Service Tax & VAT on Sale of under Construction Flats
At this lecture meeting held on 22nd August 2012 at the Indian Merchants’ Chamber, Mumbai, Mr. Vikram Nankani, Advocate, addressed the participants on the subject of the meeting. The speaker covered various judicial decisions such as K. Raheja Development Corporation, Assotech Realty Pvt. Ltd., L&T and MCHI among others and explained several vexed and controversial issues. He also dealt with recent Trade Circular 14T dt. 6/8/2012 issued by Sales Tax Department of Maharashtra directing builders to apply for registration by 16/8/2012, file returns by 31/8/2012 along with payment of taxes and interest and brought out the various intricacies of the topic for the benefit of 400 + participants. Mr. Nankani also touched on the new scheme of Service Tax and its approach through negative list. The webcast of the meeting is available on BCAS WebTV.
Negative List based Taxation of Services – Important Issues Mrs. Puloma Dalal, Chartered Accountant, addressed the participants on the issues pertaining to Negative List of Services at this lecture meeting held on 3rd September 2012 at the Indian Merchants’ Chamber. The speaker discussed in detail finer aspects of the new law such as definition of service, declared services, various aspects and interpretation of negative list and bundled services. Nearly 200 participants attended and gained from the knowledge and experience shared by the faculty. The webcast of the meeting is available on BCAS WebTV.
Other programmes
Monsoon Trekking
The Human Resources Committee of the Society organised a one day trek on Saturday, 25th August 2012 from Dodhani Village near Panvel to Sunset Point at Matheran.
The trek was through a thick jungle, with lots of butterflies and birds, and a good view of surrounding hills in the midst of greenery and Panvel reservoir. The view got better as the participants gained height. Considering that climate on that day was unusually hot and humid, the trek turned out to be little above the ‘easy’ grade. Yet the 40 participants did admirably well, enjoyed the nature and successfully completed the trek under guidance from 5 experienced volunteers from Explorers & Adventurers Club. During the return journey, the group lightened the mood and indulged in singing and antakshari amidst stronger camaraderie and bonding.
ASPIRE – Interactive Session for CA Students – Success Mantras for Success in CA exams
The Human Resources Committee of the Society and the Chamber of Tax Consultants jointly organised this seminar on Saturday, 8th September 2012 at Gulmohar Hall of BCAS Society, Mumbai and was presided over by Mr. Deepak Shah, President of BCAS, and Mr. Manoj Shah, President of CTC.
The object of the seminar was to discuss how to overcome various challenges while studying for the professional course of Chartered Accountant and sharing of “Success Mantras” to achieve spectacular success in exams.
The seminar was addressed by Mr. Atul Bheda, Chartered Accountant, and Rank-holders of May 2012 Batch namely Ms. Devshree Ganantra, Mr. Dharan Gandhi, Ms. Isha Changdiwala, Ms. Radhika Subramanian and Mr. Sunny Gosar, who shared their personal experiences of how they prepared for examinations and handled the stress. Past President Mr.Narayan Varma also motivated the students for coming in the profession with good ethics and integrity. The seminar ended with vote of thanks by Mr. Krishna Kumar Jhunjhunwala, Chartered Accountant, to all the faculties for inspiring the students with valuable Success Mantras and invigorating them.
International Tax & Finance Conference 2012
The 16th International Tax and Finance Conference, 2012 was organised by the International Taxation Committee of the Society from 17th August 2012 to 20th August 2012 in very refreshing atmosphere at Holiday Inn Resort, Goa where the following papers were discussed and presented:
Papers for group discussion:
- Case Studies on International tax (with special reference to amendments in the Finance Act, 2012) ” by Pinakin Desai, Chartered Accountant.
- General Anti-avoidance Rules with Case Studies by Pranav Sayta, Chartered Accountant.
- Interpretation of Tax Treaties – Important Principles by Gautam Doshi, Chartered Accountant.
Papers for presentation:
- Transfer Pricing Regulations – Amendments made in the Finance Act, 2012 with special reference to “Specified Domestic Transactions” by Sanjay Tolia, Chartered Accountant.
- Investment Protection Treaty paper written by Rohan Shah, Advocate, and presented by Mr. Tarun Gulati, Advocate.
- Service-tax on Cross Border Transactions by A. R. Krishnan, Chartered Accountant.
The Conference received excellent response and was attended by 192 participants from various parts of India and overseas including Hyderabad, Bangalore, Chennai, Coimbatore, Delhi, Ahmedabad, Pune, Goa, Secunderabad, Jamnagar, Kolkata, Karnataka and Dubai besides Mumbai.
The participants witnessed a very high quality of deliberations. Seminar on NBFC Regulations (Including Audit & Tax Aspects) Accounting and Auditing Committee of the Society had organised this seminar on 30th August 2012 at the Indian Merchants’ Chamber, Mumbai to equip members and industry professionals with the overall perspective of NBFCs Regulations and the recent updates with respect to RBI directives, legal, accounting and tax aspects. The seminar was attended by over 120 participants with representatives equally from industry and profession.
Mr. Naushad Panjwani, the Vice President, of the Society, inaugurated the seminar and highlighted the importance of the subject of the Seminar. Mr. Himanshu Kishnadwala, Chairman of the Accounting and Auditing Committee, outlined the contents of the seminar and explained the importance of various topics.
Ms. Archana Mangalagiri, General Manager, Reserve Bank of India (RBI), briefed the participants about the recent developments and initiatives taken by RBI in the field of NBFCs and gave RBI’s perspective in respect of various recent developments in the NBFC regulations.
Mr. Anup Shah, Chartered Accountant, discussed in detail various legal aspects applicable to various categories of NBFCs with focus on various recent notifications and circulars.
Mr. Viren Mehta, Chartered Accountant, covered “Audit Procedures and Reporting” and explained role and responsibility of the auditors under NBFC regulations. Mr. Yogesh Thar, Chartered Accountant, dealt with various contentious issues faced by the NBFCs under the direct tax laws.
Workshop on How to Conduct a Tax Audit
The Taxation Committee of the Society organised this workshop on 31st August 2012 at the Indian Merchants’ Chamber, Mumbai where the following faculties, all Chartered Accountants, enlightened the participants on the topics allocated:
Mr. Anil Sathe – Tax aspects
Mr. Himanshu Kishnadwala – Audit aspects
Mr. Raman Jokhakar
Ms. Sonalee Godbole – Clause-wise analysis of Form 3CD
The workshop concluded with an interactive Brain Trust session that provided guidance to over 325 participants on various controversial and catchy issues. The video recording of this workshop is available at BCAS Web TV.
Professional Accountant Course B atch XIV – Convocation
The Human Resources Committee successfully completed Batch XIV of the Professional Accountant and held Convocation on 4th September 2012 at H.R. College, Churchgate to award Certificates of “Professional Accountant” to 33 students. It was a memorable event for these students having put in hard work to learn practical and theoretical aspects of day-to-day accounting and tax compliance. The course was conducted over 23 sessions during April 2012 to July 2012.
