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Baroda Branch of WIRC of
The Institute of Chartered Accountants of India
48 ANNUAL REPORTth
2014-15
48th Annual Report 2014-15
48th Annual Report 2014-15
BARODA BRANCH OFTHE WESTERN INDIAN REGIONAL COUNCIL OF
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
NOTICE
Baroda Branch of WIRC of ICAI
CA. Arpan Dodia
Notice is hereby given that 48th Annual General Meeting of the Members of the Baroda Branch of the Western IndiaRegional Council of the Institute of Chartered Accountants of India will be held on Monday, 29thJune 2015 at 6.00 pmat ICAI Bhawan, Kalali-Tandalja Road, Atladra, Baroda – 390012 to transact the following business:
1. To receive and adopt the report of Managing committee for the year 2014-2015 i.e. from 1st June 2014 to 31st M a y2015.
2. To Receive and adopt the Auditor’s Report and Audited Accounts for the year ended on 31st March, 2015.
3. To transact any other business with the permission of the chair.
For
Place: Vadodara
Date: 8th June, 2015 Secretary
48th Annual Report 2014-15
The Baroda Branch of the Western India Regional Council of the Institute of Chartered Accountants of India is pleasedto present its 48th Annual report of Managing Committee for the period from 1st June 2014 to 31st May 2015 and theaccounts for the financial year ended on 31st March, 2015.
Since last several years, Baroda Branch has been consistently acknowledged as one of the Best Performing Branch by theICAI. A number of activities are undertaken round the year for the benefit of its members and students at large.Involvement from members as well as students had remained encouraging throughout the year.
At the same time we also wish to place on record our sincere appreciation and gratitude to the following persons who havemade it possible to conduct various activities of the Branch:
Chairmen, Faculties and Members at- various Post Qualification Courses/ Certificate Courses, Seminars,Conferences, Refresher Courses, Workshops, Lecture Meetings, GMCS Course for CA Final Students,Information Technology Training, Orientation Program for IPCC students, Classroom Training Centre andother courses - for sparing their valuable time for the cause of the profession.
Co-opted members of various committees and working groups of the Branch.
The various contributors to the Newsletter for making it more informative and interesting.
Statutory Auditors of the Branch M/S Mahesh Udhwani & Associates, Chartered Accountants.
Internal Auditors of the Branch M/S Shah & Kadam, Chartered Accountants.
Axis Bank, Race Course Branch
Various professionals and other organizations for their co-operation and assistance in organizing programmes.
Mr. Ketan Kharva, Ms. Parita Shah, Mr. Jayesh Panchal, Mr. K.C. Rajput, Mr. Prakash Parmar, Mr. DharmeshShah, Mr. Jitendra Jat, Mr. Jagdishbhai Prajapati & Mr. Amar Baswa- staff of the Branch for their continueddedicated efforts and hard work throughout the year.
The printers for their timely printing of Newsletter and other materials through the year.
Advertisers in the Newsletter and other publications.
Various agencies and the press & media for their support and for providing best services to Baroda Branch ofWIRC of ICAI.
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CA. Yash Bhatt CA. Viral Shah
CA. Arpan Dodia CA. Dhiren Parikh
CA. Abhishek Nagori CA. Nayan R. Kothari
CA. Kejal Pandya CA. Utpal Shah
CA. Hitesh Agrawal
BARODA CPE STUDY CIRCLE
CA. Kejal Pandya
CA. Krunal Brahmbhatt
CA. Varun Fitter
Chairman Vice- chairman & Chairman Baroda Branch of WICASA
Secretary Treasurer
Ex Officio – WIRC Member Imm. Past Chairman
Member Member
Member
Convener
Co-convener
Co-convener
REPORT OF THE MANAGING COMMITTEEOF THE BARODA BRANCH OF WIRC OF ICAI FOR YEAR 2014-2015
48th Annual Report 2014-15
Date Particular CPE No. of CPE HrsHrs Participants Generated
13.07.14 Seminar on analysis of Union Budget 2014 3 229 600
07.08.14 Seminar On Scope And Opportunities For Young MembersIn Practice And Service organized by Young MembersEmpowerment Committee, ICAI, New Delhi & hostedby Baroda Branch of WIRC of ICAI 2 219 400
23.08.14 Full Day Investors’ Awarness Programme organized byCommittee on Financial Markets and Investors’ Protection ofICAI & hosted by Baroda Branch of WIRC of ICAI 6(only for ICAI Members)
06.09.14 Half Day Seminar on “Tax Audit” 4 163 624
12.09.14 Half Day Seminar on Service Tax & CENVET 4 62 188
08.11.14 ICAI Regional Conference on Urban Co-operative Banksorganized by Committee for Co-operatives & NPO Sectors(CCONPO), ICAI & hosted by Baroda Branch of WIRC of ICAI 6 59 270
12-13.12.14 National Conference on Taxation (Multi Track) Organisedjointly by : Direct Tax & Indirect Tax Committee of ICAI 12 294 3528
26-27.12.14 WIRC Regional Conference on Information & Technology:organized by WIRC of ICAI 9 117 1053
30.12.14 Full Day Seminar on NPO/NGO: Organized byCommittee for Cooperatives & NPO sectors & Jointly Hosted byAnand & Baroda Branch of WIRC of ICAI 6 120 720
03.03.15 Seminar on clause to clause analysis of Union Budget 2015 3 296 888
24.03.15 Half Day Seminar on “Year end compliance-Companies Act-2013” 4 120 480
28.03.15 Full Day Seminar On Bank Branch Audit 6 197 1182
25.04.15 Half day seminar on Audit Reporting Requirements &CARO 2015 4 74 296
09.05.15 Full Day Seminar on Co-operative Banks & Societies 6 110 660
30.05.15 Full day seminar on FEMA 6 66 396
07.06.14 Direct Tax Refresher Course Part- II
14.06.14 Direct Tax Refresher Course Part- III
04.07.14 Interactive meet of the leaders of the Profession in Industry,organized by Committee for Members in Industry & hostedJointly by Baroda , Bharuch & Anand Branches of WIRC of ICAI 3 70 150
05.07.14 Company Law Refresher Course ( CLRC) 306.07.14 3 44 129
11.07.14 Company Law Refresher Course ( CLRC) 3
18.07.14 Company Law Refresher Course ( CLRC) 33
09.08.14 Workshop on Transfer Pricing 4 59 224
450 1800
49 147
60 150120.7.14 3 67 168
50 12019.07.14 56 135
SEMINAR & CONFERENCES
WORKSHOP & TRAINING PROGRAMS
5 80 395
5 93 430
48th Annual Report 2014-15
Date Particular CPE No. of CPE HrsHrs Participants Generated
30-31.08.14 2 Full days practical Workshop on Financial Modelling 12 18 216
04-05.10.14 All Gujarat Workshop on Company Law- Jointly organised andhosted by : Ahmedabad & Baroda Branch of WIRC of ICAI 7 237 700
14.11.14 Half Day Workshop on Cloud based Accounting & Auditing 4 56 224
22.11.14 Half Day Workshop on “Depreciation under the new companiesAct – Provisions & Case Studies” 4 111 416
29-30.11.14 2 days National Workshop on Internal Audit 8 54 420
19.12.14 One day Training Programme for Peer Reviewers;Organised by : Peer Review Board, ICAI 6 56 336
31.01.15 Half Day Workshop on Leadership & Management 4 92 368
06-07.02.15 Intensive Workshop on Service Tax 9 59 531
19.03.15 Women’s Programme on Change your Image, Change your Life N.A 50
16.05.15 Felicitation & Interaction with Shri Suresh Prabhu, Hon'bleUnion Minister ( Ministry of Railway) & Conference on GST 3 237 700
23.08.14 Lecture Meeting on CARO 2 34 62
11.10.14 Lecture Meeting ., Organised by: Baroda Branch of WIRC
of ICAI & Baroda CPE Study Circle 2 41 80
27.12.14 Lecture Meeting on Management N.A 40 N.A
29.12.14 Lecture Meeting on Derivatives; jointly organized by
Baroda Branch of WIRC of ICAI & Baroda CPE Study Circle 3 81 243
31.12.14 "Summit on CA Professionals & SMEs in Make in India;
Organised By: Committee for Capacity Building of CA Firms &
Small & Medium Practitioners(CCBCAF & SMP), ICAI & Jointly
Hosted by:Baroda Branch of WIRC of ICAI & Baroda CPE Study
Circle of ICAI & Baroda Management Association - BMA " 3 71 200
23.02.15 Change over of Managing Committee & Lecture Meeting on India
2030: Role of Professionals – A Paradigm Shift 2 116 232
21.04.15 Lecture Meeting on POEM ( Place of Effective Management),
jointly with Baroda CPE Study Circle 2 27 54
17.06.14 Information management – Systems and procedures 2 44 88
27.06.14 Place of Provision of Services Rules, 2012 2 46 86
08.07.14 Exemption u/s. 54,54F & 54EC of IT Act andother issues of taxation 2 44 88
22.07.14 Works Contract under GVAT Act 2 53 104
12.08.14 Business Etiquette & Stress Management 2 26 52
26.08.14 Revised Tax Audit Report , Issues in Tax Audit & E-filing 2 128 256
16.09.14 Transfer Pricing (Domestic & International) 2 26 52
07.10.14 Filing under Company Law 2 51 102
11.10.14 How to Gear up for Implementation of IND AS 2 46 92
11.11.14 Issues & Controversies in Section 14A & Rule 8D(Including recent judgements) 2 46 92
18.11.14 Overview of CENVAT Credit 2 62 122
03.12.14 Emerging trends in Indian Stock Market 2 56 112
LECTURE MEETING
STUDY CIRCLE MEETINGS
48th Annual Report 2014-15
Date Particular CPE No. of CPE HrsHrs Participants Generated
16.12.14 Management Control and Planning System-A Costing Approach 2 60 116
23.12.14 Financial Planning & Insurance 2 56 112
20.01.15 VAT Audit 2 56 110
27.01.15 Venture Capital – Concept, Practices and Role of CA’s 2 42 84
10.02.15 Specific Provisions applicable to Private Ltd. Companies underthe Companies Act,2013 2 82 164
23.02.15 India 2030: Role of Professionals – A Paradigm Shift -Organized jointly by Baroda Branch of WIRC of ICAI &Baroda Branch of CPE Study Circle 2 116 232
17.03.15 Place of provisions of services rules 2014, point of taxationrules 2011 and provision of ST in budget 2 55 110
14.04.15 Opinions by expert advisory committee 2 35 70
21.04.15 Lecture Meeting on POEM ( Place of Effective Management),jointly with Baroda Branch of WIRC of ICAI 2 27 54
28.04.15 Critical Issues in Advances and Operations areas of ConcurrentBank Branch Audit 2 31 62
12.05.15 Important Aspects of Project Financing/CMA data fromBank's perspective 2 63 126
09-11.01.15 24th RRC @ Pushkar 12 91 960
20-22.03.15 1st Residential Refresher Course (RRC) for Young Members 12 60 720
07.07.14 Workshop for Accountants - I N.A 77
08.07.14 Workshop for Accountants - II N.A 84
10.07.14 Live Screening of Union Budget 2014 N.A 200
14.07.14 Workshop for Accountants - III N.A 44
15.07.14 Workshop for Accountants - IV N.A 79
27.02.15 Interactive Meet with CIT – TDS, Vadodara 2 146 200
28.02.15 Live Screening of Union Budget 2015-16 N.A 100
09.05.15 Public Program On “Investors’ Awareness” 2 200 132
RESIDENTIAL REFRESHER COURSE (RRC)
PUBLIC PROGRAMS
48th Annual Report 2014-15
Sr. Name Designation Date of Visit
1 CA. Manish Baxi Past Vice Chairman, WIRC 07.06.14
2 CA. Sanjay Agarwal CCM, ICAI 07.06.14
3 CA. Nandkishor C Hegde Past RCM, WIRC 14.06.14
4 CA. Tarun Ghia CCM, ICAI 04.07.14
5 CA. Chirag Tambedia Chairman , Bharuch Branch 04.07.14
6 CA. Prathmesh Prajapati Chairman, Anand Branch 04.07.14
8 CA. Nilesh Vikamsey CCM, ICAI 12.07.14
9 CA. Shshrut Chitale RCM, WIRC 18.07.14
10 CA. Abhishek Nagori RCM, WIRC 08.11.14
11 CA. C. S. Nanda CCM, ICAI 30.11.14
12 CA. Atul Gupta CCM, ICAI 12.12.14
13 CA. Dhinal Shah CCM, ICAI 12.12.14
14 CA. Naveen N D Gupta CCM, ICAI 19.12.14
15 CA. Jay Chhaira CCM, ICAI 19.12.14
16 CA. Anil Bhandari Chairman,WIRC 26.12.14
17 CA. Shruti Jayesh Shah Secretary , WIRC 26.12.14
18 CA. Priyam Shah Tresaurer, WIRC 26.12.14
19 CA. Abhishek Nagori RCM, WIRC 26.12.14
20 CA. Manish Baxi Past Vice Chairman, WIRC 26.12.14
21 CA. Tarun Ghia CCM, ICAI 04.02.15
22 CA. Mangesh Kinare Past Chairman , WIRC , Mumbai 06.02.15
23 CA. Jay Chhaira CCM 20.03.15
24 CA. Bhavna Doshi Past Chairman , WIRC , Mumbai 16.05.15
, ICAI
1 Shri. Saurabh Patel Finance Minister - Gujarat State( Cabinet Minister for Finance,Energy and Petrochemicals, Mines Minerals, Cottage Industries,Salt Industries, Printing and Stationery, Planning, Tourism,Civil aviation, Labour and Employment) 19.06.14
2 Shri S S Mundra CMD, Bank of Baroda 24.06.14
3 Ms. Anandiben Patel Chief Minister of Gujarat State 12.07.14
4 Mr. Mitanshu Shah VP, Alembic Pharmaceutical Ltd 07.08.14
5 Shri Sohail Ahmed Senior Divisional Manager – LIC of India , Baroda Division 23.08.14
6 CA. Rajiv Khatlawala MD, Investogyan 23.08.14
7 Shri. Suresh Kaptan BM – LIC of India, Vadodara 23.08.14
8 Shri Dipan Shah CM, SBI Mutual Fund, Vadodara 23.08.14
9 Mr. Abhijit Bhagwat CEO, Sunfin Reality, Vadodara 23.08.14
10 CA. Gaurav Shah Partner, Deleoitte 02.09.14
11 Mr. Pritesh Amin Sr. Manager, Deleoitte 02.09.14
12 Ms. Smita Iyer Sr. Executive HR, Deleoitte 02.09.14
13 Mr. Santosh Shitolle Office Assistant, Deleoitte 02.09.14
14 Shri N V Patel Chairman- VUDA & Director, Gujarat UCB Federation 08.11.14
15 Mr. A. K. Sinha General Manager, UBD, RBI, Ahmedabad 08.11.14
16 Shri Jyotindra Mehta Chairman, Gujarat UCB Federation, Director, NAFCUB,and Chairman , Rajkot Nagrik Sahkari Bank Ltd 08.11.14
17 Mr. Ravikiran Mankikar CGM-IT, ShamraoVithal Co-operative Bank, Mumbai 08.11.14
ICAI DIGNITARIES
NON ICAI DIGNITARIES
48th Annual Report 2014-15
Sr. Name Designation Date of Visit
18 Mr. Babu.V Ex DGM (IT), Bank of India 08.11.14
19 CA. Naresh Kella Director, Rajkot Nagarik Sahakari Bank Ltd 08.11.14
20 Shri A K Bera Principal Chief General Manager, Reserve Bank of India (RBI) 08.11.14
21 Shri Prakashchandra Sahu Regional Director, RBI, Ahmedabad 08.11.14
22 Shri S.W. Naqvi Special Director, Enforcement Directorate, Mumbai 08.11.14
23 Shri Dhirendra Sinha Assistant Director, Enforcement Directorate, Mumbai 08.11.14
24 CA. N. S. Venkatesh Executive Director, IDBI, Mumbai 08.11.14
25 Shri Jayant Misra Chief Commissioner , Central Excise,Customs & Service Tax, Vadodara 13.12.14
26 Shri Pravin Jain Commissioner ( Appeal), Central Excise,Customs & Service Tax, Vadodara 13.12.14
27 CA. H.M. Rao Chief Auditor,VMSS 26.12.14
28 Mr. Ajay Pandey IRS 27.12.14
29 Ms. Avi Sabavala Immediate Past President, VCCI 31.12.14
30 Mr. Sagar Mehta Hon. Secretary BMA 31.12.14
31 CA. Maulik Mehta Director, Infinity Consultants 31.12.14
32 Ms. Shabari Bhattasali Chief Commissioner of Income Tax 08.01.15
33 Shri Antar Sing Additional Commissioner, Central Excise, Ajmer Zone 09.01.15
34 Mr. Navendu Shekhar Regional Manager -Training, Reliance Mutual Fund 31.01.15
35 CA. Janki Patel Exe., Lupin Ltd. 04.02.15
36 CA. Bharat Kanani CFO, 20 Microns Ltd. 04.02.15
37 CA. Roopin Patel Past Chairman, Anand Branch 04.02.15
38 CA. Sundarrajan DGM, Financial Reporting & Accounting, Sandoz 04.02.15
39 CA. S.L. Gautam Sr. Finance Mgr., IOCL 04.02.15
40 Shri O P. Sharmaji CIT- TDS , Vadodara 27.02.15
41 Shri Phagu Oram CIT- TDS , Vadodara 27.02.15
42 Shri S. Deogadgar CIT- TDS , Vadodara 27.02.15
43 Mr. KG Chauhan CM Internal Audit -ZIAD, Bank of Baroda Vadodara 28.03.15
44 Shri. M.A. Narmawala Registar of Co-operative societies, Gandhinagar 09.05.15
45 Shri P.K. Pradhan Deputy General Manager, UBD, RBI 09.05.15
46 Mrs. Bhavini Sanghavi Saraswat Co-operative Bank 09.05.15
47 Mr. Nakul Thakkar Saraswat Co-operative Bank 09.05.15
48 CA. S P. Tulsian Stock Market Analyst , Mumbai 09.05.15
49 Mr. Kartik Mehta VP, Institutional Research, Sushil Finance, Mumbai 09.05.15
50 CA. Suresh Prabhu Hon'ble Union Minister , Ministry of Railways 16.05.15
51 Shri Prakashchandra Sahoo Regional Director, RBI, Ahmedabad 30.05.15
52 Shri Ajay Vij GM, Regional Office, RBI 30.05.15
53 Shri R A Kerketta AGM, FED Ahmedabad 30.05.15
48th Annual Report 2014-15
Date Particular No. of Participants
29.06.14 66th CA Day Celebration 40
01.07.14 66th CA Day Celebration 125+
14.12.14 2nd Regional Volleyball Tournament 15
03.01.15 Cricket Match of Baroda Branch of WIRC of ICAI with Faculty of Commerce,M.S. University, Vadodara 35
04.01.15 29th Cricket match - Baroda Branch of WIRC of ICAI v/sCA Association of Ahmedabad 35
26.01.15 66th Republic Day Celebration 50
06.03.15 Holi Milan 40
CULTURAL CUM SPORTS EVENTS
Batch No Date Of Commencement Date Of Completion No. Of Students
1 16.06.14 30.06.14 51
2 03.07.14 17.07.14 51
3 21.07.14 04.08.14 50
4 11.08.14 26.08.14 51
5 25.11.14 09.12.14 50
6 15.12.14 30.12.14 49
7 01.01.15 17.01.15 46
8 25.05.15 10.06.15 49
13 16.06.14 30.06.14 5014 03.07.14 17.07.14 5115 21.07.14 04.08.14 4816 19.08.14 02.09.14 2617 25.11.14 09.12.14 5018 15.12.14 30.12.14 3819 19.01.15 03.02.15 3720 02.02.15 16.02.15 5221 12.03.15 26.03.15 2122 25.05.15 10.06.15 49
59 09.06.14 15.06.14 51
60 16.06.14 22.06.14 50
61 23.06.14 29.06.14 48
62 30.06.14 06.07.14 49
63 07.07.14 13.07.14 49
64 14.07.14 20.07.14 26
65 04.08.14 10.08.14 49
66 25.08.14 31.08.14 35
67 06.10.14 12.10.14 18
68 17.11.14 23.11.14 22
69 16.12.14 22.12.14 50
70 19.01.15 25.01.15 48
71 02.02.15 08.02.15 24
72 25.05.15 31.05.15 45
GMCS - II
GMCS - I
ORIENTATION PROGRAMME
48th Annual Report 2014-15
Batch No Date Of Commencement Date Of Completion No. Of Students
122 12.05.14 13.06.14 38
123 16.06.14 01.08.14 38
124 16.06.14 01.08.14 38
125 01.07.14 30.07.14 38
126 04.08.14 18.09.14 38
127 04.08.14 18.09.14 38
128 15.09.14 31.10.14 37
129 15.09.14 31.10.14 38
130 01.12.14 17.01.15 33
131 01.12.14 17.01.15 38
132 01.12.14 17.01.15 37
133 25.05.15 Cont… 38
1 19.01.15 19.03.15 38
2 15.12.14 08.03.15 29
3 26.02.15 09.05.15 37
4 23.03.15 28.05.15 36
5 14.04.15 17.05.15 30
CPT- 10 September'14 December'14 12
ITT INFORMATION
ADVANCED ITT INFORMATION
CTC (CPT)
Sr. Date Particular No. of Participants
1 31.08.14 Young Member's Clinic 10
2 14.09.14 Young Member's Clinic -II 12
3 05.10.14 Young Member's Clinic -III 18
4 19.10.14 Young Member's Clinic -IV 7
5 09.11.14 Young Member's Clinic -V 7
6 28.12.14 Young Members Clinic- VI 7
YOUNG MEMBER'S CLINIC
48th Annual Report 2014-15
Sr. Date Particular Attandance
Shri Saurabh Patel CA. Nayan R. Kothari
CA. Viral Shah
CA. Abhishek Nagori
CA. Manish Baxi
CA. Anil Bhandari
CA. Shruti Shah
CA. Aniket Talati
CA. Vikashkumar Jain
Ms. Anandiben Patel CA. Nayan R. Kothari
CA. Yash Bhatt
CA. Abhishek Nagori
Chief Commissioner of Income Tax CA. Yash Bhatt
Smt. Ranjanben Bhatt, CA. Yash Bhatt
CA. Viral Shah,
CA. Arpan Dodia
Dr. Parimal Vyas, CA. Yash Bhatt
CA. Viral Shah
CA. Dhiren Parikh
CA. Satyakant Shahstri
1 19.06.14 Meeting with ,Finance Minister - Gujarat State - Chairman,Baroda Branch(Cabinet Minister for Finance, Energy and Petrochemicals,Mines Minerals, Cottage Industries, Salt Industries, - Secretary,Baroda BranchPrinting and Stationery, Planning, Tourism,Civil aviation, Labour and Employment) - RCM, Baroda Branch
- Past Chairman,Baroda Branch
- Chairman WIRC,
- Secretary WIRC,
- Chairman A'bad Branch
- Secretary, A'bad Branch
2 12.07.14 Meeting with ,Chief Minister of Gujarat State - Chairman,Baroda Branch,
- Vice Chairman,Baroda Branch
- RCM, Baroda Branch
3 01.09.14 Campus Orientation Program for Newly Qualified CA 80
4 02.09.14 Campus Placement for Newly Qualified CA 15
5 04.02.15 Campus Orientation program for Newly Qualified CAs 66
6 06.02.15 Meeting with ,- Vice Chairman,
Baroda Branch &Chairman WICASA
7 12.02.15 Campus Placement for Newly Qualified CA's 15
8 21.03.15 Meeting with Member of Parliament- Chairman,
- Vice-Chairman &
- Secretary
9 17.04.15 Meeting with Pro. Vice- Chancellor , MSU- Chairman,
- Vice-Chairman
- Treasurer &
- Senate Member
Other Activities & Meetings
48th Annual Report 2014-15
48th Annual Report 2014-15
Baroda Branch of WIRC of
The Institute of Chartered Accountants of India
FINANCIAL
STATEMENTS
2014-15
To,
We have audited the accompanying financial statements ofBaroda Branch of Western India Regional Council of TheInstitute of Chartered Accountants of India, whichcomprise the Balance Sheet as at March 31, 2015, and theIncome and Expenditure Account and Cash FlowStatement for the year then ended and a summary ofsignificant accounting policies and other explanatoryinformation.
The Management is responsible for the preparation ofthese financial statements that give a true and fair view ofthe financial position, financial performance and cashflows of the Branch in accordance with the AccountingStandards generally accepted in India. This responsibilityincludes the design, implementation and maintenance ofinternal control relevant to the preparation and fairpresentation of the financial statements that give true andfair view and are free from material misstatement, whetherdue to fraud or error.
Our responsibility is to express an opinion on thesefinancial statements based on our audit. We conducted ouraudit in accordance with the Standards on Auditing issuedby the Institute of Chartered Accountants of India. ThoseStandards require that we comply with ethicalrequirements and plan and perform the audit to obtainreasonable assurance about whether the financialstatements are free from material misstatement.
An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in thefinancial statements. The procedures selected depend onthe auditor’s judgement, including the assessment of therisks of material misstatement of the financial statements,whether due to fraud or error. In making those riskassessments, the auditor considers internal controlrelevant to the Branch(ICAI)’s preparation and fairpresentation of the financial statements in order to designaudit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of theaccounting estimates made by management, as well asevaluating the overall presentation of the financialstatements.
We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our auditopinion.
The Central Statutory Auditors
The Institute of Chartered Accountants of India
Report on the Financial Statements
Management’s Responsibility for the FinancialStatements
Auditor’s Responsibility
INDEPENDENT AUDITOR’S REPORT
Opinion
Emphasis of Matter or an Other Matter(s) paragraph
Report on Other Requirements:
In our opinion and to the best of our information andaccording to the explanations given to us, the financialstatements give a true and fair view in conformity with theaccounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state ofaffairs of the Branch as at March 31, 2015
b) in the case of the Income and ExpenditureAccount, of the surplus for the year ended on thatdate; and
c) in the case of the Cash Flow Statement, of thecash flows for the year ended on that date.
Without qualifying our opinion, we draw attention to Note10 in Schedule ‘N’ to the financial statements relating toprovision for retirement benefits, income-tax, service-taxand other taxes applicable, if any, being made at the HeadOffice.
We report that:
a) we have obtained all the information andexplanations which to the best of our knowledgeand belief were necessary for the purpose of ouraudit;
b) in our opinion proper books of account asrequired by Chartered Accountants Act, 1949have been kept by the Branch so far as appearsfrom our examination of those books;
c) the Balance Sheet, Income and ExpenditureAccount and Cash Flow Statement dealt with bythis report are in agreement with the books ofaccounts;
d) in our opinion, the Balance Sheet, Income andExpenditure Account and Cash Flow Statementcomply with the relevant Accounting Standards.
For,
Chartered AccountantsFirm’s Registration Number: 129738W
PartnerMembership Number: 47328
Place: VadodaraDate: 21st April, 2015
Mahesh Udhwani and Associates
CA. Mahesh A. Udhwani
48th Annual Report 2014-15
1. All the collections made by Branch during the periodhave been recorded correctly in the books ofaccount.
2. All the Bank accounts are reconciled and follow upaction is taken to recover outstanding amounts.
3. Branch does not keep petty cash book.
4. There are no dishonored cheques.
5. Branch has purchased capital assets of Rs.2,97,699/-(excluding library books of Rs. 39,806/-)during the period. Capital Grant of Rs. 303000/- issanctioned by ICAI-HO for the year 2014-2015 andout of that amount Rs. 93117/- has been received bythe Branch.
6. All assets purchased during the period are properlyrecorded in the fixed asset register and their entrieshave been physically verified at the year end.
7. Inter Unit Balance with Regional Council is dulyreconciled.
8. Publications Stock are properly maintained andphysically verified by the office bearer of theBranch. Stock Register of stationery is notmaintained. Stationery is written off whenpurchased.
9. Systems and Procedures followed for purchases aresound. As per practice followed generally, allpurchases are made from the parties whosequotations are the lowest.
10. The details of the Expenditure and Income of eachseminar are enclosed. These are properly accountedfor and expenditure is met out of participation feesand there is no shortfall on aggregate basis.
11. Branch has adopted the Budgetary Control systemfor Capital and Revenue Grant, Income andExpenditure.
12. Salary of Branch Staff is paid from Branch Revenueand HO Revenue Grant. Decision regarding salaryof new employee recruited and revision of salary incase of existing staff is being taken by executivecommittee.
13. Proper record of Inventory of Publication withregard to inward, outward and stock is kept andaccount of the same is being sent to the CentralOffice quarterly. Stocks of Publication are valued asper AS-2.
14. Proper records have been kept for SuggestedAnswers, Revisionary Test Papers, Study Material,etc. and account of the same has been sent to theCentral Office Quarterly.
15. Expenditure on Postage, Telegram, Telephone,Freight, Rate and Taxes has been properlyaccounted.
16. Proper accounting has been done for ascertainingcost of the Newsletter published by the Branch andthe Newsletter is self-supporting.
17. No assets of Branch are unusable or discarded.
18. Proper controls are in place in major areas.
19. Depreciation has been provided at the ratesprescribed by the Institute.
20. Branch has accounted properly all the Grant.
21. Branch has not paid any amount directly orindirectly to the member of Executive Committeeexcept reimbursement of expenses incurred bythem for the Branch activities.
DETAILED AUDIT REPORT FOR THE YEAR ENDED ON 31st MARCH, 2015
For,Chartered AccountantsFirm’s Registration Number: 129738W
PartnerMembership Number: 47328
Place: VadodaraDate: 21st April, 2015
Mahesh Udhwani and Associates
CA. Mahesh A. Udhwani
48th Annual Report 2014-15
BALANCE SHEET AS AT 31ST MARCH, 2015
Particulars Sch. As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
LIABILITIES/SOURCES OF FUNDSCapital Reserve: A
Opening Balance 3,418,407 3,027,226
Add: Received During The Year 133,055 391,181
Adjustment
Trfr From /To Other Reserve 0 0
Trfr From/To General Reserve 0 0
Trfr From/To Earmarked Funds 0 0
Opening Balance 4,200,870 2,875,656
Add: Surplus 3,632,149 2,821,014
Adjustment
Trfr From /To Other Reserve 0 0
Add: Transfer From Study Circle 0 0
Less: Transfer During The Year
(Towards ICAI Bhawan Phase II) 0 0
Less: Trfr From General Reserve (Remittence Against 0 1,011,800
Claim By ICAI On ITT Income Relating To Earlier Years)
Trfr From/To Capital Reserve 0 0
Less: Trfr/To Earmarked Funds 478,000 484,000
Other Reserves Opening Balance
Trfr From /To General Reserve 0 0
Trfr From/To Capital Reserve 0 0
Trfr From/To Earmarked Funds 0 0
Net (Depletion) / Accreation 0 0
BOpening Balance 3,924,570 4,132,580
Additions 564,110 552,200
Interest Income 20,121 116,344
Less:Expenses/Adjustment 20,121 876,554
Trfr From /To Other Reserve 0 0
Trfr From/To Capital Reserve (Gen) 0 0
Trfr From/To General Reserve 0 0
Fees Received in Advance C 582,700 1,563,785
Fees Received in Advance 0 0
For Capital Items 0 0
For Non-Capital Items D 316,997 330,408
TOTAL CAPITAL RESERVE 3,551,462 3,418,407
General Reserve
TOTAL GENERAL RESERVE 7,355,019 4,200,870
Other Reserves :
TOTAL OTHER RESERVE 0 0Earmarked Funds :
TOTAL EARMARKED FUNDS 4,488,680 3,924,570
LIABILITIESCurrent
Non - Current
Creditors for ExpensesCurrent
48th Annual Report 2014-15
Particulars Sch. As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
Non - Current
Other LiabilitiesCurrent
Non - Current
SUB TOTAL OF LIABILITIES/SOURCES OF FUND 16,503,657 13,673,335
Inter Unit Balances:
SUB-TOTAL OF INTER UNIT BALANCES 2,314,665 1,693,757
TOTAL 18,818,322 15,367,092
Assets/Application Of Funds
FIXED ASSETS
Fixed Assets-Net Block 2,445,792 2,676,758EARMARKED INVESTMENTS
Earmarked Investments Total 4,488,680 3,924,570OTHER INVESTMENTSCURRENT
NON-CURRENT
Other Investments Total 5,152,049 4,810,307Assets:
CURRENT
NON-CURRENT
CURRENT
NON-CURRENT
For Capital Items 0 0
For Non-Capital Items 0 0
E
Employees Recoveries And Employer's Contribution 0 0
Statutory Dues E-I 22,207 5,942
Deposits E-II 25,000 25,000
Others E-III 161,591 204,353
Employees Recoveries And Employers Contribution 0 0
Statutory Dues 0 0
Deposits 0 0
Others 0 0
F
Capital Grant Received
ICAI Current Account F-I 1,269,054 835,262
Regional Council Current A/C 63,500 291,059
Publication Stock Transfer A/C F-II 982,111 567,436
Land 0 0
Building 0 0
G
Gross Block 6,236,803 5,899,298
Less Depreciation Block 3,791,011 3,222,540
FDRs With Banks H 4,488,680 3,924,570
FDRs With Banks I 5,093,725 4,760,838
FDRs With Banks I 58,324 49,469
Stationery Stock / Publication Stock ,Etc 54,516 42,556
Interest Receivables 125,804 194,569
Interest Receivables 0 0
Security Deposits 0 0
Security Deposits 5,000 5,000
48th Annual Report 2014-15
As per our report of even dateFOR BARODA BRANCH OF WIRC OF
Chartered Accountants THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIAFirm Reg. No. 129738W
Partner (Chairman) (Secretary) (Treasurer)M. NO. 47328Place: Vadodara Place: VadodaraDate: 21st April, 2015 Date: 21st April, 2015
For, M/s. Mahesh Udhwani & Associates
CA. Mahesh A. Udhwani CA. Yash N. Bhatt CA. Arpan H. Dodia CA. Dhiren Y. Parikh
Particulars Sch. As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
CURRENT
NON-CURRENT
CURRENT
NON-CURRENT
CURRENT
NON-CURRENT
CURRENT3,976,269 1,901,486
Inter Unit Balances:
SUB TOTAL OF INTER UNIT BALANCES 2,438,942 1,649,688
TOTAL 18,818,322 15,367,092
Notes on Accounts
TDS Recoverable 0 0
TDS Recoverable 0 0
Other Receivables J 23,527 103,180
Other Receivables 0 0
Advances & Prepayments K 107,743 58,979
Advances & Prepayments 0 0
Bank Balances L
a) Current Account balance 561,269 691,761
b) Auto FD balance 3,415,000 1,209,725
Cash Balances 0 0
M
ICAI Current Account 929,077 1,076,553
WICASA & ICAI Bhawan Current A/C 527,754 5,699
Publication Stock Transfer A/C F-II 982,111 567,436
N
48th Annual Report 2014-15
INCOME & EXPENDITURE ACCOUNT FOR THE PERIOD FROM 1ST APRIL, 2014 TO 31ST MARCH, 2015
As per our report of even dateFOR BARODA BRANCH OF WIRC OF
Chartered Accountants THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIAFirm Reg. No. 129738W
Partner (Chairman) (Secretary) (Treasurer)M. NO. 47328Place: Vadodara Place: VadodaraDate: 21st April, 2015 Date: 21st April, 2015
For, M/s. Mahesh Udhwani & Associates
CA. Mahesh A. Udhwani CA. Yash N. Bhatt CA. Arpan H. Dodia CA. Dhiren Y. Parikh
48th Annual Report 2014-15
Particulars For the Period ended onSch. 31/03/2015 31/03/2014
Amt. in Rs. Amt. in Rs.
INCOME
SUB TOTAL 1,542,018 1,413,854
TOTAL 16,826,340 18,939,249
EXPENDITURE
SUB TOTAL 12,625,720 15,523,965
TOTAL 13,194,191 16,118,235
SURPLUS/(DEFICIT) 3,632,149 2,821,014
Grant received from H.O.
Revenue Grant 426,700 351,000
Branch Administration Grant 1,115,318 1,062,854
News Letter Income 214,000 283,759
Seminar Income 4,240,995 5,352,729
Orientation Programme Income 1,563,000 2,160,000
GMCS Course Income 3,965,500 4,170,000
Interest on Investments 10,21,282 579,583
Income From ITT Course Fee O 1,785,255 2,129,600
Other Income P 830,417 983,121
Income From Coaching Classes 1,307,785 1,625,643
Commission on Sale of Publications 356,088 213,510
Prior Period Adjustments Q 0 27,450
Employee Benefit Expenses-
Printing & Stationery & Phtocopying 8,434 42,915
Newsletter (RCS & BRS) 212,108 287,828
Postage, Telephone & Telegrams 134,005 161,209
Rent Rates & Taxes R 913,403 757,399
Repairs & Maintenance 1,087,370 1,091,143
Magazine & Periodicals 9,244 8,373
Seminar Expenses 3,314,128 4,912,100
Orientation Programme Expenses 664,520 878,601
GMCS Course Expenses 2,448,160 2,484,710
Expenditure on ITT Course Fee S 1,269,722 1,249,403
Other Expenses T 604,928 876,028
Expenses Towards Coaching Classes 976,403 1,834,355
Prior Period Adjustments Q 0 146,703
Depreciation G 568,471 594,270
Salary, Pension & Other Allowances 917,001 679,243
Contribution To Provident & Other Funds 0 0
Staff Welfare Expenses 66,294 113,955
CASHFLOW STATEMENT FOR THE PERIOD FROM 1ST APRIL, 2014 TO 31ST MARCH, 2015
As per our report of even dateFOR BARODA BRANCH OF WIRC OF
Chartered Accountants THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIAFirm Reg. No. 129738W
Partner (Chairman) (Secretary) (Treasurer)M. NO. 47328Place: Vadodara Place: VadodaraDate: 21st April, 2015 Date: 21st April, 2015
For, M/s. Mahesh Udhwani & Associates
CA. Mahesh A. Udhwani CA. Yash Bhatt CA. Arpan H. Dodia CA. Dhiren Y. Parikh
48th Annual Report 2014-15
Particulars As at As at31/03/2015 31/03/2015Amt. in Rs. Amt. in Rs.
A. Cash Flows from Operating Activities
Operating Surplus before Working Capital Changes 3,196,838
Net Cash from Operating Activities 2,095,193
B. Cash flows from Investing Activities
Net Cash from Investing Activities
C. Cash Flows from Financing Activities
Net Increse / Decrease in cash and cash equivalents 2,074,783Cash and Cash equivalents at the beginning of the year 1,901,486
Cash and Cash equivalents at the end of the year 3,976,268
Net Surplus 3,632,149
Adjustments for:
Depreciation and Amortisation 568,471
Balances Written Off 17,500
Interest on Investment (1,021,282) (435,311)
(Increase)/Decrease in Inventories (11,960)
(Increase)/Decrease in Loans Advances & Other Current Assets (58,612)
Increase/(Decrease) in Current Liabilities (1,020,993)
Increase/(Decrease) in Provision of Employee Benefits (10,080) (1,101,645)
Acquisition of Fixed Assets including Capital Work in Progress (Net) (337,505)
Acquisition of Investments (Net) (837,242)
Interest on Investments 1,021,282
Capital Receipts 93,117
Library Grant 39,938
(20,410)
0
SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31ST MARCH, 2015
48th Annual Report 2014-15
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : ACAPITAL RESERVE
TOTAL 3,551,462 3,418,407
Op. Balance Interest Addition Utilization As at As at01/04/2014 earned 31/03/2015 31/03/2014
Amt. in Rs. Amt. in Rs.
SCHEDULE : BEARMARKED FUNDS
TOTAL 3,924,570 20,121 564,110 20,121 4,488,680 3,924,570
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : CFEES RECEIVED IN ADVANCE
TOTAL 582,700 1,563,785
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : DCREDITORS FOR EXPENSES
Balance as per last year 3,418,407 3,027,226Add: Grants received during the year
Captial Grant 93,117 391,181Library Grant 39,938 0
Gordhandas Dhurabhai PatelMemorial Prize Fund 71,540 6,411 0 6,411 71,540 71,540Building Fund Maintenance Account(ITT and Branch) 1,453,009 0 31,110 0 1,484,119 1,453,009C. D. Amin & R. J. Parikh Fund 58,151 8,936 0 8,936 58,151 58,151Shantaben R. Parikh Fund 53,391 4,774 0 4,774 53,391 53,391Earmarked Sponsorship Fund 67,200 0 55,000 0 122,200 67,200ITT Center Reserve 2,221,279 0 478,000 0 2,699,279 2,221,279
9th CPT Class Advance Fees 0 407,0008th IPCC Class Advance Fees 0 591,785GMCS - II (5th Batch) 121,000 0GMCS - I (13th Batch) 0 5,500GMCS -II (46th & 47th Batch) 0 484,000Orientation 59th Batch Advance Fees 0 15,000Orientation 67th Batch Advance Fees 12,000 0Fees Received in Advance - ITT 36,000 32,000Fees Received in Advance - Advance ITT 383,700 0Advance Membership Fees of Study Circle 30,000 28,500
Acqua Care Inc. 0 1,940Aditya Art 1,937 745Arrow Power Tech Pvt. Ltd. 0 154,350B & B Systems 0 32,000Chamunda Stationery Mart 3,530 2,100Dream Enterprise 0 2,909Himanshu Sales Corporation 0 23,990Jagdishbhai Prajapati 0 2,700Kamal V L 4,181 742
Amt. in Rs. Amt. in Rs. Amt. in Rs. Amt. in Rs.
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
TOTAL 316,997 330,408
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : E-IOTHER LIABILITIES - Statutory Dues
TOTAL 22,207 5,942
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : E-IIOTHER LIABILITIES - Deposits
TOTAL 25,000 25,000
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : E-IIIOTHER LIABILITIES-Others
Jigita Shah 3,600 0Laxmi House Keeping Services 37,625 0Nitin Travels 11,688 0Prachar Advertising 37,470 0Prompt Courier Services 2,204 0
Multiprints 551 28,375Parmar Vijay 839 750Madhu Prints 676 0Print Vision 0 950Vedant Infotech 5,272 0Riddhis Construction 0 19,600Jain Tours & Travels 9,973 0Design Excellency 2,817 0Refresh Air Conditiong 8,300 0Shree Ganesh Enterprise 5,497 0Sohil Keshwani 700 0Speed Man Express 0 2,224Cann Digital 4,435 0Swasthya Hospitality & Health Foods Pvt Ltd 86,815 53,358Telemark 5,000 3,675The Book Corporation 39,806 0The Shoppee 2,200 0Unique Techno Services P. Ltd. 742 0Baroda Flash Courier 7,476 0Kartaya Security 33,663 0
TDS 22,207 5,942
Security Deposit 25,000 25,000
Postage & Telephone 7,593 10,831Newsletter Expenses 0 14,870Electricity Expenses 64,954 0Memento Expenses 0 329Branch Expenses 4,584 9,634House Keeping & Maintenance 0 104,589Faculty Remuneration - ITT 73,260 0GMCS 12th Batch Expenses 0 53,900
48th Annual Report 2014-15
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
TOTAL 161,591 204,353
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : F-IICAI CURRENT ACCOUNT
TOTAL 1,269,054 835,262
Scholership Fund 4,000 3,000Refund of ITT Fees 7,200 7,200
Payable to ICAI for PF of Staff 58,324 48,244Payable to BOS-Sale of Books, Publication, Prospectus Etc. 812,380 505,500The Secretary ICAI - Delhi, (ITT Remittance) 68,445 0Payable to ICAI for Obselete Material 7,202 0Payable to ICAI for Exam Form (Schedule F-I Cont…) 7,735 19,550Payable to ICAI for GMCS Remittance 171,500 118,500Payable to ICAI - DCO (Excess Payment) 143,468 143,468
48th Annual Report 2014-15
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48th Annual Report 2014-15
ICAI PUBLICATION ACCOUNT Rate Nos. Public- Totalations
SCHEDULE : F-II (Continue)ICAI PUBLICATION ACCOUNTA. OPENING STOCK 0 0 117,430 117,430
ADD: RECEIVED(i) ARTICLE SHIP FORM NEW 0 0 0 0(ii) PUBLICATIONS
Total (i)+(ii) 78,170 78,170
1 TG on Expatriates Taxation Feb. 2014 75 10 750 750
2 TG on Royalty & Fees for Technical Services 100 10 1,000 1,000
3 FQS For NPOs on Fcra Laws 100 6 600 600
4 Peer Review Manual 250 6 1,500 1,500
5 TG on Internal Audit of Petrochemical Industry 135 5 675 675
6 Study on Compliance of Financial Reporting Requirement Vol. 2 325 10 3,250 3,250
7 Compliances of Services Tax in Banking Sector 125 5 625 625
8 A Study on Succession, Wills, Family Arrangements/settlements & Huf Partitions 175 5 875 875
9 Taxation on Non-residents 200 8 1,600 1,600
10 Aspects of International Taxation - A Study 500 3 1,500 1,500
11 Guidance Note on Report Under Section 115JC of The Income-tax Act, 1961 50 5 250 250
12 Trends And Patterns In Public Finance: Theoretical And Empircal Aspect 150 3 450 450
13 TG On Internal Audit of Beverages Industry (with CD) 250 5 1,250 1,250
14 Technical Guide on Internal / Concurrent Audit of Investment Function ofInsurance Companies 350 5 1,750 1,750
15 Standard on Auditing (SA) 501 (Revised) - Audit Evidence -Special Consideration For Selected Items. 50 3 150 150
16 Compendium of Opinions- Volume XXXI 250 5 1,250 1,250
17 Compendium of Opinions- Volume XXXII 325 5 1,625 1,625
18 Technical Guide on Review And Certification of Investment Risk ManagementSystem And Processes of Insurance Companies 400 3 1,200 1,200
19 Guidance Note on Report Under Section 115JB of The Income-tax Act, 1961(Edn. October - 2003) 50 3 150 150
20 Guidance Note On Tax Audit Under Section 44AB of The Income-tax Act, 1961(Edn. 2014) 300 50 15,000 15,000
21 TG on Gujarat Vat 150 5 750 750
22 TG on Audit of IT Software Industry 165 3 495 495
23 Compendium of Accounting Standards 800 5 4,000 4,000
24 Handbook of Auditing Pronouncement 2014 900 3 2,700 2,700
25 Compliance of Service Tax in Banking Sector 125 5 625 625
26 Background Material on GST 230 10 2,300 2,300
27 Background Material on ISA 1000 5 5,000 5,000
28 Manual on Internal Audit 400 5 2,000 2,000
29 Compendium Of SIA AS 300 2 600 600
30 TG on Royalty & Fees for Technical Services 100 5 500 500
31 TG on Expatriates Taxation 75 5 375 375
32 Guidance Note on Internal Control Over Financial Reporting 350 5 1,750 1,750
33 DIRM Module 1 250 1 250 250
34 DIRM Module 2 300 1 300 300
35 DIRM Module 3 250 1 250 250
36 DIRM Module 4 325 1 325 325
37 Guidance Note on Audit of Bank 2015 750 20 15,000 15,000
38 Background Material on GST (Updated Jan. 2015) 275 20 5,500 5,500
48th Annual Report 2014-15
ICAI PUBLICATION ACCOUNT Rate Nos. Public- Totalations
B. SALESARTICLE SHIP FORM OLD 0 0 0 0PUBLICATIONS
1 Compendium of Opinions- Volume XXXI 250 2 500 500
2 Compendium of Opinions- Volume XXXII 325 4 1300 1,300
3 Standard on Audition (SA) 705 (Revised) - Modifications to The Opinion in
The Independent Auditor's Report 50 1 50 50
4 Handbook of Auditing Pronouncements (Revised) 2013 900 1 900 900
5 Peer Review Manual 250 3 750 750
6 Aspects of International Taxation - A Study 500 5 2500 2,500
7 Guidance Note on Reports Under Section 92E of The Income Tax Sct, 1961
(Transfer Pricing) (Revi. Edi. 2013) 250 4 1000 1,000
8 Taxation on Non-Residents 200 8 1600 1,600
9 A Study on Succession, Wills, Family Arrangements/Settlements &
HUF Partitions 175 9 1575 1,575
10 Guidance Note on Tax Audit Under Section 44AB of The Income-tax Act, 1961
(Edn. 2013) 250 3 750 750
11 Guidance Note on Report Under Section 115JC of The Income-tax Act, 1961 50 5 250 250
12 Complinaces of Services Tax In Banking Sector 125 2 250 250
13 Guidance Note on Revised Schedule VI to The Companies Act, 1961 200 3 600 600
14 Manual on Concurrent Audit of Banks (Revised Edi. 2012) 450 2 900 900
15 TG on Internal Audit of Petrochemical Industry 135 1 135 135
16 Study on Compliance of Financial Reporting Requirement Vol. 2 325 5 1625 1,625
17 The Chartered Accountants Act, 1949 (Updated as on July 1, 2013) 80 3 240 240
18 The Chartered Accountants Regulation, 1988 (Updated as on July 1, 2013) 150 2 300 300
19 TG on Royalty & Fees for Technical Services 100 6 600 600
20 TG on Expatriates Taxation Feb. 2014 75 7 525 525
21 Guidance Note on Accounting for Real Estate Transactions (Revi. 2012) 40 8 320 320
22 Compendium of Guidance Notes Accounting 350 1 350 350
23 Data Analytics & Continuous Controls Monitoring 200 3 600 600
24 Full Fledged Money Changer (FFMC) A Practitioners' Perspective 70 2 140 140
25 Partnership & HUF : A Practitioner’s Perspective 170 2 340 340
26 Guidance Note on Accounting and Auditing of Political Parties 45 1 45 45
27 Taxation of Co-operatives And NPO Sectors 100 1 100 100
28 Harmonization of Accounting Practices for Co-operative & NPO Sectors 100 1 100 100
29 Frequently Asked Questions (FAQS) for NPOs on FCRA Laws 100 3 300 300
30 Guidance Note on Tax Audit Under Section 44AB of The Income-tax Act, 1961
(Edn. 2014) 300 16 4800 4,800
31 Compendium of Accounting Standards 600 1 600 600
32 Implementation Guide To SQC 1 300 3 900 900
33 Implementation Guide to Risk Based Audit of Financial Statements 300 1 300 300
34 Implementation Guide to Standards on Auditing (SA) 570, Going Concern 150 1 150 150
35 TG to Audit in A Shares Services Centre Structure 150 1 150 150
36 TG on Gujarat VAT 150 4 600 600
37 Background Material on GST 230 6 1380 1,380
38 TG on Internal Audit of Pharmaceutical Industry 100 1 100 100
39 TG on Internal Audit of IT Software Industry 165 2 330 330
40 Code of Governance for NGOs 250 2 500 500
48th Annual Report 2014-15
ICAI PUBLICATION ACCOUNT Rate Nos. Public- Totalations
36,820 36,820
C. Material return to ICAI 0 0
D. Pulping of Obsolete Material 41,420 41,420
E CLOSING STOCK 117,360 117,360
SCHEDULE: F-I (Continue)STOCK OF EXAMINATION FORMS Nos. Rate Amt. in Rs. Total
A. OPENING STOCK AS AT 1-4-2014 0 0 0ADD: RECEIVED
648,700
B. LESS: SALES
215,700
LESS: DESTROYED
41 A Bird's Eye View of Micro, Small & Medium Enterprises (MSMEs) and
Small & Medium Practitioners in Indian Economy 100 1 100 100
42 Various Types of Finance for Co-operatives and Non Profit Organizations 50 4 200 200
43 An Information Booklet on Urban Co-operatives Banks, Their Problems,
Expectations And Remedies 50 5 250 250
44 Guidance Note on Internal Control Over Financial Reporting 350 1 350 350
45 Background Material on GST (Updated Jan. 2015) 275 2 550 550
46 E - Learning Module on Windows, Network & Wi-fi Security - An Intro 100 1 100 100
47 DIRM Module 1 250 1 250 250
48 DIRM Module 2 300 1 300 300
49 DIRM Module 3 250 1 250 250
50 DIRM Module 4 325 1 325 325
51 DVD CA Journals July 2002 to 2012 25 1 25 25
52 Guidance Note on Audit of Bank 2015 750 2 1500 1,500
53 Compendium of Technical Guide on Internal Audit (Vol. 1, 2, 3, 4, 5) (Edn. 2013) 1500 2 3000 3,000
54 Technical Guide on Royalty & Fees for Technical Services 100 1 100 100
55 Technical Guide on Expatriates Taxation 75 1 75 75
56 Compendium of Accounting Standards 800 1 800 800
57 Guide on Corporate Social Responsibility 150 1 150 150
58 Fund Raising by NPOs: Process & Prospectus 40 1 40 40
June 2014 Exam Forms - CPT 297 1,000 297,000
November 2014 Exam Forms 100 500 50,000
IRM, ITL & WTO, MAC, CMC 12 100 1,200
December 2014 Exam Forms- CPT 200 1,000 200,000
May 2015 Exam Forms 100 1,000 100,000
May 2015 Exam Forms IRM 5 100 500
June 2014 Exam Forms - CPT 147 1,000 147,000
November 2014 Exam Forms 29 500 14,500
IRM, ITL & WTO, MAC, CMC 1 100 100
December 2014 Exam Forms- CPT 45 1,000 45,000
May 2015 Exam Forms 9 1,000 9,000
May 2015 Exam Forms IRM 1 100 100
June 2014 Exam Forms - CPT 150 1,000 150,000November 2014 Exam Forms 71 500 35,500IRM, ITL & WTO, MAC, CMC 11 100 1,100December 2014 Exam Forms- CPT 155 1,000 155,000
48th Annual Report 2014-15
STOCK OF EXAMINATION FORMS Nos. Rate Amt. in Rs. Total
433,000
C. CLOSING STOCK AS AT 31.03.2015 0 0 0
D. EXAM FORM HANDLING INCOME
17,955
E. SALE PROCEEDS REMITTED TO ICAI
190,010
F. PAYABLE TO ICAI AS ON 31.03.2015 7,735
May 2015 Exam Forms 91 1,000 91,000May 2015 Exam Forms IRM 4 100 400
June 2014 Exam Forms - CPT 11,025
November 2014 Exam Forms 2,175
IRM, ITL & WTO, MAC, CMC 15
December 2014 Exam Forms- CPT 3,375
May 2015 Exam Forms 1,365
June 2014 Exam Forms - CPT 135,975
November 2014 Exam Forms 12,410
IRM, ITL & WTO, MAC, CMC 0
December 2014 Exam Forms- CPT 41,625
May 2015 Exam Forms 0
48th Annual Report 2014-15
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48th Annual Report 2014-15
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : HEARMARKED INVESTMENTS
TOTAL 4,488,680 3,924,570
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : IOTHER INVESTMENTS
TOTAL 5,152,049 4,810,307
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : JOTHER RECEIVABLES
TOTAL 23,527 103,180
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : KADVANCES AND PREPAYMENTS
TOTAL 107,743 58,979
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : LBANK BALANCE
Long Term 337,343 184,216Short Term 4,151,337 3,740,354
Long Term 58,324 49,469Short Term 5,093,725 4,760,838
Receivable from IPCC 6th Batch 0 6,000Anil C Thakkar 0 9,600WIRC SRC Sponsership - ONGC 0 50,000Bhatt & Co 0 3,146Addon Wheels 0 754Recivable form Life Line Foundation 5,000 0CC Avenue India P. Ltd. (E-payment) 9,000 0Receivable from WIRC for Travelling Expenses 5,520 0Other Receivables - ITT 3,699 0Other Receivable - Branch 308 0Receivable for Seminar & Conference 0 33,680
CC Avenue Deposit 1,000 1,000Prepaid Expenses 72,564 57,479Staff Loan 34,179 0Deposit for Water Jug 0 500
Axis Bank- Alkapuri A/c No.01310101152957 - Branch 53,360 14,273Axis Bank- Alkapuri A/c No.01310101152957 - Branch - Auto FD 1,760,000 430,000Axis Bank- Alkapuri A/c No.910010009005412 - CTC 103,003 277,140Axis Bank- Alkapuri A/c No.910010009005412 - CTC - Auto FD 55,000 435,000Axis Bank- Alkapuri A/c No.013010101187281 - ITT (9,462) 46,345Axis Bank- Alkapuri A/c No.013010101187281 - ITT - Auto FD 1,600,000 344,725Yes Bank-Race Course A/c No. 000994600001321 0 0
48th Annual Report 2014-15
48th Annual Report 2014-15
SCHEDULES FORMING PART OF THE INCOME & EXPENDITURE ACCOUNT
FOR THE PERIOD FROM 01ST APRIL, 2014 TO 31ST MARCH, 2015
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
TOTAL 3,976,269 1,901,486
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : MINTER UNIT BALANCE(A) ICAI HO A/c
TOTAL (A) 929,077 1,076,553
(B) BARODA Branch Inter Units
TOTAL (B) 527,754 5,699
For the period ended on31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : OITT INCOME
TOTAL 1,785,255 2,129,600
SCHEDULE : P
OTHER INCOME
TOTAL 830,417 983,121
Study Circle BOB Bank A/c 17730100001143 414,368 275,003Cheques on hand 0 79,000
ICAI Receivable- TDS 346,458 222,269ICAI Receivable- Staff Salary 63,825 67,605Receivable from ICAI Annual Function 0 7,765Receivable from ICAI Campus Orientation 4,485 0Receivable from ICAI Public Programme on Investment Awareness 0 80,606Receivable from ICAI -Peer Review Programme 22,023 0Receivable from ICAI-Public Program on Investment-23-08-14 244,203 0Receivable from ICAI - FXTM 1,400 20,417Receivable from ICAI - 1st Young Members RRC 11,688 0Receivable from ICAI - 28th March BOS Program 4,677 0Receivable from ICAI for Travelling Expenses of CCM 3,735 4,350Receivable from ICAI for ISA ET Exam 0 360Receivable from ICAI for Reading Room Expenses 0 400,000Receivable from ICAI for DCO Baroda -Expenses 226,583 273,181
Baroda Branch Of WICASA 648,064 355,169Baroda Branch Bhawan - Loan (120,310) (349,470)
Fees Received from Students 2,100,300 2,420,000Less: Remitance to ICAI 315,045 290,400
Hall Hire Charges 244,030 364,650Sale of Member's Directory 13,500 8,000Sale of WIRC Publication & Exam Forms 15,980 39,365Other Income 25,240 42,769Advertisement on Notice Board 28,500 21,000Rental Income - Cafeteria 72,000 48,000Library Card Fees 120,100 81,400Saving bank Interest 9,267 7,937Study Circle Income 301,800 370,000
48th Annual Report 2014-15
For the period ended on31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : QPRIOR PERIOD ADJUSTMENT(A)
TOTAL (A) 0 0
(B) PRIOR PERIOD EXPENSES
TOTAL (B) 0 146,703
(C) PRIOR PERIOD INCOME
TOTAL (C) 0 27,450
For the period ended on31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : RRENT, RATES & TAXES
TOTAL 913,403 757,399
For the period ended on31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : SITT EXPENSES
TOTAL 1,269,722 1,249,403
For the period ended on31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHDULE : TOTHER EXPENSES
On account of Reconciliation of accounts with ICAI Bhavan 0 0
Co-ordination Charges 0 47,650Books & Periodicals 0 24,115On account of Reconciliation of Publication account with ICAI Bhavan 0 70,868Web Site Expense 0 2,000Obsolete Material 0 2,070
Seminar Income 0 27,450
Electricity Expenses (Net) 760,044 599,984Rates & Taxes 153,359 157,415
Salary /Bonus to Staff/ Leave Encashment Expenses 149,963 180,504Bank Charges 1 3Computer Spares & Repairs 67,840 63,725Electricity charges 169,867 156,479Faculty Honorarium 578,380 566,720House Keeping Expense 105,164 93,319Other Expenses 2,869 5,820Printing & Stationery and Photocopying Expenses 83,164 78,662Website Expense 12,000 9,101Security Expense 100,474 95,070
Activity Report Expense 30,349 52,452Bank Charges 4,109 8,418AGM Expense 2,190 16,164Conveyance Expenses 17,537 54,390Interest on TDS 0 8,155E-Payment Gateway, Email, SMS & Software Charges 22,759 39,563Library Card Expense 31,689 31,689Office Expenses 295,456 440,272
As per our report of even dateFOR BARODA BRANCH OF WIRC OF
Chartered Accountants THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIAFirm Reg. No. 129738W
Partner (Chairman) (Secretary) (Treasurer)M. NO. 47328Place: Vadodara Place: VadodaraDate: 21st April, 2015 Date: 21st April, 2015
For, M/s. Mahesh Udhwani & Associates
CA. Mahesh A. Udhwani CA. Yash N. Bhatt CA. Arpan H. Dodia CA. Dhiren Y. Parikh
48th Annual Report 2014-15
SCHEDULES ATTACHED TO & FORMING PART OF THE BALANCE SHEET AND INCOME ANDEXPENDITURE ACCOUNT FOR THE YEAR ENDED ON 31ST MARCH, 2015
SCHEDULE : N
A) SIGNIFICANT ACCOUNTING POLICIES
B) NOTES TO ACCOUNTS
1. Accounting ConventionAccounts are drawn on Accrual Basis (except as otherwise specified) using Historical Cost Convention Basis and areprepared in accordance with ICAI Accounting Manual.
2. Fixed Assets and DepreciationDepreciation on Library Books is provided at 100% and on other assets on W.D.V. Method as per Accounting Manual ofICAI. Depreciation is provided on pro rata basis on the addition of the assets during the year.
3. GrantsCapital Grants including Library grants are accounted on Receipt Basis & Grant for Public Program & Revenue Grants areaccounted on accrual basis.
4. Current AssetsPublication stocks of ICAI are accounted at transfer price with corresponding obligation shown as liability as a Inter UnitBalance. Publication transferred by WIRC is shown at Cost.
5. Income from InterestThe Interest on Fixed Deposits with banks is accounted for on accrual basis. The income from investments is credited tothe Income & Expenditure Account.
1. Earmarked InvestmentsEarmarked Investments have been invested in Fixed Deposits with Axis Bank, Alkapuri Branch, Vadodara.
2. Accounting of Branch PremisesParticulars of receipts, payments, assets and liabilities with respect to assets located at ICAI Bhawan have not beenincorporated in these accounts, as per ICAI Accounting Manual. A separate Receipts & Payments Account of ICAIBhawan is enclosed as to Notes to Account.
3. Allocation of ExpensesNewsletter Income Includes Rs. 9,000/- charged to conference, seminars, lecture meetings, workshops of WICASABaroda on the basis of actual space utilized relating thereto for the display in the Newsletter.Hall Hiring charges includes Rs. 2,03,040/- charged from WICASA Baroda, reimbursement for utilizing amenities.
4. Tax deducted at source from Bank Interest and Other Income is shown as Receivable from ICAI.5. All Inter-units receivables have been separately shown in schedule “M” that itself explanatory in nature.6. Financial Statement of Baroda Branch includes Income and Expenditure, Assets and Liability of ITT Centre& Baroda
CPE Study Circle. However as per the Policy of the Institute, ITT Centre’s financial statement is also prepared andpresented separately as a part of disclosure requirement.
7. Figures of the previous period have been regrouped, rearranged wherever necessary to make them comparable.8. All the advances and receivables are subject to confirmations.9. Figures are rounded off to the nearest rupee.10. Provision for retirement benefits, tax liabilities and other direct taxes applicable, if any, will be made by Head Office.11. ICAI HO deducts PF from one employee but the same is not deposited to govt. treasury. Further, Branch does not deduct
PF on employees other than on payroll of ICAI HO.
For the period ended on31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
TOTAL 604,928 876,028
Misc Exp 8,022 14,329Website Expense 36,030 28,609Study Circle Exp 115,747 176,817Balance Written Off 17,500 0WIRC Publication 23,540 5,170
RECEIPT & PAYMENT FOR THE PERIODBUILDING ACCOUNT (ICAI BHAVAN)
FROM 1ST APRIL, 2014 TO 31ST MARCH, 2015
As at As atPARTICULARS 31/03/2015 31/03/2014
Amt. in Rs. Amt. in Rs.
A. RECEIPTS
T O T A L R E C E I P T S …… 2,826,589 3,137,338
B. PAYMENTSI Loan Payment And Transfers 2,577,848 837,200
II Cost Of Building : 244,409 1,621,541
Other Expenses
1A Cash Balance 0 0B Bank Balance 19,427 535,867
2 Contribution From ICAI 2,527,849 03 Contribution From Members 0 04 Contribution From Khedkar Fund 0 05 Contribution From Baroda Branch Loan 49,999 06 Advance recovered 0 1,413,0007 Contribution From Members 0 08 Baroda Branch Of WIRC Of ICAI 229,160 222,1489 Retention Money of World Con & Ashish Electrical 0 870,66410 EMD of World Con 0 011 Interest On Fd & S.B. Bank (Net of Accruel & TDS) 154 95,65912 Tender Fess 0 013 Amount Tr. From Matured F.D. 0 0
1 Bridge Loan Payment 2,577,848 02 Baroda Branch Of WIRC 0 837,2003 Transfer To Baroda Branch Loan 0 0
1 Construction Work 0 33,3602 Post Tension Work 0 03 Air Conditions 0 04 Architect Fees 0 84,4855 Cement 0 2,5556 Design Charges 0 07 Steel Purchase 0 60,1028 Audio Visual System 0 09 Corporation Approval Fees 0 010 Chemical Treatment 0 011 Electricity Bills 0 012 Water Drainage Connection Exp 0 013 Electrical Installation 0 014 Lift Execution 228,036 1,205,28015 Furniture's 0 71,73716 Air Conditioner 0 017 C C TV 0 37,20018 Curtains 0 019 Pooja Exp 0 020 Shed 0 021 Sign Board 0 022 Electrical Expense 0 126,820
23 Bank Charges 81 224 Corporate Approval Fees 0 0
Opening Balance
48th Annual Report 2014-15
As at As atPARTICULARS 31/03/2015 31/03/2014
Amt. in Rs. Amt. in Rs.
III Investments & Deposits 1,124 659,170
IV Closing Balance 3,208 19,427
T O T A L P A Y M E N T S 2,826,589 3,137,338
25 Inauguration Expense 0 026 Travelling Expense 0 027 Foundation Stone Ceremony/Pooja Expense 0 028 Printing And Stationary 0 029 Miscellaneous Expenses 16,292 030 Committee Meeting Exp 0 0
31 EMD of World Con 0 50,00032 FD For Retention Money of World Con 0 033 Fixed Deposit 0 4,34434 Retention Money 0 570,66435 TDS Payment 1,124 34,16236 Advance to Suppliers 0 0
A Bank Balance with SBI 1,341 1,368B Bank Balance with Axis 1,866 18,059
As per our report of even dateFOR BARODA BRANCH OF WIRC OF
Chartered Accountants THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIAFirm Reg. No. 129738W
Partner (Chairman) (Secretary) (Treasurer)M. NO. 47328Place: Vadodara Place: VadodaraDate: 21st April, 2015 Date: 21st April, 2015
For, M/s. Mahesh Udhwani & Associates
CA. Mahesh A. Udhwani CA. Yash N. Bhatt CA. Arpan H. Dodia CA. Dhiren Y. Parikh
48th Annual Report 2014-15
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIABALANCE SHEET AS AT 31ST MARCH, 2015 - ITT CENTRE- BARODA BRANCH
Particulars Sch. As at As at31/03/2015 31/03/2014
A. SOURCES OF FUNDS
TOTAL 6,634,691 5,390,602
B. APPLICATION OF FUNDS
TOTAL 6,634,691 5,390,602
NOTES ON ACCOUNTS
Amt. in Rs. Amt. in Rs.
1 Capital Grant Reserve A 878,974 878,9742 General Reserve
Opening Balance 883,662 1,471,129Add: Surplus during the year 222,846 424,333Less: Transferred/Utilised 0 1,011,800
1,106,508 883,662
3 Earmarked Funds B 4,066,766 3,588,7664 Current Liabilities
Sundry Creditors C 5,643 0Fees Received in Advance 419,700 32,000Others Liabilities D 157,100 7,200
1 Fixed Assets E 114,781 132,8052 Investments
Earmarked Investments 4,066,766 3,588,766Other Investments 750,528 515,501
3 Current AssetsBaroda Branch Control Account (86,897) 615,300Advances and Prepayments F 198,975 147,160Cash and Bank Balance G 1,590,538 391,070
I
As per our report of even dateFOR BARODA BRANCH OF WIRC OF
Chartered Accountants THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIAFirm Reg. No. 129738W
Partner (Chairman) (Secretary) (Treasurer)M. NO. 47328Place: Vadodara Place: VadodaraDate: 21st April, 2015 Date: 21st April, 2015
For, M/s. Mahesh Udhwani & Associates
CA. Mahesh A. Udhwani CA. Yash N. Bhatt CA. Arpan H. Dodia CA. Dhiren Y. Parikh
48th Annual Report 2014-15
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIAINCOME & EXPENDITURE ACCOUNT OF ITT CENTRE - BARODA BRANCH
FROM 1ST APRIL, 2014 TO 31ST MARCH, 2015
As per our report of even dateFOR BARODA BRANCH OF WIRC OF
Chartered Accountants THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIAFirm Reg. No. 129738W
Partner (Chairman) (Secretary) (Treasurer)M. NO. 47328Place: Vadodara Place: VadodaraDate: 21st April, 2015 Date: 21st April, 2015
For, M/s. Mahesh Udhwani & Associates
CA. Mahesh A. Udhwani CA. Yash N. Bhatt CA. Arpan H. Dodia CA. Dhiren Y. Parikh
48th Annual Report 2014-15
Particulars Sch.
Amt. in Rs. Amt. in Rs.
For the period ended on31/03/2015 31/03/2014
A. INCOME1 Fees Income
2 Other Income
TOTAL 2,228,592 2,424,302
B. EXPENDITURE
TOTAL 1,527,746 1,515,969
700,846 908,333
TOTAL 2,228,592 2,424,302
NOTES ON ACCOUNTS
Gross Fees Income 2,100,300Less: Remittance to ICAI HO 315,045
Interest on Savings Bank Account 4,148 4,093Interest on FD & Other Investments 436,749 285,749Other Income 2,440 4,860
1 ITT Lab Expenses H 1,509,722 1,489,4032 Depreciation E 18,024 26,566
SurplusLess : FEES Transferred to General Reserve 478,000 484,000Less : Surplus Transferred to Building Fund 0 0Net Surplus Transferred to 222,846 424,333
I
1,785,255 2,129,600
General Reserve
SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT 31ST MARCH 2015
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : ACapital Reserve
TOTAL 878,974 878,974
As at As atOp Balance Interest Addition Utilization 31/03/2015 31/03/201401/04/2014 earned Amt. in Rs. Amt. in Rs.
SCHEDULE : BEARMARKED FUNDS
TOTAL 3,588,766 0 478,000 0 4,066,766 3,588,766
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : CSUNDRY CREDITORS
TOTAL 5,643 0
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : DOTHER LIABILITIES
TOTAL 157,100 7,200
SCHEDULE : E (ITT)
Balance as per last year 878,974 878,974Add: Grants received during the yearCapital Grant 0 0
Building Fund Account 1,367,487 0 0 0 1,367,487 1,367,487IT Center Reserve 2,221,279 0 478,000 0 2,699,279 2221,279
Vedant Infotech 5,273 0Madhu Copy Centre 280 0Swasthya Hospitality & Health Foods Pvt. Ltd. 90 0
Provisions for Faculty Remuneration 73,260 0Payable to ICAI 68,445 0TDS Payable 8,195 0Fees Refundable 7,200 7,200
GROSS BLOCK DEPRECIATION BLOCK NET BLOCKRate Opening Addi- Closing Opening Adjust Depre- Closing 31/03/2015 31/03/2014
FIXED ASSETS % Balance tions Balance Balance ments ciation Balance Amt. in Rs. Amt. in Rs.
Total 1,188,967 0 1,188,967 1,056,161 0 18,024 1,074,185 114,781 132,805
DATE WISE DETAILS OF ADDITIONS DURING THE YEARParticulars Date of Addition Amount (Rs.)
TOTAL 0 0
Computer & Printer 60% 924,345 0 924,345 916,714 0 4,579 921,293 3,051 7,630
Electrical Installation 10% 75,920 0 75,920 37,840 0 3,808 41,648 34,272 38,080
Furniture & Fixtures 10% 136,502 0 136,502 67,967 0 6,854 74,821 61,682 68,535
Air Conditioner 15% 52,200 0 52,200 33,640 0 2,784 36,424 15,776 18,560
NO ADDITION DURING THE YEAR
48th Annual Report 2014-15
48th Annual Report 2014-15
SCHEDULES FORMING PART OF THE INCOME & EXPENDITURE ACCOUNT
FOR THE PERIOD FROM 01ST APRIL, 2014 TO 31ST MARCH, 2015
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : FLOANS, ADVANCES AND PREPAYMENTS
TOTAL 198,975 147,160
As at As at31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
SCHEDULE : GCASH AND BANK BALANCE
TOTAL 1,590,538 391,070
For the period ended on31/03/2015 31/03/2014Amt. in Rs. Amt. in Rs.
CHEDULE : HITT EXPENSES
TOTAL 1,509,722 1,489,403
Accured Interest on Auto FD 84,039 117,891Staff Loan 14,000 0TDS on Interest - 2013-14 29,269 29,269TDS on Interest - 2014-15 49,118 0Sundry Receivables 3,699 0Prepaid Expenses 18,850 0
Axis Bank- 013010101187281 (9,462) 46,345Auto FD with Axis Bank 1,600,000 344,725
Bank Charges 1 3Salary /Bonus to Staff/ Leave Encashment Expenses 149,963 180,504Computer AMC Expenses / Repairs 67,840 63,725Electricity charges 169,867 156,479Faculty Honorarium 578,380 566,720House Keeping Expense 105,164 93,319Lab Rent 240,000 240,000Printing & Stationery and Photocopying Expenses 83,164 78,662Website Expense 12,000 9,101General Expenses 2,869 5,820Security Expense 100,474 95,070
As per our report of even dateFOR BARODA BRANCH OF WIRC OF
Chartered Accountants THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIAFirm Reg. No. 129738W
Partner (Chairman) (Secretary) (Treasurer)M. NO. 47328Place: Vadodara Place: VadodaraDate: 21st April, 2015 Date: 21st April, 2015
For, M/s. Mahesh Udhwani & Associates
CA. Mahesh A. Udhwani CA. Yash N. Bhatt CA. Arpan H. Dodia CA. Dhiren Y. Parikh
48th Annual Report 2014-15
SCHEDULES ATTACHED TO & FORMING PART OF THE BALANCE SHEET AND INCOME ANDEXPENDITURE ACCOUNT FOR THE YEAR ENDED ON 31ST MARCH, 2015
SCHEDULE : I
A) SIGNIFICANT ACCOUNTING POLICIES
1. Accounting Convention
2. Fixed Assets and Depreciation
3. Income from Interest
B) NOTES OF ACCOUNTS
Accounts are drawn on accrual basis (except as otherwise specified) using historical cost convention basis and areprepared in accordance with ICAI Accounting Manual.
Depreciation is provided on assets on W.D.V. Method as per Accounting manual of ICAI.
The interest on fixed deposits with banks is accounted for on accrual basis at the rates applicable to such deposits.The income from investments is credited to the Income & Expenditure Account.
1. Earmarked InvestmentsAll the Earmarked Investments have been invested in Fixed Deposits with Axis Bank, Alkapuri Branch.
2. Figures of the previous year have been regrouped and rearranged wherever necessary to make them comparable.
3. Figures are rounded off to the nearest rupee.
STATEMENT OF PROGRAMME - WISE SURPLUS / DEFICITFOR THE PERIOD FROM 1ST APRIL, 2014 TO 31ST MARCH, 2015
1 Private Equity- The Indian Perspective 12/04/2014 14,500 17,164 (2,664)2 Full Day Seminar on The Companies Act, 2013 19/04/2014 238,100 104,271 133,8293 3rd lecture of “Gyan Ganga” 26/04/2014 2,200 2,402 (202)4 Beginners Workshop on Indirect Taxes 27-4, 4 & 11-5 19,400 12,359 7,0415 Human Chain Let’s Make Vadodara Proud 27/04/2014 0 2,980 (2,980)6 Direct Tax & WIRC Members Felicitation 03/05/2014 67,200 74,997 (7,797)7 Full Day Practical Workshop on IT 17/05/2014 37,274 20,767 16,5078 Half Day Seminar on the Companies Act, 2013 23/05/2014 19,600 6,415 13,1859 4th lecture of “Gyan Ganga” 24/05/2014 0 875 (875)10 Direct Tax Refresher Course (DTRC) 31-5, 7 & 11-6 110,000 66,799 43,20111 Interactive Meet Members in Industry 04/07/2014 98,371 98,371 012 CA Day Celebration 01/07/2014 54,800 54,373 42713 Company Law Refresher Course (CLRC) 5,6,11-12,18-19/07/14 139,200 69,963 69,23714 Live Screening of Union budget 2014 &
Press Conference Exp 09/07/2014 0 5,025 (5,025)15 Union Budget 2014 Seminar 13/07/2014 97,100 47,241 49,85916 Accountant Workshop 7,8,14 &15/07/14 15,400 6,250 9,15017 Scope and Opportunities for Young Members in
Practice and Service 07/08/2014 42,790 42,790 018 Workshop on Transfer pricing 09/08/2014 23,600 14,446 9,15419 Flag Hosting on 68th Independence Day of India 15/08/2014 0 2,710 (2,710)20 Lecture Meeting on "CARO" 23/08/2014 6,800 3,370 3,43021 Investors Awareness Programme 23/08/2014 244,203 244,203 022 2 Days Practical Workshop on "Financial Modelling" 30-31/08/2014 32,400 11,770 20,63023 Young Members Clinic - Audit under
New Companies Act and CARO 31/08/2014 0 751 (751)24 Orientation Programe for newly Qualifued CA 01/09/2014 33,085 33,085 025 Campus Placement Programe 02-03/09/2014 3,408 3,408 026 Half Day Seminar on "Tax Audit" 06/09/2014 70,400 17,341 53,05927 Half Day Seminar on "Service Tax & CENVET" 12/09/2014 24,000 12,660 11,34028 Young Members Clinic - Tax Audit Report in
Form 3CA/3CB & From 3CD 14/09/2014 0 200 (200)29 Young Members Clinic - Project Finance 05/10/2014 0 210 (210)30 “Lecture meeting on – How to Gear up for
Implementation of IND AS” 11/10/2014 1,750 370 1,38031 Young Members Clinic - Service Tax Return 19/10/2014 0 60 (60)32 ICAI Regional Conference on UCBs 08/11/2014 90,000 69,228 20,77233 Young Members Clinic - Service Tax Return 09/11/2014 0 600 (600)34 Half Day Workshop on
"Cloude Based Accounting & Auditing” 14/11/2014 41,000 7,515 33,48535 Half Day Workshop on “Depreciation under the new
companies Act – Provisions & Case Studies” 22/11/2014 33,300 12,910 20,39036 "2 days National Workshop on Internal Audit" 29-30/11/2014 50,000 37,076 12,92437 National Conference on Taxation (Multi Track) 12-13/12/2014 485,026 307,317 177,70938 One Day Training Programme for Peer Reviewers 19/12/2014 39,023 39,023 039 WIRC Regional Conference on Information &
Technology 26-27/12/2014 151,000 148,745 2,25540 Lecture Meeting on " Regarding new age of Financing
Schemes - 29/12/2014 8,400 5,020 3,38040 Dec-31, 2014 CA Professionals &
SMEs in Make in India 6 31/12/2014 13,262 7,262 6,00041 24th Residential Refresher Course (RRC) at ,
Pushkar, Jaipur 9-11/01/2015 1,205,200 1,208,318 (3,118)42 Republic day Celebration 4 26/01/2015 0 1,070 (1,070)
Through Play of Derivatives
SR. NAME OF PROGRAME DATE(S) INCOME EXPENSE SURPLUS /(DEFICIT )
48th Annual Report 2014-15
SR. NAME OF PROGRAME DATE(S) INCOME EXPENSE SURPLUS /(DEFICIT )
48th Annual Report 2014-15
43 Half Day Workshop on Leadership & Management 31/01/2015 7,500 9,721 (2,221)44 Orientation Programe for Newly Qualifued CA 04/02/2015 33,910 33,910 045 Intensive workshop on Service Tax 6-7/02/2015 47,200 26,872 20,32846 Campus Placement Programe 12/02/2015 6,293 6,293 047 Lecture Meeting on
“India 2030: Role of Professionals – A Paradigm Shift” 23/02/2015 5,300 5,002 29848 Interactive Meet with CIT – TDS, Vadodara 27/02/2015 0 3,319 (3319)49 Live Screening of Union Budget 2015-16 28/02/2015 0 4,350 (4350)50 Seminar on clause to clause analysis of
Union Budget 2015 03/03/2015 190,200 66,988 123,21251 1st Residential Refresher Course (RRC) for
Young Members 20-22/03/2015 231,400 228,934 2,46652 Women's Day Seminar 19/03/2015 3,900 6,700 (2,800)53 Half Day Seminar on
“Year end compliance - Companies Act- 2013” 24/03/2015 45,150 13,912 31,23854 Full day Seminar on Bank Branch Audit 28/03/2015 156,350 86,417 69,933
1 Teleconference 11/04/2014 900 0 9002 Teleconference 22/05/2014 400 0 4003 Teleconference 28/05/2014 700 0 700
1 GMCS II- 1st Batch 16/06/2014 280,500 150,708 129,7922 GMCS II- 2nd Batch 03/07/2014 280,500 171,164 109,3363 GMCS II- 3rd Batch 21/07/2014 275,000 164,690 110,3104 GMCS II- 4th Batch 11/08/2014 280,500 165,552 114,9485 GMCS II- 5th Batch 25/11/2014 275,000 177,786 97,2146 GMCS II- 6th Batch 15/12/2014 269,500 166,190 103,3107 GMCS II- 7th Batch 01/01/2015 253,000 163,462 89,538
1 GMCS-1 13rd Batch 16/06/2014 275,000 155,410 119,5902 GMCS-1 14th Batch 03/07/2014 280,500 165,070 115,4303 GMCS-1 15th Batch 21/07/2014 264,000 159,350 104,6504 GMCS-1 16th Batch 19/08/2014 143,000 113,860 29,1405 GMCS-1 17th Batch 15/11/2014 275,000 168,708 106,2926 GMCS-1 18th Batch 15/12/2014 209,000 134,990 74,0107 GMCS-1 19th Batch 19/01/2015 203,500 134,190 69,3108 GMCS-1 20th Batch 02/02/2015 286,000 159,890 126,1109 GMCS-1 21st Batch 21/03/2015 115,500 97,140 18,360
1 Orientation 59th Batch 09/06/2014 156,000 59,700 96,3002 Orientation 60th Batch 16/06/2014 150,000 57,540 92,4603 Orientation 61th Batch 23/06/2014 144,000 58,450 85,5504 Orientation 62nd Batch 30/06/2014 147,000 60,480 86,5205 Orientation 63rd Batch 07/07/2014 147,000 59,140 87,8606 Orientation 64th Batch 14/07/2014 78,000 39,750 38,2507 Orientation 65th Batch 04/08/2014 150,000 49,910 100,0908 Orientation 66th Batch 25/08/2014 105,000 46,940 58,0609 Orientation 67th Batch 06/10/2014 54,000 42,360 11,64010 Orientation 68th Batch 17/11/2014 66,000 43,580 22,420
Total 4,238,995 3,314,128 924,867
TELECONFERENCE
Total (A) 4,240,995 3,314,128 926,867
GMCS BATCHES
Sub Total (B) 1,914,000 1,159,552 754,448
IPCC
Sub Total (C) 2,051,500 1,288,608 762,892
Total (B+C) 3,965,500 2,448,160 1,517,340
ORIENTATION PROGRAMME
GMCS BATCHES FOR
SR. NAME OF PROGRAME DATE(S) INCOME EXPENSE SURPLUS /(DEFICIT )
48th Annual Report 2014-15
11 Orientation 69th Batch 16/12/2014 150,000 49,450 100,55012 Orientation 70th Batch 19/01/2015 144,000 53,250 90,75013 Orientation 71th Batch 02/02/2015 72,000 43,970 28,030
1 CPT 9th Batch Apr-14 454,000 232,681 221,3192 CPT 10th Batch Sep-14 168,000 203,118 (35,118)3 IPCC 8th Batch Mar-14 685,785 540,604 145,181
1 ITT-122 Batch 12/05/2014 152,000 63280 88,7202 ITT 123 Batch 16/06/2014 152,000 63280 88,7203 ITT-124 Batch 16/06/2014 152,000 63280 88,7204 ITT-125 Batch 01/07/2014 152,000 63280 88,7205 ITT-126 Batch 04/08/2014 152,000 63280 88,7206 ITT-127 Batch 04/08/2014 152,000 63280 88,7207 ITT-128 Batch 15/09/2014 148,000 62680 85,3208 ITT-129 Batch 15/09/2014 152,000 63280 88,7209 ITT-130 Batch 01/12/2014 132,000 60280 71,72010 ITT-131 Batch 01/12/2014 152,000 63280 88,72011 ITT-132 Batch 01/12/2014 148,000 62680 85,32012 Advance ITT-1st Batch 19/01/2015 190,000 76,900 113,10013 Advance ITT-2nd Batch 01/12/2014 145,000 73,450 71,55014 Advance ITT-3rd Batch Mar-15 92,500 38,875 53,62515 Advance ITT-4th Batch Mar-15 28,800 12,320 16,480
Sub Total (D) 1,563,000 664,520 898,480
CLASSROOM
Sub Total (E) 1,307,785 976,403 331,382
ITT CENTRE
Sub Total (F) 2,100,300 893,425 1,206,875
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