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Accountants Chartered Accountants Chartered The Institute of ` 15/- Chartered Accountants of India per copy (Set up by an Act of Parliament) WESTERNWESTERN INDIAINDIA CHARTEREDCHARTERED ACCOUNTANTSACCOUNTANTS MAY 2013 VOL. 39 | No. 05 NEWSLETTERNEWSLETTER Celebrating with pride Maharashtra Day & Gujarat Day ... ... contributing to India’s growth Head out to exotic destinations... ... It’s holiday time! http.//wirc-icai.org IMAGES Meeting of Convenors of Study Circles held on 23rd April, 2013 Interactive Meet with MD of CFA Institute,USA on 2nd May, 2013 CA. Priti Savla, Treasurer, WIRC, & Chairperson, Study Circle Committee, CA. Parag Raval, Vice Chairman, WIRC, CA. Mangesh Kinare, Chairman, WIRC, CA. CA. Shruti Shah, RCM, CA. Jayesh Gandhi, Mr. Paul Smith, CA. Mangesh Kinare, Neel Majithia, Secretary, WIRC, CA. Vishnu Agarwal, RCM & Convenor, Study Chairman,WIRC. CircleCommitteeofWIRC Lecture Meeting on Service Tax Returns held on 4th & 22nd April, 2013 CA. MilindJoshi,CA. JinitShah,Faculty,CA. ParagRaval, ViceChairman,WIRC CA.Vandana Dodhia, CA. Parag Mahta, Faculty, CA. Shardul Shah, RCM, CA.Viral Chheda. Lecture Meeting on Use of RTI held on 26th April, 2013 CA. Mahesh Madkholkar, Chairman, WICASA, & Team WICASA receiving memento from J.J. Mahanagar Blood Bank after the Blood Donation Camp, CA. RakeshKapoor,CA. DhirajKhandelwal,RCM, CA.VyankateshJoshi,Faculty organised by WICASA on 21/4/2013 at RVG Hostel, Mumbai. (Total 102 bottles ofBloodcollectedduring theBloodDonationCamp). Interactive meeting with representatives from the Asian Development Bank on SME Capital Markets in India held on 29th April, 2013 Ahmedabad : Felicitation of President and Vice President, ICAI on 6/4/2013. (L-R): CA. P.H. Khandelwal, Branch Chairman, CA. Subodh Agarwal, President, CA. Vishnu Agarwal, RCM, CA. Rajkumar Adukia, CCM, Mr. Shinozaki, CA. Neel ICAI, CA. K.Raghu,VicePresident,ICAI, CA. AmrishPatel,CA.VikashJain Majithia, Secretary,WIRC Thane : WIRC Office Bearers, RCMs, Mg. Committee Members of Thane Branch &otherMembers inGudiPadvaCelebration on11/4/2013. Nashik : CA. Mangesh Kinare, Chairman, WIRC along with WIRC office bearers and Regional Council Members with the Past Chairmen of Nashik Branch & BranchManagingCommitteeMembers. MAY 2013 02 Western India Chartered Accountants Newsletter CHAIRMAN担 COMMU NI CA TION Each work has to pass through these stages—ridicule, opposition, and then acceptance. Those who think ahead of their time are sure to be misunderstood. – Swami Vivekananda Respected Seniors & Dear Friends, amendments concerning our profession and it will be our endeavor to Last month several brainstorming and meet MLAs in the select committee and brief them about our team building activities took place at concerns. WIRC. The ‘Branch Orientation and Co-ordination Program’ was held In Gujarat, too, the co-operative law is undergoing a change. Our team on 12th and 13th April at the Maharashtra Judicial Academy, of Co-operative Committee (Gujarat) has met the Jt. Commissioner, Bhayandar. About 160 Managing Committee Members from 27 Co-operative Dept. in Gujarat and briefed him about the steps that can Branches of our Region attended the program. The inaugural speech be taken to rationalize the audit empanelment and allotment by ICAI Vice-President, CA. K. Raghu was inspiring which was followed procedure. Representation will also be made to Govt. of Gujarat in this by a motivating session on leadership and discussion and training on regard. Branch functioning. Members were touched by the down to earth The new local body tax (LBT) in Maharashtra is meeting with strong approach of President, ICAI, CA. Subodh Kumar Agrawal, who came all resistance from Trade Associations who are demanding it’s total the way to meet the leaders from Branches in late evening. revocation. While keeping in mind the concerns of citizens of this On the second day, the Branches made presentations about their State, WIRC would like to look at this issue from the perspective of a forthcoming activities and planning was done for WIRC programs at professional, especially as regards implementation, assessments, Branches. We also had Study Circle Conveners’ meet at the newly record keeping and harmonization of law throughout the state. We inaugurated ICAI Tower on 23rd April. The Conveners from Study will be forming a sub group to study these issues and make Circles across the Region attended the meeting and discussed their representation to the State Government very shortly. I appeal to future plans. We also had detailed discussions about various issues members to send their suggestions about the issues to be raised in all concerning Study Circles and some of them have already been taken these representations. up for necessary action. Acting on the suggestions received from members in Gujarat, WIRC The month ended with the detailed deliberations on matters of will organise more programs on Gujarat VAT throughout the state, to professional interest in various Committee meetings of WIRC. I thank strengthen the capacity of our members and to encourage more the co-opted members for actively participating in these meetings and members to practice on Gujarat VAT. After receiving a good response giving their valuable inputs. I also had the opportunity to visit Vasai, for beginners study course on FEMA, WIRC has announced a Nasik and Surat Branches during last month and had interactions with beginners study course on Transfer Pricing. Intensive courses on past Branch Chairmen, Members and Students. From all these Service Tax, MVAT and Accounting Standards have also been deliberations, many action points have been drawn which I will be announced. I am sure members would take benefit of these courses. sharing with members through my communications. The ongoing CA exams will conclude on 16th May and all of us at WIRC WIRC is planning to develop two concept papers on “Remodeling the wish all the best to our students and hope that the results would bear Profession” and “Exploring New Professional Avenues”. Rising the fruits of their labour. While students will be gearing up to enjoy expectations of regulators and general economic scenario pose vacation time after their exams, the members will be balancing their considerable challenges to our profession. We, therefore, need to personal and professional responsibilities as the audit season is at full collectively work together for our own cause on ideas and thoughts throttle. I wish happy vacations to all and hope that members and regarding new professional avenues that can be explored and changes students will be rejuvenated by their vacations to effectively tackle the in existing practices which may perhaps be required in future; by hectic professional season ahead. studying best practices followed internationally or within our country. On 1st May we celebrated the Foundation Day of two vibrant States of Needless to say that these ideas have to be backed up by proper check India, Maharashtra and Gujarat. During the last 53 years, these two points from the perspective of regulations and code of conduct progressive states in modern India, have played a pivotal role in the relating to our profession. We at WIRC will also be taking up this overall growth of our country. With their rich culture and history, both project and will be setting up a Team to compile such concept papers these states have a great legacy of bringing forward great personalities and to refine and develop the consolidated Concept Papers which and leaders to serve our country. I conclude by quoting one of the shall be presented to the Central Council by December. I appeal to all greatest sons of the soil and architect of unification of India, Sardar Members of the Region to contribute to this project. Vallabhbhai Patel, who said, “Manpower without Unity is not a The Government of Maharashtra has issued an Ordinance to align the strength unless it is harmonized and united properly, then it becomes a MCS Act with the 97th Constitutional Amendment. A select spiritual power.” committee of 19 MLAs has been formed to give a final look before it With best regards, gets converted into an Act in the coming monsoon session. However, recently, the Gujarat High Court declared certain provisions of the 97th Amendment dealing with co-operative societies as unconstitutional. In this scenario, WIRC has decided to make a representation to the State Govt. in respect of certain proposed CA. Mangesh Kinare OFFICE BEARERS Page 4 Forthcoming Events CA. Mangesh Kinare, Chairman CA. Parag Raval, Vice-Chairman Page 09 Forthcoming Branch Meetings CA. Neel Majithia, Secretary CA. Priti Savla, Treasurer Page 10 Forthcoming Study Circle Meetings EDITORIAL BOARD Page 11 Bulletin Board Editor: CA. Mangesh Kinare Joint Editor: CA. Neel Majithia Page 12 Law Updates Members: CA. Shriniwas Joshi • CA. Priti Savla • CA. Sunil Patodia • Page 15 Recent Judgments CA. Anil Bhandari CA. Shruti Shah • CA. Sushrut Chitale MAY 2013 Western India Chartered Accountants Newsletter 03 FORTHCOMING EVENTS For Seminar registration, enquiry contact 3980 2923 / 2922. Cheques should be drawn in favour of "WIRC OF ICAI" and sent to WIRC Office, ICAI Bhawan, Cuffe Parade • R. No. 580, Aayakar Bhawan, Churchgate • RVG Extension Counter, Andheri (W) • MulundReadingRoom,Mulund(W)•DadarReadingRoom,Dadar(E) DATE PROGRAMME TIME VENUE FEES CPE PG. ` NO. 1/6/2013 Full Day Seminar on Due Diligence 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, Cuffe Parade 1,200 06 5 4, 5, 6, 7, 10, 11 Intensive Study Course on Basic Orientation of MVAT & CST 4.45 p.m. to 8.00 p.m. Seminar Hall of All India Local Self Govt. Bldg, Juhu Lane 3200 21 5 12-6-2013 Andheri (W) 5/6/2013 7th International Banking & Finance Conference 2013 10.00 a.m. to 6.00 p.m. Regal Room, Hotel Trident, Nariman Point, Mumbai 4,000 06 5 Unstructured 8/6/2013 Half Day Workshop on Personal Finance Planning 10.00 a.m. to 1.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, Cuffe Parade 500036 8, 15, 22, Direct Tax Refresher Course (DTRC 2013) 2.00 p.m.
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