2012-13*Fellowship over a cup of tea at 5.45 p.m.

of forming Committees for BCAS year 2012-2013 has begun. The respective Committees will formulate their annual plans for the next year. I request all of you to give your suggestions and ideas for the programmes and activities being undertaken, and new areas or services that you would expect the Society to undertake.

Most professionals, especially us CA’s, do not find enough time for ourselves. Our work-life balance is skewed in favor of our professional commitments. But friends, do not fall into that trap. This summer make time for leisure and enjoy with family and friends to the fullest. With warm regards,

Yours truly,

CA Deepak R Shah

BCAS Newsletter I May 20122

Right to Information ClinicBCAS Foundation operates a Right to Information (RTI) Clinic on a regular basis. RTI Clinic is operated by Mrs. Hema Sampat, a research scholar on the subject of RTI, Mr. A. K. Asher, Adv. & RTI activist and CA. Narayan Varma, Past President, BCAS.

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

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

The next RTI Clinic days accordingly are 26th May 2012 and 9th, 16th & 23rd June 2012 Please call the Society’s office (Ms. Shernaaz: 61377600) to obtain a prior appointment.

Charitable Trust ClinicThe next Charitable Trust Clinic will be held on 1st June 2012 from 5 p.m. to 7 p.m. in the Library room of BCA Society at New Marine Lines.

Chartered Accountants and Trustees interested in having their queries solved are requested to call the Society’s office (Ms. Khushboo: 61377620) and obtain a prior appointment, latest by noon on the day of the Clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc.

Panel of Advisors:CA. Ratanshaw DamanwalaCA. Shariq ContractorCA. Gautam NayakCA. Anil Sathe CA. Atul Shah

Accounts & Audit ClinicThe next Accounts & Audit Clinic will be held on 2nd June 2012 from 10.30 a.m. to 11.30 a.m. in the Library room of BCA Society at New Marine Lines.

Persons interested in having their queries pertaining to accounting and auditing issues solved, are requested to send the queries by e-mail to asst.em@bcasonline.org one week in advance and call the Society’s office (Mr. Rajaram: 61377613) to obtain prior appointment, at least a day before the day of the Clinic. Please note that the Panel will not answer any queries pertaining to tax issues.

Panel of Advisors:CA. Sanjeev PanditCA. Himanshu Kishnadwala CA. Jayesh Gandhi

The details of the next meeting is as follows:

Day and Date Friday, 1st June, 2012

Time 6.30 p.m. to 8.00 p.m.

Venue BCAS Conference Room, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai – 400020

Subject Income Tax Returns Filling and TDS applicability for Foreign Remittance

Speaker Murtaza Bootwala

Enrolment fee for the Study Circle is R200 covering a period from February 2012 to 31st March 2013.

Looking forward to seeing you in large numbers.

Enrolment form is printed on page12

Students’ Study Circle

Human Resources CommitteeChairman : CA. Mayur Nayak Convenors : CA. Bharatkumar Oza CA. Aliasgar Kherodawala CA. Ashish Fafadia

In accordance with Clause No. 18 of the Memorandum of Association of the Bombay Chartered Accountants’ Society, the names of members who have filed their nomination for Managing Committee are to be exhibited. Since the numbers of nominations are equal to that of the number of posts no election is necessary.

At the Special Committee Meeting held on 3rd May, 2012, in addition to the members elected unopposed, 6 other members have been co-opted as members. The List of Managing Committee is as under:

Managing Committee Elected Members for 2012-2013

BCAS Managing Committee 2012-13

President Deepak R. ShahVice President Naushad A. PanjwaniHon. Joint Secretary Nitin P. ShingalaHon. Joint Secretary Raman H. JokhakarTreasurer Chetan M. ShahElected Member Himanshu V. VasaElected Member Jayesh M. GandhiElected Member K. K. JhunjhunwalaElected Member Mukesh G. TrivediElected Member Nandita P. ParekhElected Member Narayan R. PasariElected Member Sonalee A. GodboleElected Member Sunil B. GabhawallaCo-opted Member Aliasgar Z. Kherodawala Co-opted Member Bharatkumar K. Oza Co-opted Member Manish P. Sampat Co-opted Member Saurabh P. ShahCo-opted Member Suhas S. Paranjpe Co-opted Member Toral N. MehtaEx-Officio Member Pradip K. ThanawalaMember (Publisher) Narayan K. Varma

BCAS Newsletter I May 2012 3

Your forum has organised the Jal Erach Dastur Students’ Annual Day Programme to celebrate its 5th anniversary.

Day and Date Saturday, 26th May 2012

Time 3.00 pm to 8.00 pm.

Venue Navinbhai Thakkar Auditorium, Vile Parle East, Mumbai

Key Attractions of the event:

Key-note AddressAt the Society it’s always been our endeavor to harness talent and provide an environment not only conducive for pursuit of knowledge but also to provide the future chartered accountants a platform to achieve their potential. Based on repeated requests from all of you, Padma Shri (CA) T. N. Manoharan has agreed to address the students on contemporary topic.

Awaken the writer within:Do you have a flair for writing? Here is an interesting opportunity to express yourself by participating in the Writing Competition. Rules and other information about the competition are as follows:1. You can write on any topic of your choice.2. Essay should not exceed more than 1000 words.3. Kindly note, your essays with your complete details and your

registration number with ICAI should reach us not later than May 19th, 2012.

4. Essay should express only original ideas and viewpoints. (Any essay found to be copied from the Internet or an existing write up shall be disqualified)

5. The Editorial Committee of the BCAS will assess your contribution and if selected your participation will be published in BCAJ. The decision of the Editorial Committee is final and shall not be questioned under any circumstances what so ever.

6. E-mail your Essay to km@bcasonline.org and mark a copy to gm@bcasonline.org.

7. Three selected best contributions will be awarded a prize.8. A certificate of participation will be issued to all the participants.

Elocution Competition 2012 (for CA Students) Saturday, 26th May 2012“He came, He spoke, He won” – this is a story of a good communicator. The one who speaks convincingly and impressively wins half the battle. Now here is the opportunity of the year for you to present your communication skills.

Be little humorous, let imagination run wild at the Elocution Competition. This Competition is under the auspices of Smt. Chandanben Maganlal Bhatt Elocution Fund. Each contestant will be given 5 minutes to express his/her views on any one of the under mentioned topics :a. India's next President (My vote goes to….)b. Human Rights!! (My take on role of human rights organisations)c. My idea of giving it back to Profession & Society at larged. An appointment with President, ICAI (Your wish list)e. Back with a bang (An inspiring story of an individual / organisation/

nation that was shattered and rose back to glory)

Jal Erach Dastur Students’ Annual Day

Human Resources CommitteeChairman : CA. Mayur Nayak Convenors : CA. Bharatkumar Oza CA. Aliasgar Kherodawala CA. Ashish Fafadia

f. R.T.I (Right to Information or Right to Ignorance)g. The future of entertainment (digital invasion)Those desirous of participating should enrol on or before May 19, 2012. The best three speakers selected by the panel of judges will be awarded cash prizes. An elimination round will take place on May 19th, 2012, Saturday at the Society Office Churchgate starting from 2:30 pm.

Be a Quiz Wizard

A quiz is organised at the Annual Day to enable you to test and gain more general knowledge, basic information on commerce, economics, health, sports and entertainment.

Articles from the same firm or self-formed groups can participate and compete as a group. Three prizes will be awarded to the winning team and a certificate for participation will be issued to each participant.

A rotating trophy is up for grabs to be awarded to the winning team’s CA firm.

Do not miss the opportunity to meet and enjoy with your student friends. Enrolment is limited for 600 students.

And above all, a sumptuous buffet to end a wonderful evening.Registration Fees: R100 per student.

Name:…………………………………………………………………………...Firm Name:……………………………………………………………………..Contact Nos. Mobile:………………………………………….......................Residence Tel No:………………………..................................................... Office Tel No:……………...........................................................................Email: ……………………………………………………………………………Correspondence Address: ………...……………………………………….......................................................................................................................................................................................................................................Name of Principal ……………………….…………………………………….

Sir/Madam,

Intimation for participation on 26th May, 2012

I am interested in participating in the following events during the Annual Meet organized for the students on Saturday, 26th May 2012.

1. Elocution:My choice of the subject is: .....................................................................

2. Quiz competition: Yes / NoDo you have a partner: Yes / NoIf yes then your Quiz Partner's Name…………………………...................Quiz Partner's Firm Name…………………………….................................

3. Writing competition: Yes / NoMy choice of subjectis………………………………………………………………………………………………………......................................................................................

4. I would like to assist the students’ forum in the following manner…………………………………………………………………………………………………………..................................................................................…………………………………………………………………………………………………………..................................................................................

5. Payment details: …………………………………………………………………………………………………………..................................................................................

BCAS Newsletter I May 20124

Taxation CommitteeChairman : CA. Gautam NayakConvenors : CA. Saurabh Shah, CA. Anil Doshi and CA. Kirit Kamdar

The Finance Bill 2012 has already been passed by the Lok Sabha, albeit after a few modifications and roll backs. Though, the provisions of the much debated and controversial General Anti Avoidance Rules (GAAR) have been deferred by a year, there are still many other amendments that would have far reaching consequences for the tax payers. Also, quite a few proposals have been amended at the stage of passing the Finance Bill. To understand the impact and implications of these, a proper understanding of the provisions have become quite necessary.

The Taxation Committee is pleased to announce a half-day seminar on Direct Tax Provisions of the Finance Act, 2012. The international tax aspects of the amendments have received substantial attention so far, but given the wide ranging nature of the amendments, there are various tax consequences for domestic taxpayers as well. The focus of this workshop would therefore be on the impact of the provisions having a material bearing on resident taxpayers.

Day & Date : Saturday, 9th June, 2012Time : 8.45 am to 1.45 pmVenue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400020.Fees : R600/- for members R800/- for non-members (for enrolment up to 31st May 2012). R700/- for members R900/- for non-members (for enrolment thereafter).

(The above fees include contribution of R30 to BCAS foundation, cost of study material, if any, tea and snacks)Speakers : CA. Kishor Karia, CA. Pradip Kapasi and CA Sanjeev Pandit

Enrolment form is printed on page no 12

Half day Seminar on“Finance Act, 2012–Direct Tax Provisions”

The purpose of this seminar is to deal at an advanced level on practical aspects on important topics of international taxation. This seminar would be useful for professionals practicing in the field of International Taxation as also to tax professionals in industry. Day & Date : Saturday, 16th June, 2012 Time : 9.00 a.m. to 6.00 p.m.Venue : Novotel Hotel, Balraj Sahani Marg, Juhu Beach, Mumbai 400049.Fees : R2,200 for members R3,200 for non-members (limited seats) (inclusive of course material, tea, coffee & lunch and R50 towards contribution to BCAS Foundation)

Topic FacultyArticle 15 - Taxation of Dependent Personal Services CA. P. V. Srinivasan

Amendments to Sec. 9 by the Finance Act, 2012 – Analysis and impact

CA. H. Padamchand Khincha

Article 17 - Taxation of Artistes and Sportsmen CA. Himanshu Parekh

Non-Discrimination and MFN under tax treaty Eminent Faculty

Enrolment restricted to 125 participants on first-come-first-served basis. Please enroll early to avoid last minute disappointment.Enrolment fees are non-refundable.

Enrolment form is printed on page 12

Seminar on Practical Aspects of Important Articles of DTAAs and Impact of recent amendments to Sec. 9

International Taxation CommitteeChairman : CA. Kishor KariaCo-Chairman : CA. Rajesh KothariConvenors : CA. Surin Kapadia, CA. Dhishat Mehta, CA. Gaurang Gandhi,

Course coordinators : CA. Anil Doshi and CA. Dhaval Sanghavi

Quote

If you pick the right people and give them the opportunity to spread their wings—and put compensation as a carrier behind it—you almost don't have to manage them.

— Jack Welch

Quote

Hire people who are better than you are, then leave them to get on with it . . . ; Look for people who will aim for the remarkable, who will not settle for the routine.

— David Ogilvy

BCAS Newsletter I May 2012 5

The Indirect Taxes & Allied laws Committee of BCAS is pleased to invite your kind attention that the 6th Residential Study Course on Service Tax and VAT is proposed to be held at Rio Resort, Arpora,Goa, from 22nd June to 24th June 2012.

As you are aware that the Finance Bill 2012 has proposed a paradigm shift in the manner services are going to be taxed, it would be important for all of us to understand the intricacies of new provisions and likely impact thereof. We are planning to have, in all, five papers covering various important aspects. While the subjects and paper writers are being finalized (will be informed through e-mail), this intimation may help you to plan your schedule to participate in this mega event.

Days and Dates Friday to Sunday 22nd June to 24th June 2012

Venue Rio Resort, Arpora, Goa

Fees R8,500 (inclusive of R50 to BCAS Foundation)

Subjects & Paper Writers:

Topic Paper Writer Concept of Negative List based Taxation of Services, Important Definitions, Exclusions and Exemptions

CA. Sunil Gabhawalla

Sale versus Service - Overlap of VAT and Service Tax

Adv. P. K. Sahu

Case studies in POT, Valuation of Services and Bundled Services

Adv. K. S. Ravi Shankar

Indirect Tax issues in Real Estate Industry Adv. K.Vaitheeswaran

Analysis of Place of Provision of Services Rules CA. A. R. Krishnan

Notes:1. The Residential Study Course is open only for Ordinary and Life

members of BCAS.2. Enrolment will commence from 23rd April 2012 and will be restricted

to 150 members only, on first-come-first-served basis. 3. The Course will begin on 22nd June 2012 and will conclude on

24th June 2012 after lunch. Delegates can check-in at the hotel from 12.30 p.m. onwards on 22nd June 2012.

4. All participants will be accommodated in earmarked rooms on twin sharing basis. The participants are requested, therefore, to indicate in the enrolment form your preference of room partner, if any.

5. The Enrolment Fees is inclusive of lodging, boarding, course material and R50 being contribution towards BCAS Foundation. The participant shall make their own arrangements for travel to and fro Goa.

6. Goa is well connected with all major cities, in India, through the network of various airlines as well as by railways.

7. BCAS will make necessary arrangements for local transport (arrival and departure transfer on 22nd and 24th June) for all participants reaching Goa by Railways (Madgaon Railway Station) as well as by Air (Dabolim Airport).

8. Refunds & Substitution: Once enrolled, requests for refunds will

6th Residential Study Course on Service Tax & VAT

Indirect Taxes And Allied Laws CommitteeChairman : CA. Govind Goyal Convenors : CA. Sunil Gabhawalla CA. Suhas Paranjpe CA. Toral Mehta

not be entertained. However, the Committee, at its discretion, may permit substitution in specific circumstances, provided such request for substitution is received well before the commencement of RSC and the member to be substituted is an eligible member of BCAS.

9. Members from Goa can join as non-resident participant (only those members whose address is so registered with BCAS). The fees (inclusive of course material, dinner on 22nd June and lunch on 23rd & 24th June) shall be R3,750 per member

10. For further enquiry, if any, you may kindly contact Mr. Amit Singh at BCAS. (Direct line: 61377619, e-mail: em@bcasonline.org)

Enrolment FormBombay Chartered Accountants’ Society

6th Residential Study Course on Service Tax and VAT22nd June to 24th June 2012

Name: …………………………………………………………………………..BCAS Membership No.: …………………………………............................Address: …………………………………………………………………….....…………………………………………………………………………………...Tel/Email: …………………......……. / ………....…………………………….Choice of Room Partner: ……………………………………………………..I would like to act as Group Leader for Paper: (1)……………................. (2) …………………....................................................................................Enrolment Fees R8,500 paid by Cheque/Draft No. ………….................. Drawn on……………..…………………………………………………………………………………..................................................................................

Date: …………………………..

Signature ................................

Bombay Chartered Accountants' Society InfoTech & 4i Committee

&Membership & Public Relations Committee

present

BCAS Web TV

Subscribe Now!!!

For further details log on to www.bcasonline.org

Subscription Charges: R600 per annum applicable for April 2012 to March 2013. Payment can be made by cheque/DD payable at par in

Mumbai in favour of ‘Bombay Chartered Accountants’ Society’. You can also pay by cash/credit card at the payment counter of BCAS

Office. If you have an Imprest Account, then you can instruct us to adjust the subscription through the Imprest Account.

Lecture Meeting on Recent Judicial Rulings with special emphasis on Corporate Taxation by CA. Rajan Vora held on

26th April, 2012 is available on BCAS Web TV.

BCAS Newsletter I May 20126

Accounting & Auditing CommitteeChairman : CA. Himanshu KishnadwalaConvenors : CA. Mukesh Trivedi, CA. Abhay Mehta, CA. Suril ShahCourse Co-ordinators : CA. Nikhil Patel and CA. Chirag Doshi

Conference Co-ordinators : CA. Ganesh Rajgopalan CA. Nitin Shingala

"Why Cyber Security and Digital Forensics?The interconnected, digital infrastructure for information and communication is known as cyberspace. It covers almost every facet of our life. It provides critical support for our day-to-day professional functions, communications and personal life. This technology has transformed the economy and has connected people in the ways we had never imagined.

Information systems & Internet has thoroughly encompassed our daily lives. We can’t imagine the world without this connectivity.

Our data, banking, communications, reservations, shopping, payments, appointments, records, entertainment, knowledge resources, etc, all are substantially through cyber space.

Chartered Accountants collect their clients’ data during the audits on their office servers. They have to ensure confidentiality, integrity, availability of data & protection of hardware and software.

The legislation, called the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules 2011, was put in place recently to implement the law.

The new data protection rules require that organisations inform individuals whenever their personal information is collected by email, fax or letter. Furthermore, they demand that organisations take steps to secure personal data and offer a dispute resolution process for issues that arise around the collection and use of personal information.

Hence, we need a safe Internet with a strong network infrastructure. We as professionals need to take appropriate action to protect cyberspace and ensure audit of data from cyber space.

Protecting cyberspace requires conceptual clarity of technology, leadership and understanding of cyber laws.

Ensuring that cyberspace is sufficiently resilient and trustworthy to support corporate objectives, economic growth, confidentiality, integrity and availability of infrastructure protections of hardware data, software, data are the highest priorities of the cyber security and digital forensics.

Appreciating the need of the hour and importance of the subject Accounting and Auditing Committee has organised a two day training workshop on the subject cyber security & digital forensics.

Eminent faculty having vast experience in the field shall conduct the training.

Who will benefit?All practicing Chartered Accountants, senior executives in the industry and all who are using and are connected with cyberspace.

Details of the programme is as follows:Days & Dates : Friday, 13th July, 2012 & Saturday, 14th July, 2012Time : 9.30 a.m. to 5.30 p.m. on 13th July, 2012 and 10 a.m. to 4 p.m. on 14th July, 2012

Venue : Lotus, 7, Jolly Bhavan, 2, Ground Floor, New Marine Lines, Mumbai - 400020Course Fees : R5,500 for Members & R6,500 for Others Registering Upto 30th June 2012 R6,000 for Members & R 7,000 for Others Registering after 30th June 2012 (Fees include, training material, snacks and lunch on both the days and contribution of R50 to BCAS Foundation)

Topics: Understanding principles of Internet & Web cyber security IT Act 2011 – Safe Harbor Digital Contracts - IPR (Intellectual Property Rights) in Cyber Space Data handling and Identity management. Understanding Different types of Attacks & Prevention Back up, Recovery, Hardening of network and telecommunication devices. Recovery of deleted data & history. Forensics : Gathering evidences from computer to be presented in the court of law Securing IT environments to make it more efficient and effective

Enrolment form is printed on page12

Two-Day Workshop on Cyber Security and Digital Forensics

BCAS Newsletter I May 2012 7

BCAS Newsletter I May 20128

BCAS announces annual formation of Study Circles for the year 2012-13. The BCAS study circles are well known for the very high quality of deliberations that take place in the presence of and under the guidance of seniors and also for the meticulous planning and organisational capabilities of their convenors.

Your active participation in BCAS Study Circles provides you with the following benefits and add substantial value to your capabilities and personality:

• Tremendous opportunities for enhancing and sharing knowledge• Honing your soft skills• Keeping in touch with contemporary developments in law and in practice• Fellowship amongst your professional colleagues• Catalyst for your active involvement in various other activities of BCAS

You are invited to partake in the feast of knowledge in the year ahead, join the study circle(s) of your choice and attend and participate in the meetings regularly to derive maximum benefit.

For further information/queries about the study circles, please feel free to contact us at km@bcasonline.org. Annual fee details are provided below. The fees are inclusive of R30 as contribution to BCAS Foundation.

Kindly note:

(a) Generally, all study circle meetings are held at the Conference Rooms in the BCAS office. In exceptional cases, we hold the meetings at other venues. The Suburban Study Circles will be conducted at Directi Internet Solutions Pvt. Ltd., Directiplex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East), Mumbai – 400069.

(b) Any member of the BCAS is welcome to join various study circles. There is no restriction on the number of circles that you can join.

(c) It would be our endeavour to hold at least 6 meetings per study circle in the year. However, this would be subject to the availability of group leaders and chairmen, and your active participation.

(d) The term of each study circle is from 1-4-2012 to 31-3-2013.……………………………………………………………………………………………………………………………………………………………

Enrolment Form

Please select the study circle that you would like to join from the list given below and send in your cheque to us with the enrolment form:

Study Circle No. Subject Fee R Tick your choice here

I Direct Tax Laws 400

II Indirect Tax Laws 400

III Company Law, Auditing & Accounting 400

IV FEMA 400

V Information Technology 400

VI Human Resource Development 400

VII IFRS 1,000

VIII BCAS Suburban Study Circle 600

IX International Economics Study Group 1,000

XStudents Study Circle*

200

* Only for students of ICAI

Enrolment Form is available on the BCAS website www.bcasonline.org

BCAS Study CirCleS for 2012-13

BCAS Newsletter I May 2012 9BCAS Newsletter I January 2012 11

CUT HERE CUT HERE CUT HERECUT HERE

ENROLMENT FORMName :...................................................................................................................................................................................................Registration Number : ..........................................................................................................................................................................

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

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

...................................................................................................... Tel. No. (M) : ........................... E-mail : ....................................

Details of Articleship : Date of Joining ................................... Estimated date of Completion ................................................Name of the Principal : .....................................................................................................................................................................Name and address of Firm where articleship is being done : ........................................................................................................ ...........................................................................................................Tel. No. (O) : ............................ Fax No. (O) ..........................Cash/Draft/Cheque No. ........................................................................................................ drawn on ......................................Bank,dated ......................................................... for an amount of Rs.1500/- is enclosed.

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

Notes :

1. Please send the above form along with cash/cheque/draft drawn in favour of ‘‘BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY’’, .

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

Bombay Chartered Accountants’ Society 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400 020.

Phone 61377600 / Fax : 61377666 E-mail : bca@bcasonline.org Web : www.bcasonline.orgHuman Resources Committee

Chairman : CA. Mayur B. Nayak Convenor : CA. Bharatkumar Oza, CA. Aliasgar Kherodawala, CA. Ashish Fafadia"We had joined the Revision Course, which has proved very much helpful to us. We cleared both groups in First Attempt "

Miss Janhavi Thatte & Miss Komal Jain

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

For November 2012 & May 2013 Examinations 1. Courses for :

C.A. I.P.C.C. C.A. Final

— Auditing & Assurance — Advanced Management Accountancy — Information Technology & Strategic Management — Information Systems Control and Audit — Direct Taxes — Indirect Taxes

2. Course Co-ordinators : CA. Chandrakant Ruparelia, CA. Neel Majithia 3. Fees : Rs. 1500/-

Materials) 4. Timings & Venue : 6.15 p.m. to 8.30 p.m.

Churchgate. 5. Duration : From July 25 to September 30, 2012. 6. Enrolment from : May 7, 2012 7. Faculty :

Phone 61377600 and 61377613 respectivelyBOMBAY CHARTERED ACCOUNTANTS’ SOCIETY.

BCAS Newsletter I May 201210

XBRL stands for eXtensible Business Reporting Language. It is one of the families of "XML" languages which is becoming a standard means of communicating information between businesses and on the Internet. Implementations of XBRL are growing rapidly around the world.

In order to foster the understanding of XBRL, the Infotech & 4i Committee of BCAS, XBRL Planet (owned by Mr. Conor O’ Kelly, Vice-Chairman, XBRL International) & NextGen Knowledge Solutions Private Ltd. have teamed up to provide online XBRL training. Our main goal is to transfer knowledge and unique experience of Financial Reporting through XBRL.

First of its kind e-Learning program on XBRLOver 9 hours of online training including Q&A session on XBRL Course Module :

Course objectives :• To help trainees understand the meaning and nature of XBRL

and the technical terms commonly associated with XBRL.• To help trainees understand the basics of XBRL Taxonomies.• To help trainees understand how to use XBRL Tools.• To help trainees understand how to create instance

documents.

Pre-requisites :• Familiarity with accounting system installation and report writing

recommended• Participants in this e-Learning Module need not have prior

experience of XBRL.

Fees :• The total investment to be made by you for this unique online

training course shall be R10,000 (Rupees Ten Thousand Only).

e-Learning Materials & Certification : • The participants will have access to the training sessions for 30

days during which, they will get unlimited access. They will also get access to special live Q&A sessions.

• At the end of the training, a certificate of participation would be issued to the participants who go through the entire module.

XBRL Course Module ContentModule — I

Overview of XBRL

• Meaning of XBRL• Key concepts of XBRL• Components of Business

Reporting Supply Chain• Technical Terms associated with

XBRL

• Advantage of use of XBRL • Key drivers of XBRL• XBRL adoption around the

world• XBRL & IFRSs• Applications of XBRL

Module — IITaxonomy & Instance documents

• Meaning of XBRL Taxonomy• XBRL Taxonomy Architecture• Linkbases, Tuples, Dimensions, Hypercubes, Axis, Members, etc.• XBRL Taxonomy Extension• XBRL Instance Document• Instance Document Building Blocks (facts, contexts, units &

footnotes)• Best Practices

Module – IIIIndian GAAP Taxonomy & Business Rules

• Overview of Indian GAAP Taxonomy

• Analysis of Indian GAAP Taxonomy

• Business Rules• Analysis of Business Rule

XBRL Implementation Approaches & Indian Regulatory Requirements

• XBRL Implementation Approaches

• Indian Regulatory Requirements

Module — IVXBRL Tool

• Defining Unit, Context, Currency, Decimal

• Detailed Tagging• Block Tagging

XBRL Report Creation

• Steps involved in XBRL Report Creation

• Editing XBRL Instances

• Validating XBRL Report at MCA Validation Tool

• Viewing XBRL Report

Module — VXBRL Report Creation

• Tagging of Financial Statements Viz: Balance Sheet, P & L Account, Cash Flow Statement & Schedules

• Tagging of Notes to Accounts, Auditor's Report, Director's Report

Module — VIXBRL Assurance

• Global Trends • Current Approaches to XBRL

Assurance• XBRL Assurance Framework

• Indian Regulatory Requirements

• Assurance on XBRL Instance Documents for MCA filings

E-Learning Modules on XBRL

Infotech & 4i CommitteeChairman : CA. Ameet Patel Convenors : CA. Nandita Parekh CA. Nikunj Shah CA. Kinjal Shah

E-Learning program on XBRL

BCAS Newsletter I May 2012 11

The Reserve Bank of India has issued the following 8 circulars

A. P. (DIR Series) Circular No. 105 dated April 10, 2012Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

With effect from March 13, 2012 the Rupee value of the Special Currency Basket has been fixed at R70.965327 as against the earlier value of R68.838139.

A. P. (DIR Series) Circular No. 106 dated April 12, 2012Exim Bank's Line of Credit of USD 150 million to the Ecowas Bank for Investment and Development (EBID)

Exim Bank has made available, subject to certain terms and conditions, to the Ecowas Bank for Investment and Development (EBID) a Line of Credit of US $ 150 million for financing eligible goods and services including consultancy services from India to the 15 member countries of EBID in West African region viz. Benin, Burkina Faso, Cape Verde, Cote d’Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Eligible goods and services including consultancy services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services (other than consultancy services) may be procured by the sellers from outside India.

The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and July 20, 2017 in case of supply contracts.

A. P. (DIR Series) Circular No. 107 dated April 17, 2012Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Standards – Money changing activities

This circular advises Authorized Persons, their agents / franchisees to consider the information contained in the Statement issued by the FATF on February 16, 2012 on the above subject.

A. P. (DIR Series) Circular No. 108 dated April 17, 2012Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Standards – Cross Border Inward Remittance under Money Transfer Service Scheme

This circular advises Authorized Persons, their agents / franchisees to consider the information contained in the Statement issued by the FATF on February 16, 2012 on the above subject.

A. P. (DIR Series) Circular No. 109 dated April 18, 2012Authorised Dealer Category II – Permission for additional activity and opening of Nostro account

This circular suggests that Authorized Dealers Category – II wanting to open Nostro accounts must approach RBI for a one time approval to open and operate Nostro accounts.

A. P. (DIR Series) Circular No. 110 dated April 20, 2012Exim Bank's Line of Credit of USD 15 million to the Government of the Republic of TogoExim Bank has made available, subject to certain terms and conditions,

From RBIContributed by : CA. Gaurang Gandhi

to the Government of the Republic of Togo a Line of Credit of US $ 15 million for financing eligible goods and services including consultancy services from India for financing Rural Electrification Project in Togo. Eligible goods and services including consultancy services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services (other than consultancy services) may be procured by the sellers from outside India.

The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and November 22, 2017 in case of supply contracts.

A. P. (DIR Series) Circular No. 111 dated April 20, 2012External Commercial Borrowings (ECB) Policy – Liberalisation and Rationalisation

This circular has modified the ECB guidelines with immediate effect as under: -

(i) Enhancement of Refinancing limit for Power Sector Indian companies in the power sector can now, under the

Approval Route, utilize up to 40% of the fresh ECB raised by them towards refinancing of the Rupee loans availed by them from domestic banks / institutions. The balance amount raised b way of fresh ECB must be utilized for fresh capital expenditure for infrastructure projects.

(ii) ECB for Maintenance and Operation of Toll systems for Roads and Highways

ECB can be raised, under the Automatic Route, for capital expenditure in respect of the maintenance and operations of toll systems for roads and highways provided they form part of the original project.

A. P. (DIR Series) Circular No. 112 dated April 20, 2012External Commercial Borrowings (ECB) Policy – Refinancing/Rescheduling of ECB

This circular permits borrowers to refinance, under the Approval Route, an existing ECB by raising fresh ECB at a higher all-in-cost / reschedule an existing ECB at a higher all-in-cost. However, the enhanced all-in-cost must not exceed the current all-in-cost ceiling.

QuoteLeadership and learning are indispensable to each other.

— John F. Kennedy

Effective leadership is not about making speeches or being liked; leadership is defined by results not attributes.

— Peter Drucker

He who has never learned to obey cannot be a good commander.

— Aristotle

BCAS Newsletter I May 201212

CUT HERE CUT HERE CUT HERE

Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia, Mumbai-400013.

Registered with the Registrar of Newspapers for India under R.N. 68365/98Regd. No. MH/MR/South-88/2012-14Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 8th of every month

Please fill in the above form and send the same to the Society’s office along with requisite payment.Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft.Kindly note that the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30 p.m. to 2 p.m. Members are requested to co-operate in this regard. Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed.

Combined Enrolment Form

Name : ..................................................................................................................................................................................................................Address : ..............................................................................................................................................................................................................E-mail :..................................................... Mobile : .................................................... Tel. : ..................................... Fax : ..................................BCAS Memb. No. : .................................. Tel. (O) : ................................................... Tel. (R) : ............................... Fax : ...................................Choice of food (wherever applicable) .......... Jain Non-Jain Cash/Draft/ Cheque no. .................. Drawn on ............................................................................................. Bank,Dated ......................... for an amount of r........................................................ is enclosed.

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

STUDY COURSE : Students’ Study Circle...............................01-06-2012 .................r200.......................................

WORK SHOP : Workshop on Cyber Security and Digital Forensics.....13-07-2012.............r5,500 for members ..............

r6,500 for non members.......

E-Learning program on XBRL .....................Ongoing program ..........r10,000..................................

SEMINAR : Half Day Seminar on Finance Act, 09-06-2012 .................r600 for members ..................2012 – Direct Tax Provisions........................................ ....................r800 for non members ...........Seminar on Practical Aspects of Important Articles of DTAAs and Imapct of Recent Amendment to Section 16-06-2012 ...........r2,200 for members ............... 2012 – Service Tax provisions .................... .....................................r3,200 for non members ........

BCAS Referencer 2012 -13:• 50th Consecutive Year of Publication• The most acclaimed publication of its kind• Join the ever growing band of followers• Untangle the complexities of the legal world• All the information you need at the click of the mouse

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BCAS Referencer 2012 – 13

Name: Mr./Mrs./Ms :...................................................................................................................................................................................BCAS Membership No.: ..…………..……………....................................Firm’s Name :..............................................................................Office Address :........................................................................................................................................................................................Tel. Nos :......................................... ..Office :.....................................................Mobile : ……………………………........................................E-mail : …………………………………….................................................................................................................................................Cash/Draft/Cheque No :…………..…...Drawn on :……………………Bank Dated :................................................................................Amount (R) :..........................................................................................................……………………………................................ . . . . . . . . . . . .. .

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Referencer Premium Set (in exclusive folder) with CD, Table diary and Pocket diary 950 200

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Referencer will be available from 3rd week of June 2012