I
could write this column in a slightly relaxed manner thanks to the income tax
and GST audit compliance dates being extended to the 31st of
December. The joint efforts by the BCAS Taxation and Indirect Tax
Committees with other sister bodies, who submitted a timely representation to
the Honourable Finance Minister, followed by a well-reasoned press release to
the Prime Minister, must have helped. It was a great relief, especially for
MSME / SME businesses and small and medium-sized practitioners with the
extension coming as a Dussehra bonanza / gift.
‘We make a living by what we get. We make a life by what we give’ – Winston
Churchill.
I wish to refer to the continuing commitment of
individuals and institutions to contribute to people’s development which
results in improving the quality of life of other individuals, groups and
teams, as well as society at large. The BCAS Foundation (BCASF) is an
associate charitable arm of the BCAS which is engaged in social
responsibility activities. Recently, the Foundation identified and selected
social projects in the area of education, including digital, environment and
other social objectives which could be undertaken and executed with a perspective
of three to five years. We at BCAS and BCASF are enthusiastic
about these initiatives and eagerly look forward to doing good work in the social domain. I appeal to
members to join this social initiative as volunteers and contribute digitally, physically
and / or financially. You may register your details on sp@bcasonline.org
and we will get back to you.
Insofar
as the history of human civilization is concerned, digital transformation is
considered to be the next giant technological leap forward, similar to
internet. The importance of digital transformation has accelerated manifold in
the last few months as Covid-19 has brought to the fore the importance of
digital technologies, including artificial intelligence (AI), in addressing the
healthcare crisis, restarting supply chains, enabling online education and
almost every other aspect of the economy. With AI possessing the power to
radically transform the economic and social fabric of the world we live in, we
need to use it with responsibility for the good of humanity and for inclusive
socio-economic development. As the situation stands today, AI can shape how we live, think, consume, vote, read, work and holiday. This brings in
the point about holding big tech firms accountable and the need for suitable
policy responses.
The
flagship event of the BCAS, the 54th Virtual Residential
Refresher Course (VRRC) was announced recently. It will be held between 7th
and 10th January, 2021 and is open to all Chartered Accountants. The
VRRC would offer some innovative and unique features enabled by digitalisation.
The detailed programme will be announced soon. But may I request all of you to
block the dates and enrol to Participate – Interact (Virtually) – Learn.
As I
was closing this page on 28th October, we had an Expert Chat in the
form of a Panel Discussion on ‘Post-Covid – Impact on Economy and Capital
Markets’. The panellists were Dr. B.K. Bhoi, CA T.N. Manoharan and CA George
Joseph with the moderation being done by
CA Dipan Mehta; he brought out some excellent facets in the analysis of the
pandemic’s impact on the economy and industries and the way forward. All the
panellists were optimistic about the economic revival and rebound. They had a
similar thought process, that rebooting the economy requires strategy rather
than magnitude of stimulus and this is the right time to seize the
opportunities when the challenges are daunting. The Expert Chat is available on
our YouTube channel BCAS GLOBAL in case you missed the live event.
I take
this opportunity to wish a happy, joyous and Prosperous Diwali and New Year to
you, your family and your friends. May the festival of lights shower upon each
one of us super good health, lasting mental peace and, equally important,
plentiful prosperity.
Best
Regards,
Suhas
Paranjpe
President
