AHMEDABAD ICAI NEWS LETTER-MONTH OF MARCH-2020

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

(Setup by an Act of Parliament)

E-NEWSLETTERAHMEDABAD BRANCH OF WIRC OF ICAI

Volume: 07 | ISSUE NO: 01 | March-2020

OFFICE BEARERS

Chairman
CA. Fenil Rajendra Shah

89050 30507
Vice Chairman

CA. Harit Ashok Dhariwal
99789 42299
Secretary

CA. Bishan R. Shah
98250 23573
Treasurer
CA. Rahul Kalulal Maliwal

Dear Professional Colleagues, Members
CA. Ganesh Nadar
Warm Greetings from CA. Fenil Shah! CA. Anjali Choksi
CA. Sunil Sanghvi
With zeal to serve the profession, full sense of responsibility
and commitment to deliver on 29th February 2020, I have taken Ex. Officio Members
over the charge as Chairman of the Ahmedabad Branch of CA. Aniket Talati, CCM
WIRC of ICAI, the second-largest branch of ICAI. 98255 51448
CA. Hitesh Pomal, RCM
A day to remember and cherish about as I got a privilege to 98240 49402
take charge in the worthy presence of Shri Vijay Rupani, Chief CA. Vikash Jain, RCM
Minister Gujarat, CA. Atul Kumar Gupta, President, ICAI & CA. Nihar 93277 15892
Jambusaria, Vice President, ICAI. It's a privilege to be here and I very well understand the CA. Chintan Patel, RCM
level of commitment which needs to be given by me along with Team, in ensuring every 90999 21163
act and deeds being done in a manner which gives and makes our Members, Students &
all stakeholders connected to CA Profession to be proud of and builds brand CA in our Newsletter Committee
society. I express my deepest gratitude towards all the members and colleagues in the Managing Chairman:
Committee for the confidence reposed upon me as Chairman of Ahmedabad Branch for the year CA. Rahul Maliwal
ahead. Co-Chairperson:
CA. Hemlata Dewnani
I have a strong & committed vision to take our Profession to towering heights with having Convener:
Initiative, Innovation & Excellence as its Pillars to benefit Senior Members, Young Members, CA. Mohit Tiberwal
Students & Society at large. During the year the Branch would thrust on organizing programs on
New Practise Areas, Opportunities, Brand Building, Networking and Knowledge Sharing. Special Members:
emphasis will be put for young members to look for emerging and sunrise practice areas and also CA. Kushal Reshamwala
on providing a platform to support to Senior Members of the profession. I aim at signing MOU CA. Monish Shah
with Universities and arranging seminars for the Government Officers. Branch will be initiating CA. Mahadev Birla
more and more dialogues with various Regulators and Authorities to showcase ICAI’s cause and CA. Mahavir Shah
commitment towards nation-building. CA. Gautam Pai
CA. Twinkle Shah
CA. Parth Jani
CA. Nimesh Hariya
CA. Jitendra Teelani

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ICAI has changed guards and elected CA. Atul Gupta as President and CA. Nihar
Jambusaria as Vice-President of ICAI. Both these leaders are one of the best and we would
be seeing many visible changes in months to come. I am fortunate to know personally
CA. Atul Gupta, he is a man of actions, a man who has seen working not only for members
but also for students and has brought a noticeable change in the Profession. He is a
person who knows best for our members and students will frame policies and ensuring it
gets implemented and delivered during his tenure itself. At WIRC also, we now have new
Chairman CA Lalit Bajaj, with a strong mission & vision to create competence with ethics
and achieve governance through innovation.

I am confident that under the guidance of young dynamic Central Council Member CA.
Aniket Talati and three energetic Regional Council Members CA. Hitesh Pomal, CA.
Vikash Jain and CA. Chintan Patel, we will be able to deliver best for our fraternity
consistently. Also acknowledge the efforts poured by WICASA TEAM for the students
under the dynamic student leadership of Mr. Keval Trivedi, Vice Chairman, WICASA.

Warmly welcoming all the Co-Chairmen, Conveners and Committee Members of various
Committees of our Branch, it is heartening and satisfying to see Members willing to
participate in various activities.

I can very well understand the though times by which we are passing facing the pandemic
situation due to COVID-19 but have trust and faith that soon this time is to pass. During
this times Ahmedabad Branch is also to come up with Webinars & other Initiatives to
ensure that Members remain in-tune with the updates and can make the best of this time
to sharpen their knowledge and skills base. Till then I request all members & students to
remain at home.

We all are aware that the world is grappling with possibly the worst public health crisis. The
COVID-19 pandemic has also gripped India, compelling government to impose countrywide
lockdowns to control the spread of the deadly virus. A situation like this would need support to
collaborate with the government initiatives to scale up governmental efforts to help those in
distress.

In this time, everyone is contributing in his way to save the nation as well as to save the humanity.
It is needless to mention that solidarity of the CA Fraternity has always been strong and
committed particularly to those where the needs were the greatest. To provide much-needed
relief for the people affected by the viral disease and those who are in distress; Ahmedabad
Branch of WIRC of ICAI appeals to all its Members and Students to donate generously for this
noble cause through the below link:

https://www.icai.org/covid19/

Looking forward to your generous contribution in this special circumstance in the interest
of mankind.

"TOUGH TIME DOESNT LAST BUT TOUGH PEOPLE DO"

I am sure that this time also to pass. Please take care of yourself and family members.
Let's make efforts to be positive and remain healthy and safe.

Stay Home. Stay Safe. Stay Happy. Stay Updated.

Thanks & Regards,

CA. Fenil Shah

Chairman.

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EDITORIAL

Dear Members,
After serving one successful year, The chairman of branch has
bestowed me with the responsibility of the Newsletter Committee this
year also. I sincerely accept the same and want to assure that entire
team of committee shall dedicatedly put the efforts to ensure best
knowledge to share.
I also request to all the members those who want to give their input on various topics are
welcome to send the same on Ahmedabad Branch mail id.
This month is very crucial with regard to health & safety as vide spread of Corona Virus has
created lot of panic and disturbance in society & financial sector. Due to this pandemic the
activity of branch has also put on hold and advisory is issued to members for gaining the
knowledge from digital hub platform.
Apart from the Corona Virus episode this month is not just beautiful in terms of the beauty
nature beholds but also has many festivals that magnify the festivity of the season. That
makes India special is the diversity, along with it comes the variety of cultures and festivals of
India. It is beautiful for our profession in terms of the compliances we need to magnify in this
month.
Stay Awake, Stay Safe
Happy Learning!!

CA. Rahul Maliwal
Chairman, Newsletter Committee

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CARO 2020: Contributed by: CA. Chintan Patel
OVERVIEW

Ministry of Corporate Affairs (MCA) has notified Companies (Auditor's Report) Order, 2020
(CARO 2020) on 25th February, 2020. You may find the notification
at http://www.mca.gov.in/Ministry/pdf/Orders_25022020.pdf. CARO 2020 has superseded
CARO 2016 and is applicable from the financial year 2019-20. There is no change in the
criteria of applicability of CARO as compared to earlier version of 2016. The number of
clauses is increased from 16 to 21 and there are various modification in sub-clauses. Please
find below summary of the changes from CARO 2016 to CARO 2020:

Particulars Clauses Sub-clauses
Total Nos. as per CARO 16 10
2016
Added 7 17
Removed (1) -
Modified 2/(2) 5/(5)
Regrouping (1) 4/(3)
Total Nos. as per CARO 21 28
2020

(A) New Clauses Added:

The following clauses are newly inserted:

Clause Topic Particulars

Nos.

viii Surrender or - To report any transactions not recorded in books

disclosure of and have been surrendered or disclosed as

Unrecorded income

income - To confirm recording of previously unrecorded

income

xiv Internal Audit The comment on internal audit system and

system and internal auditor of old CARO 2003 reintroduced.

report

xvii Cash losses To comment on the cash losses if incurred in the

financial year and in the immediately preceding

financial year.

xviii Resignation of Whether resignation during the year and if so,

Statutory Auditor whether the comments/objections are taken into

consideration.

xix Material Based on documents and infromation whether

Uncertainty of the auditor is of the opinion that no material

uncertainty exists as on the date of the audit

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meeting its report that company is capable of meeting its

liability liabilities existing at the date of balance sheet as

and when they fall due within a period of one

year from the balance sheet date.

xx Transfer of CSR Transfer of unspent amount to fund / special

fund account

xxi Consolidated To include details of the companies and the

Financial paragraph numbers of the CARO report

Statements containing the qualifications or adverse remarks,

in case of qualification/adverse comment by

component auditors

(B) Clause Deleted
Whether managerial remuneration has been paid or provided in accordance with the
requisite approvals mandated by the provisions of section 197 read with Schedule V to the
Companies Act? If not, state the amount involved and steps taken by the company for
securing refund of the same.

(C) Clauses/Sub-clauses modified
The clauses/sub-clauses added/modified are highlighted in red font color:

i Whether the company is maintaining proper records showing full particulars of
(a) intangible assets;
(B)
i Whether the title deeds of all the immovable properties (other than properties
(c) where the company is the lessee and the lease agreements are duly executed
in favour of the lessee) disclosed in the financial statements are held in the
i name of the company, if not, provide the details thereof
(d) Whether the company has revalued its Property, Plant and Equipment
(including Right of Use assets) or intangible assets or both during the year and,
i if so, whether the revaluation is based on the valuation by a Registered Valuer;
(e) specify the amount of change, if change is 10% or more in the aggregate of
the net carrying value of each class of Property, Plant and Equipment or
ii intangible assets;
(a)
Whether any proceedings have been initiated or are pending against the
ii company for holding any benami property under the Benami Transactions
(b) (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder, if so, whether
the company has appropriately disclosed the details in its financial statements;
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Whether physical verification of inventory has been conducted at reasonable
intervals by the management and whether, in the opinion of the auditor, the
coverage and procedure of such verification by the management is
appropriate; whether any discrepancies of 10% or more in the aggregate for
each class of inventory were noticed and if so, whether they have been
properly dealt with in the books of account;
Whether during any point of time of the year, the company has been
sanctioned working capital limits in excess of five crore rupees, in aggregate,
from banks or financial institutions on the basis of security of current assets;
whether the quarterly returns or statements filed by the company with such
banks or financial institutions are in agreement with the books of account of
the Company, if not, give details;

Whether during the year the company has made investments in, provided any

iii guarantee or security or granted any loans or advances in the nature of loans,
secured or unsecured, to companies, firms, Limited Liability Partnerships or any

other parties, if so,-

whether during the year the company has provided loans or provided

(a) advances in the nature of loans, or stood guarantee, or provided security to
any other entity [not applicable to companies whose principal business is to

give loans], if so, indicate-

The aggregate amount during the year, and balance outstanding at the

A balance sheet date with respect to such loans or advances and guarantees

or security to subsidiaries, joint ventures and associates;

The aggregate amount during the year, and balance outstanding at the

B balance sheet date with respect to such loans or advances and guarantees

or security to parties other than subsidiaries, joint ventures and associates;

Whether the investments made, guarantees provided, security given and the

(b) terms and conditions of the grant of all loans and advances in the nature of

loans and guarantees provided are not prejudicial to the company’s interest;

Whether any loan or advance in the nature of loan granted which has fallen

due during the year, has been renewed or extended or fresh loans granted to

settle the overdues of existing loans given to the same parties, if so, specify the

(e) aggregate amount of such dues renewed or extended or settled by fresh loans

and the percentage of the aggregate to the total loans or advances in the

nature of loans granted during the year [not applicable to companies whose

principal business is to give loans];

Whether the company has granted any loans or advances in the nature of

loans either repayable on demand or without specifying any terms or period

(f) of repayment, if so, specify the aggregate amount, percentage thereof to the

total loans granted, aggregate amount of loans granted to Promoters, related

parties as defined in clause (76) of section 2 of the Companies Act, 2013;

Whether any transactions not recorded in the books of account have been

viii surrendered or disclosed as income during the year in the tax assessments
under the Income Tax Act, 1961, if so, whether the previously unrecorded

income has been properly recorded in the books of account during the year;

ix Whether the company has defaulted in repayment of loans or other
(a) borrowings or in the payment of interest thereon to any lender, if yes, the period
and the amount of default to be reported in the format given

ix Whether the company is a declared wilful defaulter by any bank or financial
(b) institution or other lender;

ix Whether funds raised on short term basis have been utilised for long term
(d) purposes, if yes, the nature and amount to be indicated;

Whether the company has taken any funds from any entity or person on
ix account of or to meet the obligations of its subsidiaries, associates or joint
(e) ventures, if so, details thereof with nature of such transactions and the amount

in each case;

Whether the company has raised loans during the year on the pledge of
ix securities held in its subsidiaries, joint ventures or associate companies, if so,
(f) give details thereof and also report if the company has defaulted in

repayment of such loans raised;

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xi Whether any report under sub-section (12) of Section 143 of the Companies
(b) Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of
Companies (Audit and Auditors) Rules, 2014 with the Central Government;

xi Whether the auditor has considered whistle-blower complaints, if any,

(c) received during the year by the company;

xii Whether there has been any default in payment of interest on deposits or

(c) repayment thereof for any period and if so, the details thereof;

xiv Whether the company has an internal audit system commensurate with the

(a) size and nature of its business;

xiv Whether the reports of the Internal Auditors for the period under audit were

(b) considered by the statutory auditor;

xvi Whether the company has conducted any Non-Banking Financial of Housing
(b) Finance activities without a valid Certificate of Registration (CoR) from the
Reserve Bank of India as per the Reserve Bank of India Act 1934;

Whether the company is a Core Investment Company (CIC) as defined in the

xvi regulations made by the Reserve Bank of India, if so, whether it continues to

(c) fulfil the criteria of a CIC, and in case the company is an exempted or

unregistered CIC, whether it continues to fulfil such criteria;

xvi Whether the Group has more than one CIC as part of the Group, if yes, indicate

(d) the number of CICs which are part of the Group;

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GST UPDATES

Key decisions by 39th GST Council Meeting

Contributed by: CA. Monish S. Shah

1. Interest to be paid on net cash liability. Amendment with retrospective effect from
01.07.2017.

2. Due date for GSTR 9 and GSTR 9 C for FY 2018-19 extended to 30.06.2020.GSTR 9 not
mandatory for taxpayers less than 2 Cr turnover & GSTR 9C not mandatory for taxpayers
less than 5 Cr

3. New returns and E-invoicing deferred to 1st Oct 2020. Further certain class of registered
persons exempted from issuing e-invoice or dynamic QR code
1. Insurance company,
2. Banking company,
3. Financial institution, non-banking financial institution,
4. GTA,
5. Passenger transportation service etc.

4. Late fees waived for GSTR-9 and 9C for FY 2017-2018 and 2018-19 for taxpayers having
turnover less than Rs.2crores

5. GSTR-1 made optional for specified taxpayers [composition]
6. Know your supplier scheme approved
7. Refund can now be filed for multiple financial years together by an exporter.
8. No IGST refund if payment against the exports not received. Refunds to be reversed if

payment against exports not received as per FEMA provisions.
9. Rate of Mobiles increased from 12% to 18% E.D. 01/04/2020
10. All type of Match Sticks to be charged at 12% E.D. 01/04/2020
11. MRO services for Aircrafts to be charged at 5% E.D. 01/04/2020
12. Application for revocation of cancellation of registration can be filled up to 30th June

2020, where registrations have been cancelled till 14th March 2020.
13. Extension of the present exemptions from IGST and Cess on the imports made under the

AA/EPCG/EOU schemes up to 31st March 2021. Deferment of e-wallet scheme upto 31st
March 2021. Ceiling to be fixed for the value of the export supply for the purpose of
calculation of refund on zero rated supplies
14. The council has proposed changes in GST rules to the effect that refund could be
sanctioned in cash as well as by re-credit to the electronic credit ledger in case of excess
payment of GST.

Some Important AAR & Judgments

1. In the High Court of Punjab & Haryana in case of Adhunik Crop Care Pvt Ltd Vs Union of
India [2020 (33) G.S.T.L 619] it was held that after the seizure of the perishable goods, the
petitioner should and must have sold the goods by availing the release as soon as
provisional release order passed. Department not solely at fault and responsible for loss of
goods but Petitioner also partially responsible and both must equal bear loss of the value
of goods.

2. In the case of Shapoorji Pallonji & Co Pvt Ltd. Order No.3/ARA/2020 dated 31/01/2020 it
was ruled that the GST not applicable to ‘Mobilization Advance’ received prior to the
implantation of GST

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3. The Authority for Advance Ruling (AAR), Madhya Pradesh in the case of M/s. Unity Traders
26/2019 dated 10/02/2020 has held that the ITC is not admissible on the goods and
services received and used in the construction of warehouse used for letting out on rent
as per the Section 17(5)(d) of CGST Act, 2017.

4. A foreign entity awards a contract for printing booklets in various Indian languages to the
Applicant - Indian Registered Dealer. Foreign entity provides the content. The Applicant
arranges physical inputs like paper, ink and other physical inputs, prints the content and
binds the printed material into booklets and delivers the booklets to the recipient. It
receives consideration in US dollars. The goods

So supplied have no utility other than displaying the printed content. At the same time, being
a composite supply, the printing service is inseparable from supply of the goods, namely the
printed booklets. The place of supply of the printed booklets will, therefore, be the place of
supply of the printing service. In other words, the place at which the printed booklets are
delivered is the place of supply of the composite printing service. Such supplies are not,
therefore, export of services within the meaning of section 2(6) of the IGST Act, 2017. It is
taxable under SI No. 27(i) of Notification No. 11/2017 - CT (Rate) dated 28/06/2017
(corresponding State Notification No. 1135 - FT dated 28/06/2017) or SI No. 27 of Notification
No. 8/2017 - IT (Rate) dated 28/06/2017, as the case may be as held in Swapna Printing Works
Private Limited by WEST BENGAL AUTHORITY FOR ADVANCE RULING Order No. 51 OF 2019
DATED 18/12/2019

5. Selling of space for advertisement in print media by advertising company/ agency shall
attract GST @ 5% [2.5% CGST + 2.5% SGST].Advertisement company/agency sells unit of
space in print media to client and designing/composing is being done by advertising
company /agency without charging separately in the bill for designing, etc., to client. Such
case is a case of composite supply and in such case "selling of space in print media" is a
principal supply. Hence it will attract GST @ 5% [2.5% CGST + 2.5% SGST] as on date.

Supply of service viz. "Sale of Space for Advertisement in Print Media" is not a "Pure Service"
and the exemption to said services are not admissible in terms of Notification No. 12/2017-
CentraI Tax (Rate), dated 28-6-2017 (as amended from time to time).It was held in HARMILAP
MEDIA (P) LTD held by THE STATE OF UTTARAKHAND. Order No 03/2019-20 dated 12/06/2019.

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DIRECT TAX
UPDATES
Contributed by: CA. Mohit R. Tibrewala

1. Notification No. 10/2020 dated 12th February 2020 - Rules for exercising option under section
115BAA and 115BAB.

The option to be exercised in accordance with the provisions of sub-section (5) of section
115BAA by a person, being a domestic company, for any previous year relevant to the
assessment year beginning on or after the 1st day of April, 2020, shall be in Form No. 10-IC.

The option to be exercised in accordance with the provisions of sub-section (7) of section
115BAB by a person, being a domestic company, for any previous year relevant to the
assessment year beginning on or after the 1st day of April, 2020, shall be in Form No. 10-ID.

https://www.incometaxindia.gov.in/communications/notification/notification_10_2020.pdf

2. F.No. 279/M-118/2013-ITJ(Pt.)(Vol.II) dated 27.12.2019 – Efforts towards disposal of appeals

pending for more than 3 years and 5 years with CIT(A).

CBDT directed all the Pr. Chief Commissioner of Income Tax for disposing the pending appeal

of more than 3 & 5 years on priority basis. It is noticed by the CBDT that out of the total

opening balance of 31325 appeals pending for more than 5 years, only 7597 appeals have

been disposed of till 30.11.2019.

Further directed to communicate the CsIT(A) in respective region that all the appeals pending

for more than 5 years as on 01.04.2019 must be disposed of without fail by 31.03.2020. The

details of the pending appeal in Ahmedabad region is as under:-

3 years and more 5 years and more

pendency pendency

Sr. NO. CCA wise No. of Disposed No. of Disposed of

region appeals of till appeals till

as on 30.11.2019 as on 30.11.201

01.04.2019 01.04.2019 9

1. CCA 5390 999 683 167

Ahmedab

ad

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INTERNATIONAL
TAXATION

Contributed by: CA. Twinkle Shah

Key Notifications

1. CBDT releases synthesised texts for Multilateral Instrument modified India's DTAAs with Latvia,
Luxembourg, Malta and Georgia
Source- https://www.incometaxindia.gov.in/Pages/international-taxation/dtaa.aspx

2. Agreement between India and Brunei for exchange of information notified
Source:https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/830/Press
Release_Agreement_between_India_and_Brunei_17_3_20.pdf

3. NR operating in accordance with SEBI circular MD/HO/FPIC/CIR/P/2017/003 dated 04-01-
2017 shall be deemed as Foreign Institutional Investor (FII)

For the purpose of section 115AD of the Income tax Act, CBDT vide its notification dated
13th March 2020 has notified that a non-resident being an eligible foreign investor which
operates in accordance with the SEBI circular MD/HO/FPIC/CIR/P/2017/003 dated 04-01-
2017 shall be deemed as FII for the purpose of transactions in securities made on a
recognised stock exchange located in any IFSC, where consideration for such transaction
is paid or payable in foreign currency.
Source:https://www.incometaxindia.gov.in/communications/notification/notification_17_
2020.pdf

Judicial Pronouncements

4. Voith Paper GmbH [ITA No.1077/Del/2014] on 21st February 2020 (Delhi Tribunal)

- Assessee had entered into an agreement with an Indian buyer for equipment supply and
service for commissioning of machinery.

- Though assessee had admitted existence of service PE in India as far as supervisory activity
under service agreement was concerned [since the period of stay of employees exceeded
the PE threshold of six months], it had argued that PE came into existence only after the
supply of equipment was completed and hence no attribution of income in India for
offshore supply of equipment’s

- Assessee had further argued that the activities relating to design and manufacturing were
carried out outside India and that the Indian PE (Service and Supervisory activities) had no

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- role whatsoever in design, build and manufacturing of the machinery and that the title in
property being the equipment’s was passed outside India

- Hon’ble Delhi Income tax Appellate Tribunal (ITAT) accepts Revenue’s stand that the
assessee’s transaction including offshore supply of equipment was done with the
involvement of the Indian PE, thus rules that “the significant part of the profit on offshore
supply of equipment under supply agreement need to be attributed to PE in India;

- Rejecting assessee’s stands, ITAT holds that the property in goods was transferred in
India citing various clauses of the supply and service agreements, observes that buyer had
the right to reject the equipment on the failure of the acceptance test carried out in India

- ITAT observes that the Indian buyer “has not ordered off the shelf machinery, which could
be used …just by plugging of power cords”, remarks that “Merely supplying components
of machinery may not be of any use for the buyer until all those parts are assembled and
commissioned…”; ITAT notes that the employees of the assessee were in India at the time
of entry of the part of the machinery on the Indian soil, “Those employees were instrumental
in supervising the entire activity of inspection of part of the machinery imported into India
and assembling of those machinery to bring into the deliverable state mentioned in the
supply agreement.”;

- Thus, concludes that the service PE has also played the role in completing the supply
agreement between the assessee; Lastly, upholds the existence of ‘business connection’ in
India and further upholds attribution of 35% of the profits to PE.
Source - https://indiankanoon.org/doc/133958670/

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REAL ESTATE

(REGULATION AND DEVELOPMENT) ACT, 2016 (RERA,2016)
CHARTERED ACCOUNTANTS REPORT ON MEANS OF FINANCE

Contributed by: CA. Mahadev Birla

As per the provision of Section 4(1) of the RERA, 2016 Every promoter shall make an
application to the Authority for registration of the real estate project and at the time of filing
the application, the promoter has to submit the documents as specified in Section 4(2) of
RERA, 2016.

In exercise of the power conferred by Section 84 of RERA, 2016, the Government of Gujarat
has made the Gujarat Real Estate (Regulation and Development) (General Rules, 2017
(GujRERA Rules).
In addition to the information specified in Section 4(2) of RERA, 2016, the promoter shall furnish
some additional information as per the Rule 3 of GujRERA Rules.

As per Rule 3(6) of GujRERA Rules, the promoter shall disclose

Estimated cost of real estate project as envisaged by the promoter by bifurcating the same
into the market value of the land/ lease charges (as determined by the Government
Approved Valuer), cost of construction, other costs, interest, taxes, cess, development and
other charges and all other charges/cost in relation to the project in two stages, i.e. before
the application is made to the Authority for registration of the real estate project and
subsequent to the grant of the registration; the means of financing the real estate project
along with the cost already incurred and paid by the promoter out of the estimated cost of
the real estate project duly certified and signed by the chartered accountant;”

Gujarat Real Estate Regulatory Authority (GujRERA), has issued circular 19/2020 dated 22nd
January, 2020 for Report on Means of Finance.

Applicability of Report on Means of Finance: - Every Project having estimated cost of Rs. 50
Cr or more has to provide the Report on Means of Finance duly certified by the Chartered
Accountant in Practice.

The above limit of Rs. 50 Cr has reduced to Rs. 25 Cr by way of Circular No. 21/2020 dated
14th February, 2020.

The report on Mean of Finance is to be provided in the format specified by the GujRERA.

For better understanding on Reporting on Means of Finance, the GujRERA has issued the
Guidance Note-4 dated 16th March, 2020 “Regulatory perspective to the certifying Chartered
Accountant for Report on Means of Finance”.

Summary of guidance note are as follows: -

1. Standard on Assurance Engagement 3400 :- The certification of Report on Means of
finance to be done as per the Guideline, on the engagement to Examine and Report on
Prospective Financial Information, provided in SA3400 by ICAI.

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2. Estimate of Cash Flow- Estimated project cost mentioned in Reporting on means of
finance should be in sync with the cost shown in Form-3 CA Certificate. Cost to be
bifurcated in Pre-RERA Registration cost and prospective cost.

a. Land Cost - Payment of Land cost to be as per Sale deed or development agreement
however Computations in Report on Means of Finance for payment of land cost has to
be as per terms and conditions mentioned in legal documents.

b. Development Cost - The promoter is required to plan the construction activity and cost
on quarterly basis.

c. Interest cost and Repayment of Borrowed Funds- Computation of Interest cost and
outflow on repayment of borrowed funds has to be in accordance with the borrowing
plan and/or contractual obligation of the promoter in case of institutional borrowing.
The above guidance is silent on the borrowing taken from non-institutional lender.

d. Other Cost- Cost which are not part of the Form-3 CA Certificate are to be reported in this
part of Report on Means of Finance.

3. Estimate of Cash Inflow-

a. Promoter Contribution- Promoter contribution is. while to be consider in mean of finance
according to the net worth and financial position of the promoter. While considering the
same assessment of Income Tax Return, Investment and other assets to be done.

b. Receipts from the allottee – While considering the cash inflow from customer receipts,
promoter should make plan according to expected booking in the project and the same
needs to be linked with the construction stage of the project as generally receipts from
the project are based on the percentage completion of the project only.

c. Institutional Loan- When real estate project is to be funded by institutional loan,
documents reflecting promoter’s line of credit and tie ups with Banks / Financial institutions
should be verified by certifying Chartered Accountant before submitting the same before
the Authority.

d. Other Borrowings- Reliance upon other borrowings for execution of the project be
computed in light of borrowing plan of the promoter. Extent, Timing and Quantum of
unsecured loans be computed considering past history of such transactions done by the
promoter/entity or group.
The promoter needs to consider that Means of Financing Plan of the Project should be
cash-positive in all quarters to ensure liquidity on hand.

https://gujrera.gujarat.gov.in/regulatoryNotice

Page | 14

FEMA UPDATES

LIBERALISED REMITTANCE SCHEME - FOR RESIDENT INDIVIDUALS

Contributed by: CA. Gautam Pai

Introduction:

The Liberalised Remittance Scheme (‘the Scheme’) was introduced by the Reserve Bank of
India (‘RBI’) on February 4, 2004, to freely allow all the resident individuals to remit money
outside India for permissible current and capital account transactions or a combination of
both, with an overall limit of USD 25,000 per financial year. The said limit under the Scheme
has been revised in stages consistently with prevailing macro and micro economic
conditions. The existing limit is USD 250,000 per financial year.

According to the data gathered by RBI, there has been a surge in the outflow of funds by
the resident individuals under the Scheme over the last 5 years which to an extent reduces
the impact of inflow foreign investments in India. This has also been mentioned in the recent
report of Special Investigation Team (‘SIT’) during June 2019, which mentioned that there
has been a spike in the amount of funds transferred by Indian residents overseas under this
Scheme in order to avoid paying taxes in India. The SIT has stated that most of the
transaction involved gifting of funds, thereby diverting the income on the said funds to non-
residents.

Liberalised Remittance Scheme (‘The Scheme’)

Eligible Persons: The Scheme is only applicable to the resident individuals (including the
minors) as defined under section 2 of Foreign Exchange Management Act, 1999 (‘FEMA’)
and not available to corporates, partnership firms, HUF, trusts, etc.

Permissible Transactions:

A. The resident individuals may use the foreign exchange facility under the Scheme for the
current account transactions such as:

 Private visits to any country except Nepal and Bhutan; gift or donation; going abroad for
employment; emigration; maintenance of close relatives abroad; expenses in connection
with medical treatment abroad; overseas education and any other current account
transactions.

 Travel for business or attending any conference or training or for meeting expenses for
meeting medical expenses, or check-up abroad, or for accompanying as attendant to a
patient going abroad for medical treatment / check-up.

 Further, resident individuals can open, maintain and hold foreign currency accounts with
banks outside India for carrying out the transactions permitted under the Scheme.

 For the purpose of remitting a sum in excess of the prescribed limit of USD 250,000 per
financial year, the resident individual would require prior approval of the RBI.

Page | 15

B. The resident individual may use the foreign exchange facility under the Scheme for capital
account transactions as specifically mentioned under Schedule I read with Regulation
3(1)(A) of the Foreign Exchange Management (Permissible Capital Account Transactions)
Regulations, 2000 (‘Capital Account Rules’) such as investment in foreign securities
including shares and debt instruments; foreign currency loan raised in India and abroad;
transfer of immovable property outside India; guarantees issued to a person resident
outside India; etc.

Prohibited Transactions:

A. The Scheme is not available for transactions that are specifically prohibited under Schedule
I read with Rule 3 of Foreign Exchange Management (Current Account Transactions) rules,
2000 (‘Current Account Rules’) such as remittance out of lottery winnings; remittance out
of income from racing / riding etc., or any other hobby; etc.

B. Prior Approval from GOI in certain cases: Further, the Scheme is also not available for
transactions which require prior approval from Central Government as specifically
mentioned under Schedule II read with Rule 4 of the Current Account Rules such as cultural
tours; advertisement in foreign print media for purposes other than promotion of tourism,
foreign investments and international bidding (exceeding USD 10,000) by State
Government and its Public Sector Undertakings; etc. The said transactions require prior
approval from relevant ministry of the Central Government.

C. The Scheme is also not available for capital account remittances to countries identified by
the Financial Action Task Force (‘FATF’) as non-co-operative countries and territories as
notified by the RBI.

D. Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary
market and trading in foreign exchange abroad are also prohibited under this Scheme.

There is no restriction on the frequency of the transactions under the Scheme subject to the
overall limit.

Overseas Direct Investment

Resident individuals remitting funds for investment in foreign securities such as equity shares,
compulsorily convertible preference shares of JV/WOS outside India are required to comply
with the overseas investment guidelines as mentioned under Schedule V of the Transfer or
Issue of Any Foreign Security Regulations, 2004 (‘ODI Regulations’).

Investment made under this Scheme by the resident individuals are on repatriable basis
and the investors are permitted to retain and reinvest income generated out of investment
overseas.

Page | 16

Remittance procedure
 The resident individual seeking to make remittance under the Scheme is required to submit

application in Form A2. In case of remitter being a minor, the said form is required to be
countersigned by the minor’s guardian.
 It is mandatory to quote the Permanent Account Number (‘PAN’) to make remittance
under the Scheme.
 The resident individual can remit money under this Scheme in any freely convertible
currency subject to the overall limit.
Relevant links for reference:
Master Direction on LRS
https://rbidocs.rbi.org.in/rdocs/notification/PDFs/03MD945692290C104C5595AEDAC89AE7
8788.PDF
FAQs on LRS
https://m.rbi.org.in/Scripts/FAQView.aspx?Id=115
https://economictimes.indiatimes.com/nri/forex-and-remittance/nothing-adverse-in-
overseas-remittance-data-says-cbdt/articleshow/73949101.cms?from=mdr

Page | 17

IMPORTANT
DUE DATES
FOR COMPLIANCE FOR MARCH -2020
Contributed by: CA. Mahavir Shah

Sr. Compliance Due Date
No. Act

1 Income Furnishing of Challan-cum-Return for Tax Deducted (TDS) u/s 1st March, 2020
Tax 194IA, 194IB and 194M during the month of Jan-2020

2 GujRERA In case of Promoter : Quarterly Return for Project to be filled with 7 7th March, 2020
days from the end of the Quarter allocated by RERA Authority

In case of Agent : Half Yearly Return to be filled with 7 days from
3 GujRERA the end of the Half year allocated by RERA Authority depending on 7th March, 2020

Registration Date

4 Income Tax Deducted/Collected (TDS/TCS) during the month of Feb-2020 7th March, 2020
Tax to be deposited

5 GST GSTR-7 for the month of Feb -2020 for persons required to deduct 10th March, 2020
TDS under GST

6 GST GSTR-8 for the month of Feb-2020 for e-commerce operator 10th March, 2020
required to collect TCS under GST

7 GST GSTR-1 for the month of Feb-2020 for taxpayer having Annual 11th March, 2020
Aggregate Turnover exceeding Rs.1.50 Crore

8 GST GSTR-6 for the month of Feb-2020 for Input Service Distributor 13th March, 2020
(ISD)

9 GujVAT Payment of 1st Installment of Vera Samadhan Yojana of Guj. VAT 15th March, 2020

10 Income Payment of Fourth Instalment of Advance Tax for the F.Y. 2019-20 / 15th March, 2020
Tax A.Y. 2020-21

11 PF / ESIC Payment of PF for the month of Feb-2020 15th March, 2020

12 GST GSTR-5 & 5A by Non-resident taxable person & OIDAR for the 20th March, 2020
month of Feb-2020

13 GST Payment of GST & Filling of GSTR-3B for the month of Feb-2020 for 20th March, 2020
taxpayers having turnover of morethan Rs.5 Crore

14 GST Payment of GST & Filling of GSTR-3B for the month of Feb-2020 for 22nd March, 2020
taxpayers having turnover of lessthan Rs.5 Crore for following
states :
Gujarat, Andhra Pradesh, Chhattisgarh, Goa, Madhya Pradesh,
Maharashtra, Karnataka, Kerala, Tamil Nadu, Telangana, the Union
territories of Daman and Diu and Dadra and Nagar Haveli,
Puducherry, Andaman and Nicobar and Lakshadweep

Page | 18

15 GST Payment of GST & Filling of GSTR-3B for the month of Feb-2020 for 24th March, 2020
taxpayers having turnover of lessthan Rs.5 Crore for following
16 Income states : 30th March, 2020
Tax Arunachal Pradesh, Assam, Bihar, Haryana, Himachal Pradesh, 31st March, 2020
Jharkhand, Punjab, Manipur, Meghalaya, Mizoram, Nagaland, 31st March, 2020
17 Income Orissa, Rajasthan, Sikkim, Tripura, Uttarakhand, Uttar Pradesh, 31st March, 2020
Tax West Bengal, the Union territories of Jammu and Kashmir, Ladakh,
Chandigarh and Delhi
18 Income Furnishing of Challan-cum-Return for Tax Deducted (TDS) u/s
Tax 194IA, 194IB and 194M during the month of Feb-2020

19 Income Due Date for linking of Aadhar with PAN
Tax
Filling of Belated Income Tax Returns for F.Y. 2018-19 / A.Y. 2019-
20
Filling of Declaration (Form 1) & Undertaking (Form2) and payment
of Tax (Form 4) for availaing benefits of Vivad Se Vishwas Scheme
(VSVS)

Page | 19

MOTIVATIONAL
STORY- STRUGGLE

Contributed by: CA. CS. Hemlata Dewnani

Struggles, challenges and hard times offer you much more value than any other time in your
life. You cannot grow without struggle. You cannot get STRONGER without resistance. Think
about a time in your life that may have been hard but forced you to become better. Get
grateful for the struggles and WORK on yourself to ensure your future has much more
PLEASURE than PAIN.

Imagine if you got what you want, every time. No struggle. No hard work. No challenges. No
hard work required.

Some of you are saying… that would be great… You would be weak!

And then, when something hard comes up in your life, you wouldn’t know how to handle it,
because you have never gone through anything that strengthens you.

You cannot GROW without struggle. You cannot develop STRENGTH without resistance,
without challenging yourself, without struggle.

PAIN is your friend. Maybe not in the moment. But for the evolution of your soul, for the long
term benefit of you as a stronger human being – pain IS YOUR FRIEND.

If you didn’t have failures… If you didn’t have struggles… If you didn’t have disappointment,
you could have no strength, no courage, no compassion. How could you? Those qualities
are MADE from your pain and struggle.

You were given pain because you are strong enough to handle it. You were given this LIFE
because you are strong enough to live it. Because you are strong enough to drive through it.
To THRIVE THROUGH IT. To inspire others through it.

They will look to you and say:
He did it,
She did it,
I have the strength to do it to.

You are stronger than you think. You’ve survived all your challenges to this point… And you
will survive whatever is coming. But next time a struggle comes I don’t want you to curse the
skies. Know that it was sent for a reason and a lesson. It might be to make you stronger; it might
be to teach you patience, it might be for you to show others your spirit, there is a reason.

So don’t you give up. You have a purpose in this world. And you will only find it if you keep
going and keep GROWING.

Source : https://www.fearlessmotivation.com/2016/12/13/struggle-makes-stronger-
motivational-speech/

Page | 20

AHMEDABAD BRANCH OF WIRC OF ICAI

SUB COMMITTEE LIST - 2020-21

SR. COMMITTEE NAME NAME OF THE MEMBER

1 WICASA Committee CA. Anjali Choksi
Shri Bhavin Goklani
1 Chairperson CA. Mihir Pujara
2 Mentor CA. Kaival Shah
3 Mentor Trivedi Keval Navinchadra
4 Mentor Jain Harsh Bahubali
5 Vice Chairman Panchal Karan Kanubhai
6 Secretary Nuval Rahul Kailashchandra
7 Treasurer Parikh Harsh Utpal
8 Member Bhimani Mehndiraza Masumali
9 Member
10 Member

2 Women Members Empowerment Committee

1 Chairperson CA. Anjali Choksi

2 Co-Chairperson CA. Hema Shah

3 Convener CA. Zalak Parikh

4 Convener CA. Jianah Tuslija

5 Member CA. Jinal Shah

6 Member CA. Charmi Doshi

7 Member CA. Mira Shah

8 Member CA. Shikha Agarwal

9 Member CA. Nisha Patel

10 Member CA. Mauli Khandhar

11 Member CA. Hinal Shah

12 Member CA. Priyanka Sharma

13 Member CA. Kruti Samani

14 Member CA. Pranali Thakore

15 Member CA. Hiral Gajera

16 Member CA. Kunjal Jobanputra

17 Member CA. Nikita Chothani

18 Member CA. Kaumidi Parikh

19 Member CA. Silva Shah

20 Member CA. Disha Shah

21 Member CA. Hetal Kotak

22 Member CA. Niti Ajmera
23 Member CA. Mudra Kansal
24 Member CA. TILOCHANA AGARWAL
25 Member CA HETAL MEWADA

3 Information Technology Committee

1 Chairman CA. Harit Dhariwal

2 Co-Chairman CA. Abhishek Jain

3 Convener CA. Jimit Shah

4 Member CA. Adhish Patel

5 Member CA. Akshay Doshi

6 Member CA. Amit Desai

7 Member CA. Durgesh Pandey

8 Member CA. Kaushal Trivedi

9 Member CA. Lokesh Bhandhari

10 Member CA. Mufiz Rangrej

11 Member CA. Naman Pipara

12 Member CA. Nilesh Dhanuka

13 Member CA. Nitin Pathak

14 Member CA. Shivam Soni

15 Member CA. Urvashi Jindal

16 Member CA. Vinit Mundra

17 Member CA. Jainam Shah

18 Member CA. Pakshal Patel

19 Member CA. Bhavesh Sharma

20 Member CA. Nimesh Hariya

21 Member CA. Hardik Patel

22 Member CA. Samir Chaudhary

23 Member CA. Charmi Doshi

24 Member CA Raj MARVANIYA

4 CPE Committee CA. Harit Dhariwal
CA. Mohit Tibrewal
1 Chairman CA. Homesh Mulchandani
2 Co-Chairman CA. Nilay Shah
3 Convener CA. Aneri Sheth
4 Convener CA. Aayush Dhariwal
5 Member CA. Ashish Sharma
6 Member CA. Ashpreetsingh Dang
7 Member
8 Member

9 Member CA. Dinesh Shah
10 Member CA. Gaurav Mehta
11 Member CA. Hashmat Aswani
12 Member CA. Jaykishan Vidhwani
13 Member CA. Kiran Taneja
14 Member CA. Manisha Shah
15 Member CA. Narayan Kella
16 Member CA. Nilay Shah
17 Member CA. Nimesh Bhavsar
18 Member CA. Pratik Shah
19 Member CA. Pooja Shah
20 Member CA. Priyam Shah
21 Member CA. Rahul Maloo
22 Member CA. Rohit Maloo
23 Member CA. Saumya Sheth
24 Member CA. Sulabh Daga
25 Member CA. Shaleen Patni
26 Member CA. Smit Bhadiyadra
27 Member CA. Sonu Dhing
28 Member CA. Sunit Shah
29 Member CA. Umang Saraf
30 Member CA. Sahil Gala
31 Member CA JINESH SHAH
32 Member CA. Ojas Mody
33 Member CA. Mayur Vekareeya
34 Member CA AMIT POPAT
35 Member CA SIDDHARTH SHAH
36 Member CA KRINA PAREKH
37 Member

5 Student & Library Committee

1 Chairman CA. Harit Dhariwal

2 Co-Chairman CA. Shaleen Patni

3 Convener CA. Aneri Sheth

4 Member CA. Hitixa Raja

5 Member CA. Jinal Shah

6 Member CA. Kiran Taneja

7 Member CA. Mohit Mehta

8 Member CA. Neelo Porwal

9 Member CA. Nilay Shah

10 Member CA. Neerav Shah
11 Member CA. Palak Kanodia
12 Member CA. Parshwa Shah
13 Member CA. Pratibha Mehta
14 Member CA. Rushabh Sharedalal
15 Member CA. Shivna Majmudar
16 Member CA. Urvashi Jindal
17 Member CA. Vipul Ranka
18 Member CA. Vivek Agarwal
19 Member CA. Nimisha Jain
20 Member CA. Preet Shah

6 Indirect Tax Committee CA. Rahul Maliwal
CA. Abhishek Chopra
1 Chairman CA Harshid Patel
2 Co-Chairman CA. Hiral Gajera
CA. Chirag Jain
Convener CA. Devam Sheth
3 Convener CA. Dilip Chechani
4 Member CA. Bhavik Somani
5 Member CA. Hiral Jagetiya
6 Member CA. Hiren Pathak
7 Member CA. Hitesh Kriplani
8 Member CA. Jenil Shah
9 Member CA. Mahavir Shah
10 Member CA. Manishkumar Dubey
11 Member CA. Mitt Patel
12 Member CA. Mukesh Laddha
13 Member CA. Neerav Agarwal
14 Member CA. Nirav Patel
15 Member CA. Parag Jagetiya
16 Member CA. Parth Shah
17 Member CA. Pranay Mehta
18 Member CA. Prignesh Mandowara
19 Member CA. Rajendra Kabra
20 Member CA. Ram Mohil
21 Member CA. Rounak Mandowara
22 Member CA. Sachin Dharwal
23 Member CA. Sandip Gupta
24 Member
25 Member
26 Member

27 Member CA. Shaleen Patni
28 Member CA. Tushar Jain
29 Member CA. Utkarsh Desai
30 Member CA. Vaibhav Shah
31 Member CA. Vikas Asawa
32 Member CA. Vatsal Jain
33 Member CA. Jay Dalwadi
34 Member CA. Arjun Akruwala
35 Member CA. Praveen Maheshwari
36 Member CA. Mukesh Laddha
37 Member CA. Viral Mody
38 Member CA. Chintan Thakkar
39 Member CA. Parshva Shah
40 Member CA. Keshav Maheshwari
41 Member CA. Tapas Rupareliya
42 Member CA. Rahul Shah
43 Member CA. Kunal Shah
44 Member CA. Brij Shah
45 Member CA. Dharmik Vora
46 Member CA. Harshid Patel
47 Member CA. Rohan Thakkar
48 Member CA. Dhimahi Pandya
49 Member CA. Parth Shah
50 Member CA. Sanket Shah
51 Member CA Pooja Shah
52 Member CA SMIT SHAH

7 Website & Newsletter Committee

1 Chairman CA. Rahul Maliwal

2 Co-Chairman CA. Hemlata Dewnani

3 Convener CA. Mohit Tibrewala

4 Member CA. Kushal Reshamwala

5 Member CA. Monish Shah

6 Member CA. Mahadev Birla

7 Member CA. Mahavir Shah

8 Member CA. Gautam Pai

9 Member CA. Twinkle Shah

10 Member CA. Parth Jani

11 Member CA. Nimesh Hariya

12 Member CA. Jitendra Teelani

8 Cultural & RRC Committee CA. Ganesh Nadar
CA. Deep Thakkar
1 Chairman CA. Durgesh Pandey
2 Co-Chairman CA. Kaival Shah
3 Convener CA. Abhinav Malaviya
CA. Karim Lakhani
Convener CA. Bony Shah
4 Member CA. Monil Shah
5 Member CA. Ronak Kher
6 Member CA. Jigar Limbachiya
7 Member CA. Abhimanyu Gupta
8 Member CA. Vedant Parikh
9 Member CA. Sunny Parekh
10 Member CA. Priyam Shah
11 Member CA. Sulabh Padshah
12 Member CA. Rathin Majmudar
13 Member CA. Viral Panchal
14 Member CA. Hitesh Kriplani
15 Member CA. Malay Thakkar
16 Member CA. Arpit Brahmbhatt
17 Member CA. Harshit Sheth
18 Member CA. Priyam Bhatt
19 Member CA. Fenil Shah
20 Member CA. Utsav Patel
21 Member CA. Jaykin Shah
22 Member CA. Devam Sheth
23 Member CA YASH DESAI
24 Member CA ASAV SHAH
25 Member CA DINESH
26 Member
27 Member
28 Member

9 Direct Tax & International Tax Committee

1 Chairman CA. Sunil Sanghvi

2 Co-Chairman CA. Vishal Mehta

Convener CA PALAK PAVAGHADHI

3 Convener CA. Harshesh Jaswani

4 Member CA. Shaleen Patni

5 Member CA. Ketan Mistry

Member CA SUNNY PAREKH

6 Member CA. Bankim Shah
7 Member CA. Mehul Thakker
8 Member CA. Marmik Shah
9 Member CA. Meghal Shah
10 Member CA. Vicky Jain
11 Member CA. Hitesh Shah
12 Member CA. Jainam Shah
13 Member CA. Saumya Sheth
14 Member CA. Ashish Sharma
15 Member CA. Rohit Maloo
16 Member CA. Mohit Mehta
17 Member CA. Mohit Tibrewal
18 Member CA. Nilay Shah
19 Member CA. Ayush Dhariwal
20 Member CA. Rahul Maloo
21 Member CA. Jimit Shah
22 Member CA. Zeal Bangadiwala
23 Member CA. Harshit Sheth
24 Member CA. Hardik Patwa
25 Member CA. Mohit Balani
26 Member CA. Deep Thakkar
27 Member CA. Hemendra Shah
28 Member CA. Rushi Shah
29 Member CA. Nilay Shah
CA ARPIT SHAH
Member CA. Sulabh Patel
30 Member CA. Vishank Patel
31 Member CA. Jigar Shah
32 Member CA. Pankaj Patel
33 Member CA. Shail Shah
34 Member CA. Jiten Trivedi
35 Member CA. Ramakant Pachouri
36 Member CA. Harsh Rathi
37 Member CA. Smitkumar Agrawal
38 Member CA. Jasmin Shah
39 Member CA. Harshad Maloo
40 Member CA. Narendra Tundiya
41 Member CA. Alesh Gandhi
42 Member CA. Mihir Pujara
43 Member CA. Jaimin Shah
44 Member

45 Member CA. Milin Shah
46 Member CA. Jaykin Shah
47 Member CA. Jignesh Parikh
48 Member CA. Chintan Shah
49 Member CA. Maulin Shah
50 Member CA. Hemendra Shah
51 Member CA. Saurabh Shah
52 Member CA NIKHIL GUPTA

10 IND AS, Accounting & Auditing Committee

1 Chairman CA. Chintan Patel

2 Co-Chairman CA. Parag Raval

3 Convener CA. Jaykin Shah

Convener CA. Rinkesh Shah

4 Member CA. Shreyas Choksi

5 Member CA. Silva Shah

Member CA. Jaimin Panchal

6 Member CA. Harshit Dalal

7 Member CA. Jay Sheth

8 Member CA. Shwetang Raval

9 Member CA. Sanket Shah

10 Member CA. Parag K. Bhatt

11 Member CA. Kaushal Kapasi

12 Member CA. Rushabh Shah

13 Member CA. Bhavik Shah

14 Member CA. Soham Mashruwala

15 Member CA. Utsav Hirani

16 Member CA. Jimesh Shah

17 Member CA. Rakesh Heda

18 Member CA. Nilay Shah

19 Member CA. Kabir Mansuri

20 Member CA. Divyang Shah

21 Member CA. Anuj Shah

22 Member CA. Nandan Gandhi

23 Member CA. Saurabh Jain

24 Member CA. Kaival Shah

25 Member CA. Brijesh Thakkar

26 Member CA. Arvind Vijayvargiya

27 Member CA. Kaushal Trivedi

28 Member CA. Manan Vakil

29 Member CA. Kalpesh Chadhary
30 Member CA. Abhilash Brahmin
31 Member CA. Jainam Shah
32 Member CA. Hitesh Chandranani
33 Member CA. Preet Shah
34 Member CA. Utsav Hirani
35 Member CA. Rachit Gohil
36 Member CA. Raj Kakwani

11 Corporate & Allied Laws Committee

1 Chairman CA. Vikash Jain

2 Co-Chairman CA. Monish Shah

3 Convener CA. Kiransinh Chavda

4 Member CA. Jainam Shah

5 Member CA. Utkarsh

6 Member CA. Mulen Shah

7 Member CA. Rohan Thakkar

8 Member CA. Ronak Jain

9 Member CA. Vedant Parikh

10 Member CA. Jainam Shah

11 Member CA. Silva Shah

12 Member CA. Kaival Shah

13 Member CA. Chetan Jagetiya

14 Member CA. Gautam Pai

15 Member CA. Abhay Shah

16 Member CA. Dipak Agrawal

17 Member CA. Deep Shah

18 Member CA. Manan Doshi

19 Member CA. Chintan Shah

20 Member CA. Bonny Shah

21 Member CA. Dharmveer Shah

22 Member CA. Yash Bheda

23 Member CA. Chetan Vyas

24 Member CA. Ruchi Sanghavi

25 Member CA. Harshad Maloo

26 Member CA. Shani Shah

27 Member CA. Pranay Shah

28 Member CA. Maulin Shah

29 Member CA. Karim Lakhani

30 Member CA. Mayur Modha

31 Member CA. Aagam Dalal
32 Member CA. Aneri Sheth
33 Member CA. Ravi Jain
34 Member CA. Ashish Sharma

12 Member in Industries Committee

1 Chairman CA. Hitesh Pomal

2 Co-Chairman CA. Trupal Patel

3 Convener CA. Sanjay Tandon

4 Convener CA. Kirangi Kansara

5 Member CA. Chintan Shah

6 Member CA. Vedant Parikh

7 Member CA. Hiren Shah

8 Member CA. Poorav Doshi

9 Member CA. Bhavesh Sharma

10 Member CA. Saumil Soni

11 Member CA. Amita shah

12 Member CA. Siddharth Panchal

13 Member CA. Himanshu Shah

14 Member CA. Digant Bhatt

15 Member CA. Bhavik Shah

16 Member CA. Abhijit Wani

17 Member CA. Naitik Mehta