Ghaziabad Branch

of CIRC of ICAI
For Private Circulation Only

m a y d U
First Edition June 2013

Student E-News Letter

f TDS on property transaction f E-filling of audit report f Indirect Tax in 2013 f Domestic transfer pricing f Announcements f Amendments

e d i s n I

EDITORIAL BOARD

CA Rajeev V.D. Gupta Chief Editor

CA Ankur Tayal Deputy-Chief Editor

CA Gyan Chandra Misra Joint Editor

CA Naveen Kumar Sharma Joint Editor

Aayushi Gupta Editor

CA Pallav Sharma Co-Editor

MEMBERS

Abhay Kansal

Astha Khanna

Vaibhav Goel

Ritika Goel

Himanshu Tayal

Vaibhav Jindal

Akshay Goel

Kanika Gupta

Rishabh Jain

Nikita Mehra

From Chairman Desk......

Dear Students My best wishes to every one for wonderful carrier in the field of Accounts and Finance. We have tried to provide all the possible information to the students for their benefit and this STUDENT NEWS LETTER is another step that will not only help you hone your own skills in the field of writing but will also help you to find valuable information at your door steps. Every one of you is invited to make it more valuable by providing their inputs and ideas. I will request every one of you to consider this as their own and use this to share views and improve your creativity and imaginative powers. I commend CA. Ankur Tayal,the Secretary of the Ghaziabad Branch of CIRC of ICAI for his effort and idea to publish this News Letter and now it shall be the responsibility of every one of you to take it further from here on to greater heights. Best wishes once again. With Best & Warm Regards CA. RAJEEV VD GUPTA Chairman - ICAI, Ghaziabad Branch

From Secretary Desk......

My Dear Students, The May 2013 Examinations are over. After devoting considerable time, energy and hard work, the students, who have taken up the examinations, must be having a sense of relief and would be hopefully waiting for the results. The period after the examinations and before declaration of results must be used constructively. You should utilize your time wisely and in a productive manner. This interval period is also the ideal time for you to review and redefine your goals. You can introspect on what you have achieved till date and how far you have advanced towards achieving the targets. It give me immense pleasure to share that, this is the first edition of the E-Newsletter of our branch and we look forward to make it a huge success and will also plan to have it in published format in near future. Students are invited to contribute articles for this newsletter (1400 to 1600 words) on any technical or generalized topic and submit for approval, a soft copy of the article at carajeevkamleshgupta@gmail.com and caankurtayal79@gmail.com along with students photo and personal details (viz. name, registration number, CA level, complete postal address, and contact number). We ensure to publish the selected articles in the forthcoming editions of the newsletter. The Institutes Board of studies has approved NATIONAL CONVENTION for CA Students to be hosted by our Ghaziabad branch and expected to be held in august 2013. I suggest the students to actively participate and learn from such activities. I appreciate the efforts of AAYUSHI GUPTA, CA Final Student in bringing this newsletter in such a wonderful shape. Best Wishes, CA Ankur Tayal Secretary, ICAI, Ghaziabad Branch.

From Vice Chairman Desk......

Dear Students, It gives me immense pleasure to write few words about the Student E News Letter for Ghaziabad Branch of CIRC of ICAI. Knowledge updation is the key to the profession and integral part to uplift our professional arena. The Student E News Letter as conceived and designed shall be helpful to update and enhance your knowledge and skills. I appeal to all of you to become resource person by sharing your views and giving your articles, notes, write ups in the students news letter. It will enhance your writing skills and personality development. I personally feel the energy and performance level is so high in you, that you can fly to any sky you like an even more. I wish you to flourish and excel with the worlds best Accounting Body (ICAI) to make your dreams come true, but never forget that hard work and proper planning is key to success. I do hereby wish all the best to the entire team of the Student ENewsletter of Ghaziabad Branch of CIRC of ICAI and hope that in coming time you will make it a grand success. Jai Hind ! CA. Gyan Chandra Misra Vice Chairman-ICAI, Ghaziabad Branch

From Treasurer Desk......

Dear Students Planning, Organising and right information at the right time is the key for success in any field and this News Letter should be an effort to provide a platform for the students where they can find resources to Plan and organise better and this provides them all the desired information well in time. Dear students a huge effort shall be required to put in not only by the members of ICAI but an initiative and hard work will also be required from the students. I hope this News Letter will create more opportunities of learning and growth for all our students and give them strength to face all difficulties of life. CA Naveen Kumar Sharma Treasurer, ICAI, Ghaziabad Branch

From Editor Desk......

Dear Readers, It is indeed a great honor to be the Newsletter Editor for our Branch and it is an immense pleasure to launch this first edition for June, 2013. In this issue, we have started with informative articles on various topics. A total of 4 articles have been included in this issue and I hope that each one of these provide some significant stimulation to our community of readers. Also, we have incorporated the recent amendments related to coming November exams of both Final and IPC level. A list of important announcements is also included for facilitation of students. From next edition, I also plan to have reviews on the various articles published herein from the esteemed members and dearest students for the improvement of both the article and the writer. I would also take the opportunity to discuss about the title of our newsletter. The word "Udyam" comes from Sanskrit Language meaning Determination. As a chariot (cart) can't move with one wheel, similarly, without our determination to succeed destiny doesn't bring fruit. To put it differently, even if by sheer luck, a treasure is seen lying in front, destiny doesn't give it in our hands, our determination (of picking it up) is (still) required. Work gets accomplished by effort, not merely by wishing. Keeping this thought in mind comes the title "Udyam". Please feel free to offer any piece of suggestion to help keep the newsletter more informative and entertaining (at ashi.gupta90@gmail.com). As the editor my responsibilities will continue to be the advancement of the success of the newsletter. The newsletter will continue to be a vehicle for promoting fluent communication among all students in all subject areas. A huge thank you to all the persons who contributed writing the wonderful and inspiring articles, without which there wouldnt have been this newsletter issue. Last but not least, I would like to thank CA Ankur Tayal and other board members for believing in me and giving this opportunity for the creation of this edition. Happy Reading!!! Aayushi Gupta CA Final Student

Domestic Transfer Pricing

By Vaibhav Jain (CA Final Student) Email:-Vaibhavjain722@icai.org

Transfer Pricing Law In India Increasing participation of multinational groups in economic activities in the country has given rise to new and complex issues emerging from transactions entered into between two or more enterprises belonging to the same multinational group. With a view to provide a detailed statutor y framework which can lead to computation of reasonable, fair and equitable profits and tax in India, in the case of such multinational enterprises, the Finance Act, 2001 substituted section 92 with a new section and introduced new sections 92A to 92F in the Income-tax Act, relating to computation of income from an international transaction having regard to the arm's length price, meaning of associated enterprise, meaning of information and documents by persons entering into international transactions and definitions of certain expressions occurring in the said section. Section 92: As substituted by the Finance Act, 2002 provides that any income arising from an international transaction or where the international transaction comprise of only an outgoing, the allowance for such expenses or interest arising from the international transaction shall be determined having regard to the arm's length price. The provisions, however, would not be applicable in a case where the application of arm's length price results in decrease in the overall tax incidence in India in respect of the parties involved in the international transaction. Arm's length price: In accordance with internationally accepted principles, it has been provided that any income arising from an international transaction or an outgoing like expenses or interest from the international transaction between associated enterprises shall be computed having regard to the arm's length price, which is the price that would be charged in the transaction if it had been entered into by unrelated parties in similar conditions. The arm's length price shall be determined by one of the methods specified in Section 92C in the manner prescribed in Rules 10A to 10C that have been notified vide S.O. 808 E dated 21.8.2001. Specified methods are as follows: a. Comparable uncontrolled price method; b Resale price method; c. Cost plus method; d. Profit split method or e. Transactional net margin method The taxpayer can select the most appropriate method to be applied to any given transaction, but such selection has to be made taking into account the factors prescribed in the Rules.

Associated Enterprises: Section 92A provides meaning of the expression associated enterprises. The enterprises will be taken to be associated enterprises if one enterprise is controlled by the other, or both enterprises are controlled by a common third person. The concept of control adopted in the legislation extends not only to control through holding shares or voting power or the power to appoint the management of an enterprise, but also through debt, blood relationships, and control over various components of the business activity performed by the taxpayer such as control over raw materials, sales and intangibles. International Transaction: Section 92B provides a broad definition of an international transaction, which is to be read with the definition of transactions given in section 92F. An international transaction is essentially a cross border transaction between associated enterprises in any sort of property, whether tangible or intangible, or in the provision of services, lending of money etc. At least one of the parties to the transaction must be a non-resident. The definition also covers a transaction between two non-residents where for example, one of them has a permanent establishment whose income is taxable in India. Sub-section (2), of section 92B extends the scope of the definition of international transaction by providing that a transaction entered into with an unrelated person shall be deemed to be a transaction with an associated enterprise, if there exists a prior agreement in relation to the transaction between such other person and the associated enterprise, or the terms of the relevant transaction are determined by the associated enterprise. An illustration of such a transaction could be where the assessee, being an enterprise resident in India, exports goods to an unrelated person abroad, and there is a separate arrangement or agreement between the unrelated person and an associated enterprise which influences the price at which the goods are exported. In such a case the transaction with the unrelated enterprise will also be subject to transfer pricing regulations. Section 92E provides that every person who has entered into an international transaction during a previous year shall obtain a report from an accountant and furnish such report on or before the specified date in the prescribed form and manner. Rule 10E and form No. 3CEB have been notified in this regard. The accountants report only requires furnishing of factual Information relating to the international transaction entered into, the arm' s length price determined by the assessee and the method applied in such determination. It also requires an opinion as to whether the prescribed documentation has been maintained. Specified Domestic Transactions: 1 The Finance Act 2012 extended the scope of Transfer Pricing

provision to Specified Domestic Transactions (SDT) 1 The SDT would include the following: 1 Expenditure for which payment is made or to be made to domestic related parties-40A 2(b) payment 1 Tax Holiday/ Deductions claimed by the taxpayer, where; 1 Transfer of goods or services between various businesses of same taxpayer 1 More than ordinary profits derived from transactions with closely connected personsfer pricing provisions to apply to the Specified Domestic Transactions if 1 92BA. For the purposes of this section and sections 92, 92C, 92D and 92E, "specified domestic transaction" in case of an assessee means any of the following transactions, no being an international transaction, namely: (i) Any expenditure in respect of which payment has been made or is to be made to a person referred to in section 40A(2)(b) 1 Section 40A (1) Applicability restricted to the computation of income under the head Profits and gains of business or profession 1 Section 40A (2)

80IE - Special provisions in respect of certain undertakings in North-Eastern States (vi) Any other transaction as may be prescribed and where the aggregate of such transactions entered into by the assessee in the previous year exceeds a sum of Five crore rupees

! ! ! ! ! !

Applicable on expenditure in respect of which payment has been made or it to be made Expenditure in respect of goods, services or facilities Interest free loan given to related party Corporate guarantee without any charge Goods sold at lower value

1 Q&A

Capital expenditure (ii) Any transaction referred to in section 80A (iii) Any transfer of goods or services referred to in sub-section (8) of section 80-IA (iv) Any business transacted between the assessee and other person as referred to in sub-section (10) of section 80-IA (v) Any transaction, referred to in any other section under Chapter VIA or section 10AA, to which provisions of sub-section (8) or subsection (10) of section 80-IA are applicable;

! ! ! ! !

10AA - Special provisions in respect of newly established Units in Special Economic Zones. 80IAB - Deductions in respect of profits and gains by an undertaking or enterprise engaged in development of Special Economic Zone. 80IB - Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings. 80IC - Special provisions in respect of certain undertakings or enterprises in certain special category States 80ID - Deduction in respect of profits and gains from business of hotels and convention centers in specified area.

Burden of Proof: The primary onus is on the taxpayer to determine an arm's length price in accordance with the rules, and to substantiate the same with the prescribed documentation: where such onus is discharged by the assessee and the data used for determining the arm's length price is reliable and correct there can be no intervention by the Assessing Officer (AO). This is made clear in sub-section (3) of section 92C which provides that the AO may intervene only if he is, on the basis of material or information or document in his possession of the opinion that the price charged in the international transaction has not been determined in accordance with the methods prescribed, or information and documents relating to the international transaction have not been kept and maintained by the assessee in accordance with the provisions of section 92D and the rules made there under, or the information or data used in computation of the arm's length price is not reliable or correct ; or the assessee has failed to furnish, within the specified time; any information or document which he was required to furnish by a notice issued under sub-section (3) of section 92D. If any one of such circumstances exists, the AO may reject the price adopted by the assessee and determine the arm's length price in accordance with the same rules. However, an opportunity has to be given to the assessee before determining such price. Thereafter, the AO may compute the total income on the basis of the arm's length price so determined by him under sub-section (4) of section 92C. Section 92CA provides that where an assessee has entered into an international transaction in any previous year, the AO may, with the prior approval of the Commissioner, refer the computation of arm's length price in relation to the said international transaction to a Transfer Pricing Officer. The Transfer Pricing Officer, after giving the assessee an opportunity of being heard and after making enquiries, shall determine the arm's length price in relation to the international transaction in accordance with sub-section (3) of section 92C. The AO shall then compute the total income of the assessee under sub-section (4) of section 92C having regard to the arm's length price determined by the Transfer Pricing Officer. The Transfer Pricing Officer means a Joint Commissioner/Deputy Commissioner/Assistant Commissioner authorized by the Board to perform functions of an AO specified in section 92C & 92D. Penalties: Penalties have been provided as a disincentive for non-compliance with procedural requirements. Explanation 7 to sub-section (1) of section 271 provides that where in the case of an assessee who has entered into an international transaction any amount is added or disallowed in computing the total

income under sub-sections (1) and(2) of section 92, then, the amount so added or disallowed shall be deemed to represent income in respect of which particulars have been concealed or inaccurate particulars have been furnished. However, no penalty under this provision can be levied where the assessee proves to the satisfaction of the Assessing Officer (AO) or the Commissioner of Income Tax (Appeals) that the price charged or paid in such transaction has been determined in accordancewith section 92 in good faith and with due diligence. Section 271AA provides that if any person who has entered into an international transaction fails to keep and maintain any such information and documents as specified under section 92D, the AO or Commissioner of Income Tax (Appeals) may levy a penalty of a sum equal to 2% of the value of international transaction entered into by such person. Section 271BA provides that if any person fails to furnish a report from an accountant as required by section 92E, the AO may levy a penalty of a sum of one lakh rupees

Section 271G provides that if any person who has entered into an international transaction fails to furnish any information or documents as required under section 92D (3), the AO or CIT(A) may levy a penalty equal to 2% of the value of the international transaction. Above mentioned penalties shall not be imposable if the assessee proves that there was reasonable cause for such failures.

Conclusion:These amended Transfer Pricing regulations will not be limited to just the large groups any more. Many mid-sized groups, partnership firms, Hindu undivided Families (HUFs) and even individuals in similar cities will now have to adhere to the TP rules. This will lead to an increase in the administrative and compliance burden for the Taxpayer in respect of such transactions and a focused examination by the Tax authorities. Finance Act, 2012 has cast wider and deeper net to cover both domestic and international transaction between related parties.

TDS ON PROPERTY TRANSACTIONS

By Manan Kalra (CA Final Student) Email:- mananrajkalra1991@gmail.com The provision of tax deduction at source under Section 194-IA is applicable on transfer of immovable property of Rs. 50 Lacs or more with effect from 1st June, 2013. It is applicable for transfer of land (other than agriculture land in rural area) and all type of buildings whether residential, industrial or commercial. Tax has to be deducted @ 1% on the purchase price by the purchaser of the property at the time of credit of purchase price in the books of amount or at the time of payment, whichever is earlier. However, in the case of individual, normally amount is not credited in the books, therefore tax is deductible at the time of payment. If the seller does not provide his PAN, tax is to be deducted @ 20%. Before, making payment, the purchaser of the property should ask for the photocopy of PAN card of the seller and he should verify it with the original PAN Card of the seller. These provisions are not applicable where the seller is non - resident. However, the provisions are applicable even in cases where the seller is a builder. Further, the property may be situated in India or outside India. Further, the actual sales consideration is considered and the value as per stamp duty is not relevant. The value is in respect of a property and not in respect of a seller. Suppose, a person purchases two properties both having sales consideration less than Rs. 50 Lacs each at different times from a seller, but the total sales consideration exceeds Rs. 50 Lakhs, the provision shall not apply. In the case, where agreement to sell has been executed before 1st June, 2013, but payment or part payment is made after 1st June, 2013, TDS is to be deducted on the payments to be made after 1st June, 2013. The purchaser is not required to obtain TAN and file TDS Return. Sub Rule(2A) has been inserted to Rule 30 to provide that the TDS deducted u/s 194-IA has to be paid within a period of seven days from the end of month in which deduction is made. Similarly, Rule (6A) has been inserted to Rule 30 to provide that the TDS has to be paid electronically and a challan cum statement in Form No. 26QB shall be filed electronically. After Sub rule (3), new sub rule (3A) has been inserted to provide that every person responsible for deduction of tax u/s 194-IA shall furnish the TDS certificate in Form No. 16B to the payee within 15 days from the due date for furnishing challan cum statement in Form No. 26QB.

Indirect tax in 2013: With change comes complexity

By Kshitiz Maheshwari (CA Final Student) Email:- emailme.maheshwari@gmail.com The sheer number and variety of changes in indirect taxes in recent years and the challenge of implementing them into accounting and reporting systems can be overwhelming -- making it hard to keep sight of the bigger, strategic picture. But what do all these changes add up to? Do common themes emerge? What changes can we expect in the future? prices rise. But its impact on businesses is equally important: higher VAT and GST rates increase compliance risks and may result in a higher tax burden where cascading VAT may not be fully recoverable. Companies must ensure that all the increases are properly dealt with in their accounting and reporting systems, which often results in a range of IT and administrative costs. Errors frequently arise when rates change, resulting, for example, from incorrect product or tax codings or confusion about the correct rate for supplies that span the change. More generally, rate increases mean the amount of VAT or GST under management also increases, as do penalties for errors that are based on the amount of tax payable.

I. The tax mix is shifting toward taxes on consumption The economic crisis has caused many governments to find sustainable ways to rebalance their budgets and stimulate growth. This would imply governments will continue the shift from direct to indirect taxes, which are less harmful for growth, look to improve the efficiency of indirect taxes and take action to combat tax fraud and avoidance. We believe that the importance of indirect taxes will continue to grow. We have identified five key trends in indirect taxation that we believe will be significant for international businesses in 2013 and beyond. A. Increasing VAT and GST rates Limited to less than 10 countries in the late 1960s, value-added tax (VAT) -- or, in several countries, goods and services tax (GST) -- is today an essential source of revenue in more than 150. The spreading of these taxes has also driven constantly rising rates in many countries. In the European Union (EU), between 2008 and 2012, the average standard VAT rate increased from around 19.5 percent to more than 21 percent. The upward rate trend in Europe continues as Cyprus, the Czech Republic, France, Finland, Italy, Poland and Slovenia have already increased rates recently or have announced increases later in 2013 and 2014. In Asia Pacific, the upward VAT and GST rate trend is less explicit, but still noticeable. Japan, for example, which is struggling with massive budget deficits, decided in August 2012 to increase the current VAT rate from 5 percent to 8 percent effective April 1, 2014 and to 10 percent effective October 1, 2015. Thailand was also considering the possibility of raising its VAT rate from the current temporary 7 percent to the normal 10 percent rate but it is still not known if this will happen. By contrast, VAT and GST rates in the Americas remain relatively stable. In South America, where VAT systems are widespread and have been in use for some time, rates have not changed much in recent years. One exception is in the Dominican Republic, where the rate is set to increase from 16 percent to 18 percent this year and next year. B. The impact on business The significance of this trend for final consumers is clear: retail

II. Rising excise taxes Europe also seems to be the leading region for increasing excise taxes as the three important groups of classic excise taxes (alcohol, tobacco and mineral oils) have seen significant increases. This year, excise taxes on tobacco and alcohol have increased, or will soon increase, in most EU countries, including Guernsey, Moldova, Norway and Switzerland. But the trend can also be seen in other parts of the world; in Africa, higher excise taxes are being imposed on these items, e.g. in Benin, Gambia and Zimbabwe. In the Americas, Aruba, Canada, Costa Rica and Mexico have also raised taxes on alcohol or tobacco, as have Fiji, New Zealand and the Philippines in Asia Pacific. A. Influencing consumers While the main purpose for excise tax rate increases is to raise revenue, these taxes are also increasingly being used to discourage consumption of certain products considered to be harmful, thus influencing consumer behavior in a number of areas. A relatively new trend is the introduction of excise taxes on health-related products (other than alcoholic beverages and tobacco products), such as snack taxes on unhealthy food. For example, Benin, Costa Rica, Norway and the Philippines have all increased excise duties on soft drinks, Finland has introduced an excise tax on sweets and ice cream, and in France a specific contribution has been introduced on suppliers of beverages (sodas) with added sugar or sweeteners. Over the last decade, environmental issues have also played an increasing role in determining the nature and application of taxes, e.g. on road fuel, motor vehicles and CO2 emissions. This type of measure includes tackling issues such as waste disposal, water pollution and air emissions. With support from the Organisation for Economic Co-operation and Development (OECD), whose analysis seems to confirm the advantages of environmental taxes,1 many countries are introducing or increasing such taxes. Current examples are Germany, Ireland and South Africa. B. Taxing financial transactions Finally, there is a noticeable trend toward increasing the tax burden on financial transactions. Although there seems to be a common and

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widespread belief among countries that the financial sector should contribute its fair share in remedying the damage arising from the financial crisis, there is no common approach as to how this should be achieved. Some countries have increased supervision of the industry and tightened regulations. However in Europe, in particular, the preferred approach has been to levy taxes on financial transactions. France introduced a financial transactions tax in August 2012, and on January 1, 2013, Hungary introduced a tax of 0.1 percent on the amount involved in any payment service. Italy followed in March 2013, with a tax on the transfer of shares and derivatives and high-frequency trading. In addition, 11 EU Member States have agreed to introduce a common transaction tax on the exchange of shares and bonds and on derivative contracts, which could be introduced as early as 2014.

The WTO reported 184 new trade-restrictive measures enacted between October 2010 and April 2011 and 182 between October 2011 and May 2012. In addition, where countries are not bound by FTAs, import duties are still a common and often-used means to steer trade and production. For example, to boost the development of sugar cane production toward meeting the raw sugar needs of domestic sugar refining companies, effective January 1, 2013, Nigeria now applies a 0 percent import duty on machinery for local sugar manufacturing industries, but it has increased the total tariff on imported refined sugar to 80 percent from 35 percent, and raw sugar tariffs increased from 5 percent to 60 percent.

IV. Making indirect tax systems more efficient A. Changing law and practice Many countries are currently in the process of refining their indirect tax systems. In developed markets, long-standing VAT systems need to adapt to the demands of a 21st century digital economy. In emerging markets, which are experiencing economic developments at a fast pace, indirect tax systems need to adapt to keep pace. In India, for example, a new nationwide GST is ready to be implemented and only awaits agreement between the central and state governments. Similarly, China is in the process of combining its current business tax (BT) on services with a broader-based VAT through a series of VAT pilots. In the end, the VAT pilots and reforms are intended to join China's BT and VAT into a single GST, with the authorities targeting an aggressive timeline of 2015. In the EU, the European Commission has launched a comprehensive reform of the existing VAT system. The Commission has identified no fewer than 26 priority areas for further action. Significant changes can be expected in the near future, such as the adoption of a onestop-shop registration for all taxpayers' duties or a standardised EU VAT return. The US is still far from implementing a federal VAT. But, even in the US, a trend can be seen toward states extending the scope of their current sales taxes. While sales taxes, by definition, only apply to purchases of physical goods, it is the market in electronically supplied services (such as digital music distribution, internet downloads or telecom services), which is growing fastest. An increasing number of states are, therefore, trying to expand their current sales tax to cover electronic goods and services or are trying to create a nexus for out-of-state vendors to constrain sellers to collect sales taxes on remote sales. B. Improving tax administration Finally, governments have discovered that, on the administrative side, the efficiency of indirect tax systems can be drastically improved -- which increases tax revenues. There are many approaches taken by governments, but an important one is to create common interfaces and reduce gaps in the system. This is one reason why many governments are enforcing the use of electronic data transmission and filing. The reason for this trend is clear: e-filing considerably eases processing the information for tax administrations and makes administration faster and more efficient. In addition, having electronic data enables tax administrations to use IT-based audit tools more easily, which can help to combat fraud and

III. Free trade increases, but is meeting protectionist challenges Customs duties were once a primary source of revenue for most countries. Global, multilateral and bilateral efforts to globalise trade, through organisations such as the World Trade Organization (WTO) and others, have led to decreasing duty rates and a downward trend in customs duties around the world. The WTO currently has 158 members (the most recent, Laos, joined at the start of February 2013) and it reports 546 active and pending reciprocal regional trade agreements among its members. A number of new free trade agreements (FTAs) are expected to enter into force in 2013, thus further reducing the amount of customs duties imposed on global trade. Examples include the agreement involving the EU and Peru and Colombia, Montenegro and the European Free Trade Association, Hong Kong and the European Free Trade Association, and Indonesia and Pakistan. Nearing completion are, among others, the trade agreements between Costa Rica and Peru and between Canada and India, and negotiations are in various stages of completion for a range of others. However, the situation is not always that straightforward. Although customs duty rates are generally reducing for international trade, these taxes still play a very significant role in meeting countries' budgetary needs. In many cases, duty rates on many goods and materials remain high. Additionally, the compliance obligation to access the lower customs duty rates, such as meeting strict country of origin requirements, means companies must maintain controls to enjoy the preferential rates or risk large assessments for violations. Unlike VAT and GST, duties charged at one stage in the supply chain are not offset against taxes due at later stages, so duties form part of the cost base of affected goods. In addition, customs clearance procedures can add to the time and related costs of moving goods cross-border. And even where FTAs exist, many businesses are not actually obtaining the potential benefits offered because they cannot, or do not, meet the qualifying conditions. Protectionism More generally, global trade may be hampered by the current economic climate, which is encouraging protectionist tendencies, as evidenced by the current difficulties encountered in the Doha Round. Non-tariff barriers have grown substantially in recent years, many in the form of health, safety or environmental requirements.

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evasion. Most taxpayers can also benefit from increased efficiencies arising from e-filing, but dealing with multiple tax administrations' different requirements and tax administrations' increased audit capacities means that greater focus must be given to the accuracy and efficiency of indirect tax compliance processes to avoid an increased risk of incurring penalties.

V. Increased focus on enforcement The growing importance of indirect taxes to governments places more pressure on tax administrations to enforce compliance. This focus is leading to greater scrutiny of taxpayers' affairs through more frequent and more effective tax audits and greater consequences for errors. A. Audits and exchange of information In December 2012, we conducted a survey of Ernst & Young Indirect Tax professionals in 39 countries.2 The responses given in the survey indicate that the number of tax audits has increased in recent years and is likely to increase further in the future. Only six countries reported that audits had decreased; even then, in some cases, while the number of audits carried out was said to be lower, the amount of additional tax levied due to tax audits is still increasing. This can be explained by tax administrations carrying out more targeted audits; 24 out of the 39 countries already use specialised IT tools, such as audit software, to detect irregularities or suspicious patterns in taxpayers' tax returns. The level of exchange of information between countries varies widely. It is widespread in Europe, where the common EU VAT system requires an extensive information exchange. On a global scale, the multilateral Convention on Mutual Administrative Assistance in Tax Matters, which is open to all interested countries, facilitates exchange of information on all compulsory payments to the general government except for customs duties.3 In the last two years, more than 50 countries have either become signatories to the convention or have stated their intention to do so. But, even if countries do not (yet) share information, they increasingly exchange information internally, between different authorities and departments (e.g. with customs or social security authorities). Only 4 out of the 39 countries we surveyed do not share any information at all. B. Targeting fraud but hitting honest taxpayers too? There is nothing to be said against stricter compliance enforcement if it actually helps to fight fraud and abuse. The other side of the coin, however, is that tax administrations have generally become more wary toward all taxpayers; they are less open to entering into discussion, and it is more difficult to reach mutual agreement on specific issues. Tax administrations increasingly apply a strictly formal approach without considering specific economic and business issues. This has massive consequences, in particular for VAT and GST, where being compliant increasingly requires deep expertise, even more so

as our survey shows that formal mistakes (e.g. missing information on invoices) are still by far the most frequent reason for VAT and GST adjustments, be it an additional tax charge or the denial of input tax recovery. In addition, we observe a tendency for tax administrations to pay out input tax surpluses with increasing delay -- if at all -- or to reject an input tax claim based on bad faith, stating that claimants should know that their suppliers did not handle the tax correctly. At the same time, many countries are applying stricter penalty regimes in the case of non-compliance and mistakes. In our survey, 27 of the 39 countries reported that penalties are increasing, and only 3 saw a decrease. Fines are generally imposed faster and sooner and the fines are higher than in the past. Increasingly, fines are enforced for timing issues, such as late payment, where in the past tax administrations were more lenient on these issues (for example, Austria, Germany, Pakistan and New Zealand).

VI. What can taxpayers do? The trends identified in this article are not entirely new but they have become more pronounced in recent times. And it is precisely their continuing existence that indicates that they are important and longterm developments. All of these trends have a direct impact on businesses, which need to keep abreast of these changes. Indirect taxes are not easy to manage. For example, excise duties, such as carbon taxes, change quickly and represent a high compliance risk because they typically operate differently in each country. Taxpayers who collect VAT or GST from final consumers on behalf of the state run increased risks of carrying the tax burden, and eventual penalties, themselves if they do not manage the tax correctly. With tax administrations assessing taxes more thoroughly and using powerful and efficient tools, the chance that mistakes will be found has risen considerably and will remain high. Also, as indirect tax rates increase, the consequences of mistakes become more severe. This is particularly true for businesses that do not recover VAT or GST in full (e.g. because of VAT-exempt activity), such as banks and insurance companies. But higher rates also have an increased cost or cash flow impact on companies that incur VAT or GST in foreign jurisdictions, which is not refunded quickly, or which they do not or cannot recover (e.g. because of an absence of refund schemes for non-residents or because of complicated refund procedures). As indirect tax administrations are turning increased attention to enforcement -- including joint audits with other taxes and even other countries -- these activities may disrupt business activity. Large assessments for underpaid tax or penalties for late filings do not only have an impact on profitability, they may draw unwanted adverse publicity, even for compliant businesses. More than ever, it pays to manage indirect taxes proactively. Establishing a clear indirect tax strategy aligned to the overall business strategy will help in staying up to date with the rapidly changing tax environment and avoid the additional costs and risks of poor compliance or missed opportunities.

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E-Filing of Audit Report- A mandatory compliance

Vaibhav Goel (CA Final Student) Email: masterdisciple@rediffmai.com Rule 12(2) of the Income Tax Rules provided that neither any statement or audit report had to be attached with the return form nor they had to be furnished separately before or after the due date. As a matter of practice, tax audit report, report under section 115JB(i.e. Form 29B -certification of calculation of minimum alternate tax) and various other audits required and conducted in accordance with Income Tax Act(e.g. for 80IA, 80IB,80IC etc units) are required to be filed with the Income Tax Department only at the time of scrutiny assessment proceedings or otherwise. However, audit report under section 92E (i.e. Form 3CEBcertificate for transactions with associated enterprises at Arms Length) are being furnished with the income tax department before the due date of filing of return(i.e. 30th November). However, the position with regard to such filing had changed since the new introduction. The new provisions require that audit conducted under section 44AB read with Rule 6G, 92E read with Rule 10E and 115JB read with Rule 40B need to be submitted with the income tax department electronically.

Rationale behind such Amendment This amendment is brought to control various practices. Some of them arei) Various audits and reports thereto particularly tax audit were being conducted after 30th September but while filing of Income Tax Return any earlier date, 30th September or before, were being provided to avoid any penalty u/s 271B. ii) Assessees were not getting their accounts audited. It was found that the name of the chartered accountant furnished in the return belonged to someone who had expired. Since only one per cent of the cases come up for scrutiny, some taxpayers were taking the risk of not actually getting their accounts audited. In the event of their case coming up for scrutiny, the taxpayer would approach a chartered accountant and get the books audited. (Reports, THE BUSINESS STANDARD) Procedure of filing audit report electronically As a Tax Professional- Chartered Accountant (Registration only) Chartered accountant should register as a Tax Professional in https://incometaxindiaefiling.gov.in/ e-Filing /Registration / RegistrationHome.html Alternatively, visit https://incometaxindiaefiling.gov.in and select Register Yourself under the block New to e-filing?

Rule 12(2) is reproduced here below:The return of income required to be furnished in Form SAHAJ (ITR1) or Form No. ITR-2 or Form No. ITR-3 or Form SUGAM (ITR-4S) or Form No. ITR-4 or Form No. ITR-5 or Form No. ITR-6 or Form No. ITR-7 shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax, if any, claimed to have been deducted or collected at source or the advance tax or tax on self-assessment, if any, claimed to have been paid or any document or copy of any account or form or report of audit required to be attached with the return of income under any of the provisions of the Act. Provided that where an assessee is required to furnish a report of audit specified under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A, clause (b) of sub-section (1) of section 12A, section 44AB, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E or section 115JB of the Act, he shall furnish the same electronically. An assessee required to furnish a report of audit specified under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A, clause (b) of sub-section (1) of section 12A, section 44AB, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E or section 115JB of the Act, shall furnish the said report of audit and the Return of Income electronically for AY 2013-14 and onwards

1. Select Tax Professional-Chartered Accountant and click continue. 2. Submit the following information in the Registration Form at Step 1- Basic Details: a. Membership Number b. Enrolment Date c. Name d. Date of Birth e. PAN f. E-Mail ID

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2. Select Forms(other than ITR) under block Downloads. 3. Download Utility of the Form(say, Form 3CA-CD, etc) required to be filed and uploaded. Extract the excel utility. Launch it and fill the form. Validate and generate XML. Following is a checklist for downloading and uploading Audit reports:

$ Java Runtime Environment Version 7 Update 6 or above(32 bit)

(jre 1.7/7)

$ A copy of last year's tax return $ Bank Statement $ TDS certificates $ Savings certificates/Deductions $ Interest statement showing interest paid to you throughout the
year.

$ Balance Sheet, P&L Account Statement and other Audit Reports

3. DSC (Digital Signature) is required at the time of registration at this Step. 4. Submit the following details at Step 2-Registration Form: a. Password Details (The password shall have at least 8 characters and must have at least one alphabet, one number and one special character. Select and answer one primary question and one secondary question.) b. Contact Details 5. At Step 3-Registration Successful, a. Transaction ID is generated b. An activation link and User ID will be sent at the registered E-Mail Id On clicking activation link, CAs account will get activated. Points to recapitulate1. CA must have a digital signature certificate. 2. CA must have paid the enrolment fee otherwise, he will not be eligible to conduct tax audit or any other audit. wherever applicable. 4. Login with the CA-ID provided and password selected.

5. Upload the XML file with digital signature of CA. 6. Upload Balance Sheet and Profit and Loss Account of the assessee in PDF format. If assessee is liable to audit under other statute, Balance sheet and Profit and Loss Account must be audited under that statute. As a Tax Payer (Filing of Income Tax Return) 1. Assessee must Login to his account on Income Tax site. 2. Select Work List. 3. Audit report(s) uploaded by CAs will appear with the name of CA. 4. Assessee need to approve the audit report by clicking Approve with his own digital signature. 5. Audit Report(s) Successfully Filed.

As a Tax Payer (Engagement of Chartered Accountant) 1. The assessee need to Login at the income tax e-filing site. 2. Click My Account and then select ADD CA option. 3. Fill Membership Number of CA. Name of the Chartered Accountant will be mentioned on its own if the CA has registered himself as a Tax Professional at the I-T site. 4. Select the Audit Report for which he is engaged viz, Form 3CA3CD or Form 3CB-3CD, Form 29B, u/s 92E(Form 3CEB) etc. More than one CA can be engaged for different reports. 5. Enter the verification code or Captcha Code and click submit. 6. E-mail will be sent to the selected CA about adding his name as CA of a particular assessee. 7. E-mail will be sent to assessee also regarding the addition/change in Chartered Accountant. 8. Assessee may disengage CA also. As a Tax Professional- Chartered Accountant(Uploading of Audit Report) 1. Visit https://incometaxindiaefiling.gov.in

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Applicability of Amendments / Circulars etc. for November, 2013 Final Examination

Paper 1: Financial Reporting 1. Presentation of Foreign Currency Monetary Item Translation Difference Account (FCMITDA) In the Revised Schedule VI format, no line item has been specified for the presentation of Foreign Currency Monetary Item Translation Difference Account (FCMITDA). Therefore, the Council of the Institute at its 324th meeting held on March 24-26, 2013 at New Delhi, decided that debit or credit balance in FCMITDA should be shown on the Equity and Liabilities side of the balance sheet under the head Reserves and Surplus as a separate line item. 2. Criteria for Classification of Entities and Applicability of Accounting Standards Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria i.e. determination of SME on turnover basis for Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year commencing on or after April 01, 2012. Notes: 1. Students are expected to have thorough knowledge of the Accounting Standards (AS 1 to AS 29) and Guidance Notes on various aspects issued by the ICAI. 2. As far as AS 30, 31 and 32 are concerned, in view of the complexities involved, the questions involving conceptual issues (not involving application issues) may be asked. Since a separate topic of Financial Instruments is included in the curriculum, simple practical problems based on AS 30, 31 and 32 may be asked. (Text of all applicable Accounting Standards and Guidance Notes are available in the Appendices, Volume II of Financial Reporting Study Material.) Non-Applicability of Ind ASs for November 2013 Examination 3. The Core Group was constituted by the Ministry of Corporate Affairs (MCA) for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS). This Core Group decided that there will be two separate sets of Accounting Standards viz. (i) Indian Accounting Standards converged with the IFRS (Known as Ind AS) The MCA has hosted on its website 35 converged Indian Accounting Standards (Ind AS) without announcing the applicability date. These are the standards which are being converged by eliminating the differences of the existing Indian Accounting Standards vis--vis IFRS. (ii) Existing Accounting Standards The companies not falling within the threshold limits prescribed for Ind AS converged with IFRS compliance in the respective phases shall continue to use these standards in the preparation and presentation of financial statements. Students may note that Ind ASs are not applicable for the students appearing in November, 2013 Examination. Paper 4: Corporate and Allied Laws Applicability of the following Circulars/Notifications for
November, 2013 examination 1. Appointment of Cost Auditor by companies The Ministry of Corporate Affairs vide General Circular No. 36/2012 dated 6th November, 2012 has provided some changes in the procedure for the appointment of cost auditor under section 233B of the Companies Act, 1956 to be followed by the companies and the cost auditor. 2. Filing of Cost Audit Report and Compliance Report in XBRL mode The Ministry of Corporate Affairs vide General Circular No. 43/2012 dated 26th December, 2012 has decided that all cost auditors and the companies concerned are allowed to file their Cost Audit Reports and Compliance Reports for the year 201112 with the Central Government in the XBRL mode, without any penalty, within 180 days from the close of the companys financial year to which the report relates or by January 31, 2013, whichever is later. 3. Companies (Directors Identification Number) Rules, 2006 The Ministry of Corporate Affairs vide Notification No. G.S.R. 173(E) dated 15th March, 2013 has issued Companies Directors Identification Number (Amendment) Rules, 2013 by amending the Companies (Directors Identification Number) Rules, 2006. 4. SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009 SEBI vide Notification No. LAD-NRO/GN/2012-13/32/4947 dated 27th February, 2013 has issued SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2013 by amending SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009. Non-Applicability of the following Circulars/Notifications for November, 2013 examination 1. Companies (Second Amendment) Act, 2002 [relating to Winding up]: Not Applicable. [Only General Provisions of winding up as covered under Paragraph 9.4 of the study material is applicable for the examination.] Since, new provisions as introduced by the Companies (Second Amendment) Act, 2002, have not yet been completely notified so such provisions are not applicable from the examinations point of view. However, certain problems have been covered under para 9.4 of the study material which are applicable for the students in the relevant examination. 2. Provisions relating to Revival and Rehabilitation of Sick-Industrial Companies Not applicable. Paper 7 : Direct Tax Laws & Paper 8 : Indirect Tax Laws Applicability of Finance Act, Assessment Year etc. for November, 2013 Examination (1) The amendments made by the Finance Act, 2012 in Direct Tax Laws & Indirect Tax Laws; (2) The provisions of Direct Tax Laws as applicable for the assessment year 2013-14; (3) The significant notifications and circulars issued upto 30th April, 2013 (DTL and IDTL). Compiled By: Aayushi Gupta

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Applicability of Amendments/Circulars etc. for November, 2013 Intermediate (IPC) Examination

Paper 1: Accounting Announcement relevant for November, 2013 examination 1. Criteria for Classification of Entities and Applicability of Accounting Standards Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria i.e. determination of SME on turnover basis for Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year commencing on or after April 01, 2012. Paper 5: Advanced Accounting Notification/Announcement relevant for November, 2013 examination 1. Presentation of Foreign Currency Monetary Item Translation Difference Account (FCMITDA) In the Revised Schedule VI format, no line item has been specified for the presentation of Foreign Currency Monetary Item Translation Difference Account (FCMITDA). Therefore, the Council of the Institute at its 324th meeting held on March 24-26, 2013 at New Delhi, decided that debit or credit balance in FCMITDA should be shown on the Equity and Liabilities side of the balance sheet under the head Reserves and Surplus as a separate line item. 2. Criteria for Classification of Entities and Applicability of Accounting Standards Due to recent changes in the enhancement of tax audit limit, the Council of the ICAI has recently decided to change the 1st criteria i.e. determination of SME on turnover basis for Level II entities from Rs. 40 lakhs to Rs. 1 Crore with effect from the accounting year commencing on or after April 01, 2012. 3. Clarification on Debenture Redemption Reserve (DRR) Ministry of Corporate Affairs vide Circular no. 04/2013 dated 11 February, 2013 has clarified the adequacy of DRR for various institutions/companies as follows: All India Financial Institutions (AIFIs) regulated by Reserve Bank of India and Banking Companies for both public as well as privately placed debentures Other Financial Institutions and NBFCs registered with the RBI under Section 45-IA of the RBI (Amendment) Act, 1997 if debentures issued through public issue 25% Nil if privately placed debentures Other companies including manufacturing and 25% infrastructure companies (including listed and unlisted companies) Every company required to create/maintain DRR shall before the 30th day of April of each year, deposit or invest, as the case may be, a sum which shall not be less than fifteen percent of the Nil amount of its debentures maturing during the year ending on the 31st day of March next following year. 4. Maintenance of Cash Reserve Ratio at 4.00 per cent for all banks vide circular DBOD. No. Ret. BC. 76/12.01.001/201213 dated January 29, 2013. 5. Statutory Liquidity Ratio for Local Area Banks be reduced from 25 per cent to 23 per cent of their Net Demand and Time Liabilities (NDTL) with effect from the fortnight beginning August 11, 2012. 6. Review of the Prudential Guidelines on Restructuring of Advances by Banks/Financial Institutions Reserve Bank of India has reviewed the prudential guidelines on restructuring of advances by banks/ financial institutions vide circular no. DBOD.No.BP .BC.63/21.04.048/2012-13 applicable for all scheduled commercial banks excluding RRBs dated November 26, 2012 and has decided: i) To enhance the provisioning requirement for restructured accounts classified as standard advances from the existing 2.00 per cent to 2.75 per cent in the first two years from the date of restructuring. In cases of moratorium on payment of interest/principal after restructuring, such advances will attract a provision of 2.75 per cent for the period covering moratorium and two years thereafter; and that ii) Restructured accounts classified as non-performing advances, when upgraded to standard category will attract a provision of 2.75 per cent in the first year from the date of upgradation instead of the existing 2.00 per cent. In accordance with the above, loans to projects under implementation, when restructured due to change in the date of commencement of commercial operations (DCCO) beyond the original DCCO as envisaged at the time of financial closure and classified as standard advances would attract higher provisioning at 2.75 per cent as against the present requirement of 2.00 per cent as per the details given below: Infrastructure Projects
Particulars If the revised DCCO is within two years from the original DCCO prescribed at the time of financial closure If the DCCO is extended beyond two years and upto four years or three years from the original DCCO, as the case may be, depending upon the reasons for such delay (Ref.: DBOD.No. BP .BC.85 / 21.04.048/ 2009-10 dated March 31, 2010) Provisioning Requirement 0.40 per cent

2.75 per cent From the date of such restructuring till the revised DCCO or 2 years from the date of restructuring, whichever is later.

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Non-infrastructure projects Particulars If the revised DCCO is within six months from the original DCCO prescribed at the time of financial closure If the DCCO is extended beyond six months and upto one year from the original DCCO prescribed at the time of f i n a n c i a l c l o s u r e ( Re f. : DBOD.No. BP .BC.85 /21.04. 048/ 2009-10 dated March 31, 2010) Non-infrastructure projects Particulars If the revised DCCO is within six months from the original DCCO prescribed at the time of financial closure If the DCCO is extended beyond six months and upto one year from the original DCCO prescribed at the time of financial closure (Ref.: DBOD. N o . B P. B C . 8 5 / 2 1 . 0 4 . 0 4 8 /2009-10 dated March 31, 2010) Provisioning Requirement 0.40 per cent Provisioning Requirement 0.40 per cent

All other extant guidelines on Income Recognition, Asset Classification and Provisioning pertaining to advances will remain unchanged. Note: (Common for Intermediate (IPC) Paper 1 and Paper 5) Non-Applicability of Ind ASs for November, 2013 Examination The MCA has hosted on its website 35 converged Indian Accounting Standards (Ind AS) without announcing the applicability date. These are the standards which are being converged by eliminating the differences of the Indian Accounting Standards vis--vis IFRS. (Students may note that Ind ASs are not applicable in November, 2013 Examination. However, Accounting Standards as specified in the syllabus are applicable for them in November, 2013 examination.)

2.75 per cent From the date of such restructuring for 2 years.

2.75 per cent From the date of such restructuring for 2 years.

Paper 4: Taxation Applicability of Finance Act, Assessment Year etc. for November, 2013 examination (1) The amendments made by the Finance Act, 2012 in income-tax and service tax; (2) The provisions of income-tax law as applicable for the assessment year 2013-14; (3) The significant notifications and circulars issued upto 30th April, 2013 (income-tax and service tax) (The Study Materials relevant for May, 2013 and November, 2013 examinations are updated based on the provisions of law as amended by the Finance Act, 2012 and significant circulars and notifications issued up to 30.6.2012. The amendments made by the Finance Act, 2012 in income-tax and service-tax and notifications and circulars issued between 1.5.2011 and 30.4.2012 in incometax are also separately discussed in the publication Supplementary Study Paper-2012.) Compiled By: Aayushi Gupta

Jokes Corner
respect thereof. See AS 6 and AS 10 compliance. Alternatively I think there is need to depreciate it at higher rate will help tide over the liquidity crisis we' re currently facing . Moreover... Article (interrupting ): Sir I' ll prefer falling down and breaking my bones. Thanks .. 2. Once a CA and his doctor friend died. ... Doctor was punished and sent to Hell and CA was promoted to Heaven Doctor asked God yama , what is the reason for sending me to the Hell?? God replied : - This CA has already done article ship and ICAI exam at earth ,so how can a person be punished for same offence twice . ..

1. Article trainee (anxiously) to his CA boss : Sir my chair is creaking and I fear it might break. What to do? Boss: Well first check if it stil shows WDV in the books .If it does , then there may be a need to create a permanent diminution in

17

IMPORTANT ANNOUNCEMENTS
1. Revision of Fee for all GMCS Course(s)
The Council at its 324th Meeting held in April, 2013 decided that with effect from 1st July, 2013 fee for the General Management and Communication Skills (GMCS) Course i.e. existing GMCS Course, GMCS I and GMCS II courses shall be Rs. 5,500/- per participants for each course. It is clarified that students who have already registered by paying Rs. 4,000/- and will be undergoing the relevant GMCS classes starting on or after 1st July, 2013 are required to pay the balance amount of Rs. 1,500/- to the organizing centers before commencement of the batch of GMCS or GMCS I Course. for revalidation of their registration in the respective courses. For format of application and further details, please visit www.icai.org

3. ICAI Web TV
Introduction The Board of Studies of the Institute has great pleasure in announcing Webcasts for Students on ICAI TV, the URL given on the LHS. Students Webcasts are broadly categorized into two categories Subject Specific and Motivational/ Instructional. Objective Provide quality education and development facility anytime and anywhere in an affordable manner through a self learning/ development facility. Salient Features Anytime/ Anywhere Online Learning Free Coaching Support Students in Small Mofussil Towns and Cities Support Poor Students with quality educational inputs Take learning and development to the doorsteps of students Provide a Self Learning/ Development facility Webcasts Available Students are advised to benefit from the following three webcasts of two hours duration each, links for which are available below: Final Direct Tax Laws: http://icaitv.com/?p=1861 Preparing for CA Exams: http://icaitv.com/?p=1930

2. Revised Scheme of Revalidation of Registration in CA course

The Council in order to streamline the period of validity of registration for Common Proficiency Course (CPC), Intermediate (Integrated Professional Competence) Course and Final Course decided as under: Revised Scheme of Revalidation of Registration for CA courses $ shall be effective from 1st January, 2013 onwards. Common Proficiency Course (CPC):

Initial registration for Common Proficiency Course (CPC) is $ valid for 3 years. Fee for revalidation is ` 300/- for 3 years period. $ Intermediate (Integrated Professional Competence) Course: Initial registration for Intermediate (IPC) Course is valid for 4 $ years. Validity period for students converted from erstwhile $ Intermediate/ Professional Education (Course-II)/Professional Competence Course is counted from the date of conversion to Intermediate (IPC) Course.

$ $ $ $ $ $ $ $

Links to the aforementioned webcasts are also available through the Students Learning Management System (LMS) at http://studentslms.icai.org under Announcements Section. Webcasts Available The Board of Studies would be organizing Subject Specific Webcasts for the benefit of Students taking the November 2013 Examinations from July 2013. 4. National Convention for CA Students-Ghaziabad will be held in the month of August 2013. Dates will be announced soon. Interested Students may prepare papers and submit for approval. Source: Board of Studies Disclaimer: The writer is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Journal. Compiled By: Aayushi Gupta

Fee for revalidation is ` 400/- for 4 years period. $ Final Course: Initial registration for Final Course is valid for 5 years. $ Fee for revalidation is ` 500/- for 5 years period $

Students of respective course can revalidate their registration any number of times as per the scheme applicable and should have valid registration before applying for the relevant level of examination. Student who have completed/completing prescribed registration period on or before December 31, 2013 in Common Proficiency Course (CPC), Intermediate (IPC) Course and Final Course may revalidate their registration without paying revalidation fee till 31st December, 2013, failing which effect from 1st January, 2014 onwards all students are required to pay prescribed revalidation fee

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Orientation Batch Started on 26-06-2013

Cultural Evening at National Convention of CA Students

National Convention of CA Students, Held in the month of August 2012

Annual Elocution & Quiz Contest Held in 2012

CPT Mock Test Held on 09-06-2013 at Branch Premises

Orientation Batch

ITT Class Held at Branch Premises

GMCS Batch Final Day on 25-06-2013

GMCS Class Held at Branch Premises

Award for Best Student Given at GMCS

Group Discussion Activity as a part of GMCS Programme

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EDITORIAL BOARD
Name CA Rajeev VD Gupta CA Ankur Tayal Designation Chief Editor Deputy Chief Editor E Mail ID rajeevkamleshgupta@gmail.com caankurtayal79@gmail.com gpa001@gmail.com neenanaveen@gmail.com ashi.gupta90@gmail.com capallavsharma@gmail.com aasthakhanna27@gmail.com nikitamehra1807@gmail.com goelritika1909@gmail.com ysaekansal@yahoo.co.in akgoel@live.com vaibhav.jindal@outlook.com masterdisciple @rediffmail.com gkanika1993@gmail.com himanshutayal477@gmail.com rish_rj18@yahoo.com Mobile No. 9810918914 9818830255 9810816012 9810130931 9953830404 9810937604 9717957947 9717337950 9582300924 9990028500 9999961298 9716614847 9457724416 9810313572 9555844935 9891275406

CA Gyan Chandra Misra Joint Editor CA Naveen Kr. Sharma Aayushi Gupta CA Pallav Sharma Aastha Khanna Nikita Mehra Ritika Goel Abhay Kansal Akshay Goel Vaibhav Jindal Vaibhav Goel Kanika Gupta Himanshu Tayal Rishabh Jain Joint Editor Editor Co-editor Member Member Member Member Member Member Member Member Member Member

GHAZIABAD BRANCH OF CIRC OF ICAI

Views/matter expressed in this Newsletter are of the individual contributors and do not necessarily reflect the official views of the Ghaziabad Branch.
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Yamunotri Complex, IInd Floor A-12, Ambedkar Road, Ghaziabad (U.P.) Phone : 2793802 url : www.icaighaziabad.org