vasai branch of wirc newsletter vasai branch of wirc ... - vasai-icai.org

The Institute of Chartered Accountants of India 

VASAI 

BRANCH BRANCH OF OF WIRC 

WIRC 

NEWSLETTER 

NEWSLETTER 

A 

`15/- 

For 

Members 

Only 

www.vasai-icai.org MARCH 2012 

E 

N 

C A 

F 

O R 

U 

E 

T 

G 

S & 

IN 

P 

G 

A 

H 

B 

E 

O 

U 

PR 

DS 

P OA 

N T 

CH 

O 

AN 

EXCELL 

D G 

E 

E 

N 

ORE 

L 

A 

C 

RED

02 

March, 2012 

OUR TEAM 

CA Durgesh Kabra 

Chairman – WIRC 

OUR VISIONARY LEADERS FOR THE YEAR 2012 -13 

CA Jaydeep 

Shah 

Hon’ble President 

– ICAI 

OUR TORCH BEARERS AT WIRC FOR THE YEAR 2012 -13 

CA Jay Chhaira 

Vice Chairman – WIRC 

CA Anil Bhandari 

Secretary – WIRC 

The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter 

CA Subodhkumar 

Agrawal 

Hon’ble Vice – President 

- ICAI 

CA Dinesh Gandhi 

Treasurer – WIRC 

MANAGING COMMITTEE OF VASAI BRANCH FOR THE YEAR 2012-13 

CA Shweta Jain 

Chairperson 

CA Lalit Bajaj 

Past Chairman 

CA Ramanand Gupta 

Vice – Chairman 

CA Pramod Dhamankar 

Past Chairman 

CA Kishor Vaishnav 

Secretary & Treasurer 

CA Haresh Mehta 

Committee Member 

CA Unmesh Narvekar 

Imm. Past Chairman 

CA Ashok Jain 

WIRC Nominee 

MANAGING COMMITTEE 

CA Shweta Jain CA Ramanand Gupta CA Kishor Vaishnav CA Unmesh Narvekar 

Chairperson Vice – Chairman Secretary & Treasurer Imm. Past Chairman 

CA Lalit Bajaj CA Pramod Dhamankar CA Haresh Mehta CA Ashok Jain 

Past Chairman Past Chairman Committee Member WIRC Nominee 

EDITORIAL BOARD 

CA Shweta Jain CA Haresh Mehta CA Lalit Munnoyat CA Hemant Shah CA Haresh Kenia 

CA Kamal Sharma 

CA Vikas Soni 

CA Alpesh Shah CA Dushyant Chaudhary CA Anil Kabra CA Prasad Chitre

My Dear Professional Colleagues, 

Writing this first missive to you in my capacity as 

Chairperson, of Vasai Branch of WIRC of ICAI, fills me 

with joy and happiness because I am addressing the 

fraternity of our very Reputed CA Profession. 

First let me thank my committee Members for reposing the 

confidence and electing me as a chairperson of our esteem 

branch. 

I consider this Chairpersonship, as a prospect to act to the best of 

my skills to contribute to the further growth of our most vibrant 

branch and achieve our desired vision. It was always a dream of all 

the past chairman of Vasai branch to make the branch flourish and 

climb as every term passed by. I too maintain the similar vision of 

outstanding performance of our branch, and shall make every effort 

to accomplish it with my team members and all of you because I well 

understand that “coming together is a beginning, keeping together 

is process and working together is success.” 

At this outset I wholeheartedly congratulate and welcome the new 

visionary Leaders Hon’ble President of ICAI CA Jaydeep Shah & the 

Hon’ble Vice President CA Subodh Agrawal who is the torch 

bearers of our profession and wishes them all a fruitful and a 

promising year ahead. 

I would also like to congratulate and welcome the newly elected 

office bearers of WIRC, CA Durgesh Kabra as Chairman, CA Jay 

Chhaira as Vice Chairman, CA Anil Bhandari as Secretary and 

CA Dinesh Gandhi as Treasurer and CA Shruti Shah as Chairperson 

of WICASA, from whom we can get guidance and support. I wish 

them a great year ahead. 

I congratulate WIRC Chairman CA Shriniwas Joshi and his crew for 

winning the Best Region & WICASA Chairman CA Neel Majithia and 

his team for the best WICASA award from the ICAI by keeping the 

winning precedent in continuation. 

I also congratulate our Vasai Branch Members and team eforts of all 

Committee Members under the leadership of CA Unmesh Narvekar, 

for achieving the Highly Commendable Performance Award 2011 

from WIRC in Large Category Branches. 

Vasai Branch of WICASA-Students Team has also done very well in 

last year, only because of that we achieved Highly Commendable 

Performance Award 2011 for student’s activity from WIRC in Small 

Category Branches. This is indeed one more momentous in the 

progress of our Branch. 

Norms has been relaxed regarding Bank Branch Audit allotment 

after the receipt of communication by RBI that Finally All Bank 

Branches having advances of Rupees six crores (instead of twenty 

crores) and above and one-third of the branches below six crores of 

advances will be audited. 

Likewise, every year even this year with the galaxy of speakers we 

have successfully completed the seminar on Bank Branch Audit on 

17th March, 2012. 

As we all know that 16th March, 2012 our Finance Minister has 

presented Budget 2012. To discuss about the impact of budget we 

have organized Public Union Budget Meeting wherein more than 

200 people were part of this discussion. It is our proud privilege that 

on above occasion we felicitated CA Durgesh Kabra, Chairman, 

WIRC and his Team. 

Change in rule being part and parcel of everything and thus every 

FROM CHAIRPERSON’S DESK 

change offer a new beginning. And also in our profession there are 

so many changes going on, and this makes it necessary to keep 

ourselves update too, keeping this in our mind, we planned 

certification course on Indirect Tax which is twelve days course 

beneficial for all so request you to enroll at the earliest. 

In the Branch orientation organized by WIRC on 3rd and 4th March, 

2012 we interacted with the various branch office bearers and 

exchanged some ideas and views regarding professional 

development of our profession. On the above occasion we also got 

an opportunity to personally forward our invitation to hon’ble 

President to visit our branch. We are delighted by his kindness for 

accepting our request and giving his consent. 

It’s my proud privilege to announce that we are going to felicitate 

our honorable President CA Jaydeep Shah on 7th April, 2012 on the 

occasion of lecture meeting on Revised Schedule VI and New 

Auditor Report. It’s my humble request to attend this programme by 

gracing the occasion and taking the opportunity to personally 

interact with President CA Jaydeep Shah. 

As a part of society and to fulfill our duty towards it we had organise 

Mega Blood Donation and Eye check up Camp jointly with Lions 

Club of Kandivali Thakur Complex on 25th March, 2012 wherein 485 

donors has donated their blood and more than 650 people came for 

eye check up out of them 326 got free spectacles, donated by Lions 

Club. I present my hearty thanks to Lion CA Manak Daga for 

arranging this Successful Camp. 

As student is on our prime duty we can never forget our future of the 

profession. It is our paramount duty to organize some programmes 

for the benefit of students also, in this direction we have started 

crash course for CA final students with more than 100 students. To 

give strength to our profession we have planned student career fair 

a mega exhibition in which guidance will be given alongwith CA 

Career Counselling. Further we are starting coaching classes for 

CPT students from 2nd April, 2012. I request to all of you please 

communicate to your article and other students in your area. 

Our Branch is planning various seminars, lecture meetings in these 

coming months for the benefit of members the detail is available in 

forthcoming programme section in this newsletter. 

We look forward to you with similar attachment of support with Vasai 

Branch in future and always elicit your suggestion too. 

“IF EVERY ONE IS MOVING FORWARD TOGETHER, THEN 

SUCCESS TAKES CARE OF ITSELF” 

With warm 

Professional Regards, 

CA. Shweta Jain 

Chairperson 


03 

March, 2012

04 

March, 2012 

VISION 2012-2013 

As we believe it is better to initiate and achieve the goals rather than 

to speak, we would make all possible efforts to achieve the vision 

and at the same time our efforts should not restrict to only achieve 

our vision but should be to achieve every possible opportunity in 

our way. 

We would like to contribute in our best possible way to achieve the 

vision of our Visionary Leader of ICAI and Chairman of WIRC. 

MAJOR HIGHLIGHTS OF VISION 2012-2013 

�Acquiring 

the Branch own premise, we will try to make it 

possible this year. 

�To 

ensure Proper Co-ordination and Smooth functioning of 

branch in achieving our goals. 

�To 

conduct more and more certification courses for Members to 

enhance their professional knowledge and to grab the new 

professional opportunities. 

�Enhancement 

& updating of knowledge through Innovative 

quality Programmes for Members and Students. 

�As 

a part of society and to fulfil our responsibility towards the 

society-conduct Social and environmental awareness programme. 

�Promoting 

Networking among small and medium practitioners 

for Capacity Building. 

�Providing 

in-house coaching classes to the students and 

making available Virtual Classes. 

�Co-ordinating 

with various Institutes, Colleges & Schools for 

CA Career Counselling among students and for Brand building. 

�To 

act as felicitator in forwarding members’ & students in 

representing their problems and difficulties to ICAI in profession 

related matter. 

�Playing 

a role of felicitator in forwarding members’ suggestions 

through ICAI to Central & State Governments on various 

Economic and Commercial Legislations and Exposures Drafts 

issued by ICAI. 

We will try to achieve all the vision with the joint efforts and branch 

will groom at newer height. 

Finally, we take this as benchmark, let’s all of us drive towards 

achieving our goals. 

SUB-COMMITTE FOR THE YEAR 2012 -2013 

Members Committee 

Sr. No. Names of the Committee Members 

1 CA Shweta Jain Chair Person 

2 CA K. B. Kothari Member 

3 CA Manik Daga Member 

4 CA Dinesh Jain Member 

5 CA Abhay Naik Member 

6 CA Meeta Modi Member 

7 CA Purshottam Soni Member 

8 CA Nitesh Kothari Member 

9 CA Sanjay Pahariya Member 

10 CA Sandip Jain Member 

11 CA Ravi Gupta Member 

Students Committee 


1 CA Ramanand Gupta Chairman 

2 CA Bhanwar Borana Member 

3 CA Piyush Jain Member 

4 CA Prasant R. Bhanwar Member 

5 CA Rajesh Kotak Member 

6 CA Annu Agarwal Member 

7 CA Narendra Bhambwani Member 

8 CA Ramesh Batham Member 

Administration & Grant Committee 


1 CA Kishor Vaishnav Chairman 

2 CA D. P. Revawala Member 

3 CA Sandip Maheshwari Member 

4 CA R. K. Maheshwari Member 

5 CA Nainesh Soni Member 

6 CA Atul Mehta Member 

7 CA Gopal Agarwal Member 

8 CA Ganapat Deopura Member 

9 CA Anil Mehta Member 

10 CA Vimal Agarwal Member 

Information Technology Committee 


1 CA Unmesh Narvekar Chairman 

2 CA Ashwin Dedhia Member 

3 CA Mehul Revawala Member 

4 CA Pramod Kanojia Member 

5 CA Santosh Sharma Member 

6 CA Dinesh Kotecha Member 

7 CA Amar Kankaria Member 

8 CA Abhijit Giri Member 

9 CA Vinay Jain Member 

10 CA Lalit Agarwal Member 

Programme Committee 


1 CA Lalit Bajaj Chairman 

2 CA Koshal Maheshwari Member 

3 CA Nitin Atal Member 

4 CA Aftab Alam Member 

5 CA Amar Madia Member 

6 CA Rakesh Soni Member 

7 CA Gopal Daga Member 

8 CA Sumit Doshi Member 

9 CA Nikunj Bhangeria Member 

10 CA Ashok Bansal Member 

Research & Representation Committee 


1 CA Pramod Dhamankar Chairman 

2 CA Rashmi Dave Member 

3 CA Nitesh Shah Member 

4 CA Suhas Kelkar Member 

5 CA Yogesh Vajani Member 

6 CA Kumar Pal Jain Member 

7 CA Philip Colaco Member 

8 CA Jignesh Chauhan Member 

9 CA Saurabh Poddar Member 

10 CA Rajkumar Jain Member 

11 CA Kishor Doshi Member 

Newsletter & Publication Committee 


1 CA Haresh Mehta Chairman 

2 CA Lalit Munnoyat Member 

3 CA Hemant Shah Member 

4 CA Haresh Kenia Member 

5 CA Kamal Sharma Member 

6 CA Alpesh Shah Member 

7 CA Dushyant Chaudhary Member 

8 CA Anil Kabra Member 

9 CA Prasad Chitre Member 

10 CA Vikas Soni Member 

The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter

ACKNOWLEDGEMENT 

It 

is a matter of pride for all of us that Vasai branch of WIRC of ICAI has been 

awarded by two highly commendable performance awards from WIRC on 3rd March 

2012 one for the Members activity and one for the Students' activity. 

We want to present our deep gratitude to each one of you, without your great support 

and co-operation this couldn't have happened. We value your continued and devoted 

contribution in the progress of the Vasai Branch. We look forward to you, similar 

attachment with Vasai Branch in near future. 

Team of Vasai Branch of WICASA receiving award by the 

gracious hands CA Jaydeep Shah (President –ICAI). 

Seen (L-R): Mahendra Soni, (Member-Vasai WICASA) 

Amit Poddar (Member-Vasai WICASA), Animesh Dutta, 

(Member-Vasai WICASA) CA Jaydeep Shah, (President- 

ICAI), Neelam Gupta (Secretary–Vasai WICASA), 

CA Shweta Jain (Chairperson–Vasai Branch), MiIind Joshi, 

(Member-Vasai WICASA) CA Subodh Agrawal 

(Vice President–ICAI) CA Ashok Jain (WIRC–Nominee) 

(Managing Committee Team of Vasai Branch of WIRC) 

Team of Vasai Branch of WIRC receiving award by the gracious hands CA Jaydeep Shah (President 

–ICAI). Seen (L- R): CA Lalit Bajaj (Past Chairman), CA Ramanand Gupta (Vice Chairman), CA Unmesh 

Narvekar (Imm. Past Chairman), CA Subodh Agrawal (Vice President – ICAI), CA Jaydeep Shah 

(President –ICAI), CA Kishor Vaishnav (Secretary), CA Pramod Dhamankar (Past Chairman), 

CA Shweta Jain (Chairperson), CA Haresh Mehta (Comm. Member) & CA Ashok Jain (WIRC –Nominee) 

05 

The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter March, 2012

06 

March, 2012 

FORTHCOMING PROGRAMMES 

DATE SEMINAR ON TIMINGS VENUE SPEAKERS CO-ORDINATORS FEES CPE 

7th New Audit Report & Revised 5.00 pm to GCC Club, Mira CA Sanjeev CA Lalit Bajaj- FREE 3 

April,2012 Schedule - VI & President 8.00 pm Bhayandar Rd, Maheshwari - 9867692321 

Felicitation Mira Road CA Anand CA Pramod 

(E) Banka Dhamankar- 

- 9987155522 

CA Unmesh 

Narvekar 

- 9821236179 

14th April, Seminar on MVAT Implementation 3.00 pm to Viva College, Eminent Faculty CA Haresh Mehta ` 300 3 

2012 & Audit using Tally ERP9 6.00 pm Virar (W) - 9823137477 for Members 

CA Lalit Bajaj & Students 

- 9867692321 & ` 600 for 

others 

4th, 5th, & Residential Refresher Course - Saputara Eminent Faculty CA Haresh Mehta - 9 

6th May, (RRC) - 9823137477 

2012 CA Unmesh 

Narvekar 

- 9821236179 

CA Kishor Vaishnav 

-9892194382 

5th May to 12 Days Certification Course on 9.30 am to GCC Club, Eminent Faculty CA Lalit Bajaj ` 20,000/- 70 

10th June, Indirect Taxes 5.30 pm Mira Road (E) - 9867692321 

2012 CA Kishor Vaishnav 

(Every Sat. - 9892194382 

& Sun. ) 

16th June, Lecture Meeting on Personality 6.00 pm to Reliable Mr. Vijay CA Haresh Mehta ` 200/- 3 

2012 Development & Time 9.00 pm Classes, Mahagaonkar - 9823137477 

Management Mira Road (E) CA Pramod 

Dhamankar 

- 9987155522 

FORTHCOMING PROGRAMMES FOR STUDENTS 


25thMarch Crash Course for CA Final 9.00 am Vasai Hostel CA Gautam Gandhi Mr. Atul Neswankar ` 100/- - 

to 1st April, Students onwards Miss Kavita Shukla - 9823616515 per Lecture 

2012 Mr Jignesh Sangani Mr. Vijendra Jain 

Mr Jignesh Chheda - 9320942555 

31st March Student Career Fair 4.00 pm to Navghar - CA Pramod Free - 

& Ist April, (Ground of S. N. College) 9.00 pm Municipal Dhamankar 

2012 Ground - 9987155522 

Bhayandar(E) 

2nd April, Coaching Classes of CPT 5.00 pm to ITT Centre Eminent Faculty CA Bhawar ` 5000/- - 

2012 9.00 pm Borana 

- 9982994999 

15th April, Motivational Lecture for the 10.00 am Vasai Hostel Mahesh Gaur CA Ramanand - 

2012 Students before Exam to Noon Gupta 

- 9322231113 

CA Piyush Jain 

- 9773628609 

15th April, Mock Test 9.00 am to IIPS Institute, CA Ramanand ` 200/- - 

2012 (CPT/IPCC & Final) Noon/ Kshitij Bldg, Gupta 

1.00 pm Mira Bhayandar - 9322231113 

to 4.00 pm Rd., Mira Road CA Unmesh 

(E) Narvekar 

- 9821236179 

FORTHCOMING PROGRAMME OF BHAYANDAR CPE STUDY CIRCLE 


22nd Right to Information Act & 10.00am Hotel Zaika, Eminent Faculty CA Nitesh Kothari ` 300/- 3 hrs 

April, 2012 Relevance to CA's to 1.00pm 150 ft Road, -9833860870 for 

Near Maxus Non- 

Mall, Bhy. (W) Members 


SEMINAR ON 

NEW AUDIT REPORT 

& REVISED 

SCHEDULE VI & 

PRESIDENT 

FELICITATION FUNCTION 

CPE 

3HRS 

Day & Date :- Saturday,7th April,2012. 

Timings :- 5.00pm to 8.00pm (Followed by Dinner) 

Venue :- Green Court Club, Mira Bhayandar 

Road, Mira road (E). 

Fees :- FREE 

Guest of Honor :- Dr. Sanjeev Naik (Very Active Member of 

Parliament from Mira Bhayandar) 

Co-ordinators :- CA Pramod Dhamankar – 9987155522 

CA Lalit Bajaj – 9867692321 

CA Unmesh Narvekar – 9821236179 

Timings Topics Speaker 

5.00 pm to 6.00 pm Felicitation of Hon'ble 

President CA Jaydeep 

Shah by Vasai Branch & 

Speech by Hon'ble 

President. 

CA Jaydeep Shah 

6.00pm to 6.30pm Professional opportunity CA Sanjeev 

in Revised Schedule-VI. Maheshwari 

6.30pm to 8.00pm Major Changes to CA Anand Banka 

Revised Schedule – VI & 

Independent Auditors 

Report. 

CERTIFICATE COURSE ON 

CPE 

70HRS 

PROGRAMME DETAILS 

SEMINAR ON MVAT IMPLEMENTATION 

& AUDIT USING TALLY.ERP9 

(JOINTLY WITH VASAI VIRAR CA CPE STUDY CIRCLE OF WIRC) 

Name of the Seminar on MVAT Implementation 

Programme & Audit using Tally.ERP9 

Date & Day 14th April 2012, Saturday 

Timings 3.00 pm to 7.00 pm 

Venue Seminar Hall, Third Floor,Viva College, Virar(W) 

Faculty Eminent Faculty 

Fees For CA Members & Students – ` 300/- 

For Others – ` 600/- 

(includes Background Materials & Tea & Snacks) 

3.00 pm to 3.15 pm Registration 

3.15 pm to 5.00 pm - MVAT Implementation in Tally.ERP9 

- Accounting Entries in Tally.erp9 

- Preparation of Invoice/Tax Invoice & Charging 

VAT & CST in Bill (separate & inclusive both) 

CPE 

3HRS 

INDIRECT TAXES ICAI has taken Initiatives for :– 

Date :- 5th & 6th May, 12th & 13th May, 19th & 20th 

May, 26th & 27th May,2nd, 3rd, 9th & 10th 

June, 2012 

Timings :- 9.30 am to 5.30 pm 

Venue :- Green Court Club, Mira Bhayandar Road, 

Mira Road (East). 

Fees :- ` 20,000/- 

Co-ordinators :- CA Lalit Bajaj – 9867692321 

CA Kishor Vaishnav – 9892194382 

- Prepartion & Filing of MVAT & CST Returns 

in Tally.ERP9.0 

- Latest Trade Circular 3T of 2012 regarding 

submission of certain annexures by the 

dealers who are not required to file Audit 

Report In Form 704 

- Trouble Shooting & Do's & Don't 

5.00 pm to 5.15 pm Tea & Snacks 

5.15 pm to 7.00 pm - Introduction to auditor edition of Tally.ERP9 

- Generating Audit Report in Form 704 using 

Tally.ERP9 including various schedules & 

annexures 

- Trouble Shooting & Do's & Don't 

- Question & Answer Session 

Co-ordinators :- CA Haresh Mehta 9823137477 

CA Rajesh Kotak 9561330333 

CA Lalit Bajaj 9867692321 

CA Ashutosh Vidwans 9322272878 

ICAI NEWS 

Launching of ICAI - XBRL Software for CA Firms. 

Launching of Billing & Accounting Software for Practitioners & 

CA Firms 

Launching of Payroll Software for Practitioners & CA Firms 

ICAI enters into an arrangement with TAXMANN to provide the 

contents of its website only at ` 3500/- to the members of ICAI 

arranging the Health Insurance Scheme for Members & Students 

of ICAI 

For Details visit www.icai.org 

Congratulations 

Congratulations 

CA MANAK DAGA (Member, VASAI Branch) 

FOR BEING ELECTED AS PRESIDENT, 

BHARAT VIKAS PARISHAD,BHAYANDAR AND ALSO 

ELECTED AS ZONE - CHAIRMAN LIONS CLUB INTERNATIONAL 

DIST. 323-A3 

07 


TAX T REFORMS 

08 

March, 2012 

KEY TAXATION FEATURES OF BUDGET 2012-2013 

�DTC 

Bill to be enacted at the earliest after expeditious 

examination of the report of the Parliamentary Standing 

Committee. 

�Drafting 

of model legislation for the Centre and State GST in 

concert with States is under progress. 

�GST 

network to be set up as a National Information Utility and 

to become operational by August 2012. 

TAX T PROPOSALS 

DIRECT TAXES 

�Tax 

proposals for 2012-13 mark progress in the direction of 

movement towards DTC and GST. 

�DTC 

rates proposed to be introduced for personal income tax. 

�Exemption 

limit for the general category of individual 

taxpayers proposed to be enhanced from ` 1,80,000 to ` 

2,00,000 giving tax relief of `2,000. 

�Upper 

limit of 20 per cent tax slab proposed to be raised from 

` 8 lakh to ` 10 lakh. 

�Proposal 

to allow individual tax payers, a deduction of up to 

` 10,000 for interest from savings bank accounts. 

�Proposal 

to allow deduction of up to ` 5,000 for preventive 

health check up. 

�Senior 

citizens not having income from business proposed to 

be exempted from payment of advance tax. 

�To 

provide low cost funds to stressed infrastructure sectors, 

rate of withholding tax on interest payment on ECBs proposed 

to be reduced from 20 per cent to 5 per cent for 3 years for 

certain sectors. 

�Restriction 

on Venture Capital Funds to invest only in 9 

specified sectors proposed to be removed. 

�Proposal 

to continue to allow repatriation of dividends from 

foreign subsidiaries of Indian companies at a lower tax rate of 

15 per cent up to 31.3.2013. 

�Investment 

link deduction of capital expenditure for certain 

businesses proposed to be provided at the enhanced rate of 

150 per cent. 

�New 

sectors to be added for the purposes of investment 

linked deduction. 

�Proposal 

to extend weighted deduction of 200 per cent for 

R&D expenditure in an in-house facility for a further period of 5 

years beyond March 31, 2012. 

�Proposal 

to provide weighted deduction of 150 per cent on 

expenditure incurred for agri-extension services. 

�Proposal 

to extend the sunset date for setting up power sector 

undertakings by one year for claiming 100 per cent deduction 

of profits for 10 years. 

�Turnover 

limit for compulsory tax audit of account and 

presumptive taxation of SMEs to be raised from ` 60 lakhs to 

`1 crore. 

�Exemption 

from Capital Gains tax on sale of residential 

property, if sale consideration is used for subscription in 

equity of a manufacturing SME for purchase of new plant and 

machinery. 

�Proposal 

to provide weighted deduction at 150 per cent of 

expenditure incurred on skill development in manufacturing 

sector. 

�Reduction 

in securities transaction tax by 20 per cent on cash 

delivery transactions. 

�Proposal 

to extend the levy of Alternate Minimum Tax to all 

persons, other than companies, claiming profit linked 

deductions. 

�Proposal 

to introduce General Anti Avoidance Rule to counter 

aggressive tax avoidance scheme. 

�Measures 

proposed to deter the generation and use of 

unaccounted money. 

�A 

net revenue loss of `4,500 crore estimated as a result of 

Direct Tax proposals. 

INDIRECT TAXES 

Service Tax 

�Sevice 

tax confronts challenges of its share being below its 

potential, complexity in tax law, and need to bring it closer to 

Central Excise Law for eventual transition to GST. 

�Overwhelming 

response to the new concept of taxing 

services based on negative list. 

�Proposal 

to tax all services except those in the negative list 

comprising 17 heads. 

�Exemption 

from service tax is proposed for some sectors. 

�Service 

tax law to be shorter by nearly 40 per cent. 

�Number 

of alignment made to harmonise Central Excise and 

Service Tax. A common simplified registration form and 

a common return comprising one page are steps in this 

direction. 

�Revision 

Application Authority and Settlement Commission 

being introduced in Service Tax for dispute resolution. 

�Utilization 

of input tax credit permitted in number of services to 

reduce cascading of taxes. 

�Place 

of Supply Rules for determining the location of service 

to be put in public domain for stakeholders’ comments. 

�Study 

team to examine the possibility of common tax code for 

Central Excise and Service Tax. 

�New 

scheme announced for simplification of refunds. 

�Rules 

pertaining to point of taxation are being rationalised. 

�To 

maintain a healthy fiscal situation proposal to raise service 

tax rate from 10 per cent to 12 per cent, with corresponding 

changes in rates for individual services. 

�Proposals 

from service tax expected to yield additional 

revenue of ` 18,660 crore. 


IT CORNER 

by CA Ashwin Dedhia 

Useful Functions in EXCEL to enhance productivity of your offices 

All of us are heading towards summer vacations followed by peak season for 

Returns preparation and compliance computations. At many occasions, we need 

Rounding off and our team does it well but faces challenges when the numbers 

change. Here are a few functions that may help to improve productivity and error 

free working within your office. This are functions commonly useful for a CA office, 

but generally missed. 

With the constraint of space, here we are sharing note on only a few functions that 

may be directly relevant and useful for CA office. We shall appreciate contribution 

by members on other useful functions / shortcuts that can enhance productivity in 

office working. Feel free to share your views and comments to the branch for 

further value addition in the newsletter. 

CEILING Function 

What Does It Do ? 

This function rounds a number up to the nearest multiple specified by the user. 

Syntax 

'=CEILING(ValueToRound,MultipleToRoundUpTo) 

The ValueToRound can be a cell address or a calculation. 

Formatting 

No special formatting is needed. 

Example 

The following table was used by a professional offering support services through 

his team and billing rates are based on Weekly basis. 

The services offered are only available on a weekly basis, any fraction thereof is 

billed fully over upper ceiling. 

When the consultant provides the number of days service was provided / 

required in the property the =CEILING() function rounds it up by a multiple of 7 to 

calculate the number of full weeks to be billed. 

Days Required Days To Be Billed 

Customer 1 3 7 =CEILING(D28,7) 



The same function may be useful for other activities, for rounding to nearest 

Rupee, 10 Rupee in case of Taxes, 30 in case of counting the monthly billing, etc. 

Number Raised Up 

2.1 3 =CEILING(C4,1) 

1.5 2 =CEILING(C5,1) 

14 20 =CEILING(C6,10) 

20 30 =CEILING(C7,30) 

25 30 =CEILING(C8,30) 

40 60 =CEILING(C9,30) 

FLOOR Function 


This function rounds a value down to the nearest multiple specified by the user. 

Syntax 

'=FLOOR(NumberToRound,SignificantValue) 

Formatting 

No special formatting is needed. 

Example 

Number Rounded Down 

1.5 1 =FLOOR(C4,1) 

2.3 2 =FLOOR(C5,1) 

2.9 2 =FLOOR(C6,1) 

123 100 =FLOOR(C7,50) 

145 100 =FLOOR(C8,50) 

175 150 =FLOOR(C9,50) 

ROUND Function 


This function rounds a number to a specified amount od decimal places. 

If 0 is used the number is rounded to the nearest whole number. 

If a negative amount of rounding is used the figures to the left of the decimal point 

are rounded. 

Syntax 

'=ROUND(NumberToRound,DecimalPlacesToUse) 

Formatting 

No special formatting is needed 

Example 

Number Places To Round Rounded Number 

1.47589 0 1 =ROUND(C4,D4) 

1.47589 1 1.5 =ROUND(C5,D5) 

1.47589 2 1.48 =ROUND(C6,D6) 

13643.47589 -1 13640 =ROUND(C7,D7) 

13643.47589 -2 13600 =ROUND(C8,D8) 

13643.47589 -3 14000 =ROUND(C9,D9) 

MVAT UPDATES 

by CA Alpesh B. Shah 

TRADE CIRCULAR No. 3T of 2012 dated 27.02.2012 

Sub: Submission of certain annexures by the dealers who are not 

required to file Audit Report in Form 704. 

Important features : 

1. This amendment will be applicable from the last return of financial year 

2011-12, whether liable to file Hly, Qtly or Monthly. 

2. The amendment provides that all dealers who are not liable to file Audit 

report in Form – 704 u/s 61, will now be required to file annexures in C, D, 

G, H, I, J1 and J2 along with last return of that year. 

3. The due date of filing last return of financial year has been extended to 90 

days from end of the year. e.g. return for the period ending on 31st 

March, 2012 has to be filed before 30th June, 2012 along with the 

aforesaid annexures. 

4. The due date of making payment of tax has not been changed i.e. all 

dealers except six monthly dealers are required to pay by 21st day from 

end of Month/Quarter and for six monthly dealers by 30th April, 2012. 

5. The annexures notified vide notification cited Ref. (1) above is as under:- 

(I) Annexure-C:– This annexure contains the information with 

regards to details of TDS certificates received by the dealer. 

(ii) Annexure-D:– This annexure contains the information with 

regards to details of TDS certificates issued by the dealer. 

(iii) Annexure-G:– This annexure contains the information with 

regards to details of the various certificates or declarations as 

provided under Central Sales Tax Act, 1956 which are received by 

the dealer. 

(iv) Annexure-H:– The information about the details of the 

(v) 

declarations in Form H, which are not received in respect of local 

sales is to be provided in this annexure. This H form relates to sale 

in the course of export where penultimate sales are local sales. 

Annexure-I:– The information with regards to details of the various 

certificates or declarations as provided under Central Sales Tax 

Act, 1956 that are not received is to be furnished in this annexure. 

(vi) Annexure-J1:– This annexure contains the information about the 

sales affected by the dealer furnishing the said annexure. The 

information with regards to Customer-wise sales is to be provided. 

6. 

(vii) Annexure-J2:– This annexure contains the information about the 

purchases affected by the dealer furnishing the said annexure. 

The information with regards to Customer-wise purchase is to be 

provided. 

The dealers who are not required to file Audit Report u/s 61 in Form 704 

shall submit these annexures along with the last return of the year i.e. for 

the month of March. 

7. In case of a dealer where business is discontinued or disposed of or 

transferred, then requisite annexures shall be filed along with the last 

return. 

8. The template of the aforesaid annexures will be provided on the website 

of the Sales Tax Department i.e. www.mahavat.gov.in at DOWNLOAD- 

FORMS

10 

March, 2012 

DIRECT TAXES– RECENT DECISION March, 2012 by Haresh P. Kenia 

INCOME TAX DECISION 

Section 194 H – TDS - SRL Ranbaxy Ltd. vs. ACIT (2012) 65 DTR 

185 (Del.) 

Assessee engaged in conducting various medical diagnostic 

tests having entered into non-exclusive agreements with collection 

centres who collect samples from patients / customers for laboratory 

testing services and forward the same to the assessee and collect 

fees on its own bills / invoices to the patients / customers at the rates 

decided by themselves and make payment to the assessee, net of 

discount, after deducting TDS u/s. 194J, there is no principal – agent 

relationship between the assessee and the collection centres so as to 

attract provisions of section 194 H and, therefore, discount offered by 

the assessee to the collection centres could not be disallowed by 

invoking provisions of section 40(a)(ia). 

Section 2(24) – Capital vs. Revenue Receipt – Kushal K. Bangia 

vs. ITO – ITA No. 2349/Mum/2011 

Redevelopment of housing society – Compensation received from 

builder – is a capital receipt – however would reduce cost of 

acquisition as and when the flat in redeveloped society is sold. 

Section 72 – Setoff of Loss – M/s. Nandi Steels Ltd. vs. ACIT – ITA 

No. 546/(Bang.)/2008 

The assessee sold land and building used for business 

purposes. Though the gain was offered as capital gains, the 

assessee claimed, relying on Cocanada Radhaswami Bank Ltd. 

57 ITR 306 (SC) and other judgments, that as the assets were 

"business assets", the gains therefrom were eligible for set-off 

against the brought forward business loss u/s 72. The issue was 

referred to a Special Bench. The Special Bench held against the 

assessee. 

BL D DONATION 

OO 

CAMP 

Section 54 – Capital Gain deduction – CIT vs. Jagriti Aggarwal 64 

DTR 333 (P&H) 

The time limit for making deposit or making of a house referred to in 

section 54 would mean time limit of filling of return u/s 139(4). The 

deduction was allowed where house was purchased in extended 

time period. 

Section 11(1)(a) – Charitable Trust – CIT vs. Shri Gujrati Samaj 64 

DTR 76 (MP.) 

The assessee is a Charitable Trust formed with the main object to run 

Educational Institution for the benefit of the public. The assessee had 

incurred excessive expenditure towards charitable purposes over 

income and the assessee had carried forward this deficit to be 

adjusted against subsequent years income which was allowed by the 

appellate authority and where held to be applied for charitable or 

religious purposes. 

Section 195 – Payment of Commission to Non-Resident – TDS – 

CIT vs. EON Technology Pvt. Ltd. 64 DTR 257 (Del) 

It was held that when a non-resident agent operates outside the 

country no part of his income arises in India, and since payment is 

remitted directly abroad and merely because an entry in books of 

account is made, it does not mean that non-resident had received 

any payment in India. 

Section 54 F – Cost of Acquisition of Residential House – Smt. S. 

Sudha vs. ACIT 48 SOT 335 (Mad.) 

The expenses related to laying of tiles, white – washing, electrical 

rewiring and wood work were incurred after purchasing the property 

and the expenses was to improve the inhabitability in the property. 

This expense does not form part of the cost of acquisition. Advocate 

fees and brokerage are part of cost of acquisition and property. 


Photographs taken at 

Blood Donation Camp 

on 25th March, 2012.

GLIMPSES AT WIRC FELICITATION FUNCTION 


(Chairperson–Vasai 

Branch) welcoming 

CA Anil Bhandari 

(Secretary, WIRC) at 

Felicitation of WIRC 

New office Bearers 

function dated 

18th March, 2012. 

On the dais seen from (L-R): CA Lalit Bajaj 

(Past Chairman–Vasai Branch), CA Dinesh 

Gandhi (Treasurer–WIRC), CA Durgesh 

Kabra (Chairman–WIRC), CA Shweta Jain 

(Chairperson– Vasai Branch), CA Anil 

Bhandari (Secretary–WIRC) & CA Tarun Ghia 

(Speaker) at Felicitation of WIRC New office 

Bearers function dated 18th March,2012. 

CA Shweta Jain (Chairperson – Vasai Branch) welcoming CA Durgesh Kabra (Chairman, WIRC) at Felicitation of WIRC New office Bearers function dated 18th March,2012. 


(Cahirperson – 

Vasai Branch) 

welcoming 

CA Dinesh Gandhi 

(Treasurer, WIRC) 

at Felicitation of 

WIRC New Office 

Bearers function 

dated 18th 

March,2012. 

CA Kishor Vaishnav (Secreatry-Vasai Branch) felicitating CA Nitesh Shah (Bhayanadar Study Circle) felicitating 

CA Durgesh Kabra (Chairman –WIRC) 

CA Anil Bhandari (Secretary–WIRC) 

CA Unmesh Narvekar (Immediate Past Chairman- 

Vasai Branch) presenting memento to CA Anil 

Bhandari (Secretary-WIRC). 

CA Pramod Dhamankar (Past Chairman-Vasai Branch) felicitating 

CA Anil Bhandari (Secretary – WIRC) 

CA Philip Colaco (VVCSC) felicitating CA Dinesh Gandhi (Treasurer–WIRC) 

CA Ramanand Gupta (Vice–Chairman) presenting memento to 

CA Dinesh Gandhi (Treasurer – WIRC) 

CA Nitesh Kothari 

(Convenor- Bhy. 

CPE Study Circle 

Felicitating 

CA Durgesh 

Kabra(Chairman 

–WIRC) 

CA Sandip Jain (Bhayandar Study Circle) felicitating CA Dinesh Gandhi (Treasurer –WIRC) 

CA R. D. Lukad (Chairman, JCAF, Mira, Bhyandar) presenting memento to CA Durgesh 

Kabra (Chairman – WIRC) 

CA Manak Daga (President Lions Club, Kandivali, Thakur Complex) 

felicitating CA Durgesh Kabra (Chairman–WIRC) 

11 


Editor: CA. Shweta Jain Published by Vasai Branch of Western India 

Regional Council of The Institute of Chartered Accountants of India and 

printed at Finesse Graphics and Prints Pvt. Ltd., 309, Parvati Ind. Est., 

Sun Mill Compound, Lower Parel, Mumbai 400 013. Tel. : 40364600 

The views and opinions expressed or implied are those of the authors or 

contribution and do not necessarily reflect those of Vasai Branch. 

Unsolicited articles and transparencies are sent in at the owner's risk 

and the publisher accepts no liability for loss or damage. Material in this 

publication may not be reproduced, whether in part or in whole, without 

the consent of Vasai Branch. 

DI SCLAI MER: The Vasai branch is not in any way responsible for the 

result of any action taken on the basis of the advertisement published in 

the Newsletter. The members, however, may bear in mind the provision 

of the Code of Ethics while responding to the advertisements. 

12 

March, 2012 

PHOTO GALLERY 

On the dais seen from (L-R): CA Unmesh Narvekar (Immediate Past 

Chairman-Vasai Branch), CA Arvind Pandey (Speaker),CA Shweta Jain 

(Chairperson-Vasai Branch) & CA Lalit Bajaj (Past Chairman-Vasai 

Branch) at Seminar on Bank Branch Audit dated 17th March, 2012 

Designed and Printed by Finesse +91-22 4036 4600 

Our Speakers at Bank Branch Audit Seminar 

CA Arvind Pandey CA Hasmukh Dedhia CA Jaideep Sahasrabudhe CA Shrikant Mundra 

Participants of Budget seminar dated 18th 

March, 2012 at Indravarun Hall, Bhayandar 

(West) 

To 

(L- R): CA Kishor Vaishnav 

(Secretary- Vasai Branch), 

CA Nitesh Kothari (Convenor 

Bhayandar CPE Study 

Circle), CA Tarun Ghia 

(Speaker), CA Shweta Jain 

(Chairperson–Vasai Branch) 

& CA Pramod Dhamankar 

(Past Chairman – Vasai 

Branch) at Budget Meeting 

dated 18th March,2012 

Group Photo of all CA Dignitaries of WIRC new Office Bearers & Vasai Branch at Budget seminar dated 18th March,2012 

CA Tarun Ghia (Speaker) 

sharing his exper views 

and ideas on his Keynote 

address at Budget 

seminar dated 18th 

March,2012 

Undelivered please return to : 

The Institute of Chartered Accountants of India, 

Vasai Branch of WIRC 

Address: Office No.115/116 Ostwal Ornate, Bldg. No. 1A, 

Jesal Park, Bhayandar (E), Thane- 401 105. 

Telephone: 022-2817 8518 / 3245 9348 

Email: vasaibranchca@hotmail.com / vasai@icai.org 

Website: www.vasai-icai.org 


UNION BUDGET 

2012

vasai branch of wirc newsletter vasai branch of wirc ... - vasai-icai.org

Create successful ePaper yourself

Delete template?

Save as template?