1. Indirect Tax Laws Study Circle Meeting on “Issues in the Hospitality Sector” held on Monday 14th April 2025 @ Virtual.
The 1st meeting of the Indirect tax study circle for 2025-26 was held on 14th April, 2025 and attended by 90 participants. The Group Leader CA. Ronak Gandhi, prepared case studies covering the following contentious issues in GST pertaining to the hospitality sector:
a) Issues in determining the GST Rate for hotel accommodation services & restaurant services based on the room rate and the impact of additional services, such as extra beds, on such classification.
b) Eligibility of ITC on capital goods used for restaurants and already put to use, if the hotel decides to opt in as specified premises.
c) Classification conundrum (sale vs. services) for bakery and other ready to eat items supplied by eating joints, not operating as a traditional restaurant.
d) Taxability of packaged food items, water bottles & other beverages sold by Quick Service Restaurants
e) Tax implications of combo deals involving supply of food with alcohol for a lumpsum consideration
f) Valuation issues for goods supplied below the cost by a restaurant
g) Valuation issues for goods supplied to franchise-owned outlets vs company-owned outlets
A detailed deliberation was held on the case studies, and the members appreciated the efforts put in by the group leader & group mentor CA. Yash Parmar, Mumbai.
2. International Economics Study Group — Trump’s Tantrums: Shaping & Shaking Contemporary Geopolitics & Geo-Economics held on Tuesday 8th April, 2025 @ Virtual.
In the meeting, CA Harshad Shah presented key global geopolitical & economic developments, prompting a lively exchange among the Group. The discussion addressed the ongoing tariff war and Trump’s territorial expansion agenda. Emerging trends such as de-dollarization, higher Bond yields, information warfare, and supply chain conflicts were explored alongside the escalating U.S.-China rivalry. Members argued that tariffs alone cannot fix the trade deficit, as they simply shift consumer spending rather than solve core problems. The Group highlighted negative outcomes of such policies, including higher consumer prices, reduced exports, and disruptions to global trade, all of which could weaken U.S. competitiveness and its financial leadership. With U.S.-China trade declining, India was seen as well-positioned to gain from new export opportunities. The meeting concluded with concerns about the risk of a U.S. recession or worse amid these turbulent dynamics.
3. Indirect Tax Laws Study Circle Meeting on “Issue In GST Refund” held on Thursday, 27th March, 2025 @ Virtual
Group leader CA. Nihar Dharod, prepared case studies covering various contentious issues around refunds under GST in consultation with Group Mentor AdvKeval Shah, Mumbai.
The material covered the following aspects for detailed discussion:
1. Implication of section 16 (5) on refund rejection orders that are not challenged
2. Is the claim for refund of tax paid on SEZ supplies subject to limitation?
3. Refund claims arising due to negative tax liability on account of credit notes
4. Interest on refunds delayed due to litigation.
5. Refund of tax paid on contracts cancelled after the time limit prescribed u/s 34.
6. Whether retention clauses in export contracts result in non-compliance with realization provisions?
7. Implications of amendments relating to rules 89 (4A), 89 (4B) and 96 (10).
Around 50 participants from all over India benefitted while taking an active part in the discussion. Participants appreciated the efforts of the group leader & group mentor.
4. International Women’s Day 2025 “EMPOWERED WOMEN = EMPOWERED LIVES” held on Monday, 24th March 2025 @ BCAS
The Women’s Day event for 2025 was held on 24th March 2025 at the BCAS Hall at Jolly Bhavan. The SMPR Committee and the HRD Committee jointly conducted the event. The theme for the event was Empowerment, and to celebrate this theme, three ladies who are themselves empowered in various capacities, addressed the gathering.
CA Shradhha Joshi Barde, who is an entrepreneur in the field of sustainable and slow fashion, shared her journey from numbers to fashion. She explained the concept of slow fashion and also elaborated on mindful consumption which can have a great ecological impact.
When we talk of empowerment, there are various enablers to this aspect, the key ones being a healthy mind and a healthy body. Ms Neha Pandit Tembe, who is a qualified nutritionist very well elaborated on the various aspects of health from the point of view of nutrition. She included the concepts of a healthy plate, healthy inventory shopping as also reading food labels, which was very insightful. Ms Prajakta Gupte conducted an interactive session where she made the audience do some exercises which they could do at their workplaces and avoid aches and pains. She also conducted breathing exercises and meditation.
The event was well received by the audience, whose feedback made it clear that they had great takeaways from the session.
Youtube Link: https://www.youtube.com/watch?v=LOH4XqgM2mw
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5. BCAS Nxt Learning and Development Bootcamp on Bank Branch Audit from Article’s Perspective held on Saturday, 22nd March, 2025 @ Virtual
The Human Resource Development Committee of BCAS organized a BCAS NXT Learning & Development Bootcamp on “Bank Branch Audit from Article student’s perspective” on Saturday, 22nd March, 2025. The session was led by Mr Atharva Joshi & Ms Sanskruti Nalegaonkar, CA Final students, who delivered a comprehensive presentation on the planning & preparation for bank branch audit. The presentation covered a wide range of topics, including Key concepts & Essential Terms, LFAR & compliance reporting, Core audit areas and Audit finalization & closure. They also shared practical experiences to help beginner article students navigate the complexities of Bank Branch Audits.
CA Rishikesh Joshi, the mentor for the session, provided valuable insights and guidance throughout, offering expert interventions as needed. The boot camp was held in person at the office of Kirtane&Pandit LLP, Chartered Accountants and streamed online, with active participation from students across India.
Youtube Link: https://www.youtube.com/ watch?v=Wdh075aF1O8
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6. XIIIth Residential Study Course on IND AS held from Thursday 20th March, 2025 to Saturday 22nd March, 2025@ The Rhythm Lonavala.
BCAS has always been a pioneer in equipping its members in particular and other stakeholders at large, with the knowledge of Ind AS. BCAS had started the subject specific Residential Study Course (RSC) for achieving the stated objective.
The Accounting & Auditing Committee organised its XIIIthInd AS Residential Study Course to address the practical challenges in IND AS and also share the experiences of experts in dealing with and addressing such challenges. This year, the format of the RSC included 3 papers for Group Discussion (GD) covering a very wide range of interesting issues, 2 papers for presentation, followed by the Panel discussion by eminent panellists. The RSC was held for 2 nights and 3 days from 20th March 2025 to 22nd March, 2025 at Rhythm Hotel, Lonavala.
The main objective of the RSC was to provide a platform to the Members in Industry and Practice to come together and get the opportunity to get deep insights into the practical challenges which they face while implementing the complex standards. The individual sessions were designed to give practical and case study-based insights to the participants on various topics.
RSC Programme Schedule included the following topics and speakers:
The RSC was inaugurated with the opening remarks from the President of BCAS, CA Anand Bathiya, followed by the Chairman of the Accounting and Auditing Committee – CA. Abhay Mehta, both of them underline the importance of knowledge sharing and the role of the BCAS in conducting such a Residential Study Course. To make the RSC interesting and engaging, domain expert speakers with relevant experience were invited to give participants practical insights and wholesome experiences.
The course started with the presentation session of CA Himanshu Kishnadwala, where he updated the participants on various NFRA orders, practical examples and issues and Learnings from the same. He also highlighted the NFRA Educational series which would be relevant for the Audit Committee to discuss the issues in Audit with the Auditors.
The first Group Discussion on Ind AS 116 on Lease &Ind AS 103 on Business Combination under common control was followed by the Session of the paper writer – CA Alok Garg who dealt with both the IND AS and critical case studies covering detailed concepts of both the standards besides sharing his practical experience of the industry with the participants.
The second Group Discussion on Ind AS 115 on Revenue from Contracts with Customers was followed by the Session of the paper writer – CA Archana Bhutani, covering the issues in Revenue Recognition and also covering concepts and issues in E-Commerce and Fintech platforms. The paper writer also made the presentation on Updates on Important Amendments in Ind AS Applicable to the March 2025 closure and also highlighted amendments in relevant IFRS.
The third Group Discussion on Case Studies on Intricacies in Financial Instruments (Ind AS 32 &Ind AS 109) was followed by the Session of the paper writer – CA R. Venkat Subramani, covering the issues in ECL and Hedge Accounting.
The Panel Discussion on Connectivity between Financial Statements and Sustainability was moderated by the Chairman of the Committee – CA Abhay Mehta, covering the relevant Issues and Questions for the eminent Panelists CA Himanshu Kishnadwala who shared his experience as a Member in Practice on the professional opportunities available to the members in the areas of ESG and CA Raj Mullick as Member in Industry sharing his experience and challenges in implementing ESG and sharing his views on Carbon Credits.
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The RSC provided excellent opportunity to gain valuable knowledge and practical insights on the topics covered and gave the chance to interact with the speakers and participants through informal chats. 70 participants from across India attended the course, and was well received, and the overall feedback from the participants was very encouraging.
7. Finance, Corporate and Allied Law Study Circle Meeting on “How to read and analyse Annual Report” held on Friday, 7th March 2025 @ Virtual.
The session was intended to highlight the need for a paradigm shift from financial literacy to financial intelligence, i.e. not only to be able to read the annual report but to attempt to understand and analyse the same and connect the dots to unlock the secrets of the annual report.
CA Pankaj Tiwari’s approach from concept to case studies made the session very enriching.
He took the participants through the regulatory framework contents of the annual report, including critical areas, identification of red-flags, key points for investors, ICAI’s AI tools for analysis, important aspects in analysis, and recent developments in India and globally in financial reporting. He emphasised to connect the dots between financial as well as equally important non-financial information.
He was joined by CA Meet Gandhi for certain case studies.
To summarise, the learned speaker, through his vast knowledge and experience, enlighted the participants about the intelligent analysis of the annual report.
Youtube Link: https://www.youtube.com/watch?v=WLxs8_S_BoA
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8. आDaan-Daan– BCAS Mentoring Circle – Season 4
The fourth season of ‘आDaan-Daan – BCAS Mentoring Circle’, an initiative of the Seminar, Membership and Public Relations Committee of BCAS, unfolded between January and March 2025, with 19 mentors and 20 mentees coming together for one-on-one online sessions.
This year, the program welcomed participants without any age restrictions, acknowledging the evolving nature of mentorship, including a few reverse mentoring requests received in the previous season.
Open to both members and non-members, the series continued its aim of fostering meaningful professional conversations.
Rather than a fixed format, mentees set the direction—sharing their background, aspirations, and challenges in advance—giving mentors the opportunity to prepare and personalise the interaction.
The strength of the series lay in its simplicity: guided conversations that encouraged reflection, direction, and clarity. Care was taken to pair each mentee with a mentor whose experience aligned with their goals.
Feedback from both sides pointed to the value of a safe space for exchange, where curiosity met experience. Mentors appreciated the platform to contribute meaningfully, while mentees walked away with new insights and confidence.
The Committee thanks all participants and looks forward to building on this growing community of shared learning.
9. Online Panel Discussion on Recent Developments in Taxation of Charitable Trusts held on Thursday, 20th February, 2025 @ Zoom
The webinar on the recent developments in the taxation of charitable trusts got more than 100 plus registrations.
Dr. Manoj Fogla discussed the background and implications of the two landmark Supreme Court decisions (New Noble Education Society and Ahmedabad Urban Development Society) that unsettled many settled legal positions regarding charitable trusts. He explained how charitable trusts traditionally generate income and the challenges posed by recent amendments and court rulings on the taxability of various types of income, including incidental business activities. He also provided insights into the spirit of the law concerning the application of income by trustees and the evolving interpretation under section 11 of the Income Tax Act.
CS Suresh Kumar Kejriwal took the lead in explaining the amendments proposed in the Finance Bill and the Income Tax Bill 2025, focusing on key concepts such as “substantial contributor,” “specified persons,” and the new rules affecting the exemption and business income of charitable trusts. He elaborated on how these amendments impact the compliance and tax planning for trusts, especially in light of the unsettled legal landscape after the Supreme Court decisions.
Mr Gautam Nayak moderated the session, introduced the panellists, and contextualized the discussion by highlighting the significance of the topic for the nonprofit sector. He emphasized the role of IMC and BCA in supporting professionals and organizations through knowledge dissemination and advocacy on taxation issues affecting charitable trusts.
This structured presentation helped clarify the complex and evolving tax framework for charitable trusts in India, addressing recent Supreme Court rulings, legislative amendments in 2023 and 2024, and the implications of the newly introduced Direct Tax Bill. The experts provided practical guidance on compliance challenges and strategic considerations for charitable trusts under the current tax regime.
Youtube Link: https://www.youtube.com/watch?v=l00dA2jYgf0
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10. Webinar on New Income Tax Bill, 2025 held on Tuesday 18th February, 2025 @ Zoom
The webinar on the new Income Tax Bill 2025 featured esteemed Chartered Accountants discussing the bill’s implications, structure, and expected impact. It got more than 600 plus registrations.
CA GautamNayak addressed some of the important points as enumerated below:
- Outlined the bill’s structural changes: reduction in sections (from 819 to 536), chapters (from 47 to 23), and word count (from about 512,000 to 260,000), with schedules increased from 11 to 16.
- Highlighted the removal of complex provisos and explanations, replaced by clearer subsections and clauses, and elimination of confusing alphanumeric section numbers.
- Warned that frequent amendments may continue to complicate the law over time, potentially undermining the simplification effort.
- Noted the government’s provision of FAQs and a navigator tool to help users transition from the old to the new law.
- Stressed that the bill has been referred to a parliamentary Select Committee for further review, and its ultimate impact will depend on future amendments and implementation.
Some of the key points addressed by CA Bhadresh Doshi:
Budget Speech Expectations: Despite the Finance Minister’s indication that the new Income Tax Bill would carry forward the “spirit of Naya” (newness), similar to the changes in the Indian Penal Code, there were no significant decriminalization or dilution of penal provisions for offences like TDS/TCS defaults.
Commendable Effort with Side Effects: CA Doshi acknowledged the commendable effort of 150 officers who spent approximately 60,000 man-hours simplifying the six-decade-old law but pointed out potential “side effects” resulting in new complications.
Missing Punctuation and Language Issues: He highlighted instances where simplification led to issues due to changes in language.
Inconsistencies in Referring to Old Provisions: He pointed out inconsistencies in how the new bill refers to the Income Tax Act, 1961, and the Indian Income Tax Act, 1922, across different sections.
Income from Salaries: CA Doshi noted no changes in provisions related to income from salaries, except for government employees, where the entertainment allowance deduction under Section 16 has been omitted in the new bill (Section 19).
Income from House Property: CA Doshi discussed several changes in provisions related to income from house property:
Intentional vs. Unintended Changes: CA Doshi clarified that it is unclear whether the identified changes were intentional or unintended errors, and only time will reveal their true nature.
In summary, CA Doshi’s key points revolved around unintended complications arising from the simplification process, inconsistencies in referencing older laws, and specific changes in provisions related to house property and salaries. He emphasized the need for careful interpretation and potential rectifications in the future.
The webinar was very well received by the participants.
II. OTHER EVENTS
1. Session On Eye Health Care for the BCAS Staff held on Tuesday 8th April, 2025 @ BCAS
The Bombay Chartered Accountants’ Society (BCAS) organised a session on eye health care on 8th April, 2025. The session was conducted by Dr. Viram Agrawal, a renowned expert in eye care. It was held at BCAS premises from 5:30 p.m. onwards. The session aimed to educate staff members on maintaining good eye health and preventing eye-related problems.
Dr Agrawal shared practical tips on reducing eye strain, such as blinking regularly and palming. Staff members learned about best practices for protecting their eyes from potential hazards.
Staff members actively participated in the session, asking questions and engaging in discussions. Dr. Agrawal’s expertise and guidance were highly appreciated by the attendees. Staff members left with practical knowledge and awareness about maintaining good eye health.
The eye health care session reflects BCAS’s commitment to prioritizing staff well-being and promoting holistic growth and development. By organizing such initiatives, BCAS demonstrates its concern for staff’s overall health and well-being.
2. Session on Yoga for the BCAS Staff held on Monday 17th February, 2025 @ BCAS
As part of our ongoing staff development program, the Bombay Chartered Accountants’ Society (BCAS), CA Raman Jokhakar, Past President of the BCAS, conducted an informal session on Yoga and how it is beneficial for the staff working in BCAS, on 17 February 2025, at Churchgate Chambers from 5:30 p.m. onwards.
He informed about the yoga techniques and breathing exercises to reduce stress and improve productivity. He also highlighted the benefits of yoga for overall health. He suggested to invite a yoga expert who can show the yoga techniques to the staff. The session was informative, engaging, and well-received, boosting staff morale and productivity. BCAS continues to prioritise staff well-being and development, reflecting its commitment to holistic growth.
CA Raman Jokhakar also suggested a future session on eye health care with Dr Viram Agrawal, further demonstrating BCAS’s dedication to staff’s overall health and well-being. The session was a success, and the feedback was positive.
III. BCAS QUOTED IN NEWS & MEDIA
BCAS has been quoted in 113 esteemed news and media platforms, reflecting our thought leadership and commitment to the profession. For details
Link: https://bcasonline.org/bcas-in-news/
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