NORTHERN INDIA REGIONAL COUNCIL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA e-newsletter VOL. XLVI, No. 8 December 2018
From the Desk of the Chairman... nircchairman@icai.org ; nirc@icai.in Dear Professional Colleagues Greetings for the day! Greetings for the day...! May this year bring the desired success and happiness in your life that you can cherish always. Wish you a successful and a prosperous New Year. Let s begin this year with new enthusiasm, zeal and try our level best to outdo our ownselves and try to be better than last year professionally as well as personally because your life gets better, when you get better. Let s remember few things at the beginning of this year: 1. Think big and don t listen to the people who tell you it can t be done. Life s too short to think small. 2. If we make appropriate efforts we can develop any habit or thought or behaviour that we consider as desirable or necessary. 3. We become what we think about. So let s think positive about ourselves. 4. A clear vision, backed by definite plans, gives us tremendous feeling of confidence and personal power.
5. Everything you ve ever wanted is on the other side of fear. If we can imbibe these powerful thoughts in our life then no work is out of our range or impossible to achieve. On the onset, I would heartily congratulate the new Flag bearers of the Profession The newly elected Central and Regional Council members. All the best wishes and may you all live upto the expectations of the members who voted for you and work for the glory of this prestigious institution. I am sure you all must be very content with this achievement as you all have undoubtedly worked very hard to achieve this. Keep up the commitment and dedication to serve and work towards betterment and glory of this esteemed profession. Member Programmes In our continuous endeavour to update our members the following seminars and courses have been conducted: On 1st December, 2018 a Seminar on latest Income Tax Judgements and Survey & Search was held wherein CA. Ved Jain and CA. Sanjay Kumar Aggarwal were the key speakers. On 15th December, 2018 another Seminar on Income Tax was held which was deliberated by Dr. Ravi Gupta and CA. Rakesh Gupta. Both the seminars were attended by a lot of members. A Diploma in International Taxation Course has been initiated to apprise and train our members giving them a wider exposure and understanding on International Taxation issues and challenges. Health and fitness are amongst the most important assets of our life. Keeping this in mind we are trying to inculcate various sports events from time to time. A Cricket tournament was held which saw an overwhelming response from the members. Student Programmes On a regular basis Mock Tests, Seminars, MCS Batches and subject coaching are being provided. We try to our level best to provide the best faculties and infrastructure along with other facilities for our students. On 22nd December, 2018 CA. Students Conference was held which was attended by more than 450 students. It s encouraging to see the confidence of the young paper presenters who speak with a lot of confidence and display their knowledge in various fields. An earnest request to all the members to continue to encourage their articles to attend more such programmes as along with field knowledge it s as important to have good and impressive public speaking skills. In the end, I would wish Best of Luck to all my dear Students who have upcoming results. May God shower his blessings on all of you and empower you with the much deserved success. st Date: 31 December, 2018 Place: Ludhiana CA. Pankaj Periwal, Chairman, NIRC of ICAI
Practical Glimpse on Forensic Audit of NPA Accounts by Banks When Ministry of Finance have declared the mandatory scanning of Non-Performing Account over Rs. 50 Cr then Forensic Audit field with high pace formed the major part of the professional services provided by various professionals in the industry. Forensic audit covers a broad level of auditing activities; it is not a defined set of activities regulated by any authority. This involves high level of knowledge and general practice of the Industry both Domestic and International. CA. Paras Aggarwal parasaggarwal9902@gmail.com Read Full article at l.ead.me/bb26fd INDFIND AS 40 / IFRS 40: I Objective of Ind AS-40 IND AS 40 / IFRS 40: INVESTMENTS PROPERTY This Standard prescribes criteria for the accounting treatment for, measurement and disclosures relating to, investment property. The Standard applies to: (i) the measurement in a lessee s financial statements of investment property. CA. Ravinder Singh Pawar Read Full article at l.ead.me/bb26fp NDFIND AS 40 / IFRS 40: 4
Demand & Recovery GST law authorizes the proper officer to determine and demand the following amounts: 1. Tax not paid (S. 73 & S.74) 2. Tax Short paid (S. 73 & S.74) 3. Tax erroneously refunded (S. 73 & S.74) 4. Input Tax Credit Wrongly Availed (S. 73 & S.74) 5. Input Tax Credit Wrongly Utilized (S. 73 & S.74) 6. Tax Collected but not paid (S. 76) 7. Tax Collected under Wrong head (S.77) CA. Vinamar Gupta Read Full article at l.ead.me/bb28g3 INDFIND AS 40 / IFRS 40: Foundation, Intermediate Both & Final Classes of NIRC of ICAI 5
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GLIMPSES A View at the Seminar on latest Income Tax Judgements and Survey & Search held on 1st Dec, 2018 at Hotel Park, Delhi A View at the Seminar on Income Tax held on 15th Dec, 2018 at Hotel Park, Delhi A View at the Cricket Tournament for Members of NIRC of ICAI Table-Tennis Tournament for Members and students organised by Patiala Branch of NIRC of ICAI 7
A View at the National Convention for CA Students Held on 22nd Dec, 2018 at NCUI Auditorium, Delhi 8
Commencement of Certificate Course on GST Organized by J & K Branch of NIRC of ICAI. A View at the CA Students Conference organized by Ludhiana Branch of NIRC of ICAI A View at the CA Students Conference organized by Ludhiana Branch of NIRC of ICAI Lecture Meeting on GST Members Organized by Ludhiana Branch of NIRC of ICAI Lecture Meeting on GST Members Organized by Ludhiana Branch of NIRC of ICAI A View at the Training Programme on Limited Insolvency and Bankruptcy Examination Ludhiana Branch of NIRC of ICAI A View at the Seminar on IND AS & Practical Training organized by Amritsar Branch of NIRC of ICAI. 9
NIRC of ICAI 2019-2022 Regional Council Members CA. Agrawal Shashank CA. Arora Rajender CA. Bhandari Rachit CA. Garg Gaurav CA. Garg Sumit CA. Gupta Avinash CA. Gupta Pankaj CA. Gupta Vijay Kumar CA. Jain Harish Kumar Chaudhary CA. Kanwar Nitin CA. Pathak Shweta CA. Singhal Ajay CA. Yadav Rattan Singh 10
CA. Pankaj Periwal, Chairman, NIRC of ICAI Mob. 9417240316 Email- ca.pankajperiwal@gmail.com CA. Nitin Kanwar Vice-Chairman, NIRC of ICAI Mob. 9716048641, 9810387163 Email- nitin_kanwar@rediffmail.com nitinkanwar@globalca.in CA. Pooja Bansal (Mrs.) Secretary, NIRC of ICAI Mob. 9810550051 Email- poojabansal@saawariya.in CA. Rajender Arora Treasurer, NIRC of ICAI Mob. 9891112120 Email- raa_link_ca@yahoo.co.in CA. Sumit Garg Chairman, NICASA Mob. 9560064645 Email- casumitgarg@yahoo.com CA. Deepak Garg Member, NICASA Mob. 9811064105 Email- deepak@aajvca.com CA. Rakesh Makker Member, NICASA Mob. 9811104384 Email-rakesh.makkar@ymail.com CA. Vivek Khurana Member, NIRC of ICAI Mob. 9868520786 Email- vivek.khurana@icai.org CA. Yogita Anand(Mrs.) Member, NIRC of ICAI Mob. 9582447118 Email- cayogitaanand@gmail.com CA. Rajesh Kr. Agrawal Member, NIRC of ICAI Mob. 9868156062, 9910056062 Email- rajesh_ca@hotmail.com CA. Rajinder Narang Member, NIRC of ICAI Mob. 09416045023, 09812645023 Email- rajinder.fca@gmail.com CA. Swadesh Gupta Member, NIRC of ICAI Mob. 9312580854 Email- caswadeshgupta@spmg.com CA. Alok Jain Member, NIRC of ICAI Mob. 9899259011 Email- alokjaindel@gmail.com 11
December, 2018 CA Naveen N.D. Gupta President, ICAI CA. Prafulla Premsukh Chhajed Vice-President, ICAI NIRC OF ICAI - 2019-2022 (Central Council Members from Northern Region) CA. Chugh Hans Raj CA. Gupta Atul Kumar CA. Jain Pramod CA. Nanda Charanjot Singh CA. Sharma Rajesh CA. Singhal Sanjeev 12