Society News

Human Development Study Circle Meeting
on “Introduction to Management Concepts in
Acharya Chanakya’s Arthashastra” held on
24th October, 2016

Human Development Study Circle organised a meeting
on “Introduction to Management Concepts in “Acharya
Chanakya’s Arthashastra” on 24th October, 2016 at
BCAS Conference Hall which was addressed by Mr.
Mahendra Garodia.

Mahendra Garodia is the Author of “Chanakya Business
Sutras” & “What’s Stopping your Growth”. He spoke about
Chanakya Pandit’s Artha Niti. He simplified management
concepts in 4 steps which are called as T.I.M.E. (Think,
Ink, Map and Execute).

Everyone should learn the crux delivered by the Speaker
in these 4 steps along with 14 principles of management
concised in Chanakya Business Sutras.

The talk was well received by all participants and was
followed by question & answer session.

Human Development Study Circle Meeting
on “Ahimsak Lifestyle” held on 8th November,
2016

Human Development Study Circle Meeting on “Ahimsak
Lifestyle” was conducted on 8th November, 2016 at BCAS
Conference Hall where CA. Atul Doshi presented the
various facets of lifestyle in a challenging environment.

The Speaker Mr. Doshi explained through many videos
and picture clips on how Animals need our Love and Care
and how we can be healthy and enjoy our life by adapting
Ahimsak Lifestyle to live in such a manner that we do not
harm other human, any living beings or environment.

“Ahimsa Paramo Dharma” (Non-violence is supreme
religion) is the foundation of humanity. Knowingly or
unknowingly, we consume or use lot of things which
causes harm to other living beings and environment as
well. India, a country of origin of word –‘ahimsa’ is the
highest meat exporter in world. India is also a large
producer & exporter of leather and dairy products which
are supporting slaughter houses. This is worst for both
animals and humans. India has highest numbers of
diabetes patients and facing sever diseases like cancer,
heart attacks and obesity.

As per affidavit filed by Government of India in theSupreme
Court, 68% of milk is adulterated in the country. Thus, the
milk we consume may not be pure.

Veganism is a buzz across globe. Vegan people do not
consume any products which contain animal ingredients.
Globally, people are giving up meat and dairy products for
health and environment reasons and its negative impact.
The presentation created awareness about cruelty free and
healthy living and the videos made the presentation lively.

Full day Seminar on Alternative Fund Raising
Options for Corporates held on 25th November
2016

A Full day Seminar on Alternative Fund Raising Options
for Corporates was held on 25th November 2016 at
Babubhai Chinai Hall, IMC, Jointly by the Corporate &
Allied Laws Committee of BCAS and the Chamber of Tax
Consultants.

CA. Kanu Chokshi, Chairman
of Corporate & Allied Laws
Committee of the Society
inaugurated the Seminar and was
then joined by the Vice President
CA. Narayan Pasari. Mr. Manish
Gunwani, the Guest Speaker
spoke about his analysis on Macro
economic Outlook and impact
of Demonetisation on various
financial markets.

The other speakers at the seminar
were:

CA. Abizer Diwanji who took participants through current scenario of Bank credit in
India. He dwelt on various types of financing prevailing
in India which can be used by corporates for various
purposes like Acquisitions, Infrastructure as well as
restructuring of assets.

Mr. Bhavesh Shah explained
the role of Private Equity and
advantages and disadvantages in
PE funding. He also touched upon
the process and documentation of
PE funding, global scenario of PE
funding and challenges faced by
PE industry.

Mr. Shameek Ray talked about
bond and debenture markets and
the current situation of efflux for
fixed income securities with the
declining interest rates in India.
He also dwelt upon the need for
dynamic and liquid bond markets.
Mr. N. S. Venkatesh explained the
overall impact of Demonetisation
on the Indian Economy in general
and the Banking & Financial sector
in specific. He also explained the
various instruments and options for
raising funds in foreign currency.
He touched upon the advantages
and disadvantages of various
options and also emphasised the
importance of hedging contracts
as safeguard to currency fluctuation with various real life
case studies.

The queries of the participants were answered by the
speakers and the seminar was very well received by the
delegates.

Lecture Meeting on Prevention of Money
Laundering Act (PMLA) and its implication on
Assurance and Advisory services provided
by Chartered Accountants held on 29th
November 2016

BCAS, Jointly with Corporate & Allied Laws Committee,
organised a lecture meeting on Prevention of Money
Laundering Act (PMLA) and its implication on Assurance
and Advisory services provided by Chartered Accountants,
on 29th November 2016 at BCAS Conference Hall.
CA. Chetan Shah, President BCAS welcomed the
participants and set the tone for the meeting by
highlighting the relevance of the topic in the current
regulatory perspective.

The Speaker – Mr. Satyabrata
Kumar (IRS), Joint Director –
Enforcement Directorate (Western
Region), explained the important
provisions of Prevention of Money
Laundering Act. He explained the
concept of money laundering and
modus operandi used to launder
the money viz, layering, placement and integration. The
Speaker dealt with the investigation process generally
adopted by investigating agency while investigating the
offence of money laundering.

He also shared his experience about the cases where
Chartered Accountants were prosecuted for offence
relating to money laundering and also the safeguards to
be adopted by Chartered Accountants while rendering the
assurance and consultancy services to their clients.

The speaker shared various case studies and satisfactorily
replied to the queries raised by the participants. There was
an overwhelming response to the meeting both through
personal attendance as well as online viewership.

Study Circle Meeting on Ind-AS held on 30th
November 2016.

The third Meeting of the Company Law, Accounting
& Auditing Study Circle on Ind AS was held on 30th
November 2016 at the BCAS Conference Hall.

CA. Kishor Parikh led the discussion on the topic Ind AS
12 – Taxes on Income. He covered the major issues of
the accounting standard like recognition of current tax
assets and liabilities, recognition of deferred tax assets
and liabilities with particular reference to taxable and
deductible temporary differences, unused tax losses
and unused tax credits, measurement, presentation and
disclosure. He also covered the various types of events
and transactions that normally give rise to deferred tax
adjustments with regard to business combinations that are
accounted for acquisitions such as fair value adjustments,
tax deductible goodwill, etc.

He explained the key differences between Ind AS and
Indian GAAP and then ended the session with multiple choice questions and case studies which were discussed
and solved by the participants.

Study Circle Meeting on “Draft GST Rules”
held on 3rd December, 2016

The Suburban Study Circle jointly with Indirect Tax Laws
Study Circle organised the Study Circle Meeting on “Draft
GST Rules” on 3rd December, 2016 at Directiplex, Andheri
(E).

The group leader CA. Darshan Ranavat explained the
Draft GST Rules in regard to Registration and Returns.
The group leader discussed the flow of migration of
existing assesses and rules for fresh registration. He
further explained the types of returns, flow of generic
returns and pre-requisites for filing the returns. The
speaker also informed the group about the rules for
Refunds and Invoices.

CA. Samir Kapadia, Chairman of the Meeting provided
his insights and analysis of the draft rules. He also
deliberated on the issues that could arise out of the draft
rules and difficulties faced by assessees in migration from
existing registrations.

The participants benefited from the presentation and
experiences shared by the chairman and the group leader.

Interactive Lecture meeting on “Issues
and Impact of Demonetisation” held on 5th
December 2016 at Santokba Hall, Near N. M.
College, Vile Parle (West), Mumbai

After the great viewership of Expert Chat session on
“Issues and Impact of Demonetisation”, the students
of NM College enthusiastically approached the BCAS
for conducting a similar session with them. The BCAS
interactive lecture meeting was held on 5th December 2016
at Santokba Hall which was fully packed by around 200
students of the college. The students of the Finance and
Investment Cell of N. M. College welcomed the President,
Vice President and the Speakers for the meeting CA.
T. P. Ostwal and CA. Ameet Patel. The session started
with opening remarks by President Chetan Shah informing
the students about the BCAS and educating them on the
benefits what they can gain from the Society. This was
followed by session by CA. Ameet Patel who touched
upon the various aspects of Demonetisation, its benefits
to the society, the tax implications and the importance
of digitization involved in the process. This was further
followed by session of CA. T. P. Ostwal who expressed his
thoughts on the various issues faced by the common man
on demonetisation. He touched upon the global impact of
Demonetisation and how the Modi government is bringing
about simple and good tax administration.

The students heard them with great enthusiasm which
was followed by a series of overwhelming and intelligent
Q&A session. The students attending posed various
questions to which both the speakers responded with
great in-depth detailing.

Study Circle Meeting on “Income-tax
implications due to Demonetization of High
Denomination Currency Notes” held on 6th
December 2016.

The captioned meeting by Direct Tax Study Circle was
held at BCAS Conference hall where the Chairperson
CA. Gautam Nayak gave his introductory remarks and
explained as to how the Government has planned and
brought out amendments in the income tax laws pre
and post demonetisation scheme. He pointed out the
important amendments in the penalty provisions.

The group leader, CA. Darshana Deshmukh, gave an
overview of the provisions of Second Amendment Bill
2016 which consist of amendments in sections 115EE,
271AAB, 271AAC and insertion of new Chapter IXA
‘Pradhan Mantri Garib Kalyan Yojana 2016’. She then
moved onto case studies whereby the group discussed
the possible tax implications in case of various scenarios
such as cash deposits in the bank accounts, holding of
jewellery, disclosure of income in the income tax return,
search proceedings, agricultural income, household
savings and charitable trusts. Attention was drawn to few
old case laws which have dealt with issues relating to
demonetization of the currency notes. The meeting was
interactive and the participants benefitted a lot.

FEMA Study Circle Meeting held on 8th
December 2016

The second FEMA Study Circle Meeting was held on 8th
December, 2016 at BCAS Conference Hall on the topic
of “Foreign Direct Investment in India” where CA. Rutvik
Sanghvi & CA. Naziya Siddiqui led the discussion. The
session was chaired by CA. Naresh Ajwani.

The Group Leaders discussed FDI in Single Brand Retail
Trade (SBRT) & e-commerce. In SBRT, various topics such as ownership of brand, E-commerce, sourcing
norms, exemption from the sourcing norms, Indian
branded products, FDI in Multi Brand Retail Trade were
discussed. The Group Leaders deliberated on market
place model of E-commerce and business model of an
existing e-commerce player in India. They also discussed
about the provisions related to transfer of shares and the
valuation methods. Chairman CA. Naresh Ajwani shared
his experience on various issues and that was a valuable
takeaway for the participants who benefited from his rich
experience on the subject.

Lecture Meeting on “Cyber Crime, Cyber
Security and Cyber Laws” held on 9th December
2016 Jointly with Corporate & Allied Laws
Committee

BCAS organised a Lecture Meeting on Cyber Crime,
Cyber Security and Cyber Laws on 9th December 2016
at BCAS Conference Hall, Jointly with Corporate & Allied
Laws Committee.

CA. Narayan Pasari, Vice-President, BCAS welcomed
the participants and set the tone for the meeting by
highlighting the relevance of the topic in the current
perspective, post demonetisation, where the masses
shall encounter quantum jump in digital transactions.

The Speaker – CA. Sachin Patil
(IPS), Deputy Commissioner
of Police, Cyber Crime Branch
(EOW) – Mumbai Police explained
the concept of cyber frauds and
explained various kinds of cyber
frauds like Credit Card Frauds,
Email Spoofing, Nigerian Lottery
fraud, fake profile, matrimonial frauds, cyber terrorism
etc. The speaker gave live demonstrations of recorded
mobile phone conversations of some credit card and
internet banking frauds.

He shared some useful tips and safeguards to prevent
online frauds, Dos and Don’ts for young citizens while
sharing personal information on social medial like
facebook, precaution to increase the safety of personal
computers, Wifi, routers etc. He explained the modus
operandi for frauds relating to stealing of personal
information stored on mobile phones (Smart Phones) and
tips to increase Mobile Security.

He also deliberated upon various types of cyber crimes and
prosecution provisions enumerated under the Information
Technology Act and the Indian Penal Code respectively.
The Speaker dealt with the investigation process for
investigating cybercrimes and various hindrances/
limitations faced by law enforcement agencies due to
inherent limitation of cyber space.

Through various case studies, he shared his experience
about precautions to be taken by a Chartered Accountant
(CA) to protect and safeguard the client’s data especially
in view of the recent cases of ransomware used by cyber
criminals to extract money from CA.

The meeting received an encouraging response from the
participants who found the lecture useful as to how to
avoid such cyber-criminal elements.

Report on Full Day Seminar on GST at Kolkata
on 10th December 2016.

It is said that GST will be a game changing reform for
Indian economy by developing a common Indian market
and reducing the cascading effect of tax on the cost of
goods and services. It will impact the Tax Structure, Tax
Incidence, Tax Computation, Tax Payment, Compliance,
Credit Utilization and Reporting leading to a complete
overhaul of the current indirect tax system. GST will
have a far reaching impact on almost all aspects of the
business operations in the country, for instance, pricing
of products and services; supply chain optimization; IT,
accounting and tax compliance systems.

Having acknowledged the significance of GST, your
Society, under its initiative to expand its horizons and
reach out to professional members across the country,
extended support through its Indirect Tax Committee
to DTPA Chartered Accountants Study Circle – EIRC,
Kolkata in organizing a full day seminar on Goods and
Service Tax at Kolkata on 10th December 2016.

The session was inaugurated by
Chief Commissioner of Service
Tax, Kolkata, Mr. S. K. Panda,
who in his opening remarks gave
brief overview about compliances
under registration and significance
of anti-profiteering clause. The
President of the Society, CA.
Chetan Shah gave a homely welcome to all the participants
and shared with them various initiatives that BCAS has
taken up and would be taking up in law making process and in spreading awareness about
GST. Chairman of Indirect Tax
Committee of the Society, CA.
Govind Goyal along with CA. Sunil
Gabhawalla, CA. Mandar Telang
and CA. Udayan Choksi acted as a
faculty for four technical sessions
in the said seminar and addressed
more than 350 participants. Vice
President of the Society, CA. Narayan Pasari in his
address covered various activities undertaken by BCAS
in general and appealed to members to strengthen BCAS
initiatives by becoming a part of it.

During the technical sessions,
CA. Sunil Gabhawalla explained
to the participants, the framework
of GST and concept of supply.
CA. Mandar Telang dealt with
provisions relating to time and
value of supply and Input Tax
Credit. CA. Udayan Choksi took
up various case-studies and
examples and elaborated the
provisions governing Imports/
Exports/Inter-State transactions
and Place of Supply of Goods
and Services. CA. Govind Goyal
enlightened the members about
the procedural aspects dealing
with registration, payment, filing of
returns and also various critical issues which the industry
as well as tax practitioners would have to face.

The program was attended 400 members from Kolkata
and adjoining areas.

ITF Study Circle held on 13th December, 2016

International Taxation Committee of BCAS conducted
its ITF Study Circle meeting on 13th December, 2016 at
BCAS Conference Hall. The study group discussed the
charge and scope sections under the Income-tax Act. CA.
Bhaumik Goda gave an overview of the provisions and
then dealt with some case studies on salaries received in
India for services rendered outside India, deemed transfer
provisions, inadequate consideration through gifting
of shares by non-residents and presumptive taxation
under section 44BB. The interactive session brought out
several issues and nuances in the law and case law on
the subject.

Seminar on “Estate Planning, Wills & Family
Settlement” held on 14th December 2016

A Seminar was organised by our Corporate & Allied Laws
Committee at BCAS Conference Hall to throw light on
importance of Estate Planning, Wills & Family Settlement
and to create awareness about some of the critical
aspects thereof.

CA. Chetan Shah, President of the Society welcomed
the delegates and CA. Kanu S. Chokshi, Chairman of
the Corporate & Allied Laws Committee introduced the
subject. The Seminar was inaugurated by the speaker of
the first session CA. Dileep Choksi.

CA. Dileep Choksi inter alia highlighted the emerging
need for Estate Planning & Family settlement / Family
Arrangements (Through Trust / Companies).

Dr. Anup Shah took the members
through intricacies of Wills,
including Hindu Succession
Law, Indian Succession Law,
various types of trusts etc. He
also touched upon the relevant
provisions of Special Marriage
Act, Adoption and Succession law
in other religions such as Muslims
/ Christians / Parsis etc.

Mr. Mahesh Shah, Solicitor,
enlightened the participants on
the clause-wise drafting of Will as
well as stamp duty, registration &
documentation aspects. He also
explained the intricacies of family
arrangements / family settlements
relating to properties held in joint family or joint business and related documentation
aspects.

CA. Yogesh Thar dealt with the
taxation issues in estate planning
/ Family Settlements / Family
Arrangements / Wills / Private
Family Trusts etc., Taxation of HUF
/ Partitions etc., Filing of returns of
deceased, Returns of Executors of
Estate.

The speakers responded to the queries of the participants.
The Seminar received an overwhelming response.

Study Circle Meeting on Ind-AS held on 14th
December 2016.

The fourth Meeting of the Company Law, Accounting
& Auditing Study Circle on Ind AS was held on 14th
December 2016 at the BCAS Conference Hall.

The discussion on Ind AS 9 – Revenue Recognition
and Ind AS 7 – Construction Contracts was led by
CA. Sachin Khopde. In the first part of the meeting he
covered key definitions, timing of revenue recognition
and measurement of revenue with respect to sale of
goods and rendering of services. He also explained some
important concepts like Agency Agreements, Gross v/s
Net Reporting, Multiple Element Transactions and Barter
Transactions.

In the second part of the meeting, he covered various
industry specific issues with regard to Service Concession
Agreements, Real Estate Transactions and also shared
insights as to how certain E-commerce companies and
Telecom companies recognise sales and revenue. The
discussion during the meeting was very interactive.

Human Development Study Circle Meeting on
‘Introduction into the World of Handwriting
and Signature Analysis” held on 15th
December, 2016.

HRD Study Circle organized a meeting on ‘Introduction
into the World of Handwriting and Signature Analysis” on
15th December, 2016 at BCAS Conference Hall.

The discussion was led by Mr. Navin Thantri (Graphologist)
Mr. Navin is a Professional Consultant and Trainer in the
field of Graphology, Numerology, Vaastu and many such
allied alternative sciences having close to 10 years of
experience.

He discussed about the scope and utility of the subject
for CAs and their Families i.e. Recruitment, Professional
Success and Health amongst others. He also explained
about the relevance and importance of the signature of a
person and emphasised as to what the signature reveals
about a person signing.

The participants expressed a desire for such workshops
and presentations in future.

Lecture Meeting on “Crude Diplomacy and
Global Economy and Q & A” held on 21st
December, 2016

A Lecture Meeting on “Crude Diplomacy and Global
Economy and Q & A” was held on 21st December, 2016
at BCAS Conference Hall which was addressed by the
Speaker Mr. Kushal Thaker, an Investment Strategist
and Consultant.

President Chetan Shah welcomed the speaker.

Mr. Thaker made a straight forward analysis on crude oil,
its products, uses, strategies in pricing, costs, production,
technology, financials, hedging tendencies, issues which
affect the economy. He made an in-depth study of many
countries in this regard and shared his research and
statistical analysis. He also touched upon some vital data
that can enable right speculation and investment.

The audience came up with good questions that made the
discussion interesting.