Lecture Meetings

Shailesh Sheth, Advocate speaker at the lecture meeting held on 20th June 2012, under the auspices of Dilip N. Dalal Oration Fund, delivered a motivational talk in Gujarati about the attitude of the people who survive and tide over tough times. The speaker lucidly explained the way people react to a situation and come out positively. The lecture was highly appreciated by the participants at the venue. Video recording of the proceedings is available on BCAS Web TV.

Filing of Income-tax returns for A.Y. 2012-13

At this lecture meeting, held on 27th June 2012, the speakers Jinal Shah and Mandar Telang, Chartered Accountants, shared their views on various aspects of filing of Income-tax returns including Budget amendments effecting tax returns and general pointers while filing Income-tax returns. The lecture as always drew large attendance and queries raised by the participants were also addressed. Video recording of the proceedings is available in the free section of the BCAS Web TV.

Recent controversies in Cross-Border Taxation

At this lecture meeting held on 11th July 2012, Pinakin Desai, Chartered Accountant, addressed the audience on the current controversies related to Cross-Border Taxation, giving an overview on GAAR, the draft GAAR guidelines, the indirect transfer of assets in India and other provisions related to the topic. The lecture was highly appreciated by all. Video recording of the proceedings is available on BCAS Web TV.

Other programmes

Seminar on Practical Aspects of Important Articles of DTAAs and Impacts of Recent Amendment to Section 9.

The International Taxation Committee of the Society had organised this Seminar on Saturday 16th June, 2012 at Novotel Hotel, Juhu, Mumbai.

The speakers H. Padamchand Khincha, Himanshu Parekh, P. V. Srinivasan, Chartered Accountants and Nitesh Joshi, Advocate amongst them covered various aspects of the Article 15 & 17, Amendments to section 9 and Non-Discrimination and MFN under tax treaty by the Finance Act, 2012. The seminar received a full-house response from participants from practice and industry, who gained immensely from the wealth of knowledge and experience shared by the learned faculty.

Internal Audit Studies Foundation Course

 The Accounting & Auditing Committee of the Society organised this 6-day Internal Audit Studies Foundation Course from 18th June to 23rd June 2012 at Hotel Parle International, Vile Parle, Mumbai. Various speakers Atul Shah, Arun Kumar, Bhargav Vatsaraj, Deepjee Singhal, Himanshu Vasa, Huzefa Unwalla, Jairam Shekhar, Nandita Parekh, Preeti Cherian, Sanket Dawda, Satish Shenoy, Shailin Desai, Sujit Cherian, all Chartered Accountants covered various aspects of the Internal Audit. The 72 participants from varied backgrounds derived tremendous benefit from this course. The participants including members, nonmembers, those in practice and from industry gained immense-ly from the wealth of knowledge and experience shared by the learned faculty.

63rd Annual General Meeting

The 63rd AGM of the BCAS was held on Friday, 6th July 2012 at Rangswar Hall, Y. B. Chavan Pratishthan, Mumbai. Pradip Thanawala, President of the Society was in the chair. The President presented the 63rd Annual Report of the Managing Committee and the audited Accounts.

Chetan Shah, Joint Secretary announced the results of the election of President, Vice-President, two Secretaries, Treasurer and eight members of the Managing Committee for the year 2012-13. He announced the names of the following members as elected unopposed for the year 2012-13. (The list of Office Bearers and the Managing Committee members is reproduced on the next page.)

The President then announced the ‘Jal Erach Dastur Awards’ for best article and best feature appearing in the BCA Journal during the year 2011-12. Mr. Ajit Korde, IRS was awarded the prize for the best article titled ‘What does Settlement Mean?’ which had appeared in the November 2011 issue of the BCA Journal. Govind Goyal and C. B. Thakar, Chartered Accountants received the prize for the best feature titled ‘VAT’.

A publication ‘Gita for Professionals’ was released at the hands of K. C. Narang, Past President. This publication illustrated the concepts of ‘duty and ethics’ by parables and anecdotes which at times seem autobiographical. Author of the book Chetan Dalal, Chartered Accountant expressed his appreciation to the Society and spoke briefly about the contents of the book. Mayur Nayak and K. C. Narang, Past Presidents, also spoke a few words about the book.

Thereafter, the outgoing and incoming Presidents Pradip Thanawala and Deepak Shah, respectively, addressed the members.

 In the end several members shared their views, appreciation, suggestions and future vision for the society and also complimented the outgoing President Pradip Thanawala and his team.

64th Founding Day Celebration

 The 64th Founding Day of the Society was celebrated on 6th July 2012 at Rangswar Hall, Y. B. Chavan Pratishthan, Mumbai Chief Guest Lt. General Syed Ata Hasnain addressed the members on the topic of ‘Inspirational Leadership – Models from the Armed Forces adaptable in Corporate World’. He shared his personal experiences with the audience and and how the same were applicable in a corporate environment. He spoke about the concept of success and victory and how in the armed forces a second position is not acceptable. The audience greatly benefited from his talk.

 On this occasion, a special issue of the BCA Journal was released by K. C. Narang, Past President. The special issue was based on the theme of Profession.

 It contained articles by professionals from other fields such as M. L. Bhakta, Advocate & Solicitor, Kaiwan Mehta, Architect & Author, and Anupam Kher, Actor. A new publication ‘Advance Rulings Law And Procedures – A Compilation’ authored by Mr. Rajan Vora, Mr. Hemen Chandariya and Ms. Vikita Shah, Chartered Accountants was released by Lt. General Syed Ata Hasnain. This publication aims to give a broad idea of the law, purpose, and procedure for seeking an advance ruling from this authority, set up by Income Tax administration. It also covers a summary of the cases of last three years. This publication was released under the auspices of Shailesh Kapadia Memorial Publication Fund.

Outgoing President Pradip Thanawala’s Speech

Dignitaries on the dais, off the dais and friends,

Exactly a year ago I assumed office as the President of this great institution. I was conscious of the responsibility entrusted to me. My seniors had reposed their fullest confidence in me, but I knew that I had my own limitations.

The moment I became a President-elect, I decided to do my best so that the impeccable reputation of the Society was maintained if not enhanced.

Today I stand before you having completed my tenure and I leave it to you to judge my performance. When I bowed to my elders for their blessings, they advised me that I should accept with humility all that came my way, respect the viewpoints expressed by others and show my gratitude for the faith my peers had reposed in me. I tried to conduct myself bearing in mind these words of wisdom.

While the annual report contains the entire details of the events as they unfolded, I feel it would be worthwhile to recapitulate a few of the significant ones which took place in the year gone by. For the first time, the Bombay Chartered Accountants Society started accepting corporate members and though it has been a small beginning, I am hopeful that this change will augur well for the Society’s future. The referencer has been a prized publication of the Society, and this year it was celebrating its golden jubilee. The referencer with the theme “Back to the future” is a collector’s item. The International Tax and Financial conference which has gained tremendous popularity over the past decade was held at the Infosys Centre. When we all witnessed the state-of-the-art facilities, it left no doubt in one’s mind of the technical excellence our Corporates have achieved.

All these landmark events were organised by the Society’s committees which are headed very ably by the past Presidents. It is this aspect that has made the Society unique and distinct from many other organisations. While the Society is always quick to embrace change in technology, law and be abreast of all developments in the professional field, it has a respect for tradition. The Society has been built on the sacrifices of many eminent professionals and their association with the Society will always continue. While we are all indebted to our past Presidents, one cannot forget the honorary services of the Society’s auditor Shri P.M.Dharia under whose watchful eye the accounts are finalised from year to year. This year the society felicitated Shri Dharia for his dedicated honorary services rendered for more than four decades.

In every aspect of the Society’s affairs its seniors are pillars of strength. In fact, it is because of the foundation that they have laid and the heights that they have achieved, that the President of the society is well-respected. As an eminent philosopher had remarked “I seem tall, because I stand on the shoulders of my forefathers.” While respecting elders the Society is conscious that students are the future of the profession. The Society holds many programmes for students culminating in the Annual day which is a mega event.

Though the credit for achievements goes to the leader of the team, the entire contribution is that of the team members. I have had excellent support from my office bearers consisting of Deepak Shah, Nitin Shingala, Chetan Shah and Raman Jokhakar. Apart from these office bearers I must thank Nayan Parikh, Rajeev Shah, Bharat Oza and Mukesh Trivedi for their unstinted support. I would also like to thank all the staff members of the Society for their support and co-operation throughout my tenure of two years. I do not know whether they will miss me or not, but I will certainly miss them all. I also acknowledge support of three staff members who left during the year namely Netra, Khorshed, Madhuri. And last but not the least my family who endured my absence and relieved me of domestic responsibilities over the entire last year.

I will be failing in my duty if I do not acknowledge the co-operation and guidance received from my dear friend Anil Sathe for providing necessary inputs for my VP Communication as well as Presidential message. Thank you Anil.

In today’s world, maintaining professional excellence is like running a marathon race. An individual has neither the strength nor the stamina to complete the race on his own steam and therefore it is to be run like a relay race. The skill in a relay is to hand over the baton seamlessly to the successor. The Society is such a mature organisation that this handing over and taking over happens each year very smoothly. Mr Deepak Shah will take over the reins as the President of the society and Naushad Panjwani will be his deputy. Deepak is an able leader and Naushad is brimming with innovative ideas. I wish both of them and their team a successful year ahead. I am now a relieved man and would like to end my speech with Kabir’s doha.

President Pradip Thanawala, Vice President elect Naushad Panjwani, Nitin Shingala, Raman Jokhakar, Chetan Shah, distinguished past Presidents of the Society, other Seniors in this profession, colleagues from other associations, and fellow members.

I am deeply honoured and humbled to wear this crown of office as I stand before all of you today. It is a responsibility that I pledge to carry with dedication, diligence and dignity in the coming year.

I know it is a significant commitment, and I shall fulfill the Society’s mission to spread knowledge, and support, promote and protect the interests of the profession and the public at large. I would at all times dedicate myself to work assiduously for the overall interest of our Society, and our noble Profession. In my activities, I will be guarded by no other principles than those of the vision of our Society.

I am confident, for I have the blessings of God, and my parents. I am thankful to the fact that I am surrounded by colleagues who are supportive and ready to give their best. Together with me, are my seniors and friends, who are ever willing to stand by me in all my endeavors. Together we form a perfect circle of mutual support & growth. I am also blessed with a wonderful family, who have always encouraged and supported me, and are proud as I am today.

After the completion of my graduation, and after marriage, I joined the firm of Ladhawala & Shah, Chartered Accountants. My intention was not to pursue Chartered Accountancy, but to get working experience in areas such as Income Tax and Sales Tax, which would then help me in my family business. The partners of the firm, my parents and friends encouraged me to sign my articles and pursue CA course. Initially I was hesitant, as to begin pursuing the rigorous CA curriculum after marriage, is an uphill task. I knew that I would have to sacrifice a lot. But, let me share the fact that the real sacrifice was made by my wife Nita during that important phase of our life. She stood steadfast beside me, and during those 3 years, constantly inspired and supported me. Today I am blessed with the presence of Shri I M Ladhawala and Shri M M Mehta, and I am thankful to them for their presence and support.

My association with BCAS started in the year 1997-1998, when a very dear friend Rajeshbhai Muni introduced me to BCAS, and I became a member of Publication Committee. Since then I started taking active interest in one of the most prestigious publications of the Society, the BCAS REFERENCER, and I got the chance to interact with many past presidents, core group members, and other fellow chartered accountants.

In the year 2001-2002 under the tenure of Pradipbhai Kapasi, I was inducted as a Managing Committee member, and during the tenure of Rajeshbhai Kothari in the year 2007-08, I became an Office Bearer.

Since the time I joined the core group I observed everyone working selflessly for the organisation, and at every stage, I felt that there is a lot to learn. My association with BCAS taught me that everything is achievable if our efforts have complete focus and dedication. It has made a meaningful difference to the lives of many and, I am not an exception.

BCAS has, over the past six decades, set a benchmark in all aspects of its services and activities. And with every accolade that has come its way, BCAS has constantly raised the bar on the quality of its practices and services.

The bygone year has been full of momentous activities, and the wisdom of past Presidents, enthusiasm of core group members and support of the BCAS staff has given that impetus to me to provide quality services. I look forward for the same continued and proactive support from all, to carry forward the good work.

Success is always a great motivator. We need to ensure that we do not rest on our past laurels, and we must strive again for excellence in everything we set out to do.

Thomas Jefferson once said –

That the dreams of the future are as powerful Motivators, as successes of the past.

The plan for 2012-2013 circulated to you, highlights the focus areas. Needless to say, that the ongoing knowledge development activities such as Lecture Meetings, Seminars, Workshops, Long duration study courses, RRC’s , Crash Course for Students, Clinics etc. will be regularly conducted by respective committees.

It is my privilege to take you all through the thought process behind the plan presented for the ensuing year.

If I have to describe my plan for the Year in one line
I would put it as :

We have a strategic plan – it’s called doing things.

While I sat to prepare this plan, I asked myself – What is the need of the hour. The answer was – To be JAGRAT – Jagrat, is a powerful word in Sanskrit literature. The nearest equivalent in English for it would be alertness or vigilance. The times in which we live are such that being Jagrat is absolutely decisive. The world is moving fast as never before. The rapidity and quantum of change that we witness are unparalleled in history. To keep pace with the change is a challenge for anyone at any time. It is said “even to be just standing where you are, you need to keep running twice as fast”. In this flux of time, to stand still is to invite a certain setback. So it’s extremely important to move forward and to keep pace with the rapidly changing laws, and for that, one must be alert at all times.

The year 2012-13 will bring about many changes, and will offer immense opportunities for the entire CA community. Direct Tax Code and GST may see the light of day, and age old Companies Act is all set to be replaced by the Companies Bill 2011. The Service Tax regime has changed completely with negative list coming into play.

But the problem with changes is that, the changes we witness end up being lopsided. It leads to large scale dissatisfaction, unrest and unwarranted litigation too.

Here I feel that BCAS has a very significant role to play.

BCAS provides a foundation of knowledge, skills, and professional values which enables CA’s to continue learning and adapting to changes throughout their professional lives.

“Give a man a fish and you feed him for a day. Teach him how to fish and you feed him for a lifetime” – The wisdom of this timeless adage defines BCAS approach towards professionals.

The annual plan is prepared on the basis of these thoughts, and have been deliberated by various committees over the past few days. I have witnessed that in each committee, all core group members were enthusiastic to implement innovative and quality driven programmes. I’d like to specially mention and appreciate all the outstation members who are part of the core group, for participating in committee meetings in person or through the conference call facility.

The words of Vince Lombardi, truly fits here:

Individual Commitment to a group effort- that is what makes a team work, a society work.

I would describe some aspects from each of the focused areas presented in the plan :

1)    MEMBERSHIP – I strongly believe that there has to be a fervent exercise of deepening BCAS roots. At the Society, a number of members through selfless and devoted work have created and are creating a large reservoir of knowledge.

I would aim to see that the water from this reservoir is being reached to many. It would be our endeavor to find ways and means to achieve this by reaching prospective members, specially the members from the industry.

And the solution to reach members in Industry is to promote BCAS Corporate Membership.

We have to ensure that corporates avail the benefits of BCAS membership.

For that We need to communicate :

What’s in it for them?

How the Corporate membership be an asset to them?

2) RELATIONSHIP :

a)    At this juncture, I look forward to the like-minded professional organisations to work in harmony, because as an organisation, we have a common cause of spreading knowledge, boosting professional development and lifelong learning for our membership.

b)    We also intend to closely collaborate with other organisations – Be it professional organisations in other streams or business and industry organisations.

c)    I for one, believe that, we need to have aggressive Interaction with Government and regulatory authorities on regular basis, to address and find solution to areas concerning the industry and public at large. The idea is to have more efficient evolvement, and administration of laws.

3) MENTORSHIP :

a)    On this front, all efforts will be made, to educate and provide up-to-date information and guidance to members on new laws and areas of practice, and planning Industry-specific programs for our members the in industry. During the year, we will work on means to reach more and more members, in particular the outstation members through the medium of technology, by creating web-based knowledge management.

b)    Study Circles : It is the platform which is regularly talked about by seniors and past Presidents even today. Efforts will be made to make them more vibrant, and spreading its wings to boost young talents.

c)    Publications:  This  year  we  have  a  separate Publication Committee, which will work towards the requirement, to publish books on regular basis.

d)    Research: Research is an area where we can, and must do a lot. I wholeheartedly invite members to participate in this area.

e)    Service to Students: We have many student members who dream of being part of BCAS.
We shall inspire, encourage, influence and help them recognise and appreciate the value of their unique talents, so they can fulfill their dreams.

Once dreams are fulfilled, they will see that they owe much of what they’ve accomplished, to their involvement with BCAS. And we all know how word of mouth is the best way to further promote experiences. That will help us in two ways – to harness young talents at BCAS, and to induce new ones.

I believe that as an organisation with clear values and beliefs, – What is good for Profession is good for BCAS, we can strive forward proudly.

God works through people they say. He doesn’t require us to succed, he only requires that You try. I assure you that me and my colleagues – Naushad, Nitin, Raman and Chetan, alongwith the dedicated staff, added by the strength of the experience of the managing committee, will at all times work with you at the Society.

The recognition and respect this Society has garnered over the years would not have been possible without the patronage and support of our valued members. I urge all members to come forward for an active participation in all our efforts and programmes organised by the Society, and share your views and expectations.

As your President, I endeavour to:

•     Be Committed to the success of BCAS.

•     Turn ideas into reality.

•     Lead with a passion for BCAS.

•     Be True to my name – DEEPAK by spreading the light of knowledge.

I once again thank all of you, for making this day special by giving me this great opportunity to lead, and advance the professional organisation of an immense repute, and take it to a greater height.