WIRC Reference Manual 2019-20
WIRCReference Manual2019-20This publication is brought bythe Group of Contributors constitutedby WIRC of ICAI.CA. Priti SavlaChairpersonCA. Umesh SharmaVice-ChairmanCA. Rakesh AlshiSecretaryCA. Yashwant KasarTreasurerGroup LeadersCA. Jayesh KalaChairman WICASACA. Lalit BajajRegional Council MemberCA. Vishal DoshiRegional Council Memberxxv
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Western India Regional Council of The Institute of Chartered Accountants of India(Set up by an act of Parliament)WIRC Reference Manual 2019-20Sixteenth EditionAugust, 2019PRICE : 300/- (inclusive of CD)All rights reserved.No part of this publication may be reproduced or transmitted in any form or by any means without the permission in writing fromthe WIRC of ICAI.All efforts have been made to ensure accuracy of the information in this WIRC Reference Manual 2019-20. The views expressed inthis compilation are those of various contributors. WIRC of ICAI or ICAI do not necessarily subscribe to the same. The publishersdo not hold themselves responsible for any errors that may have unintentionally crept in. Contents of certain topics have beenupdated as per changes introduced as on date of printing.Published byCA. Priti Savla, Chairperson, WIRC of ICAIICAI Tower, G Block, Opp. MCA Ground, Next to Standard Chartered Bank,Bandra Kurla Complex, Bandra (East), Mumbai-400 051Phone : 022-3367 1400/3367 1500E-mail : wirc@icai.inWIRC Website : http://www.wirc-icai.orgICAI Bhawan, 27, Cuffe Parade, P. B. No. 6081, Colaba, Mumbai-400 005.Head Office“ICAI Bhawan”, Indraprastha Marg, New Delhi-110 002.Phone : 91-11-3989 3989E-mail : icaiho@icai.orgICAI Website : http://www.icai.orgPrinted byFinesse Graphics & Prints Pvt. Ltd.309, Parvati Industrial Premises, Sun Mill Compound, Lower Parel (West), Mumbai-400 013.Tel. : 91-22-4036 4600 Fax : 91-22-2496 2297iiWIRC Reference Manual2019-20
MessageDear Colleagues,The profession of Chartered Accountancy has always been recognised for the quality of itseducation, training and strong reservoir of knowledge, skills and professional values. In theemerging scenario, there is a paradigm shift in the role of Chartered Accountants which is not onlyrestricted to subject areas of Accountancy, Audit and Taxation but also encompasses managementconsultancy services, insolvency, valuation, risk management, corporate governance and strategicmanagement etc. “Learning gives creativity, creativity leads to thinking, thinking provides knowledge,and knowledge makes you great.”, as truly said by Dr. A. P. J. Abdul Kalam, there is no end tolearning. This is also applicable for the Chartered Accountants who render knowledge and skillbased services. Our members need to put concerted efforts to be well versed with the contemporarydevelopments being taking place very rapidly.At this juncture, it is heartening to note that the Western India Regional Council (WIRC)of the Institute of Chartered Accountants of India (ICAI) is bringing out a “WIRC Reference Manual2019-20” covering all the important aspects relating to the profession such as Chartered AccountantsAct & Regulations, Accounting & Auditing Standards, Guidance and information on Direct Taxes, GST and Other Indirect Taxesincluding UAE VAT, Company law, Insolvency and Bankruptcy Law, Valuation etc. This Reference Manual has been developed toapprise and update our members with all the relevant information at one place. I am sure that the members will find this compilationvery useful in their day-to-day reference needs and this will act as one-point ready reference for all.I place on record my compliments to the entire team associated with the compilation and finalisation of this Reference Manual.With best wishes,CA. Prafulla Premsukh ChhajedPresident,The Institute of Chartered Accountants of IndiaRespected Members,The Accounting profession is playing an active role in progress driven by reforms and technologicaladvances, both nationally and globally. ICAI is mindful of its responsibility to continuously improve andinnovate the services rendered by the members through knowledge enrichment, to be future ready toguide and support clients in the dynamic marketplace. Technical excellence and adherence to highethical standards are essential conditions for growth and development of any profession. The Institutehas been quite proactive in realigning its vision by imbibing best global practices in its educationalcurriculum with the changing business environment.As a profession, being agent of change, it is expected of the CA fraternity to ensure both, to promotepublic interest as well as sustained economic growth by acquiring requisite and updated knowledgeand skills to remain on the forefront in the changing paradigm. In fact, in the changing scenario, it isall the more important for the CA fraternity to enhance its intellect and skills, totally equipped with theknowledge of all the important economic, commercial and business laws and cases related to suchlaws, as also the various amendments to rules and regulations from time-to-time.The task of learning and development is demanding for a CA, with professional commitments, timelines, which by themselves arequite challenging. In this background the concise WIRC Reference Manual will definitely be an excellent resource, wherein theycan instantly refer, for various references and guidance, to arrive at solutions.I compliment the efforts of the members of Western India Regional Council for compiling, documenting and collating the requiredinformation with appropriate comments in bringing out this useful publication.I am also confident that the same will prove to be immensely beneficial to all the members and users of this reference manual.CA. Atul Kumar GuptaVice-President,The Institute of Chartered Accountants of IndiaWIRC Reference Manual2019-20iii iii
About ICAIThe Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. TheChartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy inthe country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government ofIndia. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong traditionof service to the Indian economy in public interest.The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered AccountantsAct, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32are elected by the Chartered Accountants and remaining 8 are nominated by the Central Government generallyrepresenting the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry ofCorporate Affairs, Ministry of Finance and other stakeholders.Over a period of time the ICAI has achieved recognition as a premier accounting body not only in the country butalso globally, for maintaining highest standards in technical, ethical areas and for sustaining stringent examination andeducation standards. Since 1949, the profession has grown leaps and bounds in terms of members and student base.The activities of the ICAI can be broadly divided into Regulatory, Standard Setting, Disciplinary and Education &Training.About WIRC of ICAIThe Western India Regional Council (WIRC of ICAI) which is located at Mumbai is the largest Regional Council ofInstitute of Chartered Accountants of India amongst the Five Regional Councils, catering to the membership of morethan 1,16,000 Chartered Accountants and about 2,25,000 CA students, spread across the network of 35 branchesin the three States — Maharashtra, Gujarat, Goa and the Union Territories of Daman, Diu, Dadra & Nagar Haveli.These CA members are either in practice or in business or holding eminent positions in various industries as well asGovernment Organizations spread across the Region.“Powered By Professionalism. Driven By Values” – is the theme of WIRC. These simple words carry with them atremendous promise – our commitment to professionalism driven by integrity. In this perspective, WIRC of ICAI hasalways been in the forefront in organizing conferences, seminars, workshops and webinars which are important toolsfor the propagation of relevant information and dissemination of knowledge. WIRC of ICAI also makes representationson the practice of various laws through Central Committees or directly to the respective offices of State Governmentsof Maharashtra, Gujarat, Goa and the Union Territories. It also organises various programmes for the benefit of thepublic at large. These are ideal platforms for the Chartered Accountants to participate and gain the benefits from thedoyens of the profession in Industry, Technology, Financial Services and matters related to Professional Developmentand contemporary relevance, which is considered the need of the hour. As a testimony of its continuous effort theWIRC of ICAI has been consistently adjudged as the Best Regional Council of ICAI. Our students have also provedtheir mettle by bagging the most acclaimed ‘Best Student's Association’ on regular basis.The WIRC of ICAI also publishes a monthly newsletter for the benefit of the members, wherein all information relatingto forthcoming programmes, law updates, event highlights for the benefit of students are published. It also includesmatters relating to Corporate laws, Direct and Indirect Tax laws, SEBI guidelines, various allied laws, etc. to mentiona few areas.The members are our great brand ambassadors, and make us proud. It is always our constant endeavour to keepconstant connect with them and create platforms for constant networking at all the times.Students Education Courses and Classes are also organised regularly for the benefit of CA students. In order toattract new entrants into the CA learning programmes, WIRC organises regularly Career Counselling Programmesin high schools and colleges throughout the Western Region.In so far as research activities relating to Finance and Accounts domain, WIRC has always been in the forefront insupporting such research activities.WIRC also brings out some unique and eye catching publications. This Reference Manual is a compilation ofvarious laws useful to our profession. It also contains gist of Accounting & Auditing Standards, CA Act & Rules. ThisReference Manual is the result of contribution of 119 members including our esteemed Central Council Members.This Reference Manual is very well appreciated by Regulators & Members in Industry and also continues to be highlyappreciated by members of other Regions.ivWIRC Reference Manual2019-20
ForewordPresenting the WIRC Reference Manual 2019 is a huge privilege for us. TheWIRC Reference Manual has grown from strength-to-strength over the years.This publication has been continuously innovating and redefining itself. Today,it has grown into a treasure trove of information on a vast gamut of subjectsreflecting the growing areas of practice of a finance professional.This year we are highlighting the qualities which define the very core ofChartered Accountants – Professionalism and Values. This is a reflectionof our motto ‘Powered by Professionalism. Driven by Values.” Thesesimple words carry with them a tremendous promise – our commitment toprofessionalism driven by integrity.Contemporary circumstances and various legal developments bring in newchallenges. These challenges have opportunities within them. The dynamic regulatory environmentwould necessitate every professional to keep on learning and exploring new ideas. Current trends pointtowards a sea change for practices, especially the pace at which inputs are required to match paceglobally. Given the aggressive pace of progression, today’s accounting and finance landscape is aperfect example of the quote “The Only Constant is Change Itself”.A closer look at industry developments suggest that while adapting to today’s market is critical, an evengreater determinant of success lies in anticipating future trends and taking steps to prepare for what’sahead, well before it comes to fruition. Development of such vision requires strong insight into theconditions of today’s accounting and finance landscape.The WIRC, being a catalyst for the professionals and their need to remain updated on thedevelopments, will have a very important role to play going forward. The 2019 Reference Manual is astep in that direction. In this context, the WIRC Reference Manual, which acts as a ready reckoner, hasbeen the bible for instant reference, guidance for responses and most importantly to resolve issues andarrive at solutions.I thank CA. Jayesh Kala, CA. Lalit Bajaj and CA. Vishal Doshi for taking the lead jointly and ensuringa Reference Manual of the highest relevance and validity. I also appreciate the dedicated efforts ofmembers who have devoted their valuable time and made meticulously gathered, documented andcollated updated information validated with insightful analysis.The motivation and the support of my other colleagues in the Regional Council and guidance ofthe Central Council Members in bringing out this publication is well appreciated. I am sure that thisReference Manual will prove immensely beneficial to all the members.CA. Priti SavlaChairperson, WIRC of ICAIWIRC Reference Manual2019-20vv
PrefaceIn a constantly changing world, the Chartered Accountants profession is also constantly evolving. Themain reason, we have continued to provide excellent service to all stakeholders is with the help ofcontinuous research and learning endeavours of the Institute. In this context, the WIRC ReferenceManual, which acts as a ready reckoner, is a powerful resource which members and students canaccess instantly, not only for various references but also for guidance to finalise their responses andto arrive at solutions. Thus, it is with great pride that we present to you the new WIRC ReferenceManual 2019-20.Over the last few years our industry has grown tremendously and along the way we have earnedgreat respect and trust through our positive contributions to the nation and to society. But in today’sfluid professional environment it is imperative that we remain at the cutting edge, totally aware ofevery new law and every new amendment of rules and regulations.The WIRC Reference Manual 2019-20 is the perfect instrument for our profession, providing us withrelevant and vital information on the spot. It has all the laws, regulations and the latest amendmentsto prepare for any and all exigencies. Every relevant piece of information and all pertinent knowledge bytes have been includedin this exhaustive Reference Manual. You will appreciate the fact that this manual, with all its encyclopaedic facts and figures hasalso been made available digitally, making it a very handy virtual Reference Manual.This publication has been made on the back of numerous recommendations and insightful feedback furnished by our members. Ideeply appreciate the efforts of all the contributors who acknowledged the various inputs while putting forward their own endeavoursat the same time. The Reference Manual has been put together through the selfless efforts of members who have drawn on yearsof valuable experience to present data to you in the best possible way.As WICASA Chairman, it gives me great pride to see our students take great interest in accessing this Manual. By publishing thisManual, WIRC gives them a strong resource providing instant knowledge to all their queries thus creating a culture of diligence.I am sure that this Reference Manual will prove to be immensely beneficial to all our WIRC members and students.I would like to convey my sincere thanks to all the Contributors of the Reference Manual who have gifted knowledge and time; theirmost invaluable assets, in order to create this Manual.I also thank Central Council Members and Regional Council Members for providing guidance and able leadership toward thispublication. I would also like to acknowledge the untiring efforts of CA Priti Savla, Chairperson, WIRC and her team to bring theReference Manual in the present form. I am confident that this publication will be extremely useful to the members and studentsof the Institute.CA. Jayesh KalaChairman, WICASAviWIRC Reference Manual2019-20
PrefaceRespected Members,It is my privilege and honour to present before you one of the premier publication of WIRC “ReferenceManual 2019-20”. This is an annual publication used by most of the members, whether in practiceor in industry. The WIRC Reference Manual is an easy reference compilation of assorted Laws,Rules, Regulations, Procedures, Pronouncements, Notifications, etc. It covers topics suitable for allaccounting, tax and legal professionals. A comprehensive yet handy guide, the Manual is a distillationof the expertise of some of the best minds in our profession.To equip our members with recent updates and updating their knowledge required in day-to-daypractice, team WIRC has been publishing reference manual every year. I am happy to say thatmanual provides most regularly referred laws, regulations and latest amendments in this just oneexhaustive and handy compilation.I would like to convey my sincere thanks to all the contributors of the Reference Manual who haveput their efforts tirelessly in publishing this Manual for our members.I wish to personally thank our Hon. President, CA. Prafulla Chhajed and all Central Council Members for their guidance and supportregularly. I am Grateful to our Chairperson, CA. Priti Savla for giving me this opportunity to be part of Referencer compilation group.I compliment the efforts of Regional Council Members CA. Vishal Doshi and CA. Jayesh Kala for their efforts and initiative for timelyavailability of publication. I am thankful to all my council colleagues for their support.I am much confident that this Manual will be extremely helpful to our Members and Students. I request our members to kindly givetheir input and suggestion to make this publication more better in future.CA. Lalit BajajRegional Council Member - WIRC of ICAIDear Professional colleagues,It gives me immense pleasure to present before you “WIRC Reference Manual 2019-20”.The WIRC Reference Manual is a much-awaited annual publication of WIRC of ICAI. The WIRCReference Manual is comprehensive not only in respect of the coverage of various laws andstandards but also about the details covered under each section.The law is never static. However, the pace of change is at unprecedented highs. In such times, itbecomes difficult for a professional to keep track of all the changes. The WIRC Reference Manualserves as a one-stop-publication where all the updated laws are readily and easily available.This is the 16th successive year of WIRC Reference Manual. This Manual is used not only bypractising Chartered Accountants but also by account and finance teams in industries, otherprofessionals and students.I thank the contributors for their untiring efforts to ensure that this publication gets updated in a shorttime. I also thank Ms. Priti Savla, Chairperson, WIRC of ICAI to have reposed faith in me and entrusted me with the responsibilityof being part of the team to update the WIRC Reference Manual 2019-20.At WIRC of ICAI it is our endeavour to ensure that we release latest and timely publications which are helpful to members, studentsand other stakeholders and I am sure everyone will reap the benefits of these efforts.CA. Vishal P. DoshiRegional Council Member - WIRC of ICAIWIRC Reference Manual2019-20viivii
Regional Council Members — WIRC of ICAI 2019-20Sr.No.NameAddress (Office)Mobile No.Phone No. (O)E-Mail ID1CA. Priti SavlaChairperson1004, Level 10, Sunshine Tower,Senapati Bapat Marg, ElphinstoneRoad, Mumbai-400 0139321426883022-32918397/ priti@psaindia.net25410049 /243222682CA. Umesh SharmaVice-Chairman2nd Floor, Block Nos. 7 & 8,Shangrilla Complex, Samarth Nagar,Aurangabad-431
WIRC Reference Manual v v 2019-20 Foreword Presenting the WIRC Reference Manual 2019 is a huge privilege for us. The WIRC Reference Manual has grown from strength-to-strength over the years. This publication has been continuously innovating and redefining itself. Today, it has grown into a treasure trove of information on a vast gamut of subjects
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Working together is success Henry Ford Dear Professional Colleagues, At the outset, let me extend a warm and cordial welcome to ICSI-WIRC, your own home ground of the profession. Our Profession has seen sweeping changes in the year 2016 viz, emergence of GST, NCLT, Bankruptcy code and many more. The Company
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HONOUR BOARD VOLUNTEERS 2019 - CURRENT David Staniforth Boorowa 2019 Bruce Gruber Boorowa 2019 Lindsay Cosgrove Boorowa 2019 Dennis Osborne Boorowa 2019 John Cook Boorowa 2019 Sue Cook Boorowa 2019 Mick Hughes Boorowa 2019 Daryl Heath Boorowa 2019 Lesley Heath Boorowa 2019 Russell Good Boorowa 2019 John Peterson Boorowa 2019 Heather Bottomley Boorowa 2019 James Armstrong Boorowa 2019
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The Getting Started manual, the User’s Guide, and the Reference manuals cross-reference each other. [R] regress [D] reshape [XT] xtreg The first is a reference to the regressentry in the Base Reference Manual, the second is a reference to the reshapeentry in the Data Management Reference Manual, and the third is a reference to the
2 API R. ECOMMENDED. P. RACTICE. 500. 1.2.4. Section 9 is applicable to locations in which flammable petroleum gases and vapors and volatile flammable liquids are processed, stored, loaded, unloaded, or otherwise handled in petroleum refineries. 1.2.5 . Section 10 is applicable to location s surrounding oil and gas drilling and workover rigs and production facilities on land and on marine .
