FOREWORD

We have great pleasure in presenting the 47th edition of the yearly BCA Referencer, 2009-2010. The BCAS Referencer is today a publication that Chartered Accountants, finance and tax Professionals and entrepreneurs look forward to receive. The Referencer provides up-to-date information in a capsule form on all the relevant subjects which includes accounting, finance, tax laws, corporate and commercial laws that every one engaged in profession and business needs. It is a useful tool that guides professionals in discharge of their professional duties. The accuracy and completeness is the hallmark of this acclaimed publication.

The Referencer is normally published in mid June. The thinking behind publishing a referencer in June is that it is updated with the latest amendments in tax laws which are brought about by the Finance Bill, which is presented in February, and receives presidential assent in May. This year we faced a challenge. The Finance Bill presented in February was only an interim one and as we go to the press it is reported that the Finance Bill of the new government will be presented in July. As usual our compilers have geared up to meet this challenge. The diary was released according to the normal schedule while our endeavour has been to publish the Referencer as soon as the Finance Bill attained finality.

In the past 12 to 18 months we have witnessed a global economic meltdown. All the developed economies of the world are facing problems, and the discussion centers around whether the phenomenon is an economic slowdown or recession. For a number of reasons India has been the least affected and the view among many leading economists is that the global economic reverses represent an opportunity to this great nation.The theme of this referencer is 'INDIA – An Opportunity in Adversity'. We have an opportunity to avail of international talent which was not available to Indian entrepreneurs due to cost constraints. In India the economic lull outside will ensure that businesses tap and boost domestic demand. While the international market is dull, it gives us a breather, to create infrastructure which is essential to support business. India's young population and growing middle class will enable it to become an economic force once the slowdown ends.

To ensure that we are able to exploit opportunity we must continuously hone our skills and update our knowledge base. The Referencer enables professionals to do this, while it spreads awareness regarding the changing provisions of commercial laws among businessmen. This Referencer is the outcome of the collective experience and selfless efforts of many professionals over the years. It is compiled and edited by eminent Chartered Accountants, lawyers and tax professionals. We are grateful to them for their efforts in compiling this Referencer accurately and in a time bound manner.

We hope that the Referencer will be your companion throughout the year and will provide all the useful information necessary to excel in the profession. Your suggestions in enhancing its utility are welcome.

AMEET PATEL	UDAY SATHAYE
President	Chairman,
2009-2010	Seminar & Public Relations Committee