Accounting Workshop Minutes
ACCOUNTING WORKSHOP
DATE : 16.07.2011 Venue: ISOLA Office, 2, Divya Bunglows, Off Jodhpur Village Road, Satellite, AhmedabadATTENDEES
Mr. Bharat Shah, Chartered Accountant & Auditor, ISOLA from M/s Shah & Dalal Mr. Viral Shah, CA, M/s Shah & Dalal Chartered Accountants Mr. Rajnikant Trivedi, Advidsor, ISOLA Mr. Manguesh Prabhugaonkar (MP), Treasurer, ISOLA Mr. Rohit Marol (RM), ISOLA President & Representative, Bangalore Chapter Ms. Varsha Gawandi (VG), Vice-president, ISOLA & Representative, Pune Prof. Deepa Maheshwari, Chairperson & Representative, LOC Gujarat Mr. Samir Mathur (SM), Treasurer, ISOLA Delhi Chapter Ms. Urmila Rajadhyaksha (UR), Representative, Mumbai Chapter Mr. Sachin Jain (SJ), Honorary Secretary, ISOLA Ms. Savita Punde (SP), Past- President Mr. Ashish Patankar (AP) Mr. Yogesh Kapoor (YK) Mr. Abhijit Natu (AN) Mr. Jay Mehta, Office Manager, ISOLA| S.No. | Item | Action By |
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| In absence of Mr. Manguesh Prabhugaonkar, Treasurer ISOLA who came later, Mr. Sachin Jain, Honorary Secretary welcomed all members and Mr. Bharat Shah chaired the workshop. | ||
| 1 |
Objectives to be followed with the implementation of the Direct Tax Code from the next financial year.
Mr. Bharat Shah informed that with the implementation of the Direct Tax Code, there are likely to be some major changes in the accounting system and income & expenditure pattern of all Trusts and ISOLA will come under its ambit. Major implications: (a) All spendings must be within listed objectives. (b) "Charitable purposes" replaced with "permitted welfare activities":
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| 2 | Vendor Listing – must be called Donor Listing, not business activity. 85% of revenue to be spent on permitted activities. | ISOLA EC |
| 3 | Receipts for conferences must be donations under Section 80G. No service tax or TDS certificates by society. | Treasurers of central ISOLA, chapters & LOCs |
| 4 | Time discipline – final audited accounts to central ISOLA by 31st July each year. | Treasurers of all chapters & LOCs |
| 5 | Collection of fund for building fund / plot – donations may be received in building fund account. | ISOLA EC |
| 6 | Expenses in respect of conference clarified as allowable under IT Act. | — |
| 7 | Central ISOLA / Chapter Elections to synchronize term with financial year. | ISOLA EC, chapter ECs |
| 8 | Undertaking for financial discipline to be signed by all EC members. | M/s Shah & Dalal |
| 9 | Account closure deadline for LOCs – finalize within 2-3 years. | Chapter ECs |
| 10 | Proposal to open separate Central Tax account for all TDS payments. | ISOLA EC |
| 11 | Standard formats for payments, vouchers, resolutions etc. Samir Mathur volunteered to provide. | SM |
| 12 | Job Listing – must also be through donations. | ISOLA EC |
| 13 | Sale of conference books/CDs – only in exchange of donation receipts. | ISOLA EC, chapter ECs |
| 14 | Templates for receipts (Vendor Donors, Job Donors, Book Sale) to be provided. | M/s Shah & Dalal |
| 15 | Financial discipline guidelines – strict adherence required. Workshop ended with vote of thanks by ISOLA president Mr. Rohit Marol. | ISOLA EC, chapter ECs |