July 2021

d) Audit CommitteeMeetingsfor Cor por ate L aw Update

consi derati on of fi nanci al (Indian Accounting Standards) Rules, 2015
pertai ning to vari ous Indian Accounti ng
statement i ncl udi ng Standards(IndAS).

consol i dated f i nanci al For details, pleaserefer:

statement if any, tobeapproved https://egazette.nic.in/Wr iteReadData/2021/
227712.pdf
by the board under secti on
[F. No. 01/01/2009-CL -V (Par t. I X) dated
134(1) of the CompaniesAct, 18.06.2021]

2013; and 6. Clar ification on passing of or dinar y and
special resolutions;
e) A pproval of the matter(s)
Inview of thecontinueddisruptioncaused due
rel ati ng to amal gamati on, toCOVID-19pandemicandto providegreater
easeof doing business, theMCA hasallowed
merger, demerger, acquisition thecompaniesto conduct their EGMsthrough
VC or OAVM or transact itemsthrough postal
and takeover. ballot in accordance with the framework
provided in theaforesaid Circularsupto 31st
[ F. No. 1/32/2013-CL -V-Par t dat ed December, 2021.
15.06.2021]
[ Gener al Ci r cul ar No.10/2021 dat ed
4. TheCompanies(Creation and Maintenance 23.06.2021]
of databank of I ndependent Dir ector s)
Amendment Rules, 2021; 7. The Companies (Accounting Standar ds)
Rules, 2021:
The M CA has amended the Compani es
(Creation and Maintenance of databank of The M CA has noti f i ed the Compani es
Independent Directors) Rules, 2019and made (Accounting Standards) Rules, 2021for Small
thefollowing changes. and Medium sized companies (SMCs), with
which theturnover and borrowing limitshas
Rule No. Effect of theAmendment beenrevisedaswell asdisclosurerequirements
hasbeen madelessonerousfor SMCs.
3(7)(a) after thewords“for inclusion”, the
words “or renewal ” shal l be TheMCA hasfurther amendedtheCompanies
inserted. (Indian Accounting Standards) Rules, 2015
pertai ning to vari ous Indian Accounti ng
3(8) (8) In caseof delay on thepart of Standards (IndAS). Brief details of such
(Inserted) an individual in applying to the amendments are as under:

institute under sub-rule (7) for Definition of Small and M edium Sized
inclusion of his name in the data Company” (SM C):
bank or in case of delay in filing
anapplicationfor renewal thereof, (a) “Small and Medium Sized Company”
the institute shall al l ow such (SMC) means, acompany-
inclusion or renewal, as the case
may be, under rul e 6 of the (i) whoseequity or debt securitiesarenot
Companies (Appoi ntment and listedor arenot intheprocessof listing
Qualification of Directors) Rules, on any stock exchange, whether in
2014 after charging a further fee Indiaor outsideIndia;
of onethousandrupeesonaccount
of such delay

[F. No. 8/4/2018-CL-I dated 18.06.2021]

5. T he Compani es (I ndi an A ccount i ng
Standar ds) Amendment Rules, 2021:

TheMCA hasfurther amendedtheCompanies

Ahmedabad Chartered Accountants Journal July, 2021 133

(ii) whi ch i s not a bank, f i nanci al Cor por ate L aw Update
institutionor an insurancecompany;
An existing company, which was previously
(iii) whose turnover (excluding other not a Small and Medium Sized Company
income) doesnot exceedtwohundred (SMC) and subsequently becomes a SMC,
and f i f ty crore rupees i n the shall not be qual i fi ed for exempti on or
immediately preceding accounting relaxation in respect of Accounting Standards
year; availableto aSMCuntil thecompany remains
SMC for two consecutiveaccounting periods.
(iv) whi ch does not have borrowi ngs
(including public deposits) in excess [ F. No.17/151/2013-CL -V (Pt.) dat ed
of fifty crorerupeesat any timeduring 23.06.2021]
theimmediately precedingaccounting
year; and 8. Relaxation on levy of additional feesin filing
of certain For msunder theCompaniesAct,
(v) which is not a holding or subsidiary 2013 and L L P Act, 2008:
company of acompany which isnot
asmall and medium-sized company. TheMinistry hasgranted theadditional time
upto 31st August, 2021 to companies/LLPsto
Explanation- For thepurposesof thisclause, fileformsunder theCompaniesAct,2013/ LLP
acompany shall qualify asaSmall andMedium Act, 2008 (other than aCH6-1 Form, CH6-4
Sized Company, if theconditionsmentioned Form and CH6-9 Form) which were/are due
thereinaresatisfiedasat theendof therelevant for filing during 01st April, 2021 to 31st July,
accounting period. 2021without any additional fees.Accordingly,
only normal fees shall be levied upto 31st
Accounting Standar ds- August, 2021 for forms (other than charge
related forms referred above) required to be
1) TheCentral Government hereby specifies filed during 1st April, 2021 to 31st July, 2021.
Accounting Standar ds 1 to 5, 7 and 9
to 29 asrecommended by theInstituteof [ Gener al Ci r cul ar No.11/2021 dat ed
CharteredAccountantsof India, whichare 30.06.2021]
specified in theAnnexureto theserules.
9. Relaxation of timefor filing for ms r elated
2) TheAccountingStandardsshall comeinto tocreation or modification of chargesunder
effect in respect of accounting periods theCompaniesAct, 2013:
commencing on or after the 01st day of
April, 2021. In continuation of this Ministry’s General
Circular No.07/2021 dated 03.05.2021 on the
Obligation to comply wi th Accounti ng capti oned subj ect ci ted and af ter due
Standar ds- examination of the requests received from
stakeholders, theMinistry hassubstituted the
1) Every company, other than companieson fi gures “31.05.2021” and “01.06.2021”
which Indian Accounting Standards as wherever they appear in thesaid circular with
noti f i ed under Compani es (I ndi an the figures “31.07.2021” and 01.08.2021"
Accounting Standards) Rules, 2015 are respectively.
applicable, and itsauditor(s) shall comply
with the Accounting Standards in the Theother requirementsasmentionedinthesaid
manner specified in theAnnexure. circular shall remain unchanged and this
Circular shall be without prejudice to any
2) TheAccountingStandardsshall beapplied belated filings that may have already been
inthepreparationof Financial Statements. madealongwithadditional fees/ advaloremfee.

Qualification for exemption or relaxation in [General Circular No.12/2021dated 30.06.2021]
r espect of SM C:
hhh

134 Ahmedabad Chartered Accountants Journal July, 2021

GujRERA Corner

Pr oj ect Extension under Guj ar at RERA CA. M anan Doshi
[email protected]
Even beforetheemergency of Covid-19pandemic
the real estate sector had already been under Explanation.— For thepurposeof thissection,
tremendous stress and pressure for a significant the expression “force majeure” shall mean a
amount of time. Demonitisation, implementationof case of war, fl ood, drought, fire, cyclone,
RERA and massivechangein GST w.r.t real estate earthquake or any other calamity caused by
sector. However, all these changes are extremely natureaffecting theregular development of the
positivefor theindustry asawhole. real estateproject.”

TheGujarat RERA Authority had issued Order 33 Rule7 of Gujarat Real Estate(Regulation and
dated 13/04/2020 and Order 35 dated 16/05/2020 Development) (General) Rules, 2017, statethat
and thereby gave relief to real estate developers.
Beforediscussing relief given under Order 33 and (1) Anapplicationfor extensionof thereal estate
35 let us discuss statutory provision w.r.t project project shall be made to the Authority, in
extension under TheReal EstateRegulation And Form“E”, along with an explanatory note
DevelopmentAct, 2016andrulesmadethereunder: setting out the grounds and reasons for
delay in the completion of the real estate
Section 6 of The Real Estate Regulation And project and the need for extension, along
Development Act, 2016 statesthat with documents supporting such grounds
and reasons:
“Theregistration granted under section 5 may
beextended by theAuthority on an application Provi ded that, where extensi on of
madeby thepromoter dueto forcemajeure, in registration is due to force majeure the
such form and on payment of such fee as may Authoritymayat itsdiscretionwaivethefee
be speci fi ed by regul ati ons made by the for such extensiongrantedtoanyreal estate
Authority: project.

Provided that theAuthority may in reasonable (2) The grant of extension of registration to a
circumstances, without default on thepart of the real estate project, shall be in Form “F”.
promoter, based on thefactsof each case, and TheAuthority shall supply acopythereto to
for reasonsto berecorded in writing, extendthe thePromoter and in caseof rejection of the
registration granted to a project for such time applicationfor extensionof registration, the
as it considers necessary, which shal l, in authority shall, after giving to the applicant
aggregate, not exceed a period of one year: an opportunity of being heard as provided
in the second proviso of section 6, inform
Provided further that no appl i cati on for thepromoter about thesame, in Form“D”.
extension of registration shall berejectedunless Theintimation thereof shall also be given
theapplicant hasbeen given an opportunity of to therespectiveCompetent Authority and
being heard in thematter. Statutor y Authoriti es.

(3) Theapplicationfor extensionof Real Estate
Project shall beaccompanied with feesfor
anamount equivalent tohalf theregistration

Ahmedabad Chartered Accountants Journal July, 2021 135

feesasprescribedunder sub-rule(3) of rule- Guj RERA Cor ner
3.
a. Demand contraction as expected from
Relief given under Or der 33 and 35 ar e as COVID 19
under :
b. Cash flow constraints
a. Extensionof project completion date:
c. Pricevariationsof Key raw materials
Thecompletiondateof real estateproject stands
extended by 6 months (automatically) by d. Supply chain disruptions
invoking force majeure u/s6 of theAct.
Order 33specifically talksabout waiver of fees
b. for Project alteration that will all ow De-
registrationof projects. Therefore, thepromoter
Par ticular s Relief given will not have to pay registration fees for de-
registration of itsproject. Thepromoterswill
All the Gujarat RERA Promotersareallowed to have a thought out opportunity to conduct a
cost benefit analysisand thereby:
registered Projects apply for one time
a. ReduceFinancial exposure
having project End extension.
b. Reduceexposureto execution stress
Dateon or between TheApplication fees for
c. Reducerisk of unsold inventory
01/04/2020 to applying extension of
Thisexercisewill not only enablePromoters
30/09/2021 project arewaived. to execute the project in an effective manner
but also completetheproject in atimely basis
The application fees in case of extension of and thereby avoidany default or consequences
project is50% of that of feesasapplicablein of it.
case of Proj ect regi strati on. Theref ore
application feesin caseof extension of project Asaresult of theaboveordersand in order to
is: stream line the project extension application
processtheGujarat RERA Authority cameup
Typeof Proj ect A ppl i cabl e f ees with Or der 45 dated 13th Januar y 2021
(Per Squar eM eter ) which states important documents & details
that isrequired to besubmittedwhileapplying
Resi denti al 4 for Project Extension:

Mixed Development 7.5 a. A ddi t i onal document at i on/det ai l s
r equired in casewhereextended per iod
Commercial 10 applied for doesnot exceed 1 year :

Plotted Scheme 5 i. Detailed explanation as to why the
project isdelayed
c. Relief with respect to Project Registration
Alteration FeeWaiver: ii. Latest Photographsof theproject from
all cardinal directions
Par ticular s Relief given
iii. Latest commencement certi fi cate
Projects with Multi Allowed to De-Register issued by planning authority
Block development portion of project
plan ProjectAlteration feesfor De- iv. Form 4 – If the project is physically
Registering the project is compl ete al ong wi th documents
waived depictingcompletion of project:

Promoters who have registered their project
havingMulti-Blocksmay berequired to apply
for project alteration given thesizeof project
and thereby converting their project into a
phased development. It isworthwhileto note
that thepromoter shouldevaluateitsproject on
thebasisof:

136 Ahmedabad Chartered Accountants Journal July, 2021

Guj RERA Cor ner revision in plansand an application under section
14 of theact isduly madeor not.
a. Application for Building usage
permi ssi on/ Bui l di ng usage Any penalty levied w.r.t any order passed by the
permission authority should be paid BEFORE applying for
project extension.Affidavit declaring thesamehas
b. Application for incorporation of tobesubmittedwhileapplyingfor project extension
housing servicesociety/Certi ficate
of incorporationof housingservice The authority has asked for a certificate of an
society Architect certifying that whether construction isin
line with the Plans submitted at RERA. This
v. Detailed plan as to how remaining particular point might createissuefor promoter who
project will becompleted do not construct as per plans that are passed by
planningauthority.Thissmall but avery validpoint
vi. Detailsof complaintsmadeby allottee, will open pandorasbox.
detai l s of SUO M OTO noti ce as
issuedby authority, brief of Judgement Incaseof promoter seekingextensionfor morethan
issuedby theauthority andanaffidavit 1 year, consent of 2/3rd alloteeswill berequired to
that any outstanding penalty ispaid besubmitted. However, format of such consent is
not madeavailableby theauthority.
vii. A certificate by an Architect that the
construction doneat project siteisas The promoter who wish to apply for project
per commencement certificate/plans extension has to now apply for project extension
issued by theplanning authority before3 monthsof project end date. If at all project
extension application isnot madewithin thesaid
b. A ddi t i onal document at i on/det ai l s time limit, in such case the decision for project
r equired in casewhereextended per iod extension madeby theauthority shall befinal.
applied for exceeding 1 year :
Incaseof promoter seekingextensionfor morethan
All therequired documentsmentioned in 1 year, a detailed presentation of future plans of
point no. aand consent of 2/3rd allotees. executingtheproject will berequiredtobesubmitted
by the promoter. On the basis of such detailed
I mpor tant pointsto benoted: presentationandclarificationgivenby thepromoter
the authority shall decide on project extension
The above mentioned documentation have been application.
sought from Gujarat RERA authority in order to
eval uate the time sought by the promoter to hhh
completetheremaining project. With theissuance
of thisorder theauthority will alsobeableto check/
verify that whether the promoter has made any

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Ahmedabad Chartered Accountants Journal July, 2021 137

Capital
Markets

CA. K ar an Vor a
[email protected]

Summar y: price index was also on an upward trajectory.
(It has bearing on RBI’s monetary policy’s
Variousdatapointsareshowing that thebusiness accommodativestance)
activity hasstarted rebounding after the2nd Covid
wave. There is a note on 30 years of Economic 30 year sof Economic Refor ms:
reforms led by Narasimha Rao and Manmohan
Si ngh duri ng whi ch I ndi an economy saw 1st July marks30 yearsof economicreformsof India
tremendousgrowth. Indian equity marketsand the led in 1991 by Narasimha Rao and Manmohan
stock marketshaveremained bullish in themonth Si ngh. From 1991 Indian economy has seen
of June. excellent growth and GDP has grown from $266
Bi lli on in 1991 to over $3 Tri lli on in 2021.
Key DealsincludePharmEasy acquiring majority Following aresomeinteresting points:
stake in Thyrocarebecoming first instance when
an Indian unicorn startup is acquiring a listed - Indian Economy before 1991 was marked by
company and KKR buying stake in Ahmedabad stress on import substi tution, low forei gn
basedVini Cosmetics. investment and licenseregulationsand red tape
commonly known asLicenseRaj.
Economic Update:
- Thisresulted into aclosed economy with very
- Nomura India Business Resumption Index a low GDP growth and stagflation. India also
tracker of economic activity increased for sixth started having balance of payment problems
consecutiveweek to 91.3 for the week ending from 1985.
on July 4th from 86.3 showing that thebusiness
activity is rebounding very quickly after the - By the end of 1990 India was in a serious
second Covid wave. economiccrisiswithgovernment closetodefault
and forex reserves of only 15 days (minimum
- Government has come up wi th 2nd rel i ef safelevel wasat least 3 months) in June1991.
packageof Rs. 6.29 Crorefor sectorshit by 2nd
Covid wave. PackageincludesRs. 23,200 crore - At this time Narsimha Rao became prime
to strengthen health i nfrastructure. All ocation to minister of India (June 1991) with a minority
credit guaranteeschemehasbeen increased to government.
Rs. 4.5 lakh Crorefrom Rs. 3 lakh Crore.
- Rao gavethefinanceminister job andcomplete
- GST collection fell below 1 Lakh Crorein May support to M anmohan Si ngh, a credi bl e
2021. economist, insteadof other congressleaderswho
were more likely to get the job like Pranab
- Oil rose to 2 years high i n mid-July with Mukharjee,whohadbeenfinanceminister earlier
economic recovery. Brent wasat $73.28 dueto in 1984.
demand riseand OPEC supply cuts.
- New Industrial policy was formed to assist
- Retail inflation was 6 months high in May to industrial growthwithplanstopre-approveupto
6.3% outside the RBI’s range of 4 + 2% on 51% foreign equity participation, allowing
account of risingfoodandfuel prices. Wholesale f orei gn compani es to bri ng modern

138 Ahmedabad Chartered Accountants Journal July, 2021

technologies, and dismantling of public sector Capital M ar kets
monopoliesexcept critical sectors.
Stock markets have remained bullish in spite of
- On 1st July 1991, India devalued its rupee Covid-19 2nd waveasinvestorsknow that theprofits
against major currenciesagainst sharp reactions of the firms are not going to take a hit. Like last
from oppositionsonly to bedevalued again on year thereisno national lockdown and asevident
3rd to atotal devaluation of 19%. in 1st wave, thefirmscan protect their earningsby
temporarily reducing thescaleof their operations.
- Finally on 24th July the historic budget was Thecentral government also hasroom for policy
presentedby ManmohanSinghwhichabolished action and hasalready comeup with an economic
the License Raj, pushed export promotions, relief packageon 28th June.
removed import controlsandlaidfoundationfor
vibrant capital markets. Foreign Portfolio Investors (FPIs) invested Rs.
17215 Crore in the Indian equity markets in the
Trendsin Secondar y M ar kets: month of June.

BSE Sensex went up by 1.74% to closeat 52,843
in June2021. Nifty 50 closed at 15,722 higher by
0.89% from 15,583 in May closing.

Equity M arkets Jun-21 M ay-21 Change%
Sensex 52,843 51,937 1.74%
Nifty 50 15,722 15,583 0.89%
BSE 500 21,463 21,055 1.94%
BSE Bankex 39,350 40,345 -2.47%
BSE Consumer Durables 35,575 33,389 6.55%
BSE Healthcare 25,589 24,535 4.30%
BSE FMCG 13,518 13,131 2.95%

Ahmedabad Chartered Accountants Journal July, 2021 139

Capital M ar kets

Amongst the BSE indices, few of them showed a Par ticulars Feb-21 Mar-21
decreasewhilerest increased in themonth of June. I. Equity I ssue
Amongst the indices Information Technology a. IPOs(i+ii) 14,517 20,127
(9.25%) andTeck (7.89%) werebest performers.
i. Main Board 3,658 6,352
InformationTechnology andTechcompanieshave ii. SME Platform
shown strong revenue growth momentum after b. FPOs 3,655 6,255
bottomi ng out i n Q1 2021. This along with c. Equity RightsIssue
productivity gains and software export growth d. QIP/IPP 3 97
means that PAT for these sectors is likely to be e. Preferential Allotment
healthy reflecting in their market performance. II . Debt I ssue - 30
a. Debt Public I ssue
Pr imar y mar ket Update: b. Pr ivatePlacement 2,999 72
of Debt
There were 4 main board IPOs of Sona BLW Total Funds 2,645 10,775
Precision ForgingsLimited, Shyam Metalicsand Mobilised (I +I I)
Energy Limited, DodlaDairy Limited and Krishna 5,216 2,898
Instituteof Medical SciencesLimitedin June2021
asagainst nilmain board IPO in May 2021. There 45,902 95,230
were3 SME IPOsof Adeshwar Meditex Limited,
TimesGreen Energy (India) Limited and Navoday 216 900
Enterprises Limited in June 2021 as against no
SME IPO in May 2021. 45,685 94,330

60,419 1,15,356

140 Ahmedabad Chartered Accountants Journal July, 2021

I nitial Public Offers: Capital M ar kets

KrishnaInstituteof Medical Sciences(KIMS): medicinedeliveries, and diagnostic test sample
collection. It helpspatientsconnect with local
- KrishnaInstituteof Medical Sciences(KIMS) pharmacy storesand diagnostic centers.
is a corporate healthcare groups in Andhra
Pradesh and Telangana. It provi des multi- - It delivers medicines in 1000+ cities in India,
disciplinary integratedhealthcareservices, with covering 22000+ pin codes.
afocuson primary secondary & tertiary carein
Tier 2-3 cities. ThyrocareTechnologiesL imited:

- ItsIPOhadapricebandof Rs.815-825per share. - Thyrocare Technol ogi es L i mi ted was
IPO valuesKIMSHospitalsat aPE multipleof incorporated in January, 2000. It isapan-India
26 and EV/EBITDA multipleof around 19. diagnostic chain that conducts an array of
medical diagnostic tests.
- Company raisedRs.2144CrorethroughtheIPO
withacombinationof freshissueof Rs.200Crore - It operates with a Central ized Processi ng
and an offer for sal e (OFS) by exi sti ng Laboratory (CPL) in Mumbai for esoteric tests
shareholders. and Regional Processing Laboratory in major
metro citiesof Indiaand other partsof Asia.
- 75%of theproceedsfrom thefresh issuewill be
used for debt repayment. - Thyrocare has 1,122 outlets and collection
centers across Indi a and parts of Nepal ,
- IPO was subscribed 3.86 times and listed at Bangladesh and theMiddleEast.
premium of 22% on opening day.
Rationale:
M er ger s and Acquisitions and Pr ivate Equity
deals: - Thisacquisitionisfirst instancewhen an Indian
unicorn startup isacquiring alisted company.
M & A: Phar mEasy to acquiremaj or ity stakein
Thyr ocar e: - Priceof Thyrocarejumped 6.23% on BSE from
Rs.1364.10 to Rs.1448.05 at thedeclaration of
Tr ansacti on: acquisition.

- PharmEasy has signed a definitive agreement - PharmEasy cofounder Siddharth Shah said to
to acquire amajority stakein diagnosticsfirm EconomicTimesthat thedeal bringstogether a
ThyrocareTechnologiesLimited. digital healthplatformwithThyrocarewhichhas
thelowest cost structurewith highest volumes
- ThyrocareTechnologiesLimited hasagreed to and widest network.
sell approximately 66.14% of its equity share
capital equivalent to 3,49,72,999 equity shares - PharmEasy’s investment in Thyrocare will be
toDoconTechnologiesPrivateLimited, a100% in technology, improving consumer experience
subsidiary of PharmEasy’sparent API Holdings andcreatingabusinesswhichisalsovery strong
Ltd at cash consideration of 4546.49 crore. in B2C front.

- Thistransaction hastriggered an open offer for - Healso said that PharmEasy wantsto doubleits
acquisition of up to 1.38 crore fully paid up e-pharmacy businessin next 2 to 3 yearsand is
equity sharesrepresenting 26% sharecapital of open to further acquisitions and looking at
Thyrocare by Docon Technologies Private insurancesector also.
Limited at apriceof Rs.1300 per offer share.
- Aswehavecoveredearlier healthcarediagnostic
Phar mEasy: ande-pharmacy sector hasseenrenewedinvestor
interest andconsolidation with number of deals
- Launched in 2015, PharmEasy isahealth tech like Metropolis acquiring Dr.Ganesan’s in
startup offering servicessuch asteleconsultation, January 2021 and Genworksacquiring IRISin

Ahmedabad Chartered Accountants Journal July, 2021 141

Capital M ar kets K K R and Co.:

December 2020 whi le RIL and Tata have - Founded in 1976, KKR isan American global
entered e-pharmacy business. investment firmthat managesmultiplealternative
asset classes, includingprivateequity, credit and
PE: K K R buys maj or i t y st ak e i n Vi ni real assets, with strategic partnersthat manage
Cosmetics: hedgefunds.

Tr ansacti on: - KKR has done several investments i n the
country in last year including J.B. Chemicals
- KKR, a global i nvestment firm, and Vini (pharmaceutical), Lenskart (eyewear), Fivestar
Cosmetics, abranded personal careand beauty (micro-finance), RelianceJio (digital services)
products company in India, announced that and RelianceRetail.
Company’s Founder Group – led by Darshan
Patel, Chairman & Joint-Managing Director, Rationale:
andDipamPatel, Joint-ManagingDirector – and
SequoiaCapital will sell amajority stakein the - DarshanPatel,Chairmanof Vini commentedthat
Company to KKR for approximately US$625 Vini is in early stages of what their brand can
million (INR46billion). deliver as consumer demand for high quality
personal careproductscontinuesto explodein
- Vi ni co-Founders wil l continue to hold a India, South Asia and other fast growing
significant stakeinVini andtheexisting investor marketsaround theworld.
West BridgeCapital will acquireafurther stake
f rom the Founder Group to i ncrease i ts - He further added that KKR has proven track
shareholding inVini. record of investing in leading consumer and
personal care companies globally. Vini will
Vini CosmeticsPvt. L td.: leverageKKR’sglobal platform, resourcesand
operational expertise by expandi ng i ts e-
- Founded in 2010, Vini manufactures, markets commerceplatform, new product categoriesand
anddistributesitsbrandeddeodorants, cosmetics widening distribution networks.
and toiletriesthrough itsflagship brand FOGG
and other widely recognized brands, such as - KKR will bebackingoneof thefastest growing
OSSUM, GlamUp, and several others. personal care company in India wi th well
recognizedbrandnameslikeFOGG, in amarket
- Vini hasalargepersonal careproduct distribution wi th young emerging middle class whi ch
network with 7,00,000 point of sales, 3000 increasingly seeksupgraded products.
dealers, salesforceof 1200peopleandpresence
in 50 countries. A cknowl edgements: RBI Bul l eti n

- VINI International wasstarted by Mr. Darshan (www.bul l eti n.rbi .org.i n), SEBI
Patel , erstwhi l e promoter of Paras
Pharmaceuticals Ltd, instrumental in creating (www.sebi.gov.in), NSE (www.nseindia.com),
brandslikeMoov, D’Cold, Set Wet, Ring Guard
and Dermi Cool. BSE (www.bseindia.com)

- In December 2010, Reckitt Benkiser Group hhh
(RB) bought over ParasPharmaceuticalsLtd for
US$850 million.

142 Ahmedabad Chartered Accountants Journal July, 2021

From CA. Pamil H. Shah
Published [email protected]
Accounts
from the total expense under the head
REVENUE RECOGNI TI ON - 2020-21 ‘Expenses, i ncl uded in above items,
capitalised’in theStatement of Profit and
Baj aj Auto L imited Loss.

3. Pr oper t y, pl ant and equi pment and iv) Land and buildingsacquired/constructed,
depr eciation/amortisation not intended to be used in theoperations
of theCompany andheld for earninglong-
A. Proper ty, plant and equipment termrental yieldsor for capital appreciation
or both, and that is not occupied by the
i) Capital work in progress, property, plant Company, are categorised as investment
and equipment except land are carried at property.
historical cost of acquisition, construction
or manufacturing, asthecasemay be, less v) An item of property, plant and equipment
accumulated depreci ation and amortisation. andany significant part initially recognised
Freehol d l and i s carri ed at cost of isderecognised upon disposal or when no
acquisition. futureeconomic benefitsareexpected from
itsuseor disposal.Any gain or lossarising
ii) Cost represents all expenses directly on derecognition of theasset (calculated
attributable to bringing the asset to its asthedifferencebetween thenet disposal
working conditioncapableof operating in proceeds and the carrying amount of the
the manner intended. Such cost includes asset) isincluded intheStatement of Profit
thecost of replacing part of theplant and and Losswhen theasset isderecognised.
equipment, if the recognition criteria are
met. When significant parts of plant and vi) The resi dual values, useful l ives and
equipment are required to be replaced at methodsof depreciationof property, plant
intervals, theCompany depreciatesthem and equipment are reviewed at regular
separately based on their specific useful intervals and adjusted prospectively, if
lives. Likewise, when amajor inspection appropriate.
isperformed, itscost isrecognised in the
carryingamount of theplant andequipment B. Depr eciation and amor tisation methods,
asareplacement if therecognition criteria estimated useful livesand r esidual value
are sati sfi ed. A l l other repai r and
maintenance costs are recognised in the (a) Leasehold land
Statement of Profit and Lossasincurred.
Premium on leasehold land is amortised
iii) Costs incurred to manufacture/construct over theperiod of lease.
property, plant and equipment arereduced

Ahmedabad Chartered Accountants Journal July, 2021 143

(b) Other tangibleassets From Published Accounts

i.a. Depreciation isprovidedon apro rata RelianceI ndustriesL imited
basi s on strai ght l i ne method to
allocatethecost, net of residual value Notestoaccounts– Significant accountingpolicies
over theestimated useful livesof the
assets. b. Proper ty, Plant and Equipment

b. Where a significant component (in Property, Plant andEquipment arestatedat cost,
terms of cost) of an asset has an net of recoverable taxes, trade discount and
estimated economicuseful lifeshorter rebates less accumulated depreciation and
thanthat of itscorrespondingasset, the impairment losses, if any. Such cost includes
component is depreciated over its purchase price, borrowing cost and any cost
shorter life. directly attributabletobringingtheassetsto its
working condition for its intended use, net
c. The Company, based on technical charges on foreign exchange contracts and
assessment madeby technical expert adj ustments ari si ng from exchange rate
andManagement estimate,depreciates variationsattributableto theassets. In caseof
certain items of property, plant and land the Company has availed fair value as
equipment over estimateduseful lives deemedcost onthedateof transition toIndAS.
whicharedifferent fromtheuseful life
prescri bed i n Schedul e II to the Subsequent costs are included in the asset’s
Compani es A ct, 2013. The carrying amount or recognised as a separate
M anagement bel i eves that these asset, asappropriate, only when it isprobable
estimated useful livesarerealisticand that futureeconomic benefitsassociated with
reflect fair approximationof theperiod theitem will flow to theentity andthecost can
over which theassetsarelikely to be bemeasured reliably.
used.
Property, Plant and Equipment which are
ii. Assets which are depreciated over significant to the total cost of that item of
useful life/residual valuedifferent than Property, Plant and Equipment and having
thoseindicated by ScheduleII different useful lifeareaccounted separately.

iii. Depreciation on additions is being Other Indirect Expenses incurred relating to
provided on pro rata basis from the project, net of incomeearnedduringtheproject
month of such additions. development stageprior toitsintendeduse, are
considered as pre-operative expenses and
iv. Depreciationonassetssold, discarded disclosed under Capital Work-in-Progress.
or demolishedduringtheyear isbeing
provided up to themonth i n which such DepreciationonProperty, Plant andEquipment
assets are sol d, di scarded or isprovided using written down valuemethod
demolished. ondepreciableamount except incaseof certain
assetsof Oil to Chemicalssegment which are
depreci ated usi ng strai ght l i ne method.
Depreciation isprovided based on useful life
of theassetsasprescribed in ScheduleII to the
CompaniesAct, 2013 except in respect of the

144 Ahmedabad Chartered Accountants Journal July, 2021

From Published Accounts of theitem can bemeasured reliably.All other
repairsand maintenanceexpensesarecharged
following assets, whereuseful lifeisdifferent to theStatement of Profit and Lossduring the
than thoseprescribed in ScheduleII; period in which they are incurred. Gains or
lossesarisingonretirement or disposal of assets
Par ticular: are recognised in theStatement of Profit and
Loss.
FixedBedCatalyst (useful life: 2yearsor more)
Fixed Bed Catalyst (useful life: up to 2 years) On transition to Ind AS, the Company has
elected to continuewith thecarrying valueof
On Plant and Machinery (useful life: 25 to 50 al l of i ts property, pl ant and equi pment
years) recognised asat April 1, 2016 measured asper
theIGAAPand usethat carrying valueasthe
Depr eciation : deemed cost of the property, pl ant and
equipment.
Over itsuseful lifeastechnically assessed100%
depreciatedintheyear of additionover itsuseful Property, plant and equipment which are not
lifeastechnically used ready for the intended use on the date of the
BalanceSheet aredisclosed as“Capital work-
Theresidual values, useful livesand methods in-progress”.
of depreci ati on of Property, Pl ant and
Equipment arereviewed at eachfinancial year Depreciationonproperty, plant and equipment
end and adjusted prospectively, if appropriate. hasbeen provided on thestraight-linemethod
Gainsor lossesarisingfrom derecognition of a asper theestimateduseful life. Theuseful lives
Property, Plant and Equipment are measured have been determined based on technical
as the difference between the net disposal evaluation done by the management’sexpert
proceedsand thecarrying amount of theasset whichareequal totheuseful livesasprescribed
and are recognised in the Statement of Profit under scheduleII of theCompaniesAct, 2013,
and Losswhen theasset isderecognised. except for few items in Plant & Machinery
where the useful lives are lower than those
Navin Fluor ineInternational Limited prescribedinScheduleII totheCompaniesAct,
2013 asper below:
Notesto theStandaloneFinancial Statementsasat
and for theyear ended March 31, 2021 AssetsUseful L ife

h) Proper ty, Plant and Equipment Plant and Machinery 5,6,8,10 and 12 years

Freehold land iscarried at historical cost. All Theassets’residual valuesand useful livesare
other items of property, plant and equipment reviewed, and adjusted, if appropriate, at the
are stated at historical cost less deprecation. end of each reporting period.
Historical cost includes expenditure that is
directly attributable to the acquisition of the hhh
items.

Subsequent costsareincluded in thecarrying
amount of asset or recognised as a separate
asset, asappropriate, only when it isprobable
that futureeconomic benefitsassociated with
theitem will flow to theCompany and thecost

Ahmedabad Chartered Accountants Journal July, 2021 145

From the
Government

CA. Ashwin H. Shah CA. Kunal A. Shah
[email protected] [email protected]

I NCOM E TAX Rule8AB – Attribution of incometaxable
under sub-section (4) of section 45 to the
1) Notification r elating to changes in Rule capital assetsremainingwiththespecified
8AA, I nser tion of Rule 8AB and For m 5C enti ty, under section 48. (Rule 8AB
inserted after rule8AA) Form 5C relating
The Central Board of Direct taxes hereby to Detailsof amount attributed to capital
makesthefollowing rulesfurther to amendthe asset remaining with thespecified entity.
Income-tax Rules,1962, namely
(For full text refer Notification no. 76, dated
In the Income-tax Rules, 1962, (hereinafter 02/07/2021)
referred to astheprincipal rules) in rule8AA,
after sub-rule(4), thefollowing sub-ruleshall 2) Cir cular r elating to Guidelines u/s 9B and
beinserted, namely:- section 45(4) of theI ncomeTax Act,1961

“(5). Incaseof theamount whichischargeable CBDT wi th the approval of Central
toincome-tax asincomeof specifiedentity Government issuesguidelinesin pursuanceof
under subsection (4) of section 45 under section9B(4) andsection45(4) of theAct vide
thehead ¯Capital gains”,- theaforesaid circular.

(i) theamount or apart of it shall bedeemed FinanceAct, 2021 inserted a new section 9B
to be from transfer of short term capital intheIncome-taxAct 1961(hereinafter referred
asset, if it isattributed to,- to as “the Act”). This section mandates that
whenever a specified person receives any
(a) capital asset which is short term capital capital asset or stock in trade or both from a
asset at the time of taxation of amount specified entity, during the previous year, in
under subsection (4) of section 45; or connectionwiththedissolutionor reconstitution
of suchspecified entity, then it shall bedeemed
(b) capital asset formingpart of block of asset; that thespecified entity havetransferred such
or capital asset or stock in trade or both, as the
casemay be, tothespecifiedperson(hereinafter
(c) capital asset beingself-generatedasset and referredto as“deemed transfer”). Thisdeemed
self-generated goodwill as defined in transfer would be in the year in which such
clause(ii) of Explanation1 to sub-section capital asset or stock in trade or both are
(4) of section 45; and received by thespecified person. Any profits
and gainsarising from suchdeemed transfer is
(ii) theamount or apart of it shall bedeemed deemed to be the income of such specified
to be from transfer of long term capital entity of thepreviousyear inwhichsuchcapital
asset or assets, if it isattributed to capital asset or stock in tradeor both werereceived by
asset which is not covered by clause (i) thespecified person. Further, it ischargeable
and is long term capital asset at thetime toincome-tax asincomeof suchspecifiedentity
of taxation of amount under sub-section
(4) of section 45.”

146 Ahmedabad Chartered Accountants Journal July, 2021

GST Update GST Notifications & Cir cular s applicablefor theassessment year 2021-22and
subsequent assessment years.
under thehead “ Profitsand gainsof business
or profession” or under the head “Capital (For full text refer Circular No 14, dated 02/
gains”, in accordance with the provisions of 07/2021)
thisAct. It hasalso been provided that thefair
market value of the capital asset or stock in 3) Cir cular r elating to Guidelines for TDS in
tradeor both, on thedateof itsreceipt by the pur suanceof section 194Q
specified person, shall bedeemedto bethefull
valueof theconsiderationreceivedor accruing Sub-section (3) of section 194Q of the Act
as a resul t of such deemed transfer. The empowerstheBoard (with theapproval of the
definitions of terms “ reconstitution of the Central Government) toissueguidelinesfor the
speci fied enti ty”, “speci fi ed entity” and purpose of removing difficulties. Various
“specified person” areprovided in section 9B representations have been received by the
of theAct. Board for issuing guidelines for removing
certain difficulti es. In exercise of power
FinanceAct 2021 also substituted sub-section contained under sub-section (3) of section
(4) of secti on 45 of the Act. This newly 194Q of theAct, theBoard, with theapproval
substituted sub-section (4) now providesthat of theCentral Government, hereby issuesthe
whereaspecified person receivesany money followingguidelines. Theseguidelinesat some
or capital asset or both from aspecified entity, placeshavealso tried to removedifficultiesin
during the previous year, in connection with implementing theprovisionsof section 194-0
thereconstitutionof suchspecified entity, then and sub-section (I H) of section 206C of the
any profitsor gainsarisingfrom receipt of such Act using power contained in sub-section (4)
recei pt by the specifi ed person shal l be of section 194-0 of theAct and sub-section (I-
chargeable to income-tax as income of the I) of section 206C of theAct.
specifiedentity under thehead“Capital gains”.
It hasbeenfurther deemedthat thisincomeshall Highlights of the Guidelines for TDS in
be the income of the specified entity of the pur suanceof section 194Q ar easunder :-
previousyear in which such money or capital
asset or both werereceived by the1 specified - TDS on Amount Excluding GST
person.A formulato calculatesuchprofitsand
gainshasal so been provided in this subsection. TDS under secti on 194Q shoul d be
Thedefinitionsof terms“ reconstitution of the deducted exclusive of GST, if charged
specified entity”, “ specified entity” and separately. However for TCS on sale of
“specified person” shall be as provided in goods - section 206C(1H), GST is to be
section 9B of theAct while the terms “ se lf- included. In case, tax is deducted on
generatedgoodwill “and“self-generatedasset” advancepayment or on paid basis, tax has
have been defined in this sub-section. It has to be withheld on the amount including
been further clarified that when acapital asset GST since at that point of time, it is not
is received by a specified person from a possibletosegregatetheGST frominvoice
speci fi ed enti ty i n connecti on wi th the for goods.
reconstitution of such specified entity, the
provisionsof sub-section (4) of section 45 of - Pur chaseRetur n
theAct shall operateinadditiontotheprovisions
of section 9B of theAct and thetaxation under In caseof purchasereturn whereTDSu/s.
thesaid provisionsthereof shall beworkedout 194Q was done at the time of purchase,
independently. Both, thenew section 9B and TDSdeduction isallowed to beadjusted
substituted sub-section (4) of section 45 are against futuresupply of goodsby thesame
seller. In case the goods are replaced by

Ahmedabad Chartered Accountants Journal July, 2021 147

the seller for the same value, there is no GST Update GST Notifications & Cir cular s
need of any further adjustment.
recognized cl earing corporati ons
- Computation of Turnover limit located in IFSC

Turnover/ Gross receipts of 10 crore of (b) Transactionsin electricity, renewable
buyer for applicability of thissection194Q energy certificatesand energy saving
wi l l mean Turnover/ Gross recei pts certifi cates traded through power
in businessonly/ fr om businesscarr ied exchanges. However kindly notethat
on by him. Hence, receiptsby way of rent, purchaseof electricity which hasbeen
interest, capital gain etc if not considered held as goods by Hon’ble SC is tax
asbusinessincome, arenot to beincluded deductibleu/s194Q.
incalculatingthethresholdof Rs.10crores.
(c) Theprovisionsof Section 194Q of the
- Cut off Tr ansactions Act shall not apply on purchase of
goods from a person, being a seller,
TDSliability u/s.194Qiseither onpayment whoasapersonisexempt fromincome
or credit whichever isearlier. Therefore, if tax
either of two events happened before 1st
July, 2021, that transaction would not be (For full text refer Circular No. 13, dated 30/
subjected to provisions of Sec. 194Q of 06/2021)
theAct.
4) Cir cular r egar ding useof functionality u/s
- No TDSif tax already collected by seller 206AB and 206CCA of the I ncome Tax
u/s. 206C(1H) Act,1961

If tax hasbeencollectedby theseller under FinanceAct, 2021 inserted two new sections
sub-section (I H) of section 206C of the 206AB and 206CCA in the Income-tax Act
Act, before the buyer could deduct tax 1961 (hereinafter referred to as “the Act”)
under section194-Qof theAct onthesame which takeseffect from 1st day of July, 2021.
transaction, such transaction would not be Thesesectionsmandatetax deduction(section
subjected to tax deduction again by the 206AB) or tax collection (section 206CCA) at
buyer. hi gher rate in case of certai n non-fi lers
(speci fi ed persons) wi th respect to tax
- Not Apply in First year of incorporation deductions (other than under sections 192,
192A, 194B, 194BB, I 94LBC and I 94N) and
The provision of Section 194Q shall not tax collections.
to apply in first year of an entity, asthereis
noturnover / grossreceiptsinthepreceding It can beseen that the tax deductor or the tax
year sincetheentity wasnot in existence. collector is required to do a due diligence of
satisfyi ng hi mself if the deductee or the
- No TDS on impor t of goods collecteeisaspecified person. Thiscan lead to
extracomplianceburden on such tax deductor
Non-resi dent wi thout permanent or tax collector.Toeasethiscomplianceburden
establishment are not covered under the theCentr al Boar d of Direct Taxesisissuing
ambit of section 194Q. Thus, no TDS a new functionality “Compliance Check for
deduction on theimport of goods. Secti ons 206A B & 206CCA ”. Thi s
functi onal i ty i s made avai labl e through
- Exemption fr om TDSu/s. 194Q reportingportal of theIncome-tax Department.

(a) Transacti ons i n securi ti es and (For full text refer Cir No. 11 of 2021 dated
commodi ti es through def i ned 21st, June,2021)
recogni zed stock exchanges and

148 Ahmedabad Chartered Accountants Journal July, 2021

GST Update GST Notifications & Cir cular s

5) Ext ensi on of t i me l i mi t s of cer t ai n by thetaxpayersinmakingvariouscompliance
compliances to pr ovide r elief to taxpayer s under theIncometax Act and in exerciseof its
in view of thesever epandemic power under Section 119 of theAct, provides
relaxation in respect of certain compliances
The Central Board of Direct Taxes after out of which few important areasunder:-
considering thegenuinehardship being faced

Sr No. Par ticulars Or iginal DueDate Extended Due Date

1 Application for registration u/s10(23C), 30th June,2021 31st August,2021
12AB, 35(1)(ii)/(iia)/(iii) and 80G in
form 10A and 10AB

2 e-TDSreturn for theQtr ending 31/03/2021 30th June,2021 15th July,2021

3 Certificateof TDSin form 16 15th July,2021 31st July,2021

4 Uploading form 15G/H for thequarter 15th July,2021 31st August,2021
ending 30th June,2021

5 Duedatefor claiming any exemption under BetweenApril,2021 30th September,2021

provisionscontained in section 54 to 54G to

29th September,2021

(For full text Refer Circular No. 12, dated 25th June,2021)

GOODS AND SERVI CE TAX dynamic QR codeenablesthe“scan and pay”
system.
1) Extension r elating to r equir ement of a Thesaid complianceswereeffectivefrom 01/
dynamic QR code 07/2021. Vide Notification No. 28/2021 –
Centr al Tax dt. 30.06.2021 the penalty for
A dynamic QR codeisdistinct from thestatic non-compliancewith therequirementsof the
QR codein thesensethat, apart from it being dynami c QR code has been wai ved ti l l
technologically superior, it capturesnot only 30.09.2021.Henceeffectively therequirements
theinformation about thepayee(supplier) but will not comeinto effect till 30.09.2021.
even theadditional fieldsastheamount to be
paid. Hence if the same is scanned with a hhh
compatibledevice(ordinary phonewill alsodo)
it shall allow the payee to know even the
amount to bepaid for thegiventransaction and
hencefacilitatesmoother payments. Hencethe

Ahmedabad Chartered Accountants Journal July, 2021 149

IT Corner CA. Rushabh Shah
[email protected]
As we move ahead studying important functions For illustration, wehaveselected just 6 names. But
relating to the“IF” functionsin thelast journal, we when we work, very often we come across
march forward by covering some important instances where the list includes more than 200-
formulae. I have tried to cover a combination of 300suchvalues.Wenow needashortcut toseparate
theones, which shall beused in our routinelives. all the3 codesby way of afunction.
In this article, we are going to learn about the Thisisexplainedby way of somescreenshotshere:
following: First of all, select thedatathat you liketo split.
· Text to Columns
· Concatenate After this, choosetheText To Columnsunder
· Flash Fill Data:
What I have seen is that in our daily operations,
therearevariousexperienceswherewearerequired
to split thenamesandother detailswrittenin acall,
and at thesametimetherearisesarequirement to
merge the details written in different cells. To
counter all these, thesefunctionsshall beused.
Let us begi n wi th “TEXT TO COLUM NS”
function.
Wehavethefollowing list of invoices:

I nvoiceNo.
CS1285/2021
RS187/2020
YG397/2021
OG988/2019
MD78264/2016
EC920/2020

Thecodingof theinvoicesismadeon thefollowing
basis:

Client initials Year of I nvoice In the Text to Columns Wizar d, click the radio
I nvoiceSer ial Number button next to Fixed width. Before proceeding
ahead, l et us cl arify the di fference between
150 Delimited and FixedWidth.

Ahmedabad Chartered Accountants Journal July, 2021

Incasewewant tosplit thecolumnsbasedonafixed I T Cor ner
position of characters, we need to use the Fixed
Width option, and if we want to split based on Makesureyouselect theproper destination, or else
special characters, we need to use the Delimited the main data shall be replaced from the sheet. I
option. Weshall useboththeoptionshere, to make haveselected thesameas$B$2.
it easily understandable.
Click Finish and you shall havetheresult in front
of you.

Click Next, and you will seeapreview of where Now we follow the same procedure, using the
Excel will split your text. delimitedoptionfor theColumnC. Thescreenshots
arebeing shown here:

If Excel doesnot guessit correctly, you can make
changes.

Clickonthepreviewtoaddaline(Excelwillsplit
your text at each line).Double-clickonalineto
removeit.

Click and dr agalinetomoveit.

Click Next. Now you can choose how to import
each new column:

Make sure we select the symbol to be separated.
Herein our case, it is“/”.

Theresultant sheet is:

Ahmedabad Chartered Accountants Journal July, 2021 151

I T Cor ner

Though it might sound abit complex, but thiswas Let ustakeour first example:
afunction which wasquiteeasy to understand and
use. A practical use of this function will make it I nvoiceNo.
clear. CS1285/2021
RS187/2020
Now, worki ng on the next f ormul a YG397/2021
“CONCATENATE”, which isexactly theopposite OG988/2019
of what theaboveformulais. MD78264/2016
EC920/2020
Thescenario is:

Name Sur name Full Name Now to usetheFlash Fill Function, writetheexact
Virat Kohli way you need the cells to be separated. Write it
Rohit Sharma over for 2 times, i.e. thefirst 2 rows. It should show
Hardik Pandya something li ke thi s.
Jasprit Bumrah
Ajinkya Rahane I nvoice No.

CS1285/2021 CS 1285 2021

And we need the full names as mentioned in the RS187/2020 RS 187 2020
third column.
YG397/2021

Theformulamay beused asunder: OG988/2019

=CONCATENATE(text1, [text2], ...) MD78264/2016

Here in our case, we shall need to merge 2 cells, EC920/2020
and aspacein themiddle.
Now, all what you need to do isgo to Cell B4, and
Hence, our formulashall work asunder: Press FLASH FILL

=CONCATENATE(A2,” “,B2)

The middle space which is needed, has to be
specifically mentioned insidethe“ “.

Name Sur name Full Name Repeat thesamefor CellsC4, and D4.
Virat Kohli =CONCATENATE(A2,” “,B2)
Rohi t Sharma =CONCATENATE(A3,” “,B3)
Hardik Pandya =CONCATENATE(A4,” “,B4)
Jasprit Bumrah =CONCATENATE(A5,” “,B5)
Ajinkya Rahane =CONCATENATE(A6,” “,B6)

And theresult shall beas: And voilaaaaaa, you have the data without any
complication.
Name Sur name Full Name
Virat Kohli Virat Kohli I nvoiceNo.
Rohit Sharma Rohit Sharma
Hardik Pandya Hardik Pandya CS1285/2021 CS 1285 2021
Jasprit Bumrah Jasprit Bumrah
Ajinkya Rahane AjinkyaRahane RS187/2020 RS 187 2020

YG397/2021 Y G 397 2021

And now, thesimplest thing which solvesboth the OG988/2019 OG 988 2019
above problems very easily. And yes, it is not
MAGIC. But it isFL ASH FI L L (under DATA in MD78264/2016 MD 78264 2016
Excel).
EC920/2020 EC 920 2020

152 Ahmedabad Chartered Accountants Journal July, 2021

Let usdo thesamething for our second exampleas I T Cor ner
well. Go to DATA àDATA VALIDATI ON àDATA
VALIDATION
Virat Kohli Virat Kohli Select the columns where you need a dropdown,
Rohit Sharma and then under the Settings Tab, select the LIST
Hardik Pandya button:
Jasprit Bumrah
Ajinkya Rahane Select thesourcedataasunder:

Just go to the cell besides Sharma, and press Thereyou go!!!
FLASH FILL. You now have what you want.

You havethethings, which you want.

Virat Kohli Virat Kohli
Rohit Sharma Rohit Sharma
Hardik Pandya Hardik Pandya
Jasprit Bumrah Jasprit Bumrah
Ajinkya Rahane AjinkyaRahane

Isn’t it so pleasing to see, what a powerful tool
Microsoft Excel is!!!

THE PRO-FEATURE:

Every month, weshall havethis Pro-FeatureTip,
which is extremely useful for daily use, but we
hardly know it, and whi ch i s quite easy for
understanding. Thismonth’sPro-FeatureisDATA
VAL I DATI ON.

Imagineascenario when youwant aclient to fill in
some data, which should appear in a DropDown
and instead of entering, the excel should give a
dropdown to usethis.

Thedatasheet isasunder:

What abeautiful way to get your work done, from
exactly thesourceyou like.

What weneed isunder theCColumn, adrop down
shouldappear whichhelpsyoutoselect thecategory
of Micro, Small or Medium.

hhh

Ahmedabad Chartered Accountants Journal July, 2021 153

Association

News

CA. Rushabh M . Shah CA. Jay B. Par ekh
Hon. Secretary Hon. Secretary

The Chartered Accountants Association, Ahmedabad specifically respects the role of women in facilitating
the professional lives of our fellow Chartered Accountants. At the same time, they have been instrumental at
the professional front, achieving so many glorious laurels at various levels. In view of the same, the Chartered
Accountants Association, Ahmedabad has formed a Women Empowerment Committee for the year 2021-
22, which shall have the following members:

Women Empower ment Committee

Chai rman Convener
CA. K r ishna K handwala CA. Riddhi Sheth

EC Representative M embers Past President
CA. Har it Dhar iwal CA. M aitr i Shah CA. Pr akash Sheth
CA. Boscy Par ekh
CA. Anj ali Choksi CA. Diti Vashi
CA. Anokhi Par ikh CA. Silva Shah

1. Glimpses of past events:

Time Pr ogr am Speaker Venue

I ncome Tax Zoom Platform
& YouTube Live
22nd June 2021-Tuesday Changes in Audit Report, CA. Manthan
4.30 pm to 6.30 pm ITR and Related Provisions Khokhani Zoom Platform &
YouTube Live
110 par ticipants had attended the pr ogr am

30th June 2021 – Interactive Session on CA. Palak Pavagadhi
Wednesday Provisions of TDS, TCS and
4.30 pm to 6.30 pm
e-filing Portal 2.0

213 par ticipants had attended the pr ogr am

Enter tainment

25th June 2021 – Fr iday Lucky Blind Jyoti Christian and Zoom Platform
8.30 pm to 11.30 pm (Bollywood Housie) Mandeep Devshree

350+ par ticipants had played the game

Car e4U Free Mega COVID-19 Ahmedabad
24th June 2021 – Thur sday to Vaccination Drive (in collaboration with Branch of
29th June 2021 - Tuesday Ahmedabad Branch of WIRC of ICAI WIRC of ICAI
11.00 am to 5.00 pm and Ahmedabad Municipal Corporation)

2. For thcoming Pr ogr ammes:

Time Pr ogr am Speaker Venue

15th July 2021 – Thur sday to 49th Residential Various Speaker City of Lakes -
17th July 2021 - Satur day Udai pur
Refresher Course

hhh

154 Ahmedabad Chartered Accountants Journal July, 2021

ACAJ Crosswor d Contest - 2

Acr oss Down
1. Asper theguidelinesfor TDSu/s194Q tax is
4. 1st July marks _______ years of economic
to be deducted ______ GST, i f charged reformsof Indialed in 1991.
separately.
2. Sections 54 and 54F of the Income Tax Act, 5. Asper section 9B whenever aspecifiedperson
1961 were i ntroduced to promote receives any capital asset or stock in trade or
››››››_______by granting exemption to the both from aspecified entity, during theprevious
assesseefrom capital gains. year, in connection with the dissolution or
3. Theturnover limit for registration under GST ________of such specified entity, then it shall
f or person provi di ng servi ce i s Rs. be deemed that the specified enti ty have
_______Lakh. transferred such capital asset or stock in trade
or both.

6. The 49th RRC of Chartered Accountants
Association washeld at __________.

Notes:

1. TheCrossword puzzleisbased on thisissueof Pr izeCour tesy
ACA Journal.
Winner s of ACAJ Crosswor d Contest – 1
2. Two lucky winnerson thebasisof adraw will
beawarded prizes. 1. CA Shailesh Shah

3. The contest is open only for the members of 2. CA Gaurang Choksi
Chartered Accountants Association and no
member is allowed to submit more than one ACAJ Crosswor d Contest 1 - Solution
entry.
Across: Down:
4. M embers may submi t thei r repl y ei ther
physically at the office of theAssociation or 1. E-Commerce 4. Voluntarily
by email at [email protected] on or
before02-08-2021. 2. Beneficial 5. Deduction

5. Thedecisionof Journal Committeeshall befinal 3. Prejudicial 6. Settler
and binding.

hhh

Ahmedabad Chartered Accountants Journal July, 2021 155