NEWSLETTER - Baroda Branch of WIRC of ICAI

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Full Day Seminar on FEMA Organised by: The Committee on Economic & Commercial Law & WTO Hosted by: Baroda Branch of WIRC of ICAI CPE 06 hrs Day & Date : Saturday, 11.12.2010 Time : 09:00 a.m. to 05.30 p.m. Venue : Auditorium, ICAI Bhawan, Baroda Fees : ` 550 up to 8th December, 2010 and ` 650 thereafter Program Structure : ST 1 TECHNICAL SESSION �Overview of FEMA-Introduction & Framework �Definitions & Concepts under FEMA �Remittance Facilities for Residents & Non- Residents ND 2 TECHNICAL SESSION �Inbound Investments including Sector Specific FDI and procedural aspects thereon. �Outbound Investments – An overview �Borrowings under FEMA WICASA EVENTS Diwali Milan to be followed by Dinner Day & Date : Saturday, 13.11.2010 Time : 07:00 p.m. onwards Topic : Hasya Darbar Artist : Shri Vasant Paresh, Jamnagar Venue : Auditorium, ICAI Bhawan, Baroda Fees : . 200/- per person ` Industrial Visit Day & Date : Saturday, 27.11.2010 Time : 08:00 a.m. onwards Venue : Akshay Patra Kitchen, Dharampura, Baroda Lecture Meeting Day & Date : Tuesday, 30.11.2010 Time : 06:00 p.m. to 07:30 p.m. Topic : To be decided Speaker : To be decided Venue : Conference Room, ICAI Bhawan, Baroda Joint Program with M. S. University on “Emerging Trends in Accounting, Taxation & Finance” Day & Date : Saturday, 04.12.2010 Time : 06:00 p.m. to 07:30 p.m. Venue : C. C. Mehta Auditorium, M. S. University, Baroda Fees : ` 50/- STUDY CIRCLE EVENTS Inaugural Session : 09:00 a.m. to 10:00 a.m. Chief Guest : Shri Ramesh Goyal, Vice-Chancellor, M. S. University Key-note Speaker : Eminent Personality from ICAI 1st Technical Session : 10:00 a.m. to 12:30 p.m. IFRS on Plant Property and Equipment : CA. Vishal Doshi, Past Chairman, Baroda Branch Service Tax : Mr. Yogen Mahadevia, Baroda Lunch Break : 12:30 p.m. to 01:30 p.m. Lecture Meeting Day & Date : Tuesday, 23.11.2010 CPE Time : 06:00 p.m. to 08:00 p.m. Topic : I n t r o d u c t i o n t o P r i v a t e E q u i t y Investment Speaker : CA Shrirang Tambe, Baroda Venue : Conference Room, ICAI Bhawan, Baroda Fees : ` 100/- for Non-members 2 hrs Lecture Meeting Day & Date : Tuesday, 30.11.2010 CPE Time : 06:00 p.m. to 08:00 p.m. Topic : Economic Value Added (EVA)- A Tool for Value Creation Speaker : CA Bhupesh Porwal, Baroda Venue : Conference Hall, ICAI Bhawan, Baroda Fees : ` 100/- for Non-members 2 hrs TH 9 BATCH OF ISA AT BARODA The 9th Batch of ISA is to tentatively commence from 20th November, 2010. Interested members are requested to register their names with CA Pradeep Agrawal, Secretary, Baroda Branch of WIRC on 098985 60967 Members are requested to add Rs. 100 towards contribution to CABF in addition to the regular program fees. ..... Send in your Compilation for Directory’2010 has data now started. Directory’2010 to be released by December’ 2010. Members are requested to fill in Data Form enclosed Members' with the Newsletter and submit to ICAI Bhawan, Baroda latest by 30th Directory 2010 November, 2010. Alternatively, avail the online facility available on www.baroda-icai.org and submit data online. Drop box facility for Registration : Members can avail drop-box facility by dropping their cheques for registration in Drop Box at 2-B Ramkrishna Chambers, BPC Road, Baroda. Kindly mention your name, membership number and the program for which registration is sought, on the backside of the Cheque. 2nd Technical Session : 01:30 p.m. to 05:00 p.m. Life Cycle of Investment : Shri Jagdish Thakkar, Baroda Overview of Revised DTC : CA. Milin Mehta, Past Chairman, Baroda Branch Motivational Topic : Shri Animesh Bhatt, Baroda Baroda Branch of WIRC of The Institute of Chartered Accountants of India NOVEMBER 2010 04
Income-Tax updates Compiled by CA. Narendra Hindocha 1. Quarterly returns of tax deducted at source NSDL notified changes in data structure and validations for filing eTDS statements effective from statements due on October 15, 2010. In brief, this requires: - Quoting of valid P.A. No. in all cases, including cases of Nil deduction, except when the higher rate under section 206AA is applied. In cases in which such higher rate is applied, mark `C” to be placed in column for non-deduction/ deduction at lower rate. - In cases of payments to transporters made without deduction of tax for the reason that PA No. is submitted by them, remark `T’ to be placed in the column for non-deduction/ deduction at lower rate. - Email ID and telephone no. of deductor mandatorily to be stated. - In case of payment of TDS by book entry by Government deductors, the 7 digit and 5 digit code generated by TIN for accepted Form 24G to be stated. Statements to be validated by new FVU 3.00 2. Reopening of assessments in pursuance of Supreme Court decision We would believe that when Supreme Court takes a view, it becomes final and binding and an assessment done earlier, if not in accordance with such a view, may be reopened. However, in case of Commissioner of Income Tax vs.M/s. Baer Shoes (India) Pvt. Ltd. Madras High Court held that this would amount to change in opinion held by the Assessing Officer earlier and that does not enable him to reopen a concluded assessment. It followed decision of the Hon'ble Gujarat High Court in Austin Engineering Co. Ltd. vs. JCIT (312 ITR 70) Which has taken the view that in a case where the material facts were fully disclosed and the assessment was completed allowing deduction under Section 80HHC on export incentive, such an assessment cannot be reopened based upon a subsequent decision of the Supreme Court, since it merely would amount to a change of opinion. 3. Depreciation on Stock Exchange Card In CIT vs. Techno Shares & Stocks 323 ITR 69 the Bombay High Court considered the definition of an “intangible asset” in s. 32(1)(ii) and held that a stock exchange card was not an intangible asset eligible for depreciation. This judgement has been reversed by the Supreme Court and it has been held that a stock exchange card is a “license” and eligible for depreciation u/s 32(1)(ii). 4. TDS from payments to Non-residents Karnataka High Court in CIT vs. Samsung Electronics 320 ITR 209 held that u/s 195 the payer was required to deduct tax at source form every kind of payment to non-resident and could not avoid the obligation taking a view that the payment was not chargeable to tax in the hands of the non-resident recipient. TDS could be avoided only after taking the Assessing Officer’s approval. The Supreme Court has reversed the judgement of the Karnataka High Court and the matter is remanded to the High Court for a decision on whether or not the payments were taxable in the hands of the non-resident recipient. 5. Vodafone’s acquisition of Hutchison stake in Indian Operations In this high profile tax litigation, in one more decision, Bombay High Court gave a ruling against the assessee. In this case, Vodafone International Holdings of Netherlands acquired shares in CGP(Holdings) of Cayman Islands for US $ 11.2 billions from Hutchison Telecommunications International. The apparent view was that Indian Income-tax was not attracted in respect of income arising from this transaction, as the transaction represented transfer, outside India, of shares in a company located outside India, between two entities also resident outside India. The Income-tax Department appears to have done hard work and made out a strong case that what was apparent was not real for the reason that the transfer of share effectively transferred little more than shareholding in Indian company and also that apart from the transfer of shares in a company, the transaction also involved transfer of various rights relating to Indian operations and hence the income accrued in India. Apparently Vodafone will explore various other options to absolve itself from the liability and we may have many more rulings from different forums in respect of litigation in respect of various issues. For the tax practitioners, the case may change the way we understand the tax law and also the way we plan transactions and terms thereof and the way we draft the documents. Effective Leadership - Brian Tracy Complied by CA. Bimal R. Bhatt • Leadership is the ability to get extraordinary achievement from ordinary people. • Leaders are those who determine the Area of Excellence for the group. • Develop a bias for action, a sense of urgency, to get things done. • Lead the field! Start earlier, work harder and stay later. • Ask yourself continuously, “What can I and only I can do, that, if done well, will make a difference?” • Identify your areas of strength and concentrate on those areas in which you can make a major contribution. Baroda Branch of WIRC of The Institute of Chartered Accountants of India NOVEMBER 2010 05
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NEWSLETTER - Baroda Branch of WIRC of ICAI

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