price 2/- (for members only, for private circulation) the ... · joint workshop on mvat act,...

1December 2015 • THE CTC NEWSwww.ctconline.org

Helpdesk : (1) Events: Mr. Anand / Ms. S. Aarti • E-mail : [email protected] (2) Accounts & Membership : Ms. Manisha / Ms. Yogita E-mail : [email protected] (3) Administration : Mr. Hitesh Shah • E-mail : [email protected]

President : Mr. Avinash Lalwani (Tel.: 23865363) | Vice President : Mr. Hitesh R. Shah (Tel.: 22001436)Hon Jt. Secretaries Mr. Ajay Singh (Tel.: 22013242) Mr. Ashok Manghnani (Tel.: 26774463) | Hon. Treasurer Mr. Hinesh Doshi (Tel.: 24132475)

THE CTC NEWSVol. XIV No. 10

Estd 1926

The Chamber of

Tax Consultants

A Monthly Newsletter of The Chamber of Tax Consultants

December 2015

Price ` 2/- (for members only, for private circulation)

Vol. I No. 7 | Total Pages - 20

TITLE CODE :- MAHENG13836

We wish all our members & readers “Merry Christmas”

Sr. No.

Date Programmes Venue Committee Pg. No.

1 5,6,12,13,19, 20-12-2015

Workshop on Direct Taxes ( Jtly with MCTC) Conference Hall, NL College, Malad Direct Taxes 9

2 5, 19-12-2015 16, 30-1-2016 6, 20-2-2016 5, 19-3-2016

2, 16, 30-4-2016

Joint Workshop on MVAT Act, Service Tax & Allied Laws STPAM Library Hall, Mazgaon Indirect Taxes 12

3 8-12-2015 SC (IDT) – (Only for IDT SC Members) Interpretation of Statutes with reference to Indirect Taxes Babubhai Chinai Room, IMC Indirect Taxes 174 8-12-2015 SAS - (Only for SAS Members) – Cause and control of Diabetes and Heart Disease CTC Office Membership & Public Relations 95 9-12-2015 SC (Int Tax) (Only for SC on INT Members) – Recent Development in International Tax Law – From

Indian cases and International perspectiveKhilachand Hall, IMC Study Circle and Study Group 17

6 10-12-2015 SC (FEMA) (Only for FEMA SC Members) – Foreign Exchange Regulations in relation to Overseas Investments by Indian Residents

CTC Office, Churchgate, Mumbai International Taxation 16

7 11-12-2015 SC (TP) – (Only for TPSC Members) – Recent Issues and Controversies in Transfer Pricing Khilachand Hall, IMC International Taxation 168 12-12-2015 Full Day (Joint) Seminar on Direct Taxes at Aurangabad ICAI Bhavan, Aurangabad Membership & Public Relations 49 12-12-2015 Seminar on Applicability of VAT and Service Tax on IPR and IPR Related Transactions

(viz. Trademark, Copyrights, Franchise, etc.)West End Hotel, Mumbai Indirect Taxes 4

10 12-12-2015 Full day Seminar on “Case Studies on Secondment and Expatriate – Taxation & Regulatory issues from both Employer’s and Employee’s Perspective

India-Interntional Center – New Delhi

CTC Delhi Chapter 10

11 14-12-2015 Lecture Meeting on MVAT Form 704 Maheshwari Bhavan, Marine Lines Student & IT Connect 212 15-12-2015 SC (ALC) - (Only for ALC SC Members) – Mediation & Conciliation Kilachand Hall, IMC Allied Laws 1713 16-12-2015 ISG-(DT) (Only for ISG Members) – Recent Important Decisions under Direct Tax CTC Conference Room Direct Taxes 1614 18-12-2015 SG ( DT) (Only for SG members – Recent Judgments under Direct Taxes Babubhai Chinai Room, IMC Study Circle and Study Group 1715 19 & 20-12-2015 “Two Days Interactive Residential Conference With Different Professionals on Law Applicable to

Real Estate and Redevelopment”Silent Hill Resort, Manor Allied Laws 2-3

16 21-12-2015 ISG on Int. Taxation jointly with SC & SG & SC on Int. Tax – US Taxation and Reporting Compliance Babubhai Chinai Room, IMC International Taxation & SC & SG 1617 23-12-2015 Lecture Meeting on TDS Procedures Walchand Hirachand Hall, IMC Direct Taxes 818 6-1-2016 SAS – Eat Healthy Live Healthy (Only for SAS Members) CTC Conference Room Membership & Public Relations 919 8 & 9-1-2016 TAXCON 2015 “Conflicts and Convergence in Tax Laws” Khimji Kunverji Vikamsey

Auditorium, WIRC, Bandra (E)Conference Committee 7

20 8-1-2016 Half Day Visit at National Stock Exchange National Stock Exchange, BKC Student & IT Connect 1421 11-1-2016 SG (DT) (Only for SG members- Recenet Judgments under Direct Taxes Babubhai Chinoy Room, IMC Study Circle and Study Group 1722 12-1-2016 ISG (DT) Recent Important Decisions under Direct Taxes CTC Conference Room Direct Taxes 1623 15-1-2016 SC (DT) – (Only for SC members) Issues in Reassessment Babubhai Chinoy Room, IMC Study Circle and Study Group 1724 16-1-2016 Full Day Seminar on Capital Gain West End Hotel, Mumbai Direct Taxes 625 16-1-2016 Full Day Seminar on Prevailing Industries Issues/Concerns and Case Studies on Companies Act &

Felicitation Function of Shri Ved Verma, Past President India-Interntional Center - New Delhi CTC Delhi Chaper 11

26 20-1-2016 SC (ALC) – (Only for ALC SC members) Maharashtra State Govt. Industrial Subsidy & Professioal Opportunities CTC Conference Room Allied Laws 1727 22-23-1-2016 Workshop on Taxation of Foreign Remittances West End Hotel International Taxation 1328 21-1-2016 Meeting on Understanding Startup Investments Kilachand Hall, IMC Student & IT Connect 1529 22-1-2016 Lecture Meeting on Section 14A – The Unending and Unpredictable Journey Walchand Hirachand Hall, IMC Direct Taxes 630 23-1-2016 Half Day Seminar on Labour Laws jointly with BCAS BCAS Office Allied Laws 1431 28-1-2016 Half Day Seminar on Allied Laws jointly with Vapi Branch of WIRC of ICAI at Valsad Valsad Membership & Public Relations 832 29-1-2016 to

31-1-20164th Residential Refresher Course on Service Tax Aamby Valley, Pune Indirect Taxes 3

33 4, 5, 11 & 12-2-2016 Study Series on Internal Audit CTC Office Allied Laws 2034 18-2-2016 to

21-2-201639th Residential Refresher Course Lavasa Residential Refresher Course

& Skill Development5

35 25-2-2016 SC (ALC) – MSMED Act, 2006 (Only for ALC members ) CTC Conference Room Allied Laws 1736 – Suggestions for Grievances from high pitched scrutiny assessment – Law & Representation Committee 1537 – Suggestion for Simplifying the Provisions of Income Tax Act, 1961 – Law & Representation Committee 1538 – Suggestions for Implementation for ICDS Issues – Law & Representation Committee 1539 Unreported Decisions on Direct Taxes – – 1840 Unreported Decisions on Service Tax – – 1941 Half Yearly Membership Drive – Each One Bring One – Membership & Public Relations 1242 Publications for Sale – – 543 Student Study Faciliy – – 1644 Quotations – – 10

Cheque payments of all events are accepted at CTC JT Bandra Library at C-11, Bandra Kurla Complex, IT Office, Ground Floor, Bandra (E), Mumbai – 400 051


Chairman : Kamal DhanukaConvenors : Anil Sharma, Manish Dedhia Advisor : Pravin Veera

ALLIED LAWS COMMITTEE

TWO DAYS INTERACTIVE RESIDENTIAL CONFERENCE WITH DIFFERENT PROFESSIONALS ON LAW APPLICABLE

TO REAL ESTATE AND REDEVELOPMENTThe Chamber of Tax Consultants jointly with All India Federation of Tax Practitioners (WZ) and J. B. Nagar CPE Study Circle of WIRC of ICAI has organised “Two Days Interactive Conference with Different Professionals on Real Estate & Redevelopment.” About Conference Objective : Real Estate and Redevelopment is one of the areas where number of allied laws including the Direct and Indirect laws are applicable. Shelter is a basic human need, which has become a major challenge in the country, which is fast urbanising. In such situations Redevelopment proves to be a win-win situation. With the property rates appreciating day-by-day and availability of open plot getting scarce, builders today are looking at redevelopment of housing societies and unlocking the potential of unused FSI. This residential refresher course aims to give the participants a clear picture of the different aspects involved in the Real Estate Development including redevelopment.

DAYS 1-2Days, Dates & Times : Saturday, 19th December, 2015, 10.30 am to 5.00 pm

Sunday, 20th December, 2015, 8.30 am to 6.00 pm.Venue : Silent Hill Resort, National Highway No. 8, Vaitarna River Bridge, Manor,

Palghar-401 403. Tel.: 077-09004680/4679Fees Up to 10th December 2015: ` 5,500 for Members (CTC, AIFTP (WZ), JBNSC); ` 6,500 for Non-members

After 10th December 2015: ` 6,000/- for Members (CTC, AIFTP (WZ), JBNSC); ̀ 7,000/- for Non-Members(Fees include Stay on Twin Sharing basis, Meals, Course Material and Service Tax)

SATURDAY, 19-12-2015Speakers

Session IOverview of Laws relating to Real Estate Development Shri Sanjay Buch, Advocate & Solicitor

Session IIIndirect Tax Service Tax on Construction Industry (Issues and Controversies)

CA Rajiv Luthia

SUNDAY 20-12-2015SESSION III

a. Direct Taxes (Issues and Controversies) on Real Estate Shri Ajay Singh, Advocate

SESSION IVIssues arising while drafting Deeds and Documents

Chairman - Shri Praveen Veera, Solicitor Speaker – Shri Nirav Jani, Advocate and Solicitor

SESSION VIndirect Tax (Issues and Controversies) : MVAT - CA Deepak Thakkar

STUDENT AND IT CONNECT COMMITTEE Chairman : Parimal Parikh Vice Chairmen : Aalok Mehta, Dinesh Tejwani

Convenors : Ashok Mehta, Bhavik Shah Advisors : A. S. Merchant, Ninad Karpe

LECTURE MEETING ON MVAT FORM 704The student and IT Committee has organised a lecture meeting on “MVAT Form 704” for the benefit of Articled students/staff/members.The Objective:Object of empowering the student’s knowledge and skills required in the execution of VAT Audit and e-filling of Form 704 under VAT Audit.All are cordially invited.Programme details:

Day & Date : Monday, 14th December, 2015Time : 6.00 pm to 8.00 pmSubject : MVAT Audit – Form 704Speaker : CA Deepali MehtaVenue : Maheshwari Bhavan, 1st Floor, Marine Lines, Mumbai – 400 002


Note :1. Conference will commence at 10.30 am on Saturday, 19th December, 2015 and end by 5.30 pm (after High Tea) on Sunday, 20th December, 2015.2. Participants have to make their own arrangement for reaching Silent Hill Resort, National Highway No. 8, Vaitarna River Bridge, Manor, Palghar,

Maharashtra 401403. Tel.: 077090 04680 3. In case of cancellation, no refund request shall be entertained. 4. Check-in time at Silent Hill Resort : Saturday, 19th December, 2015 at 12.00 noon (Early Check-in can be availed on request)5. Check-out time: Sunday, 20th December, 2015 at 10.00 a.m. We have arranged suitable arrangements for Water Sports.6. Delegates fees include course materials, stay on twin sharing basis, all meals, use of rides in water park.

Please return the duly completed form along with Cheque / DD in favour of “The Chamber of Tax Consultants”. (Outstation members are requested to make the payment by At par Cheque / Demand Draft only). For enrolment and any conference related inquiries, please contact Mr. Hitesh Shah – Manager of Chamber’s Office on 9821889249

Interested Members may download the “Form” from The Chamber’s website www.ctconline.org or may collect it from The Chamber’s office. Visit www.ctconline.org to avail the facility of ONLINE PAYMENT

4TH RESIDENTIAL REFRESHER COURSE ON SERVICE TAXAAMBY VALLEY CITY POST AMBAVANE, DIST. PUNE-410 401, MAHARASHTRA, INDIAEducation with EntertainmentIndirect Tax Committee of The Chamber of Tax Consultants is pleased to announce much awaited 4th Residential Refresher Course (RRC) on Service Tax, at Aamby Valley City – Lonavala from 29th January, 2016 to 31st January, 2016. In these 3 days RRC, we will be venturing in India’s first planned hill city where all the three tenets of life ‘Shanti’, ‘Sukh’ and ‘Santhushti’ can be experienced and cherished in a cosmic environment that exudes natural beauty and radiates energy, which is known as Aamby Valley City developed by Sahara India Parivar. To enrich the members with the knowledge, papers covering recent issues in service tax law have been selected to be discussed at the RRC.

Papers for Discussion Speakers

Paper – I Assorted case Studies in Service Tax Mr. V. Raghuraman, Adv.Paper – II Case Studies in CENVAT Credit for Service Provider Mr. K. Vaitheesvaran, Adv.Paper – III Case Studies in Valuation & Bundled services Mr. L. Badrinarayan, Adv.Presentation

I Refunds, Rebates & adjustment of Service tax – Controversies & Issues CA Prashant Deshpande

INDIRECT TAXES COMMITTEEChairman : Rajiv Luthia Vice Chairman : Vikram Mehta

Advisor : A. R. Krishnan Convenors : Akhil Kedia, Narendra Soni, Atul Mehta

Date Friday, 29th January, 2016 to Sunday, 31st January, 20162 nights and 3 days on twin sharing basis in Spanish Cottage

Venue Aamby Valley City – Post. Ambavane Dist. Pune-410 401, Maharashtra, India

Fees ` 14,250/- + ` 2,066/- (14.5% ST) = ` 16,316/- for members` 15,250/- + ` 2,211/- (14.5% ST) = ` 17,461/- for non-members

Notes: 1. Participants have to make their own arrangement for reaching Aamby Valley City. 2. In case of cancellation, no refund request shall be entertained, except under genuine unavoidable circumstances, subject to the discretion & approval

of Indirect Taxes Committee. 3. Check-in time at Aamby Valley City: Friday, 29th January, 2016 at 11.00 am4. Check-out time: Sunday, 31st January, 2016 at 10.00 am5. RRC will commence at 11.00 am on Friday, 29th January, 2016 and end by 2 pm (after lunch) on Sunday, 31st January, 2016.6. Delegate fees include course materials, stay on twin sharing basis, all meals, sight seeing within Aamby Valley.Please return the duly completed form along with Cheque / DD in favour of “The Chamber of Tax Consultants”. (Outstation members are requested to make the payment by At Par Cheque / Demand Draft only).

Interested members may download the “Enrolment Form” or may collect it from Chamber’s office and send it along with the cheque. For enrolment and any other conference related inquiries, please contact Mr. Hitesh Shah – Manager of Chamber’s Office on 9821889249.

SESSION VIFunding arrangements for Real Estate Development for developers & Self Redevelopment process and procedure including funding options, REIT

CA Sunil Goyal

Brains’ Trust (Direct Taxes, Indirect Tax, Drafting of Documents)

Trustees: Direct Taxes : Shri Vipul Joshi, Advocate Drafting of Documents Shri K.K. Ramani, Advocate Indirect Taxes (MVAT) : CA Deepak Thakkar

Takeaway : The participants will be able to gain clear understanding of the various aspects like regulations, process, related agencies and tax implications among others of Real Estate Development and Redevelopment of housing societies.


Chairman : Rajiv Luthia Vice Chairman : Vikram MehtaConvenors : Narendra Soni, Akhil Kedia, Atul Mehta Advisor : A. R. Krishnan Course Co-ordinator : Pranav Kapadia

SEMINAR ON APPLICABILITY OF VAT AND SERVICE TAX ON IPR AND IPR RELATED TRANSACTIONS (VIZ., TRADEMARK, COPYRIGHTS, FRANCHISE, ETC.)

The Seminar ObjectiveWith the advent of globalisation and increase in Cross-Border Transactions and also the ever-increasing awareness of protection of intangible rights, the study of tax on Intellectual Property Rights [“IPR”] has become important in business and commerce especially in the software industry, entertainment industry, hospitality industry, sports business, etc. Hence, The Chamber of Tax Consultants has organised a full day seminar on Applicability of VAT and Service Tax on IPR and IPR related transactions (viz., Trademark, Copyrights, Franchise, etc.)

Day, Date & Time : Saturday, 12 December, 2015, 9.00 am to 4.30 pmVenue : Terrace Hall, West End Hotel, Next to Bombay Hospital, New Marine Lines, Mumbai-400 020

Subjects Speakers

Study of Applicability of Service Tax and VAT on IPR and IPR related transactions

CA Parind Mehta & CA Divyesh Lapsiwala

Brains’ Trust Session Trustees : Mr. V. Sridharan, Senior Adv. & Mr. C. B. Thakkar, Adv.

Fees:Members: ` 1,500/- + ` 218/- (14.5% Service Tax) = ` 1,718/-Non-Members: ` 1,650/- + ` 239/- (14.5% Service Tax) = ` 1,889/-Student Members: ` 1,000/- + ` 145/- (14.5% Service Tax) = ` 1,145/-(Fees include the cost of background material, refreshment & lunch)

INDIRECT TAXES COMMITTEE

FULL DAY SEMINAR ON DIRECT TAXES AT “AURANGABAD” JOINTLY WITH AURANGABAD BRANCH OF WIRC OF ICAI AND

AURANGABAD TAX PRACTITIONERS ASSOCIATION The Membership & Public Relations Committee is pleased to announce Full Day Seminar On Direct Taxes. The Details are as under :

Day & Date : Saturday, 12th December, 2015

Time : 10.00 am to 5.00 pm

Venue : ICAI Bhavan, Near MIT College, Beed Bypass, Aurangabad-431004

Sr. No.

Subjects Speakers

1. HUF & Tax Planning (Covering Concept, Formation, Nucleus, Relevance & Importance in Tax Planning, Practical Issues Care, etc.)

Shri Vipul Joshi, Advocate & Past President

2. Income u/s. 56(2) (Covering all clauses & sub clauses in the section, exhaustive impact of Sec. 142 A on certain clauses & Explanation to Section 68 etc.)

Shri Rahul Sarda, Advocate

3. Taxation of Builders & Developers (Covering Sec. 43 CA, Sec. 50C, Amendment Secs. 269SS & 269T, Issues in exemption and deduction and Practical issues etc.)

Shri Paras Savla, Advocate

4. Issues in ICDS (Covering Impact of ICDS on Business & Profession, Practical Issues, major differences with the AS etc.)

CA Vyomesh Pathak

MEMBERSHIP & PUBLIC RELATIONS COMMITTEE

Chairman : Hemant Parab Vice Chairman : Abhay Arolkar Convenors : Natwar Trivedi, Lalit Panchal Advisor : Parimal Parikh


RESIDENTIAL REFRESHER COURSE & SKILL DEVELOPMENT COMMITTEEChairman : Shailesh Bandi Vice Chairperson : Charu Ved

Advisor : Kishor Vanjara Convenors : Mehul Sheth, Pranav Jhaveri

RRC Dates : Thursday, 18th February, 2016 to Sunday, 21st February, 2016

Delegate Fees Inclusions:

• 3 Nights / 4 Days accommodation on double occupancy basis in Standard AC rooms

Basic Fees ` 14,450/- • All meals starting with lunch on Thursday (18th February, 2016) & ending with Lunch on Sunday (21st February, 2016)

Add: Service Tax @ 14.5% ` 2,095/- • Course material

Total ` 16,545/- • Entertainment & Gala Dinner

• Free access to Health Club and Swimming Pool at Dasvino Club

Interested Members may download the “Form” from The Chamber’s website www.ctconline.org or may collect it from The Chamber’s office and send it along with the cheque in favour of “The Chamber of Tax Consultants.” Outstation members are requested to send

the DD/At Par cheque. Visit www.ctconline.org to avail the facility of ONLINE PAYMENT

39TH RESIDENTIAL REFRESHER COURSE, MERCURE LAVASA, ACCOR GROUP OF HOTELS, LAVASA & LAVASA INTERNATIONAL CONVENTION CENTRETHURSDAY, 18TH FEBRUARY, 2016 TO SUNDAY, 21ST FEBRUARY, 2016

Sr. No. Particulars

1. Go Live with Luminaries

Mr. Arvind Sonde, Adv. will have Live talk with Mr. Y. P. Trivedi, Sr. Adv.& Past President and Mr. S. E. Dastur, Sr. Adv. & Past President.

This Session will be an anchored talk show where both the Luminaries will share their experiences in “Attainment of Excellence” in person with the Anchor and the Delegates.

2.

I

Group Discussion Faculties

Select Case Studies - Moot Court Approach - Session to be conducted and concluding remarks

Mr. Hiro Rai, Advocate

(Each group will discuss the Case Studies and select their representatives who will argue the cases before the Bench (Moot Court)– benefitting all the participants with the arguments for and against an assessee)

II Unearned Income u/s. 56(2)(vii), (viia), (viib) r.w.s Explanation to Section 68 and its related Valuation Principles

CA Jagdish Punjabi

III Tax and Stamp Duty Issues of Contemporary Topics – Including, Joint ventures / Unincorporated Entities /SPVs, Private Trusts, Business Restructuring, etc.

CA Anup Shah

3. Presentation

The Critical Analysis and Issues in ICDS vis-à-vis Accounting Standards and Income tax Act

CA Yogesh Thar

4. Brains’ Trust : Direct Tax CA Rajan Vora Mr. Vipul Joshi, Advocate

Limited Seats are available

Sr. No.

Subject Discounted Price

Publisher Edition

1 Transfer Pricing ` 1,000/- CTC 2014

2 GST – Awareness, Creation, Education and Preparation (The Chamber’s Journal)

` 100/- CTC November 2015

Publications for Sale


LECTURE MEETING ON SECTION 14A – THE UNENDING AND UNPREDICTABLE JOURNEY

FULL DAY SEMINAR ON CAPITAL GAINS

DIRECT TAXES COMMITTEEChairman : Ketan Vajani Vice Chairman : Mandar Vaidya

Convenors : Dinesh Poddar, Rahul Sarda Advisor : K. Gopal

Section 14A of the Income-tax Act has been instrumental in generating tremendous litigation over period of years. Rule 8D has also added multi-dimensional complex issues to this. The views of the judiciary have been divergent and have been moving from one end to the other on various issues arising from this one small piece of legislation. Whether the section applies in case of shares held as stock-in-trade or held as strategic investments in group concerns, whether interest on borrowing can be disallowed in a case where there is no direct nexus of the borrowed funds with the investments made, whether there can be disallowance in absence of any exempt income, whether and in what manner the section applies to other exempt incomes, etc., are the issues which keep on bothering the professional at regular intervals.

With a view to address the above issues and understand the legal aspects of the matter, the Direct Taxes Committee of the Chamber has thought it appropriate to have a Lecture Meeting on the topic which is unending and also unpredictable in the controversial issues. Eminent faculty will address the issues. The details of the same are as under:

Day & Date : Friday, 22nd January, 2016 Time : 6.00 pm to 8.00 pm Topic : Section 14A – The Unending and Unpredictable Journey Speaker : CA Yogesh TharVenue : Walchand Hirachand Hall, 4th Floor, Indian Merchants’ Chambers, Churchgate, Mumbai-400 020

Various issues arising in the section will be discussed. An attempt will be made to find a probable solution to many problems encountered. Members are requested to attend the above Lecture Meeting in large number and take advantage of the same. Programme will be followed by Questions & Answers. The members are also requested to send their queries on the topic at the office of the Chamber in advance. An attempt will be made to cover maximum queries and difficulties during the course of the meeting.

“Capital Gains” is one of the most controversial areas of Direct Taxes. There are issues arising in all the areas of this chapter right from the definition of Capital Asset to Exemptions, Deeming Fictions, Computation mechanism etc. Judicial views are also divided on various complex matters.

Considering the relevance of this evergreen and ever complex subject, the Direct Taxes Committee is organising a full day Seminar on Capital Gains. All the major areas of the subject will be covered. The discussion will be issue based and will aim to cover all the controversies of recent past. The Seminar will be useful to the Members and also students pursuing the chartered accountancy and law.

The details of the Seminar are as under:

Broad Areas : • Fundamentals of Capital Gains, covering Section 2(14), Section 45, Section 47, Section 48, Section 49, Section 55 & Section 55A.

• Capital Gains on Shares and Securities

• Capital Gains on sale on immovable properties

• Deeming fictions covering Section 50, Section 50B, Section 50C, Section 50D, Section 56(2) etc.

• Exemptions covering Sections 54, 54F, 54EC etc.Day & Date : Saturday, 16th January, 2016 Time : From 9.30 am to 5.30 pm Venue : Terrace Hall, West End Hotel, Near Bombay Hospital, New Marine Lines, Mumbai-400 020.Faculties : CA Anil Sathe, CA Gautam Nayak, CA Sanjay Parikh (*)Fees : For Members : Up to 31-12-2015 - ` 1,500/- ` 218/- Service Tax 14.5% = ` 1,718/- After 31-12-2015 - ` 1,600 + ` 232/- Service Tax 14.5% = ` 1,832/- For Non Members : ` 1,800 + ` 261/- Service Tax 14.5% = ` 2,061/-(*) Subject to confirmation


Chairman : Kishor Vanjara Co-Chairman : Deepak R. Shah Convenor : Ashok Manghnani Members : Harsh Bajaj, Narayan Pasari, Nikita R. Badheka, Parimal Parikh, Pradip Kapadia, Pranay H. Marfatia, Shardul Shah

CONFERENCE COMMITTEE

TAXCON 2015 THEME : “CONFLICTS AND CONVERGENCE IN TAX LAWS”

Due to unavoidable circumstances, the TAXCON 2015 has been postponed to 8th & 9th January 2016, a unique joint endeavour of all leading Associations of Tax Professionals of Mumbai and Western India. This joint effort of CTC, AIFTP (WZ), BCAS, STPAM and WIRC of ICAI is a symbol of spirit of comradeship amongst all Five Associations and aims at showcasing a seminar with unique features and topics, which are of interest to all tax professionals, whether practising direct taxes or indirect taxes, and gives a not-to-miss opportunity to all concerned.

The details are as under:-

Day & Date : Friday & Saturday, 8th & 9th January, 2016Time : 10 am to 6.00 pm (Friday) 9.30 am to 4.30 pm (Saturday)Venue : Khimji Kunverji Vikamsey Auditorium, ICAI Towers, Gr. Floor, G Block, Next to Standard Chartered Bank,

Bandra Kurla Complex, Bandra (E), Mumbai-400 051Fees : ` 2,950/- (inclusive of Service Tax, Conference Materials, breakfast, lunch and tea on both days)

Friday, 8th January, 2016Inauguration and Keynote Address: Eminent Personality

Subject FacultySale, Service or Works Contract (Inclusive EPC Contracts)i) Service Tax & VAT CA Sunil Gabhawalla, Mumbaiii) Income Tax Eminent FacultyUpdate on GST Shri Dilip Dixit, PuneIntricate issues of Business Restructuring i) Income Tax CA Anup Shah, Mumbaiii) VAT & Service Tax Eminent Faculty

Saturday, 9th January, 2016

Subject FacultyICDS - Unsettling Settled Laws? CA. Pinakin D. Desai, MumbaiPanel Discussion – Controversies in Real Estate TransactionsModerator - CA. Yogesh Thar, MumbaiPanellists –i) Income Tax Eminent Facultyii) VATiii) Service Tax

Shri P. C. Joshi, Advocate, MumbaiShri Shailesh Sheth, Advocate, Mumbai

Brains’ Trust Session Trustees -i) Income Tax Shri Hiro Rai, Advocate, Mumbaiii) Service Tax Shri Vikram Nankani, Sr. Advocate, Mumbai (*)iii) VAT Shri Vinayak Patkar, Advocate, Mumbai

(*) Subject to confirmation

Please send your enrolment along with a cheque / demand draft of ` 2,950/- in favour of “The Chamber of Tax Consultants”. Interested Members may download the “Form” from The Chamber’s website www.ctconline.org or may collect it from The Chamber’s office and send it along with the cheque in favour of “The Chamber of Tax Consultants.” Outstation members are requested to send the DD/At Par cheque. Visit www.ctconline.org to avail the facility of ONLINE PAYMENT

Note:- 1) Only 250 participants will be enrolled on first-come-first served basis. 2) Delegates are requested to send queries for Brains’ Trust/ Technical session by 15th December, 2015 by e-mail at

[email protected]


LECTURE MEETING ON TDS PROCEDURES



Tax Deduction at Source is an onerous duty cast by the legislation on an assessee. The deductor, while acting as an agent of the Treasury, also carries the burden of interest and penalties for the lapse in complying with the procedures on given due dates. If the Returns are not filed within the due dates, additional filing fees levied under section 234E is additional burden on the deductors. The procedures are cumbersome and there are many practical difficulties faced while filing the TDS Returns or making correction in the returns filed. There are frequent changes/updates in the utilities for filing the TDS Returns which adds to the troubles of the deductors. With a view to resolve these practical difficulties, the Direct Taxes Committee of the Chamber has been organising an interactive lecture meeting with the officials of the TDS wing of the Department and NSDL. This regular feature of the Chamber has proved to be useful over the period of years and has given solutions for various difficulties faced. At times, it has been also helpful in sharing our difficulties with the Department and drawing their attention on the problems so as to attain some solution for the same. Encouraged with the past response and feedback of the members, a Lecture Meeting on TDS Procedures has been organised. The details are as under:

Day & Date : Wednesday, 23rd December, 2015

Time : 5.45 pm to 8.30 pm

Speakers : CA Mahendra Sanghvi

Representative from TDS wing of Income-tax Department Representative from TRACES (subject to confirmation)

Venue : Walchand Hirachand Hall, 4th Floor, Indian Merchants’ Chambers, Churchgate, Mumbai-400 020

Various issues, including the following will be addressed during the meeting : • Prosecution Notices issued by TDS wing • Difficulties in TDS credit for various reasons • Procedure to file the TDS Returns online (with digital signature) • Correction of wrong PAN and its implications • Demands arising on account of incorrect PAN and measures to avoid the same• Rectification on account of levy of interest • Issues related to branch-wise TAN and salary deductions in different branches• Issues relating to Challan splitting • Issues relating to wrong code on challans and wrong Assessment Year• Status of Refund on account of excess payments • Changes made by TRACES in their programme and website in recent pastMembers are requested to attend the above Lecture Meeting in large numbers and take advantage of the same. Programme will be followed by Questions & Answers. The Members are also requested to send their queries on the topic at the office of the Chamber in advance. An attempt will be made to cover maximum queries and difficulties during the course of the meeting.


Chairman : Hemant Parab Vice Chairman : Abhay Arolkar Convenors : Natwar Trivedi, Lalit Panchal Advisor : Parimal Parikh Co-ordinator : * CA M.D. Prajapati, Mobile No. 9819049891 Seminar Co-ordinator : * CA. Bharat Joshi, Mobile No. 9824086800

HALF DAY SEMINAR ON “ALLIED LAWS” AT VALSAD We are pleased to announce Half Day Seminar on ” ALLIED LAWS ” at VALSAD jointly with Vapi Branch of WIRC of ICAIDay & Date Time : Thursday, 28th January, 2016, 10.00 am to 2.00 pmVenue : Atul Club, Atul Ltd, National Highway No. 8, Valsad, Gujarat

Subjects SpeakersLabour Laws (Understanding & Issues under ESI, Bonus & Gratuity) Mr. Ramesh Soni, (Management Consultant)Digital Smart use of Technology by CAs CA. Mitesh V. Katira

* For registration please contact Co-ordinator of program


WORKSHOP ON DIRECT TAXES (JOINTLY WITH THE MALAD CHAMBER OF TAX CONSULTANTS)



The relevant details of the Workshop are as under :Day & Date : Saturdays, 5-12-2015, 12-12-2015 and 19-12-2015 • Sundays, 6-12-2015, 13-12-2015 and 20-12-2015Time : Saturdays, 5 pm to 8 pm • Sundays, 10 am to 1 pm Venue : Conference Hall, N. L. College, S. V. Road, Malad (West), Mumbai-400 064

Sr No.

Topic Speaker

1 Issues under the head Profits & Gains from Business or Profession including impact under Section 14A

CA Ashok Mehta

2 Presumptive Taxation 44AD & 44AE CA Paresh Vakharia

3 Capital Gains Related to Real Estate Transactions/Impact u/s. 50C including exemptions u/ss. 54, 54F, 54EC

Mr. Rahul Hakani, Advocate

4 Issues under TDS / TCS including TDS on Real Estate Transactions CA Atul Suraiya

5 Issues under Section 195 CA Naresh Ajwani

6 Reassessment CA Mahendra Sanghvi

7 Issues under Sections 56 to 58,Issues relating to sections 68 to 69B and Deemed Income u/s. 2(22)e

CA Reepal Tralshawala

8 Issues relating to Builders Income including Income on unsold stock CA Jagdish Panjabi

9 Capital Gain vs. Business Income relating to Shares & Securities etc Mr. Mandar Vaidya Advocate

10 Appeals Proceedings before CIT Appeals Mr. Ajay Singh, Advocate

11 Tax Planning through HUF & Family Settlement Mr. Vipul Joshi, Advocate

12 Recent Important decisions on Direct Taxes CA Rajesh Kothari

Fees : For Members – ` 2,250/- + Service Tax 14.5% ` 326 = ` 2,576/- For Non-members – ` 3,250/- + Service Tax 14.5% ` 471 = ` 3,721/- (includes Refreshments, Tea/Coffee and Course Material)

Interested Members may download the “Form” from The Chamber’s website www.ctconline.org or may collect it from The Chamber’s office and send it along with the cheque in favour of “The Chamber of Tax Consultants.” Outstation members are requested to send

the DD/At Par cheque. Visit www.ctconline.org to avail the facility of ONLINE PAYMENT

MEMBERSHIP & PUBLIC RELATIONS COMMITTEEChairman : Hemant Parab Vice Chairman : Abhay Arolkar

Convenors : Natwar Trivedi, Lalit Panchal Advisor : Parimal Parikh

SELF AWARENESS SERIES (ONLY FOR SAS MEMBERS) The Details are as under :

Day & Date : Tuesday, 8th December, 2015 Wednesday, 6th January, 2016

Time : 5.40 pm to 6.00 pm (Snacks); 5.45 pm to 6.00 pm (Fellowship & Snacks) 6.00 pm to 8.00 pm (Meeting) 6.00 pm to 8.00 pm (Lecture followed by questions & answers)

Venue : CTC Conference Room, 3, Rewa Chambers, CTC Conference Room, 3, Rewa Chambers, Ground Floor, New Marine Lines, Mumbai – 400 020 Ground Floor, New Marine Lines, Mumbai – 400 020

Subject : Cause and Control of Diabetes and Heart Disease “Eat Healthy – Live healthy”

Speaker : Dr. Balkrishna V. Khare Mr Madhav Joshi, (Trained nutrition expert & has delivered various lectures on healthy living)


Chairman : R. P. Garg Vice Chairman : Suhit AggarwalHon. Jt. Secretaries : Vijay Gupta, Sapna Gupta (Ms.) Hon. Treasurer : Gaurav Garg

Advisor : V. P. Verma

CTC - DELHI CHAPTER

FULL DAY SEMINAR ON ‘CASE STUDIES ON SECONDMENT AND EXPATRIATE - TAXATION & REGULATORY ISSUES FROM

BOTH EMPLOYER’S AND EMPLOYEE’S PERSPECTIVE’

The Objective of the Program is to impart knowledge on Secondment and Expatriate - Taxation & Regulatory issues from both Employer’s and Employee’s Perspective - with increased internationally mobility, the Company (both in the home and host countries) face challenges /risks for the PE, POEM in India, Transfer Pricing; and the Expatriate employees face tax issues/compliances, and need to comply with host country’s other regulations such as immigration laws, exchange control regulations, social security cost etc.

It is always an endeavour of the Delhi Chapter of CTC to equip the participants to take on the challenges thrown by rapid changes in various laws by covering wide spectrum of relevant topics with unique practical approach.

In line of above, we are pleased to announce a program on ‘Secondment and Expatriate - Taxation & Regulatory issues from both Employer’s and Employee’s Perspective’ covering through case studies mode.

Who should attend

Chartered Accountants, CFOs, Senior Executives handling Finance and Tax functions, Corporate/General/In-house Counsel, Company Secretaries, Cost Accountants, Professional Advisers, Law Firms & Consultants, Tax Professionals

Programme detailsDay, Date & Time : Saturday, 12 December, 2015; 10.00 am to 5.00 pmVenue : India International Centre, Conference Room No. 2, Main Building, Max Mueller Marg, Lodhi Estate, New Delhi-110 003

Sr. No. Sessions/Topic Speakers

1. Expatriates – Residential Status, Critical Tax Issues CA Paresh Parekh

2. Tax and Regulatory Issues arising on account of secondment of employees to India (from an employer’s perspective)

CA (Ms.) Surabhi Marwah

3. Expatriates – Social Security, Provident Fund, and Regulatory aspects CA Vikas Garg

4. Secondment of Employees Case Studies CA Puneet Gupta

5. Black Money Law implications on Expatriates

Fees:

Members : ` 1,100 (Fee ` 961 + Ser. Tax ` 134 + Swachh Bharat Cess ` 5)

Non-Members : ` 1,500 (Fee ` 1,310 + Ser. Tax ` 183 + Swachh Bharat Cess ` 7)

Student Members : ` 750 (Fee ` 655 + Ser. Tax ` 92 + Swachh Bharat Cess ` 3)

(Fee includes Tea, Snacks and Lunch)

Think Or Sink by Gina Mollicone Long published by Embassy Books, Mumbai.The below quotes are written by bestselling author Ms Priya Kumar especially for The Chamber of Tax Consultants. Priya Kumar is one of India’s leading motivational speaker and she is the bestselling author of award winning books including I AM ANOTHER YOU, LICENSE TO LIVE and I WILL GO WITH YOU. Her last book DREAM, DARE, DELIVER is a biography on Subhasish Chakraborty, the founder of DTDC Couriers. She has also written a book of original quotes called THINKING ALOUD. Her books are published and available with Embassy Books, Mumbai.

1. If you are creative enough, fun enough, playful enough....you can get through to anybody !!!

2. Whatever direction you are headed in has a destination. You will get to the consequence of your actions.

3. There is redemptive power that making a choice holds. Make a choice! Make a Decision! From that point on the universe will get out of your way.

4. There’s divinity and greatness in everyone. In failing to see it in others is to disconnect with the force that holds our happiness.

5. We know all the answers, but we live in denial of our own true existence, burying with it our greatness and divinity as we do.

6. If you don’t like the rain, rise above the clouds.

7. We have a natural instinct of seeing through people and tuning into their hearts and souls. We see the truth and yet we overlook it.

8. What you do—you become. Your doing is an extension of your purpose, or for some, an extension of their confusion.


FELICITATION FUNCTION OF PAST PRESIDENT AT CTC - DELHI CHAPTER

CTC - Delhi Chapter has organised full day seminar and felicitation function on 16th January 2016.

The Chamber is felicitating Shri V. P. Verma, our beloved Past President & Present Advisor to Delhi Chapter for his unparallel milestones and charting glorious path, a journey that immensely enriched the tax profession in general and

the CTC in particular.

We have organised the function as a mark of our respect and gratitude towards him. President & Managing Council Members invite you to join us to this felicitation function and grace the occasion.Day & Date : Saturday, 16th January, 2016Time : 10.00 am to 11.30 amVenue : India International Centre, Conference Room No. 2, Main Building, Max Mueller Marg, Lodhi Estate, New Delhi-110 003

Chairman : R. P. Garg Vice Chairman : Suhit AggarwalHon. Jt. Secretaries : Vijay Gupta, Sapna Gupta (Ms.) Hon. Treasurer : Gaurav Garg

Advisor : V. P. Verma

CTC - DELHI CHAPTER

FULL DAY SEMINAR ON PREVAILING INDUSTRIES ISSUES/CONCERNS AND CASE STUDIES ON COMPANIES ACT 2013 & FELICITATION FUNCTION

OF OUR PAST PRESIDENT SHRI VED VERMA

The Seminar ObjectiveTo impart knowledge on prevailing industries issues/concerns and Case studies on Companies Act, 2013 covering1. Structuring of Inbound Investments - Interplay with/restrictions under the Companies Act, 2013 and FEMA/FDI Policy and

2. Loans & Advances; Related Party Transactions; Deposits; Compliances/Disclosures

Who should attend?

Chartered Accountants, CFOs, Senior Executives handling Finance and Tax functions, Corporate/General/In-house Counsel, Company Secretaries, Cost Accountants, Professional Advisers, Law Firms & Consultants, Tax Professionals

Programme details

Day, Date & Time : Saturday, 16 January, 2016; 09.30 am to 5.00 pm

Venue : India International Centre, Lecture Room No. 1, Annexe Building, Dr. K.K. Birla Lane, Max Mueller Marg, Lodhi Estate, New Delhi – 110 003

Sr. No. Sessions/Topic Speakers

2 Prevailing industries issues/concerns and Case studies on Companies Act 2013:

1. Structuring of Inbound Investments - Interplay with/restrictions under the Companies Act 2013 and FEMA/ FDI Policy and

2. Loans & Advances; Related Party Transactions; Deposits; Compliances/ Disclosures

Mr. Lalit Kumar, Advocate

Mr. Harish Kumar, Advocate

Fees :

Members: ` 1,100 (Fee ` 961 + Ser. Tax ` 134 + Swachh Bharat Cess ` 5)Non-Members: ` 1,500 (Fee ` 1,310 + Ser. Tax ` 183 + Swachh Bharat Cess ` 7)

Students Members: ` 750 (Fee ` 655 + Ser. Tax ` 92 + Swachh Bharat Cess ` 3)

(Fee includes Tea, Snacks and Lunch)


Chairman : Rajiv Luthia Vice Chairman : Vikram MehtaConvenors : Narendra Soni, Akhil Kedia, Atul Mehta Advisor : A. R. Krishnan Course Co-ordinator : Pranav Kapadia

Workshop on MVAT Act, Service Tax & Allied Laws Jointly with AIFTP (WZ), BCAS, CTC, MCTC, STPAM and WIRC OF ICAI

Dear Members,

We are happy to announce “Workshop on MVAT Act, Service Tax & Allied Laws” jointly with AIFTP (WZ), BCAS, MCTC, STPAM and WIRC of ICAI to be held from 5th December, 2015 to 30th April, 2016.

Days : Saturdays

Timing : For Single Lecture Time - 2.30 pm to 5.30 pm & for Two Lectures Time – 2.00 pm. to 5.30 pm

Venue : STPAM Library Hall, 1st Floor, R. No. 104, Vikrikar Bhavan, Mazgaon, Mumbai-400 010.

Delegates : Members ` 2,280/- (incl. of Service Tax), for the members of AIFTP (WZ) BCAS, CTC, MCTC, STPAM, WIRC of ICAI, Non-Member ` 2,850/- (incl. of Service Tax) (The fees includes Service Tax, Study Material if any, Refreshments)

Day & Dates (Saturdays)

Subject

5-12-2015 Issues in Refunds, Audits, Assessments under MVAT and CST Acts Mr C. B. Thakar, Adv19-12-2015 Issues in Taxation of Builders and Developers under MVAT Act Mr Deepak Bapat, Adv

Issues in Taxation of Builders and Developers under Service Tax CA. Manish Gadia16-1-2016 Issues in Input Tax Credit w.r.t. Rules 53 and 54 under MVAT Act CA. Kiran Garkar30-1-2016 Issues in Works Contract Transactions under MVAT & CST Acts CA. Mayur Parekh

Issues in Works Contract Services, Erection & Commissioning Services, etc. under Service Tax CA. Vikram Mehta

6-2-2016 Issues in Taxation of Intangible Goods & Leasing/Franchisee Transactions under MVAT and

CST Acts

CA. Sujata Rangnekar

Issues in Taxation of Intangible Goods & Leasing/Franchisee Transactions under Service Tax CA. Bharat Shemlani20-2-2016 Issues in Branch Transfers, Sales in Transit and High Seas Sales under CST Act CA. Rajat Talati5-3-2016 Issues in Interest, Penalties and Show Cause Notices under MVAT and CST Acts Mr. Ashvin Acharya, Adv

Drafting of appeal under MVAT/ CST CA. Jayesh Gogri19-3-2016 Issues in Definition of Services, Exempt & Declared Services CA. Sunil Gabhawalla

Issues in Valuation of Services, Abatement & Reverse Charge Mechanism CA. Ashit Shah2-4-2016 Issues in Place of Provision of Service Rules, 2012 CA. Girish Raman

Issues in Point of Taxation Rules, 2011 CA. Rajiv Luthia16-4-2016 Issues in CENVAT Credit Rules under Service Tax CA. Naresh Sheth30-4-2016 Constitutional Amendments & Overview of GST Act Eminent Speaker

Inter-State Transactions under GST Eminent Speaker

INDIRECT TAXES COMMITTEE

MEMBERSHIP DRIVE - INVITATION “EACH ONE BRING ONE”

Dear Members,While as a fellow professional one strives to excel in our glorious profession, the Chamber provides an apt platform to achieve this objec-tive in the times when there is constant need to upgrade technical skills to keep pace with rapid changes in laws and economy.The membership of the Chamber of Tax Consultants not only offers you its Journal and opportunity to participate in various programs but also offers an opportunity to meet and network with other professionals and expand your circle of acquaintance.As a Membership drive, the CTC announces half yearly Ordinary Membership for the period 1-10-2015 to 31-03-2016 & fees will be ` 1088/- (including service tax) and admission fees ` 229/- (including service tax).We request you to kindly inform your friends and colleagues to take the benefit of the half yearly membership.We solicit your co-operation for the Membership Drive of the CTC.Thanks & Regards,

Avinash Lalwani Hemant ParabPresident Chairman – Membership & PR Committee


Chairman : Hemant Parab Vice Chairman : Abhay Arolkar Convenors : Natwar Trivedi, Lalit Panchal Advisor : Parimal Parikh


WORKSHOP ON TAXATION OF FOREIGN REMITTANCES 22ND & 23RD JANUARY, 2016

The Workshop

The International Taxation Committee is pleased to announce the 3rd Intensive and detailed Workshop on the practical as well as procedural aspects of TDS on Foreign Remittances including the understanding of the application of the tax treaty. It will be spread over two days with around eight technical sessions.

While making payments to non-residents, payers have an onerous liability to deduct correct tax at source. Incorrect deduction invites severe penal consequences. The law is constantly expanding. There are several court precedents, some of them conflicting. In this situation, the committee has thought it appropriate to hold this workshop.

Professionals to whom the workshop can benefit

The workshop is designed for professionals with basic knowledge of the subject. The workshop will help professionals in practice and industry to update themselves with the TDS provisions considering recent developments and understanding the Double Tax Avoidance Agreements, OECD and UN commentaries, etc.

Subject coverage

The workshop will include the following:

• Law and procedure for TDS, in depth analysis of sections 195 / 197.

• Practical aspects of application of Double Tax Avoidance Agreement (DTAA) including understanding of various concepts of DTAA.

• Interplay of Section 206AA with other sections and relevant rules.

• Procedural aspects of issue of certificate (Forms 15CA / 15CB), obtaining TRC, declaration in Form 10F, relevant rules, application for lower deduction of tax etc.

The details of the Workshop are as under:

Particulars Speakers

1 Law and procedure applicable to Taxation of Foreign Remittance, applicable Rules Circulars and Provisions of the Treaty, Law, Procedure of TDS provisions for Non Residents

CA Nilesh Kapadia

2 Overviews and Fundamental concepts of the DTAA - Articles 1, 2, 3 and 4; Mechanism of Use of Treaty, Interplay between ITA and Treaty, Priority of Articles, Tax credit mechanism, etc.

CA Rashmin Sanghvi

3 Business Profits Mr. Sanjay Sanghvi, Advocate (*)

4 Royalty CA Shabbir Motorwala

5 Income of Non Residents from Shipping and Aircraft Operation CA Sudhir Nayak

6 Taxation of Interest and Dividend CA Paresh Shah

7 Taxation of Artistes and Sportsmen CA Anil Doshi

8 Taxation of Capital Gains including indirect transfers CA Geeta Jani

9 Fees for Technical Services CA Hitesh Gajaria

(*) Subject to confirmation

Days & Dates Time Venue

Friday, 22nd January, 2016 9.00 am to 5.00 pm Terrace Hall, West End Hotel, New Marine Lines, Mumbai-400 020Saturday, 23rd January, 2016 9.00 am to 5.00 pm

Fees : For Members : ` 3,250/- + ` 472/- (14.5% S. Tax) = ` 3,722/-

For Non-Members : ` 3,750/- + ` 544/- (14.5% S. Tax) = ` 4,294/-

(Inclusive of cost of course material, Snacks, Tea/Coffee and Lunch)

INTERNATIONAL TAXATION COMMITTEE

Chairman : Naresh Ajwani Vice Chairman : Ramesh Iyer Convenors : Ganesh Rajgopalan, Varsha Galvankar, Kartik Badiani Co-ordinator : Jay Kalra

Interested members may download the “form” from Chamber’s website www.ctconline.org or may collect it from Chamber’s office and send it along with the cheque. Outstation members are requested to send DD/at Par Cheque.


HALF DAY VISIT AT NATIONAL STOCK EXCHANGEStock exchanges are essential part of today’s financial market. Hence it has become essential to be aware about the activities of stock exchange, its role in the today’s market and do’s & don’ts of share market.

With a view to help the Student/Member, The Students Committee of The Chamber of Tax Consultants has arranged a half day visit at National Stock Exchange, BKC on Friday, 8th January, 2016 @ 10.00 am to 3.00 pm.

Programme Timing FacultiesIntroduction to capital market, Introduction to Stock Exchanges, brief introduction of NSE

10.00 am to 11.40 am

Various eminent faculties & officers from NSE

Various products of NSE – IPO, Listing, Secondary Market, delisting, etc.

Tea break 11.40 am to 12.00 pmTrading in various segments – Cash segment, Stock Derivative, Index Derivative, and currency derivative Do’s & don’ts in market

12.00 Noon to 2.10 pm

Various eminent faculties & officers from NSE

Lunch 2.10 pm to 3.00 pm

Delegate fee includes Tea/ Coffee, biscuits & Lunch inclusive of service tax for students/Members is as below:

Registered Students (Member) ` 200/- Enroll on or before 4th January, 2016

as there are limited SeatsMember ` 250/-Non Registered Student / Member ` 330/-

Members are requested to give information to article trainee to take advantage of this unique opportunity and enrol on or before the last date i.e. Monday, 4th January, 2016. Participants are required to carry an ID Proof.

Chairman : Parimal Parikh Vice Chairmen : Aalok Mehta, Dinesh Tejwani Convenors : Ashok Mehta, Bhavik Shah Advisors : A. S. Merchant, Ninad Karpe



HALF DAY SEMINAR ON LABOUR LAWS (JOINTLY WITH BCAS) We are pleased to announce that Allied Laws Committee of Chamber jointly with Bombay Chartered Accountants Society is organising half day Seminar on “Labour Laws”.

The Seminar Objective In view of numerous amendments and disputes and litigation at various forum, the knowledge of labour laws is of paramount importance. The learned speakers will apprise the participants about the recent amendments and controversy in the labours laws.

Who Should Attend The seminar would be beneficial to the entire professionals in practice or in industries.

The relevant details of the workshop are as under:Day & Date : Saturday, 23rd January, 2016Time : 3.00 pm to 7.00 pmTopics & Speakers : Topics Speakers 1) ESI, Bonus and Gratuity Act Shri Ramesh Soni Shops and Establishment Act 2) PF Act, Maternity Benefit Act Shri Talakshi R. Dharod Sexual Harassment ActFees : For Members – ` 800/- + ` 116/- Service tax 14.5% = ` 916/- For Non-Members ` 1,000/- + ` 145/-

Service Tax 14.5% = ` 1,145/- (includes Snacks, Tea/Coffee and Course Material)Venue : BCAS, 7, Jolly Bhawan 2, New Marine Lines, Mumbai-400 020.

All members are requested to enrol for this seminar at the earliest so as to avoid disappointment.

Interested Members may download the “Form” from The Chamber’s website www.ctconline.org or may collect it from The Chamber’s office and send it along with the cheque in favour of “The Chamber of Tax Consultants.” Outstation members are requested to send the DD/At Par cheque. Visit www.ctconline.org to avail the facility of ONLINE PAYMENT

STUDENT AND IT CONNECT COMMITTEE


UNDERSTANDING STARTUP INVESTMENTS

The Student and IT Connect Committee has organised a meeting on “Understanding startup investments”. What it will coverThe session will cover startup evaluation, walk through of deal process and how terms are set, the regulatory issues and also thoughts on way forward to make a better startup ecosystem Who should attendCA’s , tax professionals and corporate executives who wish to understand investments in StartUpsWhy this seminarToday, more than ever, entrepreneurship and innovation is thriving in India. More youth want to take path of entrepreneurship than take up regular jobs. Most of the start-ups are technology driven and have potential to be disruptive. They rely on angel in-vestors, venture fund and private equity to create and sustain their venture till it achieves scale. The seminar will help understand the investment process in startups

Date and time : Thursday, 21 Jan. 2016 | 5.30 pm to 8.30 pmVenue : Kilachand Hall, 2nd Floor, Indian Merchant Chamber, Churchgate, Mumbai - 400 020Speakers : Mr. Deepak Gupta, Co-founder Equity Crest, Ex Investment Director of Intel Capital

Mr. Suhas Baliga, Pricipal at Innove LawFees : Members: ` 400 + ST ` 58 = ` 458

Non-Members: ` 600 + ST ` 87 = ` 687

STUDENT AND IT CONNECT COMMITTEE Chairman : Parimal Parikh Vice Chairmen : Aalok Mehta, Dinesh Tejwani

Convenors : Ashok Mehta, Bhavik Shah Advisors : A. S. Merchant, Ninad Karpe

Interested members may download the “form” from Chamber’s website www.ctconline.org or may collect it from Chamber’s office and send it along with the cheque. Outstation members are requested to send DD/at Par Cheque.

1. SUGGESTIONS FOR SIMPLIFYING THE PROVISIONS OF THE INCOME TAX ACT, 1961 The Government of India has set up a Committee to simplify the provisions of the Income Tax Act, 1961, with a comprehensive mandate to study, identify and suggest alternatives/modifications to the existing provisions of the Income tax Act, 1961, so as to bring about simplification, predictability and certainty in tax laws.We request all members to forward their suggestions in this regard by 31st December, 2015. We also welcome any contribution/write up by any member of CTC in this regard.

LAW & REPRESENTATION COMMITTEEChairman : Vipul Joshi Co-Chairman : Mahendra Sanghvi Vice-Chairman : Krish Desai

Convenors : Amrit Porwal, Devendra Jain, Nishtha Pandya Advisor : Y. P. Trivedi

2. IMPORTANT ANNOUNCEMENT IN RESPECT TO CONSTITUTION OF LOCAL COMMITTEE TO DEAL WITH TAX PAYERS GRIEVANCES FROM HIGHPITCHED SCRUTINY ASSESSMENT

We reproduce here below Notice with respect to constitution of Local Committee to deal with Tax Payers Grievances from high–pitched scrutiny assessment, forwarded to CTC by Principal Chief Commissioners of Income Tax for circulation.

NOTICE“In pursuance to the Instruction No. 17/2015 of CBDT, a Local Committee with a senior officer of the Rank of Pr. CIT as its Chairman, has been constituted in Mumbai region to deal with the taxpayers grievances from high–pitched scrutiny assessment completed within the territorial jurisdiction of Principal CCIT, Mumbai along with the central charges.Taxpayers can file their grievance with the office of Principal CCIT, Mumbai with attention marked to the Deputy Commissioner of Income Tax (HQ) (Co-ordination) Mumbai for the redressal of the same by the Local Committee”.We suggest Members to take help of this important grievance machinery to redress their genuine grievance and forward the outcome thereof to CTC for further follow up. Alternatively you may forward your grievances to CTC and CTC will take up the matter before the committee.

3. SUGGESTIONS FOR IMPLEMENTATION FOR ICDC ISSUESThe government has constituted an Expert Committee to examine the implementation issues arising from the notified Income Computation and Disclosure Standards (ICDS), so as to suggest comprehensive guidance/clarification on this matter. The CTC is in the process of submitting its representation in this regard. Members are therefore requested to send their suggestion on this topic to the CTC, Latest by 14th December, 2015. at E-mail id – [email protected]


FEMA STUDY CIRCLE (ONLY FOR FEMA SC MEMBERS)Day & Date : Thursday, 10th December, 2015Time : 6.15 pm to 8.00 pmSubject : Foreign Exchange Regulations in relation to Overseas Investments by Indian ResidentsGroup Leader : CA Rajesh P. ShahVenue : CTC office, 3, Rewa Chambers, Gr Floor, 31, New Marine Lines, Mumbai – 400 020

TRANSFER PRICING STUDY CIRCLE (ONLY FOR TPSC MEMBERS)Day & Date : Friday, 11th December, 2015Time : 6.15 pm to 8.00 pmSubject : Recent Issues and Controversies in Transfer PricingGroup Leader : CA Karishna PhatarphekarVenue : Kilachand Hall, 2nd Floor, IMC, Churchgate, Mumbai-400 020


Chairman : Naresh Ajwani Vice Chairman : Ramesh Iyer Convenors : Ganesh Rajgopalan, Varsha Galvankar, Kartik Badiani Co-ordinator : Rutvik Sanghvi, Jay Kalra & Kartik Badiani

INTENSIVE STUDY GROUP ON INTERNATIONAL TAXATION JOINTLY WITH STUDY CIRCLE (DIRECT TAXES) STUDY CIRCLE ON INTERNATIONAL TAXATION

Day & Date : Monday, 21st December, 2015Time : 6.00 pm to 8.00 pmSubject : US Taxation and Reporting ComplianceGroup Leader : Mr. Parag Patel (Attorney of Law – from USA) Venue : Babubhai Chinai Committee Room, 2nd Floor, IMC, Churchgate, Mumbai- 400 020


Chairman : Naresh Ajwani Vice Chairman : Ramesh Iyer Convenors : Ganesh Rajgopalan, Varsha Galvankar, Kartik Badiani

Chairman : Ashok Sharma Vice Chairman : Dilip Sanghvi Convenors : Dinesh R. Shah, Shreyas N. Shah, Sanjay R. Choksey

Advisor : Mahendra B. Sanghvi

STUDY CIRCLE & STUDY GROUP COMMITTEE

INTENSIVE STUDY GROUP (DIRECT TAXES) MEETING (FOR ISG (DT) MEMBERS ONLY)



Day & Date : Wednesday, 16th December, 2015 Tuesday, 12th January, 2016 Time : 6.00 pm to 8.00 pm 6.00 pm to 8.00 pm Venue : The Chamber’s Conference Room, 3, Rewa

Chambers, Ground Floor, 31, New Marine Lines, Mumbai-400 020

The Chamber’s Conference Room, 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai-400 020

Group Leader : Shri Nishit Gandhi, Advocate Eminent FacultySubject : Recent Important Decisions under Direct Taxes Recent Important Decisions under Direct Taxes

The decisions for the meetings will be emailed to the participants in due course. The Members are requested to study decisions before the meeting so that optimum use can be made of the discussion at the meeting. If any Member is willing to lead the discussion, he may kindly contact the office or the Chairman/Convenors of the Committee. Your active participation in the meetings is desired for the success of the meeting.

Student Study Facility atJoint Bandra Library of CTC, BCAS and WIRC at Income Tax Office, Ground Floor, Building No. C-11, Bandra Kurla Complex,

Bandra (E), Mumbai-400 050. Tel. 022-2657 1556 Librarian : Mr. Rajesh Patil (Mobile: 9172505657) Monday to Friday Timing : 10.00 am to 6.00 pm and is also open on

Saturdays : On request from students at the time of examination, kindly contact the librarian


STUDY CIRCLE & STUDY GROUP COMMITTEEChairman : Ashok Sharma Vice Chairman : Dilip Sanghvi

Convenors : Dinesh R. Shah, Shreyas N. Shah, Sanjay R. Choksey Advisor : Mahendra B. Sanghvi

INDIRECT TAXES STUDY CIRCLE MEETINGS (ONLY FOR IDT SC MEMBERS)

INDIRECT TAXES COMMITTEEChairman : Rajiv Luthia Vice Chairman : Vikram Mehta

Convenors : Narendra Soni, Akhil Kedia, Atul Mehta Advisor : A. R. Krishnan

Day & Date : Tuesday, 8th December, 2015Time : 5.45 pm to 9.00 pm Subject : Interpretation of Statutes with reference to Indirect TaxGroup Leader : Shri Vishal Agarwal, Advocate Venue : 2nd Floor, Babubhai Chinai Committee Room, IMC, Churchgate, Mumbai – 400 020


ALLIED LAWS STUDY CIRCLE MEETINGS (ONLY FOR ALC SC MEMBERS)(1) The Allied Laws Study Circle Meeting is organised to apprise the members about the various practical aspects in Mediation and Conciliation. The details are as underDay & Date : Tuesday, 15th December, 2015Time : 6.00 pm to 8.00 pmSubject : Mediation & ConciliationSpeaker : Mr. Prathamesh D. Popat, Advocate,

Counsel, Accredited & Certified Mediator, Trainer and Advisor

Venue : Kilachand Hall, 2nd Flr, IMC, Churchgate, Mumbai – 400 020

(3) Day & Date : Thursday, 25th February, 2016Time : 6.00 pm to 8.00 pmSubject : Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006)Speaker : CA Abhay ArolkarVenue : CTC Conference Hall, 3, Rewa Chambers, Ground Floor, 31, New Marine, Lines, Mumbai – 400 020

(2) The Allied Laws Study Circle Meeting is organised to to apprise the members about Rules and Regulation, eligibility for claiming Maharashtra State Govt Industrial Subsidy and Professional opportunity available. The details are as under:Subject : Maharashtra State Govt Industrial Subsidy

and Professional OpportunitiesSpeaker : CA G. B. ModiDay & Date : Wednesday, 20th January, 2016Time : 6.00 pm to 8.00 pmVenue : CTC Conference Room, 3, Rewa Chamber,

Ground Floor, 31, New Marine Lines, Mumbai-400 020


STUDY CIRCLE MEETING (ONLY FOR STUDY CIRCLE MEMBERS) Day & Date : Friday, 15th January, 2015Time : 6.15 pm to 8.00 pm Subject : Issues in ReassessmentSpeaker : CA Mahendra Sanghvi Venue : 2nd Floor, Babubhai Chinai Committee Room, IMC, Churchgate, Mumbai – 400 020

STUDY CIRCLE ON INTERNATIONAL TAXATION (ONLY FOR INT STUDY CIRCLE MEMBERS)

Day & Date : Wednesday, 9th December, 2015Time : 6.15 pm to 8.00 pm Subject : Recent Developments in International Tax Law – From Indian cases and International perspective.Speaker : CA Hiral Sejpal Venue : Kilachand Hall, 2nd Floor, IMC, Churchgate, Mumbai-400 020

STUDY GROUP MEETING (ONLY FOR STUDY GROUP MEMBERS) Day & Date : Friday, 18th December, 2015 Day & Date : Monday, 11th January, 2016Time : 6.15 pm to 8.00 pm Time : 6.15 pm to 8.00 pmSubject : Recent Judgments under Direct Taxes Subject : Recent Judgments under Direct TaxesSpeaker : CA Anish Thacker Speaker : CA Yogesh Thar Venue : 2nd Floor, Babubhai Chinai Committee Room, Venue : 2nd Floor, Babubhai Chinai Committee Room, IMC, Churchgate, Mumbai – 400 020 IMC, Churchgate, Mumbai – 400 020


UNREPORTED DECISIONS ON DIRECT TAXBy Ajay R. Singh & Rahul R. Sarda, Advocates

1. Sec. 43(5) – Set-off of carried forward speculation loss against share trading incomeThe assessee set-off its carried forward speculation loss of A.Y. 2002-03 against share trading income for the year under consideration. The AO was of the opinion that the section 43(5) stipulated that derivative transactions would not be deemed to be a speculative transaction w.e.f. A.Y. 2006-07, and hence, carried forward speculation loss could not be set-off against income from such derivative transactions.

Relying on the decision of Bombay High Court in the case of CIT vs. Lokmat Newspapers (P) Ltd. [2010] 322 ITR 43 (Bom.), it was held that the expression “any speculation business” in section 73 meant a speculation business in respect of which profits and gains for the assessment year in question have arisen, and that there was no justification to restrict the content of that speculation business where profits have arisen by excluding a business involving actual delivery of shares. No such restriction was found in the Explanation. Hence, once the assessee was carrying on a speculation business and the profits and gains had arisen from that business during the course of the assessment year, the assessee was entitled to set off the losses carried forward from a speculation business arising out of a previous assessment year.

ITO vs. Clear Channel Mumbai Pvt. Ltd., ITA Nos. 7711/Mum/2012 dated 13/05/2015, A.Y. 2006-07 (ITAT Mumbai)

2. Section 147 – Reopening of assessment – Materials on the basis of which reasons are recordedThe Tribunal, on reading the recorded reasons, came to a conclusion that apart from making a mere reference to information received from the investigation wing, the AO mechanically issued notice under Section 148 of the Act, without coming to an independent conclusion that he has reason to believe that the income has escaped assessment during the AY in question. On appeal before the High Court, the counsel for the Revenue was given time to produce materials on the basis of which assessment was reopened. He submitted that the AO was himself present in the Court and further efforts would be made to locate the materials on the basis of which the AO formed his opinion regarding reopening of the assessment. However, the Court was not prepared to grant further time for this purpose since it was not clear that the materials were, in fact, available with the Department. The main thrust of Department’s submission was that there was specific information regarding the name of the entry provider, the date on which the entry was taken, the cheque details as well as the amount credited to the account of the assessee. He accordingly submitted that this by itself constituted sufficient material for the AO to form an opinion that the “assessee company has introduced his own unaccounted money in its bank account by way of accommodation entries”. In the recorded reasons, the AO stated: “I have also perused various materials and report from Investigation Wing and on that basis it is evident that the assessee company has introduced its own unaccounted money in its bank account by way of above accommodation entries.” Held, by the Court, the above conclusion was unhelpful in understanding whether the AO applied his mind to the materials that he talked about particularly since he did not describe what those materials were. Once the date on which the so called accommodation entries were provided is known, it would not have been difficult for the AO, if he had in fact undertaken the exercise, to make a reference to the manner in which those very entries were provided in the accounts of the assessee. The counsel for the Department took the Court through the order of the CIT(A) to show how the CIT(A) had discussed the materials produced during the hearing of the appeal. The Court observed that this was in the nature of a post mortem exercise after the event of reopening of the assessment had taken place. While the CIT(A) may have proceeded on the basis that the reopening of the assessment was valid, that did not satisfy the requirement of law that prior to the reopening of the assessment, the AO had to, applying his mind to the materials, conclude that he had reason to believe that income of the assessee has escaped assessment. Hence, Tribunal’s order quashing the reassessment was upheld.

Pr.CIT vs. G&G Pharma India Limited, ITA No. 545/2015 dated 8-10-2015, AY 2003-04 (Delhi HC)

3. Section 80-IA – Interest on IT refund, other interest etc. whether eligible for deductionAssessee was engaged in the business of leasing and operating IT parks and SEZ. The main source of its income was lease rental income from operation of these IT parks and SEZ on which tax was deducted at source by tenants. The Assessee received interest on IT refund on which deduction u/s. 80-IA was claimed. The AO disallowed the same on the ground that interest on IT refund could not be said to be “derived from” eligible business. Held by the Tribunal, that the assessee could not receive the gross lease income from the lessees, since the lessees are required to deduct tax at source from the lease rent as per the provisions of the Act. Hence, the non-receipt of the TDS portion of the lease rent was beyond the control of the assessee. However, the Income tax department was constrained to refund a portion of TDS, since the income of the assessee was deductible u/s. 80IA of the Act. On the amount so refunded, the Income tax department had paid interest. Under these sets of facts, refund of TDS amount was held akin to delayed payment of lease rent along with interest and hence the interest amount would partake the character of lease rent, and therefore, the interest thereon was eligible for section 80-IA deduction.

Similarly, interest received by assessee on delayed receipt of lease rentals by tenants was also interest on delayed business receipt, and hence, eligible for deduction under section 80-IA.

Interest on FDR which the assessee was required to make with banks from refundable deposits received from tenants was also held eligible for deduction under section 80-IA on the ground that taking of deposit was out of business compulsion, and hence, integral part of eligible business.

Income by way of sale of tender forms received from sub-contractors for carrying out various works in IT parks and SEZ was held very much part of the development and operation of SEZ and accordingly held that the sale of tender forms shall be eligible for deduction u/s. 80-IA of the Act.

ITO vs. Hiranandani Builders, ITA No. 4613/M/2013 dated 28-10-2015, AY 2009-10 (ITAT Mumbai)

Note: The whole decisions can be downloaded from CTC website www.ctconline.org under knowledge centre.


UNREPORTED DECISIONS ON SERVICE TAX By Vinay Jain, Chartered Accountant

1. What is the taxable event in case of transfer of intellectual property? Whether it is at the time of transfer of technology or every time a periodic payment in form of royalty is made?

The appellants were engaged in the manufacture of dutiable auto components. They entered into an agreement with M/s. Denso, Japan in 2002 for transfer of technology for manufacture of auto components. The consideration was to be paid by appellants to Denso, Japan in the form of upfront lump sum payment and ongoing royalty based on number of products manufactured by the appellants using the said technology. Revenue was of the view that the services of transfer of technology are covered under the taxable category of “intellectual Property Service” w.e.f. 10-9-2004 when the taxable entry was introduced.

The appellants contended that such transfer/permission to use technology had happened much before the service tax was introduced on intellectual property services. The payment for such transfer of technology either in lump sum or over a period in the form of running royalty has no effect on the service tax liability.

The Hon’ble Tribunal relied on the ratio of decision of the Hon’ble Tribunal in case of Modi-Mundipharma Pvt. Ltd. vs. CCE, Meerut 2009 (15) STR 713 (Tri. Del.) and held that the services were rendered when the technology was transferred. The fact that the payment for such services is made in lump sum or made in instalments or based on quantum of sale by the appellant on an annual basis is not relevant to consider as to when the services were actually rendered. Accordingly, the Hon’ble Tribunal set aside the demand of service tax.

M/s. Denso Haryana Pvt. Limited vs. CST, Delhi-III, in appeal No. No. 427 of 2012, decision dated 16-10-2015.

2. Whether income received by the appellant bank under the head “currency conversion mark-up” is taxable under the taxable category of “Banking and Financial Services” when the card is being used by the customer abroad? Whether the Indian service tax authorities have jurisdiction to demand service tax on the services rendered abroad?

The appellants had issued credit cards to various customers in India. When the card holder transacted in a foreign currency using his card in foreign exchange, the VISA system tracked the transaction and debited the customer’s statement in Indian rupees at pre-determined currency conversion rate, which includes mark up. The appellant debited the account of the customer and credited the account of VISA by the entire amount as above in Indian rupees. When VISA made its daily settlements with the appellant, a certain percentage of share of the conversion mark-up was adjusted as payable /receivable to/from VISA. The dispute is relating to the mark up income accrued to the appellant. The Revenue contended that the said mark-up income was in relation to the credit card service covered under the category of taxable service “Banking and other Financial Services” during the period 16-7-2001 to 30-4-2006.

The appellants contended that the services are not covered under the scope of credit card services during the relevant period and also that entire service is rendered, received and consumed outside territory of India and hence cannot be subject to service tax levy.

However, Revenue argued that the mark-up charges are collected from the card holder by the appellant and are directly attributable to the use of credit card. The provider/receiver of service were ordinary resident of India and the consideration for service is settled in India in rupees. Hence, the service is in taxable territory only. The conversion in foreign currency is enabled by usage of card and the revenue accruing to appellant is relatable to card services only.

The Hon’ble Tribunal relied upon the Boards circular dated 9-7-2001 and the decision of the Larger Bench of the CESTAT in case of Standard Chartered Bank and others 2015-TIOL-1713-CESTAT-DEL-LB to hold that that currency conversion charges will not be covered under the taxable entry of “Banking and Financial Services” as existed during the relevant period.

Most importantly the Hon’ble Tribunal also held that the card transaction happened outside India. The service in respect of such transaction is rendered, received and consumed outside India. The card issuing appellant and card holder having normal residence in India is of no consequence for tax liability on service rendered and consumed outside India. For this preposition, the Hon’ble Tribunal also relied upon the decision of the Hon’ble Tribunal in case of Ishikawa-Ima-Harima Heavy Industries Ltd. 2007 (6) STR 3 (SC). (It may be noted that credit card service are recipient based services covered under rule (iii) of the Export/import Rules)

SBI Cards and Payment Services Pvt. Ltd. vs. CST, New Delhi in appeal no 405 of 2009 decision dated 15-10-2015.

3. Whether granting of licence to use the technical information, know-how and trade secret will be covered under the scope of Intellectual property service?

The appellants had entered into an agreement with Unisys Corporation and was granted licence to use the technical information, know-how and system software relating to the manufacture of Document Processing System. The appellants paid royalty to Unisys Corporation. Department, contended that the activity is taxable under the category of “intellectual property service” under reverse charge mechanism.

The Hon’ble Tribunal held that in order to be covered under the definition of banking and financial service the right has to be a specific right under a specific Law. Examples are given under the definition such as the Trade Mark which is a right provided under Trade Marks Act; similarly the right mentioned as design in the definition is a right under the Design Act. However the transfer of technical information, know how as involved in the present case is nowhere established to result from the use of any Intellectual Property Right. The Hon’ble Tribunal further observed that intellectual Property Right not covered by the Indian laws would not be covered under taxable service in the category of “Intellectual Property Right Services”. Reliance was also placed on the Board Circular F. No. 80/10/2004-ST dated 17-9-2004 and also decision of the Hon’ble Tribunal in case of Rochem Separation Systems (India) P. Ltd. vs. Commr. of S.T. Mumbai-I 2015(39) S.T.R. 112 (Tri. Mumbai).

M/s. Tata Consultancy Services Limited vs. Commissioner of Service Tax, Mumbai in Appeal No. ST/90/12 decision dated 9-10-2015.

Note: The whole decisions can be downloaded from CTC website www.ctconline.org under knowledge centre.


Follow us on:

Posted at Mumbai Patrika Channel Sorting Office – Mumbai 400 001.

Date of Publishing 1st of Every Month Date of Posting : 1st & 2nd December, 2015

If undelivered, please return to :

Non-receipt of the CTC News must be notified within one month from the date of publication, which is 1st of Every Month.

Printed by Shri Kishor Vanjara and published by him on behalf of The Chamber of Tax Consultants (owners), 3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai 400 020 and Printed at The Great Art Printers, 25, S. A. Brelvi Road, Unique House Opp, Apurva Restaurant, Next to Poddar Chambers, Ground Floor, Fort, Mumbai-400 001. and published at The Chamber of Tax Consultants (owners), 3, Rewa Chambers, 31, New Marine Lines, Mumbai 400 020.

Editor : Shri Kishor Vanjara

To

3, Rewa Chambers, Ground Floor, 31, New Marine Lines, Mumbai–400 020

Tel.: 2200 1787 / 2209 0423 • Fax: 2200 2455 E-mail: [email protected] • Website: www.ctconline.org

THE CHAMBER OF TAX CONSULTANTS

Chairman : Kamal Dhanuka Convenors : Anil Sharma, Manish Dedhia Advisor : Pravin Veera


STUDY SERIES ON INTERNAL AUDIT

Days & Dates : 1. Thursday, February 4th, 2016 2. Friday, February 5th, 2016. 3. Thursday, February 11th 2016. 4. Friday, February 12th, 2016.Time : 05.30 pm to 8.30 pmVenue : CTC Conference Room, 3, Rewa Chamber, Gr Fl, 31, New Marine Lines, Mumbai- 400 020Topics and Speakers:

Sr. No.

Topic Speaker

1. Keynote Address, Overview of Internal Audit – Objectives of Internal Audit

CA JUGAL ASWANI

2. Internal Audit - Tools and Techniques Speaker CA Nirav Pujara

3. Risk Based Internal Audit CA Chiranjavi Soni

4. Standard on Internal Audit- Codifying Best Practice CA Divyang Desai

5. Report Writing. CA Parag Mehta

6. Soft Skills and Attitude CA Rajiv Iyer

7. Internal Audit Framework Theory and Practice CA Jaishil Shah

8. Internal Audit of Manufacturing Concern – Case Study CA Jugal Aswani

9. Question and Answer and Concluding CA Jugal Aswani

Fees : Members ` 2,000/- Service tax ` 290/- = ` 2,290/-; Non Members ` 2,500/- Service Tax ` 363/- = ` 2,863/- (includes Snacks, Tea/Coffee and Course Material)

“Participation Certificate will be given to the delegates.”

All members are requested to enrol for this seminar at the earliest so as to avoid disappointment. Interested Members are requested to download the form from website www.ctconline.org