NEWSLETTER. Rajkot Branch of WIRC of the Institute of Chartered Accountants of India. Web :

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1 NEWSLETTER Rajkot Branch of WIRC of the Institute of Chartered Accountants of India Web : rajkot@icai.org

2 CHAIRMAN S MESSAGE Dear Members! The month of May always remains a bit relaxed after the heavy workload of March and Bank Audits and before beginning of Audits for our profession. Even with the recently concluded exams of the schools and colleges, members will have quality time to spend with their families and to make the most of the summer vacations. We believe that "Quality of life is enriched if we have a happy balance between work and family" Hence, its always a time for rejuvenating oneself with the new knowledge and ideas. In month of April, we successfully conducted the certificate course on concurrent audit of banks., a half day seminar on recent amendments in income tax and companies Act, a half day seminar on GST updates. INSIDE THIS ISSUE Managing & Sub Committees Forthcoming events RERA Act 2016 Brief about Registration Diabetes, Obesity And Associated Illnesses Prevention & Management Glimpse of Past events This month was also dedicated towards exam-centric revisionary classis and mock test exams for students, and our efforts were well appreciated. For the benefits of students of Rajkot and nearby towns, the start new batches of CPT coaching batch at very reasonable fees was the most effective event of the month. In the upcoming month we have planned a study circle meet on SFT related provisions under the income tax, refresher series on ICDS, refresher series on Direct Tax and a full day seminar on Tax Audit, Company Audit and GST Audit. The branch has already planned ISA PT batch. Even the branch has planned the conference of direct tax with the expert speakers from various parts of country and most useful topics in the month of June. The announcement for the same shall be made soon. Members are requested to take benefit of the same. At branch, our efforts remain to ensure every member is well supported, equipped and trained to face the colossal task of matching the expectations of the society and the law administrators. Rajkot branch is always open to new ideas and programs, members are requested to give their contribution by way of suggestions and articles in the newsletter. APPEAL TO CONTRIBUTE KNOWLEDGE SHARING : We wholeheartedly invite articles, professional news and updates and other useful miscellanea. Please send/write to us on Rajkot Branch at rajkot@icai.org.com or to any of the committee members. Point to Ponder: The snake which cannot cast its skin has to die. As well the minds which are prevented from changing their opinions; they cease to be mind Regards, CA. Ankit Chotaliya Chairman, Rajkot Branch of WIRC of ICAI...1

3 MANAGING COMMITTEE CHAIRMAN VICE CHAIRMAN & WICASA CHAIRMAN SECRETARY & TREASURER IMMEDIATE PAST CHAIRMAN: CA. Ankit Chotaliya CA. Bhavin Mehta CA. Hardik Vyas CA. Kalpesh Parekh SUBCOMMITTEE MEMBERS CA. Amar Unadakat CA. Sandip Katba CA. Tanmay Shah CA. Nayan Shah CA. Deepti Savjani CA. Alpesh Trivedi CA. Ravi Bhatti BRANCH NOMINEE WIRC CA. Purushottam Khandelwal CA. Jignesh Rathod CA. Paresh Davda MANAGING COMMITTEE MEMBERS: CA. Chandresh Dholakia CA. Maulik Bagdai CA. Sumit Shingala CA. Vinay Sakariya CA. Khushboo Ganatra

4 FORTHCOMING EVENTS Full Day work shop on FEMA on 12 th May, Saturday Time Sessions Faculties 09:00 am to 10:00 am 10:00 am to 11:30 am 11:30 am to 11:45 am 11:45 am to 01:15 pm 01:15 pm to 02:00 pm 02:00 pm to 03:30 pm 03:30 pm to 03:45 pm 03:45 pm to 05:15 pm Registration and Breakfast An overview with ECB guidelines Tea Break Foreign Direct Investment and FEMA Provisions Lunch Break FEMA and Tax Matters for Outbound Investment Tea Break Brain Trust Session CA. Yash Bhatt, Baroda CA. Chetan Shah, Mumbai CA. Hiren Shah, Ahmedabad All the Three Speakers CPE: Venue : 6 hours ICAI Bhawan, Giriraj Nagar Main Road, Near Raiya Circle, Off 150ft Ring Road, Rajkot Fees: ` 700/- (plus 18%) ` 900/- (Spot Registration, plus 18%) For CA Students ` 500/- (plus 18%) Offline Registration at Branch...3

5 FORTHCOMING EVENTS Halfday Seminar on GST on 26th May, Saturday Time Sessions Faculties 04:00 pm to 06:00 pm 06:00 pm to 08:00 pm Recent Issues in GST Intricacies in GST ITC Adv.. Jigar Shah, Ahmedabad CA. Abhay Desai, Vadodara CPE: Venue : 4 hours ICAI Bhawan, Giriraj Nagar Main Road, Near Raiya Circle, Off 150ft Ring Road, Rajkot Fees: ` 300/- (Excluding GST)...4

6 RERA Act 2016 Brief about Registration I. Object of the Act Proper Regulation and Promotion of Real Estate Sector Efficiently & Transparently allotment of apartment / building / plot To Protect the Consumers in the Real Estate Sector II. Applicability of the Act CA Sandip Katba Section 2, Sections 20 to 39, Sections 41 to 58, Sections 71 to 78 and Sections 81 to 92 were notified by the Central Government and came into effect from 1st May, Sections 3 to 19, Section 40, Sections 59 to 70 and Section 79 and 80 were notified by the Central Government and came into effect from 1st May III. Liability for Registration under RERA Act 2016 U/s 3 of the RERA Act 2016, Registration of Real Estate Project required when land proposed to be developed Exceed 500 Sq. Mtrs. or Proposed Number of Apartments Exceed 8 including all phases ; In Case of On Going Real Estate Projects as on the date of commencement of the Act, Registration is required if Completion Certificate has not been issued and above mentioned conditions satisfies. Apartments Includes Flat, Office, Shop, Showroom, Shop, Godown, Tenanment etc. having separate and Self-Contained part of any Immovable Property. Real Estate Project Means Development of a building or building consist of apartments or converting existing building or a part there of into apartment or the development of land into plots or apartment for the purpose of Selling all or some of the said apartments. Promoter of the Real Estate Project can advertise, book and sale apartments, building or plot only after registering the project with Real Estate Regulatory Authority. IV. Procedure, Details and Documents Required for Registration of Real Estate Projects As per Section 4 of the RERA Act, 2016 and RERA (General) Rules 2017 Application to be made in Form A as specified in RERA (General) Rules 2017 For Online Submission of Application Kindly visit : Registration Fees to be Paid by way of DD drawn on Scheduled bank as follows ; 1. In Case of Group Housing Projects : Rs. 5 per Sq. M. (Square Meter) for Projects having land area upto 1000 Sq. M. And Rs. 10 per Sq. M. for Projects having land area above 1000 Sq. M. but subject to maximum Rs. 5 Lacs 2. In Case of Mixed Residential and Commercial Projects : Rs. 10 per Sq. M. for Projects having land area upto 1000 Sq. M. And Rs. 15 per Sq. M. for Projects having land area above 1000 Sq. M. but subject to maximum Rs. 7 Lacs...5

7 RERA Act 2016 Brief about Registration Commercial Projects : Rs. 20 per Sq. M. for Projects having land area upto 1000 Sq. M. And Rs. 25 per Sq. M. for Projects having land area above 1000 Sq. M. but subject to maximum Rs. 10 Lacs Plotted Development Projects : Rs. 5 per Sq. M. but subject to maximum Rs. 2 Lacs. Declaration along with Affidavit signed by Promoter or Authorized Person to be submitted along with registration application containing details such as Proposed Project having legal and clear title of land, Land is free from encumbrances, Project Completion time period and 70% of the Amount Received from allottee shall be kept in separate bank account for construction and land cost. Following Documents and Details to be Submitted along with the registration application ; Authenticated Copy of the PAN of the Promoter Name, Photograph, Contact Details and Address of Individual or Promoters like chairman, partner, Directors or Authorized Representative Copy of the Legal Title Deed of land or any other Agreement of land to be used for Proposed Project Details of the Projects launched by promoter in fast five years along with completion status and pendency if any Copy of Commencement Certificate obtained from competent authority Copy of Sanctioned Plan, Layout Plan and Specifications of the Proposed Project Details of Plan of Development works to be executed along with facilities to be provided like fire fighting facility, drinking water facilities, emergency evacuation service and use of renewable energy Details of Location of the project with clear demarcation of land Performa of the allotment letter, agreement for sale and conveyance deed to be signed with allottees Details of Number, Type and Carpet area of the apartments for sale along with balcony or verandah areas and terrace areas of the apartment Details of Number and area of garage for sale Name and Address of real estate agent if any appointed for the Project Name and Address of the Contractors, Architect, Structural Engineer and any other person concerned with the development of the Project Promoter shall disclose estimated cost of the project bifurcating the same into Market Value of the Land, Cost of construction, Interest, Taxes, Cess, development and all other charges in relation to the project in two stages before the application made and subsequent to the grant of registration. Means of Finance and Cost already paid out of estimated cost of the project shall be duly certified and signed by Chartered Accountant. Disclosure by promoter of ongoing project as follows ;...6

8 RERA Act 2016 Brief about Registration a. b. c. d. e. Original sanctioned plan & Layout Plan and subsequent modification in it, Total Money collected and now to be collected Status of the project along with time period required for completion and this information duly certified by an engineer, an architect and a chartered accountant in practice. Size of the Apartment based on Carpet area For Plotted development, area of the plot being sold to the allottees as per the layout plan Regulatory Authority may grant registration subject to provisions and rules of RERA Act within 30 days from receipt of application....7

9 Diabetes, Obesity And Associated Illnesses Prevention& Management Introduction Overall excess of fat, Usually defined by the body mass index (B.M.I), is associated with metabolic (e.g., Glucose intolerance (Border line Diabetes), Type-2 diabetes mellitus [T2DM], High Cholesterol) and Dr. Vidyut Shah non-metabolic disorders (e.g.,tumours, polycystic overy syndrome (PCOS), non-alcoholic fat liver disease[nafld], glomerulopathy, bone fragility, etc.). However, more than its total amount, the distribution of fat tissue throughout the body is a better predictor of the risk of those disorders. Fat accumulation in the abdominal area is associated with increased risk of developing metabolic and non-metabolic problems. Insulin resistance is one of the main culprits in the association between obesity, particularly visceral, and metabolic as well as non-metabolic diseases. WHAT IS OBESITY? Weight that is higher than what is considered as a healthy weight for a given height is described as overweight or obese. BMI is used as a screening tool for overweight or obesity. DIABESITY Obasity, insulin resistance, metabolic syndrome and Diabetes Mellitus Type-2 have reached epidemic proportions. Whereas the genetic factors are still poorly understood,numerous studies have shown that obesity(in particular,central obesity),physical inactivity,a high-fat diet,and a diet rich in saturated fatty acids escalate the risk of diabetes. Abdominal Obesity (i.e., spare tire syndrome ) High Cholesterol (low high density lipoprotein [HDL], high low density lipoprotein [LDL] and high triglycerides) High blood pressure High blood sugar (fasting above 100 mg/dl,glycated haemoglobin[hb1ac] above5.6) Systemic inflammation A tendency to form blood clot...8

10 Diabetes, Obesity And Associated Illnesses Prevention& Management PREVALENCE In India, the prevalence of obesity is increasing at a rapid pace. Factors largely responsible for this include increase in energy intake owing to increased purchasing power and availability of high fat, energy-dense foods, along with reduction in the energy expenditure consequent to urbanization. COMPLICATIONS Diabesity is a modern epidemic, which indicates the co-existence of both diabetes and obesity. Linked by various pathophysiological mechanisms, revolving around insulin resistance and elevated levels of circulating insulin,diabesity has important diagnostic and therapeutic implication. Examples of complications attributed to diabesity include cardiovascular diseases(cvd),renal diseases and arthritis. The liver is an important organ as a target for ectopic fat accumulation in obesity. MANAGEMENT Management strategies should be geared towards achieving Glucose control, while simultaneously reaching optimal weight in diabesity. Appropriate methods of management, using dietary therapy, physical activity, Metformin, SGLT-2 inhibitors,newer insulin analogues and GLP-1 analogues,must be judiciously considered.obesity surgery is an option when these measures fail and the person is having morbid obesity. CONCLUSION Dibetes type-2 is increasingly being identified among young people and even children. It constitutes a major health problem in both developed and developing countries, and with obesity, it is becoming one of the largest challenges to health care systems worldwide. Therefore, any measures that could prevent or delay the development of central adiposity and in turn diabetes are urgently needed....9

11 NEWSLETTER Glypmses of Past Event Half Day seminar on Recent Changes in Companies Act and Income Tax Act on 21st April, Saturday...10

12 NEWSLETTER Glypmses of Past Event Concurrent Audit Couserse 21st & 22nd April, Saturday & Sunday HELP US TO SERVE YOU BETTER To Start Receiving SMS & s From Branch Please Send Your Details At rajkot@icai.org DISCLAIMER: The views nd opinions expressed or implied" & material in the publication may not be reproduced. Unsolicited articles and transparaencies are sent in at the owners risk and publishers accepts no liability of loss or damage. Material in the publication may no be reproduced, whether in part or in whole, without the consent of Branch/ICAI. It is For Private Circulation only. RAJKOT BRANCH OF WIRC OF INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA ICAI BHAVAN, Giriraj Nagar Main Road, Nr. Raiya Circle, Off 150 Feet Ring Road, Rajkot Tel. : Web: rajkot@icai.org...11