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2015

OCTOBER

PUNE BRANCH OF WICASA OF ICAIOCTOBER 2015 - E NEWSLETTER

Hello Friends,

This month hopefully enjoyed by all of you either working hard in office due to deadline pressure or studying sincerely for the upcoming exams.

From this month we have started free of charge lecture series covering core topics in various subjects. From 7th Sep. to 15 Sep. your WICASA organized free series on LAW for CPT at Pune Branch. Seminars on Accounting Standards and 3 CD report analysis we participated by the students. Also motivational sessions arranged in this month of September were very much useful for all.

This month also we had many Workshops on Employment and Career Guidance. Tremendous efforts were put in by our WICASA members and CA Colleagues in making these workshops successful. I express my hearty gratitude to all of them who were involved directly or indirectly in making these workshops extremely successful and purposeful. Lectures on how to face/ prepare for exams was very much useful.

I request all to come forward and participate as per your convenience in various WICASA activities and also as co-ordinators/ MOC. To be in touch of WICASA activities please press like button of Pune WICASA Facebook page which is created with the sole motto of keeping all of you updated of the WICASA activities.

For those who are appearing for exams, wishing all the Best for the examinations. Believe in yourself and prepare well and enjoy the upcoming festive season as well.

With Warm Regards to All�

Chairman�s Communication

Managing Committee Members

Pune Branch of WICASA

CA. Anand JakhotiyaChairman

Mr. Vaibhav PingaleVice- Chairman

Ms. Anchila OzaSecretary

Mr. Anand GuptaTreasurer

CA. Radhesham AgrawalStudent Co-ordinator

Mr. Rupendra TholiyaJoint Secretary

Mr. Pravin BabbarJoint Editor

ICAI BHAWAN, Plot No. 8, Parshwanath Nagar, Munjeri, Opp. Kale Hospital, Bibwewadi, Pune - 411037. Tel: 020 24212251 / 52 | Web: www.puneicai.org | email: | Facebook: Pune [email protected]

CA. Anand JakhotiyaChairmanPune Branch OfWICASA of ICAI

2

Success is a lousy teacher. It seduces smart people into thinking they can't lose.

All my dear friends who have already started their final preparations for the upcoming exams,

�Don't be afraid to fail, be afraid not to try.�

It's the last and the only month remaining to put in your best and work really hard. I wish all of you a very good luck.

To tell you all about the events last month, it has actually been very exciting. We had many workshops on Employment and Career Guidance in many colleges throughout the district. Besides this, we started the month with an enthusiastic motivational lecture by Mr. Shailesh Malu, the title went as � �LIVE, DON'T JUST EXIST� at ICAI Bhavan, Pune.

As exams are approaching near, we also had a seminar for CA Final Students on �How to solve the CA Final Audit Paper� followed by a study circle meet on Law for the CPT students the next week.

Seminar was also conducted on �Accounting Standards� by CA Sanket Shah from the point of view of November exams. This was followed by the fantastic seminar, �Clause by clause analysis of form 3CD� by CA Chetan Daga the very next day.

Continuing the motivational seminar, we also had the second part of the seminar �LIVE, DON'T JUST EXIST� on 19th September at the ICAI Bhavan, Pune.

A common motivational seminar was conducted by CA Suresh Mehta on �How to face the CA Examinations in the

last week of September.

An enthusiastic month so far, but not to forget the upcoming events and activities. We have the debate competition for students of Junior College in the very first week of October. We also have the mock tests for IPCC and Final Students awaited next month. All my friends who still haven't registered kindly do the necessary to attempt it.

We also have a series of seminars on �Income Tax and Transfer Pricing� by CA Chetan Daga and CA Meghnand Dungarwal for a one full week. This will be followed by series of seminar on �Companies Act and Significant Accounting Policies� by CA Kusai Goawala.

�The struggle you're in today is developing the strength you need for tomorrow.�

Friends, struggle is the key to success and I hope all of us will need to struggle some more for the golden future ahead.

All the very best..!

Signing off�

Vice Chairman's Communication

Managing Committee Members

Pune Branch of WICASA

CA. Anand JakhotiyaChairman

Mr. Vaibhav PingaleVice- Chairman

Ms. Anchila OzaSecretary

Mr. Anand GuptaTreasurer

CA. Radhesham AgrawalStudent Co-ordinator

Mr. Rupendra TholiyaJoint Secretary

Mr. Pravin BabbarJoint Editor

ICAI BHAWAN, Plot No. 8, Parshwanath Nagar, Munjeri, Opp. Kale Hospital, Bibwewadi, Pune - 411037. Tel: 020 24212251 / 52 | Web: www.puneicai.org | email: | Facebook: Pune [email protected]

Mr. Vaibhav PingaleVice Chairman,Pune Branch OfWICASA of ICAI

3

It's fine to celebrate success, but it is more important to heed the lessons of failure.

Photo Gallery

4

People always fear change. People feared electricity when it was invented, didn't they?

Stay Connected with Pune WICASA @ http://puneicai.org/studentsLike Facebook page � 'Pune WICASA' Email address: [email protected] on Whatsapp � 7588687692 / 7276725949

Motivational lecture for CA Students (LIVE, DON'T JUST EXIST, by Mr. Shailesh Malu at the ICAI Bhavan, Pune on 5th and 19th September

Seminar on �Clause by clause analysis of Form 3CD�, by CA Chetan Daga on 12th September

Study Circle meet for CPT Students on Law by CA Riddhi Chandak

Photo Gallery

5

If you can't make it good, at least make it look good.


Jallosh 2014

�The fun soon begins this year ;-)� Jallosh is gonna be back again..!

Forthcoming Events & Activities - September 2015

6

I have been struck again and again by how important measurement is to improving the human condition.


Date Event Faculty / Chief Guest Venue Time

2nd Seminar for students on

the topic How to face CPT Exam

CA Bharat Zanvar ICAI Bhawan, Bibvewadi 8am to 10am

3rd Debate Competition for Students - ICAI Bhawan, Bibvewadi 12pm onwards

3rd Seminar on CENVAT Credit � An Overview CA Shekhar Sane ICAI Bhawan, Bibvewadi 2pm to 5pm

4th Motivational Lecture for CA Students Mr. Shailesh Malu ICAI Bhawan, Bibvewadi 8am to 1pm

5th to 10th Series of seminar for

Students on income tax & transfer pricing

CA Chetan Daga & CA Meghnand Dungarwal ICAI Bhawan, Bibvewadi 8am to 10am

8th to 15th Mock Test for Final & IIPC Students - -

10thSeminar on Preparation

of Vat Audit & Way to GST

CA Dilip Phadke ICAI Bhawan, Bibvewadi 10am to 1pm

12th to 14th Lecture series on Companies Act CA Kusai Goawala ICAI Bhawan, Bibvewadi 8am to 10am

15th Seminar on Significant Accounting Policies CA Kusai Goawala ICAI Bhawan, Bibvewadi 8am to 10am

16th to 17thLecture Series on Audit under Maharashtra Co-

operative ActCA. B.B.Mane ICAI Bhawan, Bibvewadi 8am to 10am

17thSeminar for Students How to Do Financial

PlanningCA Rishabh Parakh ICAI Bhawan, Bibvewadi 8:30am to 10:30am

23rd to 24thSeminar for students on

ACCOUNTING STANDARDS

CA D.S. Rawat ICAI Bhawan, Bibvewadi 9:30am to 5:30pm

31st Seminar on Challenges of Recent Recession CA Vinayak Govilkar ICAI Bhawan, Bibvewadi 8am to 10am

For more details and registration, kindly visit www.puneicai.org/events

7

If I'd had some set idea of a finish line, don't you think I would have crossed it years ago?

VISIT Report � International Conference in INDORE Name: Onkar KharadkarRegistration no.: WRO0512486

Indore is well known for its knowledge and friendly culture. So was my experience at the International Convention of ICAI which was organized at Indore on 1st& 2nd September, 2015.The convention included various technical sessions, motivational speeches and special guidance session by the past CA final merit rankers. The Cultural programme depicting the life of a CA article was indeed a cherry on the cake.

Starting with the technical sessions, the topics selected for paper presentations gave a true insight about the subject in discussion. To name a few, GST, IFRS and Transfer Pricing were the topics of prime importance since they have vast scope and had just opened doors to Indian Economy! Stating an example I remember the extensive research that CA MP Vijay Kumar (the judge for the technical session on IFRS) had on Accounting standards and it's convergence with IFRS making it Ind As in India..

The double taxation was explained in a brief and crisp way. The interesting paper presentations had made learning an experience full of fun. Quoting an example a Resident and Ordinarily resident (ROR) Mr. Shahrukh Khan acted in a Hollywood film which was produced and released in Australia. Being ROR all the global income is taxable and since Mr. Shahrukh Khan had provided services in Australia he was liable for Australian tax also. This leads to double taxation of Mr. Shahrukh and hence his net income reduces to a great extent. Hence the actors are discouraged to act in foreign countries. To avoid such problems DTAA's (Double tax avoidance agreements) are signed mutually by the countries and the resident is given tax concession. So easy is the concept, isn't it? All the technical sessions were like a buckets of knowledge for a disciple looking to satisfy his thirst to learn and grow were we.

Being an International convention it was indeed a big opportunity to listen to foreign participants expressing their thoughts and views. The delegate of Sri Lanka representing the Institute of Chartered Accountants of Sri Lanka made an easy to understand & impressive presentation on the sound capital markets. Moving further the motivational speech of CA CS Nanda sir was indeed spellbound and it motivated all the CA aspirants to the fullest. The eminent speakers called were the all India rankers to inspire and guide the CA students about tips to clear the CA examination. "Start early to finish Early" was the guidance mantra was CA final exam.

Full of enthusiasm was the cultural program arranged by CIRC branch ICAI, India. The various individual and group events made the convention full of memories and fun. Indore is famous for its SARAFA! The delicious food gulli made the food lovers a place to enjoy. Helpful was the CIRC branch of ICAI who made arrangements for us at Indore. As per me, these conventions act as a catalyst in the life of CA student inspiring him to learn more and more. The conventions give a platform to compete with the competitors and showcase our skills. I would surely next time participate in such presentations to win laurels for WIRC, Pune and also encourage my friends. Summarizing this convention has equipped me with the biggest weapon i.e Knowledge which is the only power to develop my personality, vision and mind set. Special thanks to CA. Anand Jakhotiyasir and the team of Pune ICAI and Pune WICASA who gave us an opportunity to . Looking forward to attend more of such conventions.


8

To win big, you sometimes have to take big risks.

Entrepreneurship Name: Aditya PophliyaRegistration no.: WRO0500520


Four string pillars for any country to get developed:-

1. Economic Power

2. Intellectual Power

3. Entrepreneurial Power, and

4. Military Power

Economic power can be through the dominance in global trade and hence influence global financial institutions, trade policies and banking and trade regulations. Also through a consumption-led economy that drives global trade and investment. Through the strength of its financial and banking corporations. By occupying the leadership position in almost all industries by corporations based in the that country.

Intellectual Power by building some of the best educational universities that will be able to create and impart the ability to draw the best talent from across the world. Through its emphasis in education across all aspects of human knowledge � science & technology, liberal arts, business and finance. Through large investments in research and development of technology and human behavioral sciences. Through the popular culture � Bollywood, Music, Media.

Entrepreneur ia l Power through making entrepreneurism and risk taking behaviour a central aspect of life. Through removing the fear of failure by celebrating failure rather than ridiculing it. By creating and enabling laws, infrastructure and social norms that foster entrepreneurship. By easy access to capital from large stock exchanges and a very large venture capital and private equity

industry that is unparalleled anywhere in the world.

Considering all the above points, if one looks at the US, in these times of economic slowdown, a lot of focus is going into growing and strengthening entrepreneurship at the grassroots level. In 2011, in the US 565,000 new businesses per month were started. New firms � those started in the last 5 years- added an average of 3 million jobs in their first year, while older companies lost 1 million jobs annually.

If one looks at historical data, more than half of the companies on the Fortune 500 list were launched during a recession or bear market. The same is true in the list of America's fastest-growing companies.

And interestingly enough, more than 30% of these firms being started during the slowdown have been by women.

In fact, a few months back, President Barack Obama enacted the Jumpstart. Our Business Startups Act or the JOBS Act that intends to further encourage the growth and funding of small businesses in the United States. The objective of the bill being to fuel entrepreneurship that can take the United States out of the global slowdown.

We as Indians, should take initiative and support our country in such issues and try to increase the economic, intellectual and entrepreneurial power of our own land in order to see India as a developed country soon.

9

We've got to put a lot of money into changing behavior.


10

Of my mental cycles, I devote maybe 10% to business thinking. Business isn't that complicated. I wouldn't want that on my business card.


Across

1) A bank account you use to pay everyday expenses. (8)

4) A bank employee. (6)

5) Income before you pay taxes. (5)

7) Take money out of the bank. (8)

8) Borrowed money that you pay back at a regular interval. (7)

10) Every month. (7)

11) Put money in the bank. (7)

12) Money borrowed on a credit card. (11)

15) An interest rate that changes with time. (8)

17) Money that you borrow. (4)

18) A bank's main interest rate. (5)

19) Not pay a loan. (7)

21) A bank account you use to save money. (7)

24) Money you pay to do something. (3)

25) Guarantee a loan for somebody else. (6)

28) The opposite of lend. (6)

30) A monthly fee on borrowed money. (8)

31) What you have if you borrow money. (4)

Down

1) The maximum you can borrow on your credit card. (11)

2) Keep your money __ the bank. (2)

3) A house loan. (8)

4) Go __ the bank. (2)

6) The opposite of save. (5)

9) A cash machine. (3)

12) VISA or MasterCard. (10)

13) You are your own boss. (12)

14) Yearly. (6)

16) Work __ a bank. (2)

20) Move money between bank accounts. (8)

22) Money that you earn. (6)

23) Money that you withdrew from your account. (5)

24) An interest rate that stays the same. (5)

26) Your monthly wage. (6)

27) Another word for money. (5)

29) Income after you pay taxes. (3)

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