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Monday, March 29, 2010

Wholeheartedly Welcome & Support Electronic Filing of Returns/Registration or Amendment


Circular No. 919/09/2010- CX, dated 23-3-2010 issued by CBEC needs to be supported by all : assessees, CAs & Consultants. It not only provides for electronic filing of returns but also new registration or amendment of old registration, and so many other features for Central Excise & Service Tax.

These columns have been full of complaints about highhanded behaviour of ST staff at the time of acceptance of ST-3. These were refused on frivolous pretexts, which vanished quickly when  picture of the father of nation was shown. 

Visiting their office to seek fresh registration was a nightmare. 

Now all this will soon change. Yes, there will be technical glitches. Problem in uploading, server down, and repeated rejection that will make you pull your hair in frustration.

But choose : frustration against computer or humiliation at the hands of the staff.

Less interface - the better. Please make computer or Postman your medium with the Department.

ST Bangalore site has been candid and carried complaints against their staff. Ahmedabad staff was automatically putting a rubber-stamp "Produce Ledger & Records"on all St-3s while acknowledging.

NOIDA near Delhi has been reported to be among the worst in turning assessees away.

Some would refuse to accept unless placed in a file cover ! Most officers would conduct a scrutiny of the return on the spot. Settlement Commission at work at entry level itself.

This is not meant to issue a certificate but one must fairly admit that Delhi Service Commissionerate has changed somewhat, and for the better during October, 2009, giving speedier acknowledgement of ST-3s. Message from Top perhaps.

I rarely compliment bureaucracy. For a change I am willing to be accused of being "influenced". But let us all thank the CBEC for this +ve step that was long overdue.

Text of circular is attached.


Kind regards,

Rebecca Andrews

Thursday, March 25, 2010

Maharashtra Budget -2010 Highlights [1 Attachment]

MAHARASHTRA BUDGET 2010- SOME OF THE HIGHLIGHTS

 

1.

The tax receipt target for 2009-2010 of the Sales Tax Department fixed at Rs. 31,346/- Crore has been achieved.

2.

Maharashtra has become the first State in the country to provide through Internet the electronic services like acceptance of registration application , filing of return and payment of taxes, application of refund, acceptance of audit report and application for declarations under Central Sales Tax Act.

3.

Proposal for allowing

a)     transaction wise assessment,

b)     provision for grant of part refunds,

c)      make intimation and some interest orders non appealable,

d)     amendment to provide quarterly return for newly registered dealers.

4.

 

E facility of filing electronic returns will also be provided under the Profession Tax Act and Luxury Tax Act.

5.

Penalty provision for non-issuance of bills made more stringent.

6.

For grant speedy refunds it would be mandatory to record the TIN of the purchaser on the Tax Invoice.

7.

A simple composition scheme for the builders and developers. Under this scheme, one percent VAT would be payable on the contract price of flats mentioned in the agreement of sale. However, such builders and developers will not be eligible for set off under the VAT Act. This scheme shall come into force for the agreements registered after 1st April 2010.

8.

a)     The  turnover  limit  for  audit  under  section  61  of VAT Act will be increased from      Rs. 40 lakhs to Rs. 60 lakhs.

 

b)      It will also be mandatory for all the dealers covered by package scheme of incentives, to file the audit report.

7.

Small dealers filing six monthly returns  will now have to the tax within 30 days in lieu of 21 days.

8.

Tax exemption on specified grains and food items will continue till 31st March 2011.

9.

Raisins, currants and tea  to continue  the concessional VAT rate of 5% up to 31st March 2011.

10.

Blood Transfusion apparatus rate of tax reduced from 12.5% to 5%.

11.

Solar lanterns included under Non-conventional energy sources working on solar energy which are exempted from VAT.

12.

Solar or battery powered  vehicles rate of VAT reduced from 12.5% to 5%

13.

Camphor ,Dhoop,  lobhan and 'pan Kath' is exempted  them from levy of VAT.

14.

Rate of tax on hairpins reduced from 4% to 1%.

15.

Sabudana Chivada, Chana-chur and Khandvi have been included in the list entry of Farsan  attracting a lower rate of VAT.

16.

To encourage entrepreneurs who bring innovations to the agriculture sector, vermi compost beds made from HDPE fabrics are being exempted from tax.

17.

To reduce the economic burden on farmers to a certain extent,  Cotton seed oil cake have been made tax free.

18.

Tax on sales of hand made laundry soaps manufactured by KVIC units will be exempt from tax.

19.

One time tax proposed on Auto Rickshaws and black-yellow meter taxis.

Note: Wherever tax exemptions have been introduced, expanded and are applicable upto 31st March 2011 may come to an end if GST is introduced before that date.

 


__._,_.___

1 of 1 File(s)

 

VAT CHANGES IN BUDGET



MAHARASHTRA BUDGET SPEECH IS ATTACHED

Document Identification Number (DIN) to be quoted on “every” income-tax related communication.

After introducing unique account numbers for tax-payers (PAN) and those for tax deductors (TAN), the government will this fiscal introduce a unique document identification number (DIN) to be quoted on "every" income-tax related communication.

The department will soon put in place a tech-based mechanism to generate "DIN" which will be allotted to not only tax-payers but also the officials of the department from October this year, which will become essential while filing the annual income-tax return of the financial year (2010-11 ).

According to a Central Board of Direct Taxes, "insertion of new Section 282B" in the I-T Act, DIN will be mandatory "in respect of every notice, order, letter or any correspondence" with the department.

"The number will be generated by the department and will be useful essentially for error-free filing of tax returns , claiming refunds and other communication with the department by the assesses," a senior finance ministry official said. Tax-payers and tax deductors currently are required to quote PAN and TAN among others for filing returns with the department.

Assesses will not be put to any trouble as the numbers will be generated and allotted by the department itself. Once allotted , the assessee will have to quote it thereon. I-T officials will also be allotted the numbers as the effort is to streamline the process, the official said.

According to section 282B of the Income Tax Act, which deals with DIN, in respect of every notice, order, letter or any correspondence issued by him (I-T authority) to any other income tax authority or assessee or any other person and such number shall be quoted thereon.

It is further provided that where the notice, order, letter or any correspondence issued by any income-tax authority does not bear a Document Identification Number, such notice, order, letter or any correspondence shall be treated as invalid and shall be deemed never to have been issued.

Regards,
CA. Paresh Parekh
ACA, DISA, B.COM

Wednesday, March 24, 2010

Interest earned by co-operative credit society on surplus funds invested in ...

Interest earned by co-operative credit society on surplus funds invested in short-term deposits with banks and in govt. securities not eligible for deduction u/s. section 80P

 
The words "the whole of the amount of profits and gains of business" in section 80P(2)(a) emphasise that the income in respect of which deduction is sought must constitute the operational income and not the other income which accrues to the Society. CASE LAW DETAILS Decided by:, SUPREME COURT OF INDIA, In The case of: The Totgars' Cooperative Sale Society Ltd. v. Income tax officer, Appeal No.

Reference Material on Bank Branch Audit (2009 - 2010)


Dear Sir,
 
Members are requested to please see the Reference Material on Bank Branch Audit (2009 - 2010) available on the Institute Website at http://www.icai.org/resource_file/18440ebookrmba.pdf
 
Regards,
 
Committee on Capacity Building of CA Firms
The Institute of Chartered Accountants of India

NEWS, INFORMAITONS..

 

Charge maximum penal amount on TDS defaulters: CBDT


The Central Board of Direct Taxes (CBDT) today directed its field formation to levy the highest penal rate of tax on TDS (tax deducted at source) defaulters. Following a sharp shortfall in revenue from TDS collection, the Income Tax Department has launched a massive drive across the country to detect and inquire into TDS payments of companies — especially on payments made and salaries disbursed. Tax searches have revealed that several small and medium scale companies, deducted tax on various payments but failed to deposit the amount with the department. In such cases, it has been decided by the board that the departments can charge the highest level of penal rate of tax – that is 300 per cent. Besides, the income tax department has disallowed all expenses incurred by third party administrator companies (TPAs) across the board. The existing practice is to deduct the expenses from the total earnings before arriving at the taxable income. Department officials said the decision to disallow the expenses have been taken since they do not deduct tax while paying premium to the insurance companies. The department has raised around Rs 117 crore in TDS amount from six TPAs. The disallowance of expenses comes under section 40I(a)(i) of the Income tax Act 196 that is invoked for non payment of TDS. Officials said a similar amount has been disallowed as deduction from income. Searches have revealed that TPAs have not been deducting TDS on premium payments, even though the CBDT had come out with a separate notification to charge TDS on premium payments made by TPAs. TPAs are third party administrators who processes insurance claims and provides certain aspects of employee benefits for a separate entity. While the CBDT has collected Rs 35,510 crore from TDS in the Mumbai region this financial year (against total tax collections of Rs 98,550 crore), for the same period last year they had recovered Rs 36,312 crore (from the total regional collection of Rs 93,000 crore). The target for collection of TDS in the current financial year for the region is Rs 58,000 crore. About 40 per cent of Mumbai's total tax collections are from TDS, and the region also makes for the bulk of the all-India collections under this head. Earlier, the department had conducted a survey of all major mobile telecom companies, with the idea of taxing discounted cash cards sold to retailers. Mobile companies sell cash cards to retailers at a discounted rate but then these are sold to customers at the maximum retail rate, earning a profit. "The companies should have deducted tax before selling cash cards to retailers," said an official. – www.business-standard.com

 

CA institute wants flexibility to cos on depreciation rates


The CA institute favours a regime where depreciation rates for company law purposes are based on the useful life of an asset. The depreciation rates should also be indicative and not prescriptive as is the case now, Mr Amarjit Chopra, President of Institute of Chartered Accountants of India (ICAI), has said. Also, the Centre should set up working groups to decide on separate depreciation rate for regulated industry sectors such as power, oil and gas and telecom, says Mr Chopra. Currently, depreciation rates are specified under the Company Law through Schedule XIV, which is rule-based. Schedule XIV rates specify the minimum rates in the sense that companies can adopt rates higher than those prescribed, but with enough justification. However, companies today are not permitted to adopt rates lower than the Schedule XIV rates even if the bonafide technological evaluation makes a case. If indicative rates are spelt out, a company would have the flexibility to adopt either a lower or higher rate. Under the scheme of the proposed company law, the depreciation rates are to be delegated to the rules. So every time the rates are to be changed, the Government need not go for Parliament approval, sources said. Sticking to timeline Meanwhile, the ICAI President also said that the CA institute will stick to its earlier timeline of April 1, 2011 for making the accounting standards on financial instruments mandatory. The existing accounting standards AS 30, AS 31 and AS 32 are now recommendatory in nature. On international financial reporting standards (IFRS), Mr Chopra said that the CA institute will in the next three months converge its current accounting standards with the IFRS and send it to the National Advisory Council for Accounting Standards (NACAS) for its approval. India is looking to converge its Generally Accepted Accounting Principles (GAAP) with that of IFRS from April 1, 2011 over three phases. – www.thehindubusinessline.com

Tax only when interest credited to fixed deposits: CBDT


No income tax at source will be deducted if banks have only made a provision for interest on fixed deposits and not actually paid it to the depositor, the Finance Ministry has clarified. Until now, tax was supposed to be deducted by banks even if only provisioning was made for interest payment. However, this was creating problems for banks using Core-Branch Banking Solutions (CBS), which enables customers to access their accounts from any branch. The Indian Banks' Association in a representation to the Income Tax department had said that for banks using the CBS software, interest payable on fixed deposits is calculated generally on a daily or a monthly basis but is parked in the provisioning account for monitoring only. The interest is actually credited to the depositor's account either at the end of the financial year or at periodic intervals or on maturity of the deposits. The matter was considered by the Central Board of Direct Taxes to plug this loophole. According to a Finance Ministry official, CBDT clarified that since no credit is given to the depositors while calculating interest on fixed deposits on daily or monthly basis in the CBS software used by banks, tax need not be deducted at source on such provisioning of interest. "In such cases, tax shall be deducted at source on accrual of interest," the board clarified, according to a source. Income tax is charged at the rate of 10 per cent on interest income of more than Rs 10,000 in a year. – www.economictimes.indiatimes.com

FOR THE ATTENTION OF THE MEMBERS


Bank Audits for the FY ended 31.03.2010


The bank audit season is around the corner. Banking being an industry
typical in terms of its geographical and customer spread, volume of
transactions as well as the types of products and services offered
coupled with the time constraints for completing the audits, the
members face a number of issues in their bank audit assignments. To
help the members in fast resolution of those issues, the Auditing and
Assurance Standards Board of the Institute of Chartered Accountants of
India is constituting a panel of experts to address queries of the
members relating to audits of banks and bank branches for the year
ended March 31, 2010.



The expert panel would receive queries only from March 23, 2010 to April 10, 2010.

 Members may send their queries during these dates at bankauditfaq@icai.org.


Members are, however, requested to note that the responses given by the
expert(s) would be the personal views and opinions of the expert(s)
concerned. The Auditing and Assurance Standards Board or the Institute
of Chartered Accountants of India may not necessarily subscribe to the
views and opinions of the expert(s) nor do they accept any
responsibility for the actions taken by the members based on the
responses of the expert(s).

 

 

CA STUDENT MISUSED STAMPS OF CHARTERED ACCOUNTANTS

Posted by: "CA. Gurdeep Singh Chawala" cagsc@yahoo.com   cagsc

Mon Mar 22, 2010 10:03 pm (PDT)



n the wake of a chartered accountancy student's arrest last week for allegedly forging documents using a CA's stamps and seals, the Pune branch of the Institute of Chartered Accountants of India (ICAI), now suspects the accused may have misused stamps and seals of more chartered accountants in the city. Shahajahan Khurshid Khan allegedly made duplicates of stamps and seals of CA Sunil Shankar Yelol with Yelol's ICAI membership number for tax audit of M/S Jagtap Automobiles and duped Yelol of Rs 9.80 lakh.The incident came to light when Jagtap Automobiles decided to hand over their audit work to another CA, Vijay Anpat. Following the CA protocol, Anpat called up Yelol to obtain his no-objection certificate about the handover. Yelol realised that Jagtap was not his client, but thestamps and seals carried his membership number.According to the ICAI legal advisor, advocate VB Khatri, Khan may have used the stamps and seals for
people who had applied for bank loans to get TDS refunds and so on."Khan's police statement mentions that he has been operating for the last three years. He might have used the stamps on many other financial statements. We suspect that the fraud could run into crores of rupees," Khatri said.SB Zaware, member, central council of ICAI, said, "Considering that Khan may have misused stamps of other CAs too and to speed up the investigation in this matter, we appeal to all the chartered accountants in the city to contact the institute and record their statements with the police. Khan has been remanded in magisterial custody."We have been requesting the police to recover the duplicate stamps and seals used by Khan. We have also asked them to find the hard disk of Khan's computer," he added."The ICAI appeals that financial statements prepared with the help or advise of Shahajahan Khurshid Khan by any other person with
original documents for verification be submitted to the chairman, (Pune Branch), ICAI, fifth floor, Amber chambers, 28-A, Budhwar Peth," said a statement

 

-CA.RAJU SHAH, Ahmedabad


Thursday, March 11, 2010

NEWS, INFORMATIONS..

Processing of returns of A.Y. 2008-09 - Steps to clear the backlog
Instruction No. 1/2010, dated 25-2-2010

The issue of processing of I.T. returns for the A.Y. 2008-09 and giving credit for TDS has recently been considered by the Board and following decisions have been taken, in order to clear the backlog of returns pending for processing:
i) In all the returns filed in ITR-1 and ITR-2 for the A. Y. 2008-09, where the aggregate TDS claim does not exceed Rs four lakh and where the refund computed does not exceed Rs.25,000; the TDS claim of the tax payer concerned should be accepted at the time of processing of return.
ii) In all the returns filed in forms other than ITR-1 and ITR-2 for the A. Y. 2008-09, where the aggregate TDS claim does not exceed Rs four lakh and the refund computed does not exceed Rs.25,000, and there is 70% matching of TDS amount claimed, the TDS claim of the tax payer concerned should be accepted at the time of processing of return.
iii) In all remaining cases, TDS credit shall be given after due verification.
The Institute of Chartered Accountants of India (ICAI)
Creating a record in its placement history,

AHMEDABAD: Creating a record in its placement history, the Institute of Chartered Accountants of India (ICAI) has placed three of its candidates at  a record salary of close to Rs 70 lakh with Singapore-based Olam International. This is the highest ever salary offered to fresh CAs recruited from the ICAI campus, the apex body that conducts the CA examination and places the successful candidates every year. Earlier, a record salary of Rs 38.25 lakh was offered in 2007.
 
The three candidates who have been offered the record salary, almost double the earlier high, were picked by the agriculture supply chain major from ICAI's Chennai campus. Olam plans to hire around 8 candidates from ICAI.
  
ICAI started its first phase of placements through five (all metros) out of 15 campuses on March 4. The first day itself saw 320 candidates being picked up. Companies which hired successful CAs on the first day include IOC, ITC, Tolaram, Vedant, S R Batliboy, Yes Bank, GE Capital, REC, L&T, Axis Bank, Morgan Stanley, HCL Technology and Delloite.
 
"We are very happy with the offers we have seen on very first day of our campus recruitment. It suggests that now we are out of the global recession and recruiters are ready to offer right packages to right candidates," said Subodh Agrawal, chairmen of the Committee for Members in Industry, ICAI, in a reaction to the record offer. "It is a 100% rise from our earlier best," he added. Explaining the hiring sentiment, Mr Agarwal said: "Now with the upturn, good candidates keen to work within the country. Therefore, companies need to pay a premium to hire them for global positions."
 
Not just global firms but domestic giants too have aggressively picked up CAs on the first day. Leading private sector bank ICICI emerged as the biggest employer by hiring 100 candidates.
 
"ICICI Bank has been one of the biggest recruiters. However, it did not hire with the same fervour in the last two-three years. This time, they are back," said an official in the ICAI.
 
While Mumbai campus saw highest placements with 148 CAs getting offers, Delhi saw 65 offers. Kolkata, Chennai and Bangalore campuses saw 42, 22, 44 offers respectively.
 
While the salary offers in Mumbai were in the Rs 6.25-14 lakh, Delhi saw candidates picked up in the Rs 6-11 lakh salary range. The range was higher in Kolkata where offers were made between Rs 6 lakh and Rs 22. Tolaram, a Singapore-based diversified group offered the highest package of Rs 22 lakh in Kolkata.
  
When contacted by ET, Olam International confirmed the Rs 70-lakh offer. " Michael Joseph who handles global recruitments at the company said: ""We are operating in a recession-free industry. So, there are really no limits now," he said.
Olam which is growing at a 25% rate, is also one of the top recruiters at the IIMs. In the ongoing placement season at the IIMs, the company picked up 12 people from the IIM-A.   

Bank need to deduct tds on accrual of interest not on mere Provisioning of the same

Mar 9, 2010 Income Tax


No income tax at source will be deducted if banks have only made a provision for interest on fixed deposits and not actually paid it to the depositor, the Finance Ministry has clarified. Until now, tax was supposed to be deducted by banks even if only provisioning was made for interest payment.

However, this was creating problems for banks using Core-Branch Banking Solutions (CBS), which enables customers to access their accounts from any branch. The Indian Banks' Association in a representation to the Income Tax department had said that for banks using the CBS software, interest payable on fixed deposits is calculated generally on a daily or a monthly basis but is parked in the provisioning account for monitoring only.

The interest is actually credited to the depositor's account either at the end of the financial year or at periodic intervals or on maturity of the deposits. The matter was considered by the Central Board of Direct Taxes to plug this loophole.

According to a Finance Ministry official, CBDT clarified that since no credit is given to the depositors while calculating interest on fixed deposits on daily or monthly basis in the CBS software used by banks, tax need not be deducted at source on such provisioning of interest.

"In such cases, tax shall be deducted at source on accrual of interest," the board clarified, according to a source. Income tax is charged at the rate of 10 per cent on interest income of more than Rs 10,000 in a year.

Annual Tax Statement (Form 26AS)

Annual Tax Statement (Form 26AS) is a statement, which is created financial year wise on the basis of TDS/TCS returns filed by the Deductor/Collector and tax deposited in the bank.

Form 26AS includes details of:
a) All tax deducted at source (TDS) covered in Part A;
b) All tax collected at source (TCS) covered in Part B;  and
c) All advance tax/self assessment tax/regular assessment tax etc., deposited in the bank by the taxpayers (PAN holders) covered in Part C.

d) Details of paid refund received during the A.Y. is covered in Part D.

 Kindly note that in PART A/B (Details of Tax deducted/collected at source), the "Status of Booking (P/F/U)" indicates the following:-

 Provisional (P) - Only for TDS/TCS affected by Government deductors. Provisional tax credit is effected on the basis of TDS/TCS returns filed only. On verification of the payment details by the Pay & Accounts officer (PAO), status will change to Final (F).

 Unmatched (U) -  Deductors have not deposited the taxes or have furnished incorrect particulars of tax payment. Final credit will be reflected only when the payment details in the bank match with the details of deposit in the TDS/TCS return.
Final (F) - In case of non-Government deductors, payment details of TDS/TCS deposited in bank by the deductor have matched with the payment details mentioned in the TDS/TCS return filed by the deductor.
In case of Government deductors, details of TDS/TCS booked in Government account have been verified by the Pay and Accounts Officer (PAO).

 In PART C, Details of Tax Paid (Other than TDS or TCS) related to  Securities Transaction Tax and Banking Cash Transaction Tax are not displayed.

 Form 26AS will help you to verify the credits for taxes deducted from the income received and the advance tax/ self assessment tax deposited by you at the bank.

 Possible reasons for mismatch/missing entry in Part A/B (Details of TDS or TCS) are as follow:-

Deductor/collector has not filed quarterly TDS/TCS return.

Deductor /collector has not quoted or has wrongly quoted your PAN in the TDS/TCS return.

You have not provided PAN or have provided wrong PAN to the deductor/collector.

The TDS/TCS return filed by the deductor/collector is rejected in the system.

In case of entries with Status of Booking "U" (Unmatched)

Deductor has wrongly quoted the challan details in the return against which your TDS/TCS was deposited.

Deductor has provided correct challan details in TDS/TCS return but bank has made error while digitising challan details.

Possible reasons for mismatch/missing entry in "Part C" Details of tax paid (other than TDS or TCS) are as follow:-

The Bank
has digitized incorrect PAN in  Challan.
has not uploaded the digitized challan.
has made error in digitising amount/major head while digitizing the Challan data
has made error in digitising CIN details in the Challan data

You
have mentioned wrong A.Y. in the challan which will result in updation of Form 26AS for wrong A.Y.
have quoted incorrect PAN in the tax payment challan

 CIN consists of the BSR code of the bank branch where you deposited the tax, date on which you deposited tax and the challan serial number which have been stamped on the counter foil of the challan given to you.

Note :-

You can verify following at TIN web-site (http://www.tin-nsdl.com/)
Status of the Challan through which tax deposited by you in the bank by clicking on link 'Challan Status Enquiry'.
The Status of return uploaded by deductor/collector by clicking on link "Quarterly Statement Status".
 BY CA. RAJU SHAH

Tuesday, March 9, 2010

CBDT Instructions on Processing of IT Returns

CBDT Instructions on Processing of IT Returns


Processing of returns of A.Y. 2008-09 - Steps to clear the backlog Instruction No. 1/2010, dated 25-2-2010 The issue of processing of I.T. returns for the A.Y. 2008-09 and giving credit for...

Processing of returns of A.Y. 2008-09 - Steps to clear the backlog

Instruction No. 1/2010, dated 25-2-2010

The issue of processing of I.T. returns for the A.Y. 2008-09 and giving credit for TDS has recently been considered by the Board and following decisions have been taken, in order to clear the backlog of returns pending for processing:

i) In all the returns filed in ITR-1 and ITR-2 for the A. Y. 2008-09, where the aggregate TDS claim does not exceed Rs four lakh and where the refund computed does not exceed Rs.25,000; the TDS claim of the tax payer concerned should be accepted at the time of processing of return.

ii) In all the returns filed in forms other than ITR-1 and ITR-2 for the A. Y. 2008-09, where the aggregate TDS claim does not exceed Rs four lakh and the refund computed does not exceed Rs.25,000, and there is 70% matching of TDS amount claimed, the TDS claim of the tax payer concerned should be accepted at the time of processing of return.

iii) In all remaining cases, TDS credit shall be given after due verification.

Chartered Accountant top salary zooms

Chartered Accountant top salary zooms

March, 08th 2010
Creating a record in its placement history, the Institute of Chartered Accountants of India (ICAI) has placed three of its candidates at a record salary of close to Rs 70 lakh with Singapore-based Olam International. This is the highest ever salary offered to fresh CAs recruited from the ICAI campus, the apex body that conducts the CA examination and places the successful candidates every year. Earlier, a record salary of Rs 38.25 lakh was offered in 2007.

The three candidates who have been offered the record salary, almost double the earlier high, were picked by the agriculture supply chain major from ICAI's Chennai campus. Olam plans to hire around 8 candidates from ICAI.

ICAI started its first phase of placements through five (all metros) out of 15 campuses on March 4. The first day itself saw 320 candidates being picked up. Companies which hired successful CAs on the first day include IOC, ITC, Tolaram, Vedant, S R Batliboy, Yes Bank, GE Capital, REC, L&T, Axis Bank, Morgan Stanley, HCL Technology and Delloite.

"We are very happy with the offers we have seen on very first day of our campus recruitment. It suggests that now we are out of the global recession and recruiters are ready to offer right packages to right candidates," said Subodh Agrawal, chairmen of the Committee for Members in Industry, ICAI, in a reaction to the record offer. "It is a 100% rise from our earlier best," he added. Explaining the hiring sentiment, Mr Agarwal said: "Now with the upturn, good candidates keen to work within the country. Therefore, companies need to pay a premium to hire them for global positions."

Not just global firms but domestic giants too have aggressively picked up CAs on the first day. Leading private sector bank ICICI emerged as the biggest employer by hiring 100 candidates.

"ICICI Bank has been one of the biggest recruiters. However, it did not hire with the same fervour in the last two-three years. This time, they are back," said an official in the ICAI.

While Mumbai campus saw highest placements with 148 CAs getting offers, Delhi saw 65 offers. Kolkata, Chennai and Bangalore campuses saw 42, 22, 44 offers respectively.

While the salary offers in Mumbai were in the Rs 6.25-14 lakh, Delhi saw candidates picked up in the Rs 6-11 lakh salary range. The range was higher in Kolkata where offers were made between Rs 6 lakh and Rs 22. Tolaram, a Singapore-based diversified group offered the highest package of Rs 22 lakh in Kolkata.

When contacted by ET, Olam International confirmed the Rs 70-lakh offer. " Michael Joseph who handles global recruitments at the company said: ""We are operating in a recession-free industry. So, there are really no limits now," he said. Olam which is growing at a 25% rate, is also one of the top recruiters at the IIMs. In the ongoing placement season at the IIMs, the company picked up 12 people from the IIM-A.

Monday, March 8, 2010

NEWS, INFORMATIONS

REVISED FORM NO. 32


Find attached a copy of notification dated 10.2.2010 notifying new Form 32 w.e.f. 14.3.2010. Main changes are:

1) Provision has been made for filing Form 32 for directors who ceased to be associated with the company on or before 31.10.2006 and do not have DIN.

2) Signatory to the form has to verify that the Director has given declaration to the company in writing that he is not restrained/ disqualified /removed of, for being appointed as a director under the provisions of the Act including Sections 203, 274 and 388E.



NEW
DELHI: The country's apex audit body Comptroller and Auditor General of India (CAG) has called for an increase in fees paid to statutory  auditors of all government companies. In a communication sent to managing directors of public sector undertakings (PSUs), the CAG said that with high inflation leading to audit cost escalation and increased compliance burden on auditors, it was "prudent'' that the fees paid to auditors should be raised.

"Considering the volume of work, category of professionals deployed, growth in companies and rise in cost of audit due to inflation, it is necessary that the audit fees are increased," a CAG official told ET, requesting anonymity.

While it is for the
managements of the respective companies to take a call on the issue of fixing audit fees, a missive from the CAG is likely to be taken seriously by PSUs, the official said. There has been negligible increase in audit fees paid by PSUs over the past few years.

The CAG's suggestion on increasing
audit fees follows a series of correspondence it carried out with the Institute of Chartered Accountants (ICAI) which has been pushing for a hike to make the job of carrying out statutory annual audits for PSUs lucrative for the domestic CA firms.

Statutory audits of big PSUs often involve more than one CA firm. For instance, NTPC had engaged 6 firms in last year's annual audit while IOC and ONGC had employed 3 and 5 audit firms respectively. Although larger firms are more generous with the fees paid to auditors, the problem lies with the smaller PSUs which shelve low amounts.

"We take PSU
audit as our responsibility to the society and not as an opportunity to make money. But with the cost of compliances increasing, we feel that adequate compensation should be given to PSU auditors," said ICAI president Uttam Prakash Agarwal. He said that with greater compliances being undertaken to keep up with the stricter norms introduced by the CAG last year, there was a need to adequately compensate auditors for it.

With PSU audit fees often as
low as Rs 20,000-25,000, the increase in the fee structure will surely improve quality of the audit process, another official said. Since government auditors are being paid substantially lower fees as compared to CAs working in the private sector, the CAG's proposal, if taken in the right spirit, will help enhance the quality of audit in PSUs.


 CBDT redrafting DTC Bill; Same to be put in public domain for further discourse: FM
NEW DELHI, FEB 27, 2010: WHILE addressing a large gathering comprising of members of three chambers of business - CII, FICCI and ASSOCHAM - at the Post-Budget Interactive Session with Industry Bodies at Vigyan Bhawan this afternoon in Delhi, the Finance Minister, Mr Pranab Mukherjee, said that he has directed the CBDT to redraft the Direct Taxes Code (DTC) and put the same in public domain for further discourse. However, he clarified that the Govt will not give extended time to the industry for feedback as it will have to finalise the bill and table the same in the Parliament for enacting the new Income Tax Act.

While talking about the inflation Mr Mukherjee said that it is not a phenomenon triggered by either the fiscal or the monetary policy measures of the government. There is no tax on the four main food items - pulses, rice, wheat and sugar - which have been leading the inflation bandwagon for some time. It is largely because of the supply side constraints but the same will ease out soon, he uttered with aplomb.

Explaining the rationale of the basic architecture of his budget-making the Minister further elaborated that in view of his focus on Inclusive Growth and Fiscal Consolidation, he has put major part of his spending on productive and critical sectors which would push the growth in future. About 46% of the budget allocation has gone to the infrastructure sector, and about 37% to the social sectors. Out of 46%, about 25% has gone to the rural infrastructure development.

Why so much of funds for social sector? The Minister explained that it has been the conscious endeavour of the Government to empower the vox populi with some legal rights. First it was the Right to Information, followed by the Right to Education. And the Govt has now been bracing up for the Food Security Right. To translate these rights into tangible realities the FM said the Government is committed to provide large chunk of funds so that they could be meangingfully implemented.

For a change, Mr Mukherjee who looked full of energy and bubbling with high quotient of confidence about his conviction into the philosophy he stands for, said that the Government's role is that of an efficient enabler for conducive business environment for the industry and trade. He said that the industry and trade are the actors, and the Government is to provide only the right sort of script which would result in right kind of growth in the economy.

The industry speakers also demanded one per cent CST if the GST is delayed, and called for Online Interactive portal through which senior CBDT officials could interact with the taxpayers and redress their grievances. Although the FM asked the Revenue Secretary, Mr Sunil Mitra, to look into it, and Mr Mitra also promised to do so.

(But it seems neither the FM nor the Revenue Secretary is aware of the pathetic state of even the CBDT's lone official website www.incometaxindia.gov.in. Who maintains it is not clear and the entire website looks orphaned, inviting the attention of the Ministry of Social Welfare perhaps, for its own much-deserved welfare, in the larger interests of taxpayers' services, adds TIOL)
__._,_.___

Attachment(s) from CA RAJU SHAH

1 of 1 File(s)

Tuesday, March 2, 2010

LETTER BY CHAIRMAN WIRC


To,
The Chairmen of all branches in WIRC
( In the state of Maharashtra )
 
Sub: Representation on altered procedure for allotment of Audit in Maharashtra
 
With reference to the circular dated  27th January,2010 issued by the Commissioner and Registrar, Cooperative Societies,Pune  we have made representation  to the Honourable Shri Harshavardhanji Patil, Minister for Cooperation, Maharashtra  on 25th February ,2010 and to the Commissioner and Registrar, Cooperative Societies, Pune on 23rd February, 2010 stating our views on the said circular and about the alterations in audit allotment procedure. We have also made useful suggestions for audit allotment.
The Honourable Minister has asked the Additional Commissioner , Cooperation, Pune to give his report on the said representation.
 
In the meanwhile we understand that certain DDRs are calling meetings of the Audit Allotment Committees. You are requested to attend the said meetings on behalf of your branch as well as on behalf of the WIRC and inform the DDR about representation submitted to the Honourable Minister.
 
Before submitting any letter / reply as may be asked by the DDR in the said meeting you are requested to immediately communicate with the Chairman , Cooperative Committee ( Maharashtra ), CA. Dinesh Gandhi on Cell No. 98225 47432 or by email to
cagandhidb@gmail.com.
 
We will keep you updated on the progress in the matter.
 
Thanking You
 
Yours sincerely, 
 
CA Sanjeev Lalan
Chairman , WIRC 

Monday, March 1, 2010

ICAI COMMITTEES 2010-2011


1
COMPOSITION OF THE STANDING AND NON-STANDING
COMMITTEES FOR THE YEAR 2010-11

A. STANDING COMMITTEES


EXECUTIVE COMMITTEE
CA. AMARJIT CHOPRA, PRESIDENT-IN-OFFICE
CA. G. RAMASWAMY, VICE-PRESIDENT-IN-OFFICE
CA. M. DEVARAJA REDDY
CA. SUMANTRA GUHA
CA. VIJAY K. GARG
CA. RAVINDRA HOLANI
SMT. RENUKA KUMAR, IAS
Secretary: Shri T. Karthikeyan
EXAMINATION COMMITTEE
CA. AMARJIT CHOPRA, PRESIDENT-IN-OFFICE
CA. G. RAMASWAMY, VICE-PRESIDENT-IN-OFFICE
CA. DHINAL A. SHAH
CA. NILESH S. VIKAMSEY
CA. MADHUKAR N. HIREGANGE
CA. NAVEEN N.D. GUPTA
SHRI DEEPAK NARAIN
Secretary: Shri T. Karthikeyan
FINANCE COMMITTEE
CA. AMARJIT CHOPRA, PRESIDENT-IN-OFFICE
CA. G. RAMASWAMY, VICE-PRESIDENT-IN-OFFICE
CA. SHIWAJI B. ZAWARE
CA. SANJAY K. AGARWAL
SMT. USHA NARAYANAN
SHRI SIDHARTH BIRLA
Secretary: Shri T. Karthikeyan

DISCIPLINARY COMMITTEE (Under Section 21D)
CA. AMARJIT CHOPRA, PRESIDENT-IN-OFFICE
CA. G. RAMASWAMY, VICE-PRESIDENT-IN-OFFICE
CA. ATUL C. BHEDA
CA. K. RAGHU
_________________ (Nominee of the Central Government)
Secretary: Shri T. Karthikeyan
2
B. NON-STANDING COMMITTEES
ACCOUNTING STANDARDS BOARD
CA. MANOJ FADNIS, CHAIRMAN


CA. S. SANTHANAKRISHNAN, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. PANKAJ I. JAIN
CA. NILESH S. VIKAMSEY
CA. SHIWAJI B. ZAWARE
CA. ATUL C. BHEDA
CA. DHINAL A. SHAH
CA. MADHUKAR N. HIREGANGE
CA. K. RAGHU
CA. ABHIJIT BANDYOPADHYAY
CA. NAVEEN N.D. GUPTA
CA. VINOD JAIN
SMT. RENUKA KUMAR, IAS
SHRI K.P. SASIDHARAN
SMT. USHA NARAYANAN
SHRI PRITHVI HALDEA
SHRI SIDHARTH BIRLA
Secretary: Dr. Avinash Chander

COMMITTEE ON ACCOUNTING STANDARDS FOR LOCAL
BODIES

CA. MANOJ FADNIS, CHAIRMAN
CA. J. VENKATESWARLU, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. BHAVNA G. DOSHI
CA. DHINAL A. SHAH
CA. MADHUKAR N. HIREGANGE
CA. SUBODH K. AGRAWAL
CA. SANJAY K. AGARWAL
CA. CHARANJOT SINGH NANDA
SMT. RENUKA KUMAR, IAS
SHRI K.P. SASIDHARAN
SMT. USHA NARAYANAN
Secretary: CA. Parminder Kaur

AUDIT COMMITTEE
SHRI K.P. SASIDHARAN (CHAIRMAN)
CA. SANJAY K. AGARWAL (VICE-CHAIRMAN)
CA. BHAVNA G. DOSHI
CA. MAHESH P. SARDA
CA. P. RAJENDRA KUMAR
CA. SUBODH K. AGRAWAL
CA. RAVINDRA HOLANI
SMT. USHA NARAYANAN
Secretary: CA. Sonali Das Haldar
3AUDITING & ASSURANCE STANDARDS BOARD
CA. ABHIJIT BANDYOPADHYAY, CHAIRMAN
CA. RAJKUMAR S. ADUKIA, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. JAYANT P. GOKHALE
CA. JAYDEEP N. SHAH
CA. SANJEEV K. MAHESHWARI
CA. S. SANTHANAKRISHNAN
CA. P. RAJENDRA KUMAR
CA. J. VENKATESWARLU
CA. SUMANTRA GUHA
CA. ANUJ GOYAL
CA. PANKAJ TYAGEE
SHRI K.P. SASIDHARAN
SHRI PRITHVI HALDEA
Secretary: CA. Puja Wadhera

COMMITTEE ON BANKING, INSURANCE &
PENSION

CA. CHARANJOT SINGH NANDA, CHAIRMAN
CA. SANJEEV K. MAHESHWARI, VICE-CHAIRPERSON
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. RAJKUMAR S. ADUKIA
CA. PANKAJ I. JAIN
CA. NILESH S. VIKAMSEY
CA. S. SANTHANAKRISHNAN
CA. J. VENKATESWARLU
CA. ABHIJIT BANDYOPADHYAY
CA. VIJAY K. GARG
CA. PANKAJ TYAGEE
Secretary: Shri Rakesh Sehgal

BOARD OF STUDIES
CA. VINOD JAIN, CHAIRMAN
CA. V. MURALI, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. ATUL C. BHEDA
CA. SANJEEV K. MAHESHWARI
CA. MAHESH P. SARDA
CA. M. DEVARAJA REDDY
CA. SUMANTRA GUHA
CA. VIJAY K. GARG
CA. RAVINDRA HOLANI
SHRI DEEPAK NARAIN
SHRI PRITHVI HALDEA
SHRI SIDHARTH BIRLA
Secretary: Shri Vijay Kapur
4
COMMITTEE FOR CAPACITY BUILDING OF CA
FIRMS & SMALL AND MEDIUM PRACTITIONERS

CA. SANJEEV K. MAHESHWARI, CHAIRMAN
CA. JAYDEEP N. SHAH, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. JAYANT P. GOKHALE
CA. DHINAL A. SHAH
CA. K. RAGHU
CA. S. SANTHANAKRISHNAN
CA. J. VENKATESWARLU
CA. SUMANTRA GUHA
CA. VIJAY K. GARG
CA. SANJAY K. AGARWAL
SHRI PRITHVI HALDEA
SHRI ANIL K. AGARWAL
Secretary: Shri Shivam Kumar

CONTINUING PROFESSIONAL EDUCATION
COMMITTEE

CA. V. MURALI, CHAIRMAN
CA. PANKAJ TYAGEE, VICE CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. BHAVNA G. DOSHI
CA. NILESH S. VIKAMSEY
CA. JAYDEEP N. SHAH
CA. M. DEVARAJA REDDY
CA. P. RAJENDRA KUMAR
CA. SUMANTRA GUHA
CA. SUBODH K. AGRAWAL
CA. VIJAY K. GARG
CA. RAVINDRA HOLANI
SHRI ASHUTOSH DIKSHIT
SHRI PRITHVI HALDEA
Secretary: CA. R. Devarajan

CORPORATE LAWS & CORPORATE GOVERNANCE
COMMITTEE

CA. S. SANTHANAKRISHNAN, CHAIRMAN
CA. SHIWAJI B. ZAWARE, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. RAJKUMAR S. ADUKIA
CA. JAYANT P. GOKHALE
CA. M. DEVARAJA REDDY
CA. J. VENKATESWARLU
CA. SUMANTRA GUHA
CA. MANOJ FADNIS
CA. RAVINDRA HOLANI
5
CA. VINOD JAIN
CA. CHARANJOT SINGH NANDA
SMT. RENUKA KUMAR, IAS
SMT. USHA NARAYANAN
SHRI ANIL K. AGARWAL
Secretary: CA. (Dr.) Gourav Vallabh
DIRECT TAXES COMMITTEE
CA. JAYANT P. GOKHALE, CHAIRMAN
CA. M. DEVARAJA REDDY, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. SHIWAJI B. ZAWARE
CA. SANJEEV K. MAHESHWARI
CA. MAHESH P. SARDA
CA. J. VENKATESWARLU
CA. SUMANTRA GUHA
CA. MANOJ FADNIS
CA. SANJAY K. AGARWAL
SHRI ASHUTOSH DIKSHIT
SHRI DEEPAK NARAIN
SHRI ANIL K. AGARWAL
Secretary: CA. Mukta K. Verma

COMMITTEE ON ECONOMIC & COMMERCIAL
LAWS AND TRADE LAWS & WTO

CA. RAJKUMAR S. ADUKIA, CHAIRMAN
CA. P. RAJENDRA KUMAR, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. PANKAJ I. JAIN
CA. MAHESH P. SARDA
CA. SHIWAJI B. ZAWARE
CA. M. DEVARAJA REDDY
CA. MANOJ FADNIS
CA. ANUJ GOYAL
CA. NAVEEN N.D. GUPTA
CA. CHARANJOT SINGH NANDA
SMT. RENUKA KUMAR, IAS
SHRI DEEPAK NARAIN
SHRI SIDHARTH BIRLA
Secretary: Shri Rakesh Sehgal
6
EDITORIAL BOARD
CA. AMARJIT CHOPRA, PRESIDENT (EDITOR)
CA. G. RAMASWAMY, VICE-PRESIDENT (JOINT-EDITOR)
CA. JAYDEEP N. SHAH
CA. SHIWAJI B. ZAWARE
CA. P. RAJENDRA KUMAR
CA. SUMANTRA GUHA
CA. ANUJ GOYAL
CA. PANKAJ TYAGEE
Secretary: Shri Vijay Kapur
ETHICAL STANDARDS BOARD
CA. JAYDEEP N. SHAH, CHAIRMAN
CA. K. RAGHU, VICE CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. BHAVNA G. DOSHI
CA. MAHESH P. SARDA
CA. SHIWAJI B. ZAWARE
CA. MADHUKAR N. HIREGANGE
CA. P. RAJENDRA KUMAR
CA. SUBODH K. AGRAWAL
CA. VIJAY K. GARG
CA. PANKAJ TYAGEE
SHRI SIDHARTH BIRLA
Secretary: Shri N.P. Singh

EXPERT ADVISORY COMMITTEE
CA. SANJEEV K. MAHESHWARI, CHAIRMAN
CA. ANUJ GOYAL, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. BHAVNA G. DOSHI
CA. JAYANT P. GOKHALE
CA. ATUL C. BHEDA
CA. DHINAL A. SHAH
CA. MADHUKAR N. HIREGANGE
CA. ABHIJUT BANDYOPADHYAY
CA. NAVEEN N.D. GUPTA
CA. CHARANJOT SINGH NANDA
SHRI ASHUTOSH DIKSHIT
SHRI DEEPAK NARAIN
Secretary: CA. Anuradha Jain

COMMITTEE ON FINANCIAL MARKETS &
INVESTORS' PROTECTION

CA. VINOD JAIN, CHAIRMAN
CA. PANKAJ I. JAIN, VICE-CHAIRMAN
7
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. RAJKUMAR S. ADUKIA
CA. JAYDEEP N. SHAH
CA. M. DEVARAJA REDDY
CA. V. MURALI
CA. K. RAGHU
CA. SUBODH K. AGRAWAL
CA. ANUJ GOYAL
CA. VIJAY K. GARG
SMT. RENUKA KUMAR, IAS
SHRI PRITHVI HALDEA
SHRI SIDHARTH BIRLA
Secretary: CA. Nitin Jain

FINANCIAL REPORTING REVIEW BOARD
CA. JAYDEEP N. SHAH, CHAIRMAN
CA. NILESH S. VIKAMSEY, VICE-CHAIRMAN
CA. MAHESH P. SARDA
CA. V. MURALI
CA. ABHIJIT BANDYOPADHYAY
CA. RAVINDRA HOLANI
CA. VINOD JAIN
SHRI K.P. SASIDHARAN
SHRI PRITHVI HALDEA
Secretary: Dr. Rashmi Goel

ICAI-ICWAI-ICSI CO-ORDINATION COMMITTEE
CA. AMARJIT CHOPRA, PRESIDENT (LEADER)
CA. G. RAMASWAMY, VICE-PRESIDENT (DEPUTY LEADER)
CA. JAYDEEP N. SHAH
CA. V. MURALI
CA. ABHIJIT BANDYOPADHYAY
CA. MANOJ FADNIS
SMT. RENUKA KUMAR, IAS
SHRI ANIL K. AGARWAL
Secretary: Shri T. Karthikeyan
INDIRECT TAXES COMMITTEE
CA. BHAVNA G. DOSHI, CHAIRPERSON
CA. MADHUKAR N. HIREGANGE, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. RAJKUMAR S. ADUKIA
CA. SANJEEV K. MAHESHWARI
CA. DHINAL A. SHAH
CA. MAHESH P. SARDA
CA. M. DEVARAJA REDDY
CA. P. RAJENDRA KUMAR
CA. ANUJ GOYAL
CA. RAVINDRA HOLANI
8
CA. SANJAY K. AGARWAL
SHRI ASHUTOSH DIKSHIT
SHRI DEEPAK NARAIN
Secretary: CA. Smita Mishra

COMMITTEE ON INFORMATION TECHNOLOGY
CA. S. SANTHANAKRISHNAN, CHAIRMAN
CA. ATUL C. BHEDA, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. PANKAJ I. JAIN
CA. NILESH S. VIKAMSEY
CA. DHINAL A. SHAH
CA. V. MURALI
CA. K. RAGHU
CA. MANOJ FADNIS
CA. CHARANJOT SINGH NANDA
CA. SANJAY K. AGARWAL
CA. PANKAJ TYAGEE
SHRI DEEPAK NARAIN
SHRI PRITHVI HALDEA
Secretary: Shri Rajanikant Varma

INTERNAL AUDIT STANDARDS BOARD
CA. RAJKUMAR S. ADUKIA, CHAIRMAN
CA. NAVEEN N.D. GUPTA, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. NILESH S. VIKAMSEY
CA. ATUL C. BHEDA
CA. K. RAGHU
CA. J. VENKATESWARLU
CA. ABHIJIT BANDYOPADHYAY
CA. RAVINDRA HOLANI
CA. CHARANJOT SINGH NANDA
SHRI K.P. SASIDHARAN
SHRI PRITHVI HALDEA
SHRI SIDHARTH BIRLA
Secretary: CA. Jyoti Singh

INTERNATIONAL AFFAIRS COMMITTEE
CA. AMARJIT CHOPRA, PRESIDENT, CHAIRMAN
CA. G. RAMASWAMY, VICE-PRESIDENT, VICE-CHAIRMAN
CA. RAJKUMAR S. ADUKIA
CA. SUBODH K. AGRAWAL
CA. MANOJ FADNIS
CA. VINOD JAIN
SMT. RENUKA KUMAR, IAS
SMT. USHA NARAYANAN
Secretary: CA. Anita Suneja
9
COMMITTEE ON INTERNATIONAL TAXATION
CA. MAHESH P. SARDA, CHAIRMAN
CA. DHINAL A. SHAH, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. ATUL C. BHEDA
CA. NILESH S. VIKAMSEY
CA. MADHUKAR N. HIREGANGE
CA. SANJAY K. AGARWAL
CA. NAVEEN N.D. GUPTA
SHRI ASHUTOSH DIKSHIT
SHRI ANIL K. AGARWAL
Secretary: CA. R. Devarajan

COMMITTEE FOR MEMBERS IN INDUSTRY
CA. SUBODH K. AGRAWAL, CHAIRMAN
CA. VIJAY K. GARG, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. BHAVNA G. DOSHI
CA. PANKAJ I. JAIN
CA. SHIWAJI B. ZAWARE
CA. S. SANTHANAKRISHNAN
CA. V. MURALI
CA. K. RAGHU
CA. P. RAJENDRA KUMAR
CA. NAVEEN N.D. GUPTA
CA. PANKAJ TYAGEE
SHRI DEEPAK NARAIN
SHRI SIDHARTH BIRLA
SHRI ANIL K. AGARWAL
Secretary: Shri Shaleen Suneja

PEER REVIEW BOARD
CA. PANKAJ I. JAIN, CHAIRMAN
CA. ABHIJIT BANDYOPADHYAY, VICE-CHAIRMAN
CA. RAJKUMAR S. ADUKIA
CA. NILESH S. VIKAMSEY
CA. M. DEVARAJA REDDY
CA. V. MURALI
CA. ANUJ GOYAL
CA. VINOD JAIN
SHRI K.P. SASIDHARAN
SMT. USHA NARAYANAN
Secretary: CA. Ashok Kapoor

PROFESSIONAL DEVELOPMENT COMMITTEE
CA. PANKAJ I. JAIN, CHAIRMAN
CA. CHARANJOT SINGH NANDA, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
10
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. JAYANT P. GOKHALE
CA. JAYDEEP N. SHAH
CA. MAHESH P. SARDA
CA. M. DEVARAJA REDDY
CA. K. RAGHU
CA. SUBODH K. AGRAWAL
CA. ANUJ GOYAL
CA. NAVEEN N.D. GUPTA
CA. PANKAJ TYAGEE
SHRI K.P. SASIDHARAN
SHRI ASHUTOSH DIKSHIT
SMT. USHA NARAYANAN
Secretary: CA. Namrata Khandelwal

COMMITTEE ON PUBLIC FINANCE & GOVERNMENT
ACCOUNTING

CA. ANUJ GOYAL, CHAIRMAN
CA. RAVINDRA HOLANI, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. RAJKUMAR S. ADUKIA
CA. NILESH S. VIKAMSEY
CA. ATUL C. BHEDA
CA. MADHUKAR N. HIREGANGE
CA. V. MURALI
CA. P. RAJENDRA KUMAR
CA. J. VENKATESWARLU
CA. ABHIJIT BANDYOPADHYAY
CA. NAVEEN N.D. GUPTA
SHRI K.P. SASIDHARAN
SHRI ASHUTOSH DIKSHIT
Secretary: CA. Parminder Kaur

RESEARCH COMMITTEE
CA. BHAVNA G. DOSHI, CHAIRPERSON
CA. SUMANTRA GUHA, VICE-CHAIRMAN
CA. AMARJIT CHOPRA, PRESIDENT (EX-OFFICIO)
CA. G. RAMASWAMY, VICE-PRESIDENT (EX-OFFICIO)
CA. JAYANT P. GOKHALE
CA. PANKAJ I. JAIN
CA. ATUL C. BHEDA
CA. S. SANTHANAKRISHNAN
CA. P. RAJENDRA KUMAR
CA. RAVINDRA HOLANI
CA. PANKAJ TYAGEE
SMT. RENUKA KUMAR, IAS
SHRI ASHUTOSH DIKSHIT
SHRI DEEPAK NARAIN
Secretary: CA. Anuradha Jain
11

VISION & PERSPECTIVE PLANNING
COMMITTEE

CA. AMARJIT CHOPRA, PRESIDENT
CA. G. RAMASWAMY, VICE-PRESIDENT
CA. BHAVNA G. DOSHI
CA. JAYANT P. GOKHALE
CA. DHINAL A. SHAH
CA. S. SANTHANAKRISHNAN
CA. MADHUKAR N. HIREGANGE
CA. MANOJ FADNIS
CA. SANJAY K. AGARWAL
CA. VINOD JAIN
SMT. RENUKA KUMAR, IAS
SHRI SIDHARTH BIRLA
SHRI ANIL K. AGARWAL
Secretary: CA. Monika Jain
C. OTHERS

BOARD OF DISCIPLINE [under Section 21A)
CA. AMARJIT CHOPRA PRESIDENT-IN-OFFICE (PRESIDING OFFICER)
CA. SANJEEV K. MAHESHWARI
SHRI R.K. HANDOO (Nominee of the Central Government)
Secretary: CA. Vandana Nagpal
DISCIPLINARY COMMITTEE (under Section 21B)
CA. G. RAMASWAMY, VICE-PRESIDENT- IN- OFFICE, (PRESIDING OFFICER)
CA. J. VENKATESWARLU
CA. MANOJ FADNIS
SHRI S.K. GHOSH, IPS (Retd.) (Nominee of the Central Government)
_________________ (Nominee of the Central Government)
Secretary: CA. Vandana Nagpal