26 January 2010

All set for the Annual Corporate Conclave and Glamorous Award Function

Goregaon Sports club at Mumbai is all set to host yet another mega event of ICAI. The glamourous event studded with bollywood celebrity and musical event by famous singer Shreya Gosal. This is third year consecutively, Mumabi is hosting this event. The beginning seem so slow and two weeks back, it looked like the program would be a flop show. But in the last two weeks, it has picked up and things came back to track, thanks Dhiraj Khandelwal who took this task to ensure elder brother President's prestige is not doomed, who was the founder of this mega multi starrer annual event.

Stage is all set for

1. Conclave on Cyber Threats & Information Systems Security and XBRL
29^th January, 2010 | Goregaon Sports Club, Mumbai

2. Conclave on Benchmarking Corporate Governance
30^th January, 2010 | Goregaon Sports Club, Mumbai

3. Conclave on Inspiring Today, For Tomorrow
30^th January, 2010 | Goregaon Sports Club, Mumbai

4. Conclave on Challenges & Roadmap to IFRS
31st January, 2010 | Goregaon Sports Club, Mumbai

And off course the Award Function for chartered accountants. How many bollywood celebrity walks into your program has really become now a parameter for success of program. And I trust Dhiraj Khandelwal is putting his best to make the count increased.

Some Management Lessons from "3 Idiots" Movie...

1. Never Try To Be Successful

Success is the bye-product. Excellence always creates success. So, never run after the success, let it happen automatically in the life.

2. Freedom To Life
Don’t die before actual death. Live every moment to the fullest as you are going todie today night. Life is gifted to humankind to live, live & live @ happiness.

3. Passion Leads To Excellence

When your hobby becomes your profession and passion becomes your profession. You will be able to lead up to excellence in the life. Satisfaction, pleasure, joy and love will be the outcome of following passion. Following your passion for years, you will surely become something one day.

4. Learning Is Very Simple

Teachers do fail. Learners never fail. Learning is never complicated or difficult. Learning is always possible whatever rule you apply.

5. Pressure At Head

Current education system is developing pressures on students’ head. University intelligence is useful and making some impact in the life but it cannot be at the cost of the life.

6. Life Is Emotion Management

Not Intelligence OptimizationMemory and regular study have definite value and it always helps you in leading a life. You are able to survive even if you can make some mark in the path of the life. With artificial intelligence, you can survive and win but you cannot prove yourself genius. Therefore, in this process genius dies in you.

7. Necessity Is The Mother Of Invention

Necessity creates pressure and forces you to invent something or to make it happen or to use your potentiality. Aamir Khan in this film, 3 idiots, is able to prove in the film by using aqua guard pump at the last moment.

8. Simplicity is Life

Life is need base never want base. Desires have no ends. Simplicity is way of life and Indian culture highly stresses on simple living and high thinking, and this is the way of life: ‘Legs down to earth and eyes looking beyond the sky’

9. Industrial Leadership

Dean of the institute in 3 idiots is showing very typical leadership. He has his own principles, values and ideology, and he leads the whole institute accordingly. This is an example of current institutional leadership. In the present scenario, most of the institutes are fixed in a block or Squarish thinking.

10. Importance Of One Word In Communication

If communication dies, everything dies. Each word has impact and value in communication. One word if used wrongly or emphasized wrongly or paused at a wrong place in communication what effect it creates and how is it affected is demonstrated very well in this movie.

11. Mediocrity Is Penalized

Middle class family or average talent or average institute is going to suffer and has to pay maximum price in the life if they do not upgrade their living standards. To be born poor or as an average person is not a crime but to die as an average person with middle class talent is miserable and if you are unable to optimize your potentiality and die with unused potentiality then that is your shameful truth. One should not die as a mediocre. He/she has to bring out genius inside him/her and has to use his/her potentiality to the optimum level.

Lets create a learning environment…..

23 January 2010

IndianCAs: TWO SEPARATE SETS OF ACCOUNTING STANDARDS (AS) U/S 211(3C) OF COMPANIES ACT AGREED UPON BY CORE GROUP FOR CONVERGENCE OF INDIAN AS WITH IFRS

Hello,

The Core Group, constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) from April, 2011, that held its meeting on 11th January 2010 agreed that in view of the roadmap for achieving convergence, there will be two separate sets of Accounting Standards u/s Section 211(3C) of the Companies Act, 1956.

TWO SEPARATE SETS OF ACCOUNTING STANDARDS (AS) U/S 211(3C) OF COMPANIES ACT AGREED UPON BY CORE GROUP FOR CONVERGENCE OF INDIAN AS WITH IFRS

PIB Press Release, dated 22-1-2010

First set would comprise of the Indian Accounting Standards which are converged with the IFRSs which shall be applicable to the specified class of companies. The second set would comprise of the existing Indian Accounting Standards and would be applicable to other companies, including Small and Medium Companies (SMCs).

The first set of Accounting Standards (i.e. converged accounting standards) will be applied to specified class of companies in phases:

(a) Phase-I:- The following categories of companies will convert their opening balance sheets as at 1st April, 2011, if the financial year commences on or after 1st April, 2011 in compliance with the notified accounting standards which are convergent with IFRS. These companies are:-

a. Companies which are part of NSE â€" Nifty 50

b. Companies which are part of BSE - Sensex 30

c. Companies whose shares or other securities are listed on stock exchanges outside India

d. Companies, whether listed or not, which have a net worth in excess of Rs.1,000 crores.

(b) Phase-II :- The companies, whether listed or not, having a net worth exceeding Rs. 500 crores but not exceeding Rs. 1,000 crores will convert their opening balance sheet as at 1st April, 2013, if the financial year commences on or after 1st April, 2013 in compliance with the notified accounting standards which are convergent with IFRS.

(c) Phase-III :- Listed companies which have a net worth of Rs. 500 crores or less will convert their opening balance sheet as at 1st April, 2014, if the financial year commences on or after 1st April, 2014, whichever is later, in compliance with the notified accounting standards which are convergent with IFRS.

When the accounting year ends on a date other than 31st March, the conversion of the opening Balance Sheet will be made in relation to the first Balance Sheet which is made on a date after 31st March.

Companies which fall in the following categories will not be required to follow the notified accounting standards which are converged with the IFRS (though they may voluntarily opt to do so) but need to follow only the notified accounting standards which are not converged with the IFRS. These companies are: -

(a) Non-listed companies which have a net worth of Rs. 500 crores or less and whose shares or other securities are not listed on Stock Exchanges outside India.

(b) Small and Medium Companies (SMCs).

Separate roadmap for banking and insurance companies will be submitted by the Sub-Group I in consultation with the concerned regulators by 28th February, 2010.

The draft of the Companies (Amendment) Bill, proposing for changes to the Companies Act, 1956 will be prepared by February, 2010 incorporating the recommendation of Sub-Group 1 Report.

Revised Schedule VI to the Companies Act, 1956 according to the converged Accounting Standards has been submitted by the ICAI to NACAS which, after review, will submit to the Ministry by 31st January, 2010. Amendments to Schedule XIV will also be made in a time bound manner.

In respect of the converged Accounting Standards, the Chairman of the Accounting Standards Board of ICAI will submit the converged version of Accounting Standards to NACAS from time to time for recommendations and onward submission to Ministry. However, convergence of all the accounting standards will be completed by ICAI by 31st March, 2010 and NACAS will submit its recommendations to the Ministry by 30th April 2010.

20 January 2010

Registration on for the Certificate Course on Valuation

The Corporate Laws Committee of the Institute of Chartered Accountants of India has taken up pragmatic programs and proactive initiatives to equip the members of the Institute to sharpen their competitive edge and professional dynamism. The Committee has successfully launched a Certificate Course on Valuation in 2008 for the members and the students who have cleared the final examination of Chartered Accountancy course.

Two batches have successfully been completed generating remarkable interest in the subject by the members and the industry as well. The issue of Valuation is very crucial for the corporate world and an ingredient of Good Governance. Acquisition, Merger or Amalgamation of Corporates indigenous or multinationals require professionals who can provide service with excellence, professionalism and objectivity.

The overwhelming responses received for the first and second batch of the course exhibit the futuristic outlook and perception of the members. We are glad to see an inner urge among our members to enhance their capabilities for superior professional services.

While the third batch is starting on 23rd January, 2010 at Parle Tilak Vidyalaya Association . Institute of Management, Chitra Lekha Ketkar Marg, Behind Dhanukar College, Ville Parle(East), Mumbai-400057, a few seats are still available for the members and final passed students for enrolment.

Appreciating the responses received, we are pleased to inform that the registration for the next batch of the Course at other places viz., Mumbai, Kolkata and Chennai Centres is also on. The details of the registration for the next batch are available at http://www.icai.org/post.html?post_id=3895.

The prime objective of this Course is to develop excellence and improve quality and confidence of the members in carrying out Valuation assignments germinating from different business situations. This Course provides a sound framework for business valuation and gives practical advice on using the framework to value a business or part thereof. The Course is balanced between lectures, presentations, cases, and dissertations.

The focus is on integrating key approaches as well as best global practices and methods from each area and applying them to real world problems. Starting with the basic understanding about the term Value, the Course runs through the key approaches of valuation discovering the underlying assumptions of various models, as well as best practices and their applications in live cases.

Once the operational knowledge is gained, in the wide range of valuations tools, the same is applied to case studies. This is an intensive and comprehensive package of face-to-face sessions facilitated by experienced and renowned faculties who are leaders in the Profession, Industry and academics including IITs, IIMs. Indeed, this Course seeks to empower our members as leaders in the global service market including the skills required to implement Fair Value concept under emerging shift in accounting through IFRS.

The scheme of the Course is that the participants registered for the Course have to pursue the classes during alternative weekends at the designated centre. They are also expected to devote major time for self-study and for preparation of group case studies for appearing in the Evaluation Test. On successful completion of the Course, a certificate will be awarded. This course would definitely impart a new direction to the members in their search for professional growth & career development.

Rush your registration form to the Corporate Laws Committee of the Institute at New Delhi. Registration is open on first come first serve basis. Seats are limited.

Corporate Laws Committee

19 January 2010

ANNOUNCEMENT FOR THE ATTENTION OF THE MEMBERS

The Council of the Institute of Chartered Accountants of India (ICAI), at its 292nd meeting held on January 13, 2010 has decided to require the members of the Institute of Chartered Accountants of India to:

Include, in addition to the other requirements relating to signature on the audit report, as prescribed under the relevant Standard on Auditing, the registration number of the firm as allotted by ICAI, in the audit reports signed by them ; and
Ensure that the resolution passed by the company regarding appointment of the statutory auditor of the company under section 224 of the Companies Act, 1956, also contain the registration number of the firm of the auditor(s) with the ICAI

Highlights of LLP Rules Amendment

Amendment in LLP Rules & Applicability of Provisions of Companies Act 1956

The Ministry of Corporate Affairs has amended the LLP Rules 2009 by LLP (Amendment) Rules 2010 and has also made certain provisions of the Companies Act, 1956 applicable on the LLP, under section 67 of the LLP Act 2008.

Highlights:

Provisions related to sections 441, 443, 445, 446, 448, 450, 451, 453, 454, 455, 456, 457, 458, 458A, 460, 463, 464, 465, 466, 467, 468, 471, 474, 476, 477, 478, 479, 481, 482, 483, 484, 486, 487, 488, 494, 497, 511, 511A, 512, 514, 515, 517, 518, 519, 528, 529, 529A, 530, 531, 531A, 532, 533, 534, 535, 536, 537, 538, 539, 540, 541, 542, 543, 544, 545, 546, 547, 548, 549, 550, 551, 552, 553, 554, 555, 556, 558, 559, 560 and 584 of the Companies Act, 1956 related to company winding up, declaration of company as defunct & winding up of foreign companies , are made applicable to a Limited Liability Partnership, except where the context otherwise requires, with certain modifications.

Application for Designated Partners Identification Number shall now be submitted electronically instead of physical filling and scanned copy of duly notarized ID & Residential Proofs will be filed along with application.

Every Designated Partner is now required to have Digital Signatures.

Form 1(Application for name approval.), 2 (Incorporation Document), 3 (information relating to LLP Agreement or any change there in), 4 (notice of admission or cessation of partners), 5 (notice of change of name), 6 (intimation of change in particulars by partner to LLP) & 7 (application for DPIN) has been modified.

Form 3 for information related to LLP Agreement, has now been made simpler, as compared to earlier form.

Body Corporates intending to become partner in LLP, are required to file a resolution signifying their intention to become a partner, along with incorporation document to Registrar of LLP.
LLP (Amendment) Rules 2010 shall come into force w.e.f 15th January 2010.

Provisions of Companies Act 1956 shall be applicable on LLP w.e.f 6th January 2010

Courtesy:CA. V.M.V.SUBBA RAO

18 January 2010

RBI notifies relaxation in remittance norms

RBI notifies relaxation in remittance norms

The Reserve Bank of India has notified relaxation in remittance norms regarding salary earned by foreign nationals employed in India by a foreign company or an Indian citizen employed by a foreign company outside India.

These individuals, according to the RBI, may open, hold and maintain a foreign currency account with a bank outside India and receive the whole salary payable to him for the services rendered to the office/branch/subsidiary/joint venture in India of such foreign company, by credit to such account, provided that income-tax chargeable under the Income-tax Act, 1961, is paid on the entire salary as accrued in India.

Hitherto, the amount that could be credited to the foreign currency account with a bank outside India could not exceed 75 per cent of the salary accrued to or received by the expatriate or Indian national from the foreign company.

Further, the RBI said that a citizen of a foreign State resident in India employed with a company incorporated in India may open, hold and maintain a foreign currency account with a bank outside India and remit the whole salary received in India in Indian rupees, to such account, for the services rendered to the Indian company, provided that income-tax chargeable under the Income-tax Act, 1961 is paid on the entire salary accrued in India.

The relaxation in the remittance norm by the RBI follows the Government notifying the same through a Gazette notification

Remittance of Salary - Relaxation

A.P. (DIR Series) Circular No. 26, dated 14-1-2010

Attention of Authorised Dealer Category – I banks is invited to A. P. (DIR Series) Circular No. 17 dated September 20, 2003 and sub-regulation 8 of Regulation 7 of Notification No. FEMA 10/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Foreign Currency Account by a person resident in India) Regulation, 2000, in terms of which a national of a foreign state resident in India, being an employee of a foreign company or a citizen of India employed by a foreign company outside India, and in either case on deputation to the office/ branch/ subsidiary/ joint venture in India of such foreign company, may open, hold and maintain a foreign currency account with a bank outside India and receive the salary payable to him by credit to such account subject to the conditions mentioned therein, which inter alia, include that the amount to be credited to such account shall not exceed 75 per cent of the salary accrued to or received by such person from the foreign company.

2. The Government of India, has since liberalised the above facility by notifying in the Gazette of India published in part II, Section 3, Sub-section (i) dated November 23, 2009 vide G.S.R. 838 (E) [Notification No. FEMA 199/2009-RB dated September 30, 2009], as indicated below:

(i) A citizen of a foreign state, resident in India, being an employee of a foreign company or a citizen of India, employed by a foreign company outside India and in either case on deputation to the office /branch /subsidiary /joint venture in India of such foreign company may open, hold and maintain a foreign currency account with a bank outside India and receive the whole salary payable to him for the services rendered to the office/branch/subsidiary/joint venture in India of such foreign company, by credit to such account, provided that income-tax chargeable under the Income-tax Act, 1961 is paid on the entire salary as accrued in India.

(ii) A citizen of a foreign state resident in India being in employment with a company incorporated in India may open, hold and maintain a foreign currency account with a bank outside India and remit the whole salary received in India in Indian Rupees, to such account, for the services rendered to the Indian company, provided that income-tax chargeable under the Income-tax Act, 1961 is paid on the entire salary accrued in India.

3. A copy of the Notification is annexed.

4. Authorised Dealer Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

5. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA 1999 (42 of 1999) and is without prejudice to permissions/approvals, if any, required under any other law.

RESERVE BANK OF INDIA

FOREIGN EXCHANGE DEPARTMENT

CENTRAL OFFICE

MUMBAI- 400 001

Notification No.FEMA. 199 /2009-RB Dated: September 30, 2009

Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2009

In exercise of the powers conferred by clause (b) of Section 9 and clause (e) of sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendment in the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, (Notification No. FEMA 10/2000-RB dated 3rd May, 2000), namely:-

1. Short title and commencement:-

(i) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Second Amendment) Regulations, 2009.

(ii) These Regulations shall come into force from the date of their publication in the Official Gazette.

2. Amendment to the Regulations:-

In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, (Notification No. FEMA. 10/2000-RB dated 3rd May, 2000), in Regulation 7, for sub-regulation (8) the following shall be substituted, namely:

"(8) (i) A citizen of a foreign State, resident in India, being an employee of a foreign company or a citizen of India, employed by a foreign company outside India and in either case on deputation to the office /branch /subsidiary /joint venture in India of such foreign company may open, hold and maintain a foreign currency account with a bank outside India and receive the whole salary payable to him for the services rendered to the office/branch/subsidiary/joint venture in India of such foreign company, by credit to such account, provided that income-tax chargeable under the Income-tax Act, 1961 is paid on the entire salary as accrued in India.

(ii) A citizen of a foreign State resident in India being in employment with a company incorporated in India may open, hold and maintain a foreign currency account with a bank outside India and remit the whole salary received in India in Indian Rupees, to such account, for the services rendered to such an Indian company, provided that income-tax chargeable under the Income-tax Act, 1961 is paid on the entire salary accrued in India."

Contributed by: CA. V.M.V.SUBBA RAO

16 January 2010

Rajasthan High Court Rules Recounting of Votes of Central Council of CIRC

Pursuant to the Orders dated 13th January, 2010 of the Hon'ble High Court of Judicature for Rajasthan at Jaipur, the counting process pertaining to the 21st Council from Central India Regional Constituency shall be held at 11.00 A.M. on 18th January, 2010 in the premises of the Institute at ICAI Bhawan, Indraprastha Marg, New Delhi - 110 002.

The 92 postal ballots earlier held as invalid will be counted and the counting will be resumed.

Here is the announcement:

15th January, 2010

FOR ATTENTION OF ALL CANDIDATES FOR ELECTION TO THE 21ST
COUNCIL FROM THE CENTRAL INDIA REGIONAL CONSTITUENCY

Pursuant to the Orders dated 13th January, 2010 of the Hon'ble High Court of Judicature for Rajasthan at Jaipur in the matters of T. Karthikeyan, Returning Officer and Secretary -vs- Prakash Sharma and Ors.[DB Special Appeal (Writ No. 35/2010)] and T. Karthikeyan, Returning Officer and Secretary, -vs- Ganesh Sharma and Ors.[DB Special Appeal (Writ No. 34/2010)] the counting of votes, without giving effect to the Order dated 30th December, 2009 issued by the undersigned as Returning Officer during the counting process pertaining to the 21st Council from Central India Regional Constituency shall be held at 11.00 A.M. on 18th January, 2010 in the premises of the Institute at ICAI Bhawan, Indraprastha Marg, New Delhi - 110 002.

You are requested to be present at the counting venue at the aforesaid time and date either in person or through an authorised representative.

All candidates for election to the 21st Council from the aforesaid Constituency have been informed of the above vide our letter No. 54-EL(1)/2/2010 dated 14th January, 2010 and the same has also been forwarded to them through e-mail.

(T. Karthikeyan)
Returning Officer and Secretary

Sangli: Branch Elections

Sangli Branch of ICAI conducted Special General Meeting in December, 2009.

Following members were unanimously elected to the Managing Committee for 2010-2013

1) Uday S. Shah

2) Rajendra B. Kothari

3) Ajit D. Hajare

4) Vijay J. Thakkar

5) S. T. Shah

6) Ashok T. Bagde

Kolhapur: Branch Elections

Kolhapur Branch of ICAI conducted Special General Meeting on Tuesday, 5^th January, 2010. In the meeting poll was conducted & 231 members casted their vote.

Following members were elected to the Managing Committee for 2010-2013

1) Sanjay Sane

2) Girish Mule

3) Satish Dakre

4) Anil Jadhao

5) Sunil Nagaonkar

6) Shrirang Kulkarni

Goa: Branch Elections

Goa Branch of ICAI conducted Special General Meeting on Saturday, 12^th December, 2009.

Following members were elected to the Managing Committee for 2010-2013

1) Ashish V. Prabhu Verlekar

2) Ramchandra P. Hegde

3) Virendra Prabhudesai

4) Anup Sinai Borkar

5) Naveen G. Daivajna

6) Kiran K. Kharangate

Nashik: Branch Elections

Nashik Branch of ICAI conducted Special General Meeting on Wednesday, 30^th December, 2009. In the meeting poll was conducted & 358 members casted their vote. The counting was conducted in the evening & results were declared on the same day.

Following members were elected to the Managing Committee for 2010-2013

1) Bardiya Praful Dharamchand

2) Birari Kishor Murlidhar

3) Borse Ulhas Shivnath - Repeater

4) Kulkarni Vikrant Murlidhar

5) Mutha Sanjeev Shankarlal

6) Navsarikar Ujwal Suresh

7) Surana Brijesh Ramanlal

8) Sarode Mrutyunjay Yadav - Repeater

14 January 2010

Rajasthan High Court Has Vacated the Stay Order for declaration of Council Results.blo

Rajasthan High Court Has Vacated the Stay Order for declaration of Council Results.

Results shall be notify soon.

Nagpur branch had peaceful polls

Unlike other branches, Nagpur Branch of WIRC of ICAI, holds very healthy elections. There is no panel system at Branch Level & the elections are held, though unbiased yet competitive.
This time there were 12 contestants for the 8 seats of the committee, out of which 5 were repeaters & 7 were new face, contesting elections.
Elections held at Special General Meeting held on January 2nd, 2010.
All the 5 repeaters got elected.
3 out of 8 are the lady members in the committee
Results are as follows
Total Valid Votes Casted - 762
Kavita Loya got the highest No. of votes, congratulations Kavita!!
Congratulations to all members of new team!!

Sl. No.	Name			No. of Votes

1	CA. Kavita Loya	F	Repeater	618
2	CA. Abhijeet Kelkar	M	Repeater	550
3	CA. Shardha Suresh	F	Repeater	526
4	CA. Satish Sarda	M	Repeater	512
5	CA. Swapnil Agrawal	M	Repeater	500
6	CA. Ravindra Temurnikar	M	New	450
7	CA. Ashwini Agrawal	M	New	396
8	CA. Kirti Agrawal	F	New	393

Pimpri Chinchwad goes Prefential Voting in Branch Elections

Preferential voting is never heard of in Branch elections. But this time Pimpri Chinchwad branch elections were held by preferential voting. Who knows about preferential voting systems, are very well aware that this is a better system of electing the best preferred people who represent the best preferences of the voters.
But at the same time, this is the most complex system when it comes to counting. It takes a lot of time in counting because it involves lots of calculations and processes of transfer of votes and eliminations. Implementing this system in branch requires lots of expertise and expereince on the part of Returning officer. It requires lots of education on the part of people voting to make sure that they understand how to vote.
Pimpri Chinchwad went preferential voting this time. Returning officer K B Singhi took this challenge and successfully implemented. But I understand it could be implemented only because the no. of voters casted votes were only 146. So counting 146 in preferential manner, is much easier and quicker. They completed this task in 3 hours.
But the worst part was of the voter education. Out of total 146 votes casted, 44 votes were invalid. Mostly because people gave more preferences then 6, the maximum no. of seats for managing committee. If 30% of your votes gets invalid then the whole purpose of the preferential voting is defeated.
Their were close margins between win and loose. People lost even by 0.45 votes.
Out of total 12 contestants, six could be won, and those were as follows:

CA Vinod Inamdar

CA Baban S Dangale

CA Manojkumar B Agarwal

CA Suniiel Karbhari

CA Chandrakumar Chhabra

CA Suhas D Gardi

Corrigendum to the New Perquisite Rules

New Perquisite Rules – amendment to Rule 3

The Income-tax (13th Amendment) Rules, 2009 was notified on 18th December 2009. It substitutes Rule 3 of the Income-tax Rules, 1962. The text of the Notification can be downloaded here.

Notification substituting Rule 3 and defining new Perquisite rules

date: 13.01.2010

Corrigendum to the new perquisite rules (24.7 KiB, 557 hits)

By: CA. V.M.V.SUBBA RAO

Ahmedabad: No big Four had interest in ICAI Branches

One of my friend called me from Pune and asked did this time big four had a panel in branch election and big four contested? I was wondering why he is asking such question. Then I was traveling from Mumbai to Ahemdabad and one of CA belonging to Ahmedabad working in Mumbai in MNC recognised me and walked to me and introduced and asked the same question. Then I started thinking why people are thinking like this?
This is the background I thought let me write on this on my blog. If anybody knows about ICAI, is well aware the power is centered in New Delhi and all policy decisions are taken at Central Council. Regional Council are mere extension of branch, or say Regional council are only branches for big metros. Nothing else. Looking at this, as far my understanding goes, big fours are never attracted to even regional councils, forget about branches. The real power center is at New Delhi and big four always want their presence felt at Central Council.
There have been very few examples of having a big four candidates in regional council. In WIRC I have seen only N C Hegde in last many years who belonged to Big Four. And never at branches.
What happened at Ahmedabad? In Ahmedabad branch elections, only one candidate Sanjay R Shah out of 17 candidates contesting belonged to Big Four. And I don't think in this any activity by Big Four to control the branch. I look at it like this, Sanjay R Shah had been elected member of managing committee of Ahmedabad Branch in 2001-2004 too, when he was not part of any Big Four. So merely because he is now part of Big Four can't be looked at as an attempt of Big Four to conquer ICAI branches. I really wonder how the scenario was painted by presence of only one Big Four candidate that Big Four is contesting under a panel?
What do you think?

13 January 2010

Thane Branch Elections: People voted for the panel supported by existing committee

Thane branch elections like other branches,too were fought very fiercely. There were two panels in the fray. Sources says one plan is said to be supported by first chairman of Thane branch Raj Advani and the other by the people in existing managing committee. The other panel had a very good support of three study circles, Thane study circle, Dombivali study circle and Kalyan study circle.
Total votes casted in the elections were 895. It was indeed a very high no. of turnout in the election.
The panel in leadership of existing managing committee member Pankaj Parekh won and did the clean sweep by getting all the eight members elected from their panel.
Past chairman WIRC, Vipul Choksi was the returning officer and he did splendid job to handle the elections. In all fiercely contested elections, the role of returning officer becomes very very crucial. My compliments to Vipul Bhai.

Here is the list of candidates won:

Sr. No.	Name of Candidates	Votes
1	Pankaj Parekh	504
2	Madhukar Chavan	490
3	Jaydeep Sahastrabuddhe	484
4	Anand Gharpure	476
5	Sameer Sarandhar	455
6	Navinchandra Dedhia	448
7	Rajendra Chaplot	429
8	Madhav Khisti	426

IndianCAs by Ashwin Nagar

26 January 2010

All set for the Annual Corporate Conclave and Glamorous Award Function

Some Management Lessons from "3 Idiots" Movie...

23 January 2010

IndianCAs: TWO SEPARATE SETS OF ACCOUNTING STANDARDS (AS) U/S 211(3C) OF COMPANIES ACT AGREED UPON BY CORE GROUP FOR CONVERGENCE OF INDIAN AS WITH IFRS

TWO SEPARATE SETS OF ACCOUNTING STANDARDS (AS) U/S 211(3C) OF COMPANIES ACT AGREED UPON BY CORE GROUP FOR CONVERGENCE OF INDIAN AS WITH IFRS

PIB Press Release, dated 22-1-2010

20 January 2010

Registration on for the Certificate Course on Valuation

19 January 2010

ANNOUNCEMENT FOR THE ATTENTION OF THE MEMBERS

Highlights of LLP Rules Amendment

18 January 2010

RBI notifies relaxation in remittance norms

16 January 2010

Rajasthan High Court Rules Recounting of Votes of Central Council of CIRC

Sangli: Branch Elections

Kolhapur: Branch Elections

Goa: Branch Elections

Nashik: Branch Elections

14 January 2010

Rajasthan High Court Has Vacated the Stay Order for declaration of Council Results.blo

Nagpur branch had peaceful polls

Pimpri Chinchwad goes Prefential Voting in Branch Elections

Corrigendum to the New Perquisite Rules

New Perquisite Rules – amendment to Rule 3

Ahmedabad: No big Four had interest in ICAI Branches

13 January 2010

Thane Branch Elections: People voted for the panel supported by existing committee

Empanelment of Concurrent Auditors

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