HUMAN DEVELOPMENT STUDY CIRCLE MEETING OF HRD COMMITTEE – PRESENTED BY MR. VIJAY KABTA ON 11th JANUARY, 2022 (VIRTUAL ONLINE MEETING)
Topic: ‘Basic Facts on Financial Health of Wealth’
Wealth has many aspects. Wealth need not necessarily mean money. Wealth takes many forms like capital investment in a business, immoveable property, material assets, etc.
Some of the aspects discussed:
1. Principles of Wealth
Laws of Compounding are applicable to all fields of life – namely wealth, relationship, business etc.
Work Within our Circle of competence.
Understanding your circle of competence helps you avoid problems, identify opportunities, helps you learn from others. It improves your decision making and outcomes.
Practice the Concept of Delayed gratification.
Minimise Risk through diversification
2. Devising a plan/ (money) blueprint for creating wealth.
a) “Building a right business ownership mindset is the key to success in creating wealth”, says Warren Buffet.
b) Focus is power, Focus on roots (efforts) rather than fruits (results), What you focus on expands.
c) Understand your current plan. Implement, monitor, evaluate and modify it if needed.
How to create your Blueprint?
One can create a blueprint for himself if we understand how it is formed.
a. Awareness – Write Down all the statements you heard about money when you were young.
b. Understanding – How does your thinking originate?
c. Disassociation – Delink your past beliefs or from the way you think.
d. Reconditioning – Understanding how we are conditioned is an important step in reconditioning ourselves.
Key elements of change
How are we conditioned :
Programing ThoughtsFeelingsActionResults
a) Verbal Programming, i.e. what we heard when we were young, like money does not grow on trees, it is the root of all evil.
b) Modelling, i.e. What we saw when we were young? We thought of becoming a CA or Doctor or Engineer etc.
c) Specific incidents – Our experiences. If money is unable to save your near and dear ones’ lives, you may feel money is unimportant, hence avoid building wealth unconsciously.
If we change our programming, everything will change. To change the temperature of a room, we need to change the thermostat of the A.C.
Tools and Techniques to create wealth
a) How to select a Role Model?
When we follow our parents or heroes, like the Great Shivaji Maharaj or follow Lord Jesus Christ, we choose our role model knowingly or unknowingly. Choose a role model that suits your temperament, your limitations, had identical struggles in life so that we get a ready blue print to achieve success.
b) Model of a Map
The map of reality is not reality. A map is just a reduction of what it represents. It is a snapshot of a point in time. If we keep this in mind as we think through the problems, we can make better decisions.
c) Inversion Model
Inversion means approaching a situation from the opposite end. Examples: how can I lose money? What is this stock not worth? What can go wrong?
It is a powerful tool to improve your thinking because it helps you identify and remove obstacles to success.
d) A Decision Journal
It is a powerful tool for decision making. It provides insights as to how we make decisions, at what time of day we make decisions that go well and vice versa.
WEBINAR ON ‘NUANCES OF AND INTERPLAY BETWEEN THE ANTI-MONEY LAUNDERING LAW, NEW BENAMI LAW AND BLACK MONEY ACT’ HELD ON THURSDAY, 13th JANUARY, 2022
BCAS, jointly with IMC Chamber of Commerce and Industry and Chamber of Tax Consultants, organised a webinar on the topic ‘Nuances of and Interplay between the Anti-Money Laundering Law, New Benami Law and Black Money Act’ to understand the multifaceted and intertwined application amongst the above-mentioned laws.
The webinar dealt with various aspects of the laws relating to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 –“Black Money Act”, Prevention of Money Laundering Act and the Prohibition of Benami Property Transactions Act – “Benami Act”. Domain experts helmed the session – Advocate Mr. Ashwani Taneja, CA & Ex-Tribunal Member, Dr. Rabi Narayan Dash (Ex-DGIT & Ex-Chairman, Tribunal of PMLA & Benami Law), Mr. Amit Khemka (Advocate, Supreme Court of India). The webinar was conducted in a panel discussion format.
The experts dealt with the basics of the three laws and then went into the enforcement of these laws. They highlighted that while these laws were necessary, the enforcement has gone astray and become difficult. The enforcement is prone to misuse in the absence of checks and balances without any effective remedial mechanism. It is further compounded with practically no time limits for regulatory authorities. The experts also dealt with some live cases revolving around Black Money Act, the substantially amended Benami Act, and how vigorously these laws have been applied. The experts also dealt with several amendments made to tighten the gaps around the existing provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
The experts ended the session by providing practical guidance to practitioners on dealing with proceedings under these laws. The session proved to be of immense help and acted as an eye-opener for professionals from both practice and industry.
Youtube link: https://www.youtube.com/watch?v=guBvID3XVSo
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DIRECT TAX LAWS STUDY CIRCLE MEETING ON ‘RE-ASSESSMENT PROCEDURES EFFECTIVE FROM 1st APRIL, 2021 UNDER SECTION 148(A)’ ON 21st JANUARY, 2022
The Group leader, CA Navin Gandhi, gave a comprehensive analysis of section 148(A) of the Income-tax Act, 1961. The provisions of the section were discussed in-depth in comparison to the erstwhile re-assessment procedures with judicial precedents. Further, cases wherein provisions under section 148A shall not be applicable was discussed.
Thereafter, the group leader discussed in detail appropriate points to be covered in submissions before the Indian Revenue Authorities. The session ended with the speaker providing his concluding thoughts and practical steps to be taken on re-assessment.
‘PUBLIC LECTURE MEETING ON DIRECT TAX PROVISIONS OF THE FINANCE BILL 2022’ HELD ON 5th FEBRUARY, 2022
The Public Lecture Meeting of the Society on the Direct Tax Provisions of the Finance Bill 2022 by CA Shri Pinakin Desai was held online on 5th February, 2022. This was the 4th lecture meeting on the Finance Bill in a row by him and the 53rd of the Society.
CA. Abhay Mehta, President, BCAS welcomed the speaker CA. Shri Pinakin Desai and the participants. CA Mihir Sheth, Vice President, BCAS introduced the speaker and requested CA Pinakin Desai to formally release ‘The BCAS Union Budget 2022’ Publication, which is an annual feature of masterly analysis of budget proposals
CA. Shri Pinakin Desai covered all important budget amendments in his speech encompassing all major amendments. He gave his explicit views on every important tax proposals and also touched upon the hardship that could arise to taxpayers on account of some of the budget proposals.
The lecture meeting was broadcast live through online platform to more than 1,200 participants. The meeting ended with a round of applause and appreciation by the participants.
Youtube Link: https://www.youtube.com/watch?v=O0YxSToYXu8
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HRD STUDY CIRCLE OF HUMAN RESOURCES DEVELOPMENT COMMITTEE
On Tuesday 8th February, 2022, from 6.15 p.m.to 8.30 p.m., the Committee organised a ‘Yoga’ session to Discuss, Teach and Practice YogaAsanas for Curing Diseases. Pradeep Thakkar, a Professional Yoga teacher and an active member of ISH Foundation guided the participants.
He demonstrated and guided participants to perform different Asanas with ease, comfort for healthy body and mind relaxation.
He taught some Powerful Asanas to keep the body flexible and tone the body’s muscles. He also taught various exercises for curing Diabetes, Blood Pressure, Thyroid, Heart, Stomach and other diseases.
Participants had good learning of YogaAsanas for curing diseases to have a healthy body and peaceful mind.
BCAS VISIT TO HON. CBDT CHAIRMAN MR. MOHAPATRA’S OFFICE FOR POST BUDGET REPRESENTATION ON DIRECT TAX PROVISIONS OF FINANCE BILL, 2022.
BCAS was given an appointment on 21st February, 2022 by Hon.CBDT Chairman Mr. Mohapatraji to make a post-budget representation on direct tax provisions of Finance Bill, 2022.
Hon. CBDT Chairman appreciated the role played by BCAS in disseminating knowledge to professionals. He acknowledged that he was also a beneficiary through the reading of BCA Journal during his tenure in Mumbai. He gave a patient hearing for about 50 minutes and was receptive to certain suggestions on amendments which needed reconsideration. BCAS handed over a copy of the representation and he assured that they shall consider the recommendations while passing the Finance Bill. BCAS was represented by President, CA Abhay Mehta, Chairman & Co-Chairman Taxation Committee CA Deepak Shah and CA Anil Sathe respectively, Past President CA Gautam Nayak and Member Taxation Committee CA Anuj Gupta. The representation can be accessed on BCAS website.
BCAS Meeting with Honourable Chairman – Central Board of Direct Tax
L-R: CA Anuj Gupta, CA Gautam Nayak, CA Deepak Shah, Shri J. B. Mohapatra, CA Abhay Mehta and CA Anil Sathe
