AHMEDABAD ICAI NEWS LETTER FOR THE MONTH OF FEBRUARY-2022

The Institute of Chartered Accountants of India

(Setup by an Act of Parliament)

Ahmedabad Branch of WIRC of ICAI

E-NEWSLETTER

Volume: 08 | ISSUE NO: 12 | February-2022 Chairman Message

OFFICE BEARERS Dear Members,
Chairman
CA. Harit Ashok Dhariwal The past year has been an exhilarating one personally.
99789 42299 As the Chairman of the second largest and most
Vice Chairman vibrant branch in India, I was privileged to put my
CA. Bishan R. Shah shoulder to the wheel and along with other members
98250 23573 strive to take Ahmedabad Branch to greater heights.
Secretary Serving as Chairman of Ahmedabad Branch of WIRC of
CA. Anjali Choksi ICAI for 2021-22 has been an honour and a privilege. I
98257 73179 hope that during my term I have been able to make a
Treasurer positive impact on both the current and future of the branch. Thank you for
CA. Sunil Sanghvi the opportunity to lead and for your patience as I grew in my position. This
93761 50100 is definitely one experience I will never forget!

Members Reflecting back on this past year, it occurs to me that we as an organization
CA. Ganesh Nadar met all of our key goals for the year. All our programs and events revolved
CA. Fenil Rajendra Shah around the theme that we had chosen for this year – ICAI – Ideation,
CA. Rahul Kalulal Maliwal Collaboration, Adaptability & Innovation. We ideated many newer
programs this year starting from Movement 73, CA Marathon, Plogging
Ex. Officio Members event, Outreach events, Masterclass with ET & SEPC, RRC on Direct Taxes,
CA. Aniket Talati, CCM Leadership & Women RRC, skill development series and many more. We
98255 51448 collaborated with 86 ICAI branches for Movement 73, with 18 branches for
CA. Vikash Jain, RCM revision series for CA students, with 46 branches for course on Bhagavat
93277 15892 Gita, signed MOUs with HL College of Commerce & BAPS SVMR and did 7
CA. Chintan Patel, RCM National Conferences this year. We also assisted members to adapt to the
90999 21163 new normal with various sessions on newer practice areas & technology
CA. Hitesh Pomal, RCM and took lot of initiatives for members, students and even for society at
98240 49402 large during the tough COVID second wave. Innovation was at the heart of
whatever we did at branch this year – right from first ever box cricket
Newsletter Committee tournament, helpdesks for RERA, Start up & MSME, Opportune series,
Chairman: Azadi ka Amrut Mahotsav gallery (showcasing 75 years of Indian
CA. Rahul Maliwal Independence), introduction of UPI / QR code payment system. I am
Co-Chairperson: extremely pleased to inform you that we close the year 2021 with total
CA. Hemlata Dewnani CPE hours of 1,40,758 with 168 CPE events. This is the highest ever CPE
Convener: hours in a year sans certificate courses (since the certificate courses are
CA. Mohit Tibrewal now virtual and we as a branch don't host them).

Members: We have dreamt big and we built on the momentum of 2021-22 by bringing
CA. Kushal Reshamwala together and implementing our vision and maintaining a high level of
CA. Monish Shah energy for all our events, thus ensuring their success. We had exceptionally
CA. Mahadev Birla good attendance at our events throughout the year. Also during the year,
CA. Mahavir Shah we have made efforts to further improve our Member and Student
CA. Parth Jani services.
CA. Nimesh Hariya
CA. Jitendra Teelani Maintaining our momentum of the year, the last month too was power
CA. Nancy Logar

Whats Inside??? Excel in Excel 12 Event in Images 17
Equity Investing 13 Media Gallery 22
Editorial 03 Direct Tax updates 07 Imp. Due Dates 15 Upcoming Events 26
Motivational Story 16
GST Updates 04 RERA Updates 10

February - 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

packed with conferences, seminars and My journey in leading the Ahmedabad Branch
conventions for members and students. The wasn't done alone. I was accompanied by a team
month started with the largest ever of dynamic individuals, both elected and non-
Convocation at Ahmedabad for newly qualified elected Members, who shared in our successes
Chartered Accountants – wherein more than and learned from our failures. I would like to
1,500 Chartered Accountants were conferred take this opportunity to thank the Managing
the CA degree in two different time slots at Committee Members of Ahmedabad Branch,
Pandit Dindayal Upadhyay Auditorium. We also members of various sub-committees at branch,
had our first ever Residential Refresher WICASA team and students army, staff at
Course (RRC) on Leadership & branch - Nigam Amin, Piyush Patel, Shehzad
Communication at the picturesque Maharana Shaikh & other staff members for their hard
Baug, Udaipur where we had renowned trainers work and dedication and without whom running
- Ms. Spoorthi Vishwas, Ms. Archana Shaktawat the branch at such scale wouldn't have been
and Ms. Meenakshi Bherwani join us for possible.
excellent deliberations and dedicated sessions
on leadership, personal branding, In particular, I would like to thank ICAI President
communication, negotiation, persuasion and CA Nihar Jambusaria and Vice President CA (Dr.)
public speaking. We launched our much-awaited Debashis Mitra for all their support and
first of its kind series on “Understanding encouragement during my term; CCM from
Bhagavat Gita – a journey towards business Ahmedabad CA Aniket Talati & CCM Elect- CA
management excellence” – where 46 ICAI Purushottam Khandelwal who always stood by
branches collaborated with us and we got a us; WIRC Chairman CA Manish Gadia for
phenomenal response with registrations of constant motivation: the Regional Council
more than 650 members from across the Members - CA Vikash Jain, CA Chintan Patel &
country. January month also saw launch of first CA Hitesh Pomal and Office bearers – CA Bishan
ever series on “Introduction to Quickbooks” – Shah - Vice Chairman, CA Anjali Choksi -
with reference to US outsourcing Industry, Secretary, CA Sunil Sanghvi - Treasurer and CA
which was very well appreciated by the Rahul Maliwal - Chairman, Ahmedabad WICASA
members as it gave them a chance to explore a for their dedication and untiring efforts.
new area of professional opportunity. 73rd
Republic Day was celebrated with great pomp, But most importantly, my sincere gratitude
enthusiasm and glory. Chief Guest for the event goes out to you, the Members, for all your
Dr. M M Singhiji and Guest of Honour CA Purvi support during this year of change. It has
Shah gave their inspirational address to the been my pleasure to serve you.
members & students present. We also
conducted “Indoor Sports Meet” after a gap of Continuity gives us roots; change gives us
3 years and 3 months, wherein more than 200 branches, letting us stretch and grow and
participants took part in four sport activities – reach new heights. It is time for change of guard
Badminton, Table Tennis, Chess and Carom. It at our Branch too. Yes, very soon we will have a
was a great bonding and networking amongst new Chairman, a new direction and a new surge
the CA members and their family members. We of energy. Lets welcome the new team with our
also launched Ahmedabad CA Cricket Bash fullest support.
2022 – with lot of novel ideas like first ever
“pooling of players” concept & live coverage for Friends, I end with the quote from J.M. Barrie,
all matches, premium grounds at Adani & “Never say goodbye because goodbye means
S.G.V.P. and new rules to make the tournament going away and going away means forgetting!”
very exciting! We also partnered with GLS
University for a two-day International Until we see each other again...Au Revoir!
Colloquium on the recent advances in
Accounting, Management, Communication and With best regards,
Technology which got tremendous response CA Harit Dhariwal
from members, students and research scholars Chairman, Ahmedabad Branch of WIRC of ICAI
from across the globe.

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February - 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

EDITORIAL

Greetings of updates and sparing their precious time for the
Atmanirbhar to all our profession. We have tried our best during the
members!! entire year to give all the relevant updates and
changes in due time. First ever for entire year
Currently we are Newsletter was circulated on the 1st day of
witnessing that India is every month. I extend my sincere gratitude to
readily progressing the Editorial team for their hard work to publish
towards the approach of this newsletter in time; I also like to thank our
Atmanirbhar Bharat. branch staff Shehzad bhai for wonderful
designing of the newsletter.
As legendry Albert Einstein
I convey my best regards to all of you for
said “the definition of genius is taking the constant learning and updating of knowledge
through the coming Newsletters.
complex and making it simple.' So our aim
Knowledge
from the newsletter to articulate the complex It cannot be stolen by thieves, nor can it be

aspects of changes in various laws in most taken away by the Kings.
It cannot be divided among brothers; It does
simple manner which can inculcate the reading
not have a weight.
habit in our member. If shared regularly, It always keep growing.
The wealth of knowledge is the most superior
This newsletter includes all the recent changes
in Corporate law, GST, Direct & International wealth of All!
Taxation, Rera and Theory of long term
investing . Members those who are willing to Sincerely Yours,
contribute for newsletter on any topic can share
the same with us at [email protected] Happy to Serve!!

Thank you for all your co-operation & guidance CA Rahul Maliwal
and we look forward to your continuous support Chairman , Newsletter Committee
in the times ahead. I would like to take this
opportunity to sincerely thank all the
contributors of newsletter for sending the

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February - 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

GST Updates

Compiled by: CA. Monish Shah

Important AAR /AAAR/HC JUDGMENTS/ SC JUDGMENTS

1) Where the goods are being transported the term “services”, the impugned

using an alternate route/wrong route activities of providing facilitation
than that mentioned in the e-way bill, services to their branch offices/units by

does it result in evasion of tax and do the way of availment of the common input

proper officer intercepting the vehicle services by the Appellant' Head office on
can issue MOV-10 in this respect. behalf of its Branch Offices would be

H'ble Gujarat High Court in the case of covered under services and will qualify as
supply of services in accordance with the

Karnataka Traders have held that just provision of Section 7(1)(a) of the CGST
mere change in route cannot result in Act, 2017 as the said services are

inferring that the taxpayer had provided by the Appellant Head Office to

intentions to evade taxes. The court held its branch offices/units for a
that at times change of route may have consideration in the course of its

importance provided there is cogent business - However, the cost of the said
material available which proves that an common input services availed on behest

attempt was being made to dispose of of Branch Offices/Units and allocated to
goods indirectly. As far as the details as the Branch Offices/Units by the Head
per tax invoice and e-way bill match, Office will not attract the levy of GST as

there could be no reason to infer evasion the said costs have been incurred by the
of tax. Head Office in the capacity of a pure

agent of the Branch Offices, and as such,

2) ISD, Input Service Distribution, Liability they said cost incurred by the Head
to Register, Valuation of supply, Office shall be excluded from the value
Taxability of services provided by Head of supply of the facilitation services -
Office to its Branch Offices, Applicability 2022-VIL-03-AAAR

of GST on the allocation and recovery of 3) Selling plots with electric poles, drainage
the salary cost of the Head Office's

employee from the Branch Offices/Units, lines and approach roads will be simply
Cross Charge, eligibility to input tax selling of land and thus not attract Goods

credit & Services Tax (GST), Goa Authority for
– Appellant procures certain common Advance Ruling has said. This is contrary

input services which are availed by head to a ruling by Gujarat AAR.
office as well as its branch offices “Land is excluded in entirety and in all
- costs incurred by head office for

procurement of such common input circumstances whereas building is
services is then allocated and recovered includable within the scope of supply

proportionately from each of the only upon meeting certain specific
recipient units - Whether the appellant's criteria,” AAR said in a ruling delivered
activities of providing facilitation last year but now made public.

services to their branch offices by way of Earlier, Gujarat AAR (in the matter of
procurement of common input services

from third party vendors on behalf of Dipesh Anil Kumar Naik, 2020) held that
their branch offices will be considered as that the sale of a developed plot (i.e., sale

supply and whether the same would of land/plot after developing common
attract GST facilities like water line, telephone line,
– The GST Law has provided a very wide electricity line, garden, common areas,

connotation for services, which will cover water harvesting system, drainage
any activity other than those, which system, water pipelines, laying of

involves goods, money and securities. In underground cables, demarcation of
view of this wide scope and coverage of individual plots and other facilities as

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February - 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

mandated by the development under the definition of 'intermediary'.
authority) is not equivalent to the sale of
land but tantamount to the rendering of The AAAR, Gujarat, in Advance Ruling No.
service and would be subject to levy of GUJ/GAAAR/APPEAL/2021/32 dated
GST. November 2, 2021 held as under:

In the present matter before Goa AAR, Noted that, a composite supply would
the applicant Shantilal Real Estate mean a supply consisting of two or more
Services owns the parcel of land. It taxable supplies of goods or services or
proposes subdividing the larger parcel of both or any combination thereof which
land into smaller plots for sale to buyers. are naturally bundled and supplied in
The land will be subdivided into plots and conjunction with each other in the
new roads and drains, electricity poles ordinary course of business, one of which
will be realigned and added as necessary, is a principal supply. Whereas, the
but no buildings or structures will be consideration agreed with SPA is based
constructed. The applicant sought on hourly rate for activities such as
advance ruling on whether the sale of the travelling, regular work or overtime
plot is a supply and liable to GST. hours and based on the time spent for
each of the activities. Accordingly, they
After going through all the facts and are providing more than two services i.e.
arguments, AAR said that roads, poles or installation or up-gradation of service,
drainages constructed by the seller of training to the customer for the
land are at no time transferred to the operation of machine and other activities
purchaser of the subdivided developed like overtime service.
plot. These amenities will be available for
use to every plot holder without any title. Stated that, the appellant may receive
Further, these amenities, in turn, will be the one consolidated charges for their
gifted to the local authority as service provided to customer
mentioned by the applicant and considering it as one supply and not more
thereafter, the local authority will be the than one. However, in the contract held
owner of such road and/ or electricity between the Appellant and SPA, hourly
poles. rate is fixed for each work i.e. working
hours, travelling hours and overtime
“The principal transaction is the sale of hours. Therefore, the Appellant is
land and these amenities are a natural providing more than two services that
part of the sale of the plot of land and are naturally bundled service to principal
these do not, in anyway, change the service, and constitutes a 'composite
nature of the land or of the transaction or supply'.
activity being that of sale of land,” AAR
said while making it clear that no GST will Observed that, Section 2(93) and 2(31)
be applicable on such piece of land. of the CGST Act, indicates that the person
who is required to make a payment for
4) Supply of service sub-contracted by getting a job done is the recipient of
recipient company cannot be considered service. Accordingly, the recipients of the
as 'intermediary' service supplied by the Appellant will be
the manufacturer as it is at their behest
The AAAR, Gujarat, in the matter of M/S. that the Appellant has undertaken the
Stovec Industries Ltd. [Advance Ruling activity of installation/up-gradation of
No. GUJ/GAAAR/APPEAL/2021/32 dated the machine, service of machines which
November 2, 2021] modified the ruling are under service contract with SPA and
passed by the AAR, Gujarat and held that, machine which are under warranty
supply of installation/up-gradation of period to the customer Further, SPA is
machines and training services for and on paying consideration to the Appellant for
behalf of the Company located outside the service provided to the Indian
India, by the supplier in India will not fall customer.

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February - 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Further noted that, there is no 5) M / s R a j e s h K u m a r G u p t a V s T h e
performance of service by SPA and actual Commissioner, Commercial Tax, Indore,
services are performed by the Appellant reported at 2021-TIOL-23-AAR-GST It
therefore, it is outside the purview of the was held that
definition of 'intermediary'. Further, the
SPA has sub-contracted such services to “GST- Applicant can avail Input Tax Credit
the Appellant that would be provided by of the full GST charged on the invoice of
the appellant as part of sub-contract the supply and no proportionate reversal
agreement, by providing services to the of ITC is required in respect of
customers of the SPA. commercial credit note issued by
supplier for Cash discount for early
Opined that, the Appellant and the SPA payment of supply invoices (bills) and
are not branch, representational office Incentive/schemes provided without
or agency of each other and are separate adjustment of GST, if the said discount is
legal entities and even they are not not covered under Section 15(3)(b) of
holding & subsidiary companies as well. CGST Act, 2017 and the said discounts is
Accordingly, these two separate persons not in terms of prior agreement - This is
would not be considered as 'merely subject to the conditions that the GST
establishments of a distinct person in paid for the said goods/service is not
accordance with Explanation 1 in Section reversed or reimbursed / re-credited by
8 of IGST Act. the supplier to the applicant in any
manner: AAR
Modified the ruling passed by the AAR,
Gujarat, to the extent that recipient of GST-Since the amount received in the form of
supply of service would be the SPA in credit note is actually a discount and not a
terms of the consideration paid to the supply by the applicant to the supplier, no GST
Appellant and not the Indian customer. is leviable on receiver on cash
Further, the supply of service by the discount/incentive/schemes offered by the
Appellant where it has been supplier to applicant through credit note
subcontracted to it by the recipient will against supply without adjustment of GST:
not fall under the definition of AAR.”
'intermediary' as per the provisions of
Section 2(13) of the IGST Act in view of
the Circular No. 159/15/2021-GST dated
September 20, 2021.

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February - 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

Direct Tax Updates

1. Circular No. 1 / 2022 – Extension of Compiled by: CA. Mohit R. Tibrewala
Timelines for filing of Income tax
Returns and various reports for the A.Y. Year 2021-22, which was 30th November
2021-22 dated 11.01.2022 2021 under sub-section (1) of section 139
of the Act, as extended to 31st December
1. The due date of furnishing of 2021 and 28th February 2022 by Circular
Report of Audit under any provision of No.9/2021 dated 20.05.2021 and Circular
the Act for the Previous Year 2020-21, No.17/2021 dated 09.09.2021
which was 30th September 2021, in the respectively, is hereby further extended
case of assesses referred in clause (a) of to 15th March, 2022.
Explanation 2 to sub-section (1) of Clarification 1: It is clarified that this
section 139 of the Act, as extended to 31st extension shall not apply to Explanation
October 2021 and 15th January 2022 by 1 to section 234A of the Act, in cases
Circular No.9/2021 dated 20.05.2021 and where the amount of tax on the total
Circular No.17/2021 dated 09.09.2021 income as reduced by the amount as
respectively, is hereby further extended specified in clauses (i) to (vi) of sub-
to 15th February, 2022; section (1) of that section exceeds one
2. The due date of furnishing of lakh rupees.
Report of Audit under any provision of Clarification 2: For the purpose of
the Act for the Previous Year 2020-21, Clarification 1, in case of an individual
which was 31st October, 2021, in the case resident in India referred to in sub-
of assesses referred in clause (aa) of section (2) of section 207 of the Act, the
Explanation 2 to sub-section (1) of tax paid by him under section 140A of the
section 139 of the Act, is hereby Act within the due date (without
extended to 15th February, 2022; extension under Circular No.9/2021,
3. The due date of furnishing of Circular No.17/2021 and this Circular)
Report from an Accountant by persons provided in that Act, shall be deemed to
entering into international transaction or be the advance tax.
specified domestic transaction under h ps://www.incometaxindia.gov.in/communica
section 92E of the Act for the Previous ons/circular/circular-no-1-2022.pdf
Year 2020-21, which was 31st October
2021, as extended to 30th November 2021 2. Circular No. 2 / 2022 – Guidance under
and 31st January 2022 by Circular clause (10D) section 10 of the income
No.9/2021 dated 20.05.2021 and Circular tax Act, 14961 dated 19.01.2022
No.17/2021 dated 09.09.2021
respectively, is hereby further extended Clause (10D) of section 10 of the Income-
to 15th February, 2022; tax Act, 1961 (the Act) provides for
4. The due date of furnishing of income-tax exemption on the sum
Return of Income for the Assessment received under a life insurance policy,
Year 2021-22, which was 31st October including any sum allocated by way of
2021 under sub-section (1) of section 139 bonus on such policy subject to certain
of the Act, as extended to 30th November exclusions.
2021 and 15th February 2022 by Circular The Finance Act, 2021 amended clause
No.9/2021 dated 20.05.2021 and Circular (10D) of section 10 of the Act by inserting
No.17/2021 dated 09.09.2021 fourth to seventh provisos. Fourth
respectively, is hereby further extended proviso provides that, with effect from
to 15th March, 2022; 01.02.2021, the sum received under a
5. The due date of furnishing of Unit Linked Insurance Policy (ULIP),
Return of Income for the Assessment issued on or after 01.02.2021, shall not
be exempt under the said clause if the
amount of premium payable for any of

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February - 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

the previous years during the term of said clause (10D);
such policy exceeds Rs 2,50,000. Further, ii. I f t h e a s s e s s e h a s r e c e i ve d
fifth proviso provides that if premium is
payable for more than one ULIP, issued consideration, during the current
on or after 01.02.2021, the exemption previous year, under one eligible
under the said clause shall be available ULIP only and the amount of
only with respect to such policies where premium payable on such eligible
the aggregate premium does not exceed ULIP exceeds Rs 2,50,000 for any
Rs 2,50,000 for any of the previous years of the previous years during the
during the term of any of those policies. term of such eligible ULIP, such
Sixth proviso provides that the fourth consideration shall not be eligible
and fifth provisos shall not apply in case for exemption under the said
of sum received on death of the person. clause (10D);
Seventh proviso to the said clause (10D) iii. I f t h e a s s e s s e h a s r e c e i ve d
also empowers the Central Board of consideration, during the current
Direct Taxes (Board) to issue guidelines, previous year, under more than
with the previous approval of the Central one eligible ULIPs and the
Government, in order to remove any aggregate of the amount of
difficulty which arises while giving effect premium payable on such eligible
to the provisions of the said clause. In ULIPs does not exceed Rs
exercise of the powers under this 2,50,000 for any of the previous
proviso, Board, with the previous years during the term of such
approval of the Central Government, eligible ULIPs, such consideration
hereby issues the following guidelines. shall be eligible for exemption
Sum received including any sum under the said clause (10D);
allocated by way of bonus (hereinafter iv. I f t h e a s s e s s e h a s r e c e i ve d
referred as “consideration”) during the consideration, during the current
previous year (hereinafter referred as previous year, under more than
“current previous year”) under any one or one eligible ULIPs and the
more ULIPs issued on or after 01.02.2021 aggregate of the amount of
(hereinafter referred as “eligible ULIP”) premium payable on such eligible
shall be exempt under clause (10D) of ULIPs exceeds Rs 2,50,000 for any
section 10 of the Act, subject to of the previous years during the
satisfaction of other provisions of said term of such eligible ULIPs, the
clause. consideration under only such
Situation1: No consideration is received eligible ULIPs shall be eligible for
by the assessee on any eligible ULIPs exemption under the said clause
during any previous year preceding the (10D) where aggregate of the
current previous year or consideration amount of the premium payable
has been received on such eligible ULIPs does not exceed Rs 2,50,000 for
but has not been claimed exempt. The any of the previous years during
exemption under clause (10D) of section their term (Refer Examples).
10 of the Act shall be determined as Situation 2: Consideration has been
under: received by the assessee under any one
i. I f t h e a s s e s s e h a s r e c e i ve d or more eligible ULIPs during any
previous year preceding the current
consideration, during the current previous year and it has been claimed to
previous year, under one eligible be exempt under clause (10D) of section
ULIP only and the amount of 10 of the Act. Such eligible ULIPs are
premium payable on such eligible referred as “Old ULIPs” in this paragraph
ULIP does not exceed Rs 2,50,000 and corresponding examples and
for any of the previous years reference to eligible ULIPs shall not
during the term of such eligible include old ULIPs. The exemption under
ULIP, such consideration shall be clause (10D) of section 10 of the Act shall
eligible for exemption under the be determined as under:

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February - 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

i. I f t h e a s s e s s e h a s r e c e i ve d of the amount of premium

consideration, during the current payable on such eligible ULIPs and

previous year, under one eligible old ULIPs does not exceeds Rs

ULIP only and aggregate amount 2,50,000 for any of the previous

of premium payable on such year during the term of such

eligible ULIP and old ULIPs does eligible ULIPs, such consideration

not exceed Rs 2,50,000 for any of shall be eligible for exemption

the previous year during the term under the said clause (10D);

of such eligible ULIP, the

consideration under such eligible iv. I f t h e a s s e s s e h a s r e c e i ve d

ULIP shall be eligible for consideration, during the current

exemption under the said clause previous year, under more than

(10D); one eligible ULIPs and aggregate

of the amount of premium

ii. I f t h e a s s e s s e h a s r e c e i ve d payable on such eligible ULIPs and

consideration, during the current old ULIPs exceeds Rs 2,50,000 for

previous year, under one eligible any of the previous year during

ULIP only and aggregate amount the term of such eligible ULIPs,

of premium payable on such consideration under only such

eligible ULIP and old ULIPs eligible ULIPs shall be eligible for

exceeds Rs 2,50,000 for any of the exemption under the said clause

previous year during the term of (10D) where aggregate amount of

such eligible ULIP, the premium along with the

consideration under such eligible aggregate amount of premium of

ULIP shall not be eligible for old ULIPs does not exceed Rs

exemption under the said clause 2,50,000 for any of the previous

(10D); year during the term of any of such

eligible ULIPs.

iii. I f t h e a s s e s s e h a s r e c e i ve d

consideration, during the current h ps://www.incometaxindia.gov.in/communica ons/circ

previous year, under more than ular/circular-2-2022.pdf

one eligible ULIPs and aggregate

CREDCITARD

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February - 2022 AHMEDABAD BRANCH OF WIRC OF ICAI

RERA Updates

I-Continuation of RERA 1.O Portal Compiled by: CA. Mahadev Birla
GujRERA/Order/60/2022 dated 01.01.2022
to the Authority at least within a period of seven
Earlier GujRERA had issued Order no 58 dated days from the date of online submission of the
03.12.2021 wherein it was informed that RERA application.
2.O portal will start from 06.01.2022 and the
existing portal RERA 1.O will be discontinued Application shall be accompanied by a fee of
from 01.01.2022 however the said decision is rupees five hundred in the form of a Demand
put on hold by the GujRERA and it has decided to Draft.
continue with the existing portal RERA 1.O.
further, information I respect of The application for execution must be made by
implementation of the RERA 2.O will be given in the party-person in whose favour the
one week advance. decision/order/direction is passed.

II-Online Hearing for Quasi-Judicial For detailed provision refer the Regulations.
Proceedings h ps://gujrera.gujarat.gov.in/resources/sta cpage/a ac
hments/GUJARAT_REAL_ESTATE_REGULATORY_AUTHORI
GujRERA/Circular -31- dated 06.01.2022 TY_(GENERAL)_(EXECUTION_PROCEEDINGS)_REGULATIO
NS.pdf
Due to rising number of cases of Omicron
Variant -Covid-19 in state of Gujarat, GujRERA MahaRERA Updates
Authority has issued a circular No 31 dated RECENT CIRCULARS/ORDERS ISSUED BY
06.01.2022 wherein it is decided to conduct the
hearing in quasi-judicial matter through MAHARERA
online/virtual mode. I – Submission of Certificate to the scheduled
bank operating the separate account and
From 10th January, 2022 hearing of compliant copies thereof to MahaRERA Authority
will done by virtual mode only and if needed Circular No 39/2021 dated 28.12.2021
physical hearing may be arranged in specific Section 4(2)(l)(d) of RERA, 2016 provides that
situation -cases with the prior intimation.
that seventy per cent. of the amounts realised for
III- Gujarat Real Estate Regulatory Authority the real estate project from the allottees, from
(General) (Execution Proceedings) time to time, shall be deposited in a separate
Regulations 2021 account to be maintained in a scheduled bank to
cover the cost of construction and the land cost
GujRERA has issued Gujarat Real Estate and shall be used only for that purpose:
Regulatory Authority (General) (Execution
Proceedings) Regulations 2021 dated Provided that the promoter shall
16.10.2021 for the effective execution of the withdraw the amounts from the separate
Orders/Directions passed/issued by the account, to cover the cost of the project, in
Authority. proportion to the percentage of completion of the
project:
As per the said regulation, application for
execution of order/direction/decision under Provided further that the amounts from
Section 40 of the Act and Rule 20 of the Rules, the separate account shall be withdrawn by the
shall be submitted online as well as in hard copy promoter after it is certified by an engineer, an
with all the details and documents to the architect and a chartered accountant in practice
Authority, in a prescribed Form I. that the withdrawal is in proportion to the
percentage of completion of the project
The hard copy of the application along with all
the details and documents should be submitted The above provision of mandate to open a
separate bank account for every project and the
withdrawal from the bank account shall be after
the certificate from the Engineer, Architect and

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Chartered Accountant. The above provision of f. Disclosure of sold / booked inventory
does not require that all such certificate is to be (building wise) in the project
submitted to the bank. However, MahaRERA has
issued a circular no 39/2021 dated 28.12.2021 g. Report from CERSAI on security interest
which mandated that created in the real estate Project that is
available on CERSAI website at
“promoter henceforth shall submit the said
three certificates to the schedule bank www.cersai.org.in
operating the separate account at the time of
every withdrawal from the separate account h. Declaration about commencement
irrespective whether such real estate project certificate.
is a new project or an ongoing project till the
occupancy certificate/completion certificate III. Maharashtra Real Estate Regulatory
as the case may be' in respect of the said Authority (General) (Amendment)
project is obtained and the copies thereof Regulation 2021.
shall be submitted online by promoters to
MahaRERA Authority” The MahaRERA Authority has issued
Maharashtra Real Estate Regulatory
II. Disclosure of information in public domain Authority (General) (Amendment)
Circular No 40/2022 dated 14.01.2022 Regulation 2021 dated 22.12.2021 wherein
As per the circular no 40/2022 dated following changes are made
14.01.2022, MahaRERA has decided to make Regulation 3
available the following documents in public
domain. The The certificates, issued by the project
architect. project engineer, chartered
a. Form 1, Architect Certificate submitted accountant and submitted to the banks for
at the time of registration of an ongoing getting release of money from the separate
project and for withdrawal of money account shall he in Forms 1, 2 and 3 respectively.
from RERA designated account. The certificate issued by the project architect on
completion of registered real estate Project
b. Form 2, Engineer Certificate submitted shall be in Form 4."
at the time of registration of an ongoing
project and for withdrawal of money In the above regulation word” and submitted to
from RERA designated account. bank” is added” .

c. Form 2A, Engineer Certificate i.e. site In regulation 3A of the principal regulations, the
supervisor which is be submitted at the words "This form shall be submitted at the end
end of every financial year till the of every financial quarter ." shall be substituted
completion of the project. with "This Form shall be submitted at end of
every financial year.

d. Form 4, being the certificate issued by In r-regulation 4, the words "statutory auditor"
the architect on completion of the wherever appearing, shall be replaced by
project. "annual auditor”.

e. Form 5, being the certificate containing Further, in addition to the above, the Form-1
the annual report on statement of i.e. Architect Certificate, Form-2 and Form 2A
accounts issued on the letter head of the Engineer certificate, Form-3 CA Certificate,
chartered accountant who is the annual Form-4 and Form-5 are also amended.
auditor of the promoters' company /
firm.

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EXCEL IN EXCEL

Compiled by: CA. CS. Hemlata Dewnani

Text - to - Speech

1. Next to the Quick Access Toolbar, click Note: You'll need to configure your computer
Customize Quick Access Toolbar, then click audio to hear speech.
More Commands.
Play back a group of cells
To hear the speech that corresponds to the
text in a group of cells, do the following:

2. In the Choose commands from list, 1. Select a group of cells to that you want
select All Commands. to hear as audible speech.
3. Scroll down, and for each text-to-speech 2. Choose how the computer will read
command that you want to use, click any of the back your data by clicking By Rows   or By
Speak Cells command, and then click Add. Columns  
3. Click Speak Cells  
4. To correct an error, click Stop Speaking
  , and then use your mouse and keyboard to
make the necessary changes.
5. Click Speak Cells   to make the
computer continue to read back your selection.

Tip: You can select a specific range of cells for
the computer to read back to you. Or, you can
click Speak Cells   without selecting any cells
and Excel will automatically expand the
selection to include the neighbouring cells that
contain values.

Play back after every cell entry

4. Click OK. 1. Click Speak On Enter  
2. Enter data in any cell. Press Enter, and the
5. When you want to use a text-to-speech computer will read back the contents of the cell.
command, click it the Quick Access Toolbar.
Note: If you hide the Text To Speech toolbar
and you did not turn off Speak On Enter   , the
computer continues to read back each cell entry
that you make. Click Speak On Enter   to turn
it off.

Note: You can use the text-to-speech Conclusion:
commands in Excel 2007 and 2003 by pointing 1) We can use this for Report Reading and
to Speech on the Tools menu, and then verifying the content
clicking Show Text to Speech Toolbar. 2) In the lectures and meetings
3) For projects and content Delivery

Play back worksheet data

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Equity Investing

Compiled by: CA. Pratik

THE POWER OF COMPOUDING: 8th Wonder of the World

More than 2000 books are dedicated to how important book should be called “SHUT UP
Warren Buffet built his fortune. Many of them AND WAIT”. It's just one page of book which
are wonderful. But only few pay enough also not require to read.
attention to simplest fact i.e. He is not due to (Source: Psychology of Money)
just being a good investor, but being good How the Power of Compounding Works?
investor since he was a child. Here we understand how the compounding
Currently Warren Buffet's net worth is 84.5 works with below result. If any person starts
billion USD approx. (In Indian Rs term 6,25,300/- with 1 rupee and he think that I will do double in
Crore approx.) Out of that, 84.2 billion USD was every next year than what will be the value at
accumulated after his 50th birthday. 81.5 billion end on the 30th Year?
USD came in his mid-60s.
Warren Buffet is a phenomenal investor. What is You can see that at 25th year, the value is Rs.1.67
key point that create Warren Buffet a crore and at 30th year its value is Rs. 53.68 crore.
phenomenal investor? The real key to his Here you can see that a person requires 25 years
success is that he has been a phenomenal to accumulate 1.67 crore but to accumulate of
investor for three quarters of a century. He had Rs. 53.68 crore from Rs.1.67 crore, he requires
stated investing when he was 10 years old. By only 5 years. This is called the Power of
the time he was 30s he had a net worth of 1 Compounding. Only few people stay with their
million USD. His skill is investing, but his investment for such long period and one of
secret is time. That's how compounding is them is THE WARREN BUFFET.
works.
Warren Buffet is the richest investor of all time
but he is not greatest when we compare with
average annually return (CAGR).
Jim Simons, head of the hedge fund
Renaissance Technologies, has compounded
return is 66% annually since 1988 as Buffet has
compounded at roughly 22% annually. Then the
question is arising why the Jim Simons is not
richest man compare to Warren Buffet? The
answer is the time. Simon's net worth is 21
billion which is 75% less than Warren Buffet
wealth because Simon was invested till his age
was 50s where the Buffet you all are very well
know.
I have experience that many of investors or
professional specially from our CA fraternity,
they never saw compounded interest table or
never try to work that how much amount I will
be accumulate down the line 20,30,40 or 50
Years if I invested monthly or yearly basis. What
It likely did was surprise them, because the
results intuitively did not seem right.
None of the books of the Buffets titled that
“Warren Buffet has been investing
consistently for three quarters of century” but
we know that's the key to majority of his
success.
There are many books on Equity, Stock Market,
Economics etc. But the most powerful and

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Important Due Dates

Compiled by: CA. Mahavir Shah

Sr. No. Act Compliance Due Date
In case of Promoter : Quarterly Return for Project to be filled with 7 07- Feb- 22
1 GujRERA days from the end of the Quarter allocated by RERA Authority

2 Income Tax Tax Deducted/Collected (TDS / TCS) during the month of January-22 to 07-Feb-22
be deposited

3 GST GSTR-7 for the month of January-22 for persons required to deduct TDS 10-Feb-22
under GST

4 GST GSTR-8 for the month of January-22 for e-commerce operator required 10-Feb-22
5 GST
to collect TCS under GST

GSTR-1 for the month of January-22 11- Feb- 22

6 GST Filling of Invoice Furnishing Facility (IFF) for January-22 for taxpayers 13-Feb-22
who opted for Quarterly Return Monthly Payment (QRMP) option

7 GST GSTR-6 for the month of January-22 for Input Service Distributor (ISD) 13-Feb-22

8 Income Tax Filling of Tax Audit Report u/s 44AB & Transfer Pricing Audit Report 15- Feb- 22

(92E) for A.Y. 2021-22

9 MCA Extended due date for filing Form AOC-4, AOC-4 (CFS), AOC-4 XBRL, 15-Feb-22

AOC-4 Non-XBRL

10 PF / ESIC Payment of PF / ESIC for the month of January-22 15- Feb- 22

11 GST GSTR-5 & 5A by Non-resident taxable person & OIDAR for the month of 20- Feb- 22
12 GST January- 22 20- Feb- 22
13 GST Payment of GST & Filing of GSTR-3B for the month of January-22 for 25- Feb- 22
monthly taxpayers
14 GST Payment of GST in form GST PMT-06 for taxpayers who opted for 28- Feb- 22
15 GST Quarterly Return Monthly Payment (QRMP) option for the month of
January- 22
GSTR-9 Annual Return for FY 2020-21

GSTR-9C Reconciliaton Statement for FY 2020-21 28- Feb- 22

16 MCA Extended due date for filing of forms MGT-7 / 7A with MCA 28- Feb- 22

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Motivational Story

Compiled by: CA. CS. Hemlata Dewnani

In The Power of Habitn The Power of Habit, Charles Duhigg, award- When you woke up this morning, what did you do

winning business reporter for The New York first? Did you hop in the shower, check your email or

ITimes, takes us to the thrilling edge of scientific grab a doughnut from the kitchen counter? Did you
discoveries that explain why habits exist and how brush your teeth before or after you towelled off?

they can be changed. By distilling vast amounts of Which route did you drive to work? When you got

information into engrossing narratives, Duhigg home, did you put on your sneakers and go for a run,

brings to light a whole new understanding of human or pour yourself a drink and eat dinner in front of the

nature and its potential for transformation. TV?

Along the way, we learn why some people and “All our life, so far as it has definite form, is but a
companies struggle to change, despite years of mass of habits,” William James wrote in 1892. Most
trying, while others seem to remake themselves of the choices we make each day may feel like the
overnight. We discover the neuroscience behind products of well-considered decision making, but
how habits work and precisely which parts of the they're not. They're habits. And though each habit
brain they develop and reside within. We discover means relatively little on its own, over time, the
how the right habits were crucial to the successful meals we order, whether we save or spend, how
promotion of Pepsodent; to Tony Dungy who led his often we exercise, and the way we organize our
team to a Super Bowl win by changing one step in his thoughts and work routines have enormous impacts
players' habit loop; and we learn how a large on our health, productivity, financial security and
corporation managed to turn itself around by happiness. One paper published by a Duke
changing just one routine within the organization. University researcher in 2006 found that more than
40 percent of the actions people performed each
At its core, The Power of Habit contains an day weren't actual decisions, but habits.
exhilarating argument: The key to exercising
regularly, losing weight, raising exceptional James—like countless others, from Aristotle to
children, becoming more productive, building Oprah—spent much of his life trying to understand
revolutionary companies and social movements, and why habits exist. But only in the past two decades
achieving success is about understanding how have scientists and marketers really begun
habits work. By harnessing this new science, we can understanding how habits work—and, more
transform our businesses, our communities and our important, how they change.
lives.
This book is grounded in so much sound scientific
Here's what you'll learn about in this summary: evidence it'll make your head spin. From case
studies, to interviews, to on-sight research projects
– How cravings create and power new habits. at some of the world's greatest companies.
– How to apply the golden rule of habit change.
– Why the brain tries to make routines into habits. Habits, by definition, are choices that we all make
– What “keystone habits” are and the importance of deliberately at some point—and then stop thinking
them in creating a new routine. about but continue doing, often every day.
We become what we repeatedly do. An
extraordinary life, then, depends upon At one point, we all consciously decided how much
extraordinary habits. to eat and what to focus on when we got to the
office, how often to have a drink or when to go for a
Crucial quotes jog. But then we stopped making a choice, and the
behavior became automatic. It's a natural
“When a habit emerges, the brain stops fully consequence of our neurology.
participating in decision making. It stops working so
hard, or diverts focus to other tasks. So unless you And by understanding how it happens, you can
deliberately fight a habit—unless you find new rebuild those patterns in whichever way you choose.
routines—the pattern will unfold automatically.”
So, are you ready to dive into learning how to make
“Willpower isn't just a skill. It's a muscle, like the that happen? Let's begin with our first big idea…
muscles in your arms or legs, and it gets tired as it
works harder, so there's less power left over for other A) Make a List of things you want to do
things.”
B) Mention the way to achieve that
“This is how willpower becomes a habit: by choosing a
certain behaviour ahead of time, and then following C) Tools and options to achieve faster
that routine when an inflection point arrives.”
Try , fail and Try again

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Event in Images
Convocation 2011-22

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3 DAYS NATIONAL VIRTUAL CONFERENCE
ON INDIAN CONSTITUTION

Introduction to Quick Books with reference to
US Outsourcing Industry 24-09 Jan-2022

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Understanding Bhagavad Gita -

A Journey towards Leadership Excellence 25.01.2022 to 16.02.2022

RRC ON UDAIPUR ON 08, JANUARY 2022

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Republic Day Celebration on
26 January, 2022

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INDOOR SPORTS MEET 2022 @ YMCA Club
on 30.01.2022

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Media Coverage

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Upcoming Events

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