Jamnagar Branch of Western India Regional Council of The Institute of Chartered Accountants of India

Proud Moment – Jamnagar Branch of WICASA had grabbed the Second Rank

in Best Branch Award, for the year 2016-17 under the Small Branch Category

(Students) at the Regional Level.

Heartiest Congratulations to Team Jamnagar - WICASA for their continuous

endeavors and Sincere Thanks to all the Students and Members for their agile and

involved participation throughout the year, expecting same for the years to come.

Dear Professional Colleagues (Jamnagar - ICAI),

It’s a privileged for me to be a Chairman of Jamnagar Branch of WIRC

of ICAI, and to serve the members and students, for the year 2017-

18. We all are the witness of the progress and achievements of

Jamnagar Branch in the Past. In this year also we ensure our best

efforts to carry on the same with the same responsibility and dedication

as its been carried over till now. Yes, the legacy will be continued.

Maintaining our momentum of the year and due focus on GST, we are planning to organize

various seminars and study circle meetings on GST, ICDS and other current affairs’ topics

including One Residential Refreshers’ Course at dwarka for the benefits of members and

students in the days to come.

Up till now we had various programs on ICDS, TDS & TCS Awareness, Bank Branch Audit,

where many members and students had participated and enriched their knowledge. Along with

that Jamnagar Branch had also invited and felicitated Team WIRC – 2017 in the month of April.

My journey as a Chairman of Jamnagar Branch of WIRC of ICAI will not be completed successfully without the support of all the members and students of Jamnagar Branch. In Particular, I would like to thank to all members of the branch who elected me as a committee

member of branch by giving highest 1st preference votes in last election and provided me an opportunity to serve the members and students of our branch. I would also like to thank to all

committee members of branch who elected me as chairman of Jamnagar branch for the year 2017-18 unanimously.

At presently we all are much awaiting of two most important things.... Firstly the GST and

second the most important ...Monsoon.... Arrival of Both will give us more Opportunities and

Relief... Wishing you all Happy Learning…!

Yours Sincerely,

CA. Kaushikgiri B. Gosvami

Chairman

Jamnagar Branch of WIRC of ICAI

Managing Committee (2017-18)

Designation Name of Member

Chairman CA. Kaushikgiri B. Gosvami

Vice-Chairman CA. Amit H. Mehta

Secretary CA. Sanjeev C. Buddh

Treasurer CA. Shraddha B. Mehta

Chairperson Jamnagar branch of WICASA CA. Bhavik H. Dholakia

Committee Members CA. Sheela M. Dattani

Jamnagar Branch Nominee CA. Purushottam Khandelwal

Recent Judgement – Direct Tax

Raj Dadarkar & Associates vs. ACIT (Supreme Court) (Date of pronouncement- May 9, 2017; Date of publication - May 13, 2017)

Law on tests to be applied to determine whether income from property is chargeable as “Income from house

property” or as “Profits and gains of business” explained. The objects clause is not determinative. Income earned

from a shopping center is required to be taxed under the head “Income from House Property” (Chennai

Properties 373 ITR 673 (SC) and Rayala Corporation distinguished)

Click here for more...

State Of Jharkhand vs. Lalu Prasad Yadav (Supreme Court)

(Date of pronouncement-May 8, 2017; Date of publication - May 11, 2017)

Severe strictures passed against the High Court for "inconsistent decision-making" and passing orders which

are "palpably illegal, faulty and contrary to the basic principles of law" and by ignoring "large number of

binding decisions of the Supreme Court" and giving "impermissible benefit to accused". Law on condonation of

delay explained. CBI directed to implement mechanism to ensure that all appeals are filed in time.

Click here for more...

CIT vs. Raghuvir Synthetics Ltd (Supreme Court) (Date of pronouncement - March 28, 2017; Date of publication - April 28, 2017)

S. 143(1)(a): Even though there was a raging controversy amongst the High Courts on whether expenditure for

raising capital is capital or revenue in nature, the judgement of the jurisdictional High Court is binding on the

assessee and any view contrary thereto is a "prima facie" mistake that requires adjustment.

Click here for more...

Kross Television India Pvt Ltd vs. Vikhyat Chitra Production

(Bombay High Court) (Date of pronouncement- March 23, 2017; Date of publication - May 1, 2017)

Service of notice by Whatsapp: The purpose of service is put the other party to notice and to give him a copy of

the papers. The mode is irrelevant. The rules and procedure are not so ancient or rigid that only antiquated

methods of service through a bailiff or by beat of drum is acceptable. E-Mail & Whatsapp are not formally

approved but if service is shown to be effected and is acknowledged it cannot be said that the Defendants had

‘no notice’. Defendants who avoid and evade service by regular modes cannot be permitted to take advantage of

that evasion.

Click here for more...

Updates – Direct Tax (Source – Incometaxofindiaefiling.gov.in & open net)

File your Statement of Financial Transactions (SFT) for 2016-2017

File your Statement of Financial Transactions (SFT) for financial year 2016-2017 by May 31st, 2017 To keep a watch on high value transactions undertaken by the taxpayer, the Income-Tax

law has framed the new concept of furnishing of Statement of Financial Transactions (SFT) in Form No 61A. It has replaced earlier annual information return reporting. All

business assesses liable under tax audit, various financial institutions and professionals, will have to report a slew of high-value transactions such as cash deposit, credit card payments, share sale, property deals, debentures and mutual fund units among others. All

these transactions are to be reported in a separate statement which will be Statement of Financial transactions (SFT).

Key points for understanding the Statement of Financial reporting

Requirement of filing Annual Information Return (AIR) is now being replaced by Statement

of Financial Transactions (SFT). SFTs have to be filed in separate form and not along with Income Tax (IT) returns.

The form for SFT reporting is Form 61A. It consists of 4 parts. The due date for filing first SFT for financial year 2016-2017 is May 31, 2017. It is applicable for all the business taxpayers liable for tax audit, professionals, and

financial institutions. Entities that will report are banks, professionals, fund houses, forex dealers, post office,

nidhis, non-banking finance companies, and property registrars, companies issuing bonds and debentures, and listed companies buying back shares from specific persons, mutual fund trustee, any person liable for audit u/s 44AB of the Act.

Changes have created new classes of first time filers who have to file SFT of specified transactions for FY 2016-17.

Salaried individuals are not required to file for statement of financial transactions (SFT). The nature of transactions includes cash payment for purchase of demand drafts or pay

orders of Rs 10 lakh or more in a year; cash payment of Rs 10 lakh or more for purchase

of prepaid RBI instruments, cash deposit or withdrawal of Rs 50 lakh or more from current account; one-time deposit of Rs 10 lakh or more with banks, nidhis, NBFCs and post

offices; payment of Rs 1 lakh or more in cash and Rs 10 lakh or more by other mode against credit card bill issued to a person during the year; and property registrars for deals worth Rs 30 lakh or more.

While reporting the transaction in Form 61 (Statement of Financial transaction) a business taxpayer will have to take into account all the accounts of the same nature maintained in

respect of a person during a financial year; also, while attributing the entire value of the transactions to all the persons in cases where the account is maintained or transactions recorded in the name of more than one person.

Penalty on delay is Rs. 100 per day, if notice not received, else upto Rs 500/ day Filing of inaccurate information will attract penalty of Rs 50,000.

Statement of Financial Transaction_User Guide_Link

SFT_ALL Information_Pdf Link

Recent Notification/Circulars

Dated: 25/05/2017

A new functionality “Add/Register as Representative” is enabled in e-Filing portal. The existing

functionalities of “Legal Heir”, “Liquidator” and “Person Competent to Verify” are consolidated

into a single functionality along with additional categories. For details click here to read more...

Dated: 16/05/2017

Vide Notification No.37/2017, Central Government exempts certain Individuals from Quoting

Aadhaar Number or Enrolment ID from 1st July, 2017. For details click here to read more...

Dated: 11/05/2017

Press release on PAN Aadhaar linkage

Dated: 10/05/2017

The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar.

Just click on the link on the left pane-> Link Aadhaar. Provide PAN, Aadhaar no. and ENTER

NAME EXACTLY AS GIVEN IN AADHAAR CARD (avoid spelling mistakes) and submit. After

verification from UIDAI, the linking will be confirmed. In case of any minor mismatch in Aadhaar

name provided, Aadhaar OTP will be required. Please ensure that the date of birth and gender

in PAN and Aadhaar are exactly same. There is no need to login or be registered on E-filing

website. This facility can be used by anyone to link their Aadhaar with PAN.

Dated: 13/04/2017

A unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC), Income

Tax Department located in Bengaluru by the Department of Post. Taxpayers can henceforth

address their mails to "Centralized Processing Center, Income Tax Department, Bengaluru

560500" for the purpose of submission of ITR-V forms and other documents which require

physical mode of transmission.

Dated: 06/04/2017

Quoting of Aadhaar / Enrolment ID of Aadhaar application form is made mandatory for filing

of return of income and for making an application for allotment of Permanent Account Number

with effect from 1st July, 2017. For details. Refer Press Release

Updates – Indirect Tax

GST Rates for Goods

http://www.cbec.gov.in/resources//htdocs-cbec/gst/chapter-wise-rate-wise-gst-schedule-18.05.2017.pdf

GST Compensation Cess Rates for different supplies

http://www.cbec.gov.in/resources//htdocs-cbec/gst/gst-compensation-cess-rates-18.05.2017.pdf

Schedule of Gst Rates for Services

http://www.cbec.gov.in/resources//htdocs-cbec/gst/Schedule%20of%20GST%20rates%20for%20services.pdf

Services under Reverse Charge

http://www.cbec.gov.in/resources//htdocs-cbec/gst/List%20of%20Services%20under%20reverse%20charge.pdf

Classification Scheme for Services under GST

http://www.cbec.gov.in/htdocs-cbec/gst/Classification%20Scheme%20for%20Services%20under%20GST.xlsx

Standardized PPT on Revised Model GST Law (Nov 2016) (By INDIRECT TAXES COMMITTEE THE ICAI)

http://idtc-icai.s3.amazonaws.com/download/Standardised%20PPT%20on%20Revised%20Model%20GST%20Law.pdf

Recent Updates in other Areas RECENT DEVELOPMENTS (FROM THE KNOWLEDGE PORTAL OF THE ICAI)

(HTTP://WWW.PDICAI.ORG/RECENTDEVELOPMENT.ASPX)

Office of the Comptroller General of India (O/o C&AG) has accepted suggestions of Chairman,

PDC to discontinue applicability of minimum compensation criteria in respect of sole proprietor

firms. They also accepted the suggestion that a provisional panel would be hosted on the

website of the office of the C&AG for 5-7 days and an opportunity be given to the CA firms to

represent within a stipulated period for any correction in the online data filed by the firms.

Pursuant to meeting of Chairman, PDC with General Manager (F&A), National Highways Authority of India (NHAI), New Delhi; NHAI has accepted to reduce the Earnest Deposit Money

from Rs. 10,000 to below Rs. 2,000 in their future RFPs.

Public debt falls to Rs 61 lakh crore at end of 2016-17: Govt (23.05.2017) (http://www.pdicai.org/MoreNews.aspx)

India's public debt declined to Rs. 60.66 lakh crore at the end of the 2016-17 Fiscal in March,

registering a fall over the previous quarter of 1.9 percent, an official statement said on Monday. Government debt (excluding liabilities under the Public Account) was at Rs 61.84 lakh crore at

the end of December 2016, said the quarterly report on debt management released by the Finance Ministry. The government's domestic borrowing for 2016-17 has been revised downwards, it said. "Government issued dated securities worth Rs 80,000 crore to complete

its gross borrowings of Rs. 5,82,000 crore for FY 16," It said

MATERNITY BENEFIT (AMENDMENT) ACT, 2017 RECEIVED THE ASSENT OF THE PRESIDENT1

The Maternity Benefit (Amendment) Act, 2017 received the assent of the President on the

27th March, 2017. Salient features of the Maternity Benefit (Amendment) Act, 2017 are as under:

Maternity leave available to the working women increased from 12 weeks to 26 weeks for the first two children.

Maternity leave for children beyond the first two will continue to be 12 weeks. Maternity leave of 12 weeks to be available to mothers adopting a child below the age of

three months as well as to the “commissioning mothers”. The commissioning mother has

been defined as biological mother who uses her egg to create an embryo planted in any other woman.

Every establishment with more than 50 employees to provide for crèche facilities for working mothers and such mothers will be permitted to make four visits during working hours to look after and feed the child in the crèche.

The employer may permit a woman to work from home if it is possible to do so. Every establishment will be required to make these benefits available to the women from

the time of her appointment. GOVERNMENT TAKES A NUMBER OF MEASURES TO PROMOTE COUNTRY’S

PERFORMANCE IN ‘EASE OF DOING BUSINESS2

Ministry of Labour & Employment has taken a number of measures to promote Country’s performance in ‘Ease of Doing Business’ which include:-

Registration process for EPFO and ESIC are fully online on real time basis. Common Registration Service, for registration under 5 Central Labour Laws, has been

provided on e-biz Portal. Shram Suvidha Portal, launched by the Ministry on 16.10.2014, has facilitated Single Online

Annual Return under 9 Central Labour Acts. The Shram Suvidha Portal also provides facility for Common Monthly Return for EPFO and

ESIC.

Ministry has also notified “Ease of Compliance to maintain Registers under various Labour Laws Rules, 2017” on 21st February 2017 which has in effect replaced the 56

Registers/Forms prescribed under 9 Central Laws and Rules made thereunder into 5 common Registers/Forms. This will save efforts, costs and lessen the compliance burden by various establishments.

1 Available at: http://egazette.nic.in/WriteReadData/2017/175036.pdf

2 Available at: http://pib.nic.in/newsite/erelease.aspx?relid=0

Article on Women’s Day (Contributed by CA. Khushali Shukla)

Happy Women’s Day…!!!

She believed she could and so she did….

At the outset, I would like to bid my

utmost appreciative wishes to all the

female affiliates of our network on the

occasion of International Women’s Day

celebrated worldwide on March 8th, 2017,

a day to rejoice womanhood, a

day to cheer the power of

strongness, and a day to

smear the feat of gender

equality. Audrey Hepburn said

“The true beauty in woman is

reflected in her soul. It is the caring that

she lovingly gives, and the passion that she knows”. The origins of the day can be outlined to 1908,

when 15,000 women marched through New York City demanding voting rights, better pay and shorter

working hours. A year later, the first National Woman’s Day was witnessed in the US on February 28, in

accordance with a pronouncement by the Socialist Party of America. In 1910, a woman called Clara

Zetkin – leader of the ‘women’s office’ for the Social Democratic Party in Germany – tabled the inkling

of an International Women’s Day. She proposed that every country should celebrate women on one day

every year to push for their demands. A conference of more than 100 women from 17 countries agreed

to her recommendation and IWD was formed. In 1911, it was celebrated for the first time in Austria,

Denmark, Germany and Switzerland on March 19. In 1913, it was decided to transfer IWD to March 8,

and it has been feted on that day ever since. The day was only recognized by the United Nations in

1975, but ever since it has fashioned a theme each year.

Adrain Michael says, “She is water. Powerful enough to drown you, soft enough to cleanse you, and

Deep enough to save you”. Woman is one of the beautiful creations of God. Women incline to detriment

themselves, their contentment, just to make her family delighted. She is the one who is austere

professional BOSS at the workplace and a nesh MOTHER/ DAUGHTHER/WIFE/SISTER at home. At this

juncture, we salute to every female for doing all their altruistic hard work with the paramount

perseverance each day and every day, just for a better tomorrow of their families.

Today, we are in the 21th century ad venting the contemporary age, where women has made its streak

in every field equivalent with the male section of our society, may be it be in commercial, athletics,

theatre or policymaking. Remotely, talking about our line of work, we got our first lady Chartered

Accountant in 1933 named as R Sivabhogam born 23 July 1907 in India. She was a believer in Gandhian

principles and wore Khadi till her death on 14 June 1966. As per ICAI's statistics, women CAs made up

20% of the total membership in 2012, a figure which rose to 21% in 2013 and in November 2014,

women make up for 22% of CAs, currently its 25%+. Presently, there are almost 50,000 women CAs.

CA Naina Lal Kadwai, Group General Manager of HSBC India, CA Visakha Hari, mesmerizing harikatha

artiste, CA Chanda Kochhar, managing director (MD) and chief executive officer (CEO) of ICICI Bank

and the list continues. We feel honored for their every sweat made towards our vocation and feminism.

In the said perspective, I remember a famous quote:

“Zindagi ke apne kirdar eese jio ke….

parde girne ke baad bhi taliya bajti rahe”.

Above all, the next generation females have found work life equilibrium, where they efficaciously manage

household and professional life correspondingly, and unquestionably doing it for the entire life is exigent.

It takes a lot of expertise, nerve, fortitude, sustenance, and co-operation to make it conceivable. It’s a

matter of mammoth gratification for a lady and their families for doing a flawless job. Women have

started being sovereign and robust. They have congregated the buoyancy to surmount the sphere with

their energies. But, the backing and co-operation which she gets from her

FATHER/BROTHER/HUSBAND/MENTOR, from her male counterparts cannot be undervalued either. At

the end, it’s the thing which makes her journey complete.

Times have transformed now. As truthfully said, behind every successful man there is a woman, but the

vica-versa is also not deniable. Behind many successful women, there is a man. It’s the phase when

both the genders apprehend the fact of their specific significant roles in this society. What is vital is to

culminate the long ago debate of gender inequality and believe that men and women mutually are

independent and inter-dependent. So, this women’s day, let’s not continue this debate, and express our

gratitude to all the men in our lives for helping us stand on our own feet. Thank you for being our escort,

our guru, our comrade, and sometimes our supporting partners, at all the times we needed. It’s the

upkeep and understanding of a man, with which a woman breathes her dreams. We value that not every

man is depraved and forbidding, nonetheless most of them aren’t. But, it’s something like “One bad fish

spoils the whole pond”. A father works hard his entire lifespan till he brings the moon for his daughter,

a MENTOR/PRINCIPLE offers out his whole brainpowers for his student, till she is skillful and

knowledgeable enough. A Brother sacrifices his sleep just to pick up his sister late night in the city; A

Husband adjusts his family and makes them apprehend the fact of his wife’s career. It’s something

overlooked or being taken for granted in the flimflam of woman being woman. Therefore, we express

thanks all the men in our lives, for being an indispensable chunk of our life and concerning our

individuality with all the affection and esteem.

At the same time, there is a requisite to acknowledge the fact not every women in the nation is fortunate

enough to get esteem from their male counterparts. Many times, there are canned as burden in their

families. Being a woman professional, I am startled at times to live in a place where there is news of

crime against women. Naina Sahni, Priyadarshini Mattoo, Shivani Bhatnagar, Natasha Singh, Madhumita

Shukla and Jessica Lall murder cases being high-profile cases are just a few examples. In point of fact

plentiful such crimes against women could be revealed from the records of the police stations from

corner to corner of our country. These heinous crimes are an impediment to our being as humans – they

are a question mark on our existence as ingredient of a civil society. We should ask ourselves as to how

earnestly we consider struggling against such iniquities that exist in our society. Notwithstanding the

fact that women have outshined themselves in every status quo, our mindset has not changed. And

such a revolution is very much a requisite for a peaceful society. Till how much interval, be duty-bound

to woman follow the restrictive social orders, where a man being adult enough to haul her life, but it

gets manifested as unpunishable, just because THE CRIME is done by the minor. Nevertheless, we stand

tall. We women are also equipped to face all the dares. Don’t let my Looks deceive you. I have the

MOUTH of a sailor, the TEMPER of an Italian Housewife, and the TOLERANCE of an Irishman. Hillary

Clinton said “Don’t confuse having a career with having a life. Power means happiness , power means

hard work and sacrifice”.

Wrapping my today’s text, Let us all celebrate womanhood and spectacle the world that gone are those

days where beauty was known through beautiful faces.

From now onwards, Being Strong Is The New Beautiful. Lets, Not Limit Ourselves To Being Typical

Woman, Lets Be Strong, Capable Women Heading Towards The Modern Era.

Change Over – 2017-18

Felicitation of

Team WIRC - 2017

1.

2.

3. 4.

Glimpses of

Seminars Till Now…

Seminars on…

1. TDS & TCS

Awareness

2. Bank Audit

3. Recent

Changes in

Income Tax,

applicable from

01.04.2017.

4. ICDS.

Excel Challenge (Contributed by CA. Ketan Malde)

: Challenge for this month :

Refer to image:

In the given example, in Row 3,

Purchase Data is merged across

Column B to Column F. This is done for

better presentation of data. However,

in such kind of situations where any

data is merged, when we apply Filter,

Filter will not be captured on each

column data, instead it will be captured

at Purchase Data. In such case, we will

have to select data manually from 4th

row till end and then apply filter or

unmerge the cell.

To avoid such kind of situation, is there

any way?

Please mail in your solution to jamnagar@icai.org / caketanmalde@gmail.com by 5th June, 2017.

: Challenge of previous month :

How can you filter the data in a field with bold font? Refer to image below for more clarity.

In the image above, we can insert the additional

column with “yes” in data with bold and “no” in

data regular font and apply filter on that column

to get required data. But consider the situation

where data runs into thousands of rows, how

can we get/filter/extract data with bold font?

:Solution:

Correct solution was provided by CA. Hiren

Aashra. Keep it up! Here is the solution:

Step 1: Select the data and Go to “Find and Replace” [HOME -> Find and Select -> Replace] or

shortcut key [Ctr + H]. Following screen will appear.

Step 2: Click on Options (as highlighted in the image shown above). Click on Format button and Select “Format...”

option as shown in the image below

Step 3: Find Format window will appear.

Go to Font tab -> Font Style, Select Bold

and Press OK. Similarly, go to Replace

with -> Format -> Format... Replace

Format window will appear. Go to Fill

Tab and Select any color to replace with

and Press OK. Click on “Replace All”

button.

All fields (from the selection) with bold

will be replaced with the color selected.

Step 4: Apply Filter on the Column by navigating to Data -> Filter or Shortcut key “Ctr + Shift + L”

and use filter by color option to get the desired data.

:Alternate Solution:

We can write a small macro for this solution and get the desired solution with ease.

Providing solution with use of macro will not be convenient here. Those who are interested

in knowing the same, may drop a mail to me. Will share with them.

Contact Us:

305-307, 312-314, Mayur Complex, Khodiyar Colony, Aerodrome Road, Jamnagar 361006 Gujarat

India

Telephone: -288-2713333, e-Mail: jamnagar@icai.org, Website: http://www.jamnagar-icai.org

Feedback: "The Jamnagar Branch of WIRC of ICAI endeavours to apprise the readers about the amendments made in various Tax Laws

vide significant notifications, circulars, case laws etc. We welcome your feedback on the Update and its contents. Please email

at jamnagar@icai.org for feedback.”

Disclaimer: "Information published in the E-newsletter are taken from publicly available sources and are believed to be accurate. The views or opinions expressed or implied in the E-newsletter do not reflect the views of The Council of ICAI, WIRC, Jamnagar Branch, Office Bearers of any Committee or Members of any Committee. Unsolicited articles and transparencies are sent in the Owner’s risk and the publisher accepts no liability for loss or damage. The Jamnagar Branch of WIRC of ICAI takes no responsibility of accuracy and reliability of information published in this E-newsletter. No part of this E-newsletter may be reproduced, stored in a retrieval system, or transmitted in any form or by any means – electronic, mechanical, photocopying, recording, or otherwise without our permission.” FOR PRIVATE CIRCULAR ONLY

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