BCAS In 2016-17. Part – 3

As promised, this is the third and last part on the captioned subject. The Annual Report for the year will be published soon and you will be able to see complete details of the happenings throughout the year. As a member, we urge you to go through the Annual Report and do share your feedback with us. In this issue, we will cover knowledge sharing through our publications and various other activities held at the Society.

BCAS Publications: The year has been eventful with knowledge sharing at the forefront. The Society released publications on various topics of professional significance.

At the last AGM held in July 2016, the Society released 2 publications. One on “Internal Audit – Practical Case Studies” by CA. Deepjee Singhal and CA. Manish Pipalia. Internal Audit has been an area that is under explored by Chartered Accountants. Its potential to add value remains a key driver looking at the need, utility and the possible revenue to chartered accountants. Unlike Statutory Audit, the scope of Internal Audit can be as wide as business. The irony is that businesses do not adequately recognise the value of Internal Audit. The Companies Act, 2013 has brought new impetus on Internal Audit for Companies.

The second publication was on “Non-Banking Financial Companies – A Treatise” by CA. Bhavesh Vora, CA. Zubin Billimoria, CA. Hardik Chokshi, CA. Gautam V. Shah & CA. Heneel Patel. Today, NBFCs are regulated entities and are under the supervision of the Reserve Bank of India . The growth of this sector must be balanced with the objectives of financial stability, depositor protection and ensuring adequate compliance with regulations. Considering the role of NBFCs in the economic development and to ensure systematic and structured growth in this sector, the NBFC regulations are made over-arching. The compliances are layered and multiple, depending on the type of NBFC. The deposit accepting NBFCs have the most rigorous guidelines to adhere to stringent reporting requirements.

BCAS released the 3rd Edition of “Gita for Professionals” by CA. Chetan Dalal in August 2016. This book received an overwhelming response. The book has always caught the attention of the young and experienced as it throws light on aspects of professionalism from the Holy Bhagwat Gita. A Hindi edition of the book was also simultaneously released which was also well received by our Hindi reading professionals

BCAS, which had been in the forefront to organise several workshops on the ICFR came out with a publication in the month of August 2016 called the “Internal Control Over Financial Reporting” by CA. Nandita Parekh. This book discussed the subject in a simple and lucid language and assisted such companies to adhere with the requirements of the Companies Act, 2013 and their auditors to effectively discharge their duties. The Publication contained ready to use drafts and formats which can be used with some modifications to design and document the internal controls over financial reporting.

BCAS supported the Government in sharing knowledge on Income Disclosure Scheme 2016 and came out with a publication on the said subject in August 2016 called the “Income Disclosure Scheme, 2016” by CA. Bhadresh Doshi. There had been numerous public meetings addressed by various Principal Commissioners of Income-tax across the country exhorting people to come clean. BCAS had the opportunity to attend one such meeting which was jointly held by ICAI & FICCI. The author along with the BCAS President CA. Chetan Shah had the honour to hand over a copy of the publication to the hon’ble Finance Minister, Shri Arun Jaitley on this occasion.

Another publication released was by two young authors from Ahmedabad CA. Viren Shah & CA. Jeyur Shah on the “Reporting under CARO 2015/2016 (a compilation)“. The book was released in Ahmedabad at the BCAS Event on the said topic. The book received good response across the country.

Deduction of tax at source from non-residents has always been a complex subject since the payer effectively needs to determine the tax liability of the payee in India. The changes brought from time-to-time, and recently in 2016, including the requirement of e-filing, have added to the complexities of the procedures. With business boundaries extending globally, transactions with non-residents are common place. A very important consideration in any jurisdiction that claims to be business friendly is the tax regime. After the opening of the Indian economy, there has been a paradigm shift in cross-border transactions. Thus, BCAS thought of the publication on International Tax on “Payments to Non – Residents – A Guide on Reporting Tax Deduction at Source under Section 195” by CA. N. C. Hegde, CA. Mallika Apte, and CA. Risha Gandhi. This was one of the very fast selling publications and was out of stock within a short time of 2 months.

The most awaited publication year on year “BCAS Referencer 2016-17” again sold around 5000 copies. This year the Referencer came with an app with a unique password for users to view it on Windows, Android & IOS phones. The technological addition to the traditional Referencer received a very encouraging response. This year’s “BCAS Referencer 2017-18” was released in April 2017 and is available for sale.

As a tradition, BCAS comes out every year with the publication “Union Budget – An Analysis” which articulates the various amendments post budget. This year, post budget in February 2017, the said BCAS publication which was printed in 2 languages English and Gujarati, crossed a sale of 35000 copies of English and 3500 copies of Gujarati.

With technology at the forefront BCAS this year came out with 2 e-Publication in flipbook format. One was an e-Publication on “Rules of Interpretation of Tax Statutes” by Senior Advocate Mr. N. M. Ranka. The book is a compilation of Mr. Ranka’s authored articles on “Rules of Interpretation of Tax Statutes” in the Bombay Chartered Accountants’ Society Journal (BCAJ). The said articles were published in four parts from April 2016 to July 2016. This e-Publication received 4252 views till date.

The second e-Publication was on “The Direct Tax Dispute Resolution Scheme 2016 – An Analysis” by CA. Saroj Maniar. This publication has received 3203 views till date.

A few other publications which are lined up for release shortly include the “Monograph Series” a set of 5 publications on various legal aspects, “FAQ on Accounting Standards”, “Audit Checklist”, “Publication on Equalisation Levy” and others. Do keep in touch with the BCAS knowledge management portal to know more on the upcoming list.

Other Activities: Amongst various other activities at BCAS; we are glad to inform you that the various study circles have been doing exceptionally well with enthusiastic participation. Study Circles at BCAS have always seen great engagement on knowledge development by its members. This year too, the response has been good and an overall of 20 study circle sessions were conducted. A new venture here was the commencement of BEPS (Base Erosion & Profit Sharing) Study Circle in December 2016. Since its first meeting in December this Study Circle has been receiving good participation and has successfully completed 7 sessions till March 2017.

Some of the key highlights this season without which this year cannot be called complete are as follows:

One was the Grand 50th Golden Jubilee Residential Refresher Course. The event details are covered in Part 1 however one cannot miss the publication which the Society came out during this celebration in January 2017 which is called “Golden Jubilee Residential Refresher Course Nostalgia -A Collection of memories.” This publication is a golden collection of lasting memories of the last 50 RRCs in a glimpse. The Journey has been sentimental and nothing can tarnish the nostalgic experience. At BCAS; the affection shines, as we scroll through the past. This publication gives access to the enchanting memories of 50 RRCs and has various eminent authors penning articles on topics of professional significance.

Another significant activity of the Society is on the most current topic of GST. Though part 1 on events covered the various seminars on the said topic we would like to inform you that BCAS is one of the Approved Training Partners(ATPs) to impart GST Training by NACEN (National Academy of Customs, Excise and Narcotics). We have 10 certified trainers on board to impart this training. BCAS has commenced trainings designed and conceptualised as per the NACEN guidelines prescribed by the government. 

On the technology front BCAS took various steps, starting with making available sale of publication and events online. BCAS online portal facilitates its members to purchase publications, enrol for an event or even pay their membership fees online. The BCAS Lecture meetings held at the BCAS Hall are now live streamed through its YouTube Channel and today the channel has moved from 500 subscribers to 3058 as on 31st of May. This has been another landmark change through which the Society has tried to reach out to various locations. BCAS website and the BCAJ website both have been given a new look which is more user friendly and easy to access, at the same time informative.