Full day seminar on charitable trust held on 7th November, 2015

• M
  r. S. B. Savale – Maharashtra Charity Commissioner who spoke on the
  regulatory requirements of the Charity Commissioner’s office and what is
  expected for the filing requirements and documentary requirements from
  the trusts. He also dwelt on the issues that arise post the filings, the
  deficiencies and the methods to control them.
• Mr. Shaily
  Jindal – CIT (Exemptions) who spoke on the issues faced by the trust and
  the problems of the department vis-a-vis the trusts and the
  expectations of the departments from the trustees and the consultants to
  the trusts.
• CA. Vipin Batavia spoke on the important
  provisions of the Maharashtra Public Trust Act and the important clauses
  to be incorporated in the Trust Deed at the time of drafting.
• CA.
  Paras Savla spoke on the rules and regulations for the trusts and
  highlighted the registration aspect u/s 12 AA of the Income-tax Act.
• CA.
  Rajesh Kadakia spoke on the taxation aspect of the trusts with special
  reference to Section 10 (23C) and Section 80 – G provisions, steps and
  methods to obtain the said registration and the problems faced in the
  said registration and its remedial measures.
• CA. Shailesh
  Haribhakti spoke on the Foreign Contribution Regulation Act, its
  provisions and the specific important issues that all should be aware
  about in relation to the trusts. After that he dwelt on the CSR
  Provisions and the way and means a trust can avail the benefits of the
  CSR provisions to raise funds for their projects.

The
Seminar was conducted by the Corporate & Allied Laws Committee of
the Bombay Chartered Accountant Society jointly with the Chamber of Tax
Consultants and was well received by the participants including CAs,
Consultants, Trustees, and employees of Trusts.

Workshop on Advance Professional Writing & Communication Skills on 21st November, 2015

This Workshop was held on 21st November and was well attended. A summary of the proceedings of the Workshop is as under:

CA. Dr. Dilip Sheth spoke on the Art of professional communication.

CA.
Dr. Dilip Sheth mentioned that the most important point while
communicating is the objective or purpose of communication. For
professionals, the objective is to convey what a client wants to know,
so use of plain, easy-to-understand language is preferred. However, if
the objective is to show off knowledge then use of flowery language and
complex words are allowed.

He shared the following basic principles of communication as:

• follow logical sequence
• have meaningful communications by making it concise and clear
• consider that communication reflects individual’s competence and enables others to form a judgement about speakers
• communication
  killers like long sentence, redundant words, archaic words or words
  requiring frequent reference to dictionary to be avoided.

While
giving an opinion, it is important that a CA should read, absorb and
understand the case, to give the best of his knowledge to a client.

He
discussed the art of report writing, opinion writing, drafting minutes
and action plan and synopsis of written submission with examples. He
also discussed case studies report of investigation to board, report of
80-IA and other reports.

With continuous changing objectives of
professional communication, the style and manner of communication
changes, and gives way for innovative clarity in expression. He
described this case on innovation by charactering persons – seer,
observer, alchemist, fool, sage, etc. Each one of us have each of these
characters at different stages of life.

His style of
communicating through personal life experiences enabled the audience to
connect with him and learn ways of communicating effectively through
writing.

From the eyes of an Editor – Anil Sathe

BCA
Journal has been in existence for 45 years. The journal provides
information about latest updates and case laws related to core subjects
of the Chartered Accountant profession and articles that are of
professional interest

CA. Anil Sathe’s expectation from writers are

• article must be written from target audience perspectives
• must be complete on standalone basis
• information shared must be corraborated with analysis.

A
comprehensive article must have each of the following components –
Introduction, Facts, Reasons, Analysis, Opinion and Conclusion. In the
introduction, the writer must introduce the reader to the topic. Facts
and reasons are the information that a writer aims to share with the
reader. Analysis and opinion are a writer’s own thoughts. Generally,
factually-based writing is stronger and more persuasive than writing
that relies on opinion. All analysis must be corraborated with facts, to
enable reader to clearly understand the writer’s message. The
conclusion must leave a clear message in mind of readers. The conclusion
must be free from any ambiguity.

After writing the first draft,
the writer must go through it in detail. He or she must ensure that the
article is complete piece and all paragraphs are connected. To ensure
that the article is error free, it is better to bounce it off with
colleagues or friends and seek their independent point of view. While
sharing articles for opinion, the writer must share it with a non-biased
reader.

To develop effective writing skills, individual must be
voracious reader. He shared a few tips that he personally followed
while reading other articles or books.

He encouraged each participant to write articles for BCAS Journal.

Writing effectively – experience from managing a professional content exchange website – Sharmila Ramani



Sharmila Ramani emphasised on following points which sharing her experience from her journey to becoming effective communicator

• use of correct grammar and sentence formation
• use of simple language
•  importance of punctuation mark style and manner of use of acronym
• preference towards use of active voice over passive voice
• facts be correctly stated

She
emphasised on the importance of editing. Each copy of the written word
to be edited by an independent person to ensure that it is free from
error. She shared 3 styles of editing – copy editing, substantive
editing and proof editing

The ABC of Professional Writing – Swati Jalal



Swati Jalal made her presentation by sharing 6 elements of effective communication starting with C.

• Clarity – use of familiar words, avoid sentence construction and punctuation error
• Concise – avoid redundant and repetitive words
• Complete – to ensure sentence is complete – focus on 5 W – who, what, when, where and why
• Coherent – sequential flow of sentences. parallel structure
• Correct – facts should be correctly stated and errors to be avoided
• Courteous – pleasant and positive tone and maintain level of professional formality.

Each element of effective communication was discussed, followed by examples and activity.

Drafting in Tax litigation – Submission, Appeals and Opinions – CA. Yogesh Thar

CA.
Yogesh Thar shared effective writing techniques from regulatory aspects
and customary / preferred aspects. Relevant column of forms of appeal
memorandum. He also shared points to be considered while drafting
application for condonation for delay, admission of additional evidence.

Style and manner of submission and important points of
consideration were discussed. Sequence to be followed for each
submission and philosophy behind submission of each opinion was
explained to the participants.

At the end of each session,
participants were encouraged to ask questions. All the participants
carried with them the treasure of knowledge in communicating effectively
with them from this practical seminar. After 5 interactive session, the
day of learning effective writing skills has opened up avenues for each
participants to impress their clients and officers by their writing
skills. .

Publication Release on 24th November 2015



The
official launch of the book “Novel and Conventional Methods of Audit,
Investigation and Fraud Detection” authored by CA. Chetan Dalal and
co-published by Bombay Chartered Accountants’ Society (BCAS) along with
Wolters Kluwer was released by Padmashri CA. T. N. Manoharan on 24th
November 2015 at Crossword, Kemps Corner, Mumbai. The book is the 3rd
edition by the author. It offers an insightful and descriptive account
of the frauds and accounting irregularities and methodologies to detect
them by using combination of novel and conventional audit approaches.

The
objective of this book is to provide practical approach for
investigation to auditors and person entrusted with the task of
investing white collar crimes. The MRP of the book is Rs. 2,295/-. BCAS
is offering the book to its members at a discounted price of Rs.1,380/-
along with additional postage of Rs.100/-. The publication pre-booking
is open till 30th December 2015 at BCAS office. Orders from publishing
house will be made post close of pre-booking period and couriered
directly to members after 5th Jan 2016.

So Hurry!!!! Book your copy now.

Seminar on Cloud Hosted Apps from Google and Microsoft on 28th November, 2015

The
Human Development & Technology Initiatives Committee had organised
the half day workshop. The speaker Mr. Punit Thakkar explained the
concept and importance of the cloud computing. Cloud computing, also
known as ondemand computing, is a kind of Internet-based computing,
where shared resources, data and information are provided to computers
and other devices on-demand.

He further discussed the features
of “Google Apps for Work” which is a cloud computing and storage
solution by Google. He emphasised on the security features, ease of
usage and cost effectiveness of the product. The speaker also explained
the various apps from Google like Gmail, Drive, Docs, Calender, Forms
etc.

The speaker continued with explaining the cloud computing
product of Microsoft that is named “Office 365”. He also outlined the
unique features and advantages of Office 365. The speaker made good use
of technology for live demonstration of the cloud computing.

The participants benefited immensely from the presentation and experiences shared by the speaker.

Two days Students’ Orientation Programme on 4th & 5th Dec 2015:

Human
Development & Technology Initiatives Committee Committee of our
Society organised a two-day orientation programme on 4th& 5th
December 2015. Focus of the program was on the practical a s p e c t s
of work as an articled student under the seniors in their respective
offices. The orientation programme laid emphasis on how to work on given
assignments. Practical issues faced while handling assignment on
important subjects was the key area of discussion.

The
programme commenced with guidance on effective articleship addressed by
CA. Atul Bheda. He made a presentation to guide students as to how to
make best use of opportunities during their three years of practical
training. He highlighted the fact that working during article ship
invariably involves real life situations. It helps to sharpen one’s
skill and knowledge across diverse industries on various subjects. The
speaker explained at length the concept of industrial training, armed
forces training and facility of secondment for an all round exposure.

CA.
Mukesh Trivedi presented the session on Direct Taxes. The speaker
explained some important definitions and concepts at length. He covered
important topics viz. heads of income, types persons, residential status
as well as method of computing income under different heads, claim of
deductions, credit for pre assessed taxes, various important dates for
statutory compliance, losses and clubbing provisions. He explained the
procedure and check list of preparing and uploading the different ITR
forms. While explaining the procedure of rectifications he emphasised on
accuracy of data entry.

While concluding his presentation he
shared information about references & study material, websites way
to study the Income Tax Law etc.

Speaker
Kewal Shah presented concepts on Indirect Taxes, Zonobia Kagzi on
Accounts and Audit and Pankaj Tiwari on Company Law. All the speakers
provided valuable inputs for working on assignments effectively with
accuracy and integrity. CA. Kamlesh Doshi provided insightful tips on
Tally software and use of Excel. He gave useful guidance on the subject.

On
the 1st day, in the post lunch session the Film ‘ Nani Palkhiwala a
crusader’ was screened. Advocate Jignesh Mr. Punit Thakkar (Speaker) Mr.
Atul Bheda (Speaker) Mr. Jignesh Shah (Speaker) Mr. Mukesh Trivedi
(Speaker) Mr. Kewal Shah (Speaker) Mr. Kamlesh Doshi (Speaker) Shah
shared his personal experience and learning from the life of senior
advocate Nani Palkhiwala.

Students
were provided with some key tools to equip themselves for excellent
learning and guidance in their respective articleship training.
President Raman in the welcome address shared Arunima Sinha’s life story
who bravely climbed the Mount Everest after loss of one and injury on
the other leg.

The
grit, determination and focus on goal with hard work is the key to
success. Chairman of the Committee Nitin Shingala also addressed the
students, emphasising on attitude, hard work and consistency in the
work.

Human Development Study Circle Meeting on “Happiness : “A Choice” on 8th December 2015

This meeting was addressed by Presenter: Kalpesh Thakkar.

The
Discussion was about: How, it is our Choice ‘to be happy’ or ‘not to be
happy’. What is happiness and how to be happy in all circumstances.

Overall,
the participants acknowledged as to how true it is that it is in our
hands to be happy and we hardly know it. We keep blaming others for our
miseries. The major lesson was that we have to take charge of our lives
right now and Be Happy.

Lecture Meeting on “Software and Other Intangibles – Indirect Tax Implications” on 9th December 2015

CA.
Sagar Shah explained the basic concept of intangible property. He
discussed, in detail, whether intangibles are goods, services or both
and its taxability under Indirect Tax laws. To explain this, he
discussed various judgements on the subject viz. Tata Consultancy
Services, BSNL, Tata Sons, etc. He discussed Indirect Tax implications
for various intangibles such as Trade marks, Designs technical know-how,
patent, Copy rights, Franchise and more particularly and in length, an
intangible in the nature of software.

In respect of software, he
deliberated on the tax implications vis-a-vis transfer of right to use
v/s license to use, packaged software, customised software and import /
export of software. He touched upon GST perspective and answered
questions by participants. .

2 Days Intensive Seminar on
Income Computation & Disclosure Standards (ICDS) :Held at the
Walchand Hirachand Hall, IMC on 11th & 12th December, 2015 :

A
2 Day seminar on ICDS was organized by Taxation Committee on 11th &
12th December, 2015 at Walchand Hirachand Hall, IMC in Mumbai.

The
seminar received an overwhelming response. The object of the seminar
was to help the participant to understand the application of ICDS and
their far-reaching implications for all taxpayers following mercantile
system of accounting.

The
proceedings commenced with a Keynote address by CA. Milin Mehta, who
was involved in the Committee which formulated the Standards (ICDS). He
explained to the members the view of the government, and the purpose for
notifying ICDS. Thereafter in the following sessions, the learned
speakers covered all the 10 standards.

ICDS
I & VII was covered by CA. Anil Sathe, ICDS III by CA. Ravikant
Kamath, ICDS V & IX by CA. Gautam Nayak, ICDS VIII by CA. Pradip
Kapasi, ICDS VI by CA. Alpesh Gandhi, ICDS IV & X by CA. Yogesh
Thar, ICDS II by CA. Atul Suraiya.

They dealt with:

1) Applicability & coverage of each standard (ICDS),

2) Various terms as defined under ICDS,

3) Comparison between ICDS and relevant Accounting standards (AS) and Ind-AS,

4) Disclosure requirements and Transitional provisions,

5) I ssues arising in regard to interpretation of the standards.

6) Impact where ICDS was in conflict with a judicial pronouncement.

The
learned speakers help the participants to understand all the applicable
10 ICDS with practical examples. The presentations given during the
seminar were very useful to understand the impact of ICDS on the tax
computation. The speakers also showed the way forward and the manner in
which all issues should be dealt with. The seminar was of immense value
to all participants.

Workshop on Successful Implementation of ERP Package and Audit Features in SAP on 12th December, 2015

The Human Development & Technology Initiatives Committee had organised the full day workshop.

The
speaker for first session was CA. Jairam Motwani, Sr. GM Internal
Audit, M&M. He explained in detail, the nuances, need and benefits
of the Enterprisewide Resource Planning (ERP) Solutions. He discussed
the SAP R/3 Integration Model, the various SAP terminologies and the
financial enterprise structure in SAP.

The speaker also shared
his experiences on the ERP implementation and auditing in the SAP
environment at Mahindra & Mahindra. He concluded with a discussion
on the Governance & Risk Compliance (GRC) in SAP.

The
second speaker Mr. Madhav Pai, Director (Solution Engineering), SAP
India took up the topic on successful implementation of SAP. He
suggested the recommended path, approach and pillars for ERP
Implementation. He explained in detail the various stages, timeline of
implementation methodology.

The speaker also elaborated on the
various reasons for failure of ERP and gave suggestions for mitigating
the failure risks. He further discussed the new SAP S4 HANA Finance
platform and explained its features. The second session was followed by a
panel discussion where both the speakers answered the questions and
issues raised by the participants. The workshop was well attended and
participants benefited immensely from the presentation and experiences
shared by both the speakers.

Lecture Meeting on “Recent Developments in Securities Laws” by Advocate Somasekhar Sundaresan on 16th December, 2015

The
learned speaker Mr. Somasekhar Sundaresan gave a bird’s eye view of the
developments in Securities Laws in 2015. He highlighted important
changes made through the new Insider Trading Regulations, the new
Listing Regulations and some far reaching changes in the SEBI Act. He
also touched upon the complexity arising out of Takeover regulations and
Delisting regulations. He covered in great detail changes concerning
making of disclosures of material developments, related party, document
preservation, etc. Considering the positive policy of SEBI in engaging
in public consultation for even the smallest of proposed changes, the
speaker suggested making the best use of this, instead of complaining
about difficulties in new laws/ changes later. He replied all of the
several queries raised to him by participants.

Study Circle on Outbound Investment – Nuances and Issues on 17th December, 2015

The
Study Circle meeting on “OUTBOUND INVESTMENT – NUANCES AND ISSUES” was
held on 17th December which was very well led by CA. Sagar Maru. He took
the participants through various issues surrounding outbound investment
specially issues around calculating the networth of the Indian Parties,
precautions to be taken for export capitalisation as a method of
funding, structuring oubound investment with debt and guarantee , round
tripping, flipping of structures etc. The participants deliberated on
these issues and shared their personal knowledge as well. In all it was a
very enriching meeting. On account of time constraint, few issues will
be taken up in the next meeting.

Study Circle Meeting on Highlights of Release 5.0 Tally.ERP9 with special focus on Service Tax on 18th December, 2015

The
Technology Initiatives Study Circle of the Society organised this Study
Circle to equip our members with the updated knowledge about Tally’s
latest offering. The objective of the meeting was met by way of an
interactive Q&A by the speaker with the audience over the course of
the session. The speaker for the session was CA Punit Mehta. This
program was well received by the members after the successful Part-1
session held by the same speaker on Tally. ERP9 with focus on VAT in
November 2015.

Study Circle Meeting on “Acceptance of
Deposits by Companies u/s. 73 and Loans and Investments by Companies
u/s. 186 of the Companies Act 2013 – Recent Amendments and Issues with
special reference to the relaxations in rules for acceptance of deposits
by private limited companies.” on 19th December, 2015

 The
Suburban Study Circle jointly with Company Law, Accounting &
Auditing Study Circle had organised the study circle meeting.

The
speaker CA. Paresh Clerk explained the provisions of section 73 of the
Companies Act, 2013(CA, 2013) governing the Acceptance of Deposits by
companies. He made good use of tables to answer key questions on
acceptance of deposit rules by private, public and eligible company.
Various case studies were also discussed by the speaker.

The
speaker further discussed provisions of section 185 and 186 of the CA,
2013 on Loans to Director and Loans & Investments by company. The
presentation highlighted the exemptions and also the penal provisions
for non compliances.

The participants benefited from the presentation and experiences shared by the speaker.