AHMEDABAD ICAI NEWS LETTER FOR THE MONTH APRIL-2022

The Institute of Chartered Accountants of India

(Setup by an Act of Parliament)

Ahmedabad Branch of WIRC of ICAI

E-NEWSLETTER

Volume: 09 | ISSUE NO: 02 | April-2022 Chairperson’s Message

OFFICE BEARERS "Don't be afraid of failure. Be afraid of being in the
Chairperson exact same place this time next year."
CA. Bishan R. Shah
98250 23573 My greetings to all of you at the start of the financial
Vice Chairperson year 2022-23! As we bid farewell to FY 2021-22 with
CA. Anjali Choksi the closing of our books of accounts, our Branch, too,
98257 73179 has closed its book of events for the month of March
Secretary on a great note.
CA. Neerav A. Agarwal
9879672485 THE BIG ACHIEVEMENT for Ahmedabad Branch this
Treasurer
CA. Samir S. Chaudhary time is that with the tireless efforts of our CCM CA.
9377471779
Members Purushot tam Khandelwal, under the able guidance of Vice
CA. Chetan J. Jagetiya
CA. Abhinav A. Malaviya President IC AI C A . Aniket Talati- Council has approved the
CA. Rinkesh K. Shah
CA. Sunil Sanghvi infrastructure project - ICONIC ICAI Bhawan in the meeting held on 25th
CA. Sunit J. Shah
Ex. Officio Members March, 2022.
CA. Aniket Talati,
(VicePresident) 98255 51448 We started the month of March with Adv. CA. J.K.Mittal Sir's talk on
CA. Purushottam H. Practical approach to GST, followed by International women's day
Khandelwal, CCM celebration week where we had fantastic activities like Biodiversity Walk,
9825020844 Chartered Couple Chef Fireless cooking, Resin Art workshop, Celebrating
CA. Chintan Patel, RCM Woman's Day by Men with a talk show on #BreakTheBias, talk by Dr.
90999 21163 Amarjit Singh - Chairman - GujRERA, CA Khushboo Kundalia, Dr. Darshana
CA. Hitesh Pomal, RCM Thakkar and Prof. Khushbu Chhachani. We also recognised women's
98240 49402 invaluable contribution to the profession and their vital role in
CA. Vikash Jain, RCM encouraging aspiring professionals, and we felicitated Senior Women CAs
93277 15892 at the Ahmedabad Branch. We also organised virtual CPE Meetings on the
Newsletter Committee emerging area of practice in Valuation. I congratulate MCM, CA. Sunit
Chairperson: Shah and Vice-Chairperson CA.(Dr.) IP. Anjali Chokshi for this wonderful
CA. Samir S. Chaudhary start.
Co-Chairperson:
CA. Hemlata Dewnani We organised a National Conference on Statutory Bank Audit, where we
Convener: were glad to see enthusiastic participation from more than 400 members
CA. Jay Pankajbhai Shah at Hyatt. After more than two years, we were able to meet and serve the
Members: members physically in such large numbers, and I am glad to share that we
CA. Abhishek bardia were able to generate more than 2000 CPE hours. We also provided the
CA. Ajay Daga members that had participated in the National Conference with the
CA. Akash Pawankumar Jain publication of WIRC on Statutory Audit of Bank Branches - Compilation of
CA. Homesh Mulchandani Papers 2022.
CA. Jaiminkumar G. Shah
CA. Karan Gopalbhai Gupta We have also launched a Bank Branch Audit Help Desk under the
CA. Karan Ranka leadership of our RCM CA. Hitesh Pomal, Sir, and we request members to
CA. Karim Lakhani take benefit of the same.
CA. Kushal B. Reshamwala
CA. Mahadev Birla Ahmedabad Branch was more than fortunate to felicitate our President,
CA. Mahavir Shah CA. (Dr.) Debashis Mitra and Vice President CA. Aniket Talati of ICAI in
CA. Manishkumar Dubey the esteemed presence of Chief Minister of Gujarat, Shri Bhupendra
CA. Mohit R Tibrewala Bhai Patel. History is not the burden of anyone, man or women alone, but
CA. Monish S. Shah some are called to meet a special share of its challenges; it is this duty, we
CA. Parth Joshi must discharge it with dignity, determination, and distinction that are
CA. Naveen Surana widely admired, and we are sure that we shall witness history under their
CA. Nehal Sheth leadership. Leadership is the cement that seals and intact our profession,
CA. Vishal P. Desai and it makes meaningful our relationship with the government,
regulators, various stakeholders, and businesses. It is fallen to us to
Whats Inside???

Direct Tax Quick Connect 05 RERA Updates 15 Financial Reporting 20
GST Updates 07 Excel in Excel 17 Motivational Story 21
Editorial 03 GST Quick Connect 10 Imp. Due Dates 18 Sub Committees 22
Direct Tax Updates 04 IFRS 16
LR Scheme 13 19 Event in Images 37

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

tackleturbulence and multiple challenges, we Malaviya in coordinating the conference.
along with all the members across the state of
Gujarat are with our leadership. We attempted for Campus Articles Placement
Program (CAPP), collection of research papers,
My heartiest gratitude to Sr. Adv. Saurabh and recruitment of young CAs at ROC during the
Soparkar for his Lecture and to CA. R.S Patel Sir month. CAPP was not much successful but we
and Past President of ICAI CA. Sunil Talati Sir for will surely try to place it in better shape next
their kind words during the felicitation of the time.
President and Vice President of ICAI. I express
my humble gratitude to all the chairpersons of We organised the S. Vaidyanathan Aiyer
other branches of Gujarat, various associations, Memorial lecture meet on Income Tax. In this
office bearers of ICSI - ICAI-CMA, and office meeting, CCM C.S.Nanda, Chairperson of DAAB
bearers of Rajpath Club, Ahmedabad, for being and IASB, was the chief guest and CA. Ajit C.
present at the event and being part of it. I am Shah deliberated on the topic of Issues on
also very thankful to all the members for Taxation of Trust. We had a Know Your
gathering in large numbers. Committee meeting, where more than 150 sub-
committee members were present. We
We made an effort to collate IT TOOLS and appreciate the efforts of the secretary CA.
software made by our members. As a result, Neerav Agrawal for his contribution and
we dedicated those IT tools to our President support.
and Vice President, sir. Those members are CA
Prasad Akhani, CA Ravi Somani, CA Pratik Kikani, Team Ahmedabad Branch had a tremendous
CA Priyam Bhatt, CA Vinit Shah from Baroda, CA energising experience at the Branch
Brijesh Mistry. The said tools are available on Orientation Program and WIRC Members' Meet,
the Branch's website for the use of members. which was wonderfully organised under the
Ankpal software, developed by CA. Prasad leadership of WIRC Chairperson Murtuza
Akhani has given their accounting and Kachwala and TEAM, where we exchanged great
compliance software for free to members of the ideas and had a successful networking
Ahmedabad Branch for the first year and a 70% experience to serve our members. We are
discount from the next year. thankful to our RCM CA. Vikash Jain for his
wholehearted support during the orientation.
We even had a conference under the patronage
of WIRC wherein technical sessions on recent We appreciate the efforts of the Chairperson of
amendments in Schedule III and CARO effective the newsletter committee CA. Samir
from FY 2021-22 were discussed and Chaudhary.
deliberated upon so that the members could
gain insight and put the recent amendments In March, WICASA also organised several
into application. We were also able to share the events, such as Ranker's talk and the Industrial
knowledge by providing the members that visit to Mundra Port, where students had the
participated in the conference with a perfect blend of knowledge and fun. We even
complimentary copy of "Handbook on had indoor sports events for the students at Eka
Taxation of Partnership Firms & LLPs- FAQs." Club in association with Hyundai. It was indeed a
Thanks to TEAM WIRC and the efforts of the sporty event with students playing in their best
TEAM - LEAD by Murtuza Kachwala, Chairperson competitive spirits. We even had a "Bank Audit
WIRC, for organising this conference and Bang" session taken by eminent speakers CA
allowing us to host the same. I am thankful to Rajan Shah and CA Vedant Parikh at HLCC, and it
RCM CA. Chintan Patel, MCM CA. Sunil Sanghvi was indeed a great learning for the students.
for their efforts in shaping this full-day With the exams coming up in May, we have even
conference. launched Revision lectures, test series –
"Pinnacle" where we aim to stand with the
Aligning with our theme of the year –TEAM, we students to help them ace their preparations
had a Conference on Technology aspects of and score well. We appreciate the efforts made
Bank audit with the Auditing & Assurance by CA. Chetan Jagetiya for the same.
Standard Board- AASB. It was indeed a great
attempt to bridge the knowledge gap, The month of April awaits grand festivities for
perception gap & regulatory gap. I express my our Branch, and we will strive to bring great
deepest gratitude to the Chairperson, CCM CA. learning sessions and fun activities for our
(Dr.) Sanjeev Kr. Singhal and Co-Chairperson members and students.
CCM. CA. Vishal Doshi of AASB for providing this
opportunity and a complimentarily soft copy of CA Bishan R. Shah
all the relevant publications in a pen drive. We
appreciate the efforts of MCM. CA. Abhinav Chairperson,

Ahmedabad Branch of WIRC of ICAI

માતૃ ભૂ મ નુ સ ાન માતૃ સં ા ારા માતભૃ ાષા ના હે ત થી

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

EDITORIAL

Respected Seniors and 75 years will be exempted from filing income
Friends, tax returns with the condition that a
declaration must be given to the bank that the
A Very Happy New Financial individual uses. Further, the senior citizen is
Year to all the respected only exempted from filing if certain conditions
members and community are fulfilled.
of CA Fraternity. Have a
wonderful New Year 7) Non-KYC compliant bank accounts to
surrounded by new areas to have restrictions: Individuals whose bank
innovate and grow in your account is not KYC compliant will not be able
professional journeys and to operate their bank account from April 1,
enjoy new adventures, accomplishments and 2022. Restrictions will be placed on cash
learnings. Cheers to work, wealth and deposits, cash withdrawals etc.
wonderfulness.
8) Pradhan Mantri Vaya Vandana Yojana
In this editorial, I will be discussing 10 changes interest rate reset: The interest rate of the
coming into effect from 01 April, 2022 to take Pradhan Mantri Vaya Vandana Yojana is always
note of and plan your finances accordingly: reset annually. The new rates are expected to
be announced on April 1. In 2020-2021, the
1) Updated filing of ITR: A new provision rate was 7.4 per cent per annum, and it has
will give taxpayers an additional opportunity remained unchanged since then.
to update their Income Tax Returns for any
errors or mistakes made. Individuals will be 9) Removal of benefit for home loan
able to file any updated return within two deduction: Until the financial year of 2021-22,
years from the end of the relevant assessment there was an additional deduction a citizen
year. could take on home loans with interest up to ₹
1.5 lakh for properties valued less than ₹ 45
2) Crypto tax: All crypto gains from various lakh. The finance minister has not extended
virtual digital assets will now be taxed at a flat this scheme to the next financial year.
rate of 30 per cent. This includes gifts in the
form of cryptocurrency as well. Further, the 10) PAN Aadhar Linking: The last date for
government has introduced norms by linking PAN with Aadhar has been extended
disallowing losses incurred in one virtual from 31.03.2022 to 31.03.2023. However,
digital asset to be set off against an earning in w.e.f. 01.04.2022, if PAN is not linked with
another. Aadhar, penalty of Rs.500 (if linking is done till
30.06.2022) / penalty of Rs.1,000 (if linking is
3) Tax on EPF account: The CBDT has done after 30.06.2022) will be applicable.
decided to change the EPF rules and exempt
contributions of up to ₹ 2.5 lakh. The EPFO will Apart from above illustrative list, other changes
maintain two different accounts: One for non- as enacted in The Finance Act, 2022 will also
taxable and one for taxable. apply.

4) Change in Long Term Capital Gains: My New Year Resolution is to work with the
Currently, there is a maximum surcharge of 15 utmost discipline, integrity and honorability.
per cent on long term capital gains on the sale Give your new financial year a kickstart with all
of listed equity and mutual funds for this information and positivity. I also request to
individuals and HUF. After the changes, all the members who are willing to contribute
however, this maximum percentage will be for newsletter on any topic can share the same
extended toward all assets. with us at [email protected].

5) State Government employees can “Although we may have our ups and downs, I
contribute to NPS: State government know we will always support each other. Here's
employees can now contribute and claim up to to another year and our wonderful family!”
14 per cent of their basic salary and dearness
allowance under the NPS. This will now be the 'TOGETHER EVERYONE ACHIEVES MORE’
same as the deduction available to central
government employees. Stay Safe and Stay Happy!!

6) Senior citizens aged 75 years and Happy learning!!
above exempted from filing Income Tax
Returns: Any senior citizen above the age of CA Samirkumar Chaudhary

Chairperson, Newsletter Committee

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Direct Tax Updates

Compiled by: CA Kushal Reshamwala

Analysis of Section 68 of
Income Tax Act,1961

There was a great need and importance for the assesse are covered under this section.
introducing the provisions of section 68 under
the Income-tax Act, 1961 to safeguard and The burden lies on the assesse to prove that any
protect the interest of revenue, as assesse was sum which is found credited in books was a
engaged in harmful tax practices to evade tax in genuine transaction; nature and source of such
the form of fake cash credit entries in the books entry should be proved by assesse, otherwise it
of account, after introduction of this section would be treated as income of the assesse. But
many amendments have been taken place from Assesse was not required to prove “Source of
time to time to enhance its applicability and to Source”, means assesse was not required to
curb the menace and unearthing of Black prove the source of income of the person from
Money, Accommodation Entries, Cash Credit whom he has received the amount. The only
Entries etc. thing which assesse was required to do is to
prove the genuineness of the transactions as
Assesse used to hide its Income or supress well as the creditworthiness of the person
income by diverting its cash receipts and providing credit along with documentary
showing it as “Unsecured Loan” or in any other evidences, it is not the business of the assesse to
form in the books of accounts, thereby avoiding find out the source of money of the person
payment of tax on business receipts. It is a tax providing loan or any other credit in any form.
evasion device or tool used by large number of Once assesse furnishes sufficient documents
assesses across the nation to evade tax and and explanations, it is on the onus of
thereby resulting in tax revenue loss to the department to verify the same and act
Government of India. accordingly.

To curb such malpractices and tax evasion Unexplained Cash Credits are chargeable to tax
tactics, section 68 came into light with timely u/s 115BBE of the Income Tax Act, 1961 at the
amendments in it. rate of 60% plus surcharge plus Cess that comes
to overall 78% that too without deduction of
Section 68 is only applicable and can only be any expenses. The real and main purpose of
invoked when assesse is maintaining books of introducing this provision is to charge the tax at
account and there is any sum which is found higher rates than the normal rates, so that
credited in the books of an assesse maintained assesse would avoid concealing and hiding its
for any previous year and assesse offers no income. The logic behind increasing tax rate
explanation with regard to such cash credits or from 30% to 60% was to make sure assesse who
explanation offered by assesse was not is hiding and concealing its income will not be
satisfactory, then assesse will be held guilty treated at par with other tax payers i.e. both
under this section and thereby as a result, disclosed and undisclosed income will be taxed
provisions of this section will trigger. All credit at roughly 30%, to penalise the tax evaders, tax
entries appearing in the books of accounts of rate was increased.

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Direct Tax Quick Connect

Compiled by: CA Mohit R. Tibrewala

1. Circular No. 4/2022 – Deduction of Tax at domestic company, for any previous year
Source – Income tax Deduction from Salaries relevant to the assessment year
under section 192 of the Income Tax Act, 1961 beginning on or after the 1st day of April,
dated 15.03.2022. 2020, shall, at the option of such person
be computed at the rate of twenty-two
Reference is invited to Circular No. per cent subject to satisfaction of
20/2020 dated 03.12.2020 whereby the conditions contained in sub-section(2) of
rates of deduction of income-tax the Section.
from the payment of income under the
head "Salaries" under Section 192 of the 1.2 As per subsection (5) of section 115
Income-tax Act, 1961 (hereinafter 'the BAA of the Act read with Rule 21 AE, of
Act'), during the financial year 2020-21, the Income-tax Rules, 1962 (the Rules),
were intimated. The present Circular the assesse company is required to
contains the rates of deduction of submit Form 10- IC electronically on or
Income-tax from the payment of income before the due date of filing of return of
chargeable under the head "Salaries" income u/s 139(1) of the Act and such
during the financial year 2021-22 and option once exercised shall apply to
explains certain related provisions of the subsequent assessment years.
Act and Income-tax Rules 1962
(hereinafter the Rules). All the sections 1.3 Failure to furnish such option In the
and rules referred are of Income- tax Act, prescribed form on or before the due
1961 and Income-tax Rules, 1962 date specified u/s 139(1) of the Act
respectively unless otherwise specified. results in denial of concessional rate of
h ps://incometaxindia.gov.in/communica ons/c tax of twenty-two per cent to such
ircular/circular-04-2022.pdf person.

2. Circular No. 6/2022 – Condonation of 2. Representations have been received
delay under section 119(2)(b) of the by the Board stating that Form 10-IC
Income Tax Act, 1961 in filing of Form 10- could not be filed along with the return
IC for the Assessment Year 2020-21. of income for A Y 2020-21, which was the
first year of filing of this form. It has been
Section 115BAA of the Income-tax Act, requested that the delay in filing of Form
1961 (the Act) was inserted by the 10-IC may be condoned.
Taxation Laws (Amendment) Act, 201 9
w.e.f. f. 01.04.2020. As per the Section, 3.On consideration of the matter, with a
the income-tax payable in respect of the view to avoid genuine hardship to the
total income of a person, being a

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

domestic companies in exercising the ITR-5 (15.1 lakh), ITR-6 (9.3 lakh) and ITR-7
option u/s 115BAA of the Act, the Central (2.18 lakh). This reflects an increase of
Board of Direct Taxes, in exercise of the over 16.7 lakh ITRs over total filing of ITRs
powers conferred under section for AY 2020-21 till 15.03.2021.
119(2)(b) of the Act, hereby directs that:-
Over 43% of these ITRs have been filed
The delay in filing of Form 10-IC as per using the online ITR form on the portal
Rule 21AE of the Rules for the previous and the balance have been uploaded
year relevant to A. Y 2020-21 is condoned using the ITR created from the offline ITR
in cases where the following conditions preparation software utilities, including
are satisfied: Departmental software.

i) The return of income for A Y 2020- Further, out of the 6.63 crore ITRs filed
21 has been filed on or before the for AY 2021-22, more than 6.01 crore ITRs
due date specified under section have been verified (75% using Aadhaar
139( 1) of the Act; OTP). Out of the verified ITRs, more than
5.17 crore ITRs have been processed and
ii) The assesse company has opted 1.83 crore refunds for AY 2021-22 have
for taxation u/s 115BAA of the been issued till 15.03.2022.
Act in (e) of "Filing Status" in "Part
A-GEN" of the Form of Return of More than 99.27 lakh statutory forms
Income ITR-6 and were filed in FY 2021-22 till 15th March,
2022 on the new portal including 26.19
iii) Form 10-IC is filed electronically lakh Form 3CB-CD, 2.76 lakh Form 3CA-
on or before 30.06.2022 or 3 3CD, 20.9 lakh Form 15CA, 5.4 lakh Form
months from the end of the 15CB, 2.27 lakh 10A, 5.86 lakh 10E,
month in which this Circular is 77,634 Form 35 and 23.79 lakh TDS
issued, whichever is later. statements. The extended due date for
filing of form 3CFA, 3CEAA, 3CLA, 9A, 10,
h ps://incometaxindia.gov.in/communica ons/ 10IB/IC/ID, 10CCF, 56FF was 15th March,
circular/circular-no-6-2022.pdf 2022 for which total filings till 15th
March, 2022 is nearly 1.64 lakh.
3. Press Release dated 16.03.2022 – More
than 6.63 Crores Income Tax Return The Department expresses gratitude to
(ITRS) and 99.27 lakh statutory forms all tax professionals and taxpayers for
filed on the new e-filing portal of the the support in timely compliances.
Income Tax Department. Taxpayers and tax professionals are also
requested to note that the last date of
More than 6.63 crore Income Tax Returns filing belated return, revised return,
(ITRs) were filed for AY 2021-22 on the linking of Aadhaar and PAN and
new e-filing portal of the Income Tax compliance to the e-proceedings for
Department as on 15th March, 2022, assessment etc. is 31.03.2022.
which was the due date for filing of ITRs h ps://pib.gov.in/PressReleasePage.aspx?PRID=
by Companies and other taxpayers who 1806722
were required to file Tax Audit Report. As
on 15th March, 2022 more than 5.43 lakh
ITRs were filed (compared to 4.77 lakh
last year on the due date) and over 13.84
lakh ITRs were filed in the last 5 days
(compared to 11.87 lakh last year on the
due date).

Out of the 6.63 crore ITRs filed for AY
2021-22, 46% are ITR-1 (3.03 crore), 9%
are ITR-2 (57.6 lakh), 15% are ITR-3 (1.02
crore), 26% are ITR-4 (1.75 crore), 2% are

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

GST Updates

Compiled by: CA. Monish S. Shah

Gst related changes in union budget

1) 18% Goods and Service Tax (GST) is ruling on whether GST liability arose in

payable on the cooking cream. respect to the property of the Applicant
(HAR/HAAR/R/2018-19/09) used by the partnership firm, in which he was

The appellant is in the business of a partner, to carry out the business of the

distributing various dairy and non-dairy firm free of rent.

products. The goods, namely “Cooking

Cream”, sold by the appellant under the The Applicant stated before the AAR that
name 'Cooking Delite”, are proprietary the activity of letting out his own property to

foods consisting of water, edible vegetable the partnership firm, wherein he was a

fat (hydrogenated palm kernel oil), milk Managing Partner and held 2/3rd of the

solids, sugar, and premixes of emulsifiers shares, was not in furtherance of business so

and stabilisers. It is ideal for use in truffles, as to attract GST.
soups, sauces, gravies, and all types of

cuisines. The AAR observed that as per Section 2(17)

of the CGST Act, the term 'business' includes

The appellant has sought an advance ruling any trade, whether or not it is carried for a

on the issue of whether the product 'cooking pecuniary benefit. The AAR added that in
cream' is classifiable under chapter heading order to qualify any service as being carried

1517, attracting GST at the rate of 5%. out in the course of business it should be
provided with the intention of deriving

The Authority of Advance Ruling (AAR) has economic benefits. The AAR ruled that if the

ruled that the “Cooking Cream”, which is a economic benefit accrued directly or
non-diary cooking cream, does not merit indirectly, then the same would be treated

classification under heading 1517 of the as provision of service against consideration
First Schedule to the Customs Tariff Act, under the GST law.

1975. Rather, it is classifiable under chapter The AAR ruled that the property of the
heading 2106 of the schedule to the

Customs Tariff Act, 1975 and chargeable to Applicant rented to the partnership firm for

18% GST. free eased the burden of rent to be paid by
the firm and thus reduced the expenditure

The AAAR, while upholding the AAR's ruling, to be borne by the firm, consequently
observed that import data of India with increasing the firm's profits. Therefore, the

regard to the import of “non-dairy AAR ruled that the rent free accommodation

whipping/topping cream at various Indian provided by the Applicant indirectly accrued
ports was checked on various websites and, as a profit for the firm which was enjoyed by

as per this import data, non-dairy the Applicant as a partner. Thus, the AAR
topping/whipping cream is being imported held that the accommodation provided by

by classifying under chapter sub-heading the partner to the partnership firm, which is
21069099. a separate person, was a supply in the course

of and in furtherance of business under

2) GST is liable to be paid in respect of Section 7 of the CGST Act and was therefore
properties of a Partner rented to a eligible to GST.

partnership firm, even if it is free of rent, to The AAR noted that as per Schedule 1 of the
carry out the business of the firm, since the

activity is in furtherance of business and CGST Act, the supply of goods or services or
amounts to supply under Section 7 read with both made between related persons in the
Schedule 1 of the CGST Act, 2017. course or furtherance of business, would be
The Applicant Shanmuga Durai filed an treated as supply under the GST Act even if
application before the Authority for made without consideration. The AAR

Advance Ruling (AAR), seeking an advance observed that the Applicant and the

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

partnership firm were 'related persons' 0406, but rather it merits classification
under CGST Act and therefore, the supply of under chapter heading 2106 of the schedule
service between them was taxable even to the Customs Tariff Act, 1975, as “Food
when rendered without consideration. Preparations not elsewhere specified or
included” and chargeable to 18%IGST or 9%
The AAR ruled that therefore the activity of CGST and 9% SGST.
renting immovable property owned by the
Applicant to the partnership firm, in which The appellant contended that the pizza
he was a major shareholding partner, is a topping contains mozzarella cheese,
taxable supply under CGST Act. constituting almost 15 percent of the total
product. It forms the main ingredient to
3) The Haryana Appellate Authority of which other ingredients are added in small
Advance Ruling (AAAR) bench consisting of quantities. The product contains 15 percent
Amit Kumar Aggarwal and Anil Kumar Jain of other milk products such as milk solids and
held that 18% Goods and Service Tax (GST) is skimmed milk powder. Thus, almost 30
payable on pizza topping as pizza topping is percent of the product consists of cheese
not pizza. and other milk derivatives. The appellant
urged that the essential character of the
The appellant is in the business of pizza topping is provided by mozzarella
distributing various dairy and non-dairy cheese, without which the product will not
products and is registered with the achieve its cheesy character. Further, milk
jurisdictional GST authorities. The product solids and skimmed milk powder, falling
“pizza topping,” which is sold by the under Chapter 4 of HSN, also constitute
appellant under the brand “Goodrich,” is a essential ingredients. Even after the
proprietary food consisting of water, addition of other ingredients, the topping
mozzarella cheese, vegetable oil, and milk maintains its basic cheesy character.
solids along with premixes of emulsifiers Accordingly, the product is a type of cheese
and stabilizers. It is ideal for use on pizza as a classifiable under heading 0406, which
topping of cheese as it provides a smooth, covers cheese and curd.
lasting taste and stringiness to the pizza.
The AAAR, while upholding the AAR's ruling,
The applicant submitted that the product observed that “pizza topping” is a product
“Pizza Topping” contained 14.5 percent made out of mozzarella cheese, vegetable
mozzarella cheese and 15 percent other milk oil, and milk solids as main ingredients, with
products, along with other ingredients, premixes of emulsifiers and stabilisers.” The
forming a type of cheese. Thus, it is mozzarella cheese is blended with other
classifiable under Chapter Heading 406 (SI. ingredients and heated to the required
No. 13 of Schedule-II to Notification No. degree. After heating, the material is
1/2017 Integrated Tax/Notification No. transferred to a mould with the requisite
1/2017-Central Tax and Notification No. capacity for packing the product into
35/ST-2 as “cheese” and chargeable to GST at pouches containing smaller quantities (1 kg
the rate of 12%. and 200 g). These pouches are sealed and
packed in an outer carton. The product
The applicant has sought an advance ruling cannot be termed “processed cheese.”
on the issue of whether the product “pizza However, there is no doubt that, being an
topping” is classifiable under Chapter edible preparation for human consumption,
Heading 0406 [S. No. 13 of Schedule-1 of it would merit classification under Chapter
Notification No. 1/2017-Integrated Tax 21, i.e., “Miscellaneous Edible Preparations.”
(Rate) dated June 28, 2017, attracting 5% Once the chapter is decided, a careful
IGST]. examination of different entries under
Chapter 21 reveals that the quest for
The Authority of Advance Ruling held that appropriate classification rests finally at
the “pizza topping” being manufactured by 2106 90 99, the residual entry, as the
the applicant cannot be classified as product itself does not find a specific place
“process cheese” under chapter heading anywhere else in Chapter 21.

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

“We thus conclude that the impugned ascertaining as to what constitutes a
product, viz., “Pizza Topping,” would merit Principal supply plays a determining role in
classification as “Food preparations not classification of the supply”.
elsewhere specified or included' under
Chapter Heading 2106 of the schedule to the 5) Government (CBIC) has issued detailed
Customs Tariff Act, 1975,” the AAAR added. guidelines for Return Scrutiny under GST for
FY 2017-18 and 2018-19. Such scrutiny of
4) 18% GST applicable on Printing of Returns would be in time bound manner.
Pamphlet & Leaflet falls under Category of Some indicative list of parameters for
Supply of Service: AAAR scrutiny have been given in the guidelines as
below:
The Daman and Diu bench of the Appellate
Authority for Advance Ruling ( AAAR ) has Ø Difference in Tax Liability between GSTR-
upheld the order of AAR and held that 18% 1 and GSTR-3B
GST applicable on printing of Pamphlet &
Leaflet falls under category of supply of Ø RCM liability to be compared with RCM
service The appellant, M/s. Temple ITC availed in GSTR-3B
Packaging Pvt. Ltd is engaged in the activity
of printing leaflets falling under CHS No. Ø RCM liability appearing in GSTR-2A and
4901. The said product is manufactured out liability declared in GSTR-3B
of the inputs namely paper/ink owned by the
appellants and content supplied by the Ø Tax liability paid in cash in GSTR-3B
clients mainly located in the pharmaceutical should not be less than liability declared
sector. The leaflets manufactured by the on RCM in GSTR-3B
appellants are sold to the clients on agreed
consideration which is entirely based on the Ø ITC availed on ISD to be compared with
manufacturing expenses incurred by the IDS ITC appearing in Table 7 of GSTR-2A
appellants by using inputs owned by the
appellants. Under Central Excise regime Ø All other ITC availed in GSTR-3B to be
they cleared the same as excisable goods compared with ITC appearing in GSTR-2A
under CHS No. 4901 as exempted being
chargeable to NIL tariff rate, they migrated Ø Outward tax liability declared in GSTR-3B
to GST regime with effect from July 2017 should not be less than payable as
and started supplying the same as supply of TDS/TCS appearing in GSTR-2A
goods on payment of 5% GST levied at Sr.201
of Schedule-I of Notification no. 1/2017- Ø Comparison of liability declared in GSTR-
CT(Rate). 3B with E-way Bill Report

The AAR passed an order stating that Ø ITC availed in respect of vendors where
printing of Pamphlet and leaflet falls under Ø registration cancelled retrospectively
the category of supply of service falling Ø
under SAC No. 9989 and attracts 18% GST. Ø ITC availed in GSTR-3B where vendors
Aggrieved by the view of AAR, the appellant not filed GSTR-3B
approached AAAR. While upholding the Ø
order pronounced by the AAR the Coram of Ø GSTR-3B filed after September due date-
Ms. Seema Arora. Member (Central Tax) and no ITC to be availed in this Return
Shri Gaurav Singh Rajawat, Member (State
Tax), held that “the supply made by the Import of goods ITC availed in GSTR-3B to
applicant is a composite supply, the same be compared with ITC appearing in GSTR-
has also be accepted by the appellant in their 2A on import of goods
grounds of appeal. Now as per Section 8(a)
the taxability in the case of composite supply ITC reversal under Rule 42/43 viz a viz
comprising two or more supplies, one of exempted supply shown in Return
which is a principal supply shall be treated as
a supply of such principal supply. Thus Payment of Interest and Late Fees, FAR.

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

GST Quick Connect

I. Gist of important activities to be undertaken in Compiled by: CA. Parth Joshi
the month of March, 2022 and preparation of
important workings before closure of accounts Instructions:
for FY 2021-22: 1. Section 61 of the CGST Act read with Rule
99 of the CGST Rules provides for scrutiny of
1. Important activities to be undertaken returns and related particulars furnished by the
before commencement of FY 2022-23: registered person. Till the time a Scrutiny Module
· E-Invoicing is made applicable w.e.f. 1st for online scrutiny of returns is made available on
the CBIC-GST application, as an interim measure,
April, 2022 for tax-payers having an the following Standard Operating Procedure
aggregate turnover exceeding Rs. 20 Crore in (SOP) is being issued by the Board in order to
any year from FY 2017-18 to FY 2021-22. ensure uniformity in selection/ identification of
· Application for Letter of Undertaking returns for scrutiny, methodology of scrutiny of
(LUT) for FY 2022-23. such returns and other related procedures for FY
· Option to opt for Composition Scheme to 2017-18 and 2018-19 [Instruction No. 02/2022-
eligible tax-payers for FY 2022-23 by 31st GST dated 22nd March, 2022]
March, 2022.
· Option to opt-out from QRMP Scheme to III. GST Portal Related Updates:
eligible tax-payers (Quarter – 1) by 30th April, 1. Enhanced Registration Application User
2022. Interface (UI): UI with respect to the address
· New invoicing or document number series fields in the Registration Application - GST REG-
for FY 2022-23, if required. 01 has been enhanced as follows:
· Incorporation of a map tile along with a
II. Important Notifications / Circulars / Orders /
Instructions: drag and drop facility of address pinhead on
Notification: to the exact location of the applicant's
1. Appointment of Common Adjudicating address.
authority for adjudicating the show cause notices
issued by Directorate General of Goods and · Once selected, the details will
Services Tax Intelligence (DGGI) under GST. automatically fill in the various address input
[Notification No. 2/2022-Central Tax, dated 11th fields given in the application.
March, 2022]
· Address fields have been linked so as to
Circular: auto- fill other macro level address entry
fields based on the entry in one of such fields
1. Vide Notification No. 02/2022-Central Tax particularly PIN Codes. For example; on
dated 11th March, 2022, Para 3A has been entering the PIN code, the corresponding
inserted in the Notification No. 2/2017-Central State and Districts will get auto- filled.
Tax dated 19th June, 2017, to empower
Additional Commissioners of Central Tax/Joint · The user can also directly fill-up the
Commissioners of Central Tax of some of the address input fields which are now aided with
specified Central Tax Commissionerate's, with All suggestive address input dropdowns from
India Jurisdiction for the purpose of adjudication which the user can select the
of the show cause notices issued by the officers of appropriate/relevant address field(s). This
the DGGI. action will reduce errors in the address texts
and will also ease the filling up of the
Based on such empowerment, Para 6 and 7 of the appropriate address input fields by the user.
Circular No. 31/05/2018-GST dated 9th February,
2018 on 'Proper officer under sections 73 and 74 · The address fields have been segregated
of the Central Goods and Services Tax Act, 2017 appropriately to reduce confusions while
has been amended. [Circular No. 169/01/2022- entering the relevant inputs under various
GST dated 12th March, 2022] address heads.

· Based on the address entries given by the
user, the Latitude/ Longitude of the address
will get auto populated which is non-editable.

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

[https://www.gst.gov.in/newsandupdates/] 2. Order blocking electronic credit ledger
without evidencing existence of reasons to
2. Auto-population of e-invoice details into believe as input tax credit being fraudulently
GSTR-1: Generation of e-invoice is mandatory for availed and without recording any reasons in
certain class of taxpayers, as notified by the writing is arbitrary and erroneous; Impugned
Government. These taxpayers are required to order blocking credit ledger set aside:
prepare & issue their e-invoices by reporting their
invoice data in the prescribed format (e-invoice Issue/Facts: Whether blocking of credit without
schema in FORM GST INV-01) and reporting the assigning any reasons is sustainable.
same on the Invoice Registration Portal (IRP).
Invoices reported successfully on the IRP are given Held: Rule 86A has two pre-requisites and unless
a unique Invoice Reference Number (IRN). The both pre-requisites are fulfilled, power to block
documents (invoices, debit notes, credit notes) electronic credit ledger (ECL), even to the extent
reported on the IRP are then transmitted of amount found to be fraudulently or wrongly
electronically to the GST system and are auto- availed cannot be exercised.
populated in the respective tables of GSTR-1.
[https://www.gst.gov.in/newsandupdates/] Power under Rule 86A has civil consequences for
taxpayer and cannot be exercised unless there is
IV. Important Judicial Pronouncements: subjective satisfaction of the authority based on
objective material. Although not expressly stated
1. Application can be processed as per under Rule 86A, post decisional or remedial
Section 142(3) and credit can be carried forward hearing would have to be granted to the person
into GST regime where service tax was paid affected by blocking of ECL and the same shall be
after due date for filing TRAN-1 form for granted within two weeks from the date of the
services received before implementation of order of blocking ECL. Concerned authority may
GST: confirm or revoke the order blocking ECL after
post decisional hearing is granted. Reasons must
Issue/Facts: Whether credit of service tax paid be recorded in writing in every case. Nothing to
after due date for filing application (Form TRAN- prove that impugned order blocking credit was
1) under Section 140(1) can be carried forward to passed after the concerned authority was
GST regime. Refund rejected by impugned order satisfied to do the same. Arbitrary use of power
after holding Cenvat credit as admissible. under Rule 86A as both pre-requisites are not
satisfied. Impugned order blocking ECL set aside.
Held: Application under Section 140(1) cannot be
made as it only allows to carry forward credit Case: New Nalbandh Traders v. State of Gujarat
available in account as on 30-6-2017. Credit that [2022] – Hon'ble Gujarat HC - R/Special Civil
has accrued after 1-7-2017 cannot be denied Application No. 17202 of 2021
merely because Section 140(1) provides only to
make claim in respect of credit that has already 3. Unutilized credit on inputs and capital
accrued as on 30-6-2017. Doctrine of necessity is goods which could have been transitioned if
to be invoked as in case Section 142(3) is not TRAN-1 was filed properly shall be credited
permitted to be invoked, it would render the directly into Electronic Credit Register of
taxpayer remediless. Refund application could assessee without filing TRAN-1 again as these
have been considered under Section 142(3) for credits are indefeasible:
the purpose of taking credit and such credit could
have been allowed to carry forward in the Issue/Facts: Writ petition filed to direct the
electronic credit ledger. Impugned orders set department to either open the portal so as to
aside and matter remitted back for enable petitioner to again file TRAN-1
reconsideration under Section 142(3). electronically or to accept manually.
Reconsideration need not be for refund but
instead for the purpose of carrying forward Held: No provision under GST enactments for
accrued credit to electronic credit ledger of GST lapsing of input tax credit (ITC) and credit availed
regime. on capital goods under respective enactments.
Case: Ganges International (P.) Ltd. v. Assistant These credits are indefeasible and meant for
Commissioner of GST & Central Excise, discharging tax liability under erstwhile Central
Puducherry [2022] – Hon'ble Madras HC - W.P. Excise Act, 1944 and Finance Act, 1994. No merit in
Nos. 528, 1092 & 1160 of 2019 stand of the department to deny credits

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

legitimately earned by assessee under provisions Held: Even if statutory remedy is available, High
of respective enactments which were subsumed Court is not precluded from interfering if
into respective GST enactments. Since uploading impugned order is bad in law. Impugned orders
of TRAN-1 may be a challenge at this distant point and summary order are bad in law as fair
of time due to technicality involved, unutilized opportunity of hearing was not afforded resulting
credit on inputs and capital goods can be credited in violation of principles of natural justice and ex
directly into petitioner's Electronic Credit parte order passed does not
Register if such amounts were available on cut-
off-date of 30-6-2017 for transition. provide sufficient reasons as to how the amount
due and payable was determined. Impugned
Case: Avatar Petro Chemicals (P.) Ltd. v. Goods orders and summary of order in FORM DRC-07
and Service Tax Council, New Delhi [2022] – quashed and set aside. Opportunity of hearing
Hon'ble Madras HC - W.P (MD). No. 7093 of 2020 shall be afforded to assessee to place on record all
essential documents and materials, only after
4. High Court grants bail to applicant which the assessing authority shall pass speaking
arrested for alleged offence of fraudulently order in compliance with principles of natural
availing input tax credit on the ground that justice. No coercive steps shall be taken against
interest of the department is protected since the assessee during pendency of the case.
immovable property of the applicant stands
attached and assessee suffering from cancer Case: HAV Automobiles (P.) Ltd. v. State of
and is undergoing treatment for the same: Bihar [2022] – Hon'ble Patna HC - Civil Writ
Jurisdiction Case No. 4171 of 2022
Issue/Facts: Fraudulent availment of input tax
credit by showing fake purchases from fictitious 6. Rent free accommodation provided by
entities alleged and applicant was arrested. partner to partnership firm in which he is the
Application filed for release on regular bail. major shareholding partner is a supply in the
course of and furtherance of business and
Held: Department has already attached liable to GST; Partner and firm being related
immovable property belonging to applicant in persons, Rule 28 shall apply for valuation:
excess of amount of alleged evasion or fraudulent
claim of ITC made by him. Interest of department Issue/Facts: Whether GST liability arises in
is protected. Offences are compoundable. No respect of rent-free use of property of partner by
other complaint under GST law has been partnership firm to carry out business.
registered against applicant except impugned
complaint. Applicant is reported to be suffering Held: Applicant and partnership firm are separate
from cancer and is presently undergoing persons. Applicant enjoys profit or loss of
treatment. Considering statutory limit provided partnership firm to a greater share. Properties
under GST for filing complaint and facts and even if rented free to partnership firm would ease
circumstances of the case regular bail granted. burden of rent to be paid by firm which in turn
Case: Niraj Jaidev Arya v. State of Gujarat reduces expenditure towards rent which should
[2022] – Gujarat HC - R/Criminal Misc. have been borne by firm. Rent free
Application No. 23127 of 2021 accommodation indirectly accrues as profit for
firm which is enjoyed by the applicant as partner.
5. Order and summary of order passed ex Applicant in the course or furtherance of business
parte without affording an opportunity of has rented out the properties for commercial use
hearing and assigning reasons are bad in law; to partnership firm which is a separate person and
High Court quashes the orders: the same is taxable supply even when rendered
without consideration. Claim of applicant that
Issue/Facts: The Additional Commissioner of notional rent is charged for GST purpose is not
State Taxes (Appeals), Patna in the appeal of the acceptable as there is a rise in income from house
petitioner, against the impugned order of the property as per income tax returns. Applicant and
Deputy Commissioner of State Taxes, Patna, firm being related persons, Rule 28 shall apply for
under Section 73 of BGST Act, 2017 and summary valuation.
of order dated 14-8-2019 in Form GST DRC-07 for
the tax period April 2018 to March, 2019 has been Case: Shanmuga Durai [2022] - Hon'ble AAR –
rejected by a cryptic, misconceived and non- Tamilnadu - Order No. 03/AAR of 2022
speaking order.

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Overview of Liberalized

Remittance Scheme (LRS) for

Foreign Remittance by Resident Individual

Background Compiled by: CA. Jay P. Shah

Liberalized Remittance Scheme (LRS) is a listed and unlisted overseas company or debt
scheme introduced by the Reserve Bank of India instruments; investment in units of Mutual
('RBI') to facilitate resident individuals to remit Funds, Venture Capital Funds, etc. (for example,
funds abroad for specified transactions. The purchase of shares of Apple, Facebook)
scheme was introduced by RBI on 4 February
2004 and has been amended from time to time. · Setting up of overseas wholly owned
This Scheme is meant only for resident subsidiary or joint venture for bonafide
individuals and is not available to corporates, business activity under FEMA Notification No.
partnership firms, HUF, Trusts, etc. 120 on outbound investments by way of
investment in equity shares / CCPS of such
Under LRS, a resident individual (including a entity (this covers setting up of entity for
minor) is permitted to remit upto USD 2,50,000 carrying out business and not for making
per financial year (April to March) for any portfolio investment)
permitted current or capital account
transaction or a combination of both. · Extending loans including loans in INR to
NRIs who are relatives as defined in Companies
Act, 2013

A capital account transaction is a transaction The limit of USD 2,50,000 will not apply to the
that alters the assets or liabilities, including use of International Credit Card for making
contingent liabilities, outside India of a resident payment by a person towards meeting
in India or assets or liabilities in India of non- expenses while such person is on a visit outside
resident outside India. Few examples of capital India.
account transactions are investment in foreign
securities, extending loan to non-resident, Documentation by remitter
investment by non-resident in Indian company,
etc. · The resident individual is required to
designate a branch of AD Bank through which all
A current account transaction is a transaction remittances under LRS are to be made
other than capital account transaction.
Examples of current account transactions · If the individual desires to remit funds
include payments for imports, payments for towards any capital account transaction, such
interest on loan, remittances for living expenses individual should have maintained the bank
of parents, spouse and children residing abroad account with the bank for a minimum period of 1
and expenses in connection with foreign travel, year prior to such remittance.
education and medical care of parents, spouse
and children. · Form A2 is required to be furnished for
purchase of foreign exchange for remitting
Permitted transactions under LRS funds. The purpose code for remittance of
funds needs to be specified in Form A2. The
· Any permitted current account individual also needs to provide a declaration in
transaction (for example, gift, donation, the form that the source of funds being
maintenance of close relatives abroad; business remitted belongs to him/her.
trip; medical treatment abroad; studies abroad,
private visit abroad) · Interestingly, many AD Banks now also
require the remitter to also provide a
· Opening of foreign currency account declaration that the remittance is not being
abroad with a bank made for purchase of cryptocurrency or for
investment in a fund or a company dealing in
· Purchase of immovable property abroad cryptocurrencies.

· M a k i n g i nve s t m e n t s a b r o a d - t h i s · It is mandatory for the resident individual
includes acquisition and holding shares of both to provide his/her PAN to make remittance

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

under LRS. In view of specific exemption under generated out of investments made under LRS.
Rule 37BB of the Income-tax Rules, 1962, Form However, in case of investment in overseas JV or
15CA / 15CB is not required to be furnished in WOS, certain restrictions apply.
case of remittance under LRS.
TCS
· In case of investment in overseas JV or
WOS, additional documentation in Form ODI AD Bank is required to collect tax at source (TCS)
Part I is required as per FEMA Notification no. under section 206C(1G) on the amount of
120. remittance made by an individual under LRS.
Such TCS will be reflected in Form 26AS of the
Retention of funds invested under LRS outside individual and he/she is entitled to claim credit
India of such TCS against his tax liability while filing
the return of income. The applicable rates of
Investor, who has remitted funds under LRS can TCS are as under –
retain, reinvest the income earned on the
investments. At present, the resident individual
is not required to repatriate the funds or income

सं पक सेतु HAIRPERSON

CA Bishan R. Shah

Chairperson,
Ahmedabad Branch of WIRC of ICAI

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

RERA UPDATES

Compiled by: CA Mahadev Birla

I – Activation of newly created GujRERA basis instead of existing system
Portal 2.0 of rolling quarter.
GujRERA/Order/62/2022 iii. T h e fi r s t d a t e f o r fi l i n g t h e
GujRERA has issued order no. 62 dated Quarterly return for FY 2022-
28.02.2022 wherein the following decision is 2023 shall be 07.07.2022.
taken: Therefore, for all the project for
which due date for filing
a. it is decided that service of existing RERA Quarterly return date is
portal i.e. GujRERA Portal 1.0 shall be 07.04.2022, 07.05.2022,
continued to be used as per present 07.06.2022 and 07.07.2022, the
method on the web portal new date will be 07.07.2022.
www.gujrerar1.gujarat.gov.in.
b. Filing of Quarter End report (i.e.
b. The service of Gujrat RERA Portal 2.0 QE report)
shall be active on the website of Gujarat The QE Report can be filed either on
RERA authority from 14.03.2022 by 11.00 GujRERA Portal 1.0 or GujRERA Portal
O'clock for all the users in parallelly 2.0.
active with the GujRERA Portal 1.0.
c. For Filing of Annual Return i.e.
c. To issue the guideline for filing of Form-5
Quarterly return, the GujRERA shall pass As per the GujRERA Order no 59 the
separate order. due date for filing of Annual return is
31.03.2022 and the same is required to
II – Filing of Quarterly return be filed on GujRERA Portal 1.0 only and
GujRERA/Order/63/2022 after filing the Annual report, the
promoter can select the option for
a. Filing of Quarterly return in GujRERA Portal 2.0.
respect of Registered projects
i. In case the due date is 07.03.2022: MahaRERA Updates
Quarterly return can be filed by RECENT CIRCULARS/ORDERS ISSUED BY
31.03.2022 with the late fees
and after the filing of the said MAHARERA
Quarterly return services of I – Submission of Certificate to the scheduled
GujRERA Portal 2.0 can be bank operating the separate account and
availed. copies thereof to MahaRERA Authority
ii. F r o m t h e F Y 2 0 2 2 - 2 0 2 3 t h e Circular No 39A/2022 dated 28.12.2021
Quarterly return shall require to
be filed on financial Quarterly

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Reference: Circular No 39/2021 dated as the case may be' in respect of the said
28.12.2021 project is obtained and the copies thereof
Section 4(2)(l)(d) of RERA, 2016 provides that shall be submitted online by promoters to
MahaRERA Authority”
that seventy per cent. of the amounts realised for
the real estate project from the allottees, from The MahaRERA has issued an another circular
time to time, shall be deposited in a separate No. 39A/2022 dated 17.03.2022 wherein some
account to be maintained in a scheduled bank to clarification is given by addition of some points
cover the cost of construction and the land cost in the circular no 39 dated 28.12.2021 and as per
and shall be used only for that purpose: this circular the promoter will be entitled to
withdraw the amount from the bank, in
Provided that the promoter shall tranches, within the withdrawal limit certified in
withdraw the amounts from the separate the above mentioned certificate(s) and
account, to cover the cost of the project, in promoter need not to submit the fresh/new
proportion to the percentage of completion of the certificates from the Architect, Engineer and
project: Chartered Accountant for withdrawal the
amount unless the withdrawal limit is not
Provided further that the amounts from completed as certified by the professional(s).
the separate account shall be withdrawn by the
promoter after it is certified by an engineer, an Following are the additional points of the above
architect and a chartered accountant in practice circular:
that the withdrawal is in proportion to the "In the event, the said three certificate as
percentage of completion of the project submitted to the schedule bank operating
the separate account entitles a promoter to
The above provision of mandate to open a withdraw a particular amount and if the
separate bank account for every project and the promoter chooses to withdraw the said
withdrawal from the bank account shall be after amount in tranches, then for every such
the certificate from the Engineer, Architect and withdrawal fresh certificates from project
Chartered Accountant. The above provision of architect, project engineer and charted
does not require that all such certificate is to be accountant in practice need not be submitted.
submitted to the bank. However, MahaRERA has The copy of same certificates that entitled
issued a circular no 39/2021 dated 28.12.2021 the promoter to withdraw the amount up to
which mandated that the limit as stated in the said three
certificates will have to be submitted for
“promoter henceforth shall submit the said every withdrawal along with letter from
three certificates to the schedule bank promoter recording therein the dates of the
operating the separate account at the time of said certificates and the details of the
every withdrawal from the separate account withdrawal made and copies thereof shall be
irrespective whether such real estate project submitted online by promoters to MahaRERA
is a new project or an ongoing project till the Authority.
occupancy certificate/completion certificate

16

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Excel in Excel

Compiled by: CA. CS. Hemlata Dewnani

Data Studio

Like most Google tools, Data Studio can be hard 6. Connect to Data
to master, but its well worth the effort. Once
you've gotten comfortable with its features, 3. Connect your first data source.
you can use it to create stunning and
informative reports for your clients, coworkers, As I mentioned, you can bring data from Google-
or leadership team. owned sources into Data Studio, including
Search Console, Google Ads, YouTube, and
Google Data Studio, is completely free and Campaign Manager.
accessible to all (even if you don't have any data
of your own!). But that's just the tip of the iceberg. There are
also more than 120 partner
How to Use Google Data Studio connectors—essentially, third-party bridges
between Data Studio and platforms like Adobe
1. L o g i n t o D a t a S t u d i o a t Analytics, AdRoll, Asana, Amazon Ads, and
datastudio.google.com. AdStage (and that's just the As)

To log in, you'll need a Google account—I 4. Create your first report.
recommend using the same one as your
Analytics, Search Console, and/or Google Ads 5. Add some charts.
account.
6. Customize the formatting and add a title
Link: https://datastudio.google.com/ and captions.

You'll land on the Data Studio overview page. 7. Share the report.
Click the “Home” tab to view your dashboard
8. Embed reports
2. Familiarize yourself with the dashboard.
Sometimes, you want to add more data to your
If you've used Google Docs, Sheets, or Drive existing template – without having to redo it
before, this dashboard should look pretty from scratch. One advanced feature is being
familiar. able to embed Google Docs, YouTube Videos,
Google Sheets, and web pages into your report
1. Reports via the URL embed feature. And, the content can
be live, which makes the reports more
2. Data Sources interactive.

3. Explorer Visual Effects are better for Dashboard,
Analytics and Presentation
4. Product Overview

5. Report Gallery

17

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Important Due Dates

Compiled by: CA. Mahavir Shah

Sr. No. Act Compliance Due Date

1 GujRERA In case of Promoter : Quarterly Return for Project to be filled with 7 days 07-Apr-22

from the end of the Quarter allocated by RERA Authority

2 Income Tax Tax Collected (TCS) during the month of March-22 to be deposited 07-Apr-22

3 GST GSTR-7 for the month of March-22 for persons required to deduct TDS 10-Apr-22
4 GST under GST 10-Apr-22
5 GST 11-Apr-22
GSTR-8 for the month of March-22 for e-commerce operator required to
collect TCS under GST
GSTR-1 for the month of March-22

6 GST Filling of GSTR-1 for Jan-22 to March-22 for taxpayers who opted for 13-Apr-22
7 GST Quarterly Return Monthly Payment (QRMP) option 13-Apr-22
GSTR-6 for the month of March-22 for Input Service Distributor (ISD)

8 PF / ESIC Payment of PF / ESIC for the month of March-22 15-Apr-22

9 GST Quarterly GST Return CMP-08 for Composition Dealer to be furnished for 18-Apr-22

quarter ended on March-22

10 GST GSTR-5 & 5A by Non-resident taxable person & OIDAR for the month of 20-Apr-22

March-22

11 GST Payment of GST & Filing of GSTR-3B for the month of March-22 for monthly 20-Apr-22

taxpayers

12 GST Payment of GST & Filing of GSTR-3B for the quarter Jan-22 to March-22 for 22-Apr-22

taxpayers who opted QRMP option for following States - Chhattisgarh,

Madhya Pradesh, Gujarat , Maharashtra, Karnataka, Goa, Kerala,

Tamilnadu, Telangana or Andhra Pradesh or the Union territories of Daman

and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar

Islands and Lakshadweep

13 GST Payment of GST & Filing of GSTR-3B for the quarter Jan-22 to March-22 for 24-Apr-22

taxpayers who opted QRMP option for following States - Himachal

Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar,

Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura,

Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union

territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi

14 Income Tax Filling of Quarterly Form 15G/H Return for F.Y. 2021-22 Q-4 30-Apr-22

15 Income Tax Tax Deducted at Source (TDS) during the month of March-22 to be 30-Apr-22

deposited

16 Income Tax Furnishing of Challan-cum-Return for Tax Deducted (TDS) u/s 194IA, 194IB 30-Apr-22

and 194M during the month of March-22

18

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

IFRS 16- Basic of Leases &
Changes in the IFRS

Compiled by: CA. Karan R. Ranka

An Introduction The International Financial Reporting Standards
(IFRS) now covers 166 countries, including those
IFRS 16 is a new accounting standard for leases in the European Union.
that began on January 1, 2019. The
International Accounting Standards Board What are the Changes in IFRS?
(IASB) developed a new accounting standard
called IAS 17 in its stead (IASB). It is for the first time in more than a quarter of a
century; lease accounting will be significantly
Accounting law is notoriously complex, and this altered by IFRS 16. As a result, most IFRS-
one seems to be no exception. However, with a compliant corporations and lessees of property
thorough inspection, it becomes clear that it and high-value equipment would be impacted
may be more challenging to put into practice, by this new standard, which went into effect on
although it is simple to grasp. January 1, 2019.

This article is to help you understand the basics Leases are now accounted for using the 'right-
of leases and changes in the IFRS 16 for your of-use' model under IFRS 16. According to the
company accounting! new guidelines, every asset that a business
rents but retains ownership or control over
Understanding Leases must be recorded as a lease on the firm's
balance sheet.
Both parties to a lease contract must agree to
the terms of the agreement, which is legally These regulations no longer allow for
binding. When a disagreement arises, the many significant financial obligations to be
papers that make up these files become maintained off-balance sheet, as authorized for
valuable. Choosing the correct lessor, the right certain operating leases (operating leases)
lease, and the fair and equitable conditions are under the prior requirements. All firms' leased
critical to lease negotiation success. All lease assets and liabilities must be reported similarly,
agreements protect the lessor, his property, which is the standardization effort's goal.
and his interests. However, you'll discover that
your organization lacks the time or resources to Companies will also be required to submit a set
fully appreciate and negotiate the conditions of comparative accounts for the previous year,
that may lead to purchasing the right of use of as with other accounting rules adjustments.
the assets. Some companies specialize in this
field, and speaking with them may save you time To Summarize
and money. For example, they have the
knowledge and contacts to guarantee that the What you need to know about IFRS 16 and how it
correct landlord provides the right type of lease affects your financial reporting :
over a suitable duration for a reasonable fee.
Returns, extensions, and buyouts are all Ÿ On your balance sheet, you'll need to
possible possibilities at the lease's end. establish that you have the right to
utilize an asset and that you must pay
What is IFRS? for it.

A set of accounting guidelines for the financial Ÿ For IFRS 16, you'll need to gather all
statements of public firms, the International relevant information about leases, such
Financial Reporting Standards (IFRS), are as the length of term, lease payments,
designed to make them uniform, transparent, and end-of-term options, and then
and readily compared throughout the globe. remove and present any payments
unrelated to IFRS 16.

19

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Adoption of better Financial Reporting

practices~Functioning of FRRB and

it's important observations
Compiled by: CA Naveen Surana

Financial Statements are paramount source in

the hands of stakeholders to understand the

financial well-being of an enterprise. This article

deals with overview of the Financial Reporting

Review Board (hereinafter referred as “FRRB”

or “Board”) and few non-compliances observed

by the Board with respect to accounting and

auditing practices followed. Ø Review Process

Three tier review mechanism is used by the

FRRB was constituted in July, 2002 as a non- FRRB for conducting the review process, i.e.

standing committee of the Institute of Stage 1: Preliminary review by an independent

Chartered Accountants of India (the ICAI) and is T e c h n i c a l Reviewer.

an important wing of the ICAI that works to Stage 2: Review of Preliminary Review Report of

bring improvements in financial reporting Technical Reviewer by Financial Reporting

practices and thereby promote investors' R e v i e w G r o u p ( F R R G s ) .

confidence in audited financial statements. Stage 3: Finally, review of Financial Reporting

Review Group's report along with Preliminary

Ø Composition of the FRRB: review report of a Technical Reviewer by the

The Board comprises of members of the Central Financial Reporting Review Board (FRRB).

Council of the ICAI including Government of

India nominee with representations from the

office of the Securities and Exchange Board of

India (SEBI), Comptroller and Auditor General of

India (C&AG), Insurance Regulatory and

Development Authority (IRDA), Central Board

of Direct Taxes (CBDT) from time to time.

Ø Actions taken by FRRB based on

Ø Scope of Review conducted by the Review:

FRRB: The Board may take any of the following actions

based of the review of the financial statements

FRRB reviews the General Purpose Financial with respect to:

Statements of enterprises and auditor's report (a) Auditors: In case of material non-

thereon with a view to determine, to the extent compliance, which affect the true & fair view of

possible: the financial statements, such cases are

referred to the Director (Discipline) of the ICAI

for initiating appropriate action against the

auditor.

If the non-compliance is not of a material

nature, the Board issues advisory to the auditor

to help/ guide auditors towards best practices &

transparency in reporting of financial

statements.

Ø Selection of Enterprise for Review (b) Management of the Enterprises: Informs

irregularity to the regulatory body Ministry of

Selection of an entity for Review by the FRRB Corporate Affairs (MCA), Reserve Bank of India

can be done either suo moto or on reference (RBI), Securities and Exchange Board of India

made by any regulatory body or based on media (SEBI), Insurance Regulatory and Development

reports. Authority (IRDA), Election Commission of India

(ECI) etc. relevant to the enterprise for

appropriate action.

20

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Motivational Story

Compiled by: CA. CS. Hemlata Dewnani

Minimalism- A Concept to Grab and Learn

Minimalism is about avoiding the unnecessary , 8. Support Other Causes. Money is only as
it's about simplicity, utility and elegance. It's all
about “LESS IS MORE” in terms of embracing the valuable as what we choose to spend it on.
most of fewer things. The most common 9. Own Higher Quality Things. More is not
misconception is that minimalists “suffer” and
“sacrifice” while having less things and less better… better is better.
interesting experiences. 10. Less Work for Someone Else. Create a less

Minimalism is about avoiding the unnecessary , it’s stressful life today and lessen the burden on
about simplicity, utility and elegance. It’s all about
“LESS IS MORE” in terms of embracing the most of someone else too.
fewer things. You have probably heard of Marie 11. Be Happier. Owning fewer possessions makes
Kondo, the Japanese organizing consultant, the
diva of decluttering your house and closet, you happier.
inspired by minimalism. Unfortunately, the 12. Do Work You Love. Own less stuff. Choose
consumerist culture and attachment to things
rather than experiences has led to giving too much work you love.
meaning to our material things. Minimalists would 13. Freedom From the Comparison Game. Our
find happiness and joy in life itself and the
experiences it provides. The things they possess culture begs us to own more.
are carefully chosen and have a purpose of not 14. Time for Things that Matter Most. The more
only serving you, but also adding a meaningful
experience to your life. Minimalists own things stuff you own, the more your stuff owns you.
that matter, things that have much higher value 15. Visually Appealing. Make your home more
than just taking up space on the shelf.
appealing.
Benefits of Minimalism 16. Not Tied to the Past. Release the past to
Here are 21 powerful benefits of pursuing and
living a minimalist lifestyle. create a better tomorrow.
1. Spend Less. Choosing to accumulate only the 17. Less Places for Your Heart. Invest your heart
essentials often results in financial freedom.
Spending less on things you don’t really need will into meaningful things.
cut your financial expenses and increase your 18. More Opportunity for Rest. Take a deep
savings.
2. Less Stress. A minimalist home is significantly breath.
less stressful. Being able to freely move around 19. Find Things Easier. Own less clutter. Find stuff
and enjoy your home is a huge weight off your
shoulders. quicker.
3. Easier to Clean. The fewer things in our home, 20. Live in a Smaller Space. For most families, a
the fewer things there are to clean. This makes
cleaning a significantly easier chore. house is the costliest investment they’ll ever
4. More Freedom. The sense of freedom that
comes from minimalism is truly refreshing. You make.
will no longer feel tied to the material possessions 21. Display What You Value Most.
in your home and you’ll feel a new sense of Communicate what is most important.
independence.
5. Good for the Environment. The less we Tips for Minimalism
consume and buy, the less damage we do to the • FOCUS ON WHAT YOU WANT MOST i.e
environment.
6. Be More Productive. Our possessions consume Need Vs Want . If you want to have more of what
our time more than we realize.
7. Example for my Kids. These are valuable life really matters in your life, then you need to start
lessons they will never learn in the media.
by knowing … ...
• PRACTICE SELF CARE. ...
• SPEND ON EXPERIENCES. ...
• PRACTICE MINDFULNESS. ...
• DON'T EXPECT EVERYTHING TO CHANGE

OVERNIGHT. ...
• REFLECT ON YOUR ACHIEVEMENTS.
Moreover, minimalism is characterized by

intentionality and getting rid of all the possible

distractions and coincidental purchases. Genuine

minimalists have a freedom from the passion to

possess (just to have something), it is a freedom of

the contemporary mania.
Some of Good Books are :
1) The Life Changing Magic of Tidying Up –

Marie Kondo
2) Good Bye Things – Fumio Sasaki
3) The More of Less – Joshua Becker

21

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Sub-Committees - 2022-23

Women Members Empowerment Committee

Designation Name of The Member Member
Ship No.

Chairperson CA. (Dr.) Anjali Choksi 115017

Co-Chairperson CA. Nisha Patel 111972

Convener CA. Hetal Kotak 145357

Co.Convener CA. Mauli Khandhar 158564

Member CA. Charmi Doshi 176749

Member CA. Akta Patel 115685

Member CA. Bhumika Virani 134339

Member CA. Binitha Asudani 111457

Member CA. Hema Shah 112992

Member CA. Hiral Gajera 143361

Member CA. Hirva Shah 158763

Member CA. Jianah Tulsija 154991

Member CA. Manjula Sharda 115455

Member CA. Mira Shah 188865

Member CA. Mosam Shah 142803

Member CA. Nidhi Shah 116772

Member CA. Niyati Gaudana 171119

Member CA. Riddhi Shah 149727

Member CA. Shikha Agarwal 66763

Member CA. Siddhiben Shah 193051

Member CA. Swati Panchal 149279

Member CA. Tilochana Motwani 144526

Member CA. Vidhi Desai 163517

Member CA. Rinal Shah

Member CA. Shilpa Nisarg Shah 410758

Member CA. Charmi Halani 180589

Member CA. Manisha Shah 49836

Member CA. Pooja Shah 143106

22

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

CPE Committee

Designation Member
Name of The Member

Ship No.

Chairperson CA. (Dr.) Anjali Choksi 115017

Co-Chairperson CA. Paurav Shah 122910

Convener CA. Vedant Parikh 171995

Member CA. Vishankkumar Patel 137177

Member CA. Reshma Maru 137933

Member CA. Riken Patel 112518

Member CA. Hetal Kotak 145357

Member CA. Dhaval Khamar 120023

Member CA. Darshan Patel 108350

Member CA. Manthan Khokhani 163096

Member CA. Brijesh Thakkar 135556

Member CA. Jaydip Desai 177986

Member CA. Pratikbhai Shah 129528

Member CA. Jigar Bhatt 126731

Member CA. Ashish Jindal 180608

Member CA. Vishal Tekwani 175738

Member CA. Niket Rasania 602811

Member CA. Suraj Jain 167542

Member CA. Nilkesh 443470

Member CA. Kalrav Patel 162716

Member CA. Binal Shah 140301

Member CA. Hiral Patel 156721

Member CA. Pailesh Suhagia 138312

Member CA. Rahul Dutia 302388

Member CA. Karim Lakhani 106726

Member CA. Viral Shah 159235

Member CA. Alpesh Agrawal 166683

23

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Sports & Cultural Committee

Designation Member
Name of The Member

Ship No.

Chairperson CA. Abhinav Malaviya 144245

Co-Chairperson CA. Chintan Doshi 118298

Convener CA. Saurabh Patel 107787

Member CA. Maulik Desai 115036

Member CA. Abhishek Jain 119474

Member CA. Naishal Shah 132018

Member CA. Neel Chokshi 175537

Member CA. Priyam Shah 105458

Member CA. Jay Parekh 149186

Member CA. Kamal Keswani 136421

Member CA. Ruchi Mehta 134054

Member CA. Chintan Vasani 120842

Member CA. Hardik Agarwal 126172

Member CA. Anurag Khare 167387

Member CA. Kaushal Kapasi 144486

Member CA. Dhaval Raval 147331

Member CA. Nimit Agarwal 177116

Member CA. Sambhav Bardia 149516

Member CA. Sulabh Padshah 147399

Member CA. Sachin Dharwal 180095

Member CA. Pratik Joshi 137484

Member CA. Hemang Patel 154494

Member CA. Dasharathbhai Patel 157842

Member CA. Ravi Agrawal APPLIED

Member CA. Mayurkumar Modha 149612

Member CA. Alpesh Sutaria 114519

24

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Information Technology Committee

Designation Name of The Member Member
Ship No.

Chairperson CA. Abhinav Malaviya 144245

Co-Chairperson CA. Rushabh Shah 133014

Convener CA. Durgesh Pandey 131494

Member CA. Gopal Baldi 125930

Member CA. Monil Shah 150633

Member CA. Kaushal Trivedi 125389

Member CA. Gaurav Mehta 118215

Member CA. Priyam Shah 144892

Member CA. Abhijit Khare 167465

Member CA. Kaushal Kapasi 144486

Member CA. Harsh Mehta 141676

Member CA. Priyam Bhatt 154761

Member CA. Manan Doshi 150238

Member CA. Kalpesh Patel 135948

Member CA. Silva Shah 167144

Member CA. Malav Soni 147398

Member CA. Mahavir Shah 144942

Member CA. Akash Agrawal 173875

Member CA. Prasadkumar Akhani 148435

Member CA. Harsh Anarkat 140692

Member CA. Niket Patel 188776

Member CA. Hema Shah 112992

Member CA. Charmi Doshi 176749

Member CA. Jignesh Shah

Member CA. Prakik Kikani 180309

Member CA. Pinal Shah 113674

Member CA. Taraj Parikh 602864

Member CA. Nirav Shah 106627

25

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Corporate & Allied Laws Committee

Designation Name of The Member Member
Ship No.
Chairperson CA. Chintan Patel 110741
137924
Co-Chairperson CA. Jaykin Shah
44902
Convener CA. Parag Raval 137899
169252
Member CA. Utsav Hirani 172146
131637
Member CA. Jimesh Shah 135353
112929
Member CA. Maunesh Shah 180634
136745
Member CA. Jay Sheth 119644
155225
Member CA. Saurabh Jain 100892
144763
Member CA. Arvindkumar Modi 142803
139597
Member CA. Kaival Shah 136494
161864
Member CA. Swetang Raval 57240
155987
Member CA. Nilay Shah 47856
167303
Member CA. Parag Bhatt 103266

Member CA. Shreyas Chokshi

Member CA. Kalpesh Chaudhari

Member CA. Mosam Shah

Member CA. Sanket Shah

Member CA. Bonykumar Shah

Member CA. Parag Prajapati

Member CA. Rajendra Nagar

Member CA. Vijay Madat

Member CA. Nimesh Shah

Member CA. Dhaval Limbani

Member CA. Hemang Shah

26

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Banking, Financial Services Committee

Designation Name of The Member Member
Ship No.

Chairperson CA. Hitesh Pomal 106137

Co-Chairperson CA. Mayurkumar Modha 149612

Convener CA. Bhavesh Rathod 104690

Member CA. Tarunkumar Shah 168356

Member CA. Homesh Mulchandani 161733

Member CA. Dinesh Shah 110004

Member CA. Swati Panchal 149279

Member CA. Jay Parekh 149186

Member CA. Rajiv Tanna 126709

Member CA. Chirag Shah 115980

Member CA. Vinilkumar Patel 143147

Member CA. Rajan Shah 101998

Member CA. Ashwin Shah 115043

Member CA. Nishant Sharma 400742

Member CA. Anand Sharma 129033

Member CA. Rakesh Tibrewal 47414

Student & Library Committee

Designation Name of The Member Member
Ship No.
Chairperson CA. Rinkesh Shah 131783
135229
Co-Chairperson CA. Fenil Shah 131842
146324
Convener CA. Mohammedayaz Khimani 193183
193621
Member CA. Mohammedsoel Mendajiwala 515235
173110
Member CA. Dhiraj Dugar 133590
106726
Member CA. Shubhamkumar Jain 140897

Member CA. Sujata Kapila

Member CA. Gautam Thakor

Member CA. Akshatkumar Vithalani

Member CA. Karim Lakhani

Member CA. Jiten Trivedi

27

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

IND AS, Accounting & Auditing Committee

Designation Name of The Member Member
Ship No.

Chairperson CA. Rinkesh Shah 131783

Co-Chairperson CA. Samip Shah 128531

Member CA. Devanshi Singh 151047

Member CA. Vivek Agrawal 132015

Member CA. Vedantkumar Raval 144955

Member CA. Arpan Chudgar 131876

Member CA. Chaitanya Shah 179664

Member CA. Sajidahmad Boghra 137852

Member CA. Darshan Parikh 131634

Member CA. Harshil Patel 143444

Member CA. Tapan Shah 160935

Member CA. Krupal Bhuva 182312

Member CA. Pranjal Jain 603782

Member CA. Devansh Gandhi 129255

Member CA. Mohmmed Faizan Dudhwala 199740

Member CA. Kaushal Thakkar 603785

Member CA. Dipen Shah 118024

Member CA. Yash Shah 184569

Member CA. Aniket Goyal 423707

Member CA. Chintan Janani 147731

Member CA. Jaimin Panchal 133428

Member CA. Nilay Shah 149864

Member CA. Sachin Lekinwal

Member CA. Vishal Khokhani 604276

Member CA. Tirthap Kotecha 609681

Member CA. Milap P. Shah 104874

Member CA. Ashish Shah 100756

Member CA. Munjal Sheth 173485

Member CA. Pooja Shingala 173500

Member CA. Hitesh Shah 104335

28

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Newsletter Committee

Designation Name of The Member Member
Ship No.
Chairperson CA. Samirkumar Chaudhary 146401
150652
Co-Chairperson CA. Hemlata Dewnani 139574
428515
Convener CA. Jay Shah 162112
161733
Member CA. Abhishek Bardia 141858
139073
Member CA. Akash Jain 136171
106726
Member CA. Homesh Mulchandani 144573
166622
Member CA. Jaiminkumar Shah 154511
124102
Member CA. Karan Gupta 413483
185352
Member CA. Karan Ranka 197318
179018
Member CA. Karim Lakhani 603171
144242
Member CA. Kushal Reshamwala

Member CA. Mahadev Birla

Member CA. Mohit Tibrewala

Member CA. Monish Shah

Member CA. Naveen Surana

Member CA. Vishal Desai

Member CA. Ajay Daga

Member CA. Parth Joshi

Member CA. Jainish Parikh

Member CA. Nilay Shah

29

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Post Qualification Courses Committee

Designation Name of The Member Member
Ship No.

Chairperson CA. Samirkumar Chaudhary 146401

Co-Chairperson CA. Jaiminkumar Shah 141858

Convener CA. Rushabh Shah 139434

Member CA. Atulkumar Shah 155459

Member CA. Kamal Lachhwani 151803

Member CA. Krunal Shah 144596

Member CA. Meetkumar Desai 145260

Member CA. Mitt Patel 163940

Member CA. Mohit Mehta 155175

Member CA. Nikhilkumar Jain 141870

Member CA. Nikhil Goyal 164975

Member CA. Nimit Shah 144830

Member CA. Parth Shah 145291

Member CA. Piyush Jain 234850

Member CA Manish Dubey 141686

Member CA Prakash Mandowara 144685

Member CA Ishan Shah 140533

Member CA Amit Patel 197675

Member CA. Tushar Chhatbar 168986

Member CA. Vikas Asawa 149928

Member CA. Hemlata Dewnani 150652

Member CA. Roank Jain 174802

Member CA. Bhavesh Sharma 193202

Member CA. Akshatkumar Vithalani 133590

30

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Direct Tax & International Tax Committee

Designation Name of The Member Member
Ship No.

Chairperson CA. Sunilkumar Sanghvi 93922

Co-Chairperson CA. Vishal Mehta 114955

Convener CA. Harshesh Jasvani 131812

Member CA. Ketan Mistry 112112

Member CA. Bankimkumar Shah 101099

Member CA. Shaleen Patni 161192

Member CA. Mehul Thakker 101693

Member CA. Marmik Shah 133926

Member CA. Meghal Shah 166624

Member CA. Hitesh Shah 124095

Member CA. Jainam Shah 151126

Member CA. Saumya Sheth 119569

Member CA. Ashish Sharma 142788

Member CA. Rohit Maloo 130526

Member CA. Mohit Tibrewala 154511

Member CA. Zeal Bangdiwala 183838

Member CA. Mohit Balani 160087

Member CA. Ramakant Pachouri 151201

Member CA. Harsh Rathi 126391

Member CA. Alesh Gandhi 167617

Member CA. Mihir Pujara 107536

Member CA. Jaimin Shah 129090

Member CA. Priyank Shah 142568

Member CA. Chintan Shah 169253

Member CA. Shivamangal Singh 149417

Member CA. Divyang Shah 136501

Member CA. Sunil Maloo 138564

Member CA. Chhayank Mehta 143382

Member CA. Nisha Patel 111972

Member CA. Sambhav Golecha 165294

31

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Direct Tax & International Tax Committee

Designation Name of The Member Member
Ship No.

Member CA. Pratik Vora 134355

Member CA. Jigar Shah 126747

Member CA. Ashishkumar Jain 178192

Member CA. Palak Pavagadhi 107749

Member CA. Aatish Shah 107604

Member CA. Nimesh Shah 111329

Member CA. Umesh Shah 48415

Member CA. Vartik Choksi 116743

Member CA. Jainish Parikh 603171

Member CA. Kalpit Vashray 163603

Member CA. Narendra Tundiya 102247

Member CA. Nikunj Patel 160078

Member CA. Amit Prajapati 123357

Member CA. Jigar Shah 164293

Member CA. Karan Sukhramani 178736

Member CA. Jatin Banka 170799

32

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Indirect Tax Committee

Designation Name of The Member Member
Ship No.
Chairperson CA. Sunit Shah 111268
140344
Co-Chairperson CA. Tapas Ruparelia 115490
409967
Convener CA. Pravinkumar Dhandharia 125963
175981
Member CA. Abhishek Chopra 406372
101652
Member CA. Rubbal Bhandari 124102
105458
Member CA. Devam Sheth 120089
114027
Member CA. Vikash Agarwal 119009
154456
Member CA. Tarang Kothari 140276
173525
Member CA. Monish Shah 174628
175095
Member CA. Priyam Shah 137980
110998
Member CA. Punit Prajapati 172896
139173
Member CA. Amish Khandhar 141375
180227
Member CA. Rashmin Vaja 160375
175347
Member CA. Utkarsh Desai 129427
157136
Member CA. Meet Jadawala 170907
143444
Member CA. Priyanka Amin

Member CA. Jaykishan Vidhwani

Member CA. Yash Parikh

Member CA. Minal Buch

Member CA. Dilip Jodhani

Member CA. Divya Soni

Member CA. Neha Shah

Member CA. Arjun Akruwala

Member CA. Jenil Shah

Member CA. Ruchirbhai Pandya

Member CA. Parshva Shah

Member CA. Hitesh Gohel

Member CA. Tazneenbanu Pathan

Member CA. Vatsal Jain

Member CA. Harshil Patel

33

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Designation Indirect Tax Committee Member
Ship No.
Member Name of The Member 131787
Member 171918
Member CA. Atit Shah 173297
Member CA. Rounak Mandowara 177546
Member CA. Vaibhav Shah 170400
Member CA. Drashti Sanghavi 192568
Member CA. Parth Shah 167312
Member CA. Abhay Shah 149529
Member CA. Pankti Shah 137940
Member CA. Chirag Jain 140691
Member CA. Kapilkumar Khatri 602627
Member CA. Sachin Agarwal 191046
Member CA. Akash Patel 158564
Member CA. Viral Sanghvi 147331
Member CA. Mauli Khandhar 147202
Member CA. Dhaval Raval 401845
Member CA. Hem Chhajed 147678
Member CA. Mukesh Laddha 159200
Member CA. Nikhil Katrodiya 195389
Member CA. Amrin Alwani 179018
Member CA. Jay Raval 185784
Member CA. Parth Joshi 140425
Member CA. Labhi Shah 149908
Member CA. Ruchita Shah 128313
Member CA. Harsh Patel 135691
Member CA. Mukesh Dharade 130384
Member CA. Krunal Shah 172100
Member CA. Pooja Shah 134814
CA. Arpit Shah
CA. Vaibhav Jajoo

34

April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

RRC Committee

Designation Name of The Member Member
Ship No.
Chairperson CA. Sunit Shah 111268
129033
Co-Chairperson CA. Anand Sharma 119396
117392
Convener CA. Vinod Agrawal 193183
144486
Member CA. Amar Gandhi 182776
185006
Member CA. Dhiraj Dugar 149279
175347
Member CA. Kaushal Kapasi 167144
174628
Member CA. Ronakkumar Kher 172146
168356
Member CA. Nikhilkumar Shah 147399
178351
Member CA. Swati Panchal 172786
137933
Member CA. Parshva Shah 603171
604064
Member CA. Silva Shah 158564
118215
Member CA. Jaykishan Vidhwani 142803
153768
Member CA. Maunesh Shah 118298
604276
Member CA. Tarunkumar Shah 135691
196359
Member CA. Sulabh Padshah 179659

Member CA. Shivam Soni

Member CA. Mukesh Devpura

Member CA. Reshma Maru

Member CA. Jainish Parikh

Member CA. Vaibhav Shah

Member CA. Mauli Khandhar

Member CA. Gaurav Mehta

Member CA. Mosam Shah

Member CA. Sahil Gala

Member CA. Chintan Doshi

Member CA. Vishal Khokhar

Member CA. Krunal Shah

Member CA. Meeta Mansatta

Member CA. Yash Desai

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Member in Industries Committee

Designation Name of The Member Member
Ship No.
Chairperson CA. Vikash Jain 115545
434118
Co-Chairperson CA. Vipul Ranka 159383
191657
Convener CA. Abhishek Jain 127048
117940
Member CA. Maulin Shah 178351
187908
Member CA. Ankit Dalal 604064
135289
Member CA. Ravi Jain 123209
115839
Member CA. Shivam Soni 118301
130615
Member CA. Deep Shah 135313
137290
Member CA. Vaibhav Shah 183888
172591
Member CA. Kairav Bhoti 174802

Member CA. Rajat Singhi 57240

Member CA. Vivek Shah 110986
101629
Member CA. Shrenik Shah
137520
Member CA. Arjun Brahmbhatt 47420
128669
Member CA. Jitendra Gulwani 121372
120143
Member CA. Nileshkumar Bane

Member CA. Yash Patadia

Member CA. Nishank Kothari

Member CA. Ronak Jain

Member CA. Rajendra Nagar

Member CA. Divya Kansara

Member CA. Pankaj Goenka

Member CA. Ashish Shah

Member CA. Rakshesh Shah

Member CA. Brijesh Mistry

Member CA. Jitesh Shah

Member CA. Mehul Patel

Member CA. Mittal Shah

Member CA. Nirmal Shah

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Event in Images

Interactive Meeting with Newly Elected Felicitation of ITAT office bearers on 03-03-22
Managing Committee Members on 02-03-22

SEMINAR ON GST ON 05-03-2022 WICASA-RANKERS TALK on 06-03-2022

INTERNATIONAL WOMENS DAY CELEBRATIONS 2022-
Natures Walk Biodiversity Park, Riverfront on 06.03.2022

INTERNATIONAL WOMENS DAY CELEBRATIONS 2022
Chartered Couple Chef - Fireless Cooking & Resin Art

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

NATIONAL CONFERENCE ON STATUTORY BANK AUDIT on 14 & 15.03.2022

InteraNcAtiTvIeOMNAeeLtCinOgNwFiEthREPNreCsEidOeNntSaTnAdTUViTcOeRPYreBsAidNeKntAoUnD2IT1.o0n3.12402&[email protected] Club
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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

CONFERENCE ON TECHNOLOGICAL ASPECTS S. Vaidyanath Aiyar Memorial Lecture Meeting

IN BANK BRANCH AUDIT on 27.03.2022 on Income Tax on 28.03.2022

VCM ON VALUATION OF VCM ON VALUATION UNDER
INTANGIBLE ASSETS on 11.03.2022 VARIOUS ACTS on12.03.2022

VCM ON MACRO AND MICRO ASPECT OF WICASA-INDOOR SPORTS
STATUTORY AUDIT OF CO.OP BANK on 19.03.2022 TOURNAMENT 2022 on 20.03.2022

WICASA-INDOOR SPORTS TOURNAMENT 2022 on 20.03.2022

WICASA - INDUSTRIAL VISIT TO MUNDRA PORT on 13.03.2022
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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Media Gallery

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

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April- 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

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