the income tax department has given a very interesting statistics about the online filing of returns posted on its site. the fact to be noticed is that on the last three days the number of returns filed is given hour wise. this shows how much pain our professional brothers including us has taken to make it for our clients in last dates and last hours. the only thing we can take proud is amongst all the states , gujarat is third in efiling numbers. once it was published in our newsletter that what is the definition of a C.A. the answer was : the one who takes the tention of the client on its own head. this is excat represntation of the above definition!!!

Dear All,

At the outset, I congratulate our President, Mehul Vora for taking this innovative step and putting his hard work to make the blog a success.
I am sure that this will go a long way in sharing professional views among all of us.
Wishing the BCAA all the success in the years to come.

Best Wishes,
Manoj Ganatra

ADVISORY SERVICE RULE OF EXPERT ADIVSORY COMITTEE

1. Queries should be stated in clear and unambiguous language. Each query should be self-contained. The querist should provide complete facts and in particular give the nature and the background of the industry or the business to which the query relates. The querist may also list the alternative solutions or viewpoints though the Committee will not be restricted by the alternatives so stated.

2. The Committee would deal with queries relating to accounting and/or auditing principles and allied matters and as a general rule, it will not answer queries which involve only legal interpretation of various enactments and matters involving professional misconduct.

3. Hypothetical cases will not be considered by the Committee. It is not necessary to reveal the identity of the client to whom the query relates.

4. Only queries received from the members of the Institute of Chartered Accountants of India will be answered by the Expert Advisory Committee. The membership number should be mentioned while sending the query.

5. The fee charged for each query is as follows:

(i) Rs. 25,000/- per query where the query relates to:

(a) an enterprise whose equity or debt securities are listed on a recognised stock exchange, or

(b) an enterprise having an annual turnover exceeding Rs.50 crore based on the annual accounts of the accounting year ending on a date immediately preceding the date of sending the query.

(ii) Rs. 10,000/- per query in any other case.

The fee is payable in advance to cover the incidental expenses. Payments should be made by crossed Demand Draft or cheque or Postal Order payable at Delhi or New Delhi drawn in favour of the Secretary, The Institute of Chartered Accountants of India.

6. Where a query concerns a matter which is before the Board of Discipline or the Disciplinary Committee of the Institute, it shall not be answered by the Committee. Matters before an appropriate department of the government or the Income-tax authorities may not be answered by the Committee on appropriate consideration of the facts.

7. The querist should give a declaration in respect of the following as to whether to the best of his knowledge:

(i) the equity or debt securities of the enterprise to which the query relates are listed on a recognised stock exchange;

(ii) the annual turnover of the enterprise to which the query relates, based on the annual accounts of the accounting year immediately preceding the date of sending the query, exceeds Rs. 50 crore;

(iii) the issues involved in the query are pending before the Board of Discipline or the Disciplinary Committee of the Institute, any court of law, the Income-tax authorities or any other appropriate department of the government.

8. Each query should be on a separate sheet and five copies thereof, typed in double space, should be sent. The Committee reserves the right to call for more copies of the query. A copy of the query may also be sent on a floppy or through E-mail at eac@icai.org

9. The Committee reserves its right to decline to answer any query on an appropriate consideration of facts. If the Committee feels that it would not be in a position to, or should not reply to a query, the amount will be refunded to the querist.

10. The right of reproduction of the query and the opinion of the Committee thereon will rest with the Committee. The Committee reserves the right to publish the query together with its opinion thereon in such form as it may deem proper. The identity of the querist and/or the client will, however, not be disclosed, as far as possible.

11. It should be understood clearly that although the Committee has been appointed by the Council, an opinion given or a view expressed by the Committee would represent nothing more than the opinion or view of the members of the Committee and not the official opinion of the Council.

12. It must be appreciated that sufficient time is necessary for the Committee to formulate its opinion.

13. The queries conforming to above Rules should be addressed to the Secretary, Expert Advisory Committee, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi- 110 002.
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA

ABOUT CPE MEETING

Dear Members,

We to arrange maximum CPE meetings in the Month of Oct-2008 to Dec.-2008, so that members can complete their CPE requirements locally. so I request all the members pl. come forward for giving speech at CPE meeting. Pl. select your favourite subject and contact me or Pareshbhai Bhatt for the arragement of CPE meeting.

Happy Dashera to all.

Jk Shah (Dy. Convener)

Time Limit : Form No. 23B

Form No. 23B is to be filed by the Auditor within 30 days from the date of appointment by the company.

OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA

CA PARTNERSHIP RULES

Now a Chartered Account can enter into a Multidisciplinary Partnership Firm
October 2, 2008
Institute of Chartered Accountants of India has issued a
notification no. Na.1-CA(7)/116/2008 dated 25-9-2008 incorporating various amendment to the Chartered Accountants Regulations, 1988.
There are 16 amendments to the regulations. One of the major amendments is provisions relating to multidisciplinary partnership firm.
These amendments are summarized as under:
Earlier vide Chartered Accountants (Amendment) Act, 2006 [w.e.f. 17.11.2006] the provision of First Schedule of the Chartered Accountants Act, 1949 amended substantially and central government has allowed multidisciplinary partnership firms.
It took almost two years to prescribe other qualifications (professionals occupying such qualifications) which are eligible for valid partnership or to share profits / remunerations with a practicing chartered accountant.
The qualifications to share profits / remunerations / commission / brokerage etc. [ Regulation 53A]
(i) Company Secretary within the meaning of the Company Secretaries Act, 1980;
(ii) Cost Accountant within the meaning of the Cost and Works Accountants Act, 1959;
(iii) Actuary within the meaning of the Actuaries Act, 2006;
(iv) Bachelor in Engineering, from a University established by law or an Institution recognised by law;
(v) Bachelor in Technology from a University established by law or an Institution recognised by law;
(vi) Bachelor in Architecture from a University established by law or an Institution recognised by law;
(vii) Bachelor in Law from a University established by law or an Institution recognised by law;
(viii) Master in Business Administration from Universities established by law or technical institutions recognised by All india Council for Technical Education.

Prescribed qualifications of a eligible partner who is not a member of ICAI [ Regulation 53B]
(a) Company Secretary, member, The Institute of Company Secretaries of India, established under the Company Secretaries Act, 1980;
(b) Cost Accountant, member, The Institute of Cost and Works Accountants of India established under the Cost and Works Accountants Act, 1959;
(c) Advocate, member, Bar Council of India established under the Advocates Act, 1961;
(d) Engineer, member, The Institution of Engineers, or Engineering from a University established by law or an Institution recognized by law.
(e) Architect, member, The Indian Institute of Architects established under the Architects Act, 1972;
(f) Actuary, member, The Institute of Actuaries of India, established under the Actuaries Act, 2006.
(g) Professional bodies or Institutions outside India whose qualifications relating to accountancy are recognised by the Council.
OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA

ROC Form 23B Digital Sign required

OUTCOME OF SUPPORT OF ALL THE MEMBERS OF BCAA
While uploading form 23B to ROC digital signature of member is required.
This any member having audit of company must have digital signature. If not already obtained you must apply now.