Study Circle Meeting on Real
Estate Regulation and Development Act (RERA) held on 27th July, 2017
Suburban Study Circle of BCAS organised a Meeting on RERA on
27th July, 2017 at N. M. College which was addressed by CA. Jayesh
Karia and CA. Vyomesh Pathak.
The Speakers explained the entire framework of RERA, the key
changes, its impact and powers with particular reference to Maharashtra Real
Estate and Development (MahaRERA) Rules and Regulations, keeping in view the
changing trends and environment in the Real Estate Sector. They also emphasised
on the 5 pillars of Real Estate Act such as Financial Discipline, Transparency,
Accountability, Customer Centricity and Compliance to make the Act enforceable
under the provisions of the Law.
The following topics were interalia discussed in
the meeting:
– Registration of the project with Issues and
Nuances associated with First Time Registration.
–
Functions and duties of the
Promoters.
–
Rights and Duties of Allottees and
Redressal Mechanism for their Grievances
–
Constitution, Administration,
Functions and Powers of RERA Authority and RERA Tribunal
Penalties
and Offences on Non registration, Non Compliance
with RERA Authority/RERA Tribunal
Role of Chartered Accountants in MahaRERA i. e. issuance of
Certificates by CAs particularly at the time of registration of project and
Statutory Audit Certificate etc. and professional opportunities for CAs
under RERA.
In addition to the above, the Speakers deliberated on the
Miscellaneous Provisions such as Bar of Jurisdiction, power to make Rules &
Regulations Act to have overriding
effect over other Acts, Repeal of MOFA 2012 etc.
It was an interactive session and participants benefitted a
lot from the meeting.
Technology Initiative Study
Circle Meetings on “Implementation of GST in Tally ERP 9” held on 18th
July and 11th August, 2017 at BCAS
Human Development and Technology Initiatives Committee
organised two Study Circle Meetings on the “Implementation of GST in Tally ERP 9” on 18th July
and 11th August at BCAS Hall. The Study Circles were led by CA.
Punit Mehta, Director with Aimtech
Business Solutions Private Limited who has conducted various training and implementation
programs in Tally for professionals at various forums.
CA. Punit Mehta dealt with various aspects of Implementation
of GST in Tally ERP 9 by giving live practical examples and meticulously
covered important features in Tally ERP 9 like activation of GST in current
company, setting up new GST invoices, generation of advance receipts,
accounting for purchases liable for payment of tax under reverse charge
mechanism and generation of GST returns from Tally ERP 9 by giving a
step-by-step live demo with respect to each feature.
The participants were truly enriched and enthralled with the
learned Speaker’s presentation skills and appreciated the in-depth insight
given by him on the subject.
Lecture Meeting on “Learnings
from Implementation of Ind AS – Phase I” held on 2nd August 2017 at
BCAS Hall
A Lecture Meeting on “Learnings from Implementation of Ind AS
– Phase I” was held on 2nd August 2017 which was addressed by CA.
Sudhir Soni & CA. Suresh Yadav. President CA. Narayan Pasari in his opening
remarks briefed about the Ind AS and that the adoption of Ind AS has been the
widely discussed topic across Board Rooms in India for a while & Corporates
have invested significant efforts & resources to ensure compliance with Ind
AS.
Both the speakers shared their experiences & analysis of
what happened during the implementation in the Phase I Companies. They
discussed transition issues where NBFC (presently not allowed for conversion by
RBI) having subsidiary companies (where IndAS conversion is applicable) &
vice versa, because of which they were required to maintain two sets of books
of accounts, existing contracts & its impact on conversion etc. They
also emphasised that IndAS involves a lot of fair value exercises.
CA. Sudhir Soni CA. Suresh Yadav
CA. Sudhir Soni explained that in the implementation,
preparation of opening Balance Sheet is very important and it is a one-time
exercise in the life time of the company before conversion to IndAS and its tax
implications on transition date. He also discussed key challenges in restating
Business Combinations. CA. Soni further elaborated the term right to “Control”
which was extensively discussed like participative right, protective right,
wherein a few companies and some of its subsidiaries were treated as joint
ventures too.
CA. Suresh Yadav discussed the impact of Ind AS on the
companies listed on BSE and the various relaxations made by SEBI in the first
year of IndAS implementation. He further explained the first-time adoption
options of Deemed cost of Plant, Property, Equipment & Intangible i.e.
Retrospective Ind AS cost and Fair Value as deemed cost & Previous GAAP
carrying amount and the presentation of fixed asset schedule. He also
deliberated on the impact of net worth of Investments in subsidiaries,
associates & joint ventures in standalone financials where the investment
is to be carried at cost as per IndAS 27 or Deemed cost as per Ind AS101. CA.
Suresh also highlighted that accounting of financial guarantee contracts shall
be carried out in the parent company. Interpretation of Valuing ‘drawn and
withdrawn commitment’ depends on judgement.
The following issues pertaining to implementation of Ind
AS-Phase-1 were also taken up for discussion:
Under Classification of Debt vs. Equity, two criteria i.e. fixed amount
and fixed no of shares shall be fulfilled.
The rule test on de-recognition of financial assets i.e. Risk
& Reward before Securitization and after Securitization need to be passed.
Impact of Deferred Tax follows Balance sheet approach rather than Income
approach. Recognition of Government Grant of EPCG is done, based on useful life
of assets or on the fulfillment of related export obligation. Extensive
presentation & disclosures are required under Ind AS such as Net worth
Reconciliation, Business Combination and Consolidation, Effective Tax Rate,
Operating Segments and Related Party Transactions etc.
The meeting concluded with a Q&A session on various
issues related to Ind AS. Members benefitted from the detailed analysis of the
subject.
“Seminar on Developments in Audit
Reporting etc. for Audits for 2016-17” held on 3rd August,
2017 at BCAS
A full day Seminar was held on 3rd August, 2017,
covering various components relating to Auditing and Audit Reports like
Accounting Standards (non Ind AS) Revised and made applicable for FY 2016-17,
Additional reporting requirement of Specified Bank Notes on account of
demonetisation, Reporting compliances relating to ICFR, Fraud Reporting and
CARO Reporting. This was followed by FRRB observations on non-compliances in
audited accounts so as to help professionals to improve the quality of their
reporting.
The Chairman of the Accounting and Auditing Committee CA.
Himanshu Kishnadwala gave an insight on the importance of reporting and
Independence of the auditor and shared some insights of PCAOB (US) findings.
Speakers CA. Abhay Mehta, CA. Chirag Doshi, CA. Nikhil Patel and CA. Paresh
Clerk also shared their knowledge and rich experience. Each topic was well
covered and explained to the participants by way of discussions and examples
well designed to understand the nuances of the new amendments in the Accounting
and Auditing Standards and its reporting requirements.
CA. Abhay Mehta CA. Chirag Doshi CA. Paresh
Clerk CA. Nikhil Patel
The Seminar was attended by 80 participants from the
profession, Industry and Practice arena. The Seminar was very interactive and
there were positive feedbacks.
Students Study Circle on “Transition Provisions in the Goods
& Services Tax” held on 4th August, 2017 at BCAS
BCAS Students Forum organised a study circle on the topic
“Transition Provisions in the Goods & Service Tax” on 4th
August, 2017 at BCAS Hall.
The Study Circle was led by student Speaker Mr. Jaydeep Vora
under the guidance of CA. Chirag Mehta who chaired the session. Mr. Vora
covered the topic very well and gave insights into the provisions like carry
forward of credit, migration of existing registrations, and some practical
issues faced by the industry. Thereafter, Mr. Chirag enlightened the students
with his thoughts and deep knowledge on the subject. The programme was
organised on the back drop of the recently implemented Goods and Services Tax,
with the objective to make the students aware of the intricate issues in the
transition provisions under GST.
The convenors of the Students Study Circle Mr. Parth Patani
and Mr. Prathamesh Mhatre encouraged students to participate actively in the
activities of the Students Forum and come forward to lead the study circles.
It was a great learning experience for the student members
and they learned a lot on the subject.
Study Circle Meeting on “GST & Tally.Erp9 – Features,
Setup and Returns” held on 5th August, 2017.
The Suburban Study Circle organised a meeting on “GST &
Tally.Erp9 – Features, Setup and Returns” at the office of Bathiya &
Associates LLP on 5th August, 2017. The group leader CA. Anand
Paurana gave a practical demonstration on Tally.Erp9, about the features, setup
procedures and generating various returns and reports. The following areas were
covered in detail by the Speaker:
a) Activation and Setup of GST in Tally
b) Master Accounts Creation
c) Treatment for Advance Receipts and Adjustments
d) Invoicing
e) Treatment of Purchases from Unregistered
Dealers
f) Preparation and finalisation of GST returns in
Tally
g) Reconciliation of tax liabilities
CA. Anand Paurana gave hands on experience and practical tips
of working in Tally for compliances under GST.
The participants benefited from the presentation and
experiences shared by the group leader.
BEPS Study Circle Meeting on “BEPS Action Plan 7: Preventing
the Artificial Avoidance of Permanent Establishment (PE) Status” held on 05th
August, 2017 at BCAS
The presentation on the captioned subject was made by the
team of CA. Satish Kanodia, CA. Kartik Badiani and CA. Abhishek Bhatharade.
They explained how “Commissionaire Arrangement” is being used for tax abuse. In
the “Commissionaire Arrangement”, the agent does not have to disclose the name
of the principal on whose behalf he is transacting. While in substance it would
amount to a PE, it is not being considered as a PE. A tax heaven entity is used
as principal entity and no permanent establishment is created in source
country. However, now it has been suggested to incorporate Commissionaire
Arrangement in the definition of PE even if contracts are not entered in the
name of enterprise in source country. This situation is more relevant in civil
law countries. In India, this situation does not arise as the agent is required
to disclose the name of the principal. However, in case of Indian residents
having such arrangements, there will be implications.
Further, it was discussed that there are certain exceptions
where some places are not considered as Permanent Establishment. The exceptions
are for maintenance of stock for Storage, Display and Delivery of goods or for
purchase, collecting information, etc. These activities are considered
to be preparatory and auxiliary (insignificant) to attribute any profits.
Hence, these were not considered as PE. However in some cases, such activities
(e.g. delivery of goods by e-commerce companies) are important functions and
not just preparatory and auxiliary. Now, the action plan has suggested that
each of these activities must be by themselves in the nature of preparatory and
auxiliary activity. Only then these will be covered under exceptions of PE.
The action plan also talks about options suggested for tax
abuse being in the nature of fragmentation of activities and splitting up of
contracts to avoid PE status.
The participants benefitted a lot from the meeting.
Lecture Meeting on “Beyond
Profession – Impacting Lives, Shaping Destinies” held on 9th August,
2017 at BCAS
For most of us, ‘success’ is
defined by how we live up to the expectations of the society in material terms.
In the process of this ‘aspiration’, we merely pass through the motions of life
rather than living the purpose of life which should be much more. But, in some
personal brooding moments, a thought strikes: what I have really done so far
for the purpose for which I was chosen to be on this earth?
The meeting was addressed by the Speaker Mr. Dhananjay T.
Desai popularly known as Mr Bharatbhai. Shri Desai is a Chartered Accountant
and during his articleship, he helped other students of CA Course for their
examinations. At a very young age, he loved helping underprivileged, poor and
weaker sections of the society. He has mentored close to 200 NGOs that include
eye hospital, blood bank and school for blind, deaf, dumb and tribal children etc.
He explained the purpose of life that could impact or change
the lives of others. He also shared the glimpses of his life i.e. the journey
from an accomplished Rank Holder Practicing Chartered Accountant to the Social
Service enthusiast dedicated to the Tribals and Downtrodden, Healthcare and
Education. He relentlessly serves the tribal population of Dang near Valsad in
Gujarat, a 100 % tribal area.
Mr. Dhananjay T.
Desai
In Healthcare, he has worked for Eyecare, Skincare,
Disabilities, Malnutrition sickle disease and Accidental Injuries etc.,
thereby reaching out to the rural segments (Anganwadis). He emphasised on the
setting up of Social Responsibility Foundations rather than be a Philanthropic.
In the field of education, his focus areas are primary education, teaching life
skills, civic sense, vocational training and sign language for disabled etc.He
cited the example of Mr. Azim Premji of Wipro giving Rs. 5,000 crore through a
Trust for Primary Education. He opined that it is not just the funding, but
being there with the needy to satisfy their needs and ease their pains.
He also advocated that prevention is better than cure and one
must take proactive preventive steps in the area of one’s health.
The participants were mesmerised with his speech and also got
inspired with his social cause initiatives.
21st “ITF Conference 2017” held from 10th
to 13th August at Conrad, Pune
The International Tax and Finance Conference was conducted
from 10th to 13th August at Conrad, Pune with a robust
attendance of 201 members from around 19 cities across India. The Conference
was top-lined by experts from respective fields who dealt with their subject
matter with in-depth clarity. The 4-day Conference was marked with 6 technical
sessions which included 3 group discussion papers, 1 presentation and 2 panel
discussions. In addition, there were quite a few non-technical but equally
enriching personal development programmes.
The Conference was inaugurated with a keynote address by Shri
Ravi Pandit, Co-founder, Chairman and Group CEO of KPIT Technologies Ltd. who
dealt in a very succinct manner on “Impact of Disruptive Technologies on
Professionals”. Mr. Pandit who is also a CA, made his speech quite impactful
and opened the eyes of the professionals to the future expected ahead on
account of disruptive technology.
CA. Padamchand Khincha dealt on “Permanent Establishment
& Attribution of Profits – Issues & Recent Developments” and the recent
Supreme Court decision in Formula One World Championship Limited with his
characteristic style of dealing with the most tough concepts at a fundamental
level and explaining them in a very enriching manner. The paper provided by him
is a detailed exposition on the subject and has given justice to all important
areas of the topic.
CA. Vishal Gada also provided an exhaustive paper on “General
Anti Avoidance Rules – An Analysis” and dealt with the case studies put forward
by him in the paper in detail. Many new issues were brought out by him and
concepts which are yet to be tested in courts were explained by him thoroughly.
CA. Padamchand Khincha CA. Vishal Gada CA. Pranav Sayta Dr. Waman Parkhi
CA. Pranav Sayta dealt with “Case Studies on International
Taxation” where major issues not covered by the other paper-writers were taken
up by him, including issues related to Place of Effective Management(POEM),
Indirect Transfer provisions, etc. As usual, his analytical skills were
at display when he dissected each issue and provided the participants with
clear and precise answers.
All three paper-writers dealt with the issues highlighted to
them by the group leaders based on discussions that were conducted before their
respective presentations.
Dr. Waman Parkhi’s presentation on “GST on Cross Border
transactions” was well received as it provided the much-required clarity on
several contentious issues.
The first panel discussion was on “Multilateral Instrument
(MLI) – Impact on India” where Mr. Rahul Navin, CIT (TP-1), explained the
biggest change in international tax arena in recent times – the signing of the
Multilateral Instrument by around 68 countries – to stop Base Erosion and
Profit Shifting. Following his elaborate presentation, he was joined by CA. T.
P. Ostwal and CA. Shefali Goradia to discuss several issues that come out of
the MLI. It was an enriching experience to hear the stalwarts from both revenue
and profession on this new topic.
Mr. Rahul Navin graciously agreed to also take up a separate
session on “Exchange of Information” wherein he dealt with the changed paradigm
of information sharing that is now a reality. It was an eye-opener session. He
also fielded several queries from the delegates.
On the last day, there was an illustrious panel which dealt
with “Transfer Pricing – Current Issues”. CAs Rahul Mitra, Rohan Phatarphekar
& Sanjay Tolia formed the panel which was ably chaired by CA. T. P. Ostwal.
All three panellists took up case studies which dealt with the latest and most
important concerns regarding the Transfer Pricing Regulations in India,
including the impact of latest changes which are introduced as a part of the
BEPS Project.
Mr. Rahul Navin CA. Shefali Goradia CA. T. P. Ostwal CA. Rahul Mitra
Apart from these technical sessions, the Conference provided
unique opportunities to the delegates. A
special Ted-talk session by CA. Rashmin Sanghvi highlighted the “Future
of the CA Profession” and what one should be careful about. This was followed
by a session on “Decode Your Personality through your Handwriting” by Mr.
Milind Rajore which left everyone spell-bound. To top off the evening, Mr.
Mahesh Dube tickled everyone’s funny bone through his stand-up comedy show. The
organisers also conducted team-building games which received enthusiastic
participation from delegates. An industrial visit to the Volkswagen Car Plant
at Chakan also formed part of the Conference where delegates had the first-hand
experience of witnessing cars rolling out from the assembly chain besides
robots carrying out many activities in production.
CA. Sanjay Tolia CA. Rohan Phatarphekar CA. Rashmin Sanghvi
The Conference thus achieved its objective of affording the
best of International Tax deliberations and learnings interspersed with useful
non-technical sessions.
The participants benefitted a lot from the sessions taken at
the Conference.
Full Day “Workshop on NBFC” held on 16th August,
2017
Accounting & Auditing Committee of BCAS conducted a
workshop on NBFC at Hotel Novatel, Juhu, Mumbai on 16th August,
2017. NBFCs play a vital role in the Financial Services sector. In view of the
regulatory norms being notified on a regular basis and other factors such as
changes in Statutory Audit requirements, applicability of Ind-AS and GST,
increased scope of Internal Audit, it was felt imperative to conduct a Workshop
on NBFC.
The Workshop started with the inaugural address by President
CA. Narayan Pasari who provided his view points on the importance of NBFCs in
the overall development of the financial sector in India followed by CA.
Himanshu Kishnadwala, Chairman of the A & A Committee, introducing the
structure of the Workshop.
The Workshop was structured into five sessions which dealt
with important aspects viz. Prudential Norms & Compliances, Internal Audit
Perspective for NBFCs, GST implications for NBFCs, Statutory Audit Aspects
under the Companies Act, 2013 and applicability of Ind-AS and its implications
to NBFCs.
The first session was taken up by CA. B. Renganathan, who
lucidly dealt with the Important Aspects of Prudential Norms & Compliances.
While dealing with the same, he also took participants through the overall
maturing of the NBFC sector over the last three decades and gave valuable
insights on the functioning of the various categories of NBFCs.
The second session was on Internal Audit perspective for
NBFCs which was addressed by CA. Himanshu Vasa. He shared his experience of
internal audit of banks and provided practical insights on how to conduct
internal audits of NBFCs.
CA. B. Renganathan CA. Himanshu Vasa CA. Sunil Gabhawalla
The third session was on GST implications for NBFCs addressed
by CA. Sunil Gabhawalla. He explained how GST was going to impact the NBFCs and
the issues and challenges involved.
The fourth session dealing with Statutory Audit aspects under
the Companies Act, 2013 was addressed by CA. Manoj Kumar Vijai. He dealt
elaborately with the unique requirements while conducting audit of NBFCs and
shared his vast experience with the participants.
CA. Manoj Kumar Vijai CA. Rukshad Daruvala
The last session was addressed by CA. Rukshad Daruwala, on
applicability of IndAS and its implications. He dealt with the potential IndAS
impact areas, classification and measurement of financial assets /liabilities,
impairment and shared his experience on the subject.
Overall, the Workshop was an enriching and interactive
experience for the participants.
Lecture Meeting on “Filing of Returns under GST and
Associated IT challenges” held on 17th August, 2017 at BCAS Hall
The meeting was addressed by CA. Rajat Talati. President CA. Narayan Pasari in his opening
remarks introduced the Speaker and highlighted the vision of BCAS and the four
pillars i.e. Transformation, Yuva Shakti, Digitization and Networking that BCAS
will focus upon for the Annual Plan 2017-18.
CA. Rajat Talati made a detailed presentation on the topic of
Filing of Returns under GST, covering all the returns and guidelines to be
complied while filing the return. He shared about the practical difficulties in
filing Table-12 & 13 of GSTR-1 and also elaborated Table-11 giving
information of advances received and adjusted and the amendments information to
be furnished for earlier months. The topic was diligently covered by the
learned Speaker and he answered the queries raised by the members based on his
practical experience and in depth knowledge of the subject.
CA. Rajat Talati
The Lecture meeting was attended by around 100 participants
and more than 340 viewers joined online through live streaming. The meeting
concluded with a huge round of applause and participants benefitted a lot.
Interactive Session on “Success in
CA Exams” Jointly with RVG held on 19th August 2017
HDTI Committee jointly with RVG Educational Foundation
organised a motivational and guidance programme titled `Success in CA Exams’
for students pursuing Chartered Accountancy course at RVG Hostel, Andheri. The
eminent speakers CA. Shriniwas Joshi (Past Chairman of WIRC, and a past member
of Examination Committee, ICAI), CA. Nikunj Shah and CA. Mayur Nayak addressed
the students. CA. Lalchand Chaudhary, President of RVG Educational Foundation
was the key note speaker.
L to R – CA. Lalchand Chaudhary (Keynote Speaker), CA. Shriniwas Joshi,
CA. Rajesh Muni, CA. Mukesh Trivedi, and CA. Nikunj Shah
Chairman of HDTI Committee CA. Rajesh Muni welcomed students
and complimented them for choosing a career to be Chartered Accountant. He also
shared information about activities of HDTI Committee for the benefit of
Students Viz. Study Circles, Orientation and Motivational Training Programs and
Students’ Annual Day Programme.
L to R – CA. Shriniwas Joshi (Speaker), CA. Nikunj Shah, CA. Rajesh Muni, CA.
Narayan Pasari (President), CA. Mukesh Trivedi, and CA. Mayur Nayak
In his key note address, CA. Lalchand Chaudhary advised
students to put in their best efforts in studies with thorough practice.
Advising the students, not to fear the failure, he nicely explained the word
FAIL as the ‘first attempt In Learning’ and wished them success in the exams.
He also invited Bombay Chartered Accountants Society to organise many more
educational programs in fully refurbished auditorium of RVG Educational
Foundation premises which has a capacity of 250 participants.
President of BCAS CA. Narayan Pasari shared his views and
emphasised that Technology and Yuva Shakti are two of the thrust areas of BCAS
for the year. Encouraging all students,
he appealed to them to become student members and avail excellent benefits of
educational and other activities of the society.
In the programme, 5 students (including 3 alumni of RVG
Educational Foundation) were felicitated for their excellent performance in CA
final exams held in May 2017. These were Krishna Gupta (3rd Rank),
Ronak Palod (23rd Rank), Vaibhav Agarwal (27th Rank),
Suyash Jain (31st Rank) and Radhika Agarwal (36th Rank).
Krishna Gupta also shared his views on how he prepared for his remarkable achievement
in the exams.
Student Participants
In this interactive session, the speakers’ views and
presentations were well received. They enlightened the students with the key
factors for success i.e. strong self-belief, planning, time management,
discipline, goal setting, mental and physical strength, writing and
communication skills and positive attitude amongst others. In the concluding
session, participants were given benefit of guided meditation. It was a
beautiful experience for all to calm their minds and improve concentration.
Students benefitted from the rich experience of the learned
speakers.
Full day Seminar on “Tax Audit” held on 19th August 2017 at BCAS Hall
Taxation Committee organised a full day Seminar on Tax Audit
on 19th August, 2017 at BCAS Hall which was addressed by CA. Raman
Jokhakar, CA. Devendra Jain, CA. Bhadresh Doshi and CA. Ganesh Rajgopalan. The
Seminar was attended by over 100 participants including many from outstation.
President CA. Narayan Pasari gave the opening remarks.
CA. Raman Jokhakar
Following topics were covered by the learned Speakers:
– Overview of Tax Audit Provisions
including applicability in presumptive cases and calculations of limits;
Reporting Requirements; Audit Quality; Documentation in light of ICDS;
obtaining and relying on management representations; reliance on test checks,
Issues in e-filing etc. by CA.
Raman Jokhakar.
– Reporting in Form 3CD – Certain clauses
and issues arising from them (8, 9, 10, 11, 18, 24, 25, 27, 30, 31, 33, 34, 35,
37, 38, 39, 40, 41) by CA. Devendra Jain.
– Reporting in Form 3CD – Certain clauses
and issues arising from them (15, 16, 19, 20, 21, 22, 23, 28, 29, 32, 36) by CA. Bhadresh Doshi.
– Reporting in Form 3CD – Certain clauses
and issues arising from them. Clause 12 (presumptive income), 13 (which
includes ICDS), 14 (inventory), 17 (transfer of land building less than value
adopted referred to in section 43CA or 50C), 26 (Sec 43B) and issues arising
with tax audit of companies following Ind AS by CA. Ganesh Rajgopalan.
CA. Raman Jokhakar started the session by giving an overview
of Tax Audit provisions and took the participants through various nuances of
tax audit that an auditor should keep in mind while conducting the tax audit,
especially in light of changes made in the Form 3CD. He also discussed various
precautions to be taken while filling up of ITR-6.
CA. Devendra Jain took the participants through various
clauses of reporting in Form 3CD. He also discussed issues raised by the
participants both from technical as well as practical perspective.
CA. Bhadresh Doshi started his presentation by highlighting
anomalies in the notified Form 3CD and the excel utility of Form 3CD. He also
explained various clauses with judicial precedents and case studies.
CA. Devendra Jain CA. Bhadresh Doshi CA. Ganesh Rajgopalan
CA. Ganesh Rajgopalan gave a detailed presentation on the
various clauses, especially the impact of ICDS on the tax audit and the
challenges thereof. He explained various changes which would take place while
undertaking Tax Audit in post ICDS scenario compared to earlier one. He also
brought out the differences which will be encountered between Ind AS and
ICDS.
The sessions in the Seminar were highly interactive and the
speakers shared their insights on the allocated subjects and responded to the
queries of the participants.
The participants benefitted immensely with the
detailed analysis of each provision of Form 3CD by the respective speakers.
