Dear Professional Friends,
August is a special month. The month in which we celebrate our Independence day... And the start of festive season and as usual our busy schedule of tax audits.
Co-operative Audits: Karnataka State Govt. has made an amendment to Sec.63 of Karnataka Cooperative Society Act, including the Non Chartered Accountants within the meaning of the term 'Auditor' which will be serious erosion on the rights of our profession. The Amendment is pending before the Honorable Governor of Karnataka for ascent. We have requested our institute (ICAI) for help and guidance to safeguard our members' interest. We from KSCAA are planning to take up the appropriate legal remedies to safe guard our professional interest.
We request all the members to generously contribute to our legal fund to meet the legal expenses.
Tax Audit and Representations:
One of our professional responsibilities during the months of August and September is 'Tax Audit'. Now with the increase in limit for number of audits to 60 per CA and revision in reporting formats, our responsibility has also enhanced and we need to be more cautious. I am confident that members would rise up to the occasion and fulfill the professional obligations with acumen.
We have submitted a request to The Chairman, Central Board of Direct Taxes through Principal Chief Commissioner of Income Tax, Bangalore, for deferment of applicability of changes in Form 3CA, 3CB & 3CD u/s 44AB of the Income Tax Act, 1961, to next year. We had an opportunity to meet & discuss the matter with Shri Vimal Anand, JT/Addl. Commissioner of Income Tax(HO)(Admn), Bangalore, who heard our submission and agreed to forward our representation to Chairman, CBDT and further advised to mobilize representation from other professional bodies also.
The Companies Act:
The Ministry of Corporate Affairs has granted the extension of filing of Form DPT4 up to 31.08.2014 without any additional fee under the provisions of The Companies Act, 2013.
The Ministry of Corporate Affairs has announced Company Law Settlement Scheme (CLSS), 2014 vide General Circular No.34/2014 dated 12th August, 2014 wherein one time opportunity has been granted for defaulting companies and its directors. Companies who have not filed their Annual Reports, Financial Statements and related documents due for filing on or before 30/06/2014 can file these documents before 15/10/2014 and avail the benefits such as a) Pay only 25% of payable additional fee b)Enjoy immunity from prosecution & c)Directors will also not be disqualified under section 164(2) of the Companies Act, 2013.
I request the members to make use of this opportunity & advise the clients accordingly.
Further, we are planning to take up various issues faced by professionals, with respective government and other departments in the coming months. Request the members to send your professional issues so that we can collectively take up the matter and work forward to protect our professional interests.
Co-option to EC: Executive committee has extended their arms by co-opting CA N S Ayyanagoudar, Past Chairman, Hubli Branch of SIRC of ICAI for the term 2014-15 for strengthening the Moffusil representation. He is also serving as the co-opted member of Internal Audit Standards Board, ICAI, New Delhi for the term 2014-15. We welcome him for to the KSCAA EC team.
Building Committee Meeting: Building committee meeting of our association was held on 2nd August, 2014. We are grateful to the Past Presidents Sri Anant Mutalik, Sri Allama Prabhu M S, Sri M V Lakshmikantha, Sri A S Vishnu Bharat & Sri Maddanaswamy B V for participating actively & advising the committee to take decisions regarding the rented premises.
Bye Law Amendment Advisory Committee: EC has taken decision to revamp the existing bye-laws of the Association with a new bye-law which meets our current aspirations. Accordingly, the EC is in the process of forming a Bye Law Amendment Advisory Committee.
Welcome to our Professional Fraternity
The results of the CA Final Examination have been declared on 8th August 2014. KSCAA congratulates all the students, who have successfully passed the Examination and welcomes them to our professional fraternity. We wish them all the best in their professional career. We also welcome new members to be part of our esteemed association.
Programs for the month
KSCAA is extending its facilities to Basavangudi CPE study circle for its Workshop on VAT & Service Tax being conducted on 26th August 2014 and Workshop on TDS & Tax Audit issues on 8th September 2014, the details are given elsewhere in this bulletin. Request every member to attend the program to enrich the knowledge and also avail the CPE credit of 4 hours each. Number of delegates is restricted and so request you to register at the earliest.
The festive season starts with Naga Panchami, Raksha bandhan and Vinayaka Chaturthi in the month of August. During the next couple of months we will be celebrating and enjoying many festivals. We convey our good wishes and greetings for happy days ahead.
Let us extend our enthusiasm and festive spirit to the Independence Day celebrations as well.
Happy Independence Day to all of you!
In service of the Profession,
CA. Raveendra S. Kore