ICAI Bhawan, B/h. VR Mall, Dumas Road, Rundh Magdalla, Surat - 395007. Ph.: (0261) 3506372/ 73 / 74 / 75, Mob. : +91 98105 82383 E-mail : [email protected] Web Site : www.surat-icai.org SURAT BRANCH OF WIRC OF ICAI E - Newsletter March 2023 Office Bearers Chairperson : 93270 79369 CA. Arun Narang Vice Chairperson : 99797 64643 CA. Dushyant Vithlani CA. Ashwin Bhauwala 93762 72725 Secretary : Treasurer : 97251 90123 CA. Shailesh Lakhankiya Committee Members : 93760 36646 CA. Nikesh Kothari Imm. Past Chairperson 99049 54005 CA. Manthan Chawat 90670 03989 CA. Preetesh Shah 90042 88880 CA. Chimpu Lapsiwala 99092 74436 CA. Joni Jain 96248 67495 Ex. Officio Member CA. Ishwar Jivani Newsletter Committee : Chairperson : CA Shailesh Lakhankiya INDEX 02 04 05 06 11 17 From Chairman’s Desk From Editorial Desk Overview from Industry - A GREEN INDIA FOR ALL All about Jobwork under GST LIBERALISED REMITTANCE SCHEME (LRS) UNDER FEMA One more feather added to Section 43B 01 02 03 04 05 06 18 25 26 27 31 of the Income Tax Act, 1961 in Finance Bill, 2023 Corporate Social Responsibility Managing Committee Meeting Attendance Event Snap Shot Media Coverage Upcoming events of Surat Branch 07 08 09 10 11
SURAT BRANCH OF WIRC OF ICAI 1 1st Row (L to R) Vice Chairperson CA. Dushyant Vithlani, Chairperson CA. Arun Narang, Secretary CA. Ashwin Bhauwala, Treasurer CA. Shailesh Lakhankiya 2nd Row (L to R) CA. Preetesh Shah, CA Joni Jain, Imm. Past Chairperson CA. Nikesh Kothari, CA Chimpu Lapsiwala, CA Manthan Chawat Theme For the year 2023 -2024
SURAT BRANCH OF WIRC OF ICAI 2 Dear Professional Colleagues, I am elated today and humbled as I accept the prestigious post of The Chairperson of Surat Branch of WIRC of ICAI. First of all I am thankful to the almighty, for bestowing me this opportunity and to my parents, for the wise upbringing they have given me. I am thankful to all the members of my Branch for reposing faith in me and entrusting the task of Chairmanship and to lead the Surat Branch along with my office bearers for the year 2023- 24. As the Chairperson of the branch, I assure you all that no stone will remain unturned in bringing out the best opportunities and learning experience to you all and take our branch to a new horizon. I am grateful to immediate past chirman CA. Nikesh Kothari, and other past Chairman's, for their warmth, support and fellowship extended during the previous years. At the same time I look forward to continued guidance and support from all the Past and Present Office bearers. I would like to convey my heartiest congratulations to the newly elected ICAI President CA. Aniket Sunil Talati Sir and Vice President CA. Ranjeet Kumar Agarwal Sir. I am extending my heartiest wishes to newly elected Chairperson of WIRC of ICAI - CA. Arpit Jagdish Kabraand Vice ChairpersonCA. Hitesh Manharlal Pomal. As you all know that Surat Branch has been awarded the 2nd Best Branch Award and also Surat Wicasa has been awarded the 2nd best WICASAaward for the year 2022-23.I take this opportunity to heartily congratulate the entire preceding team for their successful tenure. “Coming together is a beginning. Keeping together is progress. Working together is success”. To progress you have to grow. I, along with my team, shall strive for continuous professional development of members and endeavour to carry forward the rich legacy of our Branch. Theme for the year is: For month of March, we are coming up with several programmes such as - Celebration of Women's Day, Full Day Seminar on Bank Branch Audit, Seminar on Peer Review, Regional Summit for Practicing Chartered Accountants. Surat branch is always in hands with you all, having its door open as a mentor to provide you all the required professional guidance and support that one needs to always stay motivated and achieve newer heights. Hence, I humbly request you all to keep showing the on-going support and participation so that we can together as a Team keep broadening our horizons. The month of March being of Holi- Festival of colours. May the festival of Holi add colours of happiness, colours of prosperity and colours of love in your life to help you paint a colourful picture of your life with your loved ones... Wishing you all Happy Holi !!! k [email protected] #+91 93270 79369 From Chairman’s Desk: CA. Arun Narang Chairperson
SURAT BRANCH OF WIRC OF ICAI 3 Surat Branch Congratulates President ICAI CA. Aniket Sunil Talati Vice President CA. Ranjeet Kumar Agarwal CA. Arpit Kabra - Chairman, WIRC CA. Hitesh Pomal - Vice-Chairman, WIRC CA. Sourabh Ajmera - Secretary, WIRC CA. Ketan Saiya - Treasurer, WIRC Office Bearers 2023-24 WIRC of ICAI
From Newsletter Desk: “Anyone who stops learning is old, whether at twenty or eighty, Anyone who keep learning Stays Young” Greetings to the Members of Surat Branch, I extend my warm wishes to you and your loved ones on the occasion of Holi. May you be blessed with a life filled with vibrant and beautiful colors. I am writing to you today for the final time as the Chairman of the Newsletter Committee. Firstly, I would like to express my gratitude to CA Nikesh Kothari, the immediate past Chairperson of Surat Branch, for entrusting me with the responsibility of overseeing the publication of the newsletter. I would also like to extend my thanks to all the subcommittee members who have provided unwavering support in ensuring that the newsletter is published on time every month. Furthermore, I would like to thank each and every author who has contributed their articles to the Surat Branch newsletter. Lastly, I would like to thank all the members of Surat Branch for actively participating as readers of the newsletter. As the Chairman of the Newsletter Committee, I have had an incredible journey filled with numerous opportunities for growth and learning. This Newsletter includes All about Job work under GST, LIBERALISED REMITTANCE SCHEME (LRS) UNDER FEMA, One more feather added to Section 43B of the Income Tax Act, 1961 in Finance Bill, 2023, Corporate Social Responsibility, and Upcoming CPE Programme by Surat Branch. Let's learn together, grow together, shine together and succeed together and take a pledge to make Surat branch reach newer heights in alignment with our theme of this year “We CARE” I urge all the Members of Surat Branch who are willing to contribute for E-newsletter, kindly share your insights on topics of your choice with us on [email protected]. Happy Learning!! Stay safe and Stay healthy. CA Shailesh Lakhankiya Chairperson Newsletter Committee SURAT BRANCH OF WIRC OF ICAI 4
A GREEN INDIA FOR ALL Achieving sustainability is crucial for the well-being of our planet and its inhabitants. Sustainability refers to the process of meeting the needs of the present without compromising the ability of future generations to meet their own needs. It involves balancing environmental, social, and economic factors in decision-making and taking actions that benefit all stakeholders. One of the key steps to achieving sustainability is reducing waste. The 3Rs- reduce, reuse, and recycle- can help conserve resources and reduce the amount of waste that ends up in landfills. Businesses and individuals can adopt green practices like reducing energy consumption, using renewable resources, and promoting sustainable products. CA fraternity is considered to be the heart of any business sector, with their knowledge and skills they can educate the industries with the benefits of diversifying the practises green projects to promote the growth of Industry and at the same time achieve sustainability. Education and awareness-raising are also key to achieving sustainability. By educating people about the importance of sustainability and promoting responsible behaviour, we can create a more sustainable society. Over the years, India has taken steps both at national and sub-national levels to balance environmental sustainability with economic growth. India has progressively continued decoupling of economic growth from greenhouse gas emissions. Initiatives of the central government of achieving the target of Net Zero by 2030 alone will lead to reduction of emissions by 60 million tonnes. Appreciating the vision of our Hon'ble Prime minister Shri Narendra Modi to achieve Atmanirbhar Bharat–Make in India–Zero Defect in Manufacturing and Zero Defect to Environment (ZED) and his commitment to achieve Net Zero Emissions by 2070 and to reduce the total projected Carbon Emissions by One Billion Tones till 2030, as has been declared by him at the 26th conference of Parties (CoP26) summit on Climate change and to make India as the World Manufacturing Hub and the efforts made by our state government under the leadership of Shri Bhupendra patel to make Gujarat the most industrialized state contributing upto 8% to India's Gross Domestic Product (GDP). In keeping with the ambition to significantly reduce the carbon intensity of the economy, the Union Budget 2022-23 announced the issue of Sovereign Green Bonds which will help the Government of India in tapping the requisite finance from potential investors for deployment in public sector project aimed at reducing the carbon intensity of the economy. The budget of 2023-24 has prominently focused on achieving green growth- from green credits to green energy to green mobility to green farming. The minister of finance also pledged Rs. 35,000 crore in support of net zero and energy transition objectives. Further the budget of Rs. 10,222 crore for the ministry of New and Renewable energy has been allocated to promote transformation in the energy sector. The recently launched national green hydrogen mission, with an outlay of Rs. 19,700 crores will facilitate the transition of the economy to low carbon intensity promoting sustainable environment. There are many industries in India which are dedicated to promoting sustainability, including common Hazardous waste treatment, storage and disposal facilities, common boiler projects, waste to energy plant, deep-sea effluent disposal pipeline projects, solar power plants, electric vehicle. With more and more industries diversifying and adapting green lane approach to achieve business growth, this has also promoted growth in the investor sector. Sustainable investment is another important benefit of promoting sustainable business, investors are driving towards investing more into ESG Compliant industries, as per Benori Knowledge, sustainable investment by Indian PE and VC firms are projected to growth to $125 billion by 2026, at a 5-year CAGR of 46%. Such an opportunity for the CA fraternity and the Industrial sector to do good for the society and making sustainable profitable business shall be promoted in the sector. In last, Best wishes to Team Surat Branch of ICAI for wonderful tenure. With regards, Vishal S. Budhia Chairman CII South-Gujarat region Managing Director Steamhouse India Limited SURAT BRANCH OF WIRC OF ICAI 5
As per Section 2(68) of the CGST Act, 2017, Job-work means any treatment or process undertaken by a person on goods belonging to another person whether registered or not. Thus, goods supplied by the person for any treatment to be done upon the goods falls under job-work. It's clear from the meaning that the goods are not sold to the person but is bailed to that job-worker, which is to be returned by him within the specified time under the act; and hence, the ownership of the goods remains that of the principal and not the jobworker. The person on whose goods job-work is performed is called “Principal”. Goods can be sent either by the Principal to Job-Worker or by the primary supplier of goods to directly job-worker on behalf of the principal. Job-workers are given various concessions under GST, along with the principals also; but compliances are led on the principal to be fulfilled. Responsibility of sending the goods and bringing it back to/from the job-worker is casted on the principal and not job-worker and also the maintenance of proper account books for goods sent to job-work lies with the principal. GST specifies separate provisions for such kind of supply. Agent & Job-worker Sometimes, job-worker may be misinterpreted as Agent, but there exists much difference between the two. Procedure for Job-Work Principal sends the goods to the job-worker for further processing or any other treatment to be performed; while sending the goods. Job-worker is required to do the necessary processes as mentioned under the agreement and return the same within the specified time period; on failure of which, other applicable provision may be levied. Registration of job-worker As per clause 3 of Schedule II to CGST Act 2017, any treatment or process applied to another person goods are to be treated as supply of services; thus, job-work being work done by a person on some other person's goods, the same shall be treated as supply of service. All about Job-Work under GST CA CRISPEE ATIT MORAKHIYA Agent Job-Worker Carries on the business of the principal on behalf of the principal. Doesn’t carry the business of the principal on principal’s behalf Doesn’t process the goods further or perform any treatment. Process the goods further or perform treatment as per the principal’s directions. Sale of goods by the agent is also included in the turnover of the principal. The treatment and processes performed on the goods is include d in the turnover of the Job -worker. SURAT BRANCH OF WIRC OF ICAI 6
As per Registration norms, any person who is engaged in supply of service whose aggregate turnover exceeds ₹20,00,000 during the financial year is mandatorily required to get registered under GST irrespective of the fact whether the same is inter state or intra state. Document of Record for Job-work As goods are moving out of the business, the supplier too has to make record of it but as it's not a sale thus no tax invoice can be generated, as a result of this, under Rule 55(1) of CGST Act, Challan is to be issued by the supplier furnishing all the details regarding the goods including • Date (of challan and transportation) and the number of delivery challan • Name, address and GSTIN of the consigner, if registered. • If registered: Name, address and GSTIN or Unique Identity Number of the consignee. If unregistered then name, address, and place of supply. • HSN code for the goods • Description of goods • Quantity of goods supplied (Optional, If the exact quantity being supplied is not known) • The taxable value of supply • GST tax rate and tax amount divided for CGST, SGST, IGST, and GST Cess – where the transportation is for supply to the consignee • Place of supply, in case of inter-state movement of goods • Signature Details to be included in the Challan generated for job-work is provided under Rule 55 of Invoice Rules. Challan thus here works as document of record for the goods sent to job-worker for the purpose. Principal is required to show the challans so issued in its Form GSTR1 along with Form GST ITC-04. If the goods are not received back by the principal within the specified time from the job-worker, movement of goods is deemed as sale being made to job-worker from the date on which the goods are sent by principal or on the date it received by the job-worker when directly sent from the supplier of goods; hence deeming the challan so generated earlier be treated as invoice for the same. Retuning Norms for Job-work Goods sent for Job-work is required to be returned within the specified time as stated in Act. It is stated as under: Particulars Time limit to Return Input Goods 1 year Capital Goods 3 years Tools, Fixtures, Jigs, Moulds, and Dies Not applicable SURAT BRANCH OF WIRC OF ICAI 7
What if not returned within the specified time? If the goods sent on job-work is not returned, it would be deemed as sale of goods and time of supply would be, the date of supply or date of receipt, if supplied by principal or supplier of the goods respectively; and principal would be liable to the GST on deemed supply and it would be required to be paid along with the interest as applicable, and be shown in principal's GSTR1 in the period when the period of 1 or 3 years ends. And, if it's supplied after the stipulated time period, then job-worker would be liable to pay GST if he is liable for registration in accordance with the provisions contained in the CGST 11 Act read with the rules made thereunder. It may be noted that if the job worker is not registered, GST would be payable by the principal on reverse charge basis in terms of the provisions contained in section 9(4) of the CGST Act. After Job-work is finished? After completion of the job-work, the same is to be returned or it can be directly sent to the customer on the standing instruction as received from the principal; But, if the goods are directly sent to the customer from the job-worker, Principal is required to mandatorily provide premise of job-worker as Principal's Additional Place of Business (PoB); this declaration of Additional PoB is not required if job-worker is a registered person under GST. Supply of waste and scrap generated during the job work Sub - section (5) of Section 143 of the CGST Act provides that the waste and scrap generated during the job work may be supplied/sold by the registered job worker directly from his place of business or by the principal in case the job worker is not registered. Input-Tax Credit availability to Principal Cases Implications Goods sent by principal and returned in time No adverse implication, will be treated as usual Job-Work. Goods sent directly by supplier of goods and returned in time No adverse implication, will be treated as usual Job-Work. Goods sent by principal or directly from the supplier of goods to job-worker and returned after specified time The goods sent on Job-work will be treated as Deemed Supply; time of supply will be on the date of receipt of goods by job-worker; the job worker would be liable to pay GST if registered else principal on reverse charge basis. Goods sent by principal and not returned The same will be treated as Deemed Sale, time of supply will be the date on which it sent out to job-worker. Goods sent directly by supplier and not returned The same will be treated as Deemed Sale, time of supply will be the date of receipt of goods by job-worker. SURAT BRANCH OF WIRC OF ICAI 8
SURAT BRANCH OF WIRC OF ICAI 9 For the goods supplied by the Principal to the job-worker directly from the supplier of goods, then principal is not restrained from taking ITC on such goods, for the reason that goods aren't received by Principal yet (Receiving the goods at the premise of the registered person is a must to claim the ITC); its deemed as if the goods have been received by the principal and hence, principal is eligible for claiming ITC for the input tax paid on purchase of such goods that are sent for job-work directly by the supplier or the principal, irrespectively. Following conditions are to be fulfilled for claiming ITC: - Filing of Form GST ITC-04 • Due date: - With effect from 1st October 2021, it is a half-yearly and yearly form as follows: (1) Those with an annual aggregate turnover of more than Rs.5 crore – Half-yearly from AprilSeptember- due on 25th October and October-March due on 25th April. (2) Those with an annual aggregate turnover of up to Rs.5 crore – Yearly from FY 2021-22 due on 25th April. (ITC-04 was a quarterly form un l September 2021. It had to be furnished on or before the 25th day of the month succeeding the quarter. For example, for the Jul-Sept quarter, the due date is 25th October 2021.) • Form details is to be filed in two parts: - 1. Goods sent to job-worker Conditions to claim ITC 1. Goods should be sent to job -worker by principal or directly from supplier. 2. Goods shall be received back from job -work or sent o r other job-worker or directly supplied to customer within the specified time limit. 3. ITC-04 is to be filed by the Principal half -yearly or annualy, as applicable.
2. Goods received back from the job-worker # +91 9773096377 k [email protected] SURAT BRANCH OF WIRC OF ICAI 10
In the previous articles, we have discussed about the capital accounts and current account transactions under FEMA. Now, we will discuss about the Liberalized Remittance Scheme (LRS) and TCS under the Income Tax Act thereon. l This Scheme was introduced vide GoI Notification G.S.R. No.207(E) dated March 23, 2004, as a liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions or combination of both. It covers and includes both, INR and Forex, transfer by the Resident Individual. l Under the scheme, AD (Authorised Dealers) may freely allow remittances by resident individuals (including minors) up to USD 2,50,000 per Financial Year (April to March) for any permitted current or capital account transaction or a combination of both. The LRS Scheme is not available to corporates, partnership firms, HUF, Trusts, etc. In case of remitter being a minor, the Form A2 must be countersigned by the minor's natural guardian. l Since introduction of this scheme, LRS limit has been revised as under : l he benefit of consolidated remittance can be taken under the scheme in respect of family members subject to individual family members complying with its terms and conditions. However, clubbing is not permitted by other family members for capital account transactions such as making an investment/ opening a bank account, if they are not the co-partners/co-owners of the said investment/bank account. Remittances for purchase of property shall be in accordance with the provisions mentioned below. A resident cannot gift to another resident, in foreign currency, for the credit of the latter's foreign currency account held abroad under LRS. l - Acquisition of immovable property abroad, Overseas Direct Investment (ODI) and Overseas Portfolio Investment (OPI), in accordance with the provisions contained in Foreign Exchange Management (Overseas Investment) Rules, 2022, Foreign Exchange Management (Overseas Investment) Regulations, 2022 and Foreign Exchange Management (Overseas Investment) Directions, 2022 l The permissible capital account transactions by an individual under LRS are LIBERALISED REMITTANCE SCHEME (LRS) UNDER FEMA CA. KAMLESH GAJERA SURAT BRANCH OF WIRC OF ICAI 11 Date Feb 4, 2004 Dec 20, 2006 May 8, 2007 Sep 26, 2007 Aug 14, 2013 Jun 3, 2014 May 26, 2015 Limit in USD 25,000 50,000 1,00,000 2,00,000 75,000 1,25,000 2,50,000
- opening of foreign currency account abroad with a bank - acquisition of immovable property abroad, Overseas Direct Investment (ODI) and Overseas Portfolio Investment (OPI) - extending loans including loans in Indian Rupees to Non-resident Indians (NRIs) who are relatives as defined in section 2(77) Companies Act, 2013 l All other transactions which are otherwise not permissible under FEMA and those in the nature of remittance for margins or margin calls to overseas exchanges/ overseas counterparty are not allowed under the Scheme. l The limit of USD 2,50,000 per Financial Year under the scheme also includes/subsumes remittances for current account transactions (viz. private visit; gift/donation; going abroad on employment; emigration; maintenance of relatives abroad; business trip; medical treatment abroad; studies abroad) available to resident individuals under Para 1 of Schedule III to Foreign Exchange Management (Current Account Transactions) Amendment Rules, 2015 dated May 26, 2015. Release of foreign exchange exceeding USD 2,50,000, requires prior permission from the Reserve Bank of India. 1. Private Visit: Any resident individual can obtain foreign exchange up to an aggregate amount of USD 2,50,000 from an Authorised Dealer or FFMC (Full Fledged Money Changer), in any one financial year, irrespective of the number of visits undertaken during the year, for private visits abroad, other than to Nepal and Bhutan. Further, all tour related expenses including cost of rail/road/water transportation; cost of Euro Rail; passes/tickets, etc. outside India; and overseas hotel/lodging expenses shall be subsumed under the LRS limit. The tour operator can collect this amount either in Indian rupees or in foreign currency from the resident traveller. 2. Gift or Donation Any resident individual may remit up-to USD 2,50,000 in one FY as gift to a person residing outside India or as donation to an organization outside India. 3. Emoigration or going abroad for employment A person wanting to emigrate can draw foreign exchange from AD Category I bank and AD Category II up to the amount prescribed by the country of emigration or USD 250,000. Simlilarly A person going abroad for employment can draw foreign exchange up to USD 2,50,000 per FY from any Authorised Dealer in India. Note: - Remittance of any amount of foreign exchange outside India in excess of this limit may be allowed only towards meeting incidental expenses in the country of immigration and not for earning points or credits to become eligible for immigration by way of overseas investments in government bonds; land; commercial enterprise; etc. 4. Maintenance of relatives abroad A resident individual can remit up-to USD 2,50,000 per FY towards maintenance of relatives ['relative' as defined in Section 2(77) of the Companies Act, 2013] abroad. SURAT BRANCH OF WIRC OF ICAI 12
5. Business trip For attending an international conference, seminar, specialised training, apprentice training, etc., in foreign countries, a resident individuals can avail of foreign exchange up to USD 2,50,000 in a FY irrespective of the number of visits undertaken during the year. Note:- if an employee is being deputed by an entity for any of the above and the expenses are borne by the latter, such expenses shall be treated as residual current account transactions outside LRS and may be permitted by the AD without any limit, subject to verifying the bonafides of the transaction. 6. Medical treatment AD may release foreign exchange up to an amount of USD 2,50,000 or its equivalent per FY without insisting on any estimate from a hospital or doctor. For amount exceeding the above limit, Authorised Dealers may release foreign exchange under general permission based on the estimate from the doctor in India or hospital/ doctor abroad. Note: A person who has fallen sick after proceeding abroad may also be released foreign exchange by an Authorised Dealer (without seeking prior approval of the Reserve Bank of India) for medical treatment outside India. In addition to the above, an amount up to USD 250,000 per financial year is allowed to a person for accompanying as attendant to a patient going abroad for medical treatment/check-up. 7. Students AD Category I banks and AD Category II, may release foreign exchange up to USD 2,50,000 or its equivalent to resident individuals for studies abroad without insisting on any estimate from the foreign University. However, they may allow remittances (without seeking prior approval of the Reserve Bank of India) exceeding USD 2,50,000 based on the estimate received from the institution abroad. l Remittances under the scheme can be used for purchasing objects of art subject to the provisions of other applicable laws such as the extant Foreign Trade Policy of the Government of India. l Remitter individuals can also open, maintain and hold foreign currency accounts with a bank outside India for making remittances under the scheme without prior approval of the Reserve Bank. The foreign currency accounts may be used for putting through all transactions connected with or arising from remittances eligible under this scheme. l This scheme not available for: l Remittances for any purpose specifically prohibited under Schedule I or any item restricted under Schedule II of Foreign Exchange Management (Current Account Transaction) Rules, 2000, dated May 3, 2000, as amended from time to time. l Capital account remittances to countries identified by Financial Action Task Force (FATF) as nonco-operative countries and territories as available on FATF website www.fatf-gafi.org or as notified by the Reserve Bank. Remittances directly or indirectly to those individuals and entities identified as posing significant risk of committing acts of terrorism as advised separately by the Reserve Bank to the banks is also not permitted. l Documentation and Procedure for the remittance: l The remitter individual will have to designate a branch of an AD through which all the remittances for capital account transactions under the Scheme will be made. The resident individual seeking to make the remittance should furnish Form A2 for purchase of foreign exchange under LRS. SURAT BRANCH OF WIRC OF ICAI 13
l The applicants should have maintained the bank account with the bank for a minimum period of one year prior to the remittance for capital account transactions. LRS limit of USD 250, 000 for current account transactions under Schedule III of FEM (CAT) Amendment Rules, 2015, such as for private and business visits which can also be provided by FFMCs. As FFMCs cannot maintain accounts of remitters the proviso (as mentioned in para 5.4 of the circular AP DIR Circular 106 dated June 01, 2015) has been confined to capital account transactions. However, FFMCs, are required to ensure that the "Know Your Customer" guidelines and the Anti-Money Laundering Rules in force have been complied with while allowing the current account transactions. l It is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) to make remittance under the Scheme. l Facility to grant loan in rupees to NRI/ PIO relative under the Scheme l Resident individual is permitted to lend to a Non-resident Indian (NRI)/ Person of Indian Origin (PIO) relative ['relative' as defined in Section 2(77) of the Companies Act, 2013] by way of crossed cheque/ electronic transfer subject to some conditions. The list of relatives eligible to receive a loan under LRS from a resident individual are defined under section 2(77) of the Companies Act 2013 as enumerated below. As per the said section, a "relative" with reference to any person, means anyone who is related to another, if: (i) they are members of a Hindu Undivided Family; (ii) they are husband and wife; or (iii) one person is related to the other in such manner as may be prescribed; Prescribed list of relatives in terms of clause (77) of section 2 (refer item no (iii) above) A person shall be deemed to be the relative of another, if he or she is related to another in the following manner, namely: Father (including step-father, if any) Mother (including step-mother, if any) Son (including step-son if any) Son's wife. Daughter (Note: Step-daughter not a relative). Daughter's husband Conditions: 1. The loan is free of interest and the minimum maturity of the loan is one year. 2. The loan amount should be within the overall limit under the LRS of USD 2,50,000 per financial year available for a resident individual. It would be the responsibility of the resident individual to ensure that the amount of loan granted by him is within the LRS limit. 3. The loan shall be utilized for meeting the borrower's personal requirements or for his own business purposes in India. 4. The loan shall not be utilized, either singly or in association with other person for any of the activities in which investment by persons resident outside India is prohibited, namely: a. The business of chit fund, or b. Nidhi Company, or c. Agricultural or plantation activities or in real estate business, or construction of farm houses, or d. Trading in Transferable Development Rights (TDRs). SURAT BRANCH OF WIRC OF ICAI 14
5. The loan amount should be credited to the NRO a/c of the NRI / PIO. Credit of such loan amount may be treated as an eligible credit to NRO a/c. 6. The loan amount shall not be remitted outside India. 7. Repayment of loan shall be made by way of inward remittances through normal banking channels or by debit to the Non-resident Ordinary (NRO)/Non-resident External (NRE) / Foreign Currency Non-resident (FCNR) account of the borrower or out of the sale proceeds of the shares or securities or immovable property against which such loan was granted. l Rupee Gift by a Resident Individual to NRI/PIO 1. A resident individual can make a rupee gift to a NRI/PIO who is a relative of the resident individual ('relative' as defined in Section 2(77) of the Companies Act, 2013) by way of crossed cheque /electronic transfer. 2. The amount should be credited to the Non-Resident (Ordinary) Rupee Account (NRO) a/c of the NRI / PIO and credit of such gift amount may be treated as an eligible credit to NRO a/c. 3. The gift amount would be within the overall limit of USD 250,000 per FY as permitted under the LRS. l TCS PROVISIONS UNDER THE INCOME TAX ACT, 1961 The relevant section 206C(1G) reads as under: (1G) Every person, — (a) being an authorised dealer, who receives an amount, for remittance out of India from a buyer, being a person remitting such amount out of India under the Liberalised Remittance Scheme of the Reserve Bank of India; (b) being a seller of an overseas tour program package, who receives any amount from a buyer, being the person who purchases such package, shall, at the time of debiting the amount payable by the buyer or at the time of receipt of such amount from the said buyer, by any mode, whichever is earlier, collect from the buyer, a sum equal to five per cent of such amount as income-tax: Provided that the authorised dealer shall not collect the sum, if the amount or aggregate of the amounts being remitted by a buyer is less than seven lakh rupees in a financial year and is for a purpose other than purchase of overseas tour program package: Provided further that the sum to be collected by an authorised dealer from the buyer shall be equal to five per cent of the amount or aggregate of the amounts in excess of seven lakh rupees remitted by the buyer in a financial year, where the amount being remitted is for a purpose other than purchase of overseas tour program package: Provided also that the authorised dealer shall collect a sum equal to one half per cent of the amount or aggregate of the amounts in excess of seven lakh rupees remitted by the buyer in a financial year, if the amount being remitted out is a loan obtained from any financial institution as defined in section 80E, for the purpose of pursuing any education: Provided also that the authorised dealer shall not collect the sum on an amount in respect of which the sum has been collected by the seller: Provided also that the provisions of this sub-section shall not apply, if the buyer is,— SURAT BRANCH OF WIRC OF ICAI 15
SURAT BRANCH OF WIRC OF ICAI 16 (i) liable to deduct tax at source under any other provision of this Act and has deducted such amount; (ii) the Central Government, a State Government, an embassy, a High Commission, a legation, a commission, a consulate, the trade representation of a foreign State, a local authority as defined in the Explanation to clause (20) of section 10 or any other person as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein. Explanation.—For the purposes of this sub-section,— (i) "authorised dealer" means a person authorised by the Reserve Bank of India under sub-section (1) of section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999) to deal in foreign exchange or foreign security; (ii) "overseas tour programme package" means any tour package which offers visit to a country or countries or territory or territories outside India and includes expenses for travel or hotel stay or boarding or lodging or any other expenditure of similar nature or in relation thereto # +91 99097 00197 k [email protected] Serial No. Remittance Type Existing Position (Present Rate) Proposed Rate by FA 2023 1 For the purpose of any education, if the amount being remitted out is a loan obtained from any financial institution as defined in section 80E 0.5% (of the amount or the aggregate of the amounts in excess of Rs. 7 lakhs.) No Change 2 For the purpose of education, other than (i) or for the purpose of medical treatment. 5% (of the amount or the aggregate of the amounts in excess of Rs. 7 lakhs.) No Change 3 Overseas tour package 5% (Without any threshold limit.) 20% (Without any threshold limit.) 4 Any other case 5% (of the amount or the aggregate of the amounts in excess of Rs. 7 lakh.) 20% (Without any threshold limit.)
Background Section (“S.”) 43B of the Income Tax Act, 1961 (“the ITA”) provides for deductions on actual payment basis in respect of certain type of expenditure. It provides that the expenditure referred therein would be allowed as deduction only in the year in which the same is actually paid irrespective of the fact that the assessee follows accrual system of accounting. However, such expense is allowable as deduction where the same is paid before the due date of filing of Return of Income (“ROI”) applicable to the assessee. S. 15 of the Micro, Small and Medium Enterprises Development (“MSMED”) Act 2006 mandates payments to micro and small enterprises which supplies any goods or renders any services to any buyer should be made on or before the date agreed upon between buyer and the enterprise in writing which cannot be more than 45 days or, where there is no agreement in this behalf, within 15 days from the day of acceptance or the day of deemed acceptance of any goods or any services by the buyer from the enterprise. Proposed Amendment It is proposed to insert a new clause (h) in S. 43B of the ITA to include the payments made to micro and small enterprises covered under said S. 15 of the MSMED Act 2006 within the ambit of S. 43B. It is proposed that any sum, to which the limit under S. 15 of MSMED Act 2006 applies in respect of micro and small enterprises, shall be allowed as deduction only on actual payment. Further, the general relaxation provided in S. 43B in cases where the payment is made before the due date of filing of ROI has not been extended to this category. As a result, where such delayed payment to micro and small enterprise is made by the assessee after the end of a particular PY but before the due date of filing of ROI for the corresponding AY, the same would be allowed as deduction only in the next AY. The said provisions shall apply from April 1, 2024 i.e., AY 2024-25. Overview of Micro and Small Enterprises • Definition of Micro and Small Enterprises One more feather added to Section 43B of the Income Tax Act, 1961 in Finance Bill, 2023 CA MONARK PADMANI SURAT BRANCH OF WIRC OF ICAI 17 Classification Micro Small Manufacturing Enterprises and Enterprises rendering Services Investment in Plant and Machinery or Equipment: Not more than Rs.1 crore and Annual Turnover ; not more than Rs. 5 crore Investment in Plant and Machinery or Equipment: Not more than Rs.10 crore and Annual Turnover ; not more than Rs. 50 crore
Note: criteria of investment or turnover, it will cease to exist in that category and be placed in the next higher category but no enterprise shall be placed in the lower category unless it goes below the ceiling limits specified for its present category in both the criteria of investment as well as turnover. turnover or both, and consequent re-classification, an enterprise shall continue to avail of all non-tax benefits of the category (micro or small or medium) it was in before the re-classification, for a period of three years from the date of such upward change. declaration of the promoter of the enterprise and such relaxation shall end after the 31st March of the financial year in which it files its first ITR As per Clarification dated 28.09.2021 issued by Office of Development Commissioner (Policy & Governance Section), Ministry of MSME: (Effective from 01.07.2020) (1) The calculation of investment in plant and machinery or equipment will be linked to the Income Tax Return (ITR) of the previous years filed under the Income Tax Act, 1961. (2) The expression “plant and machinery or equipment” of the enterprise, shall have the same meaning as assigned to the plant and machinery in the Income Tax Rules, 1962 framed under the Income Tax Act, 1961 and shall include all tangible assets (other than land and building, furniture and fittings) (3) The purchase (invoice) value of a plant and machinery or equipment, whether purchased first hand or second hand, shall be taken into account excluding Goods and Services Tax (GST), on self-disclosure basis, if the enterprise is a new one without any ITR. (4) The cost of certain items specified in the Explanation I to sub-section (1) of section 7 of the Act shall be excluded from the calculation of the amount of investment in plant and machinery. (1) Exports of goods or services or both, shall be excluded while calculating the turnover of any enterprise whether micro, small or medium, for the purposes of classification. (2) Information as regards turnover and exports turnover for an enterprise shall be linked to the SURAT BRANCH OF WIRC OF ICAI 18 Financial Year of Registration in Udyam Portal and classification as MSMEs Data (Investment, Turnover and Export) taken or to be taken from IT department and GSTN from the relevant Financial Year 2021-22 2019-20 2022-23 2020-21 2023-24 2021-22
Income Tax Act or the Central Goods and Services Act (CGST Act) and the GSTIN. Interesting Fact: As on 27th February, 2023, there are 1,39,67,114 micro enterprises and 4,48,181 small enterprises. Rationale of the Proposed Amendment The said amendment has been proposed to ensure and promote timely payments to micro and small enterprises covered under MSME. Comments The proposed amendment aims to promote timely payments to to micro and small enterprises. This clause covers the sum payable by the buyer on supply of goods or rendering of services by a micro and small enteprises. It is proposed that the proviso to S. 43B would not apply on such payments. Thus, if the assessee makes payment to a micro and small enteprises beyond the time limit specified u/s. 15 of the MSMED Act, 2006, the deduction would be allowed only in the year of actual payment and not on accrual basis even if he discharges his liability on or before the due date applicable in his case for furnishing the ROI u/s. 139(1) of the ITA. Further, the amendment covers only those payments to micro and small enterprises, which has not been paid within the due date prescribed u/s. 15 of MSMED Act. Hence, payments which are made within the said due date would be allowed as deduction on accrual basis even if the due date falls in the next PY and actual payment is made by the assessee in the next PY. Let us understand this with an example – # +91 9978 523838 k [email protected] Disclaimer: The views expressed in this article are personal views of the author. This article is intended to provide certain general information and should not be construed as professional advice. This article should neither be regarded as comprehensive nor sufficient for the purposes of decision making. The article does not take any responsibility for accuracy of contents. The author does not undertake any legal liability for any of the contents in this article. Without prior permission of the author, this document may not be quoted in whole or in part or otherwise. SURAT BRANCH OF WIRC OF ICAI 19
1. Evolution of Corporate Social Responsibility Section 135 of Companies Act 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 and Schedule VII thereto governs the provision of Corporate Social Responsibility avidly knows as CSR. The first sub-section 1 of the bare act states the provisions as underSection 135(1) Every company having – (i) Net worth of rupees five hundred crore or more, or (ii) Turnover of rupees one thousand crore or more or (iii) Net profit of rupees five crore or more during the immediately preceding financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director shall be an independent director. Provided that where a company is not required to appoint an independent director under subsection (4) of section 149, it shall have in its Corporate Social Responsibility Committee two or more directors. 2. Elaborating the applicability (i) Company as per Section 2(20)- means a company incorporated under this Act or under any previous company law. (ii) Networth as per Section 2(57)- means the aggregate value of the paid-up share capital and all reserves created out of the profits, securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation. (iii) Turnover as per Section 2(91)- means the gross amount of revenue recognized in the profit and loss account from the sale, supply, or distribution of goods or on account of services rendered, or both, by a company during a financial year. (iv) As per amended provision, the criteria of Net worth of Rs.500 crores or Turnover of Rs.1000 crores or Net profit of Rs.5 crores for applicability of CSR provisions is limited only to the extent of immediately preceding financial year. The effect of this amendment is explained by the following exampleIf a Company does not fulfil criteria of net worth, turnover and net profit as on 31.03.2022 i.e in FY 2021-22 even when CSR was applicable to the company in FY 2020-21, the company is not required to comply with the CSR provisions in FY 2022-23. Thus the applicability of CSR Corporate Social Responsibility 14 SURAT BRANCH OF WIRC OF ICAI 20 CA ABHISHEK RANA
provisions may keep changing on yearly basis, depending on the financials of immediately preceding financial year. 3. Corporate Social Responsibility Committee As per Section 135(3), the roles of the committee are defined as follows- (a) Formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company in areas or subject, specified in Schedule VII; (b) Recommend the amount of expenditure to be incurred on the activities referred to in clause (a); and (c) Monitor the Corporate Social Responsibility Policy of the company from time to time. If the amount to be spent by a company in a financial year towards CSR does not exceed Rs. 50 lakhs, then requirement of constituting CSR Committee shall not be applicable to such company and the functions of such committee shall be required to be discharged by the Board of Directors of such Company. However, amended provision mandates constitution of CSR Committee for the Companies who have any amount in Unspent CSR Account i.e., w.r.t Ongoing projects, irrespective of amount of spending mandated for the Company. Therefore, reconstitution of CSR committees will be required in case of companies which have dissolved the CSR Committees but have any amount in Unspent CSR Account w.r.t. ongoing project(s). 4. Responsibility of Board of Directors Section 135(2)- The Board's report under Section 134(3) shall disclose the composition of the Corporate Social Responsibility Committee. Section 135(4)- The board shall undertake the following responsibilities as wella) After taking into account the recommendations made by the Corporate Social Responsibility Committee, approve the Corporate Social Responsibility Policy for the company and disclose contents of such Policy in its report and also place it on the company's website (if any) and b) Ensure that the activities as are included in Corporate Social Responsibility Policy of the company are undertaken by the company. Section 135(5)- The company spends, in every financial year, at least two per cent of the average net profits of the company made during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy. Primary responsibilities of Board (i) Net Profit to be calculated as per Sec.198 of Companies Act,2013. Where the company has not completed the period of three financial years since its incorporation, during such immediately preceding financial years than consider such lesser period for computing avg. profit. (ii) If the company fails to spend such amount, the Board shall, in its report, specify the reasons for not spending the amount and transfer such unspent amount to a Fund (such as the Prime Minister's National Relief Fund, PMCARES, Swatch Bharat, etc.) specified in Schedule VII, within a period of six months of the expiry of the financial year. (iii) In case of the unspent amount relating to an ongoing project under the company's CSR policy, the amount shall be transferred by the company in less than 30 days from the end of the SURAT BRANCH OF WIRC OF ICAI 21
financial year to an exclusive account to be opened by a company in any scheduled bank. (iv) The account shall be designated as 'Unspent Corporate Social Responsibility Account', and the funds shall be used towards its obligations under the CSR policy within a period of three financial years from the date of the transfer. (v) In a case where the company fails to utilize the funds at the end of the three financial years, the funds should be transferred to the specified fund mentioned above within a period of thirty days upon completion of the third financial year. (vi) If the company spends an amount in excess of the required 2% CSR expenditure, then company may set off such excess amount against the requirement to spend CSR of succeeding three financial years. 5. Default and Penalities a. If a company is in default in complying with the provisions of CSR, Company shall be liable to a penalty of twice the amount required to be transferred by the company to the Fund specified in Schedule VII or the Unspent Corporate Social Responsibility Account, as the case may be, or one crore rupees, whichever is less AND b. Every officer of the company who is in default shall be liable to a penalty of one-tenth of the amount required to be transferred by the company to such Fund specified in Schedule VII, or the Unspent Corporate Social Responsibility Account, as the case may be, or two lakh rupees, whichever is less. 6. Activities which will be considered as Corporate Social Responsibility Activities - Schedule VII i. Eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and sanitation including contribution to the Swachh Bharat Kosh set-up by the Central Government for the promotion of sanitation, and making available safe drinking water; ii. Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects; iii. Promoting gender equality, empowering women, setting up homes and hostels for women & orphans, setting up old age homes, day care centers & such other facilities for senior citizens & measures for reducing inequalities faced by socially and economically backward groups; iv. Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural resources and maintaining quality of soil, air and water including contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga; v. Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art, setting up public libraries, promotion and development of traditional art and handicrafts; vi. Measures for the benefit of armed forces veterans, war widows and their dependents; vii. to promote rural sports, nationally recognized sports, Paralympic sports and Olympic sports; viii. Contribution to the prime minister's national relief fund or any other fund set up by the central SURAT BRANCH OF WIRC OF ICAI 22
govt. for socio economic development and relief and welfare of the schedule caste, tribes, other backward classes, minorities and women; ix. Contribution to incubators funded by Central Government or State Government or any agency or Public Sector Undertaking of Central Government or State Government, and contributions to public funded Universities, Indian Institute of Technology (IITs), National Laboratories and Autonomous Bodies (established under the auspices of Indian Council of Agricultural Research (ICAR), Indian Council of Medical Research (ICMR), Council of Scientific and Industrial Research (CSIR), Department of Atomic Energy (DAE), Defense Research and Development Organization (DRDO), Department of Science and Technology (DST), Ministry of Electronics and Information Technology engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs); x. Rural Development Projects; xi. Slum Area Development; xii. Disaster Management, including relief, rehabilitation and reconstruction activities. 7. Activities which won't be considered as Corporate Social Responsibility Activities - Schedule VII i. Activities undertaken in normal course of business. ii. Activity undertaken outside India. iii. CSR projects or programs or activities that benefit only the employees of the company and their families shall not be considered as CSR activities. iv. Contribution of any amount directly or indirectly to any political party under section 182 of the Act, shall not be considered as CSR activity. v. Activity not covered within schedule VII of the 2013 Act. vi. One-off events such as marathons/ awards/ charitable contribution/ advertisement/ sponsorships of TV programs etc. would not be qualified as part of CSR expenditure. vii. Expenses incurred by companies for the fulfilment of any Act/ Statute of regulations (such as Labour Laws, Land Acquisition Act etc.) would not count as CSR expenditure under the Companies Act 8. Impact Assessment The purpose of impact assessment is to assess the social impact of a particular CSR project. The intent is to encourage companies to take considered decisions before deploying CSR amounts and assess the impact of their CSR spending. Following class of companies to conduct impact assessment: (i) Companies with minimum average CSR obligation of Rs.10 crore or more in the immediately preceding 3 financial years; and (ii) Companies that have CSR projects with outlays of minimum Rs.1 crore and which have been completed not less than 1 year before undertaking impact assessment. Impact assessment shall be carried out project-wise only in cases where both the above conditions are fulfilled. In other cases, it can be taken up by the company on a voluntary basis. The Board has the prerogative to decide on the eligibility criteria for selection of the independent agency and that independent agency shall conduct impact assessment. SURAT BRANCH OF WIRC OF ICAI 23
The new rule states that the expenditure for social impact assessment, which can be included in the CSR spending, shall not exceed 2 % of total CSR obligation for the relevant financial year or 50 lakh whichever is higher; unlike the earlier rule that had allowed up to 5% of the total CSR obligation for the relevant financial year or 50 lakh whichever is less. The change permits higher spending on impact assessment in case of significant CSR projects. The amendment provides relaxation to large companies doing CSR and who are mandatorily required to undertake impact assessment. Impact assessment reports shall be placed before the Board and shall be annexed to the report on CSR. It is clarified that web-link to access the complete impact assessment reports and providing executive summary of the impact assessment reports in the annual report on CSR, shall be considered as sufficient compliance of the said rule. In case two or more companies choose to collaborate for the implementation of a CSR project, then the impact assessment carried out by one company for the common project may be shared with the other companies for the purpose of disclosure to the Board and in the annual report on CSR. The sharing of the cost of impact assessment may be decided by the collaborating companies subject to the limit as above prescribed for each company. Disclaimer: The explanation provided herein are solely for information purposes and does not aim at solicitation of work. # +91 9537 515606 k [email protected] SURAT BRANCH OF WIRC OF ICAI 24
SURAT BRANCH OF WIRC OF ICAI 25 2022-23 Total Meeting 15 15 15 15 15 15 15 15 15 15 15 10 10 11 12 14 15 13 Attended Meeting 0 0 5 5 4 3 1 0 2 LOA Meeting
Event Snap Shot Chairperson CA. Arun Narang Felicitated our Speaker CA. Rasesh Shah Sir Chairperson CA. Arun Narang Felicitated our Speaker CA. Hardik Shah Sir RCM CA. Ishwar Jivani & CA Jay Chhaira Sir Felicitated our Speaker CA. Chayan Agarwal Sir Treasurer CA. Shailesh Lakhankiya Felicitated our Speaker CA. Pragnesh Jagaseth Sir SURAT BRANCH OF WIRC OF ICAI 26 Chairperson CA. Arun Narang, Vice Chairperson CA Dushtant Vithlani & Treasurer CA. Shailesh Lakhankiya Felicitated our Speaker Adv. Nazmuddin Mrghani Sir
Event Snap Shot CA. Arun Narang taking charge as Chiarperson of Surat Branch for the year 2023-24 CA. Ashwin Bhauwala taking charge as Secretary of Surat Branch for the year 2023-24 SURAT BRANCH OF WIRC OF ICAI 27 Chairperon CA. Arun Narang felicitated President CA. Aniket Talati Sir & Vice President CA. Ranjeet Kumar Agarwal Sir CA. Dushyant Vithlani taking charge as Vice Chairperon of the Surat Branch for the year 2023-24 CA. Shailesh Lakhankiya taking charge as Treasurer of Surat Branch for the year 2023-24
Event Snap Shot Team Surat Branch at Annual Dinner of Team WIRC of ICAI SURAT BRANCH OF WIRC OF ICAI 28 Team Surat Branch felicitated our President CA. Aniket Talati sir & Vice President CA. Ranjeet Kumar Agarwal Sir Team WICASA for the year 2022-23 Team WICASA Surat felicitated Chairperson CA. Arun Narang Team WIRC of ICAI awarded 2nd Best Branch among Region
Event Snap Shot Past Chairman CA. Bhavin Hingar & Secretary CA. Dushyant Vithlani Felicitated CA. Murtaza Ghadiali - Mumbai Media Coverage SURAT BRANCH OF WIRC OF ICAI 29
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Upcoming Events of Surat Branch Date Event Name 03-03-2023 04-03-2023 CPE Hours Time 3.00 PM to 6.00 PM 5.00 PM to 9.00 PM 6.30 AM to 10.00 AM 9.00 AM to 5.00 PM 9.00 AM to 5.00 PM 4.00 PM to 6.00 PM - - SURAT BRANCH OF WIRC OF ICAI 31 Celebration of Wonder Woman Week Celebration of Wonder Woman Week 05-03-2023 One Day Program on Peer Review Session on Chat GPT Session on Bank Branch Audit - 12-03-2023 18-03-2023 25-03-2023 6 6 2 Celebration of Wonder Woman Week
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