Mr. Shiluka Goonewardene(Speaker)
The active involvement of the group leaders and the participants at the group discussion along with other proceedings at the Conference has elevated the standard of discussion year after year and this has made this conference popular. The residential nature of the Conference not only built camaraderie amongst fellow professionals but also got personal touch as many participants were accompanied by their spouses and children.
The overwhelming response of the participants, the quality of the discussions backed with eminent speakers and the seamless coordination of the entire event with the help of the coordinators has once again made ITF a grand success.
GST series lecture meetings held on 20th August, 10th September and 17th September, 2016
GST series lecture
meetings were held by Indirect Tax Committee jointly with the Indirect Tax Study
Circle on 20thAugust, 2016, 10th September, 2016 and 17th
September, 2016 at BCAS Conference Hall. A batch of 3 lecture series on GST
model law was organized to discuss the significant provisions of Model GST law
and related literature available in the public domain. Considering the nature
of subject on hand, the maximum enrolment per meeting was restricted to 60
members only.
Each session was led
by two Group Leaders and mentored by two Group Mentors having domain expertise
in various fields of present indirect tax laws like central excise, VAT and
service tax
The contribution by the group leaders especially
in terms of the presentations was highly appreciated. The sessions witnessed
excellent participation amongst members and interactive discussion on the
subject. At times members came forward to discuss the issues by way of dramatic
presentation to other members which made the discussions very interesting.
It was decided to hold one more lecture in the
series on 1st October, 2016 to discuss the provisions of Input Tax
Credit and hold further such sessions once the amended draft is placed in the
public domain.
FEMA
Study Circle Meeting on “Current, Capital Account Transactions and
Liberalized Remittance Scheme (LRS)â€held on 26th August 2016
A
FEMA Study Circle Meeting was held on 26th August, 2016 at BCAS
Conference Hall where CA Sudha G. Bhushan led the discussion on the topic of
“Current, Capital Account Transactions and Liberalized Remittance Scheme
(LRS)â€. Large number of members participated in this meeting. The Group Leader
deliberated upon factors determining the nature of a transactions as to capital
or current account transactions. Various concepts such as “Balance of Paymentâ€,
“Characterization and Permissibility†of various transactions were discussed at
length. Issues such as:
Whether loan can be given to non-resident
third party under LRS?
Can
payment for ESOP be considered as current account transaction?
Whether
remittance for minimum investment for obtaining a resident visa or green card
in USA is a permissible current account transaction?
Can
an Individual invest under LRS in a foreign company which is engaged in leasing
of properties?
Can a
grand-mother make remittance outside India for education of her grand-daughter?
Many
such questions were deliberated upon. In all the members got a complete
understanding as to how to determine a transaction under FEMA as a current
account or a capital account transaction and what is permissible under LRS. CA
Sudha G. Bhushan’s experience added value to the participants.
A total of 73 participants
attended the meeting.
Blood Donation Camp held on 27th August 2016
The
purpose of life is not to be happy – but to matter, to be productive, to be
useful, to have it make some difference that you have lived it all. ~Leo
Rosten
Blood Donation camp at BCAS
The
blood donation drive was one full day event organised by the Membership &
Public Relations Committee of BCAS on Saturday, August 27, 2016 at BCAS
Conference Hall, in collaboration with the Tata Memorial Hospital (TMH), one of
the biggest and renowned hospital in Mumbai for having the sophisticated blood
bank facilities and laboratories. It was a great team effort of 20 to 25
volunteers which included 15 Members from Tata Memorial Hospital and others
from BCAS staff, who actively extended their support for the event and made it
a successful one.
The
drive was extremely well organised and smoothly managed by the volunteers. BCAS
had kept the atmosphere very soothing and lively with smooth instrumental
music. There was a team of two doctors
and one supervisor from TMH specially to diagnose the donor’s eligibility to
donate blood. he TMH team ensured that each donor was assisted by one volunteer
and that the donor was completely fit and fine after donating blood. .
BCAS got an
overwhelming and encouraging response for this blood donation drive. Awareness
and messages were spread by the BCAS team for this Drive within their family
members and friends. More than 56 donors
were eligible and could donate blood. The donors consisted more of young
members. The, BCAS provided all the
donors with a Certificate for donation as a token of appreciation. The donors
will also be given a donor card from TMH, having a validity of two years.
It was truly an
enriching and enlightening experience for all of us. The experience from this
drive, would always encourage and motivate to participate more in such events
which would be ultimately beneficial for the society at large.
Seminar on Tax Audit held on 27th August, 2016
A full day seminar on
Tax Audit was held by the Taxation Committee of the BCAS at the lndian
Merchants’ Chamber, Churchgate, Mumbai.
President CA. Chetan
Shah gave the opening remarks followed by introductory words from the Chairman
of the Taxation Committee, CA. Ameet Patel.
Various topics were
taken up at the Seminar by the following Speakers:
- Overview of Tax Audit Provisions, including applicability in
presumptive cases and calculations of limits, Reporting Requirements,
Audit Quality and Documentation : CA
Paresh Clerk
- Reporting in Form 3CD – Clause by clause analysis by CA
Mehul C. Shah and CA. Sanjeev Lalan
·
E-filing
of Tax Audit Report and other related forms : CA Avinash Rawani
CA Paresh Clerk (Speaker)
CA Paresh Clerk
explained the applicability of Tax Audit in case of business and profession and
provided detailed illustrations in order to explain the applicability of tax
audit in case of presumptive taxation. He provided suggestions with respect to
audit procedures and documentation to be maintained by the auditors. Also, he
highlighted issues which majority of the times go unnoticed by the auditors and
provided practical solutions for the same.
CA Mehul C. Shah (Speaker)
CA Mehul. C. Shah
explained the fundamentals of Tax Audit. He discussed with examples certain
clauses of the Form 3CD. Additionally, he provided a check list covering the
vital aspects of Tax Audit and the information which should be obtained from a
client. He resolved various queries of the participants.
CA Sanjeev Lalan (Speaker)
CA
Sanjeev Lalan discussed in detail the provisions of section 40(a) (ia)
of the Income-tax Act, 1961. He provided clause wise the issues which
should be considered by auditors during Tax Audit. Suggestions on
various clauses in order to deal with the challenges faced by auditors
while carrying out the tax audit were provided by him.
CA. Avinash Rawani,(Speaker)
CA Avinash Rawani
made the participants aware about the nuances of e-filing of the Tax Audit and
other reports. He explained in detail the stepwise procedure to be followed for
e-filing of the reports. He pointed out several issues faced by auditors while
e-filing and provided tips which would simplify the process.
The content of the
sessions and the speakers’ practical suggestions in response to the numerous
queries raised helped the participants in easing the perplexities of Tax Audit.
The event was
attended by 153 participants.
Seminar on Model GST Law held on 3rd and 9th September, 2016
|
CA Mandar Telang (Speaker)
|
CA Sunil Gabhawala (Speaker)
|
CA Samir Kapadia (Speaker)
|
BCAS
held a Seminar on Model GST Law at the BCAS Conference Hall on 3rd September..
The speakers included CA. Mandar Telang, CA. Sunil Gabhawalla, CA. Samir
Kapadia, CA. Udayan Choksi, CA. Naresh Sheth, CA. Bharat Shemlani, CA. Janak Vaghani
and CA. Jayraj Sheth
Gita
for Professional in Hindi Publication Release- L to R: CA Govind
Goyal,CA Chetan Shah (President), CA Chetan Dalal (Author), CA Rashmin
Sanghvi,and CA Narayan Pasari
Another,
similar session called GST Seminar Part II having the same topics was
held on 9th September, at Navinbhai Thakkar Hall, Vile Parle, Mumbai. On
this occasion, 1st edition of our publication gita for professionals in
Hindi titled “Gita Vyavsaiyon Ke Liye†was released by the hands of CA
Rashmin Sanghvi. The speakers on this day were CA. Mandar Telang, CA.
Sunil Gabhawalla, CA. Samir Kapadia, CA. Udayan Choksi, CA. Naresh
Sheth, CA. Bharat Shemlani, CA. Janak Vaghani, CA. S .S. Gupta.
|
CA Udayan Choksi (Speaker)
|
CA Naresh Sheth (Speaker)
|
CA Bharat Shemlani (Speaker)
|
Goods and Service Tax has already received the
President’s assent in September 2016. It will form a major part of our lives
and there is a heated discussion going on around the country and especially
amongst the professionals, who will face a major hurdle in their routine
practice. They would be required to advise clients on the various aspects of
this new law. The topics ranged from concept of new law, Supply and Nature of
Supply, Inter State, Intra State, Payment of Tax, Valuation & Rates of tax,
Input Tax Credit to Compliances like Registrations, Returns & Assessments.
The forecast of the GST Model Law and its after effects were also presented by
Shri Jayraj Sheth and Shri S. S. Gupta at the respective seminars namely 3rd
and 9th September, 2016.
|
CA Janak Vaghani (Speaker)
|
CA Jayraj Sheth (Speaker)
|
CA S. S. Gupta (Speaker)
|
The
presentations made by the speakers were structured in such a way that that the participants
understood the impact of GST. .
Both
the halls were full of enthusiastic participants who were quiet satisfied with all the
presentations.
A
total of 105 and 475 participants attended the seminars at BCAS and Vile Parle respectively.
FEMA Study Circle Meeting on “FEMA from Auditor’s Perspective†held on 7th September, 2016
A
FEMA Study Circle Meeting was held on 7th September, 2016 at BCAS
Conference Hall where CA Hardik Mehta led the discussion on the topic of “FEMA
from Auditor’s Perspective†and CA Mayur Nayak chaired the said meeting. The
Group Leader shared from his personal experience what aspects are to be
verified when one audits transactions
such as investment in equity received under Foreign Direct Investment,
loan borrowed under External Commercial Borrowing regulations, Import / export
of goods and services etc. Issues taken up for discussion amongst others were:
Whether
loans from NRIs are permitted?
Whether
Data Management Company is eligible borrower for ECB under Miscellaneous
sectors where ECB is permitted under automatic route?
Whether
ECB can be utilised to acquire another Indian company?
He
also pointed out what documents one needs to see for these transactions. In all,
the members got an overview of various capital account transactions and
specific audit documentation. The Group
leader also shared a check-list for verifying various documents related to
these specific transactions which is a handy tool for the auditor.
A
total of 56 participants attended the Study Circle.
Study
Circle Meeting on “Important practical aspects of Reporting on Internal
Controls on Financial Reporting (ICFR), CARO and Audit Report – For
SME’s †held on 17th September 2016
The Suburban Study Circle jointly
with Accounting
and Auditing Study Circle had organized the study circle meeting on 17th
September, 2016 at Direct-i-plex, Andheri East, Mumbai.
The group leader CA Payal
Punatar explained
the applicability of ICFR reporting as per the requirement of Companies Act,
2013. Group was briefed about the meaning of Process, Risk and need of various
types of controls. She further explained the issues in Implementation of ICFR
framework for Private/ Small/ less complex companies.
The group discussed the various
components of framework such as Control Environment, Risk Assessment, Control
activities, Information and communication and monitoring for SME sector.
Further she explained the common constraints faced in implementation / review
of testing and how to meet the compliance requirement. Finally Group discussed
the illustrative Risk Control Matrix (RCM) for Fixed Assets and accounts
payable process.
The participants were benefited from
the timely guidance for the presentation and experiences shared by the group
leader.
A total of 20 participants attended the meeting.
