Sixteenth Intensive Study On Double Tax Avoidance Agreements held on 5th December 2015 to 30th January 2016 (6 Saturdays)
Sixteenth Intensive Study Course on DTAA’s was successfully conducted at IMC from 05.12.2015 to 30.01.2016 on six Saturdays from 9.00 am to 6.00 pm having 24 lectures on various articles of the DTAA ’s and other related topics.
In all 67 participants attended the course, of which 2 participants were from Pune and 1 from Hyderabad, 23 participants were members of BCAS and 44 were nonmember participants. The number of male participants was 38 and female participants 29.
The DTAA course was conducted in its unique classroom style set-up with eminent speakers, expert in International Taxation. As per the feedback received from participants, the course was highly appreciated and well received by them.
Wonders of the Night Sky held on 30th January 2016
The event, ‘Wonders of the Night Sky’ took place on the intervening night of 30 and 31 January 2016 at Umbroli village near Badlapur. The event was attended by BCAS members/ non-members and their respective families and friends. People from all age groups converged under the dark sky to observe the celestial beauty in full glory – stars, constellations and planets of our Solar System.
The event was led by the stellar guides from ‘Khagol Mandal’ – one of the biggest amateur astronomer group in Mumbai. Participants were made aware about the history and basic concepts on astronomy – development of astronomy over the centuries, types of stars (red giants, white dwarfs, binary star system), fathoming the gigantic distance between celestial objects (a distance measured in terms of speed of light – around 3 lakh km per second), patterns of stars – constellations or Nakshatras, types of telescopes, etc. During the Q&A session, participants were made aware about the lifecycle of a star, what are black holes and the fact that all of us are made of star dust!
Our stellar guide started unraveling secrets of the night sky. With the help of a Star Wars type laser tool – whose light seems to touch the stars, participants were able to identify and marvel at many constellations such as Cassiopeia, Orion, Virgo, Krittika (Pleiades).
Further, it was a treat to observe some of the brightest stars visible from earth – Sirius, Vega, Capella, Rigel, Betelgeuse and Rohini (Aldebaran). It was breath-taking to observe an open star cluster – where thousands of stars appear together, binary or two star system, Jupiter and its 4 moons, Mars and the beautiful rings of Saturn. Participants also enjoyed observing the moon and its craters in detail. Some of the participants were also given an opportunity to manoeuvre the telescope.
It was a wonderful and a memorable experience observing the night sky for the participants, which has sadly become difficult to experience in our light polluted city.
Intensive Workshop on “Internal Financial Controls, IND AS and Refresher on The Companies Act, 2013”– Coimbatore held on 5th & 6th February 2016
A workshop as it mentions was an intensive workshop, covering various components of an Internal Financial Controls, IND AS Overview and Refresher on the Companies Act, 2013. A workshop well designed keeping in mind the requirements of the New Companies Act, 2013 from the perspective of management compliance and Auditors’ certifications requirements. The Speaker Mr. Zubin Billimoria, Ms. Nandita Parekh and Mr. M. R. Thiagarajan shared their knowledge and experience over a period of 2 full days, in the most practical manner. Every topic was well covered and explained to the participants by way of practical examples well designed to understand the complexities of the Internal Financial control and IND AS in a simplest way.
The workshop held at The Residency, Coimbatore on February 5th and 6th, 2016, was well attended by 33 participants from various Industries and Practice arena and from various locations spread across South India. Speaker Mr. Zubin Billimoria explained the participants on the various nuances of IND AS implementation, Speaker Ms. Nandita Parekh covered the topics like Entity level controls, walkthroughs and testing methodology, Materiality, Financial Statement Assertions reporting on internal controls, etc. in detail and Mr. Thiagarajan explained the amendments to Companies Act, 2013. The interactions between the participants and speaker were commendable and considering the positive feedback received, the future plans for similar workshops in various other cities have already been kicked off.
Interactive presentation on success in CA exams held on 6th February 2016:
Report on interactive session for students’ on Success in CA exams;
ICAI declared the result of Final CA Exams on 16th January and of IPCC on 1st February 2016. Appreciating the need of the students, HDTI Committee of BCAS jointly with Rajasthan Vidhyarthi Gruh organised on 6th February 2016 Saturday, a half a day interactive session on the topic of ‘Success in CA exams’. It was held at the RVG Hostel auditorium.
The objective of this programme was to motivate and encourage the students who missed to succeed in the exams and also to guide them to prepare and perform better in exams. About 190 students took the benefit by attending this programme.
In the first session CA. Mayur Nayak effectively explained, many important points aptly punctuated with humour. He explained the importance of clarity of goal, attitude to win, discipline, consistency, effective time management and how to overcome distractions. He guided them to have Balanced food, effective study and relaxation. He emphasised that harmony of physical, emotional, intellectual and spiritual alignment would help them to face any challenges in life including that of exams.
In the second session CA. Shrinivas Joshi focused on CA exams. He explained at length as to how to prepare with qualitative studies for exams including use of appropriate reference materials. He shared the information that excellent study materials and faculties are available freely to clarify and guide on a variety of subjects covered in the syllabus. He explained at length as to what the examiner expects from the students and also cleared their doubts on misinformation and wrong impressions in the minds of the students about the ICAI exams and its results. He shared the important tips as to how to write the papers and manage time of three hours in exams. He answered all questions raised by the students.
Earlier in the inaugural session, the President welcoming students shared some inspiring real life success stories of some of the people who had braved all the odds and hardships and had successfully achieved their dreams. They received accolades and appreciations.
In this programme, students received excellent guidance, motivation and encouragement. They left the auditorium with greater resolve and determination fully charged.
Study Circle on Service Tax Implication on Redevelopment of Housing Societies – Session II held on 6th February 2016
Indirect Tax Study Circle Meeting was conducted at the IMC on 6th February 2016 to discuss various issues relating to redevelopment of property. The Meeting was led by CA. Shri Jayesh Gogri and chaired by Adv. Shri Badrinarayan L. The meeting was continued from the previous meeting which was conducted in the month of December 2015. Considering the significance of the topic and participation of the members, the meeting was conducted for two full sessions of around 90 min. each. In the first session, members discussed decision of recent decision of Supreme Court in Larsen & Toubro’s case on indivisible works contract. Adv. Badrinarayan addressed the members on intricacies involved in the subject matter for discussion and ratio of the judgment. In the second session, CA. Jayesh Gogri, took the members through various issues listed out for discussion. Presentation prepared by CA. Jayesh Gogri was appreciated by members and was circulated to all. Study Circle received encouraging response from the members and facilitated more than 90 Hours of professional learning, as more than 30 members participated in the meeting.
Lecture meeting on “My Experiments in Universal Love” under the auspices of Amita Memorial Trust held on 11th February 2016
The annual talk held under the auspices of Amita Memorial Trust jointly with Bombay Chartered Accountants’ Society and Chamber of Tax Consultants was held on February 11, 2016.
The speaker for the evening, CA. Rashmin Sanghvi narrated his personal experiences of the past 29 years – experiences of compassion, of service, and most of all, of universal love. Starting from helping street dwellers on Mumbai by giving them blankets on wintery nights, Rashminbhai soon felt the pain of the underprivileged and responded to the pain with strength of conviction and commitment. He took the audience through his work in the areas of educating the slum dwellers, helping the uneducated, underprivileged people become selfsufficient, implementing water management projects in the interiors of Gujarat and mentoring/supporting individuals and NGOs working in these areas. His talk, attended by more than 250 people, created awareness of the vast problems, showed the impact that one person’s love and commitment can make and inspired many to rethink their mission and priorities in life. His simplicity, humility and inner strength left a lasting impression.
The inspired talk ended with remembering CA. Amita (Shah) Momaya, a young member of the BCAS family, who also spread the message of Universal Love during her short but inspiring life. She left this world on January 31, 1987 but continues to spread messages of peace and purpose after 29 years of her departure.
One Day Seminar on “Media and Entertainment Industry” held on 12th February 2016
The Seminar on Media and Entertainment Industry was conducted by the International Taxation Committee of the BCAS on 12 February 2016 at St. Regis Hotel (Palladium Hotel). This seminar was organized jointly with Accounting & Auditing Committee and Indirect Taxation Committee. The speakers at the seminar and the topics covered were as under:
Mr. Jehil Thakkar on Know the industry – current issues – Business models, cash flows, vehicle for investments, etc. (Industry overview and typical situations)
Mr. Sachin Shah on Direct Tax Issues in media and Entertainment Industry, including: Cross border taxation of entertainers, sportsmen and news channel T ransfer pricing provisions, as may be applicable
Mr. Utkarsh Sanghvi on Indirect tax issues in media and entertainment industry, including: Service tax, VAT and customs.
Mr. Koushik Balasubramanian on Accounting & Auditing aspects-Revenue recognition, Multi rights, Valuation etc.
The seminar was attended by more than 50 participants. The seminar became very informative and provided an overview of industry as a whole and detailed technical analysis on taxation, accounting and auditing aspects. The Seminar provided an insight into the industry and focused on the issues faced in the industry and the current trends in respect of the Media and Entertainment industry. The sessions at this seminar were all interactive and generated good amount of debate among the participants and the presenter.
Study Circle on “Liberalisation in foreign direct investment and recent amendments” held on 16th February 2016
CA. Pankaj Bhuta and CA. Natwar Thakrar led the study circle meeting on “Liberalisation in Foreign Direct Investment And Recent Amendments” on 16 February 2016. The group leaders discussed Press Note No. 12 (2015) by which the Government has announced liberalisation policy for FDI in many sectors including Real Estate and LLP. The Group discussed and deliberated about FDI policy qua investment in LLP, definition of “Control” and “Owned” in relation to the LLP, downstream investment by LLP, Investment by NRI etc. In all the participants benefitted immensely with the interactive session.
Lecture Meeting on “Important Case Laws of 2015 on Indirect Taxes” held on 17th February 2016
Lecture Meeting on Important Case Laws of 2015 on Indirect Taxes held on Wednesday, 17th February 2016 at IMC Hall Churchgate Shri. K. Vaitheeswaran dealt with various important case laws of 2015 on Indirect Taxes. He discussed and deliberated upon case laws in the field of Central Excise, Customs, Service Tax and Sales tax. He dealt with intricacies of the cases with an impact analysis.
He explained the concepts of valuation, works contract, Intellectual Property Rights, etc. during the course of his presentation. His experience was well displayed during the question answer session.
Lecture Meeting on “Important Income Tax Decisions of 2015” held on 24th February 2016
Lecture Meeting on Important Income Tax Decisions of 2015 was held on Wednesday, 24th February 2016 at the Jaihind College Auditorium.
Shri. Hiro Rai dealt with the recent Supreme Court rulings upfront payments, income from house property vis-a-vis business income, 80IB(10), penalties, etc, which will have a far reaching impact on various pending/controversial issues. He then discussed certain Bombay High Court decisions on bogus purchases, sale of FSI/TDR and search. He pointed out that the recent amendments to section 263, if not used judiciously, will give wide powers to the Commissioner to reopen and reassess the completed assessment. He ended his talk with certain recent important rulings on Transfer Pricing. The session was truly enthralling.
‘Samvad’ with Hon. Minister, Mrs. Sushma Swaraj
BCAS was invited to present before Mrs. Sushma Swaraj, Cabinet Minister for External Affairs, who was asked by the PM to conduct a ‘Samvaad’ session to receive direct feedback from the Chartered Accountants fraternity on tax matters. She appreciated the points suggested by the Society especially on the attitude of the tax officers towards the assessees. President Raman Jokhakar, Vice President Chetan Shah, Jt. Secretary Sunil Gabhawalla and Co Chairman of Taxation Committee Ameet Patel represented the Society. The Hon. Minister was appreciative of the various points presented on Direct and Indirect Taxation in brief and she reiterated some of the points given by the BCAS team in her concluding remarks. The Society was requested to send those points in summary form through the Hon’ble MP Mr. Kirit Somaiya, who initiated this innovative interactive meeting. The President personally handed over Pre-Budget Memorandum prepared by the BCAS, to the Hon’ble Minister. The Minister mentioned that a meeting such as this one should be held between the CAs and the makers of tax laws so that points could be deliberated in detail.
Study Circle on “Liberalisation in Foreign Direct Investment and Recent Amendments – Session II held on 25th February 2016
Mr. Pankaj Bhuta and Mr. Natwar Thakrar continued the discussion on “LIBERALISATION IN FOREIGN DIRECT INVESTMENT AND RECENT AMENDMENTS”. The group leaders discussed recent amendments notified by the RBI through Notification No. 361 and 362 under which FDI in many sectors have been liberalised. The group discussed and deliberated about amendment in “Investment by a Non-Resident Indian (NRI) on a Stock Exchange on Repatriation basis under the Portfolio Investment Scheme (Schedule 3, FEMA/20 “Investment by a Non-Resident Indian (NRI), on Non-Repatriation basis” (Schedule 4/FEMA20) , FDI in LLP (Schedule 9/FEMA20), FDI in other sectors. The group leader also presented a comparative analysis between the new Notifications and Press Note 12.
