SOCIETY NEWS

•    Month-long course, spread over 13 sessions, conducted online over Zoom platform with 150+ participants.

•    In the first week, the speakers covered the basic principles such as an overview of the transfer pricing concept, functional analysis and the various transfer pricing methods.

•    The following week covered issues such as comparability analysis and adjustments, transfer pricing compliances in India and select transfer pricing issues such as intangibles, corporate guarantee, interest, share transfer, locations savings, etc.

•    The participants were taken through the latest developments in the following week covering issues such as secondary adjustments, corporate restructuring, Pillar 1 and Pillar 2, recent important judicial precedents and the impact of Covid-19 on transfer pricing.

•    In the concluding week, the speakers covered various provisions of Advanced Pricing Agreements and issues relating to distributors, licensed manufacturers and marketing intangibles.

•    The course also contained a benchmarking workshop wherein the participants were taken through the entire benchmarking process in a live case study. A Brain Trust session was also held wherein the Brain Trustees debated a wide range of transfer pricing issues and gave their thoughts on the same.

The speakers explained the issues in their topics with case studies and provided a practical insight into various issues which was appreciated by the participants.

The course was ably coordinated by CA Jagat Mehta and CA Chaitanya Maheshwari.

The following were the speakers: CA Hitesh Gajaria, CA Akshay Kenkre, CA Siddharth Banwat, CA Bhupendra Kothari, CA Dhruba Saha, CA Saurabh Dhadphale, CA Hitesh Sharma, CA Archana Choudhary, CA Vaishali Mane, CPA Nilesh Patel, CA Vijay Iyer, CA Swapnil Bafna, CA Karishma Phatarphekar, CA Chhavi Poddar, CA Namrata Dedhia, CA Bhavesh Dedhia, CA Vishal Gada, CA Arun Saripalli, and CA Rahul Mitra.

WEBINAR ON ANNUAL INFORMATION STATEMENT (AIS)

The society had organized the Webinar on “Annual Information Statement (AIS)” on 14th December, 2021, on online platform – Zoom. This online Webinar was addressed by the panel comprising of CA Ameet Patel, Past President of the society and CA Sonalee Godbole, member of Taxation Committee and Journal Committee of the society. The Webinar was broadcasted on YouTube as well for the benefit of membership at large for future reference. More than 1,100 participants were registered and attended this very  crucial Webinar.

The online Webinar was divided into two parts – the first part was very aptly addressed by CA Ameet Patel giving complete information on objectives, documents to be referred to and emanating Whys and How’s of AIS and the second part was very well dealt with by the other capable panellist CA Sonalee Godbole, wherein further niceties of TIS and other relevant, practical and significant aspects of the subject concerned were superbly dealt with. Thus, both the able panellists dealt with the subject very holistically in a very short span of 90 minutes.

Having addressed the online Webinar with their sheer zeal, enthusiasm and gripping style and content, both the panellists addressed queries from the online participants in the most pragmatic manner. The 90 minutes online session was indeed an eye-opener where very current and pertinent apprehensions and initial hiccups relating to the subject concerned of all the participants got satisfactorily addressed.

Online link:

VIRTUAL WORKSHOP ON “HOW TO USE TRANSFER PRICING SOFTWARE”

The Technology Committee of the Society organized a virtual workshop on “How to use Transfer Pricing Software” on 8th January, 2022. The session was led by CA Naman Shirmal.

He began the session with a background to Transfer Pricing and the basis of TP within the Income Tax Act. The session was engaging in a storytelling format with a live presentation on using software in a case study model. He also shared some of the applications that various professionals currently use for TP engagements.

Key matters covered during the session:
• Basic concept of Transfer Pricing and the Income Tax provisions of TP audit.
• Introduction to the general structure of a TP study report followed by a detailed live working on the TP software (“Prosess”).
• How the application would automate and digitize handling of TP engagements.
• How to deal with benchmarking and filtration, especially in geographically spread businesses.
• How the application will enable TP audit documentation.
• How application would enable an auditor to substantiate the quality of TP audits and study reports conducted.
•  Tools and Functions of a good Transfer Pricing Software.
• The ease of use of TP Software.
• Other General usages of Transfer Pricing.

Participants learned new ways of working more effectively with the Transfer Pricing application. CA Naman satisfactorily answered the questions raised by the participants.

LECTURE MEETING ON ESG REPORTING – GLOBAL AND LOCAL DEVELOPMENTS

BCAS organised a Lecture Meeting on ‘ESG Reporting – Global and Local Developments’ in online mode on 12th January, 2022. The Speaker CA Spandan Shah covered the nuances of ESG reporting in detail.

Key matters covered during the Session:
•    Applicability of ESG requirements.
•    Increasing Importance of ESG (Environmental, Social and Governance) in India and Globally.
•    ESG mutual funds shall be allowed to invest in ESG compliant Companies only.
•    Practical examples of ESG.
•    Impact of ESG on Valuation of entity, shareholder wealth, brand valuations, cost of funds. Market cap, investors were covered.
•    Regulatory compliances – SEBI.
•    ESG framework – Outward looking, Inward looking, Sector-specific and other areas.
•    Disclosure requirement – SASB, IFRS, SEBI etc.
•    Reporting requirements under 9 key elements of EGS reporting were discussed in detail.

The speaker responded satisfactorily to the queries raised by the members during the meeting.

Online link: