THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

(SET UP BY AN ACT OF PARLIAMENT)

BHUBANESWAR BRANCH OF EIRC OF ICAI

GARUDA
PARTNER IN NATIONAL BUILDING

The EICASA News Letter

JUNE 2023
CONTENTS

01 Team EICASA Bhubaneswar

02 Branch Chairman's Message
03 EICASA Chairman's Message
04 EICASA Vice-Chairman's Message
05 Articles
Taxation of virtual assets
Cloud Accounting
SA-705
Exploring the Enchanting Tourism
Destinations of Kandhamal District
Accounting Standards
06 Poem and Sketches
07 Programmes And Activities by
ICAI Bhubaneswar
08 Puzzles
09 Fun Corner
10 Amendments in June 23
MEET THE
TEAM

Branch Chairman
CA PRADIP KUMAR SAHOO

EICASA Chairman EICASA Vice-Chairman

CA GAGAN BIHARI DAS SHIV AGARWAL

EICASA Secretary EICASA Treasurer

ABHIJEET SINGH SATYA PRAKASH SENA
BRANCH CHAIRMAN'S
MESSAGE

Dear Students,
It gives me immense pleasure in connecting with all of you and in witnessing with great joy,
the blossoming of brilliant young minds with the passage of time. In our branch, we are
arranging different programmes,industrial visits,seminars,study circles etc for our students.
You all must take benefit of the various programmes & facilities that our branch is providing
to you not only to gain knowledge but to also develop yourself as a true professional. I request
students to participate in different activities of EICASA and send suggestions for
improvement. It enables you to learn practical aspects of our profession. Our programs are
designed to address all major challenges faced during examinations ,articleship & professional
excellence. I am happy to learn that, our EICASA has arranged Indoor games for the benefit of
our students. At EICASA it is always be a great opportunity to learn, get motivated and to
network with students from different locations.

CA PRADIP KUMAR SAHOO

BRANCH CHAIRMAN
(BHUBANESWAR)
 EICASA CHAIRMAN'S
MESSAGE

It is my pleasure to communicate through this Newsletter of EICASA Bhubaneswar Branch of EIRC of ICAI.
Education plays a vital role in building future of a person vis-à-vis nation building. Choice of an institute of
repute and right subject play an important role in the career of a student. This Branch is committed to provide
quality education in building the future of today’s youth. In the era of globalization, working environment has
become highly competitive and challenging. Instead of interacting materialism through only IT Training, OP
Training, Advanced IT Training, Advanced MCS training and Coaching class for CA students. EICASA
Bhubaneswar motivates students to take part in debates, quiz, seminars, CA festival, sports i.e. indoor-
outdoor games facilities etc., The EICASA Bhubaneswar Branch has play a vital role for coordinating Campus
Placement for CA Final Students twice in a year.

All this purpose to make the students ready to face the competition and challenges in life.

I hope, wish and pray to god for all candidates of CA – Intermediate & Final Examination held in May 2023. I
am sure that once again a good result would show a strong and firmness of our students while attempting the
examination.
I invite the students at large to associate with our Branch Activities and contribute articles for the monthly
newsletter and stay updated about the EICASA Bhubaneswar Branch Activities.

CA GAGAN BIHARI DAS

EICASA CHAIRMAN
(BHUBANESWAR)
 VICE-CHAIRMAN'S
MESSAGE

It was heartwarming to witness the spirit of

camaraderie and healthy competition among
our members. Thank you all for making the
event a resounding success.
Looking ahead to the upcoming month, we
have an exciting lineup of events planned for
you. We are in the process of organizing an
industrial visit, workshops, and an air talk
show. These events aim to provide you with
Dear Readers practical insights, enhance your skills, and
I hope this message finds you in good health foster a deeper understanding of the
and high spirits. As the Vice Chairman of our professional world. We believe that these
esteemed Students Association EICASA experiences will greatly contribute to your
Bhubanaeswar, I would like to express my personal and professional growth. Stay tuned
sincere gratitude for your unwavering love for further details regarding these events.
and support throughout the month of june In addition to the planned activities, we highly
2023. Your enthusiasm and active participation value your suggestions for future events. Your
have been instrumental in making our input and ideas play a pivotal role in shaping
association a vibrant community. our association's agenda. We want to ensure
First and foremost, I would like to congratulate that our events cater to your interests and
all the students who appeared for the CA aspirations. Therefore, I encourage each one of
exams in May 2023. Your hard work and you to share your suggestions and
dedication are truly commendable, and I am recommendations with us. Together, we can
confident that you have performed create an environment that promotes
exceptionally well. May you all pass the exams learning, collaboration, and personal
with flying colors and move closer to achieving development.
your career aspirations. Remember, success is Once again, I extend my heartfelt appreciation
the product of perseverance and knowledge, for your love, support, and active involvement
and I have no doubt that each one of you in our association. Let us continue to work
possesses these qualities. hand in hand, inspiring and motivating each
I would also like to acknowledge the other to reach greater heights. Remember, as
overwhelming response we received for the students, we have the power to shape our own
Yoga Day and Industrial visit organized by the destiny and make a positive impact on the
ICAI last month. The level of participation world.
displayed by our students was truly Wishing you all the best for the coming month.
remarkable.

SHIV PRASAD AGARWAL

EICASA VICE-CHAIRMAN
(BHUBANESWAR)
TAXATION OF VIRTUAL ASSETS

Classification
Expenditure incurred in connection
with the transfer of a virtual digital
Kumari Nilam Saha asset;
(ERO0245022) Cost of improvement relating to a
virtual digital asset;
Indexation of cost of acquisition of a
virtual digital asset;
Introduction
Exemption under Section 54F
Let’s start with basics. What is a Virtual
Tax rate applicable
Digital Asset (VDA)? As per Section 2(47A) of
As per Section 115BBH (1), the income arising
Income Tax Act, 1961, unless the context
from the transfer of virtual digital assets
otherwise requires, the term Virtual Digital
shall be taxed at the rate of 30%. Thus,
Asset (VDA) means,
short-term and long-term capital gains both
any information or code or number or
shall be taxed at a flat rate of 30%. Further,
token (not being Indian currency or
no deduction under Chapter VI-A or an
foreign currency), generated through
exemption under Section 54F shall be
cryptographic means or otherwise, by
allowed from such capital gains. However,
whatever name called, providing a digital
relief under Section 87A can be claimed.
representation of value exchanged with
Income from other sources
or without consideration, with the
As per section 56(2)(x), the deemed income
promise or representation of having
under this provision can arise from the
inherent value, or functions as a store of
following transactions:
value or a unit of account including its use
Where any property is received without
in any financial transaction or
consideration and the aggregate fair
investment, but not limited to investment
market value of which exceeds Rs.
scheme; and can be transferred, stored or
50,000, the whole of the aggregate fair
traded electronically;
market value of such property will be
a non-fungible token or any other token
chargeable to tax.
of similar nature, by whatever name
Where any property is received for a
called;
consideration that is less than the
any other digital asset, as the Central
aggregate fair market value of the
Government may, by notification in the
property by an amount exceeding Rs.
Official Gazette specify.In simple words,
50,000, the difference between fair
the virtual digital asset shall mean a
market value and consideration is
cryptocurrency, NFT or another virtual
chargeable to tax.
digital asset as notified by the Central
In both the situations, the limit of Rs. 50,000
Govt. It will not cover subscriptions to
shall be checked for every transaction and
any OTT platform, mobile applications, e-
not in aggregate of all transactions.
commerce platforms, etc.
TAXATION OF VIRTUAL ASSETS

Kumari Nilam Saha

(ERO0245022)

The Finance Bill, 2022 included virtual digital The value of the benefit arising under this
assets within the scope of movable assets. provision shall be taxed at the rate
Thus, section 56(2)(x) shall apply to the applicable to the assessee. Such income shall
following properties: not be taxed at 30% under Section 115BBH
Shares and securities; because it does not arise due to the transfer
Jewellery; of a virtual digital asset. However, when the
Archaeological collections; recipient further transfers such assets, the
Drawings; resultant gains shall be taxable under
Paintings; Section 115BBH.
Sculptures; Set off and carry forward
Any work of art; Section 115BBH(2)(b) provides that no set-off
Bullion; and of loss from the transfer of the VDA
Virtual Digital Assets. computed shall be allowed against income
Thus, if a person receives a virtual digital computed under any other provision of this
asset without consideration (gift) or for Act to the assessee, and such loss shall not
inadequate consideration and the value of be allowed to be carried forward to
such benefit exceeds Rs. 50,000, it shall be succeeding assessment years.
taxable in the hands of the recipient under However, the losses from one virtual digital
Section 56(2)(x) as income from other sources. asset should be allowed to be set-off from
The fair market value of the virtual digital the gains from another virtual digital asset.
asset for taxability under Section 56(2)(x) shall Section 115BBH(2)(b) prohibits set-off the
be determined in accordance with Rule 11UA. losses from virtual digital assets as
i.e., computed under Section 115BBH(1)(a)
1. If purchased from registered dealer- The against income computed under any other
invoice value of such asset shall be its fair provision of this Act. As capital gains from
market value. the transfer of any other assets are
2. 1)If received in other mode- The fair computed and taxed under other provisions,
market value of such asset shall be while as the income from sale of all virtual
estimated to be the price that it would assets are computed under Section 115BBH,
fetch if sold in the open market on the such set-off of loss from one virtual asset
valuation date. If the value of such asset against income from another virtual asset
exceeds Rs. 50,000, then the assessee may shall be allowed.
obtain the report of the registered valuer For example, the short-term capital loss
in respect of the price it would fetch if from the sale of a cryptocurrency cannot be
sold in the open market on the valuation set-off against the short-term capital gains
date. from the sale of listed shares. Similarly, the
long-term capital loss from the sale of NFTs
cannot be set-off against the long-term
capital gains from the sale of mutual funds.
TAXATION OF VIRTUAL ASSETS
Kumari Nilam Saha
(ERO0245022)

However, short-term capital loss arising from Where consideration is partly in cash
the transfer of Ethereum (cryptocurrency) and partly in kind, but the part in cash is
can be set-off against short-term capital gains not sufficient to meet the liability of
arising from the transfer of bitcoin or an NFT. deduction of tax in respect of whole of
such transfer.
Deduction of Tax at Source [Section 194S] However, no tax shall be deducted under
The provisions of section 194S is applicable this provision in the following
from 01-07-2022. As per section 194S, any circumstances:
person responsible for paying any sum by 1. Consideration is below Rs. 10,000- No
way of consideration for the transfer of a tax shall be deducted under this
virtual digital asset is required to deduct tax provision if the consideration is payable
at source. Tax is required to be deducted by any person (other than a specified
under this provision if the amount is payable person mentioned in point 2) and its
to a resident person. Tax is required to be aggregate value does not exceed Rs.
deducted at the rate of 1% of the 10,000 during the financial year.
consideration. The rate shall not be further 2. Consideration is below Rs. 50,000- No
increased by Surcharge and Health & tax shall be deducted under this
Education Cess. However, If the deductee provision if the consideration is payable
does not furnish his PAN to the deductor, the by the following specified persons and
tax shall be deducted at the rate of 20% as its aggregate value does not exceed Rs.
prescribed under Section 206AA. 50,000 during the financial year:
The tax shall be deducted at the time of An individual or a HUF who does not
payment by any mode or at the time of credit have any income under the head profits
of such sum to the account of the resident, and gains of business or profession.
whichever is earlier. An individual or a HUF, whose total
Tax is required to be deducted from the gross sales, gross receipts or turnover does
amount of consideration paid to the resident not exceed Rs. 1 crore in case of business
person for the transfer of virtual digital or Rs. 50 lakh in case of a profession,
assets. However, in the following cases, during the financial year immediately
before releasing the consideration, the person preceding the financial year in which
responsible shall ensure that tax has been such virtual digital asset is transferred;
paid in respect of such consideration for the Where a transaction is subject to TDS under
transfer of virtual digital asset: section 194-O and section 194S, tax shall be
Where consideration is wholly in kind; deducted under section 194S. Further, a
Where a transaction is in exchange for transaction in respect of which tax has been
another virtual digital asset, and there is deducted under this provision, no tax shall
no part in cash; or be deducted or collected under any other
provisions.
 TAXATION OF VIRTUAL ASSETS

Kumari Nilam Saha

(ERO0245022)

Global standing of Virtual Assets Conclusion

Since 2013, the RBI had been warning citizens Taxation of VDAs is a step in the right
of the risks associated with trading in virtual direction. It gives India more footing at the
currencies, and how trading of such global digital world. VDAs are a very new
currencies in overseas exchanges may result and budding concept in Indian tax system.
in violation of foreign exchange regulations Hence, they are going to see a lot of changes
(FEMA). However, in the finance bill of 2022, it and amendments in recent times. However,
brought all virtual assets under taxable we as a country need to proceed cautiously
regime. as digital assets in general and
Other countries have taken varying views on cryptocurrencies in particular are a double-
the legality of cryptocurrencies, with edged sword. They promote a decentralized
Singapore taking the lead in endorsing global village but they can play a dangerous
cryptocurrency market growth. Separately, El role in money laundering and other illegal
Salvador in June 2021 has accepted Bitcoin as activities.
valid legal tender. Some countries serve as tax
heavens for cryptocurrency gains such as in
Belarus it is tax exemption until 2023, in "Whereas most technologies tend to
Germany gains for assets held over a year are automate workers on the periphery doing
tax free, in Malaysia cryptocurrencies have no menial tasks, blockchains automate away
legal status and thus tax-free, and in Portugal the centre. Instead of putting the taxi driver
it is tax exempt since 2018. Several other out of a job, blockchain puts Uber out of a
countries such as China, Egypt, Morocco, and job and lets the taxi drivers work with the
Turkey have taken a hard-line approach customer directly."
banning all crypto currency transactions. — Vitalik Buterin, co-founder of Ethereum
Similar to India, Russia has walked the line,
giving cryptocurrencies legal status, and thus
taxable.
 CLOUD ACCOUNTING

One of the significant benefits of cloud

accounting is that it provides real time
financial data to business. Since Financial
information is stored on remote server
business owner and accountants can
access the information any time. Some
example of cloud Accounting software
DEBIPRASAD NANDA like QuickBooks, FreshBooks, Xero,
(ERO0209896) NetSuite, Zoho Books Saga ets. Are used
by MNCs and Big Accounting firms.
On the security point of view cloud
Cloud Computing is a system in which
accounting provides better security
accounting services and software are
towards data than its premise
provided through the internet rather than
counterparts. Cloud vendors maintain
being installed on a local computer. With
multiple layers of security measures such
cloud accounting all financial data and
as encryption, two factor authentication,
information is stored on remote server or
firewalls and other preventive and
cloud, which are accessed through a web
detective measures to protect customer
browser.
data from cyber attacks.
In term of cost advantages cloud
Cloud accounting offers many advantages
accounting can reduce overhead
to business of all sizes. The foremost
expenditure, improve cash flow and
advantage is accessibility with cloud
provide predictable monthly expenses for
accounting, business owners and
the business.
employees can access their financial data
from any where, any time. All they need is
Overall , cloud accounting is an essential
an internet connection and a device with a
tool for business looking to streamline
web browser.
their accounting process, improve data
Another big advantages of cloud
reliability, and better manage their
accounting is that it eliminates the need for
finance. The benefits of utilizing cloud
expensive hardware, software and IT
accounting not only improve the day to
maintenance. Since the accounting
day operations of financial reporting but
software is run through the internet, there
also improve the accuracy and speed by
is no need to purchase expensive hardware
which management can make strategic
and software , hire IT personnel to manage
decisions. As such cloud accounting helps
this system. Cloud accounting is also
business focus on their core
typically eliminates the need for back up.
competencies and strategic goals leading
to improved operational efficiencies and
growth.
SA 705: MODIFICATIONS TO THE
OPINION IN THE INDEPENDENT
AUDITOR’S REPORT

The objective of the auditor is to express

clearly an appropriately modified
opinion on the financial statements that
is necessary when:
The auditor concludes, based on the
audit evidence obtained, that the
PRITHVIRAJ SAHOO financial statements as a whole are
(ERO0267710) not free from material misstatement;
or
This Standard on Auditing deals with the
 The auditor is unable to obtain
auditor’s responsibilities to issue an
sufficient appropriate audit evidence
appropriate report in the circumstances
to conclude that the financial
when, in forming an opinion in
statements as a whole are free from
accordance with SA 700, the auditor
material misstatement.
concludes that a modification to the
Qualified Opinion:
auditor’s opinion is necessary.
The auditor shall express a qualified
opinion when:
This SA establishes three types of modified
The auditor, having obtained
opinions: a qualified opinion, an
sufficient appropriate audit evidence,
adverse opinion, and a disclaimer of
concludes that misstatements,
opinion. The decision regarding which
individually or in the aggregate, are
type of modified opinion is appropriate
material, but not pervasive, to the
depends upon:
financial statements; or
The nature of the matter giving rise to
 The auditor is unable to obtain
the modification, that is, whether the
sufficient appropriate audit evidence
financial statements are materially
on which to base the audit opinion,
misstated or, in the case of an inability
but the auditor concludes that the
to obtain sufficient appropriate audit
possible effects on the financial
evidence.
statements of undetected
The auditor’s judgement about the
misstatements, could be material but
pervasiveness of the effects or possible
not pervasive.
effects of the matter on the financial
Adverse Opinion:
statements.
The auditor shall express an adverse
Pervasiveness- A term used, in the context
opinion when the auditor, having
of misstatements, to describe the
obtained sufficient appropriate audit
effects on the financial statements of
evidence, concludes that misstatements,
misstatements or the possible effects on
individually or in the aggregate, are both
the financial statements of misstatements
material and pervasive to the
that are undetected due to an
financial statements.
inability to obtain sufficient appropriate
audit evidence.
SA 705: MODIFICATIONS TO THE
OPINION IN THE INDEPENDENT
AUDITOR’S REPORT

PRITHVIRAJ SAHOO
(ERO0267710)

Disclaimer of Opinion:
The auditor shall disclaim an opinion when A statement that the auditor’s
the auditor is unable to obtain sufficient responsibility is to conduct an audit
appropriate audit evidence on which to of the entity’s financial statements in
base the audit opinion, and the auditor accordance with the Standards on
concludes that the possible effects on the Auditing and to issue an auditor’s
financial statements of undetected report;
misstatements could be both material and A statement that, however, because of
pervasive. the matters described in the Basis for
Disclaimer of Opinion section, the
When the auditor modifies the opinion on auditor is unable to obtain sufficient
the financial statements, the auditor appropriate audit evidence to provide
shall, in addition to the specific elements a basis for an audit opinion on the
required by SA 700: financial statements; and
Amend the heading “Basis for Opinion”
to “Basis for Qualified Opinion”, “Basis The statement about auditor
for Adverse Opinion” or “Basis for independence and other ethical
Disclaimer of Opinion” as appropriate; responsibilities.
and
Within this section, include a The auditor shall communicate the
description of the matter giving rise to matters with those charged with
the modification. governance that led to the expected
When the auditor disclaims an opinion on modification and the wording of the
the financial statements due to an modification.
inability to obtain sufficient appropriate
audit evidence, the auditor shall
amend the description of the auditor’s
responsibilities required by SA 700 to
include the following:
EXPLORING THE ENCHANTING
TOURISM DESTINATIONS OF
KANDHAMAL DISTRICT

AJAYA KUMAR DIGAL

(EROO283093)
Introduction: Balaskumpa Wildlife Sanctuary: A Haven
Nestled amidst the scenic landscapes of for Wildlife Enthusiasts
Odisha, India, Kandhamal District offers a For wildlife enthusiasts, the Balaskumpa
treasure trove of tourism destinations that Wildlife Sanctuary is a must-visit
captivate visitors with their natural destination in Kandhamal. The sanctuary
beauty, rich cultural heritage, and spiritual is home to a diverse range of flora and
significance. From serene lakes and fauna, including elephants, leopards,
waterfalls to ancient temples and tribal spotted deer, sambar deer, and various
villages, Kandhamal has something to offer bird species. Exploring the sanctuary
every traveler. In this article, we embark through guided nature walks or jeep
on a journey to explore the enchanting safaris provides an opportunity to
tourism places of Kandhamal District, witness the region’s rich biodiversity and
enticing adventurers and culture immerse oneself in the lap of nature.
enthusiasts from around the world.
Belghar Nature Camp: Where Nature
Daringbadi: The Hill Station Paradise Meets Adventure
Known as the “Kashmir of Odisha,” Located in the picturesque Belghar
Daringbadi is a mesmerizing hill station region, the Belghar Nature Camp offers a
nestled amidst lush green mountains. With unique blend of adventure and
its pleasant climate and breathtaking tranquility. Surrounded by dense forests
views, Daringbadi offers a serene retreat and rolling hills, the camp provides
for nature lovers. The region is adorned accommodation in eco-friendly cottages
with enchanting waterfalls like Putudi and and tents, allowing visitors to experience
Belghar, pristine lakes such as Daringbadi a close connection with nature. Trekking
Lake, and sprawling tea gardens. Visitors trails, birdwatching, and tribal village
can indulge in trekking, boating, and visits are popular activities that offer
exploring the nearby coffee and pepper insights into the region’s cultural heritage
plantations, making it a perfect getaway and natural wonders.
for rejuvenation.
EXPLORING THE ENCHANTING
TOURISM DESTINATIONS OF
KANDHAMAL DISTRICT

AJAYA KUMAR DIGAL

(EROO283093)

Urmagarh Waterfall: A Serene Cascade Conclusion:

Urmagarh Waterfall, located near Raikia in Kandhamal District is a treasure trove of
Kandhamal, is a hidden gem that tourism destinations, offering a blend of
mesmerizes visitors with its ethereal natural beauty, cultural heritage, and
beauty. Surrounded by lush green forests, spiritual sanctuaries. From the tranquil
the waterfall cascades from a height, hill station of Daringbadi to the
creating a picturesque setting. The area captivating wildlife sanctuary of
around the waterfall is ideal for picnics and Balaskumpa, and from the serene
nature walks, providing a serene and Urmagarh Waterfall to the spiritual
rejuvenating experience for travelers. pilgrimage of Kalinga Ghati, Kandhamal
Kalinga Ghati: A Spiritual Pilgrimage has much to offer to all types of travelers.
Kandhamal District is home to several Exploring these enchanting tourism
revered temples, and the Kalinga Ghati places not only provides a memorable
region holds significant spiritual experience but also allows visitors to
importance. It is believed to be the place appreciate
where Lord Krishna, in his Kurukshetra
form, offered his last message to Arjuna
before departing from the mortal world.
The region houses ancient temples like the
Hanuman Temple atop Dasingbadi Hill and
the Baladevjew Temple. Pilgrims and
devotees flock to these sacred sites to seek
blessings and experience a sense of
tranquility and divinity.
ACCOUNTIG STANDARDS

Harapriya Pati
(ERO0264900)

Professionals says to maintain accounting Types of Books to be maintained:

rules & accounting standard is applicable A Company is required to maintain the
for all the enterprise to run the business following types of books;
and to earn profit.
Is it correct???? Yes… 1. üCash Book
Everyone in business must keep account 2. üJournal
records. Keeping good accounting records 3. üLedger
is very important to your business. Good 4. üPurchase Book
records will help you do the following: 5. üSales Book
6. Stock Register
Moniter the progress of your business According to this act, every Company is
Prepare your financial statement required to keep & maintain the books of
Identify the sources of Income accounts.
Keep track of deductible expenses Books of account:
Prepare tax return Every Company must maintain a book of
In Company Law, the books of accounts account that records all its financial
refer to the records that companies are transactions, including income, expenses,
required to maintain to track their assets, liabilities & equity. These records
financial transactions & activities. The must be kept in a manner that provides a
purpose of maintaining a book of accounts true & fair view of the state of the
is to provide an accurate & complete Company’s affairs.
record of the Company’s financial position, Why Enterprise should maintain Books of
performance & cash flows. Account?
Maintaining books of accounts refers to the To prepare financial statement: Balance
process of keeping accurate & up-to-date sheet, Profit & loss Account, cash flow
records of all financial transactions of a statement are the key elements for
business. The Companies Act, 2013, reporting to the investors,
governs the maintenance of books of financier/bankers on crucial information
accounts in India. about the financial status of the
enterprises, and to prepare these
financial statements you need books of
account.
ACCOUNTIG STANDARDS
Harapriya Pati
(ERO0264900)

As per Section 44AA of Income Tax Act, Accrual Basis Accounting:

every person whose income from business Accrual basis of accounting is considered
or profession exceeds Rs. 1.20 lakh or the as standard accounting practice
total sale/ turnover/gross receipt exceeds worldwide, because it provides a more
Rs. 10lakh are mandatorily required to accurate measure of a company's
maintain books of accounts for Income tax profitability, as it takes into account all
purpose. Further section 128 of the revenues and expenses irrespective of
Companies Act, 2013 also requires every cash collections and expenditures. For
Company to maintain their books of example, an expense incurred in a period
accounts. for which no invoice had been received at
How to maintain books of account? the end of that period. Documentation:
For the simplicity, accuracy and security of There must be a document for each
books of account, small business transaction that describes the business
entrepreneurs can maintain his books of transaction like sales invoice, a supplier
account in electronic mode. Even invoice, a supplier payment, bank
Companies Act 2013, under section 128, also payments and journals. These documents
allows maintenance of electronic books of provide the audit evidences for each
account. There are many software available transaction and are an important part of
in the market for the maintenance of books maintaining accurate records in the event
of account at an affordable rate. While of an audit.
keeping books of account, every transaction
must be recorded according to applicable Documentation:
accounting standards and principles, There must be a document for each
because these principles/standards ensure transaction that describes the business
the accuracy and all requirements of the transaction like sales invoice, a supplier
industries and law. Hence, the following invoice, a supplier payment, bank
aspects need to be considered while payments and journals. These documents
preparing books of account. provide the audit evidences for each
transaction and are an important part of
Double Entry Accounting System: maintaining accurate records in the event
This serves like an error identification of an audit.
system. According to the double entry
system of accounting, every transaction has Need of accounting standards is to
two parts; therefore it affects two ledger increase the transparency of yearly
accounts while recording a transaction. It financial statements in corporate
involves a debit entry in one account and a accounts.
credit entry in another account. If the sum
of debits does not equal the corresponding
sum of credits, then it means an error has
occurred. It also ensures accuracy of
recording of transactions.
SHE IS NOT WEAK
A POEM

Priya Chapalachhanda
(ERO0224015)

Struggles are always extra for a woman, World believes it or not,

Symparthy is given to her because they believe she can not !
But she can get anything & everything if she will b well taught
& if she will b determined & strong headed, she can achieve alot !
Give it a thought !
Before calling women weak,
don't forget how Rani Jhansi Bai had fought..!!!

A SKETCH BY:
KUMARI NILAM SAHA
(ERO0245022)
PROGRAMME AND ACTIVITIES BY
ICAI BHUBANESWAR
YOGA DAY
STUDENTS FROM
BHUBANESWAR BRANCH AT
SNC KOLKATA
PROGRAMME AND ACTIVITIES BY
ICAI BHUBANESWAR

INDUSTRIAL VISIT
ELOCUTION AND PITCH DECK
COMPETITION
PUZZLES
Q1) If a giraffe has two eyes, a monkey
has two eyes, and an elephant has two
eyes, how many eyes do we have?
A) 3 B) 4
C) 1 D) 2

Q2)
A) 062

B) 602

C) 042

D) 204

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Fun Corner
Amendments in Income Tax

Whats New in Income Tax :

• A tax rebate has been introduced in the New Tax Regime on income
upto Rs 7 Lakhs. This implies that you do not have to pay tax if your
taxable income is below 7 lakhs under new tax regime.
• The new tax slabs under the new tax regime will be:
Income Slab Rates
Upto 3 lakh Nil
Rs 3 lakh- Rs 6 lakh 5%
Rs 6 lakh-Rs 9 lakh 10%
Rs 9 lakh-Rs 12 lakh 15%
Rs 12 lakh- Rs 15 lakh 20%
Above Rs 15 lakh 30%
• The standard deduction of Rs 50,000 has been introduced under
the new tax regime for salaried taxpayers.
• The highest surcharge under the new tax regime has been reduced
to 25% from 37% for people earning more than Rs 5 crore. This move
brings down their tax rate from 42.74% to 39%.
• The new IT regime will be the default tax regime. However,
taxpayers can choose the old regime.
• Leave encashment for non-government employees has been
increased to Rs 25 lakh from Rs 3 lakh.
• TDS rate reduced to 20% from 30% on withdrawal of EPF.
Amendments in GST

Geocoding of Principal Place of Business by exiting Taxpayers for

specific States
The Geocoding of Principal Place of Business for Existing taxpayers
(Normal Taxpayer/ Composition/ Casual Taxable Person/ Input
Service Distributor (ISD)/ SEZ Developer/ SEZ Unit ) has been
enabled for the States of Delhi, Karnataka, Rajasthan, Telangana,
Haryana and Gujarat. It will be extended to all other States in due
course.
Functionality for generating User ID by unregistered persons for
supplies to e-Commerce operators
The unregistered persons making supplies through an e-Commerce
operator would now be able to generate User ID on the portal by
navigating GST portal Home page Services > User Services >
Generate User ID for Unregistered Applicant > To Apply as a
Supplier to eCommerce option.
Providing detailed Reason for Cancellation of Registration on My
Profile Page
The actual section/sub-section for which the registration of a
taxpayer was cancelled will now be made available to the taxpayers
in My Profile section as well as in the cancellation order in Form
GST REG-19.
Enabling AATO for the FY 2022-23 on portal
Aggregate Annual Turnover for the Financial Year 2022-23 has been
enabled on the dashboard. Taxpayers can now view and update the
AATO, if required.
Enablement of Annual return for the FY 2022-23
Annual Return (Form GSTR-9) for the FY 2022-23 has now been
enabled on the portal and document wise details in table 8-A have
also been provided to help the taxpayers to file their returns.
Amendments in Company Law

MCA notifies Companies (Compromises, Arrangements and Amalgamations) Amendment

Rules, 2023 with effect from 15th day of June, 2023 vide notification, numbered G.S.R.
367(E), dated May 15, 2023, and introduces amendments to the Companies (Compromises,
Arrangements and Amalgamations) Rules, 2016. Here’s an analysis of the key information
conveyed in the notification:
G.S.R. 367(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 469
read with section 233 of the Companies Act, 2013 (18 of 2013), the Central Government hereby
makes the following rules further to amend the Companies (Compromises, Arrangements
and Amalgamations) Rules, 2016, namely :-
Short title and commencement.‐
These rules may be called the Companies (Compromises, Arrangements and
Amalgamations) Amendment Rules, 2023.
They shall come into force with effect from 15th day of June, 2023. 2. In the Companies
(Compromises, Arrangements and Amalgamations) Rules, 2016, for sub-rules (5) and (6)
of rule 25, the following sub-rules shall be substituted, namely:-
“(5) Where no objection or suggestion is received within a period of thirty days of receipt of
copy of scheme under sub-section (2) of section 233, from the Registrar of Companies and
Official Liquidator by the Central Government and the Central Government is of the opinion
that the scheme is in the public interest or in the interest of creditors, it may, within a period
of fifteen days after the expiry of said thirty days, issue a confirmation order of such scheme
of merger or amalgamation in Form No. CAA.12:
Provided that if the Central Government does not issue the confirmation order within a
period of sixty days of the receipt of the scheme under sub-section (2) of section 233, it shall
be deemed that it has no objection to the scheme and a confirmation order shall be issued
accordingly.
(6) Where objections or suggestions are received within a period of thirty days of receipt of
copy of scheme under sub-section (2) of section 233 from the Registrar of Companies or
Official Liquidator or both by the Central Government and –
such objections or suggestions of Registrar of Companies or Official Liquidator, are not
sustainable and the Central Government is of the opinion that the scheme is in the
public interest or in the interest of creditors, it may within a period of thirty days after
expiry of thirty days referred to above, issue a confirmation order of such scheme of
merger or amalgamation in Form No. CAA.12.
the Central Government is of the opinion, whether on the basis of such objections or
otherwise, that the scheme is not in the public interest or in the interest of creditors, it
may within sixty days of the receipt of the scheme file an application before the Tribunal
in Form No. CAA.13 stating the objections or opinion and requesting that Tribunal may
consider the scheme under section 232 of the Act:
Provided that if the Central Government does not issue a confirmation order under clause (a)
or does not file any application under clause (b) within a period of sixty days of the receipt of
the scheme under sub­section (2) of section 233 of the Act, it shall be deemed that it has no
objection to the scheme and a confirmation order shall be issued accordingly.”.
[F. No. 2/31/CAA/2013 – CL.V Part]
MANOJ PANDEY, Jt. Secy.