As promised, this is the third and last part on the captioned
subject. The Annual Report for the year will be published soon and you will be
able to see complete details of the happenings throughout the year. As a
member, we urge you to go through the Annual Report and do share your feedback
with us. In this issue, we will cover knowledge sharing through our
publications and various other activities held at the Society.
BCAS Publications:
The year has been eventful with knowledge sharing at the forefront. The Society
released publications on various topics of professional significance.
At the last AGM held in July 2016, the Society released 2
publications. One on “Internal Audit – Practical Case Studies” by CA. Deepjee
Singhal and CA. Manish Pipalia. Internal Audit has been an area that is under
explored by Chartered Accountants. Its potential to add value remains a key
driver looking at the need, utility and the possible revenue to chartered
accountants. Unlike Statutory Audit, the scope of Internal Audit can be as wide
as business. The irony is that businesses do not adequately recognise the value
of Internal Audit. The Companies Act, 2013 has brought new impetus on Internal
Audit for Companies.
The second publication was on “Non-Banking Financial
Companies – A Treatise” by CA. Bhavesh Vora, CA. Zubin Billimoria, CA. Hardik
Chokshi, CA. Gautam V. Shah & CA. Heneel Patel. Today, NBFCs are regulated
entities and are under the supervision of the Reserve Bank of India . The
growth of this sector must be balanced with the objectives of financial
stability, depositor protection and ensuring adequate compliance with
regulations. Considering the role of NBFCs in the economic development and to
ensure systematic and structured growth in this sector, the NBFC regulations
are made over-arching. The compliances are layered and multiple, depending on
the type of NBFC. The deposit accepting NBFCs have the most rigorous guidelines
to adhere to stringent reporting requirements.
BCAS released the 3rd Edition of “Gita for Professionals” by
CA. Chetan Dalal in August 2016. This book received an overwhelming response.
The book has always caught the attention of the young and experienced as it
throws light on aspects of professionalism from the Holy Bhagwat Gita. A Hindi
edition of the book was also simultaneously released which was also well received
by our Hindi reading professionals
BCAS, which had been in the forefront to organise several
workshops on the ICFR came out with a publication in the month of August 2016
called the “Internal Control Over Financial Reporting” by CA. Nandita Parekh.
This book discussed the subject in a simple and lucid language and assisted
such companies to adhere with the requirements of the Companies Act, 2013 and
their auditors to effectively discharge their duties. The Publication contained
ready to use drafts and formats which can be used with some modifications to
design and document the internal controls over financial reporting.
BCAS supported the Government in sharing knowledge on Income
Disclosure Scheme 2016 and came out with a publication on the said subject in
August 2016 called the “Income Disclosure Scheme, 2016” by CA. Bhadresh Doshi.
There had been numerous public meetings addressed by various Principal
Commissioners of Income-tax across the country exhorting people to come clean.
BCAS had the opportunity to attend one such meeting which was jointly held by
ICAI & FICCI. The author along with the BCAS President CA. Chetan Shah had
the honour to hand over a copy of the publication to the hon’ble Finance
Minister, Shri Arun Jaitley on this occasion.
Another publication released was by two young authors from
Ahmedabad CA. Viren Shah & CA. Jeyur Shah on the “Reporting under CARO
2015/2016 (a compilation)“. The book was released in Ahmedabad at the BCAS
Event on the said topic. The book received good response across the country.
Deduction of tax at source from non-residents has always been
a complex subject since the payer effectively needs to determine the tax
liability of the payee in India. The changes brought from time-to-time, and
recently in 2016, including the requirement of e-filing, have added to the
complexities of the procedures. With business boundaries extending globally,
transactions with non-residents are common place. A very important
consideration in any jurisdiction that claims to be business friendly is the
tax regime. After the opening of the Indian economy, there has been a paradigm
shift in cross-border transactions. Thus, BCAS thought of the publication on
International Tax on “Payments to Non – Residents – A Guide on Reporting Tax Deduction
at Source under Section 195” by CA. N. C. Hegde, CA. Mallika Apte, and CA.
Risha Gandhi. This was one of the very fast selling publications and was out of
stock within a short time of 2 months.
The most awaited publication year on year “BCAS Referencer
2016-17” again sold around 5000 copies. This year the Referencer came with an
app with a unique password for users to view it on Windows, Android & IOS
phones. The technological addition to the traditional Referencer received a
very encouraging response. This year’s “BCAS Referencer 2017-18” was released
in April 2017 and is available for sale.
As a tradition, BCAS comes out every year with the
publication “Union Budget – An Analysis” which articulates the various
amendments post budget. This year, post budget in February 2017, the said BCAS
publication which was printed in 2 languages English and Gujarati, crossed a
sale of 35000 copies of English and 3500 copies of Gujarati.
With technology at the forefront BCAS this year came out with
2 e-Publication in flipbook format. One was an e-Publication on “Rules of
Interpretation of Tax Statutes” by Senior Advocate Mr. N. M. Ranka. The book is
a compilation of Mr. Ranka’s authored articles on “Rules of Interpretation of
Tax Statutes” in the Bombay Chartered Accountants’ Society Journal (BCAJ). The
said articles were published in four parts from April 2016 to July 2016. This
e-Publication received 4252 views till date.
The second e-Publication was on “The Direct Tax Dispute
Resolution Scheme 2016 – An Analysis” by CA. Saroj Maniar. This publication has
received 3203 views till date.
A few other publications which are lined up for release
shortly include the “Monograph Series” a set of 5 publications on various legal
aspects, “FAQ on Accounting Standards”, “Audit Checklist”, “Publication on
Equalisation Levy” and others. Do keep in touch with the BCAS knowledge
management portal to know more on the upcoming list.
Other Activities:
Amongst various other activities at BCAS; we are glad to inform you that the
various study circles have been doing exceptionally well with enthusiastic
participation. Study Circles at BCAS have always seen great engagement on
knowledge development by its members. This year too, the response has been good
and an overall of 20 study circle sessions were conducted. A new venture here
was the commencement of BEPS (Base Erosion & Profit Sharing) Study Circle
in December 2016. Since its first meeting in December this Study Circle has
been receiving good participation and has successfully completed 7 sessions
till March 2017.
Some of the key highlights this season without which this
year cannot be called complete are as follows:
One was the Grand 50th Golden Jubilee Residential Refresher
Course. The event details are covered in Part 1 however one cannot miss the
publication which the Society came out during this celebration in January 2017
which is called “Golden Jubilee Residential Refresher Course Nostalgia -A
Collection of memories.” This publication is a golden collection of lasting
memories of the last 50 RRCs in a glimpse. The Journey has been sentimental and
nothing can tarnish the nostalgic experience. At BCAS; the affection shines, as
we scroll through the past. This publication gives access to the enchanting
memories of 50 RRCs and has various eminent authors penning articles on topics
of professional significance.
Another significant activity of the Society is on the most current
topic of GST. Though part 1 on events covered the various seminars on the said
topic we would like to inform you that BCAS is one of the Approved Training
Partners(ATPs) to impart GST Training by NACEN (National Academy of Customs,
Excise and Narcotics). We have 10 certified trainers on board to impart this
training. BCAS has commenced trainings designed and conceptualised as per the
NACEN guidelines prescribed by the government.
On the technology front BCAS took various steps, starting with
making available sale of publication and events online. BCAS online portal
facilitates its members to purchase publications, enrol for an event or even
pay their membership fees online. The BCAS Lecture meetings held at the BCAS
Hall are now live streamed through its YouTube Channel and today the channel
has moved from 500 subscribers to 3058 as on 31st of May. This has been another
landmark change through which the Society has tried to reach out to various
locations. BCAS website and the BCAJ website both have been given a new look
which is more user friendly and easy to access, at the same time informative.
Finally,
we conclude this year by stating that BCAS is now much vocal, much known and
more approached by professionals. As the saying goes “Changes call for
innovation, and innovation leads to progress.” Thus, every year will have its
own story to tell. All we do is facilitate that change and make it more
glamorous so that all members benefit from it. Keep a look out for our Annual
Report for complete details.
