For Private Circulation only

ChairmanCA. K. Ramachandra Rao

email : visakhapatnam@icai.org

Vol # 5 of 2016 May, 2016

website : www.icaivisakhapatnam.org

EditorCA. Gupta B Gullapudi

SecretaryCA. B. Sreeramamurty

A. K. Ramachandra RaoChairman

Cell :9848196928

CA. B. Venkata RaoVice Chairman

Cell :9246624286

CA. B. SreeramamurtySecretary

Cell :9440548593

CA. M. Chalapathy RaoTreasurer

Cell :9849609836

CA. G. Bharathi DeviChairperson - SICASA

Cell :9885673439

CA. Gupta B GullapudiEditor

Cell :9701945677

CA. D. Chandrasekhar ReddyMember

Cell :9949051445

CA. Ram Prasad VMember

Cell :9704231676

CA. E. Phalguna KumarSIRC Chairman, Ex-officio Member

Cell :

Managing Committee Members of Visakhapatnam Branch of SIRC of ICAI

AP STATE LEVEL CAs CONFERENCE 2016

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Friday & Saturday, 22nd & 23rd July, 2016

Jointly Organised by AP Branches of SIRC of ICAIVisakhapatnam, Anantapur, Tirupati, Kurnool, Nellore, Ongole,Guntur, Vijayawada, W.G.Dist., Kakinada, Rajamahendravaram

Host : Visakhapatnam Branch of SIRC of The Institute of Chartered Accountants of IndiaVenue : Mother Teresa Auditorium, The GITAM University Campus, Visakhapatnam

Dear Esteemed Colleagues,

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Theme: Save waterThe whole state of Andhra Pradesh is reeling under the heat waves,the wrath of sun onslaught. The Pollution coupled with erosion ofgreen cover may be the reason for such indiscriminate, unbearableclimatic change. Our "Smart City" and "The city of Destiny", is noexception to such onslaught. The water bodies got evaporated, thewater levels are dripping alarmingly. Let's extend our hands tocontribute for the cause of Saving water, Storing water andSustaining water.Student MattersService to Students is another impor tant agenda for the Managingcommittee to shape them up for the future of our Profession. TheBranch is planning to organize regular IPCC Classes to studentsfrom June 2016, while ITT and Orientation Programmes arescheduled regularly. The redundant, non moving student books andmaterial are being segregated to scrap them as per the guidelinesof ICAI. Some of the Suggested Answers & RTPs may be offeredto students at highly discounted prices, if permitted by the ICAI.CA Day ActivitiesI know that we are all waiting eagerly to celebrate CA Day 2016 on1st July. On this occasion, Educational kits consisting of ShoulderBag with CA Logo, Note Books and other accessories will bepresented to underprivileged students as a CSR initiative. Blooddonations camps are planned as usual for members and students.Games for members and their family members are being plannedin two stages like preliminary level and finals.Members are welcometo contribute to sponsor expenditure on Games for our familymembers Blood Donation Camp Expenditure and Education Kitsetc. The names of contributors will be displayed at the venue apartfrom acknowledging in the newsletter. Detailed program for the CADay will be published soon.AP State level Conference:Branch is hosting two days AP State-level CAs Conference atVisakhapatnam on 22, 23 of July 2016. Branch will take lead inroping in all the 11 Branches in Andhra Pradesh while embracingthe members of adjacent states of Telangana and Orissa. May Ihumbly request you all to block the dates for the Conference tokeep abreast on subjects of paramount importance in day to daypractice and in employment.Diploma & Certificate courses:There are a number of Certificate / Diploma courses conducted byICAI as post qualification courses. Many members are enquiringregarding conducting of one course or the other from time to time.In this connection, I request the interested members tocommunicate the choice of the course through email tovsp.sirc.icai@gmail.com or through Tear off Sheet, placedelsewhere in the Newsletter. This will facilitate us to plan to conductall required courses during the year.Congratulations:We are happy to inform that CA. M.V. Sarma, CA. S. Ramakrishna,CA. K.E. Harish from our Branch have been co-opted as Membersof various Committees by SIRC of ICAI. I congratulate them andwish them a successful tenure.

Health check up for members and their families:It is our desire that all the members with family shall undergohealth check-up annually. We are negotiating for a ConcessionalPackage from some of the corporate Hospitals to enable allmembers to undergo check up.Orientation Programme at TirupatiAll the Committee Members have attended the OrientationProgramme organized by the SIRC at Tirupati. Proper trainingwas imparted for carrying on the Branch activities in professionaland better way.Non Stop Updates:Upgrading ourselves in IFRS became imminent in present era of'World Global Village'. Indian Accounting Standards (Ind AS) havebeen converged with International Financial Repor ting Standards(IFRS). This became business imperative for Indian Companies,entities. The impor tance need not be over emphasized in respectof other areas like CARO 2016, IFCR, ICDS, Standards on Auditing& Assurance, Companies (Accounting Standards) AmendmentRules, 2016, New Income Tax Return Forms notified by CBDT,APVAT Audit etc.Branch Formation Day Celebrations:On the occasion of Branch Formation Day we have felicitatedthree Past Chairmen of Branch. CA. V. Seetharamaiah garu sharedhis experiences and challenges of yesteryears. The dedicationand contribution of CA. V.Seetaramaiah garu to the Branch iscommendable and will be remembered for ever. The other twoPast Chairmen CA. M.V. Satyanarayana and CA. C.V. RamanaRao too continued to support and contribute to the Branch insimilar way whenever situation demanded. It is a matter ofcoincidence that both CA. M.V. Satyanarayana and CA. C.V.Ramana Rao are students of CA. V. Seetharamaiah garu.Forth coming ProgramsApar t from regular Saturday Programs, we are planning toempower the members including that of young members in thecritical aspects of Service Tax Practice and VAT Audit.Activities of April 2016:I thank CA.Y. Surya Chandra Rao garu for his lucid Presentationon the topic 'Landmark Judgments during 15-16 under IncomeTax Act.I also thank CA. C.V.Ramana Rao garu for his excellentpresentation on CARO 2016.May I request the Members to share their practical knowledgethrough the newsletter and come forward to present in StudyCircle Meetings or Seminars.

With Warm Regards

CA.K.RAMACHANDRA RAOChairman

Visakhapatnam Branch of SIRC of ICAI

May 2016

3

MEMBERS DIARY

03-05-2016 ICAI Bhawan Free CPE Seminar NBFC Regulations - An overview & Role(Tuesday) 5.30 pm to 8.30 pm 3 Hrs of Chartered Accountants

Chief Guest & Keynote Address byShri R.N. DashRegional Director for Andhra Pradesh & TelanganaReserve Bank of India, Hyderabad

Technical Session I NBFC Regulations and Expectations from AuditorsShri Suvendu Pati, General ManagerReserve Bank of India, Hyderabad

Technical Session II NBFC Auditors Report (Reserve Bank)Directions, 2008Shri Neelabh Jha, Assistant General ManagerReserve Bank of India, Hyderabad

14-05-2016 ICAI Bhawan CPE Seminar Income Computation and Discosure Standards ICDA(Saturday) 9.30 am to 1.30 pm 4 Hrs CA. Neha Jain

Recent changes in Non Resident Transactionsincluding 15CA & 15CBCA. T. Ramprasad

26-05-2016 ICAI Bhawan CPE Seminar Seminar on Delivering the value addition through(Thrusday) 6.00 pm to 8.30 pm 4 Hrs CENVAT Credit to Small & Medium enterprises

and Service Providers Effective PracticeManagementCA. N. Madhukar Hiregange

04-06-2016 ICAI Bhawan CPE Seminar Works contracts under VAT & CST(Saturday) 10.00 am to 1.00 pm 3 Hrs CA. Satish Saraf

11-06-2016 ICAI Bhawan Full Day CPE Seminar With holding Taxes under Income Tax Act(Saturday) 10.00 am to 5.00 pm 6 hrs CA. Chandra Sekhar Ghokale

Survey under Income Tax actCA. Hari Agarwal

FEMACA. V. Manohara Sri Panini

18-06-2016 ICAI Bhawan Full Day CPE Seminar Capital Gains & Companies Act(Saturday) 10.00 am to 5.00 pm 6 hrs CA. Kandarp, CA. Sivateja

21-06-2016 ICAI Bhawan Activity on Yoga Day

25-06-2016 ICAI Bhawan Full Day CPE Seminar Disclosure Standards, IFCR, CARO(Saturday) 10.00 am to 5.00 pm 6 hrs with committee on Audit &

Assurance Standards Board

Date & Day Venue & Time CPE Hours Name of the Programme & Speaker

Visakhapatnam Branch of SIRC of ICAI

May 2016

4

May 2016

Visakhapatnam Branch of SIRC of ICAI 5

WE CONGRATULATE

CA. M.V. SharmaPast Chairman, Visakhapatnam Branch

Member, Committee on Direct TaxesNon Standing Committee

CA. Krishna Eswara HareeshVizianagaram

Member, Committee on Banking, Insurance& Pension Non Standing Committee

CA. Ramakrishna SVisakhapatnam

Member, Committee on Indirect TaxesStanding Committee

FAREWELL TO PHYSICAL PRINTING OFMONTHLY BRANCH NEWSLETTER

Newsletter of this copy i.e. May 2016 will be the

Last and Final Physical Copy of the Branch Newsletter

in physical form. This is as per the Head Office, ICAI

instructions as contained in their letter dated

12th May 2016 to stop printing the same as a part of

Go-Green initiative of the ICAI.

However soft copy will be continued.

Members from out Branch who have beenCoopted to the Committees constituted by SIRC

May 2016

Visakhapatnam Branch of SIRC of ICAI 6

1. BORN : 26th June, 1934

2. EDUCATION : i) Graduate in Commerce from P.R. College, Kakinada in 1953.

ii) Qualified as Chartered Accountant and became a member of the Institutein 1956.

3. CAREER : i) Joined Brahmayya & Co. in 1956 at Vijayawada and became a partner in1962.

ii) Has been in Visakhapatnam since 1966 starting the branch of Brahmayya & Co.

4. PROFESSION : During active practice spanning over a period of 49 years:i) Conducted the audits of various listed companies Banks and Public Sector under

takings starting with Hindustan Shipyard in 1965 and presently Oil and Natural GasCorporation Ltd.

ii) Represented Clients before various Income-tax authorities including Income-taxAppellate Tribunal and C.B.D.T.

iii)Was Chairman of Visakhapatnam Branch of Institute of Char tered Accountants ofIndia in 1978-79.

iv)Actively participated in organizing various conferences and seminars at regionallevel, presented papers and acted as chairman at several technical sessions on Auditing,Income-tax and Company Law.

5. SERVICE ACTIVITIES: A member of the Governing Bodies / Managing Committees of several Charitable

Institutions. Among them are :

i) Vice-President, Gandhi Institute of Technology & Management popularly known asGITAM running educational institutions in the fields of Science, Engineering,Management, Foreign Trade and Dental Sciences.

ii) Vice-President of Gayatri Vidya Parishad running an Engineering College and a P.G.degree college in Arts, Science and Technology.iii) Secretary, Visakhapatnam Public Library Society.

iv) Secretary, Visakha Kendra of Bharatiya Vidya Bhavan

v) Member, Managing Committee of Ramakrishna Mission Ashram, VisakhapatnamBranch.

vi)Member, Finance Committee of Sri Chandrasekharendra Saraswathi Maha Vidyalaya( Deemed University), Kanchipuram.

vii) Treasurer, Kuchipudi Kalakshetra.

viii) Treasurer, Visakha Music & Dance Academy

ix) Member, Managing Committee, Mrs.A.V.N. College

x) Was Member of Executive Council of Andhra University for 12 years.6. SOCIAL ACTIVITIES : i) Was Treasurer, Vice-President and President of Waltair Club during 1978-1985.

V. SEETARAMAIAHPast Chairman

PROFILE OF PAST CHARIMEN TO WHOM FELICITATIONS ARE MADE ON BRANCH FORMATION DAY

M V Satyanarayana son of Late Sri M Sitaramaiah and Smt M V Subhadramma is born and bred inVisakhapatnam.

He had his early education in St Alloysius High School, Visakhapatnam and graduation in commercefrom AVN College also at Visakhapatnam.

After graduation he had joined Brahmayya & Co. for pursuing the course of Chartered Accountancyafter finishing which he had worked in that firm for five years.

Later he started his own concern M V Satyanarayana & Co which is now 30 years old and also hejoined with Sri Sushil Rathi to start a partnership firm Staynarayana & Sushil.

He was a member of Rotaract, Rotary, Jaycees, Free Masonary, Century Club, East Point Golf Club andWaltair Club. He is married to Ms. Lakshmi and they are blessed with twins a boy and a girl. Both of them hadcompleted their education partly in India and partly in Australia. They are married and settled down in India.

M.V. SATYANARAYANAPast Chairman

C.V. RAMANA RAOPast Chairman

Passed B. Com in first division from Andhra Universitysecuring 11th Rank

Qualified as a chartered Accountant in the year 1975by passing both Intermediate and Final examination ofICAI securing All India 10th Rank in Intermediate exami-nation and All India 9th Rank in Final examination.

Practicing as a Chartered Accountant since 1976 firstas a qualified assistant and then from 1996 as partnerIn Brahmayya & Co, Chartered Accountants.

Acted as Treasurer and Chairman of Visakhapatnambranch of SIRC of ICAI in the year 1988-89 and 1989-90.

Presented papers and acted as chairman of the techni-cal sessions at various seminars & acted as faculty invarious workshops organized by Visakhapatnam,Rajahmundry and Guntur branches of SIRC of ICAI.

May 2016

Visakhapatnam Branch of SIRC of ICAI 7

OUR PERSONAL COLUMN

ONETIME PAYMENTSCHEME FOR THE

YEAR 2016-17Following are details of Onetime Payment Scheme

Members enrolled on or before 31.03.2011

Rs. 3,500Members enrolled on or after 01.04.2011

Rs. 2,500

“Save water, save life,save the world”

Water is necessary for life. Water isneeded for domestic, agricultural andindustrial purposes.

Three-four th of Ear th’s surface iscovered by water bodies. 97 per centof this water is present in oceans assalt water and is unfit for humanconsumption. Fresh water accountsfor only about 2.7 per cent. Nearly70 per cent of this occurs as icesheets and glaciers n Antarctica andother inaccessible places. Only oneper cent of fresh water is availableand fit for human use. So it is veryimpor tant to conserve this preciousresource. And yet we arecontaminating the existing water

resources with sewage, toxic chemicals and other wastes.Increasing population and rapid urbanisation has led to over-use of water resources leading to water pollution and scarcity.

Water scarcity can be defined as a situation when people don’thave enough water to fulfil their basic needs. India is one of themany countries that are facing water scarcity today. In Rajasthanand some parts of Gujarat, women have to cover long distanceson foot in order to get a pot of water. In cities like Bangalore, afamily has to spend from Rs. 15 to Rs. 20 to meet their dailywater needs. The problem becomes severe during summermonths when availability of water decreases again. A recentstudy has revealed that about 25 per cent of urban populationlack the accessibility to fresh water. Also there are several casesof privatisation of water bodies. This often leads to waterscarcity in the nearby areas.

There are different methods to deal with water scarcity. Rainwater harvesting is the best and most suitable method. Forestand other vegetation cover reduce surface runoff and rechargeground water. So, practise afforestation. We can also promotewater conservation through media and by conducting publicawareness programmes.

By practising these simple steps we can conserve water andensure the availability of water to future generations. So don’ttarry; start saving each and every drop of water. Let our mottobe “Save water, save life, save the world”.

May 2016

Visakhapatnam Branch of SIRC of ICAI 8

Communication for Certificate/Diploma CoursesDear Member,

Best Wishes

The MC of Visakhapatnam Branch is planning to organize the following available courses for the benefits ofLocal members. We request you to kindly express your preliminary interest in courses in which you are interested.Depending on the interest evinced by the members, Branch would like to block the dates for all such courses for whichmembers have shown interest and seek dates from ICAI committees.

Final call can be taken after the announcement of the course.

The courses are

DIPLOMAS : 1. DISA. 2. DIRM. 3. IR&WTO.

CERTIFICATION COURSES : Total Courses are 16. Popular courses among them are

1. Arbitration etc., 2. NPOs 3. Indirect Taxes 4. Concurrent Audit

5. Internal Audit 6. International Taxation 7. Valuation 8. IFRS

9. Service Tax 10. Forensic Accounts & Fraud Prevention

You may send your response to the following email id: icaivskpbranch@gmail.comOr through Tear Off sheet.

ToThe Visakhapatnam BranchI am tentatively interested in pursuing the following courses during the year.

DIPLOMAS : 1. DISA. 2. DIRM. 3. IR&WTO.

CERTIFICATION COURSES :

1. Arbitration etc., 2. NPOs 3. Indirect Taxes 4. Concurrent Audit

5. Internal Audit 6. International Taxation 7. Valuation 8. IFRS

9. Service Tax 10. Forensic Accounts & Fraud Prevention

Note: Please tick for the courses you are interested.

Name : M.No. :

Email : Mobile:

RegardsChairman

Signature

VAT Update CA. Ambati Chinna Gangaiah, agcpower@icai.org,

Cell : 08801032969

AP Advance Rulings1. D. Chinnappa - A.R.Com/21/2009 dt 22.3.16 (AO 12/

2016) & Sai Rani Agencies - A.R.Com/22/2009 dt22.3.16 (AO 13/2016) - authority cannot give rulings onCST matters.

2. Sri Krishna Fashions - A.R.Com/ 68/2010 dt 24.3.16(AO 14/2016) - the computer and its stationery is notbuilding materials. If the same are purchased and usedin their business, they are eligible to claim the credit ofVAT paid.

3. G.K. Electronics - A.R.Com/42/2010dt 18.3.16 (AO 15/2016)- sale of inverters is taxable @5% - Battery is notintegral to the inverter - Battery is liable to tax @14.5%

4. Manoharamma Hotel - A.R.Com/96/2009 dt 18.3.16 (AO16/2016) - VAT 14.5% (w.e.f. 15.01.2010) on the taxableturnover of the sale or supply of goods or any other articlefor human consumption or drink served in restaurants,etc., falling under Section 4(9)(a) of the APVAT Act, 2005.

5. Consolidated Construction A.R.Com/4/2015 dt 26-3-16(AO 17/2016) - : Undertaking Works to registered dealersin SEZ entitled to exemption. Main contractor Opted forcomposition - Sub-contractors exempted. Thesubcontractors are required to submit copy of agreementwith main contractor, proof of application forcompounding in Form 250 (in the case of compositioncontracts), the certificate of details of works executedand amounts received from the main contractor and thecopy of letter of authorization to develop the SEZ unitfrom the designated authority of the Central Government.

6. Durha Constructions - A.R.Com/13/2010 dt 31.3.16 (AO19/2016) - main-contractor had got the liabilities of itsworks compounded, the applicant sub-contractor isexempted - Late filing of VAT returns attract penalty @Rs.2500 under Section 50 (1) of APVAT Act, 2005.

7. B. S Innovative - A.R. Com/5/14 dt 29.3.16 (AO 20/2016)- (1) no tax added to consideration and no amountrecovered by way of tax, then the applicant is eligible forthe refund of the excess paid amounts. Undue enrichmentis against the public policy (2) deduct wages and salariesto arrive at the value of goods incorporated (3) adjustexcess TDS amount towards CST liability

8. Sri Sairam Prasad Agencies - A.R.Com/67/ dt 22.3.16(AO 21/2016) - Advance Ruling given in A.R.Com/100/2008, dt 7.04.2010 that the Gulkhand attracts @12.5%till 15.1.2010 and @14.5% thereafter.

9. Umesh Agencies - AR.Com/17/16 dt 7.4.16 (AO 22/2016) - Ganga brand milk is UHT milk, and hence exigibleto tax @5% under entry 58 of Schedule-IV

10. Vakkal Impex - AR Com/53/10 dt 26.3.16 (AO 23/2016)- moving taxable goods in goods vehicle, thoughaccompanied by gate pass cum invoice, either inter-statesales or local sales or branch transfer they are requiredto accompany them by waybill in Form 600

11. M.R. Services - A.R. 49/2009 dt 19.3.2016 (AO 24/2016) - tax adjustment on discounts given would comeonly when it is earlier declared as the liability in his returns.Payment of discount the farmers issue would come onlywhen it is earlier collected from the farmers.

AP Additional Commissioner OrdersSirus Overseas - CCT's Ref.No.LV(2)/127E/2012 Dated: 31-3-2016 (ACO 33/2016) Revision of ADC orders by imposition ofpenalty for late payment of CST amount (arguable case existswhether Penalty provisions of VAT Act can be applied to CSTtax payment)

AP DC OrdersSri Jayalakshmi Oil Mill - Rc.No. 46/2014/F1 & RR.No. 18/2014/F1 dt 28.316 (DC Order 164) - Penalty not imposed by AA -revision made - penalty imposed by revision orders - (penaltyto be imposed within time limit specified and not later)

May 2016

Visakhapatnam Branch of SIRC of ICAI 9

OBITUARYCA. Prashant Bhal

We regret to inform the sad demise of CA Prashant Bhal,Bhubaneswar who addressed our members recently on 20thMarch, 2016 in Bank Audit Seminar.

May 2016

Visakhapatnam Branch of SIRC of ICAI 10

1. What is the objective of Equalization Levy?Equalization levy is introduced to reduce the unfair advantageenjoyed by multinational digital enterprise over its Indiancompetitors and ensure fair market competition.

2. Is Equalization Levy an income tax?No. Equalization levy is not tax on income. It is levied onpayments.For the same reason, a new chapter vide ChapterVIII of the Finance Bill, 2016 has been introduced to providefor equalization levy.

3. From when would this Equalization levy come into effect?Equalization levy shall be levied on consideration received orreceivable for specified services provided on or after thecommencement of Chapter VIII of Finance Bill, 2016.

4. What is the rate of Equalization Levy?The levy shall be @ 6% on the amount of considerationforany specified service received or receivable.

5. Is Equalization levy applicable on import of goods?Equalization levy will not be levied on goods to be imported.Orders placed and payments made on the internet will notattract equalization levy. The levy is only on specified services.

6. All e-commerce transactions are covered under this levy?Levy is on specified services only. It will not be levied onservices that are not specified even if such services areprocured by making payments from India over the internet.For example, if Indian resident books hotel rooms abroadand payment is made on the internet, such hospitality servicesare not specified service for the purpose of levy.

7. Does Equalization Levy apply to specified servicesreceived from a Resident?No. Equalization levy comes into play only when specifiedservices are provided by a non-resident to a person residentin India carrying on business or profession or non-residenthaving a permanent establishment in India (referred to asassessee).

8. What are the specified services for the purpose of levy?Specified services means online advertisement, any provisionfor digital adver tising space or any other facility or servicefor the purpose of online advertisement and includes anyother service as may be notified by the Central Government.

9. Is equalization levy imposed on all specified transactionsirrespective of amount?No. If aggregate amount of consideration for specifiedservices received or receivable in a previous year by a non-resident from assessee exceeds Rs. One Lakh, equalizationlevy will be imposed.

FAQ’s on Equalisation LevyBy CA RAMPRASAD, Visakhapatnam

10. What is the due date for payment of Equalization Levy?The Equalization Levy so deducted during any calendar monthshall be paid by every assessee to the credit of CentralGovernment by 7th day of next month.

11. Whether grossing up is allowed?Any assessee who fails to deduct the levy be liable to paythe levy to the credit of Central Government. (No grossing upof amount)

12. Whether the payment chargeable to Equalization levywould include indirect taxes paid in India?The Committee on Taxation of E-Commerce recommendsthat the equalization levy should be chargeable on the amountreceived by the beneficial owner excluding any indirect taxesor levies paid in India. Hence, there cannot be any equalizationlevy on indirect taxes.

13. Whether on the same amount equalization levy andincome tax can be charged?Income of a non-resident from services that are covered byequalization levy and on which equalization levy is paid willbe fully exempt from income -tax.

14. What are the consequences if Equalization levy is not paid?Any consideration on which equalization levy is deductibleand if such levy has not been deducted or after deductionhas not been paid on or before the due date specified U/S139(1) such consideration will not be allowed as deduction.

15. Will Equalization Levy paid after due date u/s 139(1) shallbe allowed as deduction in another year?Where in respect of any such consideration, the equalisationlevy has been deducted in any subsequent year or has beendeducted during the previous year but paid after the due datespecified in sub-section (1) of section 139, such sum shallbe allowed as a deduction in computing the income of theprevious year in which such levy has been paid

16. Can benefit under tax treaties be claimed with respect toEqualization levy?No. Equalization levy is not charged on income. Hence it isnot covered by Double Taxation Avoidance Agreements(DTAA). No tax credit under the tax treaties available to thebeneficial owner in the country its residence in respect ofsuch levy.

17. Are provisions of Transfer pricing and GAAR applicableto Equalization levy?Since the levy is not under Income-tax Act, the provisions oftransfer pricing and General Anti Avoidance Rules will not beapplicable to it.

SEMINAR ON 25-04-2016 and 39th BRANCH FORMATION DAY CELEBRATIONS

Branch Chairman met the President, ICAI at New Delhi along with CA. A.N. Murali Krishna, CA. Subba Reddy CA. Y. Surya Chandra Rao speaking in the seminar onLandmark Judgements during 2015-16

Seminar on CARO 2016 on 30th April, 2016

Printed & Published by CA. K. Ramachandra Rao, Chairman on behalf ofVisakhapatnam Branch of SIRC of The Institute of Chartered Accountants ofIndia, Visakhapatnam and printed at : Maruthi Printers, D.No.30-5-17, KrishnaGardens, Dabagardens, Visakhapatnam - 20, Cell : 92469 32859, email :balajiavprasad@gmail.com and Published for Visakhapatnam Branch of SIRCof ICAI, D.No.9-36-22/2, Pithapuram Colony, Visakhapatnam - 530 003,Ph : 0891-2755019, email : visakhapatnam@icai.org Editor : CA. GuptaB Gullapudi Visakhapatnam Branch of SIRC of ICAI

The Views expressed by contributors in this Newsletter do notnecessarily reflect the opinion of the Branch or the Institute