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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The workshop held at the Palladium Hotel, Mumbai on August 7th and 8th,
The Keynote Address at the Conference was given by Shri Sunandan
1. OVERSEAS FUNDS – TA X AND REGULATORY ASPECTS by Shri Bhavin Shah. He dealt with issues relating to taxation of overseas funds and structures for inbound investment by such funds. He also highlighted issues in respect of capital gains on indirect transfers, treaty residence, GAAR, etc. He also provided insights into normal structures of overseas funds. 
2. STRUCTURING OF EPC CONTRACTS – TA X & OTHER ISSUES by Shri H. Padamchand Khincha. He highlighted and exhaustively analysed the controversies and issues relating to taxation of various types of EPC contracts, including splitting up of such contracts, treatment of joint ventures, accrual and classification of income from such contracts. 
3. EXPATRIATE S – TAX AND REGULATORY ASPECTS by Shri Nikhil Bhatia. He analysed the various issues relating to taxation of expatriates, including determination of residential status, deductibility of social security contributions, and treatment of tax equalisation, and also discussed other provisions affecting expatriates, such as provident fund contribution, etc. This was supplemented by various Case Studies involving issues such as transfers, tax efficient method for such transfers, Indian Exchange Control Regulations, Tax Credits, etc. 
4. PLACE OF EFFECTIVE MANAGEMENT (POEM) by Shri Pinakin Desai, who analysed the meaning of the newly introduced term in the Indian context. He discussed the international perspective and earlier case laws on control and management, and the various factual aspects which would assist in determination of the POEM. 
BASE EROSION AND PROFIT SHIFTING (BEPS) – RECENT DEVELOPMENTS by Shri T. P. Ostwal, who covered issues relating to recent developments internationally, and at the OECD. He explained the progress on each of the 15 action points under the BEPS initiative, and the expected timelines within which further actions were to be taken. 
The speaker on the subject, Mr. Monish Chatrath gave the audience an overview of the latest developments under Companies Act, which place an onerous responsibility on the auditor. Emphasising their importance, he stressed upon the need to make IFC a powerful and practical tool, in the hands of all the stakeholders – the organisation, the consultant and the auditor. 
The speaker Mr. R. Ravichandran, Director of Income Tax (Intelligence & Criminal Investigation) explained in detail, the legal framework, procedures and issues involved in the use of Digital Evidence obtained by the Income Tax Department during various stages of assessments, search and seizures.
One day Seminar on BEPS in Action was organised by the International Taxation Committee on 7th November, 2015 at Palladium Hotel in Mumbai. 
The Seminar started with CA. Vishal Gada giving an overview of the final deliverables of the OECD on the 15 Action Plans on their Base Erosion and Profit Shifting (BEPS) Project. He gave a detailed summary of the Action Plans. Thereafter, he dealt with the Action Plan on addressing tax challenges in Digital Economy. He informed the audience about the various options that the OECD has suggested to deal with the lack of permanent establishment threshold and indirect taxes issues arising out of e-commerce transactions for source countries. He also summarised some global developments like unilateral actions by countries relating to BEPS during his talk. 
In the subsequent session, action plans relating to substance issues arising in the transfer pricing field were taken up by CA. Sanjay Tolia. He dealt with value creation in case of intangibles, as regards risks and capital and high risk transactions. He also explained the new documentation requirement for country-by-country reporting with master file and country files. 
Mr. S.P. Singh, IRS, dealt with the action plans dealing with the issues of transparency and certainty. These action plans related to establishing methodologies to collect and analyse data on BEPS, requiring taxpayers to disclose their aggressive tax planning arrangements, making Dispute Resolution mechanism more effective and developing a Multilateral Instrument to effectively implement the action plans. 
In the final session, CA T. P. Ostwal updated the participants about the current developments like the ‘Google tax’ and reporting on aggressive planning techniques by taxpayers and other related developments in India and globally. 
The speaker, CA. Rohan Phatarphekar shared with the audience, his views on the recent development and controversies in Transfer Pricing. He gave a brief overview on the application and interpretation of these recent developments. He emphasised on the issues involved and the approach of the revenue for these controversies and discussed the same in details. 
A full day seminar on “Charitable Trusts” was organised jointly with The Chamber of Tax Consultants. The objective of the seminar was to enlighten the participants with the entire aspects and procedures for formation, running rules, regulations, investments and taxation of Charitable Trusts with special emphasis on the updated laws and CSR provisions. 
The faculty answered the various queries raised by the members which reflected how deeply the audience got interested on the subject. More than 200 members present gained immensely from the expert deliberation from the faculties. The video of the lecture is available at www.bcasonline.org & www.bcasonline.tv, respectively, for the benefit of all. 
The Indirect Tax Committee of the Society conducted a workshop on 12th September 2015 on “How to assess the impact of proposed GST law” on two major business sectors. Mr. Divyesh Lapsiwala dealt with possible impact on pharmaceutical sector. He explained in a very lucid manner and citing various examples as to how the new concepts in GST are likely to impact business processes and distribution models of pharma companies. Parind Mehta demonstrated before members the likely impact of GST on construction sector by discussing a case study. Participants also discussed various legal issues which may crop up while solving the case study. 
Mr. Yogesh Thar addressed the august gathering on “ICDS: Overview and Challenges in Application”. The highlights of his talk are summarised below:
Lecture Meeting on Important Income-tax Decisions of 2014 on 29th January 2015
Programme on Real Estate Investment Trusts (REITs) & Infrastructure Investment Trusts (InvITs) on 7th February 2015
The Human Resources Committee of BCAS organised a workshop (spread over four Saturdays), under the auspices of Amita Memorial Trust, where the Trainer, Mr. Shyam Lata dealt with various aspects of enhancing public speaking, communication and interpersonal skills. These four sessions helped the participants overcome limiting inhibitions. He guided them to develop a compelling desire, not only to express one’s ideas but to do so with conviction and assertion. 27 participants attended the workshop. They immensely benefited from the training.
ESI, Bonus & Gratuity Act, Shop and Establishment Act:-
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Every year, the most awaited event is the budget. What the Finance Minister unfolded on 29th February 2016 with respect to the direct tax provisions was covered in the Public Lecture Meeting held on 4th March 2016 by Senior Advocate Mr. S. E. Dastur. This was the 51st Budget Lecture Meeting of the Society and 28th year of address by Mr. S. E. Dastur. This year the Society has captured pre budget expectations and post budget inteviews from the stalwarts and the youth. Just before the lecture began, a series of views of various people on the budget were taken by Mr. Ameet Patel. All these videos are available on our website as well as Youtube channel and also on social media.
President Raman Jokhakar welcomed the speaker, Senior Advocate Mr. Vikram Nankani, an eminent speaker on the subject to throw light on the amendments of the changes by the Finance bill 2016.The lecture meeting commenced with the launch of the new publication of the Society “Partnership Firms – Registration Procedure and Frequently Faced Issues with Registrar of Firms” by Mr. Uday Sathaye, Past President of the Society. The book was launched by the speaker Mr. Nankani. 
Professionals like CA’s, Advocates, Businessmen are finding it difficult to Register Partnership Firms with Registrar of Firms in Maharashtra due to various issues. This process of registration involves submission of documents and the careful adherence to a procedure which has been laid down. 
His address was followed by the interactive session wherein the panel of RBI officers provided views on the written queries provided to them in advance. The queries covered all important areas of FEMA including those dealing with ODI, FDI, LRS, ECB and Trade transactions. The Officers answered the queries and also dealt with several questions from the audience.
The post lunch technical sessions was on “Trade Transactions” by Mr. Shabbir Motorwala who succinctly covered the vast subject in the time available with him. The last session was on “ECBs” wherein Mr. Kumar Saurabh Singh covered the recent amendments in the ECB policy and also dealt with the other financing routes available to borrowers. Both the speakers answered queries from the audience and covered the subjects in significant detail. The Conference was received well by all present. 
It was once again a proud moment for BCAS and BCAS Foundation to organise a music concert “Udat Abeel Gulal”, together with a few other organisations at Bharatiya Vidya Bhavan on 19th March, 2016 in aid of Dilasa Sanstha, an NGO engaged in relief work for drought affected farmers of Maharashtra. Attended by a large audience, it started with jugalbandi of Santoor and Saraswati Veena by Shri Snehal Muzoomdar, Maithili Muzoomdar on Santoor and Shri Narayan Mani on Saraswati Veena respectively, accompanied by a team of virtuoso musicians and interspersed with Vedic chants by Ved Pandit Dr. Narasimha Ghanpatigal. Explaining the theme “Bairagi se Basant”, Compere Mihir Sheth vividly created background atmosphere for celebration of spring with quotes from Kalidasa and Rig-Veda. Narrating the ethos of the theme and quoting medieval poet Maagh, he said when season of Basant arrives, its enchanting beauty feels us with a sense of bliss, Abeel and Gulal colour our lives, the fire of Holi protects our lives, give us the prosperity and hence, we all invoke Firegod Agni as narrated in Agnisooktam in Rig-Veda whose hymns are often chanted in raga Bairagi. 
The Jugalbandi started with raga Bairagi rendered on Santoor and Saraswati Veena interspersed with chanting of Vedic hymns and then deftly moved on to raga Basant and Kafi, which are the popular ragas of the Basant season, accompanied by vocalists Shraddha Shridharni in Hindustani style and Nupur Joshi in Carnatic style. Both the vocalists recreated magic with their rendition of poet Nanhalal’s poems so ably composed by Snehal Muzoomdar. Fine balance of melodious music with perfect percussion and dramatic entry of vocalists on the stage left the audience completely mesmerised when it reached the crescendo in the end. 
The Human Development & Technology Initiative Committee continued with the annual CSR activity of supporting Eye Camp for the tribals and the needy people from the rural area surrounding Vansda, Dist. Navsari. 
The Committee had set a target of one Eye Camp with a Budget of Rs.51,000/- for cataract surgery of 51 patients. However, with divine grace and kind support of all donor friends, it was able to collect Rs.2,17,200, which can take care of 217 patients i.e. little over four Eye Camps. 
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. 
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. Utkarsh Sanghvi on Indirect tax issues in media and entertainment industry, including: Service tax, VAT and customs. 
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. 
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. 
Lecture Meeting on Important Income Tax Decisions of 2015 was held on Wednesday, 24th February 2016 at the Jaihind College Auditorium. 
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. 
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. 
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. 
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. 
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 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 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 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. 
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. 
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. 
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. 
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). 
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 speaker CA. Khushroo B. Panthaky shared his knowledge and practical experience. Various regulatory issue, intricacies of reporting requirements and expectations from auditors and preparers of financial statements were well covered and explained to the attendees by way of practical examples, well designed to understand the complexities of the regulatory issues in a simplest way. He talked on various aspects of audit and how it has moved from a sampling certification to a risk based confirmation. He highlighted the significance of thorough checks, Study of client business end to end, what precautions an auditor needs to take up right from accepting the audit assignment till the final signing of the report. 
Students Committee performing the flash mob
It was also discussed how we can prioritize the different aspects of our life like Financial, Professional, Social, Personal, Physical, Spiritual and bring harmony and purpose in our life, while we grow as well as be happy all the time. The presenter taught how to overcome distractions in the way of accomplishments and retain the mindset to focus. 
This meeting was conceived by the Corporate and Allied Laws Committee of BCAS and was jointly organized with the BSE. Mr. Neeraj Kulshrestha (Chief of Business Operations – BSE) was the Guest of Honour, Mr. Ajay Thakur (Head – BSE SME) was the keynote speaker and Mr. Mahavir Lunawat, (Founder – Pantomath Group) was the speaker for the day. Mr. Kanu Chokshi (Chairman, Corporate & Allied Laws Committee) chaired the meeting. Mr. Raman Jokhakar (President, BCAS) welcomed the participants and highlighted the relevance of the topic in view of the proposed ‘Startup India’ and ‘Standup India’ initiatives, launched by the Government of India. Mr. Kanu Chokshi briefly introduced the speakers and the topic.
Moving to the product zone, the team saw samples of each product processed out of the refinery, namely Propylene, Naptha, Gassoline, Jet/Aviation Turbine Fuel, Sulphur, Petcock etc. Participants were fortunate to visit control room. The entire refinery is controlled from this area. The control room has earmarked the area for each unit – Fluid catalytic cracking unit (FCCU), clean fuel plant (CFP), Hydrogen manufacturing unit (HMU), Reliance tank farm (RTF ) and so on. 
