Half day Seminar on ‘Law & Procedure Relating to Authority for Advance Ruling & Recent Controversies’ on 17th July 2015
The
Half day seminar was jointly organised by BCAS along with the Indian
Merchant Chambers, The Chamber of Tax Consultants and IFA -India Branch.
It was designed to enlighten tax professionals as well as
representatives of industry regarding the Law & Procedure Relating
to Authority for Advance Ruling & Recent Controversies under the
Income-tax Act. The Keynote address for the seminar was given by Hon’ble
Mr. Justice V. S. Sirpurkar, Chairman, Authority for Advance Rulings,
who enlightened the participants regarding the scope of AAR (including
extension of scope on account of domestic transactions), various
procedural aspects for representation before AAR and ambiguities present
in the functioning of AAR. Further, there were panel discussions on
topics of importance in the industry, like ‘Alternative Dispute
Resolution – Enhanced role of AAR’, ‘Availability of benefit of tax
treaties; limitation of benefits clause; and tax avoidance, etc.’ and
Tax issues arising from transfer of shares, business restructuring
(Including issues related to indirect transfers) and applicability of
MAT provisions to foreign companies’ followed by floor participation.
Eminent speakers like Mr. V. K. Gupta, Commissioner of Incometax &
Member-DRP , Mumbai; Mr. Pravin Kumar, Director of Income-tax
(International Taxation)-II, Mumbai; Mr. Ajay Kumar Shrivastava,
Director of Income-tax (International Taxation), Mumbai; Mr. Rajan Vora,
Mr. Girish Dave, Mr. Pranav Sayta, Mr. Kanchun Kaushal, Mr. Sunil Lala,
Mr. T. P. Ostwal and Mr. Rakesh Dharawat were part of the panel
discussions. The seminar was very useful for participants who attended
the programme.
Workshop on Black Money Act on 1st August 2015
The
half-day workshop was designed to both give a background of the Black
Money Act by way of a presentation by Mr. Hitesh Gajaria; and discussion
on many controversial issues by a panel consisting of Mr. T P Ostwal
and Mr. Rohan Shah, moderated by
Mr.
Hitesh Gajaria. Mr.Gajaria explained the whole gamut of the provisions
under the Black Money Act in his presentation. Mr. Ostwal and Mr. Shah
provided their technical and legal views on various questions that were
posed to them. All of them also answered questions from the
participants. The workshop was quite useful to the large number of
participants who had attended.
Tree Plantation ? Visit to Vansda ? Dharampur – on 25th July, 2015
A day’s visit to Vansda – Dharampur was organised by the Human Resources and Technology Initiation Committee of the Society with the help of “Dhanvantari Trust” at Vansda-Dharampur,
founded by Dr. Kirtikumar M. Vaidya, M.B.B.S. (Founder Managing
Trustee) with the blessing and inspiration from Sant Shri Ranchhod Dasji
Bapu. Dr. Vaidya left Mumbai 50 years back and settled in VANSDA, to
work for the Holistic Development of the Tribal villages of south
Gujarat, as a full-time Medico Social Worker. At present, he is working
in 320 villages of Vansda Taluka for their development from all the
perspectives like Education/Health/Agriculture/Water Management/
Environment etc.
The 20 Participants planted Mango saplings at
the farmer’s field at Vansda in their pursuit to support the environment
and take steps towards the “Green” initiative.
Captive plantations of Mango trees on the farmer’s field would generate regular income for them in future.
The
participants enjoyed Lovely Monsoon of Dharampur as well as had
wonderful opportunity to learn about the lots of noble activities
carried on by Dhanvantari Trust selflessly.
Lecture Meeting – How to achieve success in CA final exam on 30th July 2015
We,
at BCAS, always cheer and compliment successful CA students.
Simultaneously, we recognise that many students missed to achieve
success in the CA exams. Appearing and performing well in all the CA
Exams is the dream of every CA student.
Recognising the need and
urgency of imparting the special guidance to the CA students, Human
Development & Technology Initiative (HDTI) committee of BCAS jointly
with Rajasthan Vidhyarthi Gruh (RVG Hostel) and WICASA of ICAI had
organised two important lecture meetings on 30th July 2015 and on 21st
August, 2015 to help the students to understand and cope up with
preparation and pressure of CA Exams successfully. CA Atul Bheda and CA
Mayur Nayak delivered the talks. Both the learned speakers did share
lots of success mantra with the students.
Students
immensely benefitted by attending these two important lecture meetings.
These two lecture meetings would certainly help them to prepare better
for the forthcoming CA exams. It would also help them to perform better
as an article student in the office.
In the 2nd lecture meeting
which was held at the Indian Merchants’ Chambers on 21st August, 2015,
the recently qualified CA Final student from very humble background from
Pune Shri Mahesh Londe was felicitated by our Past President Shri
Narayan Varma. His sheer magnifying presence and address to all the
students present there motivated them a lot.
Indirect Tax Study Circle Series on GST
The
Indirect Tax Study Circle of the Society conducted a GST Series
Meetings comprising of 3 meetings on 4th July 2015, 18th July, 2015 and
on 1st August 2015 to discuss various aspects of proposed GST law, a
long pending most important indirect tax reform in this country. The
objective of the program was to educate the members about the broad
framework of GST and to identify brain trust issues on which the members
may deliberate in the forthcoming study circle meetings for possible
solutions. This will help the members in guiding their clients and
business community at large, to prepare them for the emerging law.
In
the first meeting, Adv. Shailesh Sheth addressed the members on the
Topic – ‘Why GST?’ The members discussed issues facing current indirect
tax structure in India, ideal GST framework, the similar law prevailing
in other countries and GST as a possible solution in India. In the
second session, CA Jayraj Sheth dealt with GST provisions from Indian
perspectives. He broadly addressed the members about historical
background of GST in India and proposed GST framework in India. In the
last meeting, CA Parind Mehta enlightened the members about the
intricacies of the 122nd Constitutional Amendment Bill 2014. Members
also discussed the requisites of the IT framework in the GST. The
members gained around 10 Hrs of knowledge and learning experience.
The
endeavour of the society cannot be overemphasised in paving a way for
participating in the law making process of the Government in relation to
new tax on goods and services replacing number of existing laws from
the angle of smooth transition, minimising ambiguities and
uncertainties.
Mr.
Ganesh Rajgopalan and Mr. Rutvik Sanghvi, the learned speakers for the
lecture meeting held on 29th July 2015 at the Jai Hind College
Auditorium covered various aspects of income tax returns such as the
persons obliged to file the tax returns, various types of income tax
returns, due dates of filing and the truck load of amendments brought
about in the income tax returns.
The
speakers drew attention to the major amendments brought in the income tax
returns – disclosure of all bank accounts in India held by an assessee at any
time during the year, amended
Foreign Assets schedule whereby additional information
is required to be given, disclosure of Passport number etc. They emphasised on the terms ‘beneficial owner’ and ‘beneficiary’, understanding of
which is a must while making disclosures in the foreign assets schedule. They
threw light on the minor amendments made in Schedules for House Property,
Business Profession, Capital Gain, Other Sources and Exempt Income. At the end,
they explained the entire process of e-filing of the return, linking of Aadhar
card to PAN and other alternatives for verification of the return.
