SOCIETY NEWS Part 1

BCAS successfully conducted
its 19^th Study Course on Double Taxation Avoidance Agreement at BCAS
Conference Hall spanning over 7 Full Days – 1^st, 8^th, 15^th
and 22^nd December, 2018 and 5^th , 12^th and 19^th
January, 2019. As a result of continuous refinement, the Study Course was
designed to cover all the articles of DTAA, FEMA / BEPS / MLI / GAAR, Transfer
Pricing, Source Rules under Income Tax Act, 1961, TDS u/s. 195, Substance v/s
Form and other relevant provisions. The lectures were delivered by 25 eminent
faculties who shared their experience by way of case studies on critical topics
like Residence (including case studies and POEM) and PE. The Study Course was
attended by 64 participants with diverse background such as Senior
Professionals, Practicing CAs, Young Professionals associated with Big and SME
Accounting Firms. The Study Course was an eagerly awaited event amongst the
Practitioners of International Taxation from all around the country and was
well received and appreciated by the participants. The participants were hugely
enlightened with the knowledge imparted by learned speakers.

Technology Initiatives Study Circle

Study Circle Meeting on “Data Analytics and
use of CAATs” held on 22^nd January, 2019 at BCAS Conference Hall

Technology Initiatives
Committee of the Society conducted a Study Circle Meeting on “Data Analytics
and use of CAATs” on 22^nd January, 2019 at BCAS Conference Hall. The
study circle was led by CA. Murtaza Q. Ghandiali, who is a Practicing Fellow
Chartered Accountant and also having diploma in cyber law & information
technology from Mumbai University. 

The Speaker discussed Data
Analytics and how to use CAATs tools more effectively along with practical
examples and shared his in-depth knowledge with the participants. He also
resolved all the questions raised by the participants during the session.

The participants benefited
a lot and appreciated the efforts put in by the Speaker and group leaders.

BEPS Study Circle

Study Circle Meeting on
“Impact of MLI” held on 28^th and 30^th January, 2019 at
BCAS Conference Hall.

Study Circle Meeting was
held on 28^th January, 2019 on Impact of MLI on Treaties entered into
by India with UK, Netherland and Belgium, at BCAS Conference Hall. The
discussion was led by Mr. Jimit Devani, Ms. Barkha Dave and Ms. Darshani Shah.
A very analytical presentation was given and an ‘Article by Article’ discussion
on clauses of MLI was done. The speakers also made references to other Treaties
entered into by India as well. 

To keep the momentum on,
the next meeting was held on 30^th January, 2019 for further
discussions. Again a very interactive and informative session, the learned
speakers agreed to update the presentation with the inputs received during the
meetings and circulate to the participants.

The participants
appreciated the efforts put in by the speakers and benefitted a lot from the
sessions.

Lecture Meeting on “Changing Professional
Opportunities for Corporate Social Responsibility in India” held on 6^th
February, 2019 at BCAS Conference Hall

Corporate and Allied Laws
Committee organised a meeting on the captioned subject at BCAS Conference Hall
which was presented by CA. Zubin Billimoria who has authored a book on the same
topic.

The
speaker provided a holistic view of Corporate Social Responsibility prevailing
since post-independence era and its evolution in the form of personal and
professional social responsibility. He spoke on various aspects of Corporate
Social Responsibility with regard to 4 P’s viz., People, Planet, Profit and
Process. He also shared broad framework for CSR commencing from internal
restructuring and reorganisation to reporting requirements of CSR citing some
good examples and anecdotes on social responsibility.

His in-depth knowledge and
passion towards the subject made the lecture meeting insightful, interesting
and knowledge enriching. He very diligently shared the professional
opportunities in CSR for professionals, consulting agencies and NGOs at large.
The meeting was a huge takeaway for the participants.

International Economics Study Group

International Economics Study Group Meeting
on “The Modi Government – Building India of our Dreams” held on 14^th
February, 2019 at BCAS Conference Hall

International Economics
Study Group conducted a meeting on 14^th February, 2019 at BCAS
Conference Hall to discuss “Road to 2019 – Modi`s perspective”. CA. Shalin
Divetia presented his well researched theme “The Modi Government – Building
India of our Dreams” covering Challenges faced by Modi Govt., Addressing
Core Issues (Inequality in Living Standards, Lack of Economic Opportunities,
Corruption & Security), Permanent Solutions, Holistic Approach, Vision
backed by Execution, International Relations, Civilisational Pride. Modi
Government has launched schemes that encompass human lifecycle: Infancy, For
the Young, Family necessities, Risk Protection and Retirement. He also brought
out how Modi has attempted in Bridging Rural-Urban Divide, Initiative for
farmers, creating Economic Opportunities (Mudra Yojna, Make in India, Ease of
Doing Business, and Innovation), Tackling Corruption & NPAs, Economic
Reforms – GST & IBC, and International Relations.

CA. Harshad Shah
highlighted that 2019 Election has turned From Cakewalk to Contest and World’s
biggest election has suddenly become competitive. He highlighted few key themes
for this election such as:

Will Women Decide
India’s 2019 Elections? – Women have become a focal point of the BJP’s 2019
re-election campaign. When we empower the women in a family, we empower the
entire house-hold and have thus brought Women Centric Schemes. Women Turnout is
dramatically increasing from 2014.

“Welfare Hook”– Big
Ticket Popular Schemes – 22 to 50 crore beneficiaries.

Health,
Pension, Electricity, Gas – 10% Reservation to
Economically backward, Financing of MSMEs and Traders, KIsan Yojana, Tax Sops
for Middle Class Salaried & Small traders

Social
Media – India has 30 crore Facebook users, 20 crore WhatsApp Members
(In 2014, they had only 5 crore), Twitter 3.44 crore, 45 crore Smart phones (3
times more than 2014 election) 1.14 billion mobile phone connections. Remember
2016 US Election?

UP
Mahagathbandhan – Caste, Religion, Mathematics in politics,
1+1 doesn’t always equal 2 when 2 or more parties with diverse views, caste
matrix, ideology join together and fights compound.

Big 4 toss up states – Bengal,
Orissa, Tamilnadu, and Kerala

Numbers
Game – Higher Voter Turnout benefits BJP & People vote differently
for state and general elections

Critical
Issues – Farm Distress, Loan Waivers, Unemployment, Ram Mandir, Cow,
Polarisation, Triple Talaq etc.

CA.
Rashmin Sanghvi deliberated upon “Is this the beginning of Cold War II after
Trump withdrawing from Nuclear Missile Treaty” and brought out historical
perspective of Cold War 1 which was between 2 Super Powers USA (NATO) &
USSR. This time it`s between USA (not NATO) & China plus Russia and is
playing out through different wars – Trade, Currency, Space, Cyber etc.

The sessions were a good
learning experience for the participants

“Interactive Session with Students for
Success in CA Exams” held on 16^th February 2019 at BCAS Conference
Hall

The BCAS Students Forum
under the auspices of the HRD Committee organised an Interactive session with
students for success in CA Exams on 16^th February, 2019 at BCAS
Conference Hall. Students Forum had invited CA. Mayur Nayak and CA. Atul Bheda
to guide students on how to crack CA exams. They both left the audience spell
bound.

CA. Rajesh Muni, Chairman
of HRD Committee in his opening address welcomed the speakers and the student
participants. He discussed about the activities which are undertaken by HRD
Committee throughout the year and motivated the students to actively take part
in the same.

CA. Mihir Sheth, Honourable
Joint Secretary of BCAS through his inspiring words encouraged the students.
CA. Raj Khona, HRD committee member then introduced the speakers and also
shared his experience in clearing the CA exams.

CA. Mayur Nayak took the
students through his own journey on how he turned his weaknesses into
opportunities and how he prepared to crack CA final exams in first attempt with
a Rank. His session was truly motivational and inspired the students to work
hard and excel in their exams. CA. Atul Bheda took the students through the
entire ICAI exam process and solved various myths and misunderstandings
regarding the same. He provided practical tips and tricks to be implemented in
order to crack the same exams. His session was very informative and
knowledgeable to the participating students.

Around 60 students got
enlightened from this interactive session and their feedback was very positive.

BEPS Study Circle

Study Circle Meeting on “OECD Report on
addressing the Tax Challenges of the Digitalisation of the Economy” held on 21^st
February, 2019 at BCAS Conference Hall

Study Circle Meeting was
held on 21^st February, 2019 on OECD Report on “Addressing the Tax
Challenges of the Digitalisation of the Economy” at BCAS Conference Hall.  The discussion was led by CA. Ganesh
Rajgopalan and CA. Rashmin Sanghvi.

OECD released “Public
Consultation Document – Addressing the Tax Challenges of the Digitalisation of
the Economy” and sought public comments on key issues identified in a public
consultation document on possible solutions to the tax challenges arising from
the digitalisation of the economy. The last date for submission of comments was
1^st March, 2019 and therefore, the meeting was held to discuss the
report and the background thereof and also to take inputs from the participants
to enable BCAS to finalise its comments.

CA. Ganesh Rajgopalan
presented masterly overview of the paper and CA. Rashmin Sanghvi gave the
understanding of background facts which helped the participants to understand
the report in proper perspective. The participants benefited immensely from the
efforts put in by the speakers on the subject.

Technology Initiatives Committee

Half day workshop on “Technology as an
enabler for Compliance on Audit Documentation” held on 22^nd
February, 2019 at BCAS Conference Hall

Technology Initiatives
Committee conducted a half day workshop on “Technology as an enabler for
Compliance on Audit Documentation” on 22^nd February, 2019 at BCAS
Conference Hall. The Workshop was conducted by CA. Ashesh Jani who has domain
experience thereof in solutioning, architecting, customising and execution of
technology tools for ensuring compliance on audit documentation.

The speaker dealt with the
topic very systematically by providing insights on importance of thorough audit
documentation while conducting the audit assignments and essentials of
maintaining audit documentation in digital form. He also discussed various
issues and the control point to mitigate the issues while dealing with
technology for maintenance of audit documentation.

The program was truly
enthralling with participants. The participants appreciated the in-depth
insight given by the learned Speaker.

“9th Ind AS Residential Study Course” held on 28^th February to 2^nd March, 2019

The 9^th Ind AS RSC was held at The Gateway Hotel, Taj Group, Nashik from 28^th February to 2^nd March, 2019 where 107 participants from across the country participated in this Mahakumbh of learning on Ind AS subject, based on the concept of Group discussion and Presentation. This year, the topics chosen for Group Discussion were of Topical importance like Ind AS 115 on “Revenue from contracts with Customers”, Ind AS 109 on “Financial Instruments”, other Ind AS topics like Ind AS 16 PPE, Ind AS 21 Foreign Currency Differences, Ind AS on Consolidation, Jt. Control, etc. There were 3 papers for presentation on very important and highly relevant topics like Ind AS 116 Leases, Ind AS and MAT, Audit Reporting under the revised Reporting Standards etc.

The list of Topics and the paper writers/presenters name is as under:-

The RSC Started on Friday, 28^th February, 2019 with the group discussion on case studies on Revenue from contract with customers, Ind AS 115. The participants were divided into 3 groups to have a great learning and sharing experience. The group leaders had put in lot of efforts to prepare their PPTs for better discussion on the allotted Topics.

At the RSC inauguration function, CA. Sunil Gabhawalla, President BCAS, CA. Himanshu Kishnadwala, Chairman Accounting & Auditing Committee, CA. Abhay Mehta Jt. Secretary, CA. Amit Purohit and CA. Rajesh Mody, Convenors were present. The President – BCAS, in his opening remarks welcomed all the participants and wished all of them a great learning experience. He also briefly elaborated on the activities undertaken at BCAS and invited non-members to become members to gain uninterrupted knowledge.

1. Himanshu Kishnadwala then briefly explained the importance and relevance for such RSC and outlined the events for next 2 days. At this occasion, the publication on “FAQs on Standards on Auditing – Part I” was released at the hands of CA. Sanjay Vasudeva, past Vice Chairman of AASB of ICAI. The Booking was opened for outstation members and the response was very positive.

Then the paper writer of 1^st GD paper CA. Anand Banka presented his views and gave clarity on the issues covered by him. The evening ended with the Presentation Paper on “Reporting requirements under Revised Reporting Standards” presented by CA. Sanjay Vasudeva.

Next morning CA. Santosh Maller gave his views on the issues covered by his paper and he also clarified on the issues raised by the members. There was also a Presentation Paper on Ind AS and MAT by CA. Santosh Maller, who ably covered the most difficult and sought after subject in a very lucid manner. After a break, the groups assembled to discuss the 3^rd GD Paper on Financial Instruments Standard.

The last day of the RSC started after the gruelling schedule of the previous day. The session started with the presentation of views by CA. V. Venkat on very complex Topic of Financial Instruments Standard. He also replied to members’ queries in his unique style to the fullest satisfaction of the members.

The last session of the RSC was a paper on Ind AS 116 – Leases which was aptly dealt by CA. Manan Lakhani. He covered the whole topic with lots of case studies and explained the complex standard. The RSC ended with a concluding session where in 8-10 members who were 1^st time participants expressed their experience at the RSC.

The chairman thanked the participants for making the event a grand success. The Jt. Secretary, CA. Abhay Mehta thanked CA. Himanshu Kishnadwala for successfully planning and executing such an important event this year by setting highest benchmark for quality learning.

The participants got highly enlightened with the knowledge shared by the learned and experienced speakers.

“What Next? – A Career Planning Talk for Fresh Chartered Accountants” held on 8^th March, 2019 at BCAS Conference Hall

The Seminar and Membership Development Committee organised a career planning talk for Fresh Chartered Accountants on the topic of “What Next?” on 8^th March, 2019 at BCAS Conference Hall which was addressed by CA. Mudit Yadav, a TEDx speaker and Success Coach.

The session began with opening remarks by Chairman of committee CA. Narayan Pasari who briefed the young audience about BCAS and its activities. He also encouraged new CAs to join BCAS and become part of the knowledge sharing. CA. Sunil Gabhawalla, President, BCAS also addressed the gathering and inspired them to aim high and become respected professionals with immense integrity. A Rank holder of Nov. 2018 was felicitated and he shared his views on success in
CA exams.

The speaker CA. Mudit Yadav took up the following major issues faced by young professionals like:

(a) How to choose the ideal career path for yourself? (b) Difference between an average and a star professional. (c) Habits of the most extraordinary professionals. (d) How to develop the mindset of a true professional? (e) How to develop a sharper executive presence? (f) How can you be a pioneer of the future of CA profession?

1. Mudit Yadav also shared his personal experience around his career and challenges he faced while carving out his career in unconventional and non-traditional field as a motivational speaker.

The talk was attended by more than 60 fresh Chartered Accountants who extensively benefited from the talk and experiences shared by the Speaker.

Half-Day Workshop for Senior CAs – Get the most from your smart phone! held on 9^th March, 2019 at BCAS Conference Hall

HRD Committee organised half day workshop for the benefit of Senior CAs (including spouse) and those who were not familiar with their smart phone and mobile apps, on 9^th March, 2019 at BCAS Conference Hall.

The first session was conducted by young and dynamic CA. Pankaj Singhal who narrated the benefit of various Banking Support Apps and Mobile Wallets. The participants were guided to download various apps like PhonePe, UTS, PayTM, Google Maps and Uber. He assisted them to register on these apps and perform transactions.

The second session was conducted by a senior and well-experienced techie CA. Yazdi Tantra who narrated the benefits of Google. He gave live training on optimum use of Google through Voice Search and performing simple arithmetic calculations, setting reminders and alarms, exploring time/weather in any city, playing a song or current news, translating in various languages and many more benefits of Google. He also explored various apps like Tripit, Shush, MAadhar, DigiLocker, Senthisfile.com, Blinkist, True Caller, Camscanner, Texpand, Skedit, Life360, Voter Helpline, Otter-Voice Notes and Calm.

The entire session was very interactive and participants were provided hands on experience on usage of various mobile apps. The faculties too were energetic in guiding the participants who were overwhelmed on knowing numerous benefits of a smartphone which till date was used largely by them for only making calls.

Lecture Meeting on “Recent Important Decisions in Income Tax” held on 13^th March 2019 at BCAS Conference Hall

BCAS organised a lecture meeting on Recent Important Decisions in Income Tax on 13^th March, 2019 at BCAS Conference Hall which was addressed by CA. Rajan Vora. The Speaker gave his insights on important decisions delivered by various courts and tribunals and the rationale behind those decisions, amongst other decisions on different topics and issues. He further explained far reaching impact of recent Supreme Court decision u/s. 68. The Speaker also responded to the queries raised by the participants during the Q&A session.

The lecture meeting was a good learning and very enlightening experience for the participants.

Suburban Study Circle Meeting on “The Banning of Unregulated Deposit Schemes Ordinance, 2019” held on 16^th March, 2019

The Suburban Study Circle had organised a meeting on “The Banning of Unregulated Deposit Schemes Ordinance, 2019” on 16^th March, 2019 at Bathiya & Associates, Andheri East which was addressed by CA. Janak Bathiya.

The Speaker made a detailed presentation on the section wise analysis of the “The Banning of Unregulated Deposit Schemes Ordinance, 2019” which was promulgated by the Hon’ble President of India Shri Ram Nath Kovind on 21^st February, 2019. The Speaker explained some of the Important Provisions as noted below:

Meaning of Unregulated Deposits, Applicability of this Ordinance to Proprietors, Partnership Firm, LLP, Company etc., Impact on Existing Loans and Advances or Deposits, how to ensure compliance of this Ordinance, Grievance, Appeal, etc.

The practical examples helped the participants in understanding the latest ordinance. The participants learnt a lot from the presentation shared by the speaker.

International Economics Study Group

Study Group meeting on the topics “How IBC is Revitalising Indian Economy” and “Current Economic & Geopolitical Developments” held on 19^th March, 2019 at BCAS Conference Hall

International Economics Study Group conducted a meeting on 19^th March, 2019 at BCAS Conference Hall to discuss “How IBC is Revitalising Indian Economy and Current  Economic & Geopolitical Developments”. CA. Pravin Navandar (Insolvency Professional) led the discussion and presented his thoughts on the subject. He presented various provisions of IBC and how it is helping in resolving many big ticket NPAs such as – Essar Steel are getting handed over to new owners. He brought out India`s ranking in implementation of IBC, many finer provisions of the law, Supreme Court`s speedy disposal of some cases and bringing out clarity in law.

He also brought out how IBC has overriding effect on all other laws relating to insolvency and bankruptcy matters and how the new owners are reviving the sick units with increasing capacity utilisation and workers playing very important role in driving India to New age of economic growth. He also brought out how many Corporations are now taking preventive steps making sure that they don’t default and not land themselves in Insolvency proceedings. Bank lending will resume once IBC helps to clean up Balance Sheets of Banks and they get their stuck dues. India will develop an environment with ease of selling and buying Businesses. Financial Risk to Foreign Lenders would be decreased (faster and higher recovery), Foreign Investors now invited to take ready units without existing promoters and India will have much higher FDIs in Debt segment etc.

This has resulted in quantum jump of 30 places in World Bank`s “ease of doing business” in India. Lenders have been able to recover Rs.1.43 lakh crore from their NPAs. Truly, IBC is not just a Surgical Strike, it`s a full-fledged war on NPAs. Due to fear of IBC proceedings, many promoters are now approaching banks/financers and trying to regularize their loan accounts.

1. Harshad Shah brought out developing situation in Venezuela which has largest proven Oil (one of the best quality) reserve in the world. USA is intending for a regime change in Venezuela where as China and Russia have economic interest to recover their debt from Venezuela. He also brought out reasons for sudden appreciation in exchange rate of Indian Rupee.

The sessions were very interactive and interesting for the participants to understand about the current Indian Economy.

Four Day Study Course on Foreign Exchange Management Act (FEMA) held on 15^th, 16^th, 22^nd and 23^rd March 2019 at BCAS Conference Hall

Four Day Study Course on FEMA was conducted at BCAS Conference Hall on 15^th, 16^th, 22^nd  and 23^rd March 2019. There were 14 presentation sessions and one Panel Discussion. The Course started with a topic “Understanding of FEMA” and it went on to cover various other subjects such as Practical aspects of FDI in Real Estate Sector, Immovable Property in India & Outside India, Export and Import of Goods & Services, Setting up of a Liaison Office, Branch Office & Project Office in India & outside India, FDI, Outbound Investment, Borrowing(ECB), Due Diligence/Audit from FEMA Perspective, Practical aspects of filing various forms under FEMA, Practical aspects of Money Laundering, Fugitive economic offence, Black Money Act, Compounding of offence etc. The study course concluded with a Panel Discussion wherein the participants got answers to various tricky questions. A total of 90 participants enrolled for the Course amongst whom many participated from outside Mumbai.

Eminent faculties shared their knowledge and experience with the Participants who got enriched immensely.