Society News

Indirect Tax Laws Study
Circle

Meeting on “Goods and Services
Tax–Discussion on various issues on Composite Supply / Mixed Supply, WCT and
Valuation- II” held on 16^th January, 2018 at BCAS Conference Hall

In continuation of the last meeting,
Indirect Taxation Committee conducted a Study Circle Meeting on “Goods and
Services Tax–Discussion on various issues on Composite Supply / Mixed Supply,
WCT and Valuation- II” at BCAS Conference Hall which was addressed by CA. Bijal
Doshi. The Speaker discussed upon the balance case studies which could not be
covered in the previous meeting and completed the discussions on the subject.

The meeting was quite interactive and highly
appreciated by the participants. Participants shared their practical experience
during discussion and benefited a lot from the session.

Special Joint Study Circle Meeting on “US
Tax Reforms- Impact of Domestic and International Provisions” held on 22^nd
January, 2018 at BCAS Conference Hall

International Taxation Committee organised a
Special Joint Study Circle Meeting on 22^nd January, 2018 at BCAS
Conference Hall which was addressed by Mr. Shishir Lagu, Mr. Atul Deshmukh and
Mr. Kavit Sanghvi. All the Study Circles and Groups which operate under the
Committee were part of this meeting which had a common interesting topic. The
speakers covered the latest US tax reforms in detail. They also explained the
nuances of the differences in US tax laws due to these reforms and the impact
they can have on the Indian entities which have invested in USA and doing
business there.

The meeting was very interactive and the
speakers answered all the queries raised by the participants. The participants
benefitted a lot from the rich experience of the learned speakers.

Lecture Meeting on “Implementation &
Issues on E-way Bill-Way Forward” held on 24^th January, 2018 at BCAS
Conference Hall

Mr. Pramod Bargaje
Dy. Commissioner-LTU4, Mumbai

Mr. Chandrashekhar Thakur,

Dy. Commissioner

Indirect Taxation Committee organised the
captioned Lecture Meeting at BCAS Conference Hall where the eminent faculty
from the GST Department, Govt. of Maharashtra – Shri Pramod Bargaje, Dy.
Commissioner-LTU4, Mumbai, Shri Chandrashekhar Thakur, Dy. Commissioner and
Shri Mukund S. Panhalkar, Asst. Commissioner were invited to address the
members. The objective of the meeting was to spread awareness about the
‘Implementation & Issues on E-way Bill – Way Forward’ and equip the
businesses and professionals with the knowledge, to keep themselves well
prepared for its compliance. The Goods and Services Tax Act was implemented
earlier this year. The Act contains several features, one key anti-evasion
measure amongst these is the E-Way bill reporting system. Recently, the Goods
and Services Tax Council decided to roll out E-way bills for interstate
movement of goods from 1^st February 2018 and hence, importance of
this meeting.

The speakers enlightened the participants
about the salient constituents of E-Way Bill, issues likely to be encountered
by assessees going forward and the process and procedure to be followed, to
overcome any hindrance in successful implementation of the bill. The faculty
also explained the legal aspects of E-Way Bill and conducted a mock trial of
the actual filing process, to impart practical training to the members.  

The meeting was also live streamed for the
participants who could not attend in person. Around 425 participants attended
the meeting including online viewers. It was indeed a very enriching experience
for the participants who benefitted a lot from the meeting.

ITF STUDY CIRCLE

Meeting on “Select Decisions on
International Tax” held on 30^th January, 2018 at BCAS Conference
Hall

ITF Study Circle organised a meeting on the
subject which was addressed by CA. Deepak Kanabar. The Speaker briefly gave an
overview of the importance of recent judicial precedents and the ever
increasing controversies over the concept of Permanent Establishment and
Business Connection in India. He took the Group through the following decisions
discussed at length.

–   Martrade
Gulf Logistics FZCO-UAE [2017] 88 taxmann.com 102 (Rajkot – ITAT)

– 
  Formula One World
Championship Ltd 2017 – 394 ITR 80 (SC)

–   Production
Resource Group – 2018–89 Taxmann.com 219-AAR

There was active participation from the
members present with various nuances of the concept of PE and business
connection being brought out. The attendees benefitted a lot from the session.

“GST Summit” at
“Finbridge Expo” held on 3^rd and 4^th February, 2018.

As a part of its ‘Networking’ initiative,
Bombay Chartered Accountants’ Society joined as the “Knowledge Partner for GST
Summit” at the “Finbridge Expo” held on 3^rd and 4^th February,
2018 at Nehru Centre, Worli. Finbridge Expo is an exhibition and conferences
platform which caters specifically to Financial Services & Technology
industry. They requested the Society to share its expertise on GST with their
participants.

On 3^rd February 2018, at the
“Finbridge GST Summit”, three of our eminent speakers represented our Society.
Our panel of GST experts addressed on the subjects given below:

CA. Shreyas Sangoi shared his expertise on
‘GST on Stock Brokers.’ 

CA. Samir Kapadia gave valuable insights on
‘GST on Financial Services (Excluding Stock Brokers & Banks).’

CA. Mandar Telang shared knowledge about
‘GST on Software / Technology Services.‘

The Summit received an overwhelming response
from the participants and the visitors with knowledge sharing and enriching
experience gained by them on these GST topics.

“Public Lecture Meeting on Direct Tax
Provisions of the Finance Bill 2018” held on 6^th February, 2018

Adv. S. E. Dastur

The Public Lecture Meeting of the Society on
the Direct Tax Provisions of the Finance Bill 2018 by Senior Advocate Mr S.E.
Dastur was held at Yogi Sabhagruha on 6^th February, 2018. This was
the 30^th lecture meeting by him and the 53^rd of the
Society. 

The lecture meeting was live streamed and
witnessed by more than 12,000 persons including online viewers. The meeting
commenced with the singing of National Anthem. CA. Narayan Pasari, President,
BCAS welcomed and introduced the speaker Mr. S. E. Dastur citing his
intellectual charm that makes this meeting more special. He also touched upon
the Government initiatives on Agricultural Sector, Rural India and Health
Coverage etc. in the Budget Proposals announced by the Finance Minister.

CA. Narayan Pasari, commended the
contribution of Mr. S.E.Dastur in making the Budget Lecture Meetings of BCAS so
special, through his insightful analysis year after year. He informed the
gathering that this will be Mr. Dastur’s last budget lecture meeting at BCAS.
The Society also felicitated Mr. Dastur on this occasion. This was followed by
display of a small film on the journey of Lecture Meetings by Mr. S. E. Dastur
over the years and his association with BCAS, which was sheer nostalgia.

Mr. Dastur started his speech by detailing
the historical memories of the previous budgets of various FMs since 1948-49.
He talked about the Finance Minister’s speech having emphasis on the various
measures announced in the budget. He also discussed on the various new
insertions/amendments in areas of Long Term Capital Gains, Definition of
Accumulated Profits, Financial Transactions and changes in Assessment &
Reassessment procedures etc. The talk also covered other aspects of the Direct
Tax Provisions i.e. Income from Business and Profession, Amalgamation, Change
in Shareholding, Exemption from Tax under Sec 10 (23C) and Sec 54EE (LTCG),
application for Charitable Purposes, Rationalisation and Transparency etc. which
were part of Finance Minister’s speech.

Mr. Dastur gave his explicit views on every
important tax proposal notified under the Finance Bill 2018.

The audience were mesmerised by his speech
and benefitted a lot. The meeting ended with a huge round of applause and
appreciation by the participants.

HDTI Study Circle

Meeting on “Positive Ageing & Geriatric
Medicine” held on 13^th February, 2018 at BCAS Conference Hall

HDTI Study Circle organised a meeting on
“Positive Ageing & Geriatric Medicine” on 13^th February, 2018 at
BCAS Conference Hall which was addressed by Dr. Arvind Pednekar. Dr. Pednekar
gave the presentation on Ageing and Geriatric problems being faced by the old
people with advancing age, be it physical, mental or spiritual. He explained
the causes and effects of old age problems and preventive steps i.e. Exercise,
Yoga and Meditation amongst others to overcome such life threatening
hindrances.

Majority of the participants in the meeting
belonged to the middle and old age group. At the end, there was Q&A session
where the Speaker responded to all the queries raised by the participants.

The meeting was very interactive and the
participants benefitted a lot from the session.

“Analysis of Economic Survey & Budget
2018” held on 15^th February, 2018 at BCAS Conference Hall

International Economics Study Group under
the aegis of International Taxation Committee conducted a meeting on Analysis
of Economic Survey & Budget 2018 on 15^th February, 2018 at
BCAS Conference Hall. The group discussions were led by Group Leaders CA. Kapil
Sanghvi, CA. Harshad Shah, CA. Rashmin Sanghvi & CA. Milan Sangani, who
brought out very interesting perspective on Global and Indian economy and the
challenges facing Indian Economy.

The speakers presented their views and findings
on Analysis of Economic Survey & Budget 2018. Some key points of discussion
were: (i) State of Indian Economy-Sweet spot to sudden fall (ii) GDP Growth
trends (iii) Rupee appreciation (iv) India`s decoupling (v) Twin Balance Sheet
challenges (vi) Inflation trend (vii) Oil Price increase (viii) Investment and
saving slowdown (ix) 4 headwinds (hyper globalisation repudiation, pre mature
de industrialisation, human capital regression & agriculture stress).
Adverse impact of climate change on agriculture and concept of export of water
was also explained. The group also deliberated on Modi Care (World`s largest
national health protection scheme), health export trend, agriculture and rural
economy and health & education.

The meeting was very informative and the
participants went enriched from the session.

Direct Tax Laws Study
Circle

Meeting on “Recent Judgements under Direct
Tax laws” held on 22^nd February 2018 at BCAS Conference Hall

Direct Tax Study Circle organized a meeting
on ‘Recent Judgements under Direct Tax laws’  
at  BCAS Conference Hall addressed
by the Group Leader for the session Adv. Dharan Gandhi.

The Speaker mentioned that being tax
professionals, it is utmost important to keep pace with the important decisions
pronounced recently by various judicial authorities and thus briefly gave an
overview of the recent important rulings and decisions as enumerated below:

The meeting was quite interactive and the
participants raised many queries which were thoroughly answered by the learned
Speaker.

16^th Residential Leadership
Retreat held on 23^rd and 24^th February, 2018

HDTI Committee organized its Sixteenth
Residential Retreat on 23^rd and 24^th February 2018, at
Rambhau Mhalgi Prabodhini (Training Centre) on the theme of ‘Saptapadi of
Happiness in family’ (Seven vows of happiness in family) which was addressed by
Mr. Mahendra Garodiya.

Past President
CA. Mayur Nayak in his key note inaugural address remembered Late Shri
Pradeepbhai Shah, the architect of such retreats. He complimented the Chairmen
of the Committee, all these years for this course. Appreciating significance of
such residential workshop for shaping the better values in life, he touched
upon Family and Happiness. Life coach Mahendra Garodiya, an avid reader and
strong follower of philosophy propounded by Chanakya, was ably assisted by
Deepa Garodiya in guiding the participants through important concepts and vows
to be taken by the family. In his study material, following key points were
covered:

–   Always
communicate your expectations on core important values of life viz:
Security, adventure, importance, love, growth and contributions. While,
communicating with the spouse and members of the family, it is always better to
be respectful than to be right. The most important to keep in mind is never to
give unsolicited advice.

–   Build
a culture of values appreciating interdependence. Always put others
first. Understand before being understood. Be honest and truthful in each
relation. Involve each and every member of the family while taking important
decision.

–  Define
Common Goal covering self, spouse and family.

–   Dharma
Nishtha: Dharma is not religious ritualism. Understand the core
personality of the self, spouse and family members on parameters of three Gunas
i.e. Rajas, Tamas and Sattva. Understand and appreciate that dharma is root
of happiness, artha is root of dharma, rajya is root of artha, Victory is the
root of rajya, respect is root of victory, therefore one ought to respect
elders and offer service to them.

–   Family
Legacy: Understand and appreciate that money is only a means to an end
and not an end in itself. Money can facilitate security, status, enjoyment,
control, opportunity and growth. By giving money for welfare, you get better
rewards

–   Growth:
Saptang (Holistic): There are seven dimensions of growth and happiness, Swamy
(Head of the family), Janpad (children and Family members), Dand (Family rules
and behaviours), Mitra (family coach), Kosha (family wealth and culture),
Amatya (supporter to the head of the family) & Durga (family name, fame and
brand). When all these aspects are correctly balanced, they bring in happiness.

In the evening on the first day one of the
participants presented nice details of Maharashtra’s folk art Warli painting.
It was followed by audio visual film titled “Down the Memory Lane” featuring
photographs and glimpses of earlier HDTI RRC. It was a tribute to Late Shri
Pradeepbhai Shah and many others who actively participated and encouraged
Leadership retreats.

In a concluding session on second day, each
participant exchanged rose with other participant expressing gratitude and
appreciation and carried home beautiful memories of joy and happiness.

Interactive session with Students for
“Success in CA Exams” held on 25^th February, 2018

HDTI Committee jointly with RVG Educational
Foundation organised an Interactive session with Students called “Success in CA
Exams” on 25^th February, 2018 at RVG Hostel, Andheri which was
addressed by the speakers CA Mangesh Kinnare and CA. Kartik Iyer.

President CA. Narayan Pasari welcomed the
students and inspired them to work sincerely, diligently as CA Students during articleship
and also while preparing or appearing for CA exams. He exhorted that Youth is
the future of our country for the Nation building.

In the first session CA. Karthik Iyer shared
his experience and the technique of macro and micro planning as to how to
prepare a time table and study at a time as per one’s own biorhythm. How to
balance between studies of various subjects and avoid distractions. He
suggested to appear for at-least two mock test papers for each subjects before
the exams. This enables the student to evaluate his limitation, speed, and
ensure that he attempts a full paper.

In the second session, Mr. Mangesh Kinare,
Member of Central Council of ICAI and Ex-Vice Chairman of Board of Studies and
Ex-Member, Examination Committee shared his views from the perspective of the
Institute. He clarified many doubts of the students and advised them to read
study material and practice manuals of ICAI. He mentioned that the website and
monthly Students Journal of the Institute cover very interesting study material
for the benefit of the students.

Mr. Phaneesh Reddy from Vijayawada who
scored 4^th rank in the Final exam of ICAI in November 2017 shared
his views through a video recorded message.

The session was very interactive and
speakers gave very useful insights to the students to prepare and excel in the
CA exams

Indirect Tax Laws Study
Circle

Meeting on “Goods and Service Tax – Clause
by Clause Analysis of E-way Bill Provisions and related FAQs” held on 26^th
February, 2018 at BCAS Conference Hall

Indirect Tax Laws Circle conducted another
meeting on 26^th February, 2018 on the subject “Goods and Service Tax
– Clause by Clause Analysis of E-way Bill Provisions and related FAQs” at BCAS
Conference Hall. The discussions were led by group leaders CA. Saumil Kapadia
and CA. Samir Kasvala under the chairmanship of CA. Janak Vaghani. The speakers
dealt with the clause wise analysis of E-Way Bill provisions and related
queries in depth. Members also shared their practical experience which was
beneficial for one and all present in the meeting. 

The meeting was highly appreciated by the
members for the valuable insights given by the speakers. _