FEMA Study Circle
Study Circle Meeting on
“Bitcoins – Tax and Regulatory Implications” held on 19th April,
2018 at BCAS Conference Hall
International Taxation
Committee organized the meeting at BCAS Conference Hall which was led by Group
Leader CA. Isha Sekhri.
The Group Leader explained the concept and modalities of crypto currency
and also discussed tax implications on dealing in Bitcoins. She also discussed
the risks, including the financial, operational, legal, customer protection and
security related risks that the users, holders and traders of Virtual
Currencies (VCs) are exposed to. The members also deliberated upon the
acceptability of crypto currency in India and about its status around the
globe.
The Speaker further shared
her knowledge and experience on various related issues which was a valuable
takeaway for the participants.
Suburban Study Circle
Study Circle Meeting on
“Practice Management for Small and Mid-size CA Firms” held on 21st April, 2018
Suburban Study Circle
organized a meeting on Practice Management for Small and Mid-size CA Firms on
21st April, 2018 at Bathia & Associates LLP, Andheri which was
addressed by CA. Atul Bheda.
The speaker made detailed
presentation on the issues faced by small and mid-size Chartered Accountancy
firms such as: a) Billing, b) Recovery of Fees, c) Staff recruitment and
training, d) Time management, e) Delegation of work to staff, f) Practice
development and g) Infrastructure and organisation. The speaker also emphasised
the importance of creative thinking, work life balance, physical fitness and
health etc. and shared lot of anecdotes and personal experiences and struggles
in his career as a practicing chartered accountant.
The participants benefited
from the presentation and practical examples given by the speaker.
Release of BCA Referencer
2018-19 on 30th April, 2018 at BCAS Conference Hall
CA. Uday Karve
Membership & Public
Relations Committee organised the BCA Referencer Release Function at BCAS
Conference Hall. The Referencer was released by the hands of CA. Uday Karve,
Chairman of DNS Bank Ltd., Chief Guest on the occasion. Since the central theme
of BCAS Referencer is Collective Enterprise –
India’s Co-operatives, Mr. Karve while addressing the gathering, spoke
about his experience in the Co-operative sector.
He also spoke highly about
the BCAS Referencer which is considered as an outstanding publication by tax and
accounting professionals both in practice and industry and pressed upon that
every practicing CA must read.
About cooperative
movement, he mentioned that it is approximately 115 years since the
Co-operative Movement formally started
in the country. In Indian culture, we believe in collectivism over recognition
of an individual and that is the Central theme of Cooperative movement.
In today’s world, CAs are
leading Cooperative movements. It brings inclusiveness whereas private
organisations do not. Voting Power in Co-operative Societies do not depend on
amount of capital held by Shareholders. In fact it is, “One person, one
vote.”
Referencer Release: L to R : CA. Sunil Gabhawalla, CA. Chetan Shah, CA. Uday
Karve (Speaker), CA. Narayan Pasari (President), and CA. Pranay Marfatia
He further explained that
majority of the Cooperative Banks in Gujarat and Maharashtra are non-scheduled
banks catering to the services of the common man. Of total of approximately
1,500 Co-operative banks taken together, Gross NPAs of Co-operative banks are
less than 7% of their lending, which is lower than the bench mark of 7% set by
Reserve Bank of India. Further, capital adequacy ratio of most of the
co-operative banks is more than 12%, which is considered as a healthy sign.
He also made an appeal to
all the CAs to get associated with banking & co-operative movement and
suggested BCAS to start a Co-operative Clinic to educate its members.
Meeting concluded with a
formal release of Referencer for the year 2018-19 followed by entertainment
programme and dinner.
DIRECT TAX LAWS STUDY
CIRCLE
Direct Tax Laws Study
Circle Meeting on ‘Presumptive Taxation’ held on 7th May, 2018 at
BCAS Conference Hall
Direct Taxation Committee
organised the Study Circle Meeting on 7th May, 2018 at BCAS
Conference Hall, which was chaired by CA. Devendra Jain who gave the opening
remarks followed by the Group leader, CA. Chirag Wadhwa who administered an
overview of the presumptive taxation scheme as per the Income-Tax Act, 1961
(Act). The group leader also briefly explained the constitutional validity of
the presumptive taxation scheme. Various examples and case laws were discussed
and questions were taken from the group with respect to the budget amendments
in the relevant sections.
CA . Chirag Wadhwa further
touched upon the determination of ‘gross receipts’ and the ICAI guidance note.
All the relevant sections relating to presumptive tax and the analysis on what
could be considered as ‘profession’ and ‘business’ were taken up and views from
the group were considered. The group leader also briefly explained the
applicability of section 68 and section 69 of the Act in such cases. The interplay
between presumptive provisions and tax audit was discussed with illustrations.
The session was concluded by discussing aspects to be considered while filing
the ITR under the presumptive scheme.
The meeting was
interactive and the participants were enriched with the knowledge of
presumptive taxation.
HRD Study Circle
Study Circle Meeting on
“Discover Your Burning Desire – The Why of Your Life” held on 8th
May, 2018 at BCAS Conference Hall
HDTI Committee organized a
meeting on “Discover Your Burning Desire – The Why of Your Life” on 8th
May, 2018 at BCAS Conference Hall which was addressed by CA Siddharth Shah. The
discussion was based on the Book by Napolean Hill titled “Think and Grow Rich”.
The Speaker mentioned that the title suggests various different things for
different individuals and that just reading this book is not enough and one
really needs to introspect and contemplate to practice it to achieve.
The best-selling book
teaches how to get guidance to plan road map of one’s life without Trial and
Error. Whatever the mind can conceive and believe, it can achieve.
The discussion revolved
around how to convert ordinary desire to burning desire which drives a person
to be successful in achieving all round growth and prosperity.
The participants found the
session very interesting as it imparted the invaluable insights about attaining
success and achievements in life.
ITF Study Circle
ITF Study Circle Meeting
on “Case Laws related to Fees for Technical Services” held on 10th
May, 2018 at BCAS Conference Hall
International Taxation
Committee conducted a meeting on ‘Case Laws related to Fees for Technical
Services’ on 10th May, 2018 at BCAS Conference Hall. The meeting was
led by Group Leader CA. Divya Jokhakar who explained that the taxability of
Fees for Technical Services (FTS) has been a subject matter of huge litigation
and a significant number of judicial decisions, advance rulings and judgements
have been pronounced and continues to be delivered in this regard.
The Group Leader commenced
the meeting by discussing the facts of case laws along with the provisions of sections 9(1)(vii) of the Income Tax Act and various treaty provisions relating
to FTS. During the course of the meeting, the Speaker deliberated on the case
laws and went on to cover inclusions, exclusions and exemptions from the scope
of the definition of FTS, meaning of managerial, technical and consultancy,
disallowance due to non-deduction of taxes at source under section
40(a)(i)/(ia), source rule, exploring the impact of performance guarantee fee,
distinguishing business with India and business in India, ascertainment of debt
claim, determining taxability on basis of utilisation, rendering and payment
for services, assessing divisibility of contract, ascertaining satisfaction of
benefit test and enduring benefit.
The participants also
shared their practical experiences on above issues and benefitted enormously
from the discussion and valuable insights provided by the learned Speaker.
International Economic
Study Group
Meeting on “Current
global economic issues-Trade & Currency War, North Korea Resolution, Oil
price flare up” held on 17th May, 2018 at BCAS Conference Hall
International Economics
Study Group under the patronage of International Taxation Committee organized a
meeting on 17th May, 2018 at BCAS Conference Hall, to discuss
“Current global economic issues-Trade & Currency War, North Korea
Resolution, Oil flare up.” where the members participated in person as well as
through Skype i.e. from Nasik, Jamnagar & USA etc.
CA. Rashmin Sanghvi led
the discussion and set the tone of the meeting bringing out past Trade &
Currency Wars and philosophy behind that. Members discussed Trade war initiated
by US President Trump against China by announcing steep duty hike on imports of
steel, aluminium & other goods and
threatening China to stop forcing American companies to hand over their prized
intellectual property in lieu of doing business in China. The Group also
discussed implications of this move and counter move by China on their
respective economy as well as Global and Indian economy and impending Currency
War spilling out from the Trade War. The Group also deliberated upon the impact
of launch of China’s Gold Backed Petro-Yuan which appears to challenge US
Dollar Hegemony with China aiming to develop a currency that could be worthy of
a global superpower. Members also discussed recent turmoil in Forex market
where in Indian rupee has depreciated from Rs. 64 to Rs.68. This could turn in
to an Economic War which would have serious implications for global and Indian
economy. This was followed by a discussion on North Korea Standoff, Oil Price
flare up, Demand Supply mismatch, Geopolitical tensions in Middle East, Iran
& Venezuela sanctions and USA turning in to net exporter besides Hedge
Funds thus playing active role in oil price flare up.
The meeting was very
participative and members got enormously enlightened with a fruitful
interaction on the subject.
Indirect Tax Study Circle
Study Circle Meeting on “Interplay of GST with Account
Finalisation & ITR” held on 19th May, 2018
The above meeting,
addressed by CA. Gaurav Save, was held on 19th May, 2018 at Bathiya
& Associates LLP, Andheri.
The Speaker made a
detailed presentation on the following issues concerning the Accounts
Finalization and ITR Forms under GST regime a) Basis of Maintaining Books of
Accounts, b) Accounts & Records under GST, c) Turnover v/s. Aggregate
Turnover, d) Accounting Entries for GST, e) Reporting in ITR, f) Compliance
with Sec. 145A of IT Act and g) Reconciliation of accounts with GST returns.
CA. Gaurav Save also deliberated on conflicts that might arise between the
accounting principles to be followed under Accounting Standards and GST and
shared practical case studies on the subject.
The session was quite
interactive and the participants benefited a lot from the presentation shared
by the speaker.
