Three-day Workshop, the ‘9th Intensive Study
Course on Advanced Transfer Pricing’, held from
18th to 20th April, 2019 at the BCAS Conference Hall
The 9th Intensive Study Course on Advanced Transfer
Pricing was conducted at the BCAS Conference Hall
from 18th to 20th April, 2019 where nine eminent faculties
conducted the sessions.
The course was aimed at imparting advanced
knowledge on the practical aspects of understanding
and implementing the benchmarking study.
The sessions began with the theoretical aspect
of benchmarking and thereafter delved deep into
identifying the functions performed, assets utilised
and risks assumed by the comparable companies.
They also touched upon the importance of designing
an efficient and effective transfer pricing system and
as to when and how to apply various transfer pricing
adjustments that are defensible before tax authorities
and in court.
The sessions focused on data mining for fact
determination and correct application of adjustments
wherever applicable. All the topics were explained
along with presentations, practical examples and case
studies. International and Indian court rulings were also
discussed. The speakers gave different perspectives
on the current theme – tackling challenges arising
from the benchmarking exercise. The participants were
presented with a hands-on and thought-provoking
approach for determining the right set of comparables
and for making right economic adjustments to arrive at
arm’s length margin. BCAS also arranged for course
play facility that had two participants attending the
course online.
The course was very well received and appreciated by
the participants who felt enriched with the knowledge
shared by the learned speakers.
Lecture Meeting on ‘Important Amendments
Relevant for Audits of FY 2018-19 (Companies
Act, 2013, Accounting and Auditing Standards)’
held on 24th April, 2019 at the BCAS Conference
Hall
A lecture meeting was organised at the BCAS
Conference Hall on 24th April, 2019 covering various key
amendments of the Companies (Amendment) Act, 2017
which need to be addressed for audits of FY 2018-19,
the format of the audit report for audits of the financial
year 2018-19, the impact on revenue recognition under
Ind AS 115, presentation of going concern in the audit
reports, key audit matters and requirements of UDIN.
The learned speaker, CA. Himanshu
Kishnadwala, shared his knowledge
and experience in the most practical
manner on various amendments to
the Companies Act, changes in
accounting standards, intricacies of
reporting requirements and
expectations from auditors and
preparers of financial statements which were well covered and explained with practical examples, to
better explain the complexities of the various changes
in the simplest way.
The lecture meeting was attended by more than 120
participants from various industries and the practice
arena. The interaction between the participants and the
speaker was commendable and the participants said
that they had benefited immensely from the lecture by
CA. Himanshu Kishnadwala.
Full-day seminar on ‘Tax Deducted at Source
(TDS)’ held on 27th April, 2019 at the BCAS
Conference Hall
The Taxation Committee organised a full-day seminar
on TDS on 27th April, 2019 at the BCAS Conference
Hall. The event attracted a full house with an attendance
of about 100 eager participants, including some who
came from outside the city. President Sunil Gabhawalla
made the opening remarks.
The following topics were taken up at the seminar by the
speakers:
CA. Nilesh Kapadia started the
session by highlighting some
practical and important aspects of
TDS. He gave various examples and
case studies to explain and guide the
participants in selecting the best
practical approach in a given situation wherein there are diverse views; he stated that litigation is
not free from doubt. He also provided insights on the
recent changes and the ‘Do’s and Don’ts’ that one should
keep in mind for clients.
Next, CA. Rutvik Sanghvi explained
the provisions of section 195 in depth
and threw light on the checklist to
follow while making remittances
outside India. He also gave his views
on some burning issues and the
approach to take in such situations.
He was followed by CA. Divya
Jokhakar who spoke on specific
issues and a few landmark
judgements. She also explained the
importance of relevant provisions
and circulars impacting real-life
scenarios.
CA. Yogesh Thar dwelt on a different
and new topic under the TDS
mechanism. He spoke about how the
AIF/REITS/INVTS operate and the
applicable tax provisions on them, as
well as in the hands of contributors.
He discussed the background,
advantages and operational challenges with a case study
and summarised the tax impact on the same.
Listing some of the precautions while
E-filing TDS statements, CA. Avinash
Rawani came up with practical
solutions for common inquiries
leading to high-pitched demands. His
approach was to follow the three
“Ds”, that is, Deduct, Deposit and
Declare to avoid any further litigation.
He gave his views on the rights and duties of the taxpayers
for appropriate compliance of TDS provisions and
E-filing. He also highlighted precautions to be taken while
complying with the procedure in each quarter.
The final session was conducted by
Advocate K. Gopal on the penal and
prosecution provisions related to
TDS and some of the recent
measures taken by the government
in this regard. He shared his
experience while dealing with various complex issues and the expectations from the
tax-payers on provisions related to TDS and guidelines
for compounding of offences under direct tax laws.
All the sessions were highly interactive and the speakers
shared their insights on their respective subjects. They
also answered the queries raised by the participants who
benefited immensely from the guidance and practical
views of the faculty.
SUBURBAN STUDY CIRCLE
Meeting on ‘GST – Practical Issues on GST Annual
Return and GST Audit’ held on 4th May, 2019
The Suburban Study Circle organised a meeting on
“GST – Practical Issues on GST Annual Return
and GST Audit” on 4th May, 2019 at Bathiya &
Associates, Andheri East. It was addressed by CA.
Prerana Shah.
The speaker made a detailed presentation on the GST
Annual Return form GSTR-9 and GST Audit Reconciliation
and Certificate in GSTR-9C which was recently released
on the GST portal. Since there were many unresolved
issues and the participants had several practical queries,
the speaker made an effort to address each and every
one of them and explained the form clause-wise and in a
detailed manner.
Apart from this, a discussion was also held on GST audit
where the speaker CA. Prerana Shah deliberated on the
requirements for such an audit. She explained the various
points to be kept in mind (as this is the first year of GST audit) while finalising the GST audit in a time-bound
manner.
The practical examples explaining the form clause-wise
helped the participants in understanding the requirements.
HUMAN RESOURCE DEVELOPMENT COMMITTEE
Study Circle Meeting on ‘Stress Management,
an Art to Healthy Living’ held on 14th May, 2019
at the BCAS Conference Hall
The HRD Study Circle organised this much-needed
meeting on stress management on 14th May, 2019. It was
addressed by Ms Jacqueline Vales.
The speaker explained that of late stress had become part
of our lives. Sometimes, stress could result in a fight, or
in flight, or a person may just freeze, with the energy flow
being blocked. But there are “tapping” techniques that
help release the blockages that cause stress. A majority of
our diseases are psychosomatic. Stress releases certain
chemicals which are harmful for us, making it difficult to
function normally.
Ms Vales also suggested some techniques to relieve
stress that can help to get rid of fear, negativity, anxiety
and depression.
Overall, it was an interesting and enriching experience
for the participants who received some tips on healing
through “tapping” a few points on the body to release
negative energy.
