Society News

1. BCAS – International Economic Study Circle had taken up the following subject for discussion: “How the Prime Minister’s dreams can assure 12% GDP growth for the next 20 years”. Mr. Rashmin Sanghvi, Member, made a presentation on the subject on 30th May, 2016. The speaker explained to the meeting that the PM had not made any claim about GDP growth. If however the dreams he had about the country were fulfilled, then in the speakers opinion India would achieve a GDP growth of 12%.

2. The presentation was circulated in advance to the members. In brief, he explained as under:

3. Prime Minister has more than 16 different dreams. These dreams are listed below:

Dream Projects: (1) House for every family by year 2022; (2) Toilets for every house; (3) Road Network; (4) River linking Projects; (5) Sea-coast Transport; (6) Employment for everyone; (7) Bringing Indian residents’ foreign wealth into India; (8) Smart Cities; (9) Infrastructure; (10) Digital India; (11) Mobile Banking; (12) Aadhaar – Related Banking; (13) Direct subsidies to Beneficiary; (14) Financial Inclusion; (15) Electricity for all; (16) Start-up India.

Mr. Sanghvi showed detailed calculations of how the execution of this dream can boost Indian GDP tremendously. At this stage, he clarified: “I am not a politician. I am neither a supporter/fan nor a critic of any politician. This analysis is a pure analysis by an accountant.”

4. The core themes are as under:

4.1 GDP Growth means increase in GDP :

India has half the population that does not get proper food, clothing, housing, education and medical services. Providing these to the people of India means – someone has to spend money. One person’s expenditure is another person’s revenue. As a nation, it is GDP.

4.2 Every expenditure by Government is Revenue for someone. The Revenue will attract, Excise & Sales Tax. Net profit in the revenue will attract income-tax. When money is created, there are multiplier effects.

4.3 India is blessed by nature. We have enough resources to provide for the whole population and more. We have resources. We have needs. Now what prevents us from matching the two? Need is converted into demand when the needy person has income to buy.

4.4 If we use all domestic resources and provide necessities for the whole country, for the next twenty years, we can have a continuous GDP growth @ 12% or more. In this presentation, only attempt is to show that India can continuously grow for next twenty years. Attempt is not to praise or criticize Government plans but to see if a practical way emerges for India’s growth.

4.5 Housing – Paradox.

Today, crores of people are without houses. And simultaneously, housing sector is in recession. Lakhs of flats are lying vacant, unsold, unleased. This is classic case of unbalanced market. Problem is, the builders want to build luxury and super luxury houses. They are not interested in low cost housing for the poor. And the cartel of Builders-Politicians and Bureaucrats has artificially jacked up the prices beyond the reach of the buyer.

5. The Study Circle considered following statistics:

5.1 As per census report of the year 2011, India’s population in the year 2011 was 121 crores. This population is growing annually at 1.82%.

The present homeless figure of 65 crore will grow @ 1.85% in the year 2022 to 80 crores., requiring 16 crore houses, which will be 2.66 crore houses per year, which will translate into a construction cost of Rs.9 trillion per year considering a house of 270 sq feet per household. Comparing the additional house construction of Rs. 9 trillion –with the present GDP of Rs. 134 trillion – there will be an additional growth in the GDP of 6.7%.

5.2 Construction Material:

Construction of houses requires additional production of cement & steel. At present, due to recession, many steel & cement plants are running far below their capacity. They are incurring losses. A substantial amount of increased production can come from better utilization of existing capacities. However, additional construction of require additional installation of capacities for cement & steel.

These two commodities are taken as an illustration. For a house construction, many other things are also required.

5.3 Transport:

This additional material will also require massive transport through railways & roadways. It will require fuller utilization of wagon manufacturing & truck manufacturing. We will also need to install additional capacities for manufacture of wagons & trucks, for laying railway lines and so on.

With detailed calculations, Mr. Sanghvi explained the multiplier effect of a single dream translating into massive economic expansion. When 16 dreams are attempted together, imagine the massive expansion possible.

This figure of Rs. 9 trillion additional GDP comes from only part of the first dream. That is enough to cause 6% GDP growth. When 16 dreams are taken together, there can be 12% GDP growth.

In fact, Central Government total budget including budgetary deficits is Rs. 16 trillion. Hence nobody can expect Government to spend Rs. 9 trillion on single dream. Forget total spending of 16 dreams.

The factor beyond accountancy & economics is that: when someone has dream to serve the society at large, and then does more than his best, help comes from unknown, unexpected sources and work gets done. Or, one can say that God Helps. And the dreamer goes beyond his dreams.

So far, no one in India had the courage to dream. This PM has several dreams. This itself is very important.

7. Revenue:

Increased GDP means increased incomes in the hands of the people and increased income-tax revenue for the Government. Increased production of steel, cement, etc. and sale of houses mean -increased excise and sales tax revenue – for the Government of India. By one estimate, out of the total GDP, Government gets 15% as tax revenue. To this extent, first year’s increased expenditure finances second year’s revenue.

8. Capital:

India is considered a capital deficient country. We need substantial import of capital. Present policy of Government of India & Reserve Bank of India encouraging depreciation of Indian rupee is causing substantial losses to the foreign investor. Both – GOI & RBI together must adopt a policy of stabilizing the rupee & causing annually 1% to 2% of appreciation of Indian rupee. Such a policy can cause massive inflow of capital into India. With such dreams the Indian economy can create a situation of sustained high growth in the economy, stabilization & appreciation of Indian rupee; and overall gross domestic happiness.

The study circle meeting concluded on a note of optimism.

Workshop on “Practice Management & Technology” held on 18th June 2016

CA Raman Jokhakar, President BCAS welcomed the participants. CA Nitin Shingala gave opening remarks for the workshop. CA Ameet Patel set the tone by highlighting relevance of the topic, need and concerns to be addressed on practice management in the changing era of time – realignment of human capital, a paradigm shift in the profession from auditing and tax practice to specialized service providers and niche services. He emphasized on the need to overcome the restraints, hindrances and obstacles and using technology to the advantage of the profession.

Session-1: Running a Niche PSF

Mr. Nishith Desai provided valuable insights on settingup and managing a professional firm. His concept of operating a ‘Nano Firm – Small Size, Big Impact’ was an exceptional element of his presentation. His session enabled participants to have one-on-one interaction with Mr. Desai and learn from the vast pool of experience he has to offer.

Session-2: Running a Niche PSF

Ms. Nita Menezes through the journey of their organization, explained how to deliver services to clients by emphasizing on risk reduction of clients and not only higher returns. She also explained the approach adopted by the organization – Plan, Process and Develop Product, deliver services for successful functioning and client satisfaction. She explained practical insights for SME firms to start, build and keep the firm aligned for growth.

Session-3 & 4: Aligning Human Capital

CA Vaibhav Manek explained the importance of aligning a firm’s human capital and the benefits derived thereof. He touched upon topics like partner revenues, employee attritions, utilizing individual’s strength to firm’s benefit, employee evaluation, compensation and benefits. .

This helped the participants to gain insights and better understanding on need to realign human capital, commanding higher fees and developing higher per partner revenues, niche practice development for concentrated efforts of specializing in service areas, consolidation of firms and its operations to become full service firms with partners focusing on specific service areas and sub-service areas.

Session-5: Tools for Practice Management

Mr. Debajit Roy explained the concept of iFirm, a tool for practice management and how it can be used to enhance firm’s practice in terms of technology, time and turnover.

Session-6: Technology for CA Firms
CA Rajeev Sharma touched upon IT enabled business trends for decades ahead and opportunities that can get generated due to technological developments; need to have cloud based/ semi cloud based outsourcing service. He took up few survey analysis reports and projections on advancements in technology, profession and services.

He also emphasized on tools for practice management in SME sector, Client Relationship Management Software for professional firms.

Session-7: Panel Discussion

CA Nandita Parekh, CA Ameet Patel & CA Nitin Shingala took up the panel discussion round for the participants where various topics and issues faced by practicing professional firms were addressed – How to grow and partner in a firm, challenges and opportunities of collaborating, taking new partners and expanding, necessity for defining strategy for professional firms, passing on leadership and retirement, to have compliance driven practices, use of technological advancements for better servicing of client requirements.

The overwhelming response from diverse spectrum of participants – practice, local and out station participants, BCAS members and Non-members showcased the interest in the subject cutting across wide spectrum of stakeholders. The workshop was attended by 95 participants.

CA Kinjal Shah proposed vote of thanks to all the speakers and participants for making this workshop a grand success.

Lecture Meeting on “Insolvency & Bankruptcy Code, 2016-Boost to ease of doing Business” held on 22nd June, 2016

A lecture meeting on “Insolvency & Bankruptcy Code, 2016-Boost to ease of doing Business” was held on 22nd June, 2016 at BCAS office which was addressed by Mr R K Bansal, Executive Director, IDBI Bank Limited. Mr Bansal explained about the meaning, importance and relevance of Bankruptcy Law in the present scenario.

He also deliberated upon the present procedure of Bankruptcy Law and told that before a company goes into liquidation, the debtors and creditors follow a complex procedure which involves the following:

a) JLF/CDR
b) SDR
c) SARFAESI
d) DRT
e) BIFR
f) Winding Up

In the present scenario, creditors extend the funding, restructure the debt but the entire process to achieve turnaround is solely dependent on the capability of the present promoters except in case of SDR where lenders search for a new promoter for the company.

He discussed about the measures to take the commitment from defaulting promoters i.e. marking the accounts as Special Mention Accounts (SMA and SMA2) where bankers form a joint lender forum with revival plan for Promoters who are unable to repay the debts, through restructuring of NPAs

He also enlightened about the proposed procedure to file a bankruptcy application with NCLT ( National Company Law Tribunal ) or DRT ( in case of Firms and Individuals). 

He further mentioned that one of the fundamental features of the Bankruptcy Code is that it allows creditors to assess the viability of a debtor as a business decision, and agree upon a plan for its revival or a speedy liquidation. The Code creates a new institutional framework, consisting of a regulator, insolvency professionals, information utilities and adjudicatory mechanisms that will facilitate a formal and time bound insolvency resolution process (1st stage of Bankruptcy) and liquidation (2nd stage of Bankruptcy). When insolvency process fails, the liquidation procedure comes into force where the assets of the debtor (including the proceeds of liquidation) vest in the liquidation estate. A total of 50 participants attended the meeting

The meeting concluded with a formal vote of thanks by Mr K K Jhunjhunwala

Overall the lecture was very informative and well appreciated by the Audience.

10th Residential Study Course on Service Tax & VAT held on 24th June, 2016 to 26th June, 2016 at Lavasa

The Indirect Taxation Committee (IDTC) of BCAS successfully conducted the 10th Residential Study Course on Service Tax & VAT , at Hotel Mercure and International Convention Centre at Lavasa, from 24th June 2016 to 26th June 2016.

This series of Residential Study Courses (RSC), which is fully devoted to the studies of indirect taxes, is becoming more and more popular among the members of BCAS. . The venue, Lavasa, located about 65 kms. from Pune, at a height of about 2100 ft. amidst the Shayadri Mountains, and the monsoon rains gave the perfect blend of nature and atmosphere for focused studies and fellowship.

A new feature, added this year, i.e. the concept of ‘group mentors’ received kudos from all the participants. The group discussions reached a high level of maturity and the knowledge sharing could become much more meaningful. The five ‘group mentors’ namely CA Ashit Shah, CA Bharat Shemlani, CA Naresh Sheth, CA Rajiv Luthia and CA Udayan Choksi provided valuable guidance to all the groups throughout the program.

Day 1 – 24th June, 2016

The RSC started in the afternoon with group discussion on the paper titled “Case Studies on Taxation of Services” written by CA A. R. Krishnan. The group leaders were CA Ankit Joshi, CA Anil Kumar Beewada, CA Mandar Telang, CA Manindar Kakarla and CA Nilesh Suchak. Case Studies on taxability of different services and various “live” situations faced by tax advisers on daily basis were articulated. Valuation, Exemption, Point of Taxation and Place of Provision of Service were debated with active participation of all the delegates.

This was followed by the Inauguration Session – lighting of the lamp at the hands of CA Dilip Sheth, a very senior member of the BCAS, President CA Raman Jokhakar and the Chairman of the Indirect Taxes Committee – CA Govind Goyal. The lighting of the lamp was followed by a brief key note address by CA Dilip Sheth.

Inaugural session was immediately followed by the first technical session wherein CA A. R. Krishnan (the mentor of IDTC) gave his views on the case studies in his paper and also replied to other related issues raised during the group discussion. His masterly analysis of various provisions of law and his guidance to participants on “thought process and the reasoning that should go while arriving at a conclusion’” will always be remembered by all those who participated in this RSC. The session was chaired by the president CA Raman Jokhakar.

Day 2 – 25th June, 2016

The morning started with the group discussion on the paper “Case Studies on CENVAT Credit” written by CA S. S. Gupta. The group leaders were CA Ganesh Prabhu Balakumar, CA Keval Shah, CA Shreyas Sangoi, CA Shruti Kakaria and CA Vaibhav Jajoo. The issues were debated since most of the issues had a variety of angles involved and had day-today relevance.

The second technical session was a presentation paper by CA Divyesh Lapsiwala on “Indirect Tax Benefits in Foreign Trade Policy”. In his inimitable style, he briefly explained the five most common schemes of the Government’s Foreign Trade Policy which can benefit the exporters i.e. (a) Export Promotion Capital Goods Scheme (b) Services Exports from India Scheme (c) Status Holders (d) Software Technology Park Scheme and (e) Special Economic Zone Scheme. This session was chaired by CA Hasmukh Kamdar.

In the third technical session CA S. S. Gupta provided solutions to the issues raised in his paper on case studies on CENVAT Credit. The issues were explained in details and also the new issues that have surfaced due to recent amendments through Finance Act 2016. This session was chaired by CA Uday Sathaye, Past President of BCAS.

The afternoon was free for the participants to explore the hill city of Lavasa, take a walk on the river side promenade and enjoy the wonderful atmosphere. In the evening a musical evening was organized “for the members by the members”. The members here got an opportunity to show case their hidden talents.

Day 3 – 26th June, 2016

The last paper for Group Discussion was written by by CA Parind Mehta on “Case Studies on Sale v/s Service – Composite Transactions (Taxability under VAT and Service Tax)”. The Group Leaders were CA Chirag Mehta, CA Samir Kapadia, CA Sanjay Dhariwal, CA Vikram Mehta and CA Yash Dhadda. The case studies highlighted certain very relevant issues which a transaction could have and were probably not even envisaged by many participants.

During the fourth technical session, CA Sagar Shah presented a paper on “Role of CAs in GST – Realignment Requirements”. A very crisp and brief analysis of how as a professional we need to gear up for the challenges as well as opportunities this new law will generate for Chartered Accountants. This session was chaired by CA Sunil Gabhawalla.

Thereafter, in the fifth and the final technical session, CA Parind Mehta replied to all the queries raised by the participants and also gave his views on the issues raised in the case studies. The reference material provided along with his paper listing out a whole lot of case studies would be a very useful to all the participants. This session was chaired by CA Deepak Thakkar.

The RSC concluded with the Chairman of Indirect Taxes Committee CA Govind Goyal thanking all the paper writers and delegates for their co-operation and active participation, chairmen of technical sessions, the group mentors, the group leaders, all committee members, the BCAS staff, management of the Hotel and the Convention Centre and all others who made this RSC a very successful event. He specially thanked the President CA Raman Jokhakar for his wholehearted support. The President CA Raman Jokhakar thanked the chairman, conveners and all members of IDTC for their untiring efforts to make this RSC a memorable one. A total of 175 participants attended the Study Course.

After lunch, the participants departed to their respective destinations cherishing the memories of the 10th RSC, with a promise to meet again next year at the 11th RSC.

IT STUDY CIRCLE WORKSHOP ON “SUPER ADVANCED EXCEL FOR PROFESSIONALS ’ PART III” HELD ON 28th JUNE, 2016

The Technology Initiatives Study Circle of the BCAS recently held a multi-session workshop on ‘Super Advanced Excel for Professionals’ by the learned speaker CA Nachiket Pendharkar.

Nachiket is a Microsoft certified corporate trainer for MS Excel and Excel VBA. He is the founder & CEO of ViN Learning Centre, a corporate training institute based in Mumbai. Nachiket was shortlisted in the top 30% candidates across the world in the Excel Model Off competition (a global competition on financial modelling using MS Excel) in their 2015 edition.

This was the third session of the series, held on 28th June 2016. The first two sessions were held on 24th May 2016 and 7th June 2016 respectively.

This third session covered unique topics such as Alternatives to nested if, Data Tables – multi variable simulations, ASAP utilities Add in, Table and Table Tools and Array formulae, Advanced features of Pivot Tables.

The session witnessed a large audience which saw good interaction between the speaker and the participants. The speaker answered a lot of queries that were posed by the participants. A total of 30 participants attended the Workshop. All participants have benefited immensely through these enriching sessions.

Lecture Meeting on “Model GST Law” by Shri Shailesh Sheth on 29-6-2016

BCAS organised a lecture meeting on 29-6-2016 on the Model GST Law at IMC. At a juncture when the fate of the 122nd Constitutional Amendment Bill is yet to be known and everyone is waiting for its passage in this monsoon session of the Parliament, on 14-06-02016, the Model GST Law was placed in the public domain by the government after the nod of the Empowered Committee. Shri Shailesh Sheth gave wonderful insights on the model law. The views of the speaker on the Model GST Law were commendable and a guiding force for all. The speaker in a nutshell described to the members present the various provisions of the model law and how the model law has been drafted as a mixture of the existing indirect tax laws like State Level VAT , Central Excise and Service tax. The meeting received an overwhelming response with the venue packed with around 250 audience.

The session ended with a vote of thanks to the speaker by Mr Chirag Mehta

Full day “Seminar on the Finance Act, 2016” with emphasis on Income Declaration Scheme held on 1st July, 2016

The Full day seminar on Finance Act, 2016 was held by the Taxation Committee at BCAS Gulmohar Hall. President Raman Jokhakar gave the opening remarks followed by introductory words from the Chairman of the Taxation Committee, Mr. Sanjeev Pandit.

Various topics were taken up at the Seminar by the following Speakers:

Mr Yogesh Thar: Provisions relating to The Direct Tax Dispute Resolution Scheme, 2016, Equalisation Levy, Residence & Chapter XXBC, Transfer Pricing, Return of income, Advance Tax, Assessment and Intimation u/s 143(1) and Provisions dealing with special rate of tax like 115BA, 115BBDA etc.

Mr. Yogesh Thar explained the important features of The Direct Tax Dispute Resolution Scheme, 2016 and Equalisation Levy. . He further discussed the provisions related to special rate of tax for certain companies under Section 115BA and Section 115 BBDA dealing with additional 10% tax on dividends in the hands of recipient. He also brought out various issues arising out of the above amendments and answered the queries of the participants.

Mr Rajesh Kadakia: Amendments related to Charities (with special reference to Chapter XII-EB), Immovable Properties (Sec. 50C), Capital Gains related provisions and Deduction of profits from housing projects of affordable residential units –Sec. 80IBA etc.

Mr. Rajesh Kadakia started his talk by highlighting the amendments relating to charitable institutions. He explained the intention and rationale behind the said changes and highlighted the effects of the same for the existing charitable institutions and their activities. He gave an insight into the provisions relating to Immovable Properties (Sec. 50C), Capital Gains related provisions and deduction of profits from housing projects of affordable residential units – Sec. 80IBA etc.

Mr Praful Poladia: Provisions relating to The Income Declaration Scheme, 2016, Presumptive Taxation and related provisions as to tax audit and maintenance of books of account, buy back of shares.

Mr. Praful Poladia started with case studies highlighting the amendments to Presumptive Taxation for persons engaged in business and profession and related provisions i.e. tax audit and maintenance of books of account. He also gave detailed examples in relation to amendments to buyback of shares and how it affects business structuring. He explained to the participants the new Income Declaration Scheme, 2016 and took them through three sets of clarifications issued by CBDT on the Scheme.

Ms Sonalee Godbole: Amendments in relation to Penalties (with special reference to Sec. 270A), Chapter VI-A deductions, Provisions relating to Income from Business & Profession (other than Presumptive Taxation), Income from Salary, Rules regarding Provident Fund, Income from House Property, TDS provisions.

Ms. Sonalee Godbole gave a detailed presentation on amendments in relation to penalties (with special reference to sec. 270A), Chapter VI-A deductions, provisions relating to Income from Business & Profession (other than Presumptive Taxation), Income from Salary, Income from House Property and TDS provisions. The speaker touched upon a wide number of judgments during the course of her talk. She also answered all the questions raised by the participants.

There was also a session on Income Declaration Scheme, 2016 where the Principal CCIT Mr D. S. Saksena along with Pr. CIT – 1 Mr. D.C. Patwari addressed the participants about the features and procedural aspects of the said Scheme. They also answered the queries raised by the participants and were receptive to the clarifications sought by them. They told that the issues where clarifications are necessary would be forwarded to the CBDT for further clarification. They also asked the participants to make their clients aware of the scheme and assured that the details provided by assesse under the scheme would be kept confidential. Mr Patwari also briefly spoke about the Dispute Resolution Scheme, 2016.

The sessions in the Seminar were very interactive and the speakers answered a lot of queries that were received from the participants. The participants benefited immensely with the interactive sessions and detailed discussions with the speakers and Income Tax Department Officials. The event saw attendance by over 100 participants.

68th Founding Day Lecture Meeting on “Achieving Sustainable Profitable Growth on a Perpetual Basis” held on 7th July, 2016

A lecture meeting on Achieving Sustainable Profitable Growth on a Perpetual Basis was held on 7th July, 2016 at Walchand Hirachand Hall, 4th Floor, IMC, Mumbai after Annual General Meeting and Foundation Day of the Society. The meeting was addressed by Mr Harsh Mariwala, renowned industrialist and Chairman of Marico Limited. Through his vision and mission in mind, he is instrumental in maintaining Marico’s business at a sustainable and profitable growth pace.

He explained that the growth both in business and profession has to result in profits for associates, shareholders and stakeholders. He gave examples as to how he faced the key challenges in achieving and sustaining growth in his company which filters from top to bottom.

Further, the speaker took through the journey of Marico which was a family run business and how it was modelled to bring about value principles and policies to bring expansion and growth. He talked about his journey of culture building in the organization through involvement of its people and seeking commitment from them. He also emphasized the need of quarter to quarter performance to measure topline and bottomline growth.

The lecture was well attended by around 200 participants and got a thunderous applause from the audience. The meeting concluded with a vote of thanks by CA Narayan Pasari, Vice President, BCAS

Study Circle on Simple Techniques of “Yoga to Live Healthy” held on 8th July, 2016

A lecture meeting on Simple Techniques of “Yoga to Live Healthy” was held on 8th July, 2016 at BCAS, 7, Jolly Bhavan No -2, New Marine Lines, Mumbai-400020. The meeting was addressed by CA Dr. Kishore Gada, renowned practising CA since 1998, Convenor of Ghatkopar CA CPE Study Circle and also a Yoga teacher. He has authored 3 thesis on the topic Jainism and Yoga, which remarks his passion and interest for Yoga. Through his vision and mission in mind, he is instrumental in maintaining a proper work life balance with the help of Yoga and conveying this message to maximum people.

He started with a peaceful Yoga prayer and explained the true definition of Yoga that is a state of connection of body and mind. He then explained how various organs and various system of human body are connected to the spinal cord and brain and how wrong body postures while at work, studying, sleeping break the connection of mind and body.

Afterwards he travelled through the journey of meditation, breathing exercises and all practically experienced the power of “OM Mantra” to relieve stress.

Overall, it was a very refreshing and learning experience. Practical and simple techniques through which we can live happily without stress and fear were conveyed in the best possible manner and he got a huge applause from the audience. BCAS President CA Chetan Shah appreciated the efforts taken by renowned speaker and assured this lecture would be conducted at a larger scale for the benefit of the maximum. . The meeting concluded with vote of thanks by Jekin Dedhia, Students study circle in-charge of Bombay Chartered Accountant Society (BCAS).

Full day Workshop on “Heal without Medicines” held on 9th July, 2016

Human Development and Technology Initiatives Committee organized a full day program on “Heal Without Medicines” on Saturday, 9th July, 2016 at Directi-I-Plex, Andheri (East)

Atul Shah is an active propagator of Natural diet. He himself was miraculously cured from a so-called incurable condition called Avascular Necrosis (AVN) that affects the hip joint. When modern medical science could not offer a solution, Atul started reading about this unprocessed natural food diet after being introduced to it through a contact and turned to it as a last resort. It worked wonders for him and he was cured of AVN within a year of rigorously following this diet regimen.

The theme was “to die young and as late as possible, i.e. to live long and live young and always vibrant and bubbling with energy and reverse the ageing process.”

Atul Shah spoke on How to Have Good Health without Medicines?

We learnt how Raw Food Diet can help to Maintain Natural Healthy Life Style.

How to feel at ease and feel calm and Cool at all times by eating the right foods.

He spoke on how raw food diet can make us free from all Diseases and Discomforts.

How Your Food can be Your Medicine.

Little Changes in Your Daily Diet can make a Big Difference to your Life and Health

We can get rid of all types of lifestyle diseases like Joints Pain, Diabetes, Blood pressure,

Acidity, Migraine, Asthma, Kidney Disease, Heart Problems, Skin Diseases and many more…

We also got to know the sharings of people who have restored vibrant health with this NATURAL HEALTHY LIFESTYLE!

We also learnt what can cause harm to health.

Raw food lunch was served to the participants. Also relished the taste of Green Juice.

Members had come with their spouse and family members. It was good to come together to learn and share meal together. A total of 137 participants attended the workshop

Human Development Study Circle Meeting on “Human Engineering” held on 12th July, 2016

Human Development Study Circle Meeting to watch the DVD – Video Talk on “Human Engineering” by Mahatria was held on 12th July, 2016 at BCAS Conference Room. CA Vinod Jain gave a small introduction before the DVD was screened. The talk was so absorbing that it was an undisturbed screening of 90 minutes. The Lessons learnt from this video talk were discussed. The learning from this:

We are designed to be with smile, laughter, tears, compassion and love. We can live our potential life, with our ability to express our emotions. Our “ego” should not come in the way. By loving humans, we love creations of God.

As a nation, we lack one very important quality “Discipline”. Our education system does not teach how to enjoy heterogeneous relationships, deal with failures and communication skills. But we must learn them, since they are important. History should inspire us, telling all legendary figures were born normal but they took up something exceptional and became legendary figures. Same way we have potential to be infinitely greater than what we are today.

We must live a holistic life and balance our physical, mental, intellectual, emotional and spiritual life.

Physical: We must give one hour to our body daily through exercise etc., then body can take our care for next 23 hours. We must push our body little more and eat little less.

Mental: We must take care of our subconscious mind, since it is 7/8th part of total mind. Anything positive, we must speak in 5 sentences and get emotionally involved. Anything negative, we should finish it in one sentence and analysis it intellectually. Any one joining our organization to be celebrated and someone leaving should just be analyzed.

Intellectual: Sub-ordinate your likes and dislikes to your purpose of life. Otherwise, you will subordinate your purpose of life, to your likes and dislikes. Ordinary people when they identify themselves with a cause larger than themselves, they would unfold legendary possibilities in their life.

Emotional: When something goes wrong or we see wrong happening around us, we generally crib. Instead of cribbing and doing nothing, we need to channelize our emotions for a higher purpose and make thing better in this world e.g. Gandhi channelized his emotions to free India from British.

Spiritual: Our spirits are like power house, unless we are charged up internally, we cannot perform. We transcend in our life and get energy from universe, where we lose sense of time and space, be it creating something, meditating, caring, listening music, sharing, playing etc.

The participants were interested in more such video screenings for Study Circle Meetings.

Lecture Meeting on “Tax Issues in Business Re-organisation-LLP / Companies” held on 13th July, 2016

Lecture Meeting on Tax Issues in Business Re-organisation- LLP / Companies by Shri Pinakin Desai was held at IMC. President Chetan Shah gave the opening remarks.

Mr. Desai explained the meaning of reorganisation and touched upon various areas under the Income-tax Act, 1961 that would have to be examined in a business reorganising scenario.

The various concepts were explained with the help of case studies that enabled the participants to understand the issues with ample clarity.

Mr. Desai touched upon the following aspects in course of his presentation:

(a) Section 115BA in the context of a manufacturing company undergoing a demerger / slump sale

(b) Carry forward of losses in case of conversion of firm to LLP

(c) Demerger of company, conversion of company into LLP and subsequent withdrawal from LLP

(d) Merger and subsequent conversion into LLP

(e) Demerger between unrelated parties including accounting for demerger in the books of Demerged company and the resultant company in the light of Ind-AS

(f) Merger of companies under Court Scheme with reference to General Anti Avoidance Rules (GAAR) prescribed under the Income-tax Act, 1961 which are yet to become effective

(g) Share acquisition followed by Capital reduction and merger

(h) Business reorganization in light of sections 92B(1) and 92B(2)

(i) Indirect transfer of assets including tax neutrality to the foreign amalgamating company, Indirect transfer mitigation amongst others

(j) Real Estate Investment Trust – where SPV is a company and where SPV is an LLP

(k) Tax neutrality of demerger – where consideration is discharged by (i) parent company (ii) foreign parent of transferee company

Mr. Desai also elaborated on evaluating the impact of GAAR grandfathering under various scenarios such as rights issue, bonus issue, etc

It was a very informative and insightful learning experience for all the participants present. The event saw attendance by over 400 participants. The session ended with vote of thanks by Ms Pooja Punjabi.

Direct Tax Study Circle Meeting on “Issues relating to Dispute Resolution Scheme, 2016” & the Income Declaration Scheme, 2016 held on 14th July 2016

The Group leader, CA Devendra Jain commenced the meeting by commenting upon the intention of the Government behind introduction of Dispute Resolution Scheme 2016, which is to reduce the pendency of litigation existing as on 29th February 2016. He explained the provisions of the Scheme in brief and pointed out the persons who can avail this Scheme.

He gave a hypothetical example wherein the assessment order u/s 143(3) was passed before 29th February 2016 and the time limit for preferring an appeal against this order has not lapsed by this date. Then in such a case, there could be a question of availability of this Scheme since the appeal is not pending on 29th February 2016 but the assessee has got time to file the appeal; hence a clarification is required for such cases.

Thereafter, he touched upon the provisions of the Income Declaration Scheme 2016 and the valuation methods prescribed under the Rules. He pointed out the various FAQ’s released by the CBDT in relation to this Scheme and the far reaching implications of the same. He mentioned that as per the Circular No. 27/2016, provisions of this Scheme [section 197(c)] would override section 148 of the Income Tax Act, 1961 and there could be questions on the constitutional validity of such a provision. At the end, various issues which one could face while implementing this Scheme were discussed by the Group. A total of 30 participants attended the Study Circle.

Workshop on Maharashtra VAT & CST Held on 16th July 2016

The Indirect Taxation Committee (IDTC) of BCAS organized a Workshop on Maharashtra VAT and CST, wherein two important subjects were discussed i.e. (1) “Preparation and filing of returns under the new automation process” and (2) “Maharashtra Settlement of Arrears in Dispute Scheme, 2016”. It was held on Saturday 16 July 2016, at the Conference Hall of BCAS.

Shri Rajiv Jalota (Commissioner of Sales Tax – State of Maharashtra) was the Chief Guest, Mr. Nitin Shaligram (Dy. Commissioner of Sales tax, Mumbai) and members of his team, and, Mr. A S Gorde (Dy. Commissioner of Sales tax, Mumbai) were the speakers for the day.

CA. Chetan Shah (President, BCAS) welcomed the participants and highlighted the relevance of the topic in view of the proposed ‘automation process’ and expected implementation of the GST in April 2017. CA. Govind Goyal (Chairman IDTC) briefly introduced the speakers and topics allocated to each speaker for discussion. Thereafter, the speakers were felicitated by the CA. Deepak Shah, (Co- Chairman IDTC).

Mr. Nitin Shaligram, opened the discussion with a brief background about the new returns templates and the automation process. He explained the basic background of the new initiative and the objective with which they had started. He and his colleagues enlightened the participants about the steps to be followed for preparing and uploading the returns for the periods commencing on or after 1st April 2016. .

The Hon. Commissioner of Sales tax, State of Maharashtra, enlightened the participants about the various initiatives taken up by the State of Maharashtra. The Hon. Commissioner highlighted that the new automation process was the first of its kind in terms of scale, given that it was the largest implementation of a tax administration system ever in the history of SAP and that its success would ease several difficulties being faced by the tax payers. .

The second session was led by Mr. A S Gorde. He gave a comprehensive presentation on the nitty-gritties of Maharashtra Settlement of Arrears Scheme and key aspects of process related to settlement and related issues. In the ensuing interaction, the speakers gladly addressed the queries raised by the participants. CA Kiran Garkar and CA Samir Kapadia were the moderators.

In his closing remarks, CA. Govind Goyal appreciated the efforts made by the tax team and acknowledged their willingness and address all the queries raised on the floor. The workshop was attended by more than 110 participants.

The meeting concluded with a well-deserved hearty vote of thanks.