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Learning Events at BCAS

1. Suburban Study Circle Meeting on “Navigating the New Income Tax Bill, TDS, Deductions & Critical Provisions” on Thursday, 13th March, 2025 and at C/o SHBA & Co. LLP, Andheri (E), Mumbai.

Suburban Study Circle Meeting on “Navigating the New Income Tax Bill, TDS, Deductions & Critical Provisions”, was led by CA Upamanyu Manjrekar & CA SnehalMayacharya, where they delved into critical amendments in the Income Tax framework, with a focus on TDS, deductions, and key provisions. The discussion highlighted changes in terminology, procedural updates, and practical implications for businesses and professionals.

Key changes discussed included:

  • Modifications in Income Tax Bill Wording – Minor yet impactful changes in phraseology, altering interpretation and compliance requirements.
  • TDS Revisions – Updates on applicability, rates, and compliance, including sector-specific changes.
  • Procedural & Compliance Changes – New filing requirements, reporting obligations, and penalty structures.
  • Impact on Business & Professionals – Discussion on how the amendments affect different taxpayer categories.
  • Group Interpretation & Case Studies – Open discussion on ambiguous provisions and their practical implementation.
  • Retrospective vs. Prospective Amendments – Debate on whether certain provisions apply retrospectively or prospectively.
  • Practical Challenges & Solutions – Addressing common compliance difficulties and suggested best practices.
    The session was highly interactive, with participants engaging in insightful discussions and real-world case studies. CA Upamanyu Manjrekar & CA SnehalMayacharya provided clear explanations, ensuring attendees left with a well-rounded understanding of the amendments and their implications.

2.  HRD Study Circle on The Secret Formula of Successful ENTREPRENEURS on Tuesday, 11th March, 2025 @ Virtual.

The Human Resources Development Committee Organised a Talk on Topic “The Secret Formula of Successful ENTREPRENEURS” on 11th March, 2025.
Faculty Mr. Walter Vieira

The takeaways from the workshop are briefly given below:

  1.  Comparing entrepreneur with a turtle he quoted James Byrant Conant who said – “Behold the turtle. He makes progress only when he sticks his neck out.”All cannot be entrepreneurs. Those who stick their neck out — take risk, have perseverance, conviction in their idea and believe in themselves could become excellent entrepreneurs
  2.  Entrepreneurship is a process of creating something new and needs deep study of business environment backed up by Fundable business plan.
  3.  There is a certain degree ofaptitude and attitude that is needed to do business and move further as Entrepreneur

They are

a) Creativity and flexibility
b) Resilience
c) Humility to accept success and failure
d) Perseverance
e) Spirit of adventure
f) People skills with a back-up technical knowledge in the subject

There were 167 participants who attended the meeting and good number of them asked questions which were well answered by the faculty.

3. Indirect Tax Laws Study Circle Meeting on Tuesday, 25th February, 2025, @ Virtual

The Group Leader & the Group Mentor introduced the participants to the topic and dealt with the relevant provisions & clarifications before proceeding to the case studies covering the following contentious & practical issues on the topic:

  1. Can an application be filed u/s 128A filed when there is a demand for only interest & penalty?
  2. Distinction between self-assessed liability and whether section 128A can be invoked if an Order is passed confirming demand for such self-assessed liability?
  3. Practical challenges in adjusting liability when payment is made in GSTR-3B / pre-deposit while filing an appeal / third party recovery against DRC-13.
  4. In case of appeal Order, section 128A application to be filed against the appeal Order or adjudication order?
  5. Is section 128A option available if the Appeal Authority remands the matter?
  6. Can application for rectification of order for demand confirmed for multiple points, including section 16 (4) be filed?
  7. Can the rectification order for demand confirmed u/s 16 (4) go beyond the scope of the original notice?
  8. Availability of refund of pre-deposit paid in case of successful appeal order for demand u/s 16 (4)

The meeting was attended by 50 members. The participants appreciated the efforts of the Group Leader and Group Mentors.

4. Tarang 2K25 – The 17th Jal ErachDastur CA Students’ Annual Day on Saturday, 22nd February, 2025 @ M M Pupils Own School — Khar.

The completion of the November 2024 CA exams commenced the preparations for the grand Tarang 2k25. The stage was set for the awe-inspiring event to happen, and it was when the Students’ Team and members of the Human Resource Development Committee (HRD) met to re-write the success story of the marvellous legacy of the past 16 years.

The 17th year of Jal ErachDastur CA Students’ Annual Day under the brand of ‘Tarang’ had to be engaging, enthralling, and magnificent. With this mission in mind, the Students’ Team started upon the journey for delightful Tarang 2k25 under the requisite guidance of CA MihirSheth, CA DnyaneshPatade, CA Jigar Shah, and CA Utsav Shah. MsPrachi Shah and Mr Paras Doshi were appointed as the student coordinators.

Tarang, when described, is an ecstatic annual CA students’ celebration mainly intended to provide a platform for CA students to unleash their talent and creativity in areas of public speaking, writing skills, performing arts, business, technical, and innovative skills. Additionally, the event also intends to act as an insight and potential gateway into the real world outside academic books by providing access and tutelage by skilled and experienced leaders in the form of participation in various fields with a view to building interpersonal and team-building skills with an opportunity to fraternize and network with hundreds of like-minded students.

The event was organized under the auspices of the HRD Committee of BCAS. All meetings were held in offline and online format. The event was supported by a total of 30 volunteers. Tarang 2k25 completely changed the dull and monotonous perception regarding CA students when they were witnessed as event managers, anchors, talented dancers, and photographers too!

As intended, it was truly an event ‘Of CA Students, By CA Students and For CA students.’

Tarang 2k25, to our surprise, saw a huge enrollment of around 350 students despite the pending due dates. There were an overall 165 participants in Tarang 2k25, along with the highest number of participants in the ‘Treasure Hunt’ too. The event became very popular, and we received huge enrollments along with amazing ideas that were pitched to the judges, which were worth the watch.

Also for the very first time Mock Stock exchange was organised specially for CA students where around 75 students participated.

The 17th Jal ErachDastur CA Students’ Annual Day – ‘Tarang 2K25’ elimination rounds were held at the BCAS Hall on the 15th and 16th of February 2025, To keep the fun going and the crowd engaged, the students’ team had organized various online games and networking sessions, This provided a unique opportunity for all the participants to build a productive and constructive network along with a lot of fun too.

The Grand Finale of Tarang 2k25 was held at MM Pupils School, Khar on the 22-2-25 from 3 pm onwards. We were delighted to have Bank of Baroda as the sole sponsor for the prizes of the winners of the various games and quizzes held offline. Arrangements for various exciting games were made to engage and build excitement among the audience before the event’s commencement.

The grand finale commenced at 3 pm with the lighting of the divine lamp by the HRD Committee with the Ganesh Vandana and Saraswati Vandana being played in the background to seek blessings and express gratitude to Lord Ganesh and Maa Saraswati.

The winners of the competition representing their firms were announced as follows:

Invest, Conquer, Compete (Mock Stock Exchange) – Winning Team – Dikshant Pandiyan, Jainil Sheth and Priyansh Jindal

Reel Making Competition ‘Shutter Stories’ – Sushil Khubchandani

Photography Competition ‘The Capture Challenge ’ – Anjali Vaishya

Antakshari Competition – ‘Suronke Maharathi’
Winning Team – NikunjPatel ,Harshita Dave and Rahul Jaiswar

Debate Competition – ‘The Battle Of Perspectives’ Winning Team – Sanjog Shah, Jainam Doshi, Vedant Agarwal and Madhur Bhartiya

Best Debater – Vedant Agarwal

The Rotating Trophy went to – Vedant Agarwal (SRBC and Co)

Talk Tastic – Winner – Piyush Gupta

2nd – Neha Agnihotri

3rd – Sejal Bagda

The Rotating Trophy went to – Piyush Gupta (DBS Bank)

Essay Writing Competition – ‘Pen- Power- Play’ 1st Prize Winner – Dhairya Thakkar

2nd Prize Winner – Neha Agnihotri

3rd Prize Winner – JesikaSahaya

The Rotating Trophy went to – Dhairya Thakkar (JHS Associates)

Talent Show ‘CA’s Got Talent’ Best Performer – Music Category – YashLadha

Best Performer – Instruments Category – Mithil Category

Best Performer – Dancing Category – The JDians

Best Performer – Other Performing Arts Category – Param Savijani and Rishit Raithatha

Pirates Plunder (Treasure Hunt) winners – Rushi Ghuge, Siddharth Gada and Yash Khalse

Hearty Congratulations to all the winners and their firms.

The euphoric evening was superbly anchored by the Master of Ceremony with their unmatched energy and mind-boggling acts to keep the audience engaged throughout the event.

With the 17th edition reaching new milestones and the scale increasing, all eyes are now set on what the anticipated 18th edition would have to offer. One thing is clear, the sky will not be the limit for the goals set to be achieved.

II. BCAS Quoted in News & Media

BCAS has been quoted in various 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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Learning Events at BCAS

1. Finance, Corporate & Allied Law Study Circle – REIT n InvIT as Investment avenues held on Thursday, 13th February, 2025 @ Zoom.

CA Harry Parikh explained the concepts of REIT and InvIT, their features, structural overview, eligibility criteria, investment conditions, etc. He highlighted that REIT or InvIT are investment products and not a tax-saving product. He dealt with the decision-making criteria for investing in REIT or InvIT vis-a-vis traditional investment with the help of examples of REITs. He also enlightened on the key differences between Equity vs. Mutual Fund vs. REIT vs. InvIT, and tax implications thereof. He also shared his insights on factors to be considered for investing in REIT.

More than 70 participants enriched out of the masterly analysis of REIT, InvIT as investment avenues.

Youtube Link: https://www.youtube.com/watch?v=GxO-5VpL-xk

2. Public Lecture Meeting on “Union Budget 25 — Indirect Tax Proposals” held on Wednesday, 12th February 2025 @ Zoom.

The lecture meeting on the Union Budget 2025 and its Indirect Tax Proposals, held on 12th February 2025, featured CA Sunil Gabhawalla discussing various amendments in the Finance Bill 2025. He focused primarily on GST provisions while briefly touching upon customs, excise, and service tax amendments.

He began by explaining the concept of ‘input service distributor,’ detailing its position in the pre-GST regime, GST regime until 31st March 2025, and the post-2025 scenario. He highlighted differences in the definition of ‘Input Service Distributor’ (ISD) between the existing and proposed regimes, emphasising the potential for varied interpretations and possible litigations. Using the draft circular issued by the CBIC and other relevant jurisprudence, he illustrated cases falling under the ISD and Cross Charge Mechanisms.

He also examined the impact of retrospective amendments in the GST law, referencing the Hon’ble Supreme Court’s decision in the Safari Retreat’s case and highlighting open issues post-amendment. Further, he discussed issues arising from the amendment that incorporates additional conditions for self-adjustment of taxes based on credit notes. He provided guidance on addressing these issues, especially in light of the mandatory Invoice Management System (IMS) introduced by GSTIN in October 2024. He cited practical examples to highlight various aspects taxpayers should consider when dealing with the IMS mechanism. Additionally, he explained how the proposed track and trace mechanism would complement E-way Bill provisions. The meeting emphasised the government’s intent to gather maximum data and use artificial intelligence to curb tax evasion, leading to increased compliance and affecting the ease of doing business.

Finally, he covered miscellaneous amendments related to ‘local authorities,’ ‘vouchers,’ amendments in Schedule III concerning supplies by SEZ / FTWZ units, and the rationalisation of pre-deposits required under appellate proceedings in disputed orders imposing penalties.

The lecture was attended by approximately 325 participants online.

BCAS Lecture Meetings are high-quality professional development sessions which are open to all to attend and participate. The readers can view the lecture meeting at the below-mentioned link:

Youtube Link: https://www.youtube.com/watch?v=yAzBv4CAHNw

3. Public Lecture Meeting on Direct Tax Provisions of Finance Bill, 2025 held on Thursday 6th February, 2025 @ Yogi Sabhagruh Auditorium Dadar East

The public lecture on Direct Tax Provisions under the Finance Bill 2025 was a comprehensive discussion led by noted tax expert CA Shri Pinakin Desai. The session emphasised the significant changes in income tax slab rates and corresponding rebate provisions, which were perceived positively. The lecture highlighted that this year’s budget prioritises stimulating consumption over infrastructure investment, marking a substantial increase in tax-free slab rates compared to previous years. Notably, there was a significant shift anticipated as taxpayers may transition from the old tax regime to the new one, leading to increased discretionary spending and ultimately contributing to GDP growth.

Shri Pinakin Desai provided insights into several key provisions of the Finance Bill, 2025 analysing changes to tax rates, corporate taxation, TDS rationalisation, and the taxation of charitable trusts. The lecture also discussed new provisions concerning Tax Collection at Source (TCS) and implications for companies undergoing amalgamations. Shri Pinakinbhai’s thorough analysis offered clarity on how these changes would affect various stakeholders and emphasised the need for careful navigation of the new tax landscape.

KEY INSIGHTS

  • Increased Tax-Free Income Thresholds: The new regime allows individuals to earn up to ₹12.75 lakhs without incurring tax, significantly benefiting middle-income taxpayers. This change is expected to uplift the overall spending capacity of households, resulting in higher consumption rates and positively influencing economic growth.
  • Charitable Trust Registration Validity: The extension of the registration period for small charitable trusts from five to ten years represents a significant reduction in administrative burdens for these entities, encouraging more charitable initiatives and financial stability among smaller trusts.
  • Tax Deductions for Rent Payments: The amendment reducing the threshold for tax withholding on rent from ₹2.4 lakhs annually to ₹50,000 monthly for companies is a notable change.
  • Implications of Changes in applicability of Rebate: The decision to disallow rebates for special rate incomes under capital gains could reduce tax relief for many taxpayers, necessitating careful consideration of investment strategies to optimise tax liabilities.
  • Restrictions on Loss Migration: The amendment aims to curb the indefinite extension of loss carry-forwards through repeated amalgamations, ensuring a fair and consistent tax treatment. Previously, amalgamated companies could extend the carry-forward period indefinitely, effectively resetting the 8-year limit with each new amalgamation. The amendment aims to prevent this perpetual “evergreening” of losses. Shri Pinakinbhai explained the impact of this amendment through various illustrations.
  • Non-Resident Tax Incentives: The concessional tax rates for foreign entities providing technology and services to specified manufacturing industries reflect India’s strategy to foster foreign investment in critical sectors such as electronics, enhancing competitive advantages and technological development. A new presumptive taxation scheme introduced for non-residents providing services or technology to Indian companies engaged in the manufacture of electronic goods. Shri Pinakinbhai also highlighted possibility of a drafting error in the proposed legislation, mistakenly suggesting that both payment and receipt of 100 rupees result in a taxable consideration of 200 rupees which should be corrected to align with sections 44B and 44BB, of the Income-tax Act.
  • Extension of time limit for passing Penalty Orders: The time limit for completing penalty orders related to assessment has been changed from 6 months from the month of receiving the order from the tribunal to 6 months from the end of the quarter of receiving the order.
  • Transfer Pricing Assessment: Instead of annual assessments, a block of 3 years for determining the Arm’s Length Price (ALP) is introduced. Once the methodology is settled in the first year, it remains binding for the next two years. Taxpayers can opt for this block assessment, either during or after the Transfer Pricing (TP) assessment. He also mentioned that the effectiveness of these new measures shall depend upon the rules to be prescribed in this regard.
  • Updated Return Filing: The provision now allows updated returns to be filed up to the end of the third or fourth year, with additional taxes of 60 per cent and 70 per cent, respectively. This provision aims to promote compliance by offering a structured approach for taxpayers to rectify errors or omissions, albeit with significant additional tax implications for later filings.

In summary, the lecture delivered by Shri Pinakin Desai provided a detailed analysis of the Finance Bill 2025, shedding light on various changes that will impact individual taxpayers, businesses, and charitable organisations alike. The meeting was attended in person by 450 plus participants and encouraging response of over 26,000+ viewers online.

The readers can view the lecture meeting at the below-mentioned link:

Youtube Link: https://www.youtube.com/watch?v=ncVT3ejAtPA

4. Felicitation of Chartered Accountancy pass-outs of the November 2024 Batch held on Friday, 31st January, 2025 @ IMC.

Milestone 2.0 — Felicitation of newly qualified CAs of the November 2024 batch.

A felicitation event for the newly qualified chartered accountants of the November 2024 batch was held on 31st January, 2025, at the Walchand Hirachand Hall of the Indian Merchant Chambers building at Churchgate by the SMPR Committee. The event was highly successful and close to 400 candidates attended the event. The theme for the event was Milestone 2.0, and the guest and mentor for the event was Past President CA Naushad Panjwani. He guided the participants by taking them through the Japanese concept of Ikigai and drawing parallels to their phase in life where they should aim to find their Ikigai, which would lead them to success and happiness. The participants diligently listened and also provided their perspectives on the matter. Rankers were felicitated first, and they addressed the audience subsequently and shared their experience throughout the journey of becoming a CA. A celebratory cake was cut and then all the successful newly passed CAs were felicitated. The excitement on everyone’s faces was visible, and that is testimony to the success of the event.

5. Indirect Tax Laws Study Circle Meeting held on Friday, 31st January, 2025 @ Zoom.

Group leaders CA G. Sujatha & CA Archana Jain prepared and presented various case studies on Government Supplies and explained the concepts of Central Government, Government Authority, State Government, etc.

The presentation covered the following aspects for detailed discussion:

1. Concept of Supplies by Central Government, State Government, Local Authority.

2. Supplies liable to tax or part of sovereign function.

3. Taxability of charges paid to the Ministry of Corporate Affairs at the time of registration & subsequently do both enjoy the exemption.

4. Detailed discussion on mining rights and other rights associated with land and fees paid for getting rights.

Around 60 participants from all over India benefitted by taking an active part in the discussion. Participants appreciated the efforts of the group leader & group mentor.

6. ITF Study Circle Meeting held on Thursday, 30th January, 2025 @ Zoom.

Group Leaders – CA Nemin Shah and CA Dipika Agarwal

Guidance for Application of Principal Purpose Test under India’s treaties vide CBDT Circular 1/2025 dated 21st January, 2025 (Circular) — Group Leader CA Nemin Shah.

During the session, CA Nemin Shah discussed the context relating to the Principal Purpose Test (PPT). For this, he extensively discussed the basics of MLI and PPT. Another perspective which was discussed was whether PPT was for general anti-avoidance or a specific anti-avoidance. The Group Leader went on to discuss the key points of the Circular, such as the application of PPT is based on an objective assessment of the relevant facts and circumstances, its applicability in cases where the PPT has been incorporated through bilateral negotiations or through MLI, the scope of grandfathering provisions under the treaties which will remain outside the purview of PPT. He went on to discuss the various issues that could arise, such as its applicability to the India-Mauritius tax treaty, which MLI does not cover.

SC Lowy P.I. (Lux) S.A.R.L, Luxembourg v. ACIT [2024] 170 taxmann.com 475 (Del-Tribunal) – Group Leader CA Dipika Agarwal

CA Dipika explained the facts and the arguments of the assessee and revenue. She discussed the Tribunal’s findings. One of the key focus points of the discussion was that it appeared from the Tribunal’s order that PPT was not invoked at the assessment level, but discussed only at the Appellate level. Further,
there was no discussion in the Tribunal’s order for choosing Luxembourg over the Cayman Islands for making investments. The group discussed the implications of the same. The Group Leader went on to discuss the Tribunal’s findings in relation to Tax Residencey Certificate (TRC) and Limitation of Benefits (LOB). With respect to the PPT clause, the assessee’s incorporation in Luxembourg was not for the principal purpose of obtaining tax treaty benefits, as it had substantial investments, which it continues to hold.

7. 22nd Residential Leadership Retreat — Living in Harmony held on Friday, 24th January, 2025 and Saturday, 25th January, 2025 @ Rambhau Mhalgi Prabodhini Keshav Srushti Bhayander (West)

The 22nd Leadership Retreat was held on the theme of `Living in Harmony’ under the guidance and training of Mr M. K. Ramanujam and Mr R Gurumurthy. 27 participants including 6 couples attended, of which, more than 15 participants were attending the Leadership Retreat for the first time.

The key learnings are summarised as follows:

  • Harmony is unity in diversity which brings joy, peace, happiness, satisfaction and fulfilment.
  • One has to focus from zoom in to zoom out. i.e. look at the wider picture from a broad perspective for a higher purpose over a long span and come out of small and micro views. Zooming out is like a compass of values to find the right meaning in life.

To identify challenges, zoom in and use an emotional filter to zoom out.

  • P R E M A: The acronym represented Positive Emotions, Relationship, Engagement.
  • (Karma Yoga), Meaningful Life and Achievement – selfless service for a noble cause. This could be the guiding light.
  • Listen vis-a-vis Silent. Listen with empathy and compassion. Words “Silent” and “Listen” are complementing. So, engage in listening to be silent within and establish connect outside.
  • R A S (Reticular Access Syndrome) explains that whatever one focuses on, expands in the mind. We see the world as we are. So, one can use this to reinforce the attention to important things in life.
  • Nature operates on contrast. Sattva, Rajas and Tamas are like an interplay of darkness and light. The contrast of bright and dark, light and dark, day and night, white and black, happiness and sadness, joy and gloom. Contrast is natural. Negative things help us to appreciate the value of positives. Pain is a warning signal to pause. Self-acceptance guides us to Harmony. Therefore, one can transform from fear to faith, anger to care and work to relax.
  • Practice Harmony by observing without being judgemental.
  • Understand the basic needs, physical, social, spiritual, personal, interpersonal. The needs are distinct from wants. Needs are expressed through feelings. Listen to the feelings. One can understand that anger moves us away, whereas Love and compassion bring us closer to Harmony. Human pursuit (Purushartha) is for Kama, Artha, Dharma & Moksha. The purpose of human life is Moksha, for which doing Kama or pursuing Artha should be based on Dharma, respecting the highest universal values and principles.
  • Like a peel on the surface of a juicy fruit, the outer layer may have an unpleasant taste, but with faith and conviction, one can have the taste of juice and nectar within.
  • Bring inner transformation by working from Gratitude with Empathy & compassion.

In the penultimate session, discussion was on the film Peaceful Warrior and the inspiring message coming out from the film’s dialogues.

In the concluding session, the participants shared the key points of learning from the camp.

8. Fireside Chat on “Return of Trump – What does it mean for America, India and the World” held on Monday, 27th January, 2025 @ BCAS

Speaker: Shri Natwar Gandhi

Moderator: Shri Rashmin Sanghvi

Widespread fear about various executive orders signed by Mr Trump is misplaced as most of them have been challenged and will have to pass the test of constitutional validity.

America has a strong democracy and deep-rooted institutions. No president can make fundamental changes at his will. Even with a majority in Congress and Senate, constitutional changes are not going to be possible in his four-year term.

One can expect him to use tariffs as a negotiating tool to gain trade favours. However, in the long term, it will hurt the US as well as the country on which high tariff is levied because it will lead to higher costs and consumer resistance. That will not augur well for the USA.

The USA will continue to be a dominant world power as long as the majority of trade uses USD as currency for settlement.

Tall claims about taking over some territories should be discounted as election rhetoric.

The US economy, despite popular perception, is doing well, with average household income (even in the most backward area) still much above par with the rest of the world. With the new administration, one can expect business-friendly policies and a return to manufacturing.

It will be difficult to reduce bureaucracy as all policies require ground-level staff to implement. The USA, with its large size and federal structure, will make such reduction only ornamental.

A large deficit close to USD 35 trillion will not curtail any growth initiatives as the world still uses America as its investment and wealth destination.

Despite threats, it will neither be possible nor practicable to deport almost 10 million illegal immigrants out of the US due to procedural and logistic challenges. By rough estimate, the cost and time of that purge will be 1 trillion USD and will take more than 10 years for the current number.

White supremacy lobby will continue to flourish, and borders will see very strong protection to prevent illegal immigrants from entering the USA. Despite that America is likely to become a Hispanic state with so many migrants from Latin America.

Skilled labour will be there to stay as the big business will not be able to operate without them. Hence, despite all the shouting about work visas, they will stay.

9. Webinar on Recent Important Decisions under Income Tax held on Friday, 24th January, 2025 @ Virtual

The Taxation Committee of the Bombay Chartered Accountants’ Society organised a Webinar on Recent Important Decisions under Income Tax.

Adv. Devendra Jain delivered an in-depth presentation on reassessment proceedings. He explained the evolving judicial perspective on reassessment, especially in light of recent amendments and rulings by the Supreme Court and the High Courts. His session provided clarity on the crucial points to be considered while representing matters on reassessment cases.

Adv. Ajay Singh began the session by providing a detailed analysis of key judicial decisions that have significant implications for the interpretation and application of Income tax laws. He highlighted the judgments relating to capital gains, gift tax under section 56(2)(x), reduction of share capital, Condonation of delay in filing forms, interest on IT refund, penalty provisions and share transactions, focusing on their impact on taxpayers and professionals alike. He emphasised the importance of understanding these rulings to develop better compliance and advisory strategies.

The session provided participants with a comprehensive understanding of recent developments in Income tax law and practical insights to navigate legal complexities.

Youtube Link: https://www.youtube.com/watch?v=FlL13OSdCOw

10. 25th Silver Jubilee Course on Double Taxation Avoidance Agreements held from Monday, 2nd December, 2024, to Tuesday, 21st January, 2025 @ Zoom.

The Society successfully conducted its 25th Silver Jubilee Study Course on ‘Double Taxation Avoidance Agreement’ via an online platform spanning from 2nd December, 2024 to 21st January, 2025.

Based on participants’ feedback and consultation with seniors in the Committee, for this 25th Silver Jubilee Course on Double Taxation Avoidance Agreements, BCAS has come up with a unique concept of sharing the recordings of the 24th DTAA Course undertaken in December 2023 as an option to the participants followed by multiple panel discussions. One introductory session on “Overview of International Taxation & DTAAs” and ten panel discussion sessions were planned to take forward the learnings by discussing the intricate and practical issues on the topics of International Taxation, making the course more interactive. Participants were also provided an option to share the queries or issues to the panellists by way of Google form before the respective panel discussion. Eminent tax professionals of the country were the panellists as well as moderators for the series of panel discussions.

All sessions of the course, including last year’s recorded sessions, covered all articles of DTAA, an overview of FEMA / BEPS / MLI / GAAR, Transfer Pricing, Source Rules under the Income Tax Act, 1961, TDS under section 195, Substance v/s Form, and other relevant provisions. The course included complex topics such as Taxation of Specific Structures (e.g., Partnership, Triangular Cases, AOP, etc.) and Selection of Structures.

More than 200 Participants from 15 states spread over 30 cities attended the course which was well-received and appreciated by the participants.

11. Revolutionising CA Practice with Generative AI: Practical Use Cases for Efficiency and Growth held on Thursday, 9th January, 2025 @ Virtual

CA Rahul Bajaj recently led an insightful 2-hour webinar, “Revolutionising CA Practice with Generative AI: Practical Use Cases for Efficiency and Growth,” showcasing how AI can transform Chartered Accountancy practice. The session delved into real-life applications of Generative AI, highlighting its potential to enhance productivity, streamline operations, and improve client servicing. Participants learned how AI can be used to draft professional emails, generate legal documents, automate data entry in Tally, and prepare financial forecasts, all while saving time and reducing errors.

Key takeaways included using AI to create checklists, templates, and peer review documentation like Engagement and Appointment Letters. AI also supports the generation of client training materials, social media content, and even notices, helping firms stay engaged with clients while improving efficiency. By automating repetitive tasks such as bank statement analysis, CAs can focus more on strategic activities, boosting overall productivity.

The session concluded with CA Rahul Bajaj emphasising the importance of integrating AI into CA practices for long-term growth. With tools that enhance accuracy and decision-making, AI is positioning itself as a game-changer, enabling Chartered Accountants to provide higher-value services and streamline their operations for greater success in an increasingly digital world.

The excellent response that the webinar got in terms of enrolment from across various cities of India and from persons of various age groups, as well as the feedback received at the end of the webinar, is testimony to the growing importance and popularity of AI in the CA fraternity.

12. BCAS Turf Cricket Tournament 2025 held on Sunday, 5th January, 2025 @ Andheri Sports Complex, Azad Nagar, Andheri West

The BCAS Turf Cricket Tournament 2025 held on 5th January 2025 at Andheri Sports Complex, was a resounding success, hosting 12 men’s and 2 women’s teams in a thrilling display of sportsmanship and camaraderie.

The tournament was exclusively for CA Members, Students, and BCAS Staff was well received with overwhelming participation.

The format in Men’s category was of four groups of three teams each, which formed the league stages followed by knockout rounds of Quarter-finals (8 teams), Semi-finals (4 teams) and the Finals. The 12 Men’s teams that competed in the Tournament were Bansi Jain Warriors, Bathiya Bravehearts, BYA Titans, CNK Super Strikers, G&S Gladiators, Kirtane & Pandit Maestros, KNAV Smashers, MAS Mavericks, MCS Super Kings, MGB Yoddhas, NPV Challengers and TeaMPC whereas the 2 Women’s teams were NPV Thunderbirds and BCAS Queens.

The tournament was filled with exciting matches, impressive individual performances, fun-filled live commentary and enthusiastic support from the spectators. The 8 teams that qualified for the Men’s quarterfinals were MAS Mavericks, Kirtane & Pandit Maestros, CNK Super Strikers, MGB Yoddhas, G&S Gladiators, NPV Challengers, KNAV Smashers and Bathiya Bravehearts. The Semi Finals were then played between the 4 teams viz. Kirtane & Pandit Maestros vs. NPV Challengers and CNK Super Strikers vs Bathiya Bravehearts.

The day culminated in a nail-biting Men’s final between Bathiya Bravehearts vs Kirtane & Pandit Maestros, with the former emerging victorious whereas BCAS Queens emerged as winners in the Women’s category.

The tournament left a lasting impression on all participants and thus setting the stage for future editions of this exciting event.

13. BCAS Nxt Learning and Development Bootcamp on Idea to IPO: A Beginner’s Guide held on Saturday, 4th January, 2025 in hybrid mode

The Human Resource Development Committee of BCAS organised a BCAS NXT Learning & Development Bootcamp on “Idea to IPO: A Beginner’s Guide” on Saturday, 4th January, 2025. The session was led by Mr Aditya Rathod, a CA Final student, who delivered a comprehensive presentation on the fundamentals and key regulations governing IPO in India. His presentation covered a wide range of topics, including essential definitions, various IPO methods, and an overview of the IPO process and its approach. He also shared practical experiences to help beginner article students navigate the complexities of the IPO Listing Process.

CA Rimple Dedhia, 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 Mehta Chokshi & Shah LLP office and streamed online, with active participation from students across India.

Youtube Link: https://www.youtube.com/watch?v=-WYuPDeOJus&t

14. Series of Sessions on Standards on Auditing and Key Learnings from NFRA Orders held on Friday, 13th December, 2024 to Friday, 3rd January, 2025 @ Zoom

BCAS has always been a pioneer in equipping its members, in particular and other stakeholders at large with the knowledge in the arena of Accounting Standards, Ind AS and Standards on Auditing. The challenge of the auditor is to address the risks posed while providing assurance services within the regulatory framework of ICAI and NFRA. Compliance with Auditing Standards is of utmost importance while carrying out audits.

Considering these challenges that the auditor has to address while performing duties, the Accounting & Auditing Committee organised a well-designed series of virtual sessions covering Auditing standards and Key Learnings from NFRA orders, which should be kept in focus while executing audit assignments along with practical guidance. The Sessions were held on Fridays for 2 hours each, totalling 8 hours.

The main objective of designing this series of sessions was to delve deeply into the subjects affecting the audit fraternity and to provide a platform for the Members in Practice to come together and get the opportunity to have deep insights into the practical challenges which crop up while implementing the complicated standards.

Course Segments: 4 sessions of 2 hours each

Session Topic Speaker
Learnings from recent NFRA Orders Ms Vidhi Sood Secretary, NFRA
Audit Documentation (SA 230) CA Amit Majmudar
SA 600 – Using the work of another auditor (along with the NFRA Circular dated October 03, 2024, regarding responsibilities of the Principal Auditor and Other Auditors in Group Audits CA Pankaj Tiwari
Planning risk assessment and related matters (SA 300, 315, 320 & 330) CA Murtuza Vajihi

The sessions were designed to give practical and case study-based insights to the participants on various topics.

The course was inaugurated with the opening remarks from the Chairman of the Accounting and Auditing Committee CA Abhay Mehta and the President of BCAS, CA Anand Bathiya, both underline the importance of knowledge sharing and the role of the BCAS in conducting such programs. To make the course effective, faculties with specialised knowledge and relevant experience were engaged to give participants practical insights and wholesome experiences.

The course started with the session of Ms Vidhi Sood Secretary, NFRA, where she updated the participants on various NFRA orders, practical examples and issues and learnings from the same.

The session of Audit Documentation SA 230 by CA Amit Majmudar broadly covered the areas pertaining to the Assembly of Audit Files, Key Audit Workpapers and guidance on ICAI Audit Documentation

The Session on SA 600 — Using the work of another auditor by CA Pankaj Tiwari mainly covered existing SA 600 & procedures adopted by the Auditor, various lapses highlighted by NFRA in the audit of CFS, Key elements of Circular issued by NFRA & potential challenges in implementation of the Circular.

The session on Planning Risk Assessment and Related Matters by CA Murtuza Vajihi broadly covered the scope, objective, and documentation of the standard along with practical examples of the standards and also reference to NFRA and QRB learnings on these standards.

The above sessions generated a lot of interactions between the participants and the respective faculties. The course commenced on 13th December, 2024, and ended on 3rd January, 2025. 111 participants attended the Course, and was well received with the overall feedback from the participants was very encouraging.

REPRESENTATIONS AND SOCIAL MEDIA

1. NFRA Representation: Addressing Duplication in Fraud Reporting for Statutory Auditors

BCAS has submitted a representation to the National Financial Reporting Authority (NFRA) regarding the fraud reporting requirements for statutory auditors of regulated entities. The representation highlights the need to eliminate the duplication of reporting to various authorities, aiming to streamline the process and simplify the regulatory framework for entities such as banks, insurance companies, and NBFCs. By reducing redundant reporting, the proposal seeks to create a more efficient and effective regulatory environment.

Readers can read the entire representation by link: https://bit.ly/NFRA-Representation

2. Union Budget 2025: 8th Consecutive Budget by FM Nirmala Sitharaman — BCAS’s Pre-Budget Memorandum Available Online.

As Finance Minister Nirmala Sitharaman presents her 8th consecutive Union Budget, BCAS continues its proactive role in representing the views of its members and the wider community. We are pleased to announce that BCAS has submitted the Pre-Budget Memorandum for the Finance Act 2025-26 to the Union Minister of Finance and the Ministry of Finance, Government of India.

Readers can read the entire representation by link: https://bit.ly/Pre-Budget-Memorandum-2025-26

3. BCAS Reimagine Conference: Exclusive Videos Now on YouTube, with Thousands of Views!

BCAS hosted the ReImagine Conference, a three-day event in January 2024 that explored progressive topics crucial to the professional landscape. With an overwhelming response, the discussions held the potential to shape the future trajectory of our profession.

In line with BCAS’s mission of knowledge dissemination for professional development, the event videos are now available on YouTube, completely free of charge. Featuring a wide range of topics presented by industry experts and professional stalwarts, these videos offer valuable insights for professionals at all levels.

Playlist Titles:

1. Reimagine India – Keynote Address by Padma Bhushan Shri Kumar Mangalam Birla

2. Digital Infrastructure – A Game Changer

3. Reimagine the new age professional firms

4. CFO Round Table – Technology, Innovation and Sustainability

5. Use of AI / Tech-Data as Evidence in Tax Cases – Direct Tax and Indirect Tax

6. Reimagine India’s Capital Market Landscape

7. Changing Corporate Landscape – Professional opportunities

8. The Victorious – A Model for Leadership

9. New Age Wars – Future of the World – Role of Professional

10. One World – One tax – VasudhaivaKutumbakam

11. Ride the Capital Market – Take the Bull by its Horns

12. The Future of Audit Profession

13. One Giant Leap – Start-ups – Importance of Professionals in Start up Journey

14. Interchanging Roles – Practice to CFO, CFO to Practice, CA to Nation Building

15. Reimagine – Closing Ceremony & Vote of Thanks

YouTube link: https://bit.ly/Reimagine-Conference

4. BCAS YouTube Channel Hits 1 Million Views

The BCAS YouTube channel has reached a significant milestone, surpassing 1 million views. Over the years, it has evolved into a valuable resource, offering a wealth of professional content and knowledge. With an expanding collection of open-for-all sessions, the channel continues to serve as a hub for valuable learning. Members who have not yet subscribed are encouraged to do so and stay updated with the latest content.

Youtube Link: https://www.youtube.com/channel/UC3cxrmOi8hRA31LxBEXGpUQ

5. Interactive meeting of managing Committee Members with Dr Harish Mehta and Mr Rajiv Vaishnav

Dr Harish Mehta and Mr Rajiv Vaishnav were invited to interact and share their experience of building and successfully running the NPO with the BCAS Managing Committee members on 8th January, 2025.

Dr Harish Mehta is a founder member and former Chairman of NASSCOM and Rajiv Vaishnav is former President of NASSCOM. They shared experience in building brands, nurturing teams, and growing organizations. During the interaction, Dr. Harish Mehta and Mr. Rajiv Vaishnav appreciated the work done by BCAS and emphasised the importance of valuing volunteers, building trust, and promoting unity, especially during challenging times. They also advised that before making representations to government authorities, it’s essential to gather collective opinions from members.

Dr Mehta autographed copies of his book, “Maverick Effect: The Inside Story of India’s IT Revolution”, for the committee members.

BCAS IN NEWS

Link: https://bcasonline.org/bcas-in-news/

Society News

1. Alternative Investment Fund (AIF) Conclave 2025 was held on 17th and 18th January, 2025 at Hotel Ginger Mumbai Airport.

This event was organized by the Finance, Corporate, and Allied Laws Committee jointly with the National Institute for Securities Market (NISM) on Friday and Saturday, 17th and 18th January, 2025, at the Hotel Ginger Mumbai Airport. Kotak Alternate Assets Manager Limited supported the event as Knowledge Partners.

The details of the program were as follows:

Keynote Address on India’s Regulatory Framework and the Role of AIFs in Capital Markets-Shri Manoj Kumar, Executive Director, SEBI, delivered the keynote address, highlighting the critical role of AIFs in driving innovation and economic growth. He discussed recent regulatory developments, SEBI’s focus on transparency and investor protection, and the need for adopting best practices in the evolving AIF landscape.

Day 1: Foundation & Regulatory Landscape

Session 1: Introduction to AIFs- CA DhavalVakharia S V N D & Associates, Chartered Accountants: provided an overview of AIFs, explaining their structure, types, and regulatory framework. He highlighted the key differences between AIFs and traditional investment vehicles, emphasizing their appeal to high-net-worth individuals and institutions.

Session 2: Legal and Regulatory Framework of AIFs- Adv. Leelavathi Naidu IC Universal Legal: outlined the legal and regulatory framework governing AIFs, focusing on SEBI’s regulations. She addressed challenges in compliance and the importance of investor protection within this sector.

Session 3: Structuring an AIF-CA Subramaniam Krishnan Ernst & Young LLP: discussed the key considerations in structuring AIFs, including entity types, tax optimization, and governance. He emphasized how proper structuring ensures compliance and attracts investors.

Session 4: Investment Strategies for AIFs – Equity, Debt, and Hybrid Models – CA ShitalGharge Senior Vice President, Kotal Alternate Asset Manager Limited: CA ShitalGharge explored various investment strategies for AIFs, including equity, debt, and hybrid models. She discussed how each strategy aligns with investor objectives and market conditions, offering diverse risk-return profiles.

Session 5: Role of Trustees in AIFs – Ensuring Governance and Compliance- CA Naushad Panjwani Chairman, Mandarus Partners and Board Member – ITI Trusteeship: discussed the vital role of trustees in ensuring governance and regulatory compliance within AIFs. He emphasized the importance of trustee oversight to protect investor interests and ensure transparency.

Panel Discussion 1: Key Challenges for Aspiring AIF Promoters Panelist 1: Mr. Abhishek PrasadManaging Partner, Cornerstone Venture Partners, Panelist 2: Mr Gopal Modi Limited Partner in various funds, Panelist 3: Ms Aparna Thyagarajan Chief General Manager, SEBI Panelist 4 MrSachinTagra Managing Partner, JSW Ventures & Moderator Prof. K S Ranjani Asst. Professor, Indian Institute of Management. Mumbai: This panel addressed challenges faced by AIF promoters, including fundraising, regulatory hurdles, and market competition. Panellists shared practical strategies to overcome these obstacles and succeed in the AIF sector.

Session 6: Technology and Innovation in AIFs- Mr. Neeraj Sharma, Executive Vice President – Technology, 360 One Asset Management Limited, discussed the role of technology in AIF operations, focusing on AI, blockchain, and digital platforms. He highlighted how technology improves efficiency, transparency, and investor engagement in AIFs.

Day 2: Advanced Techniques & operational Aspects

Session 7: GIFT City Showcase: India’s Emerging Global Financial Hub for AIFs – Mr. Sandip Shah Head – IFSC Department, GIFT City: presented GIFT City as a global financial hub, outlining its advantages for AIFs, including tax incentives, infrastructure, and favourable regulations. He discussed how GIFT City can help India attract international AIF investments.

Session 8: Comparative Global Destinations for AIFs: Opportunities and Strategies- Adv. Siddharth Shah Khaitan& Co: Adv. Siddharth Shah compared global AIF destinations, discussing regulatory advantages and challenges in jurisdictions like Singapore, Luxembourg, and the Cayman Islands. He offered strategies for selecting the best jurisdiction for AIFs.

Session 9: Fundraising, Investor Relations, Risk Management, and Compliance in AIF – CA Shreyas Trivedi Partner & CFO, Cornerstone Venture Partners: focused on fundraising, managing investor relations, and ensuring compliance in AIFs. He shared strategies to build investor trust, address risks, and navigate regulatory complexities effectively.

Session 10: Valuation, Reporting, and Transparency – Mr. Ravishu Shah, Managing Director at RBSA Advisors, emphasized the importance of accurate valuation, transparent reporting, and maintaining high standards of financial integrity in AIFs. He discussed methodologies and best practices for ensuring investor confidence.

Panel Discussion 2: Success Journeys of AIF Funded Companies – Panelist 1: MrUmair Mohammed, Chief Executive Officer, Nitro Commerce, Panelist 2: Mr Sandeep Ghule Co-Founder and Chief Product Officer, Credilio Financial Technologies Private Limited & Panelist 3: Mr. Manish Chhabra Chairman of Hygienic Research Institute Private Limited, Moderator: Mr. PranayVakil Chairman of Praron Consultancy (India) Pvt. Ltd.:Panellists shared the success stories of companies funded by AIFs, highlighting the role of AIF capital in their growth. They discussed key factors contributing to success, such as market positioning, innovation, and strategic partnerships.

The 2-day AIF Conclave brought together industry leaders, professionals, service providers, regulators and experts to discuss the latest trends and challenges in the Alternative Investment Funds sector. With insightful sessions, enriching discussions, and valuable networking opportunities, participants explored innovative strategies and solutions to navigate the evolving landscape. The conclave concluded on a high note, reinforcing the importance of collaboration and knowledge-sharing in shaping the future of AIFs. Participants attended the program. Out of the total 146 participants, 88 were BCAS members, and the remaining 58 were non-members. Further, 47 of the participants who attended this seminar were from outside of Mumbai.

On the sidelines of the AIF conclave, a Closed-Door Roundtable Discussion was held on the Challenges and Gaps in the AIF Ecosystem. The discussion was attended by Shri Rajesh Gujjar, Chief General Manager at SEBI, officials from BCAS and NISM, top leadership from 15 AIFs, and legal experts. The session was moderated by Adv. Siddharth Shah. The insights and suggestions provided by the panellists were documented and will be presented to the regulators in the form of a White Paper.

2. Lecture Meeting on Navigating the Insolvency & Restructuring Landscape

The Lecture meeting on “Navigating the Insolvency & Restructuring Landscape” was held virtually on Wednesday 15th January, 2025. More than 150 participants attended the webinar.

The Keynote address was delivered by Mr. M.S. Sahoo, Former Chairperson – IBBI.

The key takeaways of the session are:

  •  The Insolvency and Bankruptcy Code (IBC) aims to resolve stress by reviving viable companies and facilitating the exit of unviable ones. The IBC uses both resolution plans and liquidation as means to achieve stress resolution.
  •  The IBC overrides pre-insolvency rights and prioritizes stakeholder claims via a hierarchical order. It is designed to prevent a value-reducing run on company assets.
  •  The code rebalances the rights of stakeholders, allowing creditors to decide the fate of debt-laden companies, as they are considered to possess the necessary commercial wisdom.
  •  IBC is not a recovery mechanism. The code’s performance should be assessed based on its effectiveness in resolving stress, not just the recovery rate. It is realizing 65% of the value of the assets, which is the organizational capital.
  •  The IBC promotes entrepreneurship by providing a framework for stress resolution, but it currently only applies to corporate entities, leaving proprietorships, partnerships, and individuals without access.

Key takeaways from – Role of Chartered Accountants under IBC by CA Dhinal Shah

  •  Chartered Accountants (CAs) can play a critical role as resolution professionals (RPs), acting as a link between the corporate debtor, creditors, and potential buyers. This role requires them to act as a de facto CEO.
  •  The role of an RP is demanding and requires a broad range of skills, including soft skills, business acumen, and a solution-oriented approach. RPs need to maintain the company as a going concern.
  •  CAs can contribute in various supportive roles, such as verification of claims, preparing and updating accounts, and ensuring regulatory compliance.
  •  CAs can also play a crucial role in investment banking activities, assisting with the preparation of information memorandums and identifying potential buyers.
  •  It is critical to maintain integrity, ethics, and transparency while performing any role under the IBC and avoid any conflict of interest.

The field of insolvency and restructuring continues to evolve with significant developments, challenges, and opportunities for professionals. The webinar helped the participants to gain insights from the experts and enhance their understanding of this critical domain.

BCAS Lecture Meetings are high-quality professional development sessions which are open to all to attend and participate. The readers can view the lecture meeting at the below-mentioned link/code:

YouTube Link: https://www.youtube.com/watch?v=RJ2fWjg6UBI

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3. Succession & Estate Planning – Advanced Tax and Legal Aspects held on Saturday, 4th January, 2025 @ IMC, Churchgate.

This event was organized by the Finance, Corporate, and Allied Laws Committee on Saturday, 04th January, 2025 at the IMC Hall, Churchgate.

The details of the program were as follows:

Key Strategies for Wealth Transfer – CA Ketan Dalal: Informative session on wealth transfer that guided the participants through the subtle intricacies of gifting, bequests, and the delicate dance of tax efficiency.

Legal Framework of Wills & Probate:Drafting and Contesting Wills – Adv. Bijal Ajinkya: The enlightening lecture demystified the art of wills and probate. It helped equip the participants with the tools to draft wills that stand the test of time and mitigate disputes before they arise.

Trusts in Estate Planning: Structuring, Taxation and Legal Framework – CA Suresh Surana: Descriptive discussion which unravelled the magic of trusts—structures that combine the elegance of legal precision with the power of asset protection. This session redefined the way you approach succession planning.

Cross-Border Estate Planning: Navigating International Tax and Legal Complexities – Adv. Nishith Desai: A contemporary talk by this global thought leader, his expertise helped bridge the chasm between jurisdictions; this session highlighted the myriad of different laws affecting different countries and their complex laws.

Panel Discussion: Key Challenges and Future Trends – Panellist: CA DrAnup Shah & CA ParthivKamdar and Moderator: CA SnehBhuta: An interactive exchange by the power-packed panel, artfully moderated with precise questions that delved into the future of succession planning, giving us a lens into the emerging challenges and trends that will shape the profession in the years to come.

The Seminar brought forward a holistic perspective on Succession and estate planning laws, it included a series of interactive sessions which simplified this complex topic.
The program had 190 physical attendees. Out of the total 190 participants, 121 were BCAS members, and the remaining 69 were non-members. Further, 48 of the participants who attended this seminar were from out of Mumbai.

4. India’s First Edition of CA-Thon 2024 – Run For A Cause on 22nd December 2024 in South Mumbai – by Seminar, Membership & Public Relations (SMPR) Committee.

India’s First Edition of CA-Thon 2024 – Run for Cause was organized on Sunday, 22nd December 2024, in South Mumbai (the area around Azad Maidan) under the aegis of the Seminar, Membership &Public Relations (SMPR) Committee.

The event attracted 1,600+ participants – Chartered Accountants and non-Chartered Accountants alike – between the age group of 7 to 70 years – drawn from all walks of life, from different corners of the country.

The event helped increase the visibility of Brand BCAS at a pan-India level, deepen relationships within the community at large, promote health and fitness among participants drawn from all walks of life and contribute to a righteous cause(part of the proceeds went donating sewing machines to women from marginalized communities, to help supplement their livelihood and become financially independent). BCAS Foundation also joined hands in supporting these women through this donation.

The CA-Thon proved to be a fitting finale to an eventful year – one which had started with the grand three-day mega event in January 2024.

5. Workshop on Mastering the Art of Negotiation held on Saturday, 21st December, 2024 @ BCAS.

The Speaker for the Workshop Mr. Jagdeep Kapoor, is a leading Brand Strategic Marketing Consultant with an impressive list of clients- national and foreign. He defines negotiation as the means by which people deal with their differences. In the Workshop, he discussed various ways that would help professionals like Chartered Accountants to be good negotiators.

The starting point to negotiate effectively is overcoming the fear of losing clients, for which one should choose expertise, be sure of oneself, and be decisive, disciplined and proactive.

Further, it is important to assess the core style of negotiation that one has, like – is one naturally inclined to fight or take flight or filled with fright in negotiation scenarios. Whatever the style, one has to keep in mind that the basic objective of negotiation is to continue the business and professional relationship seamlessly.

There are barriers to negotiation which should be broken like lack of trust, poor communication, over-confidence, irrational expectations and ego-driven escalations of the offer.

Mr. Kapoor shared a 9E Strategy Module, which covers nine qualities to be possessed for negotiating effectively which are- Exclusive, Excellent, Effective, Engaging, Efficient, Economical, Expertise, Extraordinary and Evolving. Each of these was explained in detail with examples from his own experiences.

Lastly, the Speaker also shared ways of handling objections from the clients by normalizing them and giving appropriate responses.

The program had 42 physical attendees.

6. ITF Study Circle Meeting held on Thursday, 12th December, 2024 @ Zoom.

The International Tax and Finance Study Circle organized a meeting (online mode) on 12th December, 2024 to discuss the issues faced by Fiscally Transparent Entities in claiming the benefit of tax treaties.

The Group Leader commenced the discussion with the meaning and type of Fiscally Transparent Entities in various jurisdictions and the core issue involved in claiming tax treaty benefits.

The Group further discussed the recent ruling of the Delhi Tribunal in the case of General Motors and other significant rulings with respect to the availability of the tax treaty benefits to Fiscally Transparent entities and India’s position on the above issue was also discussed.

The discussion ended with members expressing their views on various controversies arising out of the core issue of the availability of tax treaty benefits to Fiscally Transparent Entities.

Learning Events at BCAS

1. Webinar on Transforming Tax Practice with AI: A Practical Approach for Professionals on Automating Compliance, Litigations and Drafting held on Thursday, 19th December, 2024 @ Virtual

The Technology Initiatives Committee of BCAS conducted this webinar and it was aimed at enlightening the participants on how to improve a CA Firm’s tax practice management techniques through the use of technology. It was a highly informative session that attracted participants from more than 65 different cities. Led by the speaker CA Vijay Srinivas Kothapalli, the webinar focused on how artificial intelligence (AI) is revolutionising the tax profession and practice. The session highlighted the growing role of AI in automating various aspects of tax compliance, litigation processes, and document drafting, offering practical strategies for professionals to leverage these advancements. As tax regulations become increasingly complex, the integration of AI into routine tasks is emerging as a game changer for efficiency and accuracy.

A significant portion of the webinar covered the automation of Income Tax (IT) and Goods and Services Tax (GST) notices using AI. This technology allows tax professionals to quickly generate responses, manage compliance deadlines, and process notices with greater precision. Additionally, AI-powered tools for Income Tax Return pre-scrutiny were discussed, which can help identify potential issues before submission, reducing errors and enhancing the quality of tax filings. The session also delved into documentation demonstrating how AI streamlines the preparation and filing process while ensuring adherence to legal requirements. Managing compliance calendars with AI tools was another key area covered, allowing professionals to stay on top of critical dates and avoid penalties.

Overall, the webinar provided tax professionals with practical insights on how to harness AI to streamline their work, reduce manual errors, and stay competitive in an increasingly digital landscape and received active participation from more than 330 participants.

2. Suburban Study Circle Meeting on “Navigating GST Reforms: Updates and Opportunities under the Amnesty Scheme on Thursday, 5th December, 2024 at C/o Bathiya& Associates LLP, Andheri

The meeting brought together tax professionals and GST enthusiasts to deliberate on the recent GST reforms, including key changes introduced as part of the Amnesty Scheme and was led by Group Leader CA Akshay Sharma and chaired by CA Janak Vaghani.

The speaker provided detailed insights into recent GST Council recommendations, including procedural simplifications, rate revisions, and compliance relief measures under the Amnesty Scheme. The session Chairman provided valuable guidance and support to the session leader, offering relevant examples to enhance the discussion on the topic.

KEY AREAS COVERED INCLUDED:

  1.  Analysis of GST Reforms — A comprehensive overview of the latest changes and their practical implications for businesses.
  2.  Opportunities under the Amnesty Scheme — Strategies to leverage this scheme for pending returns, late fee waivers, and compliance restoration.
  3.  Challenges in Implementation — A discussion on resolving ambiguities and preparing for future reforms.

The meeting was well received and participants actively engaged in the Q&A session, seeking clarity on various provisions and discussing sector-specific challenges.

3. Lecture Meeting on Deciphering The Current State of Indian Capital Markets held on Wednesday, 4th December, 2024@ Virtual.

The Bombay Chartered Accountant Society (BCS) organised a lecture meeting on 4th December, 2024, marking the conclusion of its 75th anniversary celebrations. The session, titled “Deciphering the Current State of Indian Capital Markets,” was presented by Mr. Nilesh Shah, Group President and Managing Director of Kotak Mahindra Asset Management Company.

During the insightful discussion, Mr. Shah delved into significant trends shaping global and Indian capital markets. He highlighted challenges such as rising debt levels in major economies, uneven economic growth within India, and the critical role of domestic investors in sustaining market resilience amidst Foreign Portfolio Investor (FPI) movements.

KEY TAKEAWAYS INCLUDED:

  •  Global Dynamics: The economic leverage seen in global powerhouses like the US and China, underscoring their implications for interest rates and global trade.
  •  Indian Economy: Despite its robust growth trajectory, India faces challenges of uneven development and employment generation. Mr. Shah pointed out structural reforms and sectoral opportunities necessary for sustaining long-term growth.
  • Market Analysis: He offered an optimistic view on corporate earnings and advised moderation in return expectations for equity markets due to high valuations. He also shared insights into sectoral opportunities, emphasising private banking and telecom, while cautioning about sectors like capital goods and infrastructure.

The session concluded with a lively Q&A, where participants engaged on topics like asset allocation, sectoral outlooks, and strategies for navigating the current investment landscape. Mr. Shah’s data-driven insights, combined with his ability to weave economic trends with relatable analogies, made the session highly impactful.
The meeting was well appreciated by 200 plus participants.

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4. The Non-Profit Organization (NPO) Conclave 2.0, 2024 held on Friday, 29th November, 2024 at the Mayor’s Hall, All India Institute of Local Self Government, Andheri West

This event was organised by Finance, Corporate and Allied Laws Committee along with Internal Audit Committee of Bombay Chartered Accountants’ Society.

The details of the program are as follows:

  •  The sessions focused on balancing regulatory compliance with continued growth and uninterrupted charitable work. Key takeaways included actionable steps to stay compliant with evolving regulations, safeguard resources, and ensure financial transparency in the NPO sector.

The program was well received and attended by 70+ participants

5. 7th Long Duration Course on Goods and Services Tax held on 16th August, 2024 to 29th November, 2024 @ Virtual

The 7th Long Duration Course on GST- 2024 was conducted by BCAS Virtually (Online mode) and was spread across 10 live sessions designed on a panel discussion format covering theoretical as well as practical aspects of GST.

The course covered 27 pre-recorded training videos of 90-120 minutes duration each conducted by the proficient faculty having immense expertise in the field of indirect taxation. The pre-recorded videos were made available in advance to the participants. Listening to pre-recorded videos helped the participants to have an interactive session by highlighting various issues in GST before the faculties. The live session covered the queries posted by the participants as well as drafted by the moderators. The presence of multiple faculties at the same time enabled sharing of thoughts and detailed deliberations. The course covered various concepts such as supply, valuation, ITC, place of supply, returns, registration, refunds and litigations etc.

The course received a very good response having 200 + participants enrolled from across the nation. The participants appreciated the program structure, course content and its’ execution.

6. Indirect Tax Law Study Circle — Blocked Credits under GST — clause (c) & (d) of section 17 (5) of CGST Act, 2017 held on Monday, 25th November, 2024 @ Virtual

Group leader, CA Yash Shah prepared case studies covering various contentious issues around clauses (c) & (d) of Section 17(5) of the CGST Act, 2017, especially in light of the recent decision of the Hon’ble Supreme Court in the case of Safari Retreats Private Limited. The discussion was ably supported by insights from mentor-
CA Naresh Sheth

The presentation covered the following aspects for detailed discussion:

  1.  Availability of ITC on goods & services used for construction of hotels, cold storage facilities, theatres (single screen / multi-screen), auditorium, recreation parks, etc.
  2.  Availability of ITC on transfer fee paid to industrial corporations and lease owner in case of assignment of lease when the lease hold land is used for construction of a Mall / manufacturing facility for own use.
  3.  Availability of ITC on goods and services used for construction of a R&D department.
  4.  Interplay between section clause (c) & (d) of section 17 (5) and availability of ITC to the extent used for construction of premises to be leased out.
  5.  Is vivisecting a contract an option to seek exclusion from the scope of clauses (c) & (d)?

Around 75 participants from all over India benefitted and took an active part in the discussion. Participants appreciated the efforts of the group leader & group mentor.

7. Full Day Workshop on Recent Developments in GST held on Saturday, 23rd November, 2024 @ BCAS.

The workshop was organized to cover various judicial & legislative developments in the field of GST.

CA Sunil Gabhawalla covered the legislative amendments and took the participants through the proposed amnesty u/s 128A, amendments relating to section 16 (5) of the CGST Act, 2017 and RCM related amendments from the perspective of time of supply.

CA DivyeshLapsiwalla covered the procedural amendments, such as the introduction of Invoice Management System, TDS on Metal Scrap, etc.

As the due date for filing of annual returns for FY 2023-24 is approaching, CA Chirag Mehta took the participants through the various issues revolving around the filing of annual returns and specific care to be taken in the same.

A panel comprising of CA S S Gupta & CA A R Krishnan moderated by CA Mandar Telang covered recent decisions (Safari Retreats, Mineral Area Development Authority, Creative Infocity, L&T IHI Construction, etc.) under the GST Law.

The participants appreciated the content of the workshop. The workshop was conducted in a hybrid mode with 50 participants attending physically and around 100+ participants attending virtually across India.

8. Finance, Corporate & Allied Laws Study Circle meeting on “All About Fast track merger” held on 18th November, 2024@ Virtual.

Group Leader CA Ankit Davda gave an overall perspective of Fast Track Merger (including demerger).

He covered the applicable provisions under the Companies Act 2013 with the help of case studies. The learned speaker highlighted key elements of a Scheme of Arrangements, key provisions and procedures, broad timelines and critical points for consideration in respect of fast track merger. He touched upon other aspect which have an effect on such mergers in areas of Income tax, GST, Stamp duty, Transfer premium, Other charges and Change of control.

He satisfactorily responded to all the queries of the participants. In limited time, he dealt with all the aspects of Fast Track Merger in a lucid manner. The program was attended by 85+ participants.

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9. International Economics Study Group – Impact Analysis of Trump’s victory on Geo-economics & Geopolitics held on Monday, 18th November, 2024 @ BCAS

The Participants deliberated following points:

A. Geopolitics:

  •  Ukraine-Russia Conflict: Trump’s victory could result in a shift in the U.S. stance towards Ukraine.
  • Middle East Tensions: Trump may take a more aggressive approach against Iran and its proxies (Hamas, Hezbollah & Houthi).
  • Heightened tensions with China are expected.
  • Russia and NATO Expansion: Trump’s policies could challenge NATO’s expansion in Eastern Europe.
  • India and Neighbouring Challenges: India’s relationship with the U.S. could be impacted favorably over troubled neighbours like China, Pakistan and Bangladesh.

B. Geo-economics:

  • Trade War with China: The likelihood of a second trade war under Trump could result in higher tariffs on Chinese goods, worsening trade relations, and impacting global supply chains.
  • Immigration Restrictions: With a focus on reducing illegal immigration, there may be tighter border controls, potentially affecting labour markets and demographic dynamics in the U.S.
  • Tax Cuts and Healthcare: Trump’s tax policies may reduce taxes, but with concerns about rising deficits and the challenge of controlling government spending.
  • Economic Impact on India: Economic fallout from tariffs, restrictions on immigration, and shifts in U.S. economic policies could create uncertainties for India’s export-driven economy.

All the Participants, Co-Convener CA Harshad Shah put up their points for discussions.

BCAS in News – BCAS as one of the stakeholders have been quoted in various news for its views, the below is link of the news articles where the Society was quoted. Also, our various other events and alliances are released in press too. Our readers can view these articles through this QR code. and You can then just provide list of articles.

Link: https://bcasonline.org/bcas-in-news/

QR Code:

Learning Events at BCAS

1. AI and Technology ki Pathshala: A Technology Orientation Program for Article Students, held on Thursday, 7th November, 2024 and Friday, 8th November, 2024 @ virtually.

The Human Resource Development Committee of BCAS organised this interesting program to provide article students with a robust foundation in artificial intelligence (AI) and emerging technologies, empowering them to stay ahead in the dynamic professional landscape. The program commenced with an interactive session led by CA Nirav Bhanushali, who demonstrated the effective use of productivity applications within MS Office 365 and Google Workspace. His live demonstration showcased practical tips and tricks to enhance efficiency in managing tasks, documents, and collaboration. CA Narasimhan Elangovan delved into the exciting possibilities of leveraging AI tools like ChatGPT. He illustrated how these tools can be employed to simplify articleship tasks, enhance learning, and prepare more effectively for exams.

On the second day, CA Abhay Gadiya introduced participants to cutting-edge tools such as Power Query and Power BI. His session emphasised how these technologies can be harnessed to process and analyse large datasets, generate meaningful insights, and present data visually, enabling informed decision-making. CA Nikunj Shah, who offered a deep dive into Microsoft Excel, equipping participants with advanced techniques to streamline and enhance their workflow. The program drew enthusiastic participation from over 55 article students, who appreciated the interactive and hands-on approach of these sessions.

2. FEMA Study Circle Meeting on Amendments in NDI Rules and Compounding under FEMA, held on Friday, 25th October, 2024 @ Virtual

During the session, Group Leader — CA Deepender Kumar extensively discussed amendments on the subject. He emphasised the expanded scope of non-debt instruments under FEMA, clarifying that NDI includes investments not classified as debt, such as equity, capital contributions, and other equity-characteristic securities. The amendments outlined specific instruments that qualify as equity, such as shares, convertible securities, and share warrants, which help investors precisely understand which instruments are eligible for foreign investment. He highlighted that these clarifications provide clear guidelines for investors and regulators alike, reducing ambiguity in foreign investment transactions.

The focus of the meeting was on sectoral changes and investment caps. Certain sensitive sectors like insurance, defence, and media now have revised foreign investment limits, aligning with India’s strategic economic objectives. These sector-specific adjustments include transitions from the automatic to the approval route, which mandates prior government or RBI approval for foreign investment in certain areas. This change underscores the need for entities to be vigilant in understanding sectoral thresholds and compliance requirements. He noted that businesses must carefully interpret these sector-specific regulations to ensure they remain compliant, especially in sectors where government intervention has increased. The meeting was well received by 40+ participants attending the discussion.

3. Suburban Study Circle Meeting on ‘Framework of Adjudication, recent ROC/RD orders and important amendments under the Companies Act, 2013, held on Thursday, 24th October, 2024 held at C/o Bathiya & Associates LLP, Andheri (E).

Group Leader CS Raj Kapadia explored the framework of adjudication, recent orders by the Registrar of Companies (ROC) and Regional Directors (RD), and key amendments under the Companies Act, 2013. He covered Sections 15 and 16 of the MSMED Act, 2006, highlighting critical compliance requirements for payments to MSME suppliers and the importance of Form MSME 1.
The key discussions were:

  • Payments to MSME suppliers must be made within the agreed due date, not exceeding 45 days.
  • Failure to pay on time incurs compound interest at three times the bank rate, calculated monthly.
  • Interest accrual starts the day after the due date.
  • Recent amendments focus on decriminalising certain offenses under the Companies Act, aiming to reduce punitive measures and promote ease of doing business.
  • ROC/RD orders have increased scrutiny and enforcement of compliance requirements for corporations.

The Group Leader effectively addressed audience queries, providing clear explanations and practical insights on navigating complex compliance issues.

4. Indirect Tax Laws Study Circle Meeting was held on 27th September 2024, via Zoom.

Group leader, CA Chaitanya Vakharia, in consultation with Group Mentor, CA Ashit Shah, prepared six case studies covering various contentious issues around the filing of the GST Annual Return in GSTR-9 and Annual Reconciliation in GSTR 9C for FY:2023–2024.

The presentation covered the following aspects for detailed discussion:

  • Reporting of turnover in Table 5A of GSTR 9C
  • Applicability for filing GSTR 9 and GSTR 9C for 2023-24
  • Issues in filing annual returns after cancellation of GSTIN
  • Reporting of ITC in table 6B of GSTR 9
  • Additional reporting in GSTR 9 if not reported / wrongly reported in GSTR 1 and GSTR 3B
  • Claim of ITC in cases of payments to vendors beyond 180 days

Around 80+ participants from all over India benefitted while taking active part in the discussion.

5. Finance, Corporate & Allied Law Study Circle —Professionals Be Aware of PMLA Provisions, held on Wednesday, 23rd October, 2024 @ Hybrid.

PMLA is an important legislation, at times linked to national security, and Group Leader CA Kinjal Shah dealt with the applicability of PMLA provisions to the professionals such as chartered accountants, company secretaries, and cost accountants in a lucid manner. He explained the origin of PMLA, offence of money laundering, proceeds of crime, rationale for bringing in CAs as reporting entities and some of the key FAQs issued by ICAI. The obligations were explained with the help of a work flow chart analysing the procedure. Unlike other reporting entities, CA, CS, CMA are required to report to their respective institute who in turn reports to FIU-Ind. The meeting was well appreciated by 85+ study circle participants.

YouTube Link: https://www.youtube.com/watch?v=kQy9TNdSjCo

6. Suburban Study Circle meeting – Inheritance and Succession Planning Held on Sunday, 20th October, 2024, @ Hotel Golden Delicacy, Borivali.

Succession laws dictate how assets are distributed upon an individual’s demise. In India, these laws are influenced by religious and personal status. Group Leader CA Toral Shah discussed that planning effectively through wills and private trusts can help avoid disputes and ensure a smooth transfer of assets to the next generation.
Key Takeaways of the meeting were:

Intestate Succession (Without a Valid Will):

  • If no will is created, assets are distributed as per legal guidelines:
  • Hindus, Jains, Sikhs, and Buddhists: Governed by the Hindu Succession Act, 1956.
  • Muslims are governed by Sharia Law.
  • Christians, Parsis, and Jews are governed by the Indian Succession Act, 1925.
  • If a case is not covered under the Indian Succession Act, it may be governed by the Hindu Succession Act.

Private Trusts:

– Private trusts are set up to manage and safeguard assets for beneficiaries, often used for estate planning and tax benefits.

– Provides asset protection and can reduce inheritance tax liabilities.

– Ensures that minors or vulnerable dependents are cared for, as specified by the trust’s terms.

– Offers greater control over how and when assets are distributed.

– `Laws governing private trusts in India include the Indian Trusts Act, 1882.

Group Leader effectively addressed audience queries regarding will preparations, gifts and she gave practical insights on navigating complex compliance issues. Overall 30+ participants attended the discussion.

7. Lecture Meeting on Hon’ble Supreme Court’s decision in case of Safari Retreats Pvt Ltd, held on Wednesday, 16th October, 2024, @ Zoom.

The learned faculty Sr. Adv. V. Sridharan explained the facts and the applicability of the very important and recent decision of the Apex court on availability of ITC for construction of immovable property. He explained how the apex court has differentiated the definition of ‘Plant and Machinery’ given in the explanation appended to section 17 of the CGST ACT applies to the expression ‘Plant or Machinery’ used in clause (d) of sub-section 5 of section 17. The difference of ‘and’ and ‘or’ becomes crucial too. He explained the important terms ‘own account’, ‘Plant’, ‘ITC – a right’, ‘Functionality test of a plant’ interpreted in the decision. He analysed the judgement in terms of its impact and way forward. The lucid analysis benefited all the 275+ participants attending the lecture meeting.

YouTube Link: https://www.youtube.com/watch?v=lXEXnTBG9ZQ

8. NFRA Interaction – Evolving Assurance Landscape event held on Friday 4th October, 2024, Venue: Jio World Convention Centre

Topic 1: NFRA Interaction – Points Discussed:

  • Dr. Ajay Bhushan Prasad Pandey, Chairman, NFRA briefed the participants about the history and need for National Financial Reporting Authority (NFRA). He also explained the expectations of NFRA from the Auditors and Chartered Accountants.
  • The other two speakers, Mr. Shyam Tonk, Executive Director, NFRA and Mr. Vidyadhar Kulkarni, Principal Consultant, NFRA discussed the recent disciplinary orders of NFRA against Chartered Accountants, the outcomes and important pointers to be noted for future audit assignments.

Topic 2: Panel Discussion on Evolving Assurance Landscape

Panellists: Dr. Ajay Bhushan Prasad Pandey, CA Mukund Chitale and CA Manoj Fadnis

Moderated by CA Himanshu Kishnadwala and CA Amit Majumdar.

Points Discussed:

  • Proposed Revision in SA 600 “Using the work of other auditor” by NFRA
  • Recent circular dt. 3rd October, 2024 by NFRA on the role of principal auditor and other auditors in group audit and consolidated accounts.
  • Other developments and challenges faced by Chartered Accountants in the Audit practice area.

This meeting was well received by 80+ participants.

9. AI Co-Pilot and Chatbot for Professional Services Firms held on Tuesday, 10th September, 2024 @ Zoom.

In recent years, Artificial Intelligence (AI) has rapidly advanced, offering sophisticated Language Learning Models (LLMs) accessible to the general public. For Chartered Accountancy Practitioners and Professional Services Firms, leveraging AI tools can significantly enhance efficiency, streamline processes, and improve client service.

The key takeaways of the meeting were that Co-Pilot and Co-Pilot Studio can automate routine tasks, such as data entry, financial analysis, and report generation. AI can help streamline your practice, saving time, and reducing manual effort. It can improve workflow, client interactions, and overall service quality. The speakers also explored how chatbots can transform customer support and internal communication. They conducted a live demonstration of the step-by-step process for building and deploying a chatbot and customising it to address specific business needs.

Speakers:

Mr. Ajitabh Dwivedi and Mr. Nishant Gupta from Microsoft and Mr. Devesh Aggarwal from Compusoft. The session received an overwhelming response from 265+ participants across the country.

II. Other Society initiatives:

1. Letter of understanding (LOU) signed with National Institute of Securities Market (NISM) at NISM, BKC:

NISM is a non-profit organisation established by SEBI and carries out capacity-building activities enhancing quality standards in securities markets. BCAS signed LOU with NISM on 22nd November, 2024 marking a new beginning of this strategic collaboration aimed at fostering financial literacy, strengthening capital markets through research initiatives and deepening the academia — professional interface. The LOU signing was followed by a fireside chat on the topic of ‘Bridging the Trust Deficit in Financial Markets- The Role of Professionals in Strengthening Investor Protection and Market Transparency’ amongst CA Anand Bathiya, President and Shri Sunil Kadam, Registrar of NISM, moderated by CA Deepak Trivedi, Chief General Manager, Partnerships & Marketing Development. The session was organized by Finance, Corporate & Allied Laws Committee of BCAS. The momentous event ended with several thoughtful ideas which shall foster relations between both the organisations for laying a foundation of trust and knowledge sharing.

2. Interactive Discussion with Hon’ble Member (Tax Payer Services & Revenue), CBDT on 18th November, 2024 at Aayakar Bhavan, Mumbai.

BCAS was invited as one of the stakeholders for an interactive session- ‘Tax Focus Forum’ with Hon’ble Member of CBDT, Shri HBS Gill and his officers. The objective of the meeting was to get feedback, understand the pulse of the community and foster a two-way communication on the roles and expectations in a transparent manner and in a trust-building atmosphere. The forum was attended by CA (Adv.) Kinjal Bhuta, Jt. Secretary and CA Jagdish Punjabi, Managing Committee Member. The Society presented the Forum with some pertinent compliance-related issues faced by the taxpayers and professionals currently and received an encouraging response from the Hon’ble Member, CBDT.

Learning Events at BCAS

1. Non-Profit Organisation Conclave held on 9th October, 2024, Venue: Walchand Hirachand Hall IMC, Churchgate.

This event was s organised by the Finance, Corporate, and Allied Laws Committee along with the Internal Audit Committee of the Bombay Chartered Accountants’ Society (BCAS) jointly with The Chamber of Tax Consultants and supported by the Rotary Club, which was attended by approximately 125 participants.

The Conclave encompassed a series of interactive sessions that provided a comprehensive view of managing and administering a Non-Profit Organization. A brief summary of the sessions is as under.

Topic Session Summary Faculty
Keynote Discussion Enlightening discussion focusing on Mr. Rajiv Mehta’s journey as an inspiring trustee spearheading multiple charitable projects and simultaneous impact generated for charitable purposes. Mr. Rajiv Mehta

( Managing Trustee, Ratna Nidhi Charitable Trust )

in conversation with

CA Shariq Contractor

 

Corporate Social Responsibility – A practical guide Informative lecture on the rules and practices affecting the Corporate Social Responsibility sector Ms. Savitri Parekh

(Company Secretary, Reliance Industries Ltd.)

Panel 1: Sharing Best Practices A thought-provoking discussion connecting professionals from diverse NPO backgrounds to share their views and experiences. Panelist 1: Mr. F.N. Subedar

(Trustee, Lady Meherbai D. Tata Education Trust)

Panellist 2: DG Chetan Desai

(Governor, Rotary District 3141)

Panellist 3: Mr. Satyajit Bhatkal

(Chief Executive Officer, Paani Foundation)

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Moderator: CA Naushad Panjwani

Compliances for NPOs under myriad laws Instructive session highlighting the multiple compliances and relevant issues faced by an NPO. CA Dr. Gautam Shah
Practical Challenges affecting our FCRA Registrations  An illuminating talk that provided a knowledgeable insight into the nuances of FCRA Laws. CA Anjani Sharma
Panel 2: The Change in Laws and how Internal Audit can step in to A contemporary session highlighting the need and importance of introducing Internal Audit Panelist 1: Mr. Noshir Dadrawalla

(Trustee, Centre of Advancement of Philanthropy)

meet up with the compliances into the regulatory purview of NPOs. Panelist 2: Mr. Anil Nair

(CEO & ED, St Jude India Child Care Centers)

 

Panelist 3: CA Atul Shah

————————————————

Moderator: CA Nandita Parekh

Critical Issues relating to Income Tax Laws affecting NPOs A descriptive lecture providing issues faced by NPOs under Income Tax Laws CA Anil Sathe

2. Student Study Circle on Transfer Pricing Audit from an Article’s Perspective held on 7th October, 2024, via Zoom.

The Human Resource Development Committee of BCAS organized a Students’ Study Circle on “Transfer Pricing Audit from an Article’s Perspective” on Monday, 7th October, 2024. The session was led by Mr Heet Jain, a CA Final student, who delivered a comprehensive presentation on the fundamentals and key regulations governing Transfer Pricing in India. His presentation covered a wide range of topics, including essential definitions, various transfer pricing methods, and an overview of the audit processes and their approach. He also shared practical experiences to help beginner article students navigate the complexities of Transfer Pricing Audits.

CA Niraj Chheda, the mentor for the session, provided valuable insights and guidance throughout, offering expert interventions as needed. The study circle saw active participation from students across India.

50 participants attended the discussion, and it was well received.

YouTube Link: https://www.youtube.com/watch?v=-IkvILZgRmY&t=2s

3. Seminar on ‘The New Criminal Laws — Experts’ Overview’ held on 27th September, 2024, Venue: Runanubandha Hall, Yashwantrao Chavan Centre, Mumbai.

The Finance, Corporate and Allied Laws Committee of BCAS organised a seminar titled “The New Criminal Laws — Experts’ Overview”, which was attended by approximately 50 participants.

The event featured an in-depth discussion of three recently introduced legislations: the Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS), and Bharatiya Sakshya Adhiniyam (BSA). Senior Counsel Adv. Amit Desai presented a comprehensive analysis, focusing on the implications of the new provisions on the criminal justice system and advocating for a balanced approach.

Adv. Ekta Tyagi and Adv. Vikrant Negi followed with a legal overview of these laws that addressed various procedural aspects like filing police complaints, evidence scrutiny, etc. They emphasized the need for clarity to safeguard victims’ rights while maintaining the integrity of law enforcement. The seminar concluded with a discussion between Adv Anand Desai and Shri D. Sivanandhan, former Police Commissioner of Mumbai, exploring the relationship between legal reforms and effective policing. They underscored the importance of collaboration and adequate training in implementing these laws successfully. Overall, the seminar provided a crucial platform for understanding the complexities of the BNS, BNSS, and BSA and the collaborative efforts necessary for their effective application.

4. Indirect Tax Laws Study Circle Meeting was held on 27th September 2024 via Zoom.

Group leader, CA Tanvi Gupta, in consultation with Group Mentor, Adv Harsh Shah, prepared 5 case studies covering various contentious issues around block credits under GST [excluding clauses (c) & (d) of Section 17(5)], which was attended by approximately 70 participants.

The presentation covered a detailed discussion on the following aspects:

i. Availability of ITC on motor vehicles under various scenarios.

ii. Availability of ITC on employee welfare expenses.

iii. ITC eligibility of sales promotion expenses.

iv. Availability of ITC on CSR spending is over and above the mandatory 2% as per the Companies Act, 2013.

v. Availability of ITC on RCM payments/payments made pursuant to investigation/adjudication proceedings u/s 74 of CGST Act

vi. Availability of ITC on payments to be made u/s 74A of CGST Act, especially for fraud cases.

vii. Reversal of ITC on account of normal loss, abnormal loss, goods lost in transit, goods written off, etc.

5. International Economics Study Group — Economic & Security challenges to India from recent Geopolitical events held on 11th September, 2024 Via Zoom.

Group Leader CA Harshad Shah discussed about India’s strategic and economic landscape being reshaped by recent geopolitical developments in its neighborhood, such as instability in Bangladesh, marked by political strife and the rise of Islamist factions which potentially threatens India’s security, particularly in West Bengal & Assam.

He also touched upon escalating tensions between Iran & Israel, which complicate India’s foreign policy due to its energy ties with Iran and growing defense cooperation with Israel, which could disrupt India’s energy security and challenge its diplomatic balance in the Middle East. Further, the Ukraine-Russia war has impacted India by disrupting global supply chains, affecting key imports like oil & fertilizers. Additionally, the outcome of the U.S. elections could significantly affect India’s economic and security landscape, with potential shifts in U.S. foreign policy, Indo-Pacific strategy, trade relations, visa and immigration policy, and technology partnerships adding uncertainty to India-U.S. ties.

6. Webinar on Tax Audit was held on 9th September, 2024 via Zoom.

The Direct Tax Committee of the BCAS organized a webinar on recent changes relating to Tax Audits causing immense confusion in reporting to address the various nuances, including a —practical way to handle clauses 21, 22, 34, and 44 of Form 3CD. Approximately 250 participants attended this webinar.

In the first session, Adv Krupa Gandhi addressed the issue of expenditure incurred to provide any benefit or perquisite. She gave lucid examples of freebies given by Pharma companies, differentiated between Club expenses incurred for personal purposes and expenditures at Belvedere Club/ Taj Club, etc. She clarified the provisions relating to expenditure incurred for any offence or purpose which is prohibited by law or penalty or fine for violation of any law and compounding.

In the second session, CA Yogesh Amal explained major issues with respect to the bifurcation of expenditure as per GST — Expenditure relating to goods or services exempt from GST, entities falling under the composition scheme, etc. He also touched upon the various clauses of Form 3CD and explained the applicability of Form 3CA-3CB. He shared practical insights on a few issues faced by the participants and also replied to various queries raised by the participants, clearing doubts on section 40A(7), GST, Offence, penalties, MSME, and MRL.

7. Webinar on Computation of Total Income of Charitable Trusts and Filing of ITR 7 held on 21st August 2024 via Zoom.

The The Taxation Committee of Bombay Chartered Accountants’ Society, jointly with the IMC Chamber of Commerce & Industry, organised a Webinar on the Computation of Total Income of Charitable Trusts and Filing of ITR-7, which approximately 380 participants attended.

CA Gautam Nayak began the session by outlining the key provisions governing the computation of total income for charitable trusts and institutions. He highlighted the importance of understanding the exemption under Sections 11 and 12 of the Income Tax Act, which apply to charitable and religious trusts. He discussed the specific conditions that must be met for these exemptions to be valid, such as proper utilization of funds and the maintenance of books of accounts. He also touched upon recent amendments and clarifications issued by the CBDT, stressing the need for charitable trusts to remain compliant with evolving tax laws to avoid penalties or disqualification from availing exemptions.

Following this, CA Ashok Mehta gave a comprehensive overview of ITR 7, the income tax return form used by charitable trusts and other institutions. He explained the step-by-step process involved in filing the form and highlighted common challenges faced by trustees and chartered accountants in the process. He emphasized that it is crucial to ensure accuracy in reporting sources of income, application of funds, and other statutory details to avoid complications and also discussed several nuances, such as the reporting of exempt income, donations, and the requirement for filing audited financial statements.

The webinar provided attendees with an in-depth understanding of the intricacies involved in the computation of income and the filing of tax returns for charitable institutions and underscored the importance of compliance to maintain the trust’s exemption status.

YouTube Link: https://www.youtube.com/watch?v=Ahe3ZcciOAw

 

Learning Events at BCAS

1. Workshop on Public Speaking for Professionals: Strategies to Enhance Your Career and Influence held on 31st August, 2024, Venue: BCAS

The HRD Committee of the Bombay Chartered Accountants’ Society organised an engaging workshop conducted by faculty CA Hrudyesh Pankhania.

The workshop focused on effective communication techniques, providing practical strategies for enhancing career growth and professional influence through public speaking. It featured a range of interactive activities, including impromptu speaking exercises, role-playing, and group discussions, fostering a lively and engaging learning environment. A total of 54 participants attended the workshop, and they had the opportunity to practice their speaking skills in a supportive setting, receiving personalised feedback from the speaker.

The interactive format encouraged participants to share their experiences, helping to build confidence and improve their public speaking abilities.

2. Direct Tax Laws’ Study Circle meeting on the topic of Capital Gains Amendments in Finance (No.2) Act, 2024, held on 29th August, 2024. Venue: Zoom Platform.

Group Leader — CA Krishna Upadhya provided insights into the recent significant changes impacting the capital gains tax structure and related provisions by the Finance (No.2) Act, 2024. The discussion was attended by 54 members, and it was well received. Some key takeaways were:

  • Period of holding for various capital assets, such as listed/unlisted securities, immovable property, and debentures, comparing the rules before and after the amendments in the Finance (No.2) Act 2024.
  • Capital gains tax rates for different assets, highlighting the changes in rates before and after the amendments and their impact on long-term and short-term gains.
  • Amendment to Taxation of Buy-Back of Shares: Prior to the amendment, buy-back of shares was exempt for shareholders under section 10(34A) of the Income-tax Act, 1961, with taxes paid by the company under section 115QA.
  • Post-amendment, buy-back is treated as a taxable transfer, with TDS under section 194.
  • The benefit of grandfathering provisions for land/buildings purchased before 23rd July, 2024, ensuring tax benefits for transfers of such assets.
  • New proviso to section 194-IA of TDS on sale of immovable property: The threshold of ₹50 lakhs for TDS is now based on the total property value, not per seller. If the sale value exceeds ₹50 lakh, TDS under Section 194-IA applies, regardless of the number of sellers.

3. Indirect Tax Laws Study Circle on Notices u/s 73 & 74 held on 26th August, 2024, Venue: Zoom Platform.

Group leader, Adv Rushil Shah, in consultation with Group Mentor, Adv Vinaykumar Jain, prepared 6 case studies covering various contentious issues around notices under GST.

The presentation covered the following aspects for detailed discussion:

  • Multiple tax periods under one notice.
  • Multiple notices for the same tax period.
  • Notices issued by multiple officers (parallel proceedings).
  • Issuance of the same notice on different dates and in different modes.
  • Interplay of section 75 (2) in 73 vs 74 cases.
  • Notices for fake invoices

Around 80 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. ‘CA Pariksha Pe Charcha’ held on 24th August 2024, Venue: Zoom Platform.

The Human Resource Development Committee of BCAS organized a special program to guide and support CA students preparing for the exams. The keynote address was delivered by CA Nilesh Vikamsey, who emphasized the importance of resilience in achieving success and provided strategies for effectively dealing with failures. CA Umesh Sharma discussed various practical exam preparation strategies and clarified doubts about the ICAI evaluation process. He also highlighted the role of AI and other technological tools in enhancing study methods.

Following this, a panel discussion took place where top CA rankers from the May 2024 exams — CA Shivam Mishra, CA Ghilman Saalim Ansari, and CA Kiran Manral shared their personal experiences, detailed their study techniques, and discussed approaches to overcoming the challenges faced during their exam journey. The panel was ably moderated by CA Vedant Gada, a committee member, the session saw active participation from 76 students across the country and was well-received.

Youtube Link: https://www.youtube.com/watch?v=IuxNHjd1s_0&t=434s

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5. FEMA Study Circle meeting on “Bank Account & Demat of Shares Mandate for R to NR and NR to R under FEMA” held on 23rd August, 2024, Venue: Zoom Platform.

The study circle meeting was led by Group Leader — CA Divya Jokhakar. She highlighted the nuances around the topic. In the context of FEMA (Foreign Exchange Management Act), the mandate for a bank account and Demat account transition from Resident (R) to Non-Resident (NR) and back to Resident (R) involves specific regulatory requirements. When an individual’s status changes from Resident to Non-Resident, they must re-designate their savings bank account to a Non-Resident Ordinary (NRO) account or open a Non-Resident External (NRE) account. The Demat account must also be converted to a Non-Resident Demat account.

Upon becoming a Resident again, the NRO/NRE accounts should be re-designated as resident savings accounts. Similarly, the Non-Resident Demat account should be converted back to a Resident Demat account. It was also discussed that it is important to note that any investments made while being a Non-Resident must adhere to FEMA regulations, and compliance with tax laws is crucial during these transitions to avoid penalties. Proper documentation and timely communication with the bank and Depository Participants (DPs) are essential for smooth transitions. The study circle meeting was attended by 74 participants and was well received.

6. Felicitation of Chartered Accountancy pass-outs of the May 2024 Batch — “प्रोfessional Career — The Road Ahead”, held on 3rd August, 2024 Venue: Walchand Hirachand Hall — IMC.

In line with the spirit of celebrating achievements while preparing for future endeavors, the Seminar, Membership & Public Relations (SMPR) Committee of the BCAS organized a special session to honor the achievers of the May 2024 CA Final examinations and provide them with valuable guidance for their professional journey. This annual event serves as both a celebration and a platform for emerging professionals to gain insights from distinguished mentors.

The session, titled “Journey to Professional Excellence: Insights from Leading Minds,” featured two prominent Chartered Accountants: CA Raman Jokhakar and CA Gautam Shah. The event was marked by a significant turnout, with 264 newly qualified Chartered Accountants attending the event, including AIR 3 — CA Ghilman Saalim Ansari.

CA Chirag Doshi, Chairman of the SMPR Committee, inspired the attendees to embrace the myriad opportunities available to them in his opening remarks. He also provided an overview of the Committee’s activities, highlighting programs where young professionals take the lead. The speakers addressed a common question among new pass-outs—whether to pursue a career in industry or practice. CA Raman Jokhakar shared valuable insights on the importance of professionalism, emphasizing that conduct often outweighs mere qualification. CA Gautam Shah offered a detailed account of his career in practice, sharing practical experiences. CA Ghilman Saalim Ansari briefly shared his inspiring CA journey. The session concluded with a celebratory cake-cutting ceremony, recognizing the achievements of the new Chartered Accountants.

Youtube Link: https://www.youtube.com/watch?v=f59BCkdfznw

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7. Lecture meeting on Direct Tax Law provisions of the Finance (No.2) Bill, 2024 Held on 27th July, 2024 at Yogi Sabagrah, Dadar.

The Finance (No. 2) Bill, 2024 introduced various direct tax law provisions, including changes in tax rates, capital gains, and withholding requirements for partnerships. While it aims for simplification, concerns arise over potential complications and inequities. Notably, the withdrawal of the Equalization Levy and Angel Tax provisions reflects a shift in tax policy. This public lecture meeting is the most awaited by our members, CA Fraternity, professionals, and the public at large; we had CA Shri Pinakin Desai addressing the participants with his first-hand views on the Finance Bill. He rated the budget as a satisfactory budget overall, which contains positive aspects and points requiring further attention or simplification.

Youtube Link: https://www.youtube.com/watch?v=iweDyhhFqNw

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Society News

LEARNING EVENTS AT BCAS

1. Suburban Study Circle meeting on the topic of Recent Changes in GST as per 53rd GST Council Meeting & Union Budget 2024. Held on 2nd August, 2024; Venue: Bathiya & Associates LLP, Andheri

The Group Leader, CA Mrinal Mehta, crafted a detailed presentation that addressed the recent changes through which group had insightful discussions. He shared his views on the following:

  • Changes in GST Tax Rates
  • Clarifications on services
  • Waiver of interest and penalty
  • Monetary limit for appeals and reduction in pre-deposit amount
  • Input Tax Credit – Section 16(4)
  • Clarifications on corporate guarantee and
  • Other amendments and clarifications

The session saw active engagement from 20 participants.

2. Indirect Tax Laws Study Circle on Interpreting section 16 (4) of CGST Act, 2017. Held on 29th July, 2024; Venue: Zoom Platform

Group leader, CA Saurabh Jain, in consultation with Group Mentor, CA Rishabh Singhvi, prepared case studies covering various contentious issues around section 16 (4) of the CGST Act, 2017 and also dealt with the recent amendments proposed.

The presentation covered the following aspects for detailed discussion:

  • Whether section 16 (4) time limit applies to taking of credit in books of accounts or GSTR-3B
  • Whether the conditions imposed u/s.16 (4) are a substantial condition or procedural condition?
  • Whether the time limit prescribed u/s. 16 (4) applies to claim of ITC of tax paid on import of goods
  • Whether the time limit prescribed u/s 16 (4) applies to claim of ITC of tax paid on RCM (registered/unregistered)
  • How to interpret section 16 (4) in terms of ISD credits
  • Whether section 16 (4) applies in cases where the supplier has filed his GSTR-1 after the time limit prescribed therein

Around 60 participants from all over India benefitted while taking active part in the discussion. Participants appreciated the efforts of group leader& group mentor.

3. Lecture meeting on Direct Tax Law provisions of the Finance (No.2) Bill, 2024. Held on 27th July, 2024 at Yogi Sabagrah, Dadar

The Finance (No. 2) Bill, 2024 introduced various direct tax law provisions, including changes in tax rates, capital gains, buy-back of shares, charitable trusts, withholding requirements for partnerships, etc. While it aims for simplification, concerns arise over potential complications and inequities. Notably, the withdrawal of the Equalization Levy and Angel Tax provisions reflects a shift in tax policy. This public lecture meeting is the most awaited by our members, CA Fraternity, professionals and public at large. CA Pinakin Desai addressed the participants on the important provisions of the Finance (No. 2) Bill, 2024. He rated the budget as a satisfactory and also highlighted few points requiring further attention and simplification.

Some of the prominent takeaways and viewpoints from his lecture were:

  • The withdrawal of the Equalization Levy signals a strategic move towards implementing pillars one and two, indicating a shift in approach to international tax challenges.
  • Changes in tax rates and increase in standard deductions for salaried employees and a reduction in tax rates for foreign companies and capital gains aim to address equity in taxation.
  • Significant changes to capital gains taxation, which can impact both individual and corporate taxpayers. Listed securities of holding is now uniform with other securities and will turn long-term in 12 months. Short-term capital gains tax on listed securities has increased from 15% to 20%. These changes aim to simplify the capital gains tax framework but could lead to complexities and inequities for certain taxpayers.
  • The ease of doing business needs to be re-evaluated to ensure fairness for both residents and non-residents. Current provisions may impose undue burdens, particularly on partnership firms and their tax obligations.
  • The tax withholding obligations for partnership firms can lead to financial strain, especially when remuneration exceeds deductible amounts. This situation may result in penalties for non-compliance.
  • The new buy-back provisions effective from 1st October, 2024, classify buy-back payments as dividend income for shareholders, regardless of the company’s profit status. Shareholders face a challenge as the buy-back income is treated as dividends, with no deductions allowed for the cost of shares. This could lead to capital losses instead.
  • Reassessment proceedings for tax can now be conducted within a shorter period of five years, impacting how companies manage their tax strategies. This change emphasises the importance of timely compliance.
  • Significant steps are taken for charitable trusts by removing adverse provisions, particularly regarding mergers and exit tax. It alleviates previous concerns and fosters collaboration between trusts.
  • A significant change in the Black Money Act mandates that residents disclose foreign assets, with strict penalties for non-compliance, emphasizing the importance of transparency.
  • Amendments regarding tax refunds indicate a shift towards stricter compliance and potential delays for taxpayers.

The Lecture meeting was attended by around 350 participants at the venue, and have more than 18,000 viewers on YouTube. It was highly appreciated by the participants.

The readers can view the entire meeting at the following link:

YouTube Link: https://www.youtube.com/watch?v=iweDyhhFqNw

4. ITF Study Circle Meeting on “Pillar Two – Basics” Held on 22nd July, 2024; Venue: Zoom Platform

The group leader – K. Prasanna deliberated on the following topics:

  • Need of Pillar-2 and its developments in the International arena.
  • Conditions relating to the applicability of Pillar-2 – Globe rules.
  • Various concepts surrounding the Globe rules such as IIR, UTPR etc. with practical scenarios and case studies.

During the study circle meeting, the participants raised questions about their specific concerns. The session was highly informative and was a good base to start in-depth study and was attended by 55 participants.

5. Webinar on Filing of Income Tax Returns for AY 2024-25 Held on 2nd July, 2024; Venue: Zoom Platform

The Direct Tax Committee of BCAS organised a “Webinar on Filing of Income Tax Returns for AY 2024-25. CA Akshar Panchamia, the first speaker covered ITRs 1, 2, 3 and 4 wherein he explained the applicability of these ITRs to applicable assesses. There were some important amendments in the ITR like choosing the tax regime, mentioning the type of Bank Account, quoting the MSME number etc. which were highlighted. He also demonstrated instances where the details need to be mentioned correctly to avoid any undue disallowances. Schedule FA – Foreign Asset which is mainly applicable for Resident and Ordinarily Resident was explained in detail in his presentation.

CA Ronak Rambhia covered the ITRs 5, 6 and 7 wherein he explained the due dates applicable to each assessee. The pre-requisites while preparing the Tax Returns like the Annual Accounts, Audit Report, Bank details, registration numbers, GST Turnovers, etc. were taken into consideration along with important schedules like Schedule VDA — Virtual Digital Asset, SH-1 — Shareholders details, AL-1 — Asset Liability, etc.

The webinar gave the viewers practical insights about the Income Tax return filings, the latest amendments reflected in the forms and best practices to avoid mismatch in the ITR processing. Webinar was attended by around 280 participants.

YouTube Link: https://www.youtube.com/watch?v=X7qmz3H5HUY

6. 75 Hours Long Duration Study Course on Auditing Standards on the 75th Anniversary of BCAS Held in June from 14th March, 2024 to 14th June, 2024, Venue: Zoom Platform

BCAS has always been pioneer in equipping its members in particular and other stakeholders at large. To Commemorate 75th Year of existence of BCAS and to celebrate its Diamond Jubilee, Accounting & Auditing Committee organised a well-designed 75-hour long duration study course spanning more than 12 weeks. The Course was mainly held on Fridays and Saturdays for 3 hours each day totaling to 75 hours.

The main objective of designing this long duration course was to deep dive into the subjects affecting the audit fraternity and provide platform to the members in Industry and Practice to come together. It was focused on the practical challenges which crops up while implementing the complicated Accounting Standards. The course was segregated into three equal segments.

  • AS
  • IndAS
  • Assurance Standards

The course also included topics on Companies Act provisions, CARO, Schedule II, III, CSR, FRRB / NFRA observations, etc. The segments / modules were designed to give practical case study based insights to the participants on various topics.

The various sessions of the course generated lot of interactions between the participants and the respective faculties. The three month’s duration course was attended by 136 participants and was well received and the overall feedback from the participants was encouraging. The Participants were awarded Certificate of Participation for attending the course.

7. Corporate & Commercial Law Study Circle – Oppression & Mismanagement Held on 30th May, 2024; Venue: Zoom Platform

The Group leader – CS Gaurav Kumar explained the meaning of oppression and mismanagement, difference between oppression and mismanagement, the relevant provisions of the Companies Act 2013. The speaker discussed modes, methods and possible reasons of oppression and mismanagement, and discussed landmark case laws giving understanding of the relevant nitti-gritties.

He also touched upon arbitration as a possible alternative to prolonged and expensive litigation process. He enlightened the participants with the preventive measures to reduce the possibility of oppression and mismanagement. He threw light on the role a CA can play in the matters relating to oppression and mismanagement. Around 60 participants attended the meeting and it was well appreciated.

  1. Other Events & News:

BCAS Foundation’s Tree Plantation Drive 2024

On 4th August, 2024, the BCAS Foundation, in partnership with Keshav Srushti, organised the Miyawaki Forest Project 2024 at Ismail Yusuf College, Jogeshwari East. This initiative focused on environmental sustainability through the Miyawaki technique, a method that fosters rapid growth of dense, native forests.

Trustees of BCAS Foundation, spoke about the Foundation’s dedication to social and environmental causes, stressing the significance of projects that yield long-term benefits. The event was graced by CA Rashmin Sanghvi as the Chief Guest. A longstanding advocate for environmental causes within the BCAS Foundation, CA Sanghvi has been instrumental in driving such initiatives.

Neelkantan Aiyyar, Joint Secretary of Keshav Srushti, kicked off the event with an insightful briefing on the Miyawaki technique, emphasising its ecological benefits, such as enhanced carbon absorption and biodiversity support. Following this, Satish Modh, President of Keshav Srushti, highlighted the organisation’s commitment to nature conservation and rural development.

A special session followed, where participants engaged in a Bhu Devs Pooja to honour the Earth, followed by symbolic plantations. Around 100 saplings were planted during this session, with many of the trees planted by children. This act of nurturing young minds alongside young trees was a powerful reminder of the legacy we leave for the future. The event concluded with a sumptuous lunch, the sense of accomplishment and camaraderie was palpable, with participants leaving with a deeper understanding of their role in preserving the environment and a commitment to future initiatives.

Intervention on behalf of BCAS at Ad Hoc Committee Meeting for United Nations Framework Convention:

CA Radhakishan Rawal, core group committee member of International Tax Committee of BCAS, had an opportunity to place his views as a representative of BCAS and participate in the discussions at the Second Session of the Ad Hoc Committee to Draft Terms of Reference (ToR) for United Nations Framework Convention on International Tax Co-operation at a 15 days session held in New York. The ToR was approved by majority (110 in favour, 8 against and 44 abstaining member states). This is treated as a historical development but a small step of a long journey for establishing an inclusive and fair system of international taxation.

Learning Events at BCAS:

SOCIAL OUT-REACH INITIATIVES:

Round Table discussions on Viksit Bharat:

The Finance, Corporate and Allied Laws Committee (FC&AL) of the Bombay Chartered Accountants’ Society (BCAS) organized two round table discussions on Viksit Bharat: Ideas and Suggestions in July 2024. The aim was to gather insights from experienced Chartered Accountants and promising young professionals to contribute to Prime Minister, Shri Narendra Modi’s vision to make a Viksit Bharat by 2047. The first round table discussion was held on Saturday 6th July 2024 at the International Fiscal Association – India Branch in BKC, Mumbai where eminent Chartered Accountants shared their perspectives on various aspects of public policy and economic development crucial for India’s progress. The second roundtable discussion took place on Saturday 20th July 2024 at ATLAS SkillTech University, Mumbai. This event brought together top-ranking CA Finals and Intermediate students, along with MBA students, to provide a fresh perspective on India’s future.

MOU with Bombay Industries Associations (BIA):

The Society entered into a collaboration agreement with BIA on 18th July 2024 under which both bodies of eminence will mutually collaborate by leveraging strengths and enabling commerce. In this one of its kind partnership, both organizations, with 75 years of history, will combine their resources and capabilities towards collaborative learning opportunities, advocating for ease-of-businesses, offering policy suggestions, and engaging members from both associations with an aim to reinforce the overall economic structure.

BCAS Membership Survey:

Our members are at the centre of everything we plan and do. The Society believes in delivering high-quality professional experience for our members and community at large. Keeping that in mind, BCAS conducted a Membership Survey on 16th July, 2024 and received an overwhelming response. We thank our beloved members for participating in the survey. Some of the statistics of the survey are as follows:

  •  Relevance of Topic at BCAS Learning Events —Average rating 4.4
  •  Quality of Speakers and Content at BCAS Learning Events: Average rating 4.3
  •  Format of BCAS Learning Events- Average rating 4.1
  •  Venue, Food, and other logistics at BCAS Learning Events — Average rating 3.9
  •  Pricing for BCAS Learning Events — Average rating 3.9

The Society has also received many well thought suggestions from the members in the survey, and we shall strive to take that into consideration in our future activities.

Social Media Reach:

The Society has been striving to increase its reach to professionals and society and large and social media has been one of the relevant tools of current times to achieve the same. We are happy to announce that we have crossed 10,000 followers on Linkedin. Our Whatsapp channel is also live and within two days we have crossed 1000 followers. With these, our overall social media spread has reached 57,189 followers and counting.

BCAS WhatsApp Chatbot:

In a constant endeavour to bring ease to our members, the Society is delighted to introduce its own Whatsapp Chatbot. Now, all our members and non-members can access and register for BCAS events and other activities through the ease of WhatsApp. Readers can explore the chatbot by sending a simple Hi on the chatbot number — 9082634642 to get started.

LEARNING EVENTS AT BCAS:

1. 76th Founding Day Lecture Meeting on Viksit Bharat — Role of Accounting and Finance Professionals held on 6th July, 2024 at ITC Grand Central Hotel Parel.

The 76th Foundation Day of the Society was marked by a significant event, featuring an interactive talk with the esteemed Padma Bhushan Shri K. V. Kamath. The topic, ‘Viksit Bharat — Role of Accounting and Finance Professionals,’ is a testament to the evolving landscape of India’s economy and the pivotal role that accounting and finance professionals play in it. Shri Kamath, with his extensive experience spanning over five decades, provided invaluable insights into India’s journey towards becoming a developed nation. As an inter-generational witness of India’s transformation, his dialogue with CA Raman Jokhakar, past president of the Society, highlighted the transformative changes that technology brought and the contribution of the Country’s infrastructure development plan, reflecting on the progress and the road ahead for India. He broadly spoke about the following.

Role of CAs: Since his early days at ICICI in 1971, Shri Kamath has witnessed first-hand the pivotal role of Chartered Accountants in shaping financial strategies and strengthening accounting practices. He reminisced about his experience in 1980, when he was leading a standalone division at ICICI acknowledging how chartered accountants assumed the role of technology architects in bringing technology to ICICI. Shri Kamath stated that people in the accounting and finance professions have to be leaders in absorbing and leveraging technology in a bigger way. According to Shri Kamath, the role of Chartered Accountants is going to be closely interwoven with technology for in the next 25 years, it will be difficult to differentiate between where the accounting stops and the technology comes in. He further stated that CA’s are the conscious keepers for the companies, Government and the public at large. That role is going to be more important as we go along with the new technology. He also emphasized the necessity of setting one’s mind on skilling and upskilling and getting everybody’s mindset aligned towards the technology part of the profession.

Learnings from the past: Talking about his learnings from driving and executing IT in ICICI, he said that the integration of technology into ICICI Bank’s operations between 2000 and 2005 marked a transformative era in Indian banking. The introduction of ATMs and the centralization of back-office operations, along with the establishment of call centres, significantly reduced the volume of in-branch transactions. He acknowledged that between 2020 and today, it has virtually revolutionized the way payments are made by individuals and corporations NPCI and QR technologies are taking over.

Characteristics of Viksit Bharat: On being asked about the characteristics/features of Viksit Bharat, he said that Viksit Bharat envisioned as a developed India, is characterized by its focus on rapid infrastructural growth, mirroring the transformative journeys of Japan, the Asian Tigers, and China. This vision is embodied in Mumbai’s current infrastructure projects like MTHL (Atal Setu), Eastern Freeway, and various metro and coastal road projects. According to Shri Kamath this seamless development will happen in every city, and town and will pervade down to every village and that according to Shri Kamath, will be a very visible sign of Viksit Bharat. He further explained that the infrastructure becomes the first building block as it adds to GDP during the implementation phase becoming the first ‘virtuous cycle’ leading to economic utilization of the said infrastructure in the next 15-20 years. With the fruits of infrastructure reaching every corner of the country, wealth will increase which will lead to more consumption leading to a second virtuous cycle.

Growth Rate and Per Capita Income: Speaking about the 10 per cent aspirational growth rate, and higher per capita income, Shri Kamath highlighted that given the size of the population, India has no challenge to put up new infrastructure for the next 25 years and put the same to utility. The country has had an agenda for over 20 years that provides momentum for sustainable development. The mark of 8-10 per cent is the combination of growth driven by infrastructure, consumption and other constituents like services, agriculture etc. In his view, the country should have a goal of achieving a growth rate of 8 per cent and a 25 trillion economy by 2047. According to him, funding is not a challenge today. It’s also not true to say that the private-sector capex cycle is not happening. With improvement in cash equivalence, and with very minimum access to borrowings, companies are now investing in themselves on a just-in-time basis without waiting for demand to develop. The new indicator of capital expenditure is therefore the increase in the gross fixed assets and capital working progress and not bank lending.

YouTube Link:
https://www.youtube.com/watch?v=OxSpLouU8Iw

QR Code:

2. Suburban Study Circle meeting held on Friday, 12th July, 2024 @ Bathiya & Associates LLP Andheri.

The meeting was held on Friday, 12th July, 2024 at Bathiya & Associates LLP Andheri. The meeting was led by Group Leader — CA Amit Purohit. CARO 2020 represents a significant shift in the audit reporting landscape, with enhanced requirements aimed at improving transparency and accountability. While these changes present challenges, they also offer opportunities for auditors to add value through more detailed and insightful reporting.

Key discussions in the meeting were about:

  •  Property, Plant, and Equipment: Detailed disclosure regarding title deeds, revaluation, and proceedings involving Benami Property.
  •  Inventory and Working Capital: Reporting on discrepancies of 10 per cent or more in the aggregate of each class of inventory.
  •  Loan Advances and Guarantees: Scrutiny of loans, guarantees, and advances to related parties, including reporting on terms, conditions, and repayment status.
  •  Fraud Reporting: Specific requirements to report any fraud noticed or reported during the year, including actions taken by the auditor. Ensuring the accuracy and completeness of data, especially for inventory and property, can be challenging.
  •  Internal Audit System: Reporting on the existence and effectiveness of an internal audit system. The detailed nature of the new requirements means auditors must perform more comprehensive and in-depth audits.
  •  Maintaining detailed documentation to support the new disclosures is essential but time-consuming.

The group leader shared practical insights to help auditors navigate these challenges and emphasized the importance of ongoing learning and adaptability in the ever-evolving field of audit and assurance.

3. International Economics Study Group meeting on the topic of ‘Analysing Parliament Election Results of 2024’

The meeting was held on Tuesday, 2nd July 2024 through a Virtual platform by Group Leaders CA Harshad Shah and CA Pramod Jain. The unexpected outcome of India’s 2024 election has reasserted the unpredictable nature of its politics — and the strength and resilience of our democracy. The BJP’s significant drop of 63 seats marked a return to coalition politics, presenting significant challenges in parliament. The passage of bills will require substantial compromise, a stark contrast to the previous government’s majority passing. There is no clear sign of pan-India anti-incumbency, especially on the economic front. Mr Jain shared his views on inequality, highlighting ten areas of disparities. He questioned whether Indian democracy will ever mature and emphasized the role of professionals as the “fifth pillar” for the success of Indian democracy.

4. Lecture Meeting on ‘Obligations of Chartered Accountants under PMLA’.

The lecture meeting on “Obligations of Chartered Accountants under PMLA” jointly with the National Institute of Securities Market (NISM) was held virtually on Friday 28th June 2024. More than 200 participants attended the webinar. The lecture was delivered by Mr. Krishnan Vishwanathan. The key takeaways of the session are:

  •  Under PMLA it is an offence to assist in money laundering, and accountants may be responsible for detecting and preventing it, especially regarding predicate offences like bribery.
  •  Only those professionals holding a Certificate of Practice from ICAI, CWA, or ICSI and conducting activities like managing client money or property are obligated to comply with PMLA.
  •  Documentation of AML policies and procedures is crucial to avoid penalties, and these include client acceptance methodologies.
  •  Procedures for periodic reviews and client’s due diligence are essential under PMLA.
  •  Extra caution is needed when dealing with clients in Tax Havens due to the increased risk of money laundering and tax evasion. One has to be aware of beneficial ownership structures, shell companies, and politically exposed persons (PEPs).
  •  Reporting to the Financial Intelligence Unit (FIU) is required, but only for truly suspicious activities with documented justification to avoid overwhelming the authorities.
  • Training for employees and maintaining records for five years are mandatory.
  •  Chartered Accountants can play a role in identifying proceeds of crime like unexplained cash or suspicious accounting entries.
  •  Chartered Accountants need to be cautious when offering professional services, especially certifications or acting as collection centres, to avoid indirectly facilitating money laundering.

BCAS Lecture Meetings are high-quality professional development sessions which are open to all to attend and participate. The readers can view the lecture meeting at the below-mentioned link/code:

YouTube Link:
https://www.youtube.com/watch?v=DJDX-mic1tw&t=19s

QR Code:

5. FEMA Study Circle Jointly with ITF Study Circle meeting on ‘Cross Border Structuring for Individuals — FEMA and Tax Implications’

The meeting was held on 13th June, 2024, at BCAS in hybrid format. The following relevant points were discussed in the meeting by the group leader — CA Bhavya Gandhi:

  •  Key considerations for cross-border structuring include compliance with FEMA regulations and adherence to Indian tax laws.
  •  Outbound investments must follow the Liberalized Remittance Scheme (LRS) limits and reporting requirements.
  •  Tax residency status of the individual significantly impacts global income tax liabilities.
  •  Proper documentation and valuation are essential to avoid penalties and ensure legal compliance.
  •  Double Taxation Avoidance Agreements (DTAA) should be leveraged to minimize tax burdens.
  •  Repatriation of funds to India requires careful planning to ensure compliance with both FEMA and tax regulations.
  •  Estate planning and inheritance tax implications must be considered in cross-border structuring.
  •  Continuous monitoring and review of the structure are necessary to adapt to any regulatory or tax law changes.

The meeting was attended by 79 members and was well appreciated.

6. Suburban Study Circle Meeting on “Income Tax Aspects of Redevelopment of Society”.

The meeting was held on 05th May and 23rd May, 2024 at Golden Delicacy, Borivali (W)led by CA Sharad Sheth as Group Leader and chaired by CA Nihar Jambusaria and discussions were spread over two sessions.

Group Leader prepared an interesting list of various situations arising in the redevelopment of the Housing Society and shared their views on the following:

  •  When does the transfer of capital assets arises.
  •  Income tax liability on transfer of tenancy right.
  •  When does the benefit of section 45(5A) be availed.
  •  When can exemptions under sections 54 and 54F be claimed.
  •  Analysis of various caselaws on the relevant topic.

The session was thought-provoking with comprehensive discussion on practical issues faced. The session saw lively engagement from 55 + participants and the interactive nature of the discussion enriched the experience of everyone involved.

7. Indirect Tax Laws Study Circle on ‘Export Driven Custom’s Schemes — MOOWR, AEO — Benefits from Customs Perspectives’

The meeting was held virtually on Thursday, 23rd May 2024. The key discussions are done by the Group Leader — CA. Shravan Gehlot, Chennai and Group mentor —Adv. Vikram Naik, Mumbai were as follows:

  •  Manufacturing & Other Operations in Warehouse (MOOWR)
  •  The application and registration process for availing the benefits and covered the key benefits, customs norms for activities in the warehouse and who must opt for the same.
  •  The Authorised Economic Operator (AEO) scheme.
  •  The AEO road map in India since 2001, eligibility criteria, benefits for importers as well as exporters, Customs clearance norms, registration & post registration compliances and other key considerations.
  •  The professional opportunities for the Chartered Accountants in the MOOWR and AEO Scheme.

Around 50 participants all over India benefitted while taking an active part in the discussion on the 2 FTP Customs Schemes.

8. Indirect Tax Laws Study Circle meeting on ‘Issues in Logistic Sector’

The meeting was held virtually on Tuesday, 14th May 2024 Group leader — CA. Darshan Ranavat had prepared case studies and a presentation covering various issues & challenges faced by taxpayers in the Logistic Sector under the GST law. The session was mentored by CA. A R Krishnan. The case studies covered the following aspects for detailed discussion:

  1.  Taxability of clearing & forwarding agents including the claim of pure agent benefits.
  2.  Issues relating to classification and RCM concerning the vessel charter business.
  3.  Issues relating to classification and place of supply concerning the freight forwarding business.
  4.  Issues relating to services provided by GTA to GTA.
  5.  Specific issues in services provided to SEZ

Around 65 participants all over India benefitted by taking an active part in the discussion.

Learning Events at BCAS

LEARNING EVENTS AT BCAS

1. Power Summit 2024 | 28th & 29th June, 2024 | Hotel Fountainhead and Imaginarium AliGunjan, Alibaug

Human Resource Development Committee of BCAS organised a two-day residential program “The Power Summit 2024” on 28th and 29th June, 2024 at Hotel Fountainhead and Imaginarium AliGunjan, Alibaug. This was the 8th season of the Power Summit with the first one being held in 2011.

Much before the last date for early bird was to end, the registrations for the Summit were full. There were many members who had even listed down their names in the Wait List. Such an overwhelming response in itself is a strong testimony of the popularity of the Power Summit amongst our members.

The Power Summit hosted 88 participants from 15 different cities. We witnessed a mixed age group of audience with members in their twenties to experienced patrons and seniors. This diversity added to the charm of the Summit. The Summit had 8 eminent faculties. The program was curated and anchored by a team of 3 esteemed members — CA Nandita Parekh, CA Ameet Patel and CA Vaibhav Manek.

This is the second year in which we continued to hold this program in residential format. The benefits in residential format was truly reaped and cherished by the participants. They got added networking opportunities and chance to have casual interactions with the faculties some of whom were present through the entire duration of the program.

The theme for the Power Summit was “Walk the Talk | Leverage AI, Technology, Capital & Collaboration”. All the sessions had been strategically crafted around this theme.

The presentations by the faculties over the two days were creative, intriguing and intertwined in a way that all the participants came back with good food for thought and also a zeal to walk forward on the growth trajectory.

The program on Day 1 started with a panel discussion on the topic of Leadership Quotient for CA Firms. CA Hitesh Gajaria and CA Milan Mody shared their journeys as panellists and candidly explained the challenges of leading a CA firm. The session was moderated by CA Nandita Parekh.

In the next session, CA J. K. Shah shared his entrepreneurial journey and inspiring everyone by touching upon the values of Courage, Conviction and Commitment.

The next session was creatively crafted by CA Vaibhav Manek in the form of a Workshop. A mock Merger Lab had been organized wherein 4 CA Firms from amongst the participants were selected and divided in group of two firms each in advance. Each group was asked to stimulate a scenario wherein they have approached each other for a potential merger. The discussions that they would have carried out in a closed meeting room was stimulated and held on stage for all the participants to observe. This gave everybody an exposure on how the real-life merger discussions take place.

The last session for the day was a power packed session on Partnering with Technology for Growth by CA Lalit Valecha and CA Rajeev Sharma. They shared their experiences and introduced the Technology Best practices for CA Firms. This session continued late into the evening and yet saw a packed house till the very end.

While Day 1 of the Summit was hosted at Hotel Fountainhead, the Day 2 of Summit was hosted at Imaginarium AliGunjan. Imaginarium AliGunjan is a state-of-the-art research facility developed by Nishith Desai Associates in Alibaug. The philosophy of Blue Sky with which the research centre has been developed inspired our participants and added to their zeal for sessions to be hosted on this Day.

Day 2 began with a session by CA Aniket Talati. He shared insightful statistics around the composition of our current fraternity and the direction in which our fraternity and the profession is moving. He also reminded the participants about the Prime Minister’s wish to have large Indian firms emerging from amongst the existing firms.

The next session was by CA Dinesh Kanabar who shared his own journey and experiences of how one can navigate or sail through the Winds of Change.

The last session of the Summit focused on the new age HR practices for professional services firms. The session was led by Pakzad Nussirabad who has headed the HR function in various organisations in the past including a CA firm. He gave useful inputs to the participants on people management and how to face the challenges of a multi generational workforce.

The Power Summit was concluded with the closing bell session from CA Nandita Parekh, CA Ameet Patel and CA Vaibhav Manek summarising the learnings of the two days and motivating everyone to carry on the energy and zeal and take necessary action on their growth trajectory. They also thanked the convenors and other members of the HRD Committee for the excellent work done in organising the Summit.

The interest of the participants was evident in terms of the involved discussions and the large number of questions raised during and after each session and also during the casual networking interactions.

The Summit succeeded in generating a lot of interest amongst the participants thereby motivating them to strategically plan for their growth. The participants were extremely thankful to the organising team for the excellent work done by them and for providing a top-quality program to them. All the participants graciously shared their Testimonies and Gratitude over WhatsApp group and Social Media platforms.

2. Webinar on Use of Technology for Practice Management in CA Firm held on 18th May, 2024 Zoom Online Meeting

The Technology Initiatives Committee of BCAS conducted a Webinar on “Webinar on Use of Technology for Practice Management in CA Firm” on 18th May, 2024. The webinar was aimed enlightening the participants on how to improve a CA Firm’s practice management techniques through the use of technology.

The webinar began with CA Rahul Bajaj explaining the dashboard of the Practice Management Software BIZALYS. He demonstrated the features of the cloud based software like minimal data entry, auto work flow reports, automated reminders to clients and staff, branch and team management, document management, departmental hearing notices management, billing and receivables, appointment, library base etc. The speaker also answered multiple questions and addressed doubts of the participants.

In the second part of the webinar Mr Kshitiz Bharti, explained the features of MyTasksoftware. He demonstrated the management problems faced by the practicing professional firms and the benefits of using technology with enhanced tracking and control. He further elaborated the unique offerings of the software like Income Tax Return Status checker, geo location based attendance, client portal, GST return status tracker etc.

Key takeaways for the participants from the webinar:

  • With increasing complexity in the various laws of the land and with multiple due dates to be taken care of, it is risky to continue to rely on manual ways of managing one’s practice.
  • Various practice management software available in the market enable CAs to put in place proper processes and rules for carrying out each task in each assignment that the firm takes up
  • Exploring the latest trends and advancements in CA practice management software.
  • Understanding how automation can enhance productivity and reduce manual errors.
  • Demonstration of the features and dashboards of the software
  • Real-life case studies showcasing the transformative impact of software’s on CA Firm operations.

The webinar had 100+ participants from more than 35 cities.

3. ITF Study Circle Meeting held on Friday, 17th May, 2024 in Hybrid mode at BCAS.

Discussion on Case Study 1 of the ITF Conference Paper II: Unraveling GAAR, SAAR, PPT and LOB – Overlap and Intricacies by CA H Padamchand Khincha. The meeting was attended by approximately 28 participants.

The International Tax and Finance Study Circle organised a meeting (hybrid mode) on 17th May, 2024 to discuss the implications and different viewpoints of Case Study 1 of the ITF Conference Paper II

  • The basic facts of the Case Study were summarised.
  • Discussions began on various questions in the Case Study.
  • Several members expressed divergent views on various issues.
  • Various rulings and interpretations with respect to GAAR provisions were discussed.
  • Some members shared their experiences dealing with GAAR provisions.
  • Divergent views on different issues were well summarised.

Speaker: CA Rohit Jethani

4. Workshop on Positive Parenting held virtually on 21st April, 2024, 28th April, 2024 and 5th May, 2024.

The Human Resources Development Committee organised a workshop on “Positive Parenting” on 21st April, 28th April and 5th May, 2024. It was attended by 48 participants.

The faculty, Rev Fr Patrick D’Mello, Dr Janice Morais and Dr Sheryl John showed how parents can enjoy with their kids at the same time bring out the best in them.

The takeaways from the workshop are briefly given below:

1. “A child is the beauty of God’s presence in the world, the greatest gift to a family.” – Mother Teresa

2. The old ways of disciplining — shouting, correcting, spanking, punishing don’t work. They impact the children negatively. They are replaced by new ways — positive incentives, contracts, empathy, environmental control, curiosity questions, ‘and’ and not ‘but’.

3. The parenting process — holding, reassuring and letting go has to be age appropriate.

4. Various problems can be solved by “connect” and “skill-building” techniques

5. How to deal with internet addiction, excessive video games, and gadgets.

6. Spend time with children on activities that will have beneficial effects for their growth and success.

7. Positive parents nurture, discipline and respect their children
8. Universal problems like excessive mobile use, no motivation, disrespect & lying were discussed and the ways to deal with them were shown.

9. Important to be aware of the common mental health problems and seek help for the same.

10. Understanding that annoying and irritating behaviour are not misbehaviour.

11. Encourage children to express themselves and not to whine.

A lot was taught, enabling parents to use new strategies to get children to become more disciplined and grow to their full potential.

5. CAMBA Certified Management Programme for CAs held on 12th to 14th April, 2024 @ ATLAS SkillTech University Mumbai

These represent CAMBA — a certified Management Programme for CAs organised by BCAS in association with the ATLAS SkillTech University, mentored by CA Naushad Panjwani and designed by Dr Chetana Asbe. Approximately 90 participants from over 20 cities attended 10+ enjoyable sessions.

It was a unique program where CAs from across the country gathered not to enhance their technical skills but to dive into the nuances of personal and professional growth. From 12th to 14th April, 2024, participants embarked on an immersive journey designed to stretch their minds and broaden their perspectives. Sessions spanned topics like ‘AI for non-technical professionals’, ‘Leadership Ascendancy’ and ‘Design thinking for goal setting’. What truly set CAMBA apart was its hands-on, experiential approach to learning. Attendees didn’t just passively absorb information; they actively engaged in real-world scenarios, solving challenges, and refining their skills in real-time.

But it wasn’t all business. In between sessions, participants bonded over unique experiences like a Heritage City Bus Tour and a delightful Food Crawl, fostering connections that transcended professional boundaries.

A standout feature was the Speed Mentoring sessions, where eager young professionals had the invaluable opportunity to tap into the wisdom of seasoned experts, gaining insights that textbooks alone could never offer.
CAMBA wasn’t just a program; it was a holistic journey of growth, camaraderie, and enlightenment — an experience that left participants not just better professionals, but better equipped to navigate the ever-evolving landscape of the professional world with poise and confidence.

6. Suburban Study Circle Meeting on “Issue-based study and discussion on Section 44AD & 44ADA” on 7th June, 2024 at C/o Bathiya & Associates LLP, Andheri (E), Mumbai.

Suburban Study Circle Meeting on “Issue-based study and discussion on Section 44AD & 44ADA”, was led by CA Viral Shah as Group Leader under the Guidance of CA Ketan Vajani.

In a comprehensive and insightful session, CA Viral Shah, under the chairmanship of CA Ketan Vajani, elucidated the intricacies of Sections 44AD and 44ADA of the Income Tax Act. The session focused on the provisions, applicability, and critical issues related to these sections, which are designed to simplify the taxation process for small businesses and professionals. The meeting was attended by approximately 20 participants. They shared their views on the following:

  • Overview of Sections 44AD and 44ADA
  • Eligibility and Conditions
  • Computation of Income
  • Advantages and Limitations
  • Practical Scenarios and Case Studies
  • Recent Amendments and Judicial Pronouncements

During the course of an engaging question-and-answer segment, participants raised queries about specific concerns and received expert advice from CA Viral Shah and CA Ketan Vajani.

The session was highly informative, providing attendees with a thorough understanding of Sections 44AD and 44ADA. Both speakers effectively highlighted the benefits of these presumptive taxation schemes while also cautioning about potential issues, ensuring that professionals and small business owners are better equipped to make informed decisions regarding their tax filings.

Society News

LEARNING EVENTS AT BCAS

1. FEMA Study Circle meeting – “Compounding under FEMA and Practical aspects” by CA Hardik Mehta was held on 16th May, 2024 @Zoom which was attended by approximately 118 participants, wherein the following was covered:

(i) Overview of FEMA Compounding Provisions:

  •  Explanation of the Foreign Exchange Management Act (FEMA) and its objectives.
  •  Understanding the concept of compounding as an alternative to litigation for resolving contraventions under FEMA.

(ii) Eligibility for Compounding:

  •  Criteria for entities and individuals eligible to apply for compounding.
  •  Types of contraventions that can be compounded under FEMA.

(iii) Application Process:

  •  Step-by-step process for filing a compounding application with the Reserve Bank of India (RBI).
  •  Key documents and information required for the application.

(iv) Authorities Involved:

  •  Role of the Reserve Bank of India (RBI) and the Enforcement Directorate (ED) in the compounding process.
  •  Jurisdiction and powers of the compounding authorities.

(v) Calculation of Penalties:

  •  Methods and principles used by the RBI to calculate the penalties for various contraventions.
  •  Factors considered in determining the quantum of the penalty.

(vi) Timeline and Procedure:

  •  Expected timelines for the processing of compounding applications.
  •  Detailed procedure followed by the RBI fromreceipt of application to the issuance of compounding orders.

(vii) Common Contraventions and Case Studies:

  •  Discussion of frequently observed contraventions under FEMA, such as delayed reporting of foreign investments and non-compliance with ECB guidelines.
  •  Analysis of recent case studies and RBI orders to understand the practical application of compounding provisions.

(viii) Benefits of Compounding:

  •  Advantages of opting for compounding over litigation, including faster resolution and avoidance of prolonged legal battles.
  •  Impact on the company’s or individual’s compliance record.

(ix) Post-Compounding Compliance:

  •  Obligations and steps to be followed by the applicant post-compounding to ensure full compliance.
  •  Monitoring and reporting requirements after the compounding order is passed.

(x) Practical Challenges and Solutions:

  •  Discussion of practical challenges faced by entities in the compounding process

2. Direct Tax Laws Study Circle meeting on Taxation of LLPs by CA Chirag Wadhwa was held on Tuesday, 30th April, 2024 @Zoom, which was attended by approximately 77 participants, wherein the following was discussed:

1. Concepts of Limited Liability Partnerships

2. Detailed comparison of Company vs. LLP with respect to:

i. Compliance Procedures

ii. Regulatory Requirements

3. Comparison between Firms and LLP’s and FAQ’s relating to the same.

4. Income-tax implications in case of LLPs in respect of:

i. Deduction w.r.t Partner’s remuneration

ii. Carry forward of losses

iii. Assessment of LLPs

iv. Applicability of Alternate Minimum Tax to LLPs

5. Detailed explanation relating to conversion of Partnership Firm to an LLP and conversion of Company along with explanation relating to definition of “Transfer” as per Section 2(47) of the Income-tax Act, 1961, w.r.t conversion of a Company to an LLP.

The speaker concluded the session by sharingpractical experiences and challenges faced on conversion to LLP and transfer to LLP. The session wasinteractive and gave comprehensive understanding of the topic.

3. “Blood Donation & Organ Donation Awareness Drive” on 25th April, 2024

On Thursday, 25th April, 2024, the BCAS Foundation, jointly with the Seminar, Public Relations & Membership Development Committee of BCAS, held the annual “Blood Donation Drive”, enlisting the support of Tata Memorial Hospital (TMH) together with a campaign on awareness for organ and skin donation.

National Service Scheme (NSS) students (from Vidyalankar School of Information Technology) were deputed around the vicinity (including Churchgate Station), with placards to create awareness amongst the general public and commuters. Interested would-be donors were escorted to BCAS by the students.

Doctors and technicians from TMH screened 63 potential donors (including 31 brought in by the NSS students) through the detailed questionnaire filled in by them. Contrary to popular belief, patients diagnosed with cholesterol, thyroid, blood pressure issues could also donate blood, provided they met certain criteria. 43 units of blood were collected from eligible donors, which also included the President, Trustee of BCAS Foundation and few Past Presidents, BCAS members and staff.

To create awareness and dispel the myths about organ donation, an “Organ Donation Awareness Drive”, supported by Project Mumbai’s ‘Har Ghar Hai Donor’ initiative was also held. A separate desk was also provided to the Rotaract Club of Bombay North (RCBN) Skin Bank to advocate the noble act of donating skin. RCBN Skin Bank caters to the needs of the National Burns Centre (NBC), amongst others.

Through their noble act, each of the donors BeCame an Asli Superhero!

4. International Economics Study Group — “Analysing current Geopolitical & economic challenges” by CA Harshad Shah held on Monday, 22nd April, 2024 @Zoom which was attended by approximately 24 persons

In a world already embroiled in conflicts, from the volatile landscapes of Ukraine and Gaza to the tense standoff between Iran & Israel, the looming specter of confrontation casts a dark shadow over global stability. As geopolitical tensions escalate, their reverberations echo through international markets. The resulting volatility poses a significant risk, potentially triggering widespread repercussions that could have a ripple effect across economies worldwide. Adding to these geopolitical anxieties are the formidable economic challenges (stubborn inflation & unsustainable debt) confronting the world’s two largest economies, USA and China. Despite these daunting hurdles, financial markets in key regions such as the USA, Europe, Japan & India continue their upward trajectory,scaling unprecedented heights. Meanwhile, India finds itself at a crucial juncture as it navigates through a General Election. With political temperatures soaring, the spotlight is on the election manifestos of major political parties and their potential impacts on the Indian economy.

5. FEMA Study Circle meeting — “Recent updates in FEMA; Case studies in Overseas Investment — Part 1 & 2” by Naisar Shah and moderated by Harshal Bhuta was held on 16th& 22nd April, 2024 @Zoom, which was attended by approximately 111 participants, wherein the following was discussed:

The session was bifurcated into two events on two different dates

– Manner of Receipts and Payments under FEMA

– Direct Listing of Shares in Overseas Markets

– Listing on equity shares in permissible jurisdiction

– FAQs issued by Government

– Direct listing v/s depository receipts?

– Status of an unlisted public company will change upon direct listing

– Minimum public shareholding requirement?

– Resident HNIs investing indirectly?

– NRIs investing through FPI v/s. NRI investing directly

– Investment by Foreign Citizens

– CA valuation permitted even in cases where the book-building process would be done by a merchant banker

– FPI v/s. direct listing

6. Indirect Tax Laws Study Circle Meeting on Issues in Real Estate Sector by Group Leader CA Raghavender Kuncharapu and CA Sanket Shah was held on Monday, 22nd April, 2024 @Zoom which was attended by approximately 95 participants

Group leaders had prepared case studies and presentation covering various issues & challenges faced by taxpayers in Real Estate Sector under the GST law. The case studies covered the following aspects for detailed discussion on the following:

  1.  GST Registration
  2. Reversal of Input Tax Credit under Rule 42 in regard to commercial-cum-residential projects
  3.  Reverse Charge Mechanism (80:20 Rule)
  4.  Valuation, Time of Supply and GST Rate in case of RCM on following transaction:

– Transfer of Development Rights under residential redevelopment project

– Transfer of Development Rights by agriculturist

– Development agreement for shopping mall

– Additional FSI / TDR Purchase

– Buy TDS Scrip / Certificate

Participants appreciated the efforts of group leader.

7. Direct Tax Laws Study Circle meeting on Section 9B & Section 45(4) of the Income-tax Act, 1961 by Adv. Shashi Bekal was held on Friday, 12th April 2024 @Zoom, which was attended by approximately 90 participants, wherein the following points were discussed:

  1.  Difference between Partnership Firms and Limited Liability Partnerships.
  2.  Detailed analysis of section 9B of the Act, reason for its introduction, along with various frequently asked questions and his views thereon.
  3.  Detailed analysis and understanding of Section 45(4) of the Act and comparison of the same with the old provision.
  4.  FAQ’s on section 45(4) of the Act, 1961 along with methodology of computing gains as per the said section.
  5.  Interplay between section 9B and Section 45(4) ofthe Act.

The speaker’s thorough analysis of Sections 9B and 45(4) of the Act shed light on various critical aspects, offering valuable insights into their implications. The session provided clarity on the technical intricacies of these provisions and highlights their significance in taxation.

8. RRR – Read, Remember, Renew Yourself held on Saturday, 6th April, 2024 @BCAS

The Human Resources Development Committee organised a Workshop on the topic “RRR – Read Remember Renew Yourself” on 6th April, 2024, which was attended by 36 participants.

Faculty Mr. Pavan Bhattad, taught the techniques of reading and remembering.

The key takeaways from the workshop are given below:

  1.  Hardly one percent people read. If you are in those 1 per cent, it is a great thing.
  2.  Taking a book and going through it is not reading. You should be able to filter what is useful and implement the knowledge you get from the book.
  3.  Through reading we get ready knowledge gained by writers who write in various publications based on their reading, experience, research, experiments, etc. Reading gives you opportunity to grow beyond these writers. For every challenge, aspiration, goal in life there is a book for it.
  4.  Reading purposefully helps us to renew ourselves through implementing the learning from reading.
  5.  Techniques to remember what we read.
  6.  Faster we read the better we understand, still sometimes we are told to read slowly and carefully because it is important. This makes us infer that we have to read slowly, else we will not understand. Faster we read we get the gist.

9. Suburban Study Circle Meeting on “Case Studies – Interplay Between Income Tax and GST” by CA Gaurav Save and CA Kinjal Bhuta as Group Leaders in two sessions was held on 31st January and 19th March, 2024 at c/o Bathiya & Associates LLP, Andheri (E), which was attended by 10 participants.

The Group Leaders prepared very interesting case-studies through which group had very insightful discussions. They shared their views on the following:

  •  Justification of addition under section 69A.
  •  GST liability on transfer of tenancy right.
  •  Defense strategies for reassessment cases.
  •  Defense against GST mismatch notices, especially regarding NGTP credits.
  •  Inclusion of GST turnover in gross receipts calculation.
  • Applicability of sections 44AD or 44ADA for taxation.
  •  Audit requirement under section 44AB considering practice income and F&O losses.
  •  Availability of GST records to income tax authorities and AO’s access during assessments, etc.

The session was thought-provoking, grounded in real-world application, and comprehensively addressed various perspectives, with plentiful examples drawn from both practical experience and logical reasoning. This approach greatly enhanced the group’s comprehension and engagement with the subject matter.

The session saw lively engagement from the participants, with numerous questions raised and effectively addressed by the group leaders. The interactive nature of the discussion enriched the experience for everyone involved.

10. Half day Seminar on Restructuring of Family Owned Businesses (BCAS jointly with IMC & CTC) held on Friday, 15th March, 2024 @IMC.

First Session: Family-owned Business –Succession / Estate planning (Live case studies) – Including to cover conversion from firm / LLP / Companies – Private Trust etc.

Taxation Committee organised a Half Day Seminar on Restructuring of Family owned businesses at Walchand Hirachand Hall in a hybrid mode.

There was an introduction given by the representatives from all the three organisations.

Moderator CA Anil Sathe started the proceedings after the brief introduction of the panelists. All the three panelists touched upon the brief aspects of the need for restructuring in the family-owned businesses.

CA Sweta Shah explained the various scenarios which the family-owned business groups faces while restructuring for different reasons. She highlighted the reasons beyond tax for such restructurings involving Estate and Succession Planning.

CA Amrish Shah touched upon tax nuances and also the popular structures most organisations adopt in Estate and Succession Planning. Trust as a vehicle was also discussed in detail.

CA Anup Shah explained some of the finer aspects involving corporate and other allied laws. He also explained the situations in case of foreign assets and cross-border issues under FEMA and tax. He also answered queries on HUF and its partition.

Second Session: Restructuring of Businesses – including getting ready for IPO and fund-raising and for that purpose undertaking Merger / Demerger, Slump Sale to carve out core business vs Investments vs separating Brands / Patents, etc. (live Case Studies) In the second session, there were six different case studies which were discussed by the eminent panelists.

All three panelists CA Ketan Dalal, CA Pranav Sayta, and CA Girish Vanvari were very candid in their views on the case studies which involved some real life cases.

They also explained the issues which one can face in case of mergers and demergers without any substantial reason except tax benefit. GAAR and its implications were discussed in detail.

They also emphasised the need for simple structures and avoid complex ones as they can be litigation prone. There
was also a couple of case studies which dealt with cross border mergers and demergers. They explained the implications of reverse mergers and issues arising from them.

Last Session: Family Governance and need for family constitution- Impact on private vs public companies – Binding nature – can it over-ride AOA etc.

Last session was by CA Dinesh Kanabar on the various aspects of Governance of family owned businesses. His presentation was very lucid and covered most of the aspects regarding governance of family owned businesses.

He explained through various examples of both private and public companies the importance of the family constitution and the group abiding by the same.

The entire half-day seminar was well received by both physical and virtual participants. There was an overwhelming response of 200-plus registrations for the same.

This session was chaired by CA Rajan Vora.

11. Full Day Workshop on Bank Audit held on Friday, 15th March, 2024 @BCAS, attended by 52 participants.

(Jointly organised by the Accounting & Auditing & Seminar Committee)

  •  A full-day workshop was conducted to appreciate the intricacies of Central Statutory Audit and how one should approach the same.
  •  There were five sessions concluding with a Panel Discussion.
  •  The first session topic was How to Prepare for a Bank Audit which highlighted key points in audit planning, do’s & don’ts and important reference material.
  •  The second session was on Embracing Digital Transformation in Bank Audits” which highlighted the journey of auditing in digitalised environment.
  •  The third session was on “Verification of Advances” in which critical aspects such as IRAC norms were discussed while auditing bank’s advances.
  •  The fourth session was on “Finalization, Reporting and Practical Challenges for audit for FY 2023-2024“ wherein all critical points and practical challengesfaced by auditors while closing FY24 audits were discussed.
  •  The last session was on “Frauds reporting including NFRA responsibilities” wherein various reporting responsibilities were discussed.
  •  The panel discussion was conducted around changing role of bank audit and expectations from auditors.

Speakers: CA Sandeep Welling, CA Ashutosh Pednekar, CA Vipul Choksi, CA Manish Sampat, CA Priyanka Palav, CA Sushrut Chitale, CA Mukund Chitale, CA Jayant Gokhale, CA Ketan Vikamsey.

Society News

LEARNING EVENTS AT BCAS

1. Report on the Members’ HRD Study Circle Meeting held on 11th April, 2024

HRD Study Circle organised a lecture meeting which was attended by 142 participants on the topic ‘8 S Model for success guided by Mahabharata and life of Lord Krishna’. Speaker CA Hitendra Gandhi who is a post graduate in comparative Religions & World University drew a parallel between the ancient knowledge system and the present system of business and governance. He explained that the relevance of each ‘S’ in his model with reference to the modern concepts and theories of business and entrepreneurship. He presented a chart as given below explaining the link between ancient knowledge and modern theory.

He narrated several anecdotes from the Mahabharata and life of Lord Shri Krishna that has inspired generations to succeed in their endeavors. In his opinion the bestpart was that if one delves little deeper, each of this anecdote can be directly related to one of the ‘S’ in his model.

The Chairman Mihir Sheth summarised by saying that every Epic cuts through the prism of time. Though all essential components of storytelling such as Content, Characters, Crisis and Conclusion are common, what differentiates Epic from the ordinary tale is its ability to leave its audience with timeless learning from each of the component -not just the predictably mundane conclusion.

2. Women’s Day Celebrations 2024 “Present Positive = Future Ready” on Thursday, 28th March, 2024 at BCAS Hall by Seminar, Public Relations & Membership Development (SPR&MD) Committee

A specially curated evening to celebrate International Women’s Day was organised under the aegis of the SPR&MD Committee. The event attracted a full house of 60+ participants (including some erudite men too).

The evening commenced with high tea for all those gathered. Chairman, CA Uday Sathaye welcomed the audience and touched upon the origin of this day, and the BCAS context for celebrating this event. In a departure from tradition, the First Lady of BCAS, Ms Khushboo Chirag Doshi addressed those gathered, taking them through the many challenges that women have, since times immemorial, bravely weathered and overcome with grit and determination. The discussion with the two speakers, Ms Naz Chougley and Ms Rupal Tejani was moderated by CA Ashwini Chitale and CA Preeti Cherian.

In her presentation, Ms Chougley elaborated on the techniques behind filling one’s life with joy and happiness. She briefed the audience on Ho’oponopono, the Hawaiian practice of reconciliation and forgiveness which aims to bring about healing, understanding, and connection within oneself and with others. She touched upon the importance of concentrating on one’s breath work, focusing on what one wants (rather than on whatone doesn’t), creating intentions by aligning thoughts, feelings and beliefs, expressing gratitude andappreciation. She also spoke of the benefits of practising CTC (cut the crap) and MYOB (mind your own business) when one is being dragged into vibrations which are negative and harmful. During her talk, she led the audience through exercises such as inner child healing and meditation.

Ms Tejani shared her journey of finding her calling, the enterprising streak that she harbours leading her to successfully cultivate saffron bulbs in the climes of Mahabaleshwar! She elaborated on the immense satisfaction she derives from witnessing the cascading benefits of an empowered local community (especially the women folk) that she employs. Her venture has successfully tied up with local farmers and taught them eco-friendly and sustainable practices, resulting in superior quality of produce.

Both speakers deftly handled floor questions during their talk. A round of rapid-fire questions and a contest by Ms Tejani designed to gauge the participants’ understanding of fruits and vegetables raised the level of excitement in the air. The winners were gifted bountiful hampers sponsored by Ms Tejani.

The vote of thanks was proposed by the Second Lady of BCAS, Ms Silky Anand Bathiya. In keeping with the theme, the entire event was aptly captured in the lens of a professional lady photographer. Ms Kanika Nadkarni. As a parting gift, each and every member in the audience left the venue with a box of lush golden berries sourced from Ms Tejani’s farm in Mahbaleshwar.

3. Suburban Study Circle Meeting on “Critical Issues under GST” on Wednesday 20th March, 2024 at Bathiya& Associates LLP, Andheri (E)

Suburban Study Circle Meeting on “Critical Issues under GST”, was conducted by CA Payal (Prerna) Shah as a Group Leader, was attended by 10 participants.)

Group Leader CA Payal prepared very thought-provoking case-studies through which the group had veryinsightful discussions. She shared her views on the following:

  •  ITC availment – How does one avail ITC? By recording in books or in return?
  •  ITC reversal and re-availment
  •  Cross-charge
  •  Input Service Distributor vs. Cross-charge.
  •  Classification & interplay of Customs and GST

The session was knowledgeable, practical and all the views were very well covered with numerous examples and reasoning to make it enriching for the group to understand it better.

The session had wonderful interactive participationfrom the group. There were large number of queriesfrom the participants which were addressedsatisfactorily by the group leader. CA Payal’scommand on the subject was well appreciated by the group.

4. Students Study Circle – Bank Branch Audit from article’s perspective held on Wednesday, 20th March, 2024 at Zoom.

The BCAS Students Forum, under the auspices of the HRD Committee, organised an interactive session with students on bank branch audit from an article’s perspective. The session took place on Wednesday, 20th March, 2024, from 6:00 PM to 8:00 PM via Zoom meeting.

The Students Forum invited CA Rishikesh Joshi (Mentor) and Ms Sonal Sodhani (Group Leader) to provide guidance on bank branch audit.

CA Raj Khona, a member of the HRD Committee, along with student volunteers, warmly welcomed the speakers and student participants with their kind words. They also provided briefings about the session.

After that, Group Leader Ms Sonal Sodhanitook over the session and shared her knowledge on the topic, which focused on bank branch audit from an article’s perspective. The session mainly covered key aspects such as planning a bank branch audit, the long form of audit report,returns and certificates, and closing & documentation of data during branch audits. Additionally, Ms Sodhani provided a brief overview of Schedule 9 Advances of Bank Financial Statements. Mentor CA. Rishikesh Joshi guided the student participants between the topics, offering deep insights and knowledge on the audit of bank branches to provide more clarity on important topics.

The Student Volunteers thanked the speakers and attendees for the session. About 400 students were benefited from this session, and their feedback was very positive.

Link to access the session:

https://www.youtube.com/watch?v=3F4P50GJ01M

QR Code:

 

5. Students Study Circle on Income Tax held on Monday, 19th February, 2024 on Zoom platform

Mr Vineet Jain, mentored by CA Sharad Sheth, led discussions on critical aspects of taxation, including Faceless Assessments, Penalty Proceedings, and CIT (A), elucidating the evolving landscape of income tax assessments. The session was attended by approximately 176 participants.

Emphasising strategic utilisation, Vineet demonstrated the application of judicial decisions and case laws for effective tax planning and compliance.

A practical walk through of the Income Tax Portal was provided, enabling participants to adeptly respond to notices and navigate the digital platform.

Dispelling prevalent misconceptions, Vineet addressed myths surrounding tax litigations, ensuring participants were equipped with accurate information.

The webinar, conducted on 19th February, 2024, on Zoom platform from 6 pm to 8 pm, served as a comprehensive guide, offering valuable insights and empowering attendees in the field of taxation.

Link to access the session:

https://www.youtube.com/watch?v=Uw8noZxw190

QR Code:

Learning Events at BCAS

1. HR Conclave was held on 16th March, 2024 in Hybrid Mode @ BCAS.

The HR Development Committee orchestrated a highly informative and engaging HR Conclave on Saturday, 16th March, 2024, meticulously designed to unravel the intricacies of managing human resources within professional services firms. This one-day event, offered in a hybrid format, brought together esteemed industry experts and HR practitioners to delve into various facets of HR management. 49 participants from 7 cities participated in the event.

Among the distinguished speakers was Ms. Falguuni Sheth, who kicked off the day with an insightful session titled “Well Chosen is Half Done,” emphasising the strategic underpinnings of HR management and its alignment with organisational objectives. Following this, CA Saroj Maniar and Ms. Priya Sawant shared invaluable perspectives in their session “Courtship cues. Employee engagements that lead to a long-term marriage,” shedding light on practical approaches to bolstering employee engagement and fostering enduring professional relationships.

The conclave also delved into the critical domain of performance appraisals and feedback, with CA Mehul Shah leading a session titled “Appraisals and Feedback – appreciate the strengths, help in bridging the gaps.” This session provided attendees with actionable insights into conducting fair and constructive performance assessments, essential for nurturing employee growth and development. Furthermore, Ms. Deepti Sheth facilitated a thought-provoking discussion on gracefully managing employee exits in her session “Grace in goodbyes – parting need not be painful,” highlighting the significance of maintaining positive relationships even during times of transition.

A panel discussion on “Remote Working – A reality or just another topic for Over the Coffee discussions,” moderated by CA Dhruv Shah and featuring panelists CA Samit Saraf, CA Sushrut Chitale, and CA Mitesh Katira, a comprehensive exploration of the dynamics, challenges, and opportunities associated with remote work in the professional services landscape. Throughout the day, participants were equipped with practical insights, actionable solutions, and e-kits containing over 150 HR templates, enriching their understanding and empowering them to navigate the complex terrain of HR management effectively. As the event concluded, attendees departed with a deeper understanding of strategic HR management, employee engagement, performance evaluation, effective communication strategies, and the nuances of remote working, poised to drive positive change within their respective organisations.

2. Indirect Tax Laws Study Circle on “Classifications in GST” was held on 14th March, 2024 in Online Mode.

Group leader CA Tapas Ruparelia along with mentor CA S S Gupta had prepared case studies and a presentation covering various issues & challenges faced by taxpayers in regard to the Classification under the GST law. Around 45 participants from all over India benefitted while taking an active part in the discussion. The case studies covered the following aspects for a detailed discussion on the place of supply:

1. Whether an assessee can adopt different classifications for the same product under customs and GST? If a particular classification under which goods are cleared with Customs is disputed, can the GST department also insist that the correct classification sought (for which an appeal has been filed with GST authorities) should be applied for GST as well?

2. Whether raw materials, being chemicals for the pharmaceutical sector qualify as “bulk drugs” or “drugs” to decide classification under Schedule I (5 per cent) or Schedule III (18 per cent)?

3. Whether GST on the interest component of EMI on Credit Card loans liable to GST or is exempted, being interest on loans and advances?

4. Whether renting of e-bikes, where charges are levied on a use basis, is classifiable under “rental services of transport vehicles” taxable at the standard rate of 18 per cent or as “leasing or rental service without operators” in which case, the GST Rate applicable to the e-bikes would be applicable to the service?

5. Whether services provided by naturopathy centres qualify as health care services and are eligible for exemption?

3. The Webinar on “Recent CBDT Circulars in relation to Charitable Trusts and Institutions” was held on 9th March, 2024 in Online Mode.

The Taxation Committee organised a Webinar on Recent CBDT Circulars in relation to Charitable Trusts and Institutions.

CA Ashok Mehta broadly explained the two CBDT critical Circulars in relation to Charitable Trusts and Institutions-

(1) Circular No. 2/2024, dated 5th March, 2024

(2) Circular No. 3/2024, dated 6th March, 2024

The Speaker highlighted the fact that the CBDT has observed instances where trusts and institutions submitted the wrong audit report form (Form No. 10B or 10BB) for the A.Y. 2023-24. To address this, the CBDT has granted an extension for corrective measures. If a trust or institution has submitted Form No. 10B where Form No. 10BB was applicable, or vice versa, on or before 31st October, 2023, the trust is now permitted to rectify this by submitting the correct audit report in the applicable Form No. 10B or 10BB for the A.Y. 2023-24 on or before March 31, 2024.

The Speaker welcomed the Clarificatory Circular No.3/2024 dated 6th March, 2024 pertaining to inter-trust donations which allows the entire donation to be treated as an application of income and not restricted to only 85 per cent of the donation given.

Link to access the session: https://www.youtube.com/watch?v=SkbpXjcXFeI&t=2s

 

4. The Human Resource Development Committee organised “CA Pariksha Pe Charcha” on 2nd March, 2024 in Online Mode.

The event, “CA Pariksha Pe Charcha,” organised by the BCAS Human Resource Development Committee, was a two-hour session held via Zoom, focusing on strategies for success in CA examinations and dealing with failures. The event aimed to guide CA aspirants and provide them with the motivation and tactics needed to excel in their exams.

CA Pritam Mahure led the first hour with a talk on how to achieve success in CA Exams and cope with failures, sharing insights and practical advice.

The second hour featured a panel discussion with Chartered Accountants who have achieved top ranks in recent CA exams. They discussed their experiences, study techniques, and personal journeys.

The interactive session provided attendees with an opportunity to gain valuable knowledge and ask questions about the CA exam process.

Panelists:

CA Akshay Jain (AIR 1 May 2023)

CA Kalpesh Jain (AIR 2 May 2023)

CA Sanskruti Parolia (AIR 2 Nov 2023)

CA Shruti Parolia (AIR 8 Nov 2023)

Moderator: CA Kartik Srinivasan

Link to access the session: https://www.youtube.com/watch?v=cMRGAm8Je4c&t=3s

5. A Panel Discussion “Future Ready Finance Professionals” was held on 1st March, 2024 @ JBIMS Auditorium.

The HRD Committee, in collaboration with Jamnalal Bajaj Institute of Management Studies (JBIMS), organised a discussion on “Future Ready Finance Professionals” on 1st March, 2024 at the JBIMS Auditorium. The event featured a distinguished panel of CFOs from various esteemed organisations, which comprised of CA Sajal Gupta from Rustomjee Group, CA Pinky Mehta from Aditya Birla Capital, Mr. Ramesh Subramanyam from Hinduja Group, and CA NaozodSirwalla from HDFC AMC Ltd, moderated by Dr. CA. Sahrdul Shah. The discussion provided profound insights into the multifaceted responsibilities of CFOs in contemporary business environments.

The panel emphasised the strategic orientation increasingly demanded of CFOs, underscoring the imperative for Chartered Accountants to lead with foresight and agility. Addressing a diverse array of topics, including technological innovation, ethical governance, and sustainability, the panel highlighted the critical role Chartered Accountants play in driving organisational success through astute financial stewardship.

Emphasising the indispensable nature of continuous learning and adaptation, the discussion urged Chartered Accountants to remain abreast of technological advancements and emerging trends. Moreover, it stressed the significance of ethical integrity and professional responsibility in upholding the highest standards of financial practice.

With a focus on preparing Chartered Accountants to navigate the complexities of the modern business landscape, the event served as a platform for knowledge exchange and networking, empowering finance professionals to chart a course toward future readiness.

In summary, the event provided invaluable insights into the evolving role of Chartered Accountants as strategic partners in organisational growth and sustainability. Through collaborative dialogue and shared expertise, the panel reaffirmed the indispensable contributions of Chartered Accountants to the finance profession and underscored their pivotal role in shaping a prosperous future.

6. Direct Tax Laws Study Circle meeting was held on 1st March, 2024 in Online Mode.

CA Manish Dafria covered the newly introduced Section 43B(h) of the Income Tax Act; 1961 (“the Act”)– Analysis and Impact, wherein the speaker provided his perspective and a detailed analysis and shed light on its various aspects as indicated below:

1. The conditions laid down for the applicability of Section 43B(h) of the Act.

2. Classification of enterprises based on the definitions mentioned in the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act).

3. Time limit as mentioned in Section 15 of the MSMED Act and with the relevant definitions.

4. Clarifications to issues namely:

i. Whether the amount payable to enterprises on account of Capital Expenditure would attract disallowance u/s 43B(h) of the Act.

ii. Whether amounts payable to traders / retailers would attract disallowance u/s 43B(h) of the Act.

iii. Applicability of 43B(h) to charitable organisations for determining “Application of Income”.

iv. Whether the GST component of the expenditure would be included in the amount to be disallowed u/s 43B(h) of the Act.

v. Whether 43B(h) would apply to assessees opting for declaring presumptive income u/s 44AD of the Act.

7. The 21st Leadership Camp “Empowering Relationship” was held on 16th–18th February, 2024 @ Leslie Sawhney Training Centre, Devlali by the Human Resource Development Committee.

The 21st Leadership camp on the topic, ‘Empowering Relationship’ was held at Leslie Sawhney Training Centre at Devlali between 16th and 18th February, 2024. Twenty-three participants which included 7 couples and 9 individuals participated in the programme.

The Trainers: Dr. Sudarshan Iyengar (Retired Vice Chancellor of Gujarat University) and Dr. Ashwin Zalathe, guide and mentors.

In his introductory remarks, the Chief Administrator of the venue, Major General (Retd) Pithawalla shared the real-life experience from his days in the Army. He emphasised that in the Military, as a leader one has to empower the relations with the team as dependability is one of the most critical criteria looked upon in every team member.

Important takeaways to empower the relationship are summarised here.

  • Complete attention to the person not just hearing but listening to him
  • Introspection and reflection: Introspect as to what happened and how one can improve the relations. Express unconditional love.
  • In any interaction conflict is bound to be there. Expectation and attachment result in a gap in relations.
  • Express gratitude to all you interact with including five elements of the Universe.
  • Understand the reasons that bring conflict and neutralise them with opposites. Fourteen reasons for conflict were identified. For instance one of the reasons for conflict is selfishness then neutralising it by unconditional love.
  • Other important concepts discussed were Attitude (values), behaviour (attitude in action) and situation (context) in relations and conflicts.
  • Learn to appreciate yourself through your words and actions. A Word without money is cheap, but money without a word is vulgar.

In the concluding session, questions were raised as to whether conflict is necessary. And the views echoed the sentiment that conflicts could be appropriate for understanding of the matter. One can always channelise the conflict into the opportunity for growth, love, and respect.

The camp concluded with a Vote of thanks and thrilling real life story of his war experience by Major General (Retd.) Cyrus Pithawalla about how the empowered relationship between the army teammates helped avert the major terror attack on India despite almost fatal injuries.

Learning Events at BCAS

LEARNING EVENTS AT BCAS

1. The webinar on “The (AI)mazing Future of CA Services: Guide to AI & Chat GPT Implementation” conducted by the Technology Initiatives Committee was held on 17th February, 2024, in Online Mode.

The webinar was conducted to provide Chartered Accountants and their teams with invaluable insights into the successful integration of AI in accounting, data analysis, auditing and more.

It began with CA Dungarchand C Jain explaining to the participants the features of ChatGPT — how it works, comparative analysis of GPT-3.5 (free) and GPT-4 (paid) versions, etc. He also explained the limitations of ChatGPT, how to write prompts and additional plugins. The live demonstration of queries posted to ChatGPT and how it could be used for day-to-day operations by a CA firm was well appreciated by the participants.

In the second part, CA Nikunj Shah explained the use of ChatGPT for data analysis, including, trend identification, and anomaly detection, to derive actionable insights from financial data. He further emphasised that AI-driven audit technologies can automate compliance checks, identify potential risks and enhance the accuracy and reliability of audit procedures.

Both the speakers are members of the Technology Initiatives Committee.

The webinar had 235+ participants from more than 40 cities. The webinar ended with a well-deserved vote of thanks to the speakers and all the participants.

2. The workshop on “GST Skilling up – Writing, Responding and Representing” was held on 9th and 16th February, 2024 @ BCAS.

An impressive two-and-a-half-day physical workshop with faculties CA Raman Jokhakar and CA Tejal Mehta was designed to provide practical experience in drafting and representation skills. There were about 35 participants.

The speakers explained how to draft letters / replies / emails in short without using long sentences and being repetitive and using plain and simple language so that what is desired to be conveyed is properly conveyed. They also explained to the participants the dos and don’ts of appearing before a Revenue Officer and how to make their representation impactful.

It also included a mock Role Play where the participants were required to prepare a reply to a Show Cause Notice / ASMT-10 notice and represent their case before a Revenue Officer. At the end of this, the mistakes or shortcomings in their drafting / representation were explained, and how best they could have been avoided.

The participants were issued a Certificate for participating in the workshop.

The faculties were ably supported by CA Vikram Mehta and Shannel Jacinto.

3. Indirect Tax Study Circle Meeting on “GST Case Studies on Place of Supply” was held on 15th February, 2024, in Online Mode.

Group leader CA Rishabh Mishra dealt with the case studies and gave a presentation covering various issues and challenges faced by taxpayers in regard to the Place of Supply under the GST law and was guided by Group Mentor CA Jigar Doshi. The case studies covered the following aspects for a detailed discussion on the place of supply:

  • Separate contracts for the supply of materials and supply of allied services like transportation, insurance, etc., including issues due to cross-fall breach clauses.
  • Testing services in relation to goods sent to India by overseas entities with options of sending the goods back or kept in India. Testing of pre-designed software for holding co. was also discussed.
  • Services of soliciting subscribers to the issue of securities by overseas managers for Indian entities.
  • Place of supply in relation to immovable property in India to a service recipient outside India for the development of 3D models.
  • Turnkey project for design, development, construction, supply, and installation of plant, machines, solar power, packing lines, residential quarters, canteen, guest house, etc.
  • Services of conducting a market survey, assistance in marketing events, advertising policy, appointment of distributors, etc., on cost-plus basis by an Indian Subsidiary to a Foreign Holding company.
  • Works contract services provided by an Indian entity to a foreign entity in a foreign land through outsourcing to another Indian entity with the foreign branch.

4. Felicitation of Young CAs of November 2023 Examination & Fireside Chat on the topic “Get Future Ready” was held on 20th January, 2024, at the BCAS Hall by the Seminar, Public Relations & Membership Development (SPR&MD) Committee.

A special event was organised for the freshly qualified Chartered Accountants of the November 2023 examination under the aegis of the Seminar, Public Relations & Membership Development (SPR&MD) Committee. The event attracted a full house of 150 participants.

The evening commenced with the esteemed speakers addressing the young champions on the subject, ‘Get Future Ready’. The first speaker, Past President of the BCAS, CA Ameet Patel candidly shared his views on a wide range of subjects — how to find the right fit in the initial years, the steps one can take to build on and solidify one’s repertoire, how it’s ok to change tracks if things are not working out, the very critical role that BCAS can play in shaping one’s future, and the importance of networking, developing a hobby, cultivating a passion, etc.

The second speaker, Ms. Dipika Singh spoke about the significance of investing in oneself, owning the room, projecting the right body language, radiating confidence, creating interesting content and posting it on the right platforms, getting noticed in a crowd and creating and nurturing a brand within oneself.

This was then followed by an interesting round of floor questions for both speakers. The evening ended with the felicitation ceremony. Labdhi Sanghvi securing All India Rank 47 was the first to be felicitated and was then invited to share his thoughts. The event showcased the vibrancy of the participants, many of whom showed great interest in signing up to be members of the BCAS.

Link to access the session: https://www.youtube.com/watch?v=U4jUpZ0X4OY&t=870s

5. Full Day Seminar on “Charitable Trusts – A Tax, Regulatory & Management Perspective” held on Friday, 19th January, 2024 @ BCAS

The successful full-day event commenced with a compelling keynote address by Shri C V Pavana Kumar, CIT (Exemptions) Mumbai, setting the tone for the day by addressing the pivotal role of Charitable Trusts in India in societal development, the Department’s technology and tax initiatives, the relevance and context of the recent changes in the tax regime relating to Charitable Trusts, and the importance of navigating the associated challenges by learned professionals and assessee.

It was followed by a power-packed Panel Discussion by CA Anil Sathe, and Mr. Noshir Dadrawala, CA (Dr.) Gautam Shah, moderated by CA Gaurav Save. The session not only provided a practical approach to the Litigation issues regarding Charitable / religious Trusts, but also provided a comprehensive overview of common errors encountered in ITR-7 filings and shed light on challenges pertaining to sections 10B, 10BB and FCRA compliance.

Thereafter, CA Suresh Kejriwal took the participants through the recent amendments to the Foreign Contribution Regulations Act, posing additional cautious compliance responsibilities.

CA (Dr.) Gautam Shah enlightened the gathering about the procedural requirements under the Maharashtra Public Charitable Trusts law and also talked about patiently dealing with the Charity Commissioner’s office.

The participants also benefitted from a comprehensive presentation on the emerging concept of Social Stock Exchange by Mr. Hemant Gupta. He discussed the nitty-gritty, emphasising how this platform can be a game-changer for charitable organizations, providing a new dimension to fundraising and visibility.

The same was followed by an enriching session by Mr. Noshir Dadrawala on Corporate Social Responsibility (CSR) compliance. He coined the mantra “Comply Strictly (by) Rules”, emphasising compliance with CSR provisions and highlighting the far-reaching implications of non-compliance.

The event concluded with an informative presentation by CA Deven B Shah on the maintenance of Books of Accounts by Charitable Organizations in accordance with Rule 17AA of Income Tax Rules, well-equipping the participants with the vital, differentiating aspects thereof.

Each session suitably dealt with and addressed the queries of the participants.

This event was a collaborative effort to empower the charitable sector, offering a holistic perspective on navigating the legal, tax and management intricacies associated with Charitable Organizations in India. We extend our gratitude to all participants, speakers and organizers for contributing to the success of this enriching and informative day.

6. Corporate & Commercial Law Study Circle Meeting “SBO and Demat of securities – Need of the hour” was held on 16th January, 2024, in Online Mode.

Speaker CS Sudhakar Saraswatula addressed the participants on the provisions relating to Significant Beneficial Ownership, as have been notified for Limited Liability Partnerships. He further discussed the inception and rationale behind the SBO provisions and the compliance requirements thereof. Certain challenges faced in the implementation of SBO provisions and its practical approach were also shared.

The discussion further shaped to how private companies other than small companies are also now mandated with the compulsory dematerialisation of securities within the given time frame, along with other related matters such as the holding of securities by the promoters of / issue of securities by unlisted public companies, conversion of share warrants held in physical form, action points for demat of securities by private companies as well as security holders and penal provisions for non-compliance.

7. आDaan-प्रDaan (Season 3) — “Speed mentoring program for Chartered Accountants” was held by the Seminar, Public Relations & Membership Development (SPR&MD) Committee in Online Mode.

Conducted during November and December, the program provided a platform for invaluable guidance and support from 25 mentors, where an impressive 28 mentees engaged in the first round of season 3 — with 17 hailing from 10 different states across India, showcasing the program’s ability to transcend geographical boundaries and empower CAs nationwide.

Throughout the sessions, mentees delved into various aspects of professional life, seeking insights on practice management, people management, growth strategies, guidance for changing careers, essential skill acquisitions, etc. Mentors, drawn from a rich tapestry of practicing Chartered Accountants and industry stalwarts, offered guidance tailored to the mentees’ aspirations and challenges, enabling mentees to navigate critical decision points with confidence and clarity.

The heartwarming display of gratitude through generous donations to the BCAS Foundation by the mentees exemplified the tradition of Guru Dakshina, reinforcing the bond between mentors and mentees in the CA community.

With heartfelt appreciation extended to all participants and mentors, the ‘आDaan-प्रDaan’ initiative continues to pave the way for growth, excellence and collaboration within the profession. The Committee is planning to conduct the second round of season 3 shortly.

Society News

Human Development Study Circle Meeting on
“Business Environment in India – Evolution, Opportunities, Challenges” held on
10th January, 2017

Human Development and Technology Initiatives Committee  (HDTI) of BCAS conducted a Human Development
Study Circle Meeting on “Business Environment in India – Evolution,
Opportunities, and Challenges” on 10th January, 2017 at BCAS
Conference Hall. 

Dr. Anil Naik, a Management Consultant, MBA from IIM Calcutta
and winner of many prestigious awards, having wide experience in Industry and
also visiting faculty at top Management Institutes in India and Abroad, gave
the presentation and covered the following topics- .

1.  Evolution of Business Environment in India
since 1991.

2.  Challenges of the Indian businesses to be seen
for :

• Family Owned & Family Managed Businesses

• Family Owned Professionally Managed Businesses

• Corporate Sector consisting of Indian
Companies, Foreign Companies operating in India and Collaborations of Indian
& Foreign Companies.

3.  He also cited the examples of companies
operating in India like Tata Motors, Kodak, Shapoorji Pallonji, Ballarpur
Industries and Kirloskar, etc.

The major basic issues discussed were:

·        
Major changes in Transportation Industry and
many others.

·        
Factors for success i.e. Adaptability to new
technology, Personality Skills, Pursuing Aspirations etc.

·     Stark realities of dynamic environment – No more
secrets, security is uncertain, Allegiance, Time is short – we need to run fast
to take up right opportunities at right time at great speed, Order of today’s
time is not clear – international business, supremacy of product plays vital
role.

·    India has 16 cultures. Cultural Differences.
Internal Culture of the organisation matters. Asian culture v Globalised
scenario. Adopting right mix of culture is challenge of today’s times.

·        
Business environment is Dynamic, turbulent and
unstable. How to become flexible. Opportunities for organic flexibility,
adaptability, innovation, accepting change and uncertainty are natural state of
things in the current environment.

·        
Ensure that institutions have capacity to serve.
Employees’ skills, motivation and capabilities play an important role.

Inescapable reality of new economy – 1) Seek and create
breakthrough changes. 2) Outsiders see it first 3) Right balance between
incremental improvement and radical innovation 3) Shortage of resources is not
necessarily serious, but shortage of imagination is certainly fatal 4) Nothing
lasts forever under its original momentum 5) Success contains the seed of its
own destruction 6) Primary challenge of leadership today is to create adaptive
organisation which has a built in capability to renew itself over and over
again.

The meeting was very fruitful and the participants benefitted
a lot from the Speaker’s rich experience.

Workshop on Merger & Acquisition held on 27th & 28th
January 2017

Corporate & Allied Laws Committee [‘C&ALC’] organised
a two days’ Workshop on Mergers & Acquisition at Hotel St. Regis, Lower
Parel, Mumbai. The event received an overwhelming response.

86 participants attended the workshop out of which almost 30
participants were from industry. Further, around 32 were outstation
Participants from cities like Ahmedabad, Vadodara, Hyderabad, Chennai and
Nagpur.

CA. Chetan Shah, President, welcomed the participants. CA.
Kanu S. Chokshi, Chairman of C&ALC gave a brief idea on the necessity of
such programme.

The Workshop was inaugurated by Dr. Lalit Kanodia, Chairman,
Datamatics Group. Eminent faculties addressed the participants on the relevant
topics along with their presentations. A 
booklet of the presentations made by various speakers at the workshop was
provided to the participants.  The event
was conceptualised by CA. Naushad Panjwani, Past President of BCAS, with the
help of Dr. Anup Shah. CA. Naushad Panjwani also shared his thoughts on certain
mergers at the said workshop. Advocate Praveen Veera chaired the session on
‘Stamp duty’ and CA. Shrenik Baid shared the dais along with CA. Kanu S.
Chokshi during the session on ‘Accounting Implications’.

The sessions of the said workshop on Merger & Acquisition
are summarised below:

Session I: Keynote Address – “Key negotiating
techniques used by buyers and sellers in a Merger & Acquisition
transaction” by Dr.Lalit Kanodia – Chairman, Datamatics Group
.

Dr. Lalit Kanodia

He inaugurated the workshop and shared his practical
experiences in Merger and acquisition.

Session II: Alternative Disputes Resolution in
Merger & Acquisition by CA. Suresh Kotak –Chairman, Kotak Group.


CA. Suresh Kotak

He addressed the participants.& talked about steps taken
in area of ADR

Session III: Stamp Duty by Dr. Anup Shah, CA.
Pravin P. Shah & Co.

 

CA. Anup P. Shah

He covered various implications of  stamp duty under different modes of mergers
& acquisition. He also analysed stamp duty on CD, Debentures, Gift etc.

Session IV: Companies Act & Bankruptcy Law by
Adv. Sharad Abhyankar – Sr. Partner, Khaitan & Co.
 

Adv. Sharad Abhyankar

He analysed
transaction charges, some of the procedural aspects and gave a mapping in
Merger & Acquisition. He also gave an overview of Insolvency and bankruptcy
code in relation to Merger & Acquisition.

Session V: SEBI Takeover Regulations by Adv. Akil Hirani –
Managing Partner, Majumdar & Co.


Adv. Akil Hirani

He took the participants through takeover code and insider
trading regulations with respect to, an open offer, in case of Merger &
Acquisition.

Session VI: Legal Due Diligence by Adv. Tushar Ajinkya.

Adv.Tushar Ajinkya

He highlighted the Due Diligence aspects with the typical
structure requirement, key areas to be checked, IPR and litigation issues.

Session VII: Financial due Diligence by CA. Rajesh
Khairajani – KNAV.


CA. Rajesh Khairajani

He touched upon various facets of financial due diligence on
both, buyer and seller side, inter alia, emphasising upon physical verification
of assets in  Merger & Acquisition
deal.

Session VIII: FEMA & Cross Border by CA. T. P. Ostwal,
T. P. Ostwal & Associates.


CA.T. P. Ostwal

He explained salient
features of various treaties of India & Mauritius /Cyprus/Switzerland; and
choice of jurisdiction. He also took 
participants through Automatic route vis-à-vis Approval route;

Session IX: Strategy & Value Creation by
Mr. Sudhir Valia – Executive Director, Sun Pharma.


Mr. Sudhir Valia

He shared his rich experience  in guiding participants as to how to proceed
for Merger & Acquisition.

Session X: Income Tax-Domestic/ International (in case of
cross border) by
CA. Hiten Kotak & CA. Falguni Shah.


CA. Hiten Kotak


CA. Falguni Shah

The speakers explained the funding structures – Key
consideration, recapitalisation and repatriation and indirect transfer and tax
thereon with practical examples.

Session XI: Accounting
Implications by CA. Himanshu Kishnadwala, CNK & Associates.


CA. Himanshu Kishnadwala

He gave an overview of provisions relating to M & A
contained in Companies Act 2013 and SEBI Regulations. He also dealt with the
applicability of Accounting Standard and Ind AS to Merger & Acquisition and
explained Accounting in Merger & Acquisition with an illustration.

Session XII: A typical Merger & Acquisition
process by CA. Sridhar Swamy
.

CA. Sridhar Swamy

He explained the nitty-gritty of the Merger & Acquisition
process including identification and understanding buyer, process documents and
presentation to the Management. He also briefly explained legal documentation
in Merger & Acquisition.

Session XIII: Post Merger Integration by CA. Mitil
Chokshi.


CA. Mitil Chokshi

He drew attention of the participants to the difficulties
faced in integration Post Merger, some of the important factors peculiar to
each industry which could result in a possible threat to success of a Merger
& Acquisition deal. He also shared his experience regarding solution on
some of difficulties in Merger & Acquisition deals handled by him.

CA. Manish Reshamawala, Convener, with his untiring efforts
coordinated the programme with the support of CA. Preeti Oza, Convener. The
participants benefitted from the rich experience of the Speakers.

Experts chat @ bcas on “Internal audit 2017: global trends
and outlook” held on 30th January, 2017

An experts chat on “Internal Audit: Global Trends and
Outlook” was held at the BCAS Conference Hall on 30th January, 2017.

The program commenced with the signing of a Memorandum of
Understanding (MOU) between BCAS and the Institute of Internal Auditors –
Bombay Chapter (IIABC). This MOU will enable BCAS and IIABC to jointly
collaborate and develop mutually beneficial programs in the field of internal
audit, projects and activities for its members in the field of internal audit,
as well as to offer members of both parties to attend programs of each other.

President CA. Chetan Shah,
on behalf of BCAS and President CA. Sunil Gaitonde, on behalf of the Institute
of Internal Auditors – Bombay Chapter (IIABC) did the honours.

President CA. Chetan Shah then welcomed Mr. Richard F.
Chambers, the President and Chief Executive Officer of The Institute of
Internal Auditors (IIA), the global professional association and
standard-setting body for internal auditors. The IIA serves more than 1, 85,000
members in over 170 countries and territories and is the internal audit
profession’s most widely recognised advocate, educator, and provider of
standards, guidance, and certifications.

L to R : Mr. Richard F. Chambers in the fireside chat with CA. Nandita Parekh

Mr. Chambers made a detailed presentation on the emerging
trends in internal audit, more particularly, the reporting structure, critical
focus areas, need to understand the audit culture of the organisation,
cyberspace audit, audit of big data. His talk was generously interspersed with
interesting statistics and results of survey done by Internal Audit Foundation,
across various continents and organisations.

Mr. Chambers shared a list of five strategies for every
internal auditor to equip himself with:

·        
Respond to the voice of the customer

·        
Strive for agility

·        
Transform your talents

·        
Revolutionise your processes

·        
Elevate your image’

Mr. Chambers’ presentation was followed by an engaging
fireside chat, which was moderated by CA Nandita Parekh, a senior member of the
Core group with expertise in the area of internal audit.

Mr. Chambers candidly answered questions on matters including
how to earn a seat at the (management) table, need for an internal auditor to
adjust the sails (i.e. the audit scope) to steer through the external and
internal changes, etc.

Questions posed by participants were also answered by Mr.
Chambers.  

The event witnessed an impressive turnout and was also
available for viewing through live streaming. The live streaming facility was
made available to members of IIA and IIABC.

“Public Lecture Meeting on Direct Tax Provisions of the
Finance Bill 2017” held on 7th February, 2017

The 52nd Lecture Meeting of the Society on the
Direct Tax Provisions of the Finance Bill 2017 by Senior Advocate Shri S.E.
Dastur was held at Yogi Sabhagruha, Dadar. This was 29th consecutive
year of address by Shri. S. E. Dastur.

Mr. S. E. Dastur (Speaker)

The lecture meeting was streamed live and was witnessed by
more than 15,000 persons including online viewers. President CA. Chetan Shah
welcomed and introduced the speaker Shri S. E. Dastur citing that his
intellectual charm is what makes this session special. He Shah also touched
upon the concept of liberalisation and digital revolution.

Shri Dastur started his speech by detailing the memories of
the previous budgets since 1948-49. He talked about the Finance Minister’s
speech having laid emphasis on the digital economy. He discussed the various
new insertions in areas of capital gains, changes in assessment and
reassessment procedures. He also explained the concept of primary and secondary
adjustment under transfer pricing.

After covering all significant provisions the eminent speaker
dealt with other amendments. He also covered provisions under the Companies Act
and Accounting Standards, the taxability of carbon credits. He commented on the
amendments to the Search provisions under section 132.

The audience was spell bound by his speech. His lucid
analysis of the provisions benefitted all those who witnessed his presentation.
The meeting ended with a huge round of applause and appreciation by the
participants.

FEMA Study Circle Meeting held on 8th February,
2017

FEMA Study Circle Meeting was held on the topic of
“Investment by Foreign Venture Capital Investor (FVCI) and in Real Estate
Investment Trust (REIT)” on 8th February, 2017 at BCAS Conference
Hall. The meeting was chaired by CA Shabbir Motorwala and led by CA Amit Dhoot,
CA. Monica Wadhwa and CA. Rashmi Shetty. It was great to have such
knowledgeable bench of leaders.

The speakers took participants not only through important
FEMA provisions applicable to Investment by FVCI and REIT but also issues
related to structuring, SEBI registration, important conditions etc.
which gave participants a 360 degree perspective of the subject. They also
explained the advantage of FVCI over FDI.

For investment in REIT, the speaker explained the challenges
why REIT is not yet picking up pace in India and how can India learn from other
countries.

The chairman shared his practical experience which was an
icing on the cake!

CPR workshop with medical camp held on 11th February, 2017

CPR (Cardio Pulmonary Resuscitation) training workshop with
medical camp was held jointly with Asian Heart Institute ( which stood as the
‘India’s Best Private Cardiac Hospital’ for two years in a row) on 11th
February, 2017 at BCAS conference Hall. Around 65 participants including members
and their families availed benefit of the workshop. The medical camp covered
the health checkup for random blood sugar, blood pressure, ECG and consultation
by doctor from Asian Heart Institute.


Participants in the CPR Workshop

The doctors conducted CPR workshop for the participants
enrolled and provided practical training for CPR in case of medical emergency
arising out of cardiac arrest which was very useful for understanding the
subject.

The doctors involved in the workshop were experts in their
field which helped in conducting the workshop successfully.

Report on Three Days 7th Residential Study Course
(RSC) on IndAS held on 16th -18th February, 2017

IndAS is being implemented in India in phases. FY 2016-17 is
the first year of applicability for phase I companies with comparatives for FY
2015-16. Several challenges are being faced by companies in this implementation
effort, more particularly on fair value, financial instruments, business
combinations and so on.

BCAS has always been in the forefront to assist professionals
to face challenges and be equip them to implement such changes. The 7th
BCAS IndAS Residential Study Course was planned by the Accounting and Auditing
Committee to address the implementation challenges being faced as well as to
impart knowledge of implementing IndAS to the professionals to have a smooth
transition for the corporate sector.

The RSC was organised from 16th to 18th
February, 2017 at Ras Resorts, Silvassa. This year’s RSC was structured with
three sessions based on case studies prepared by three eminent professionals
covering different aspects of IndAS implementation. These case studies based
papers involved group discussions through three groups formed amongst the
participants, led by knowledgeable group leaders. There were two more papers
for presentation by eminent faculty which were on other accounting standards
applicable to corporate and non-corporate entities viz. Accounting Standards
for non-IndAS companies and ICDS vs. IndAS. Another unique feature of this
year’s RSC was a Panel Discussion on Ind AS 109 – Financial Instruments –
Implementation Issues.

Immediately after the reporting of the delegates in the
morning, there was a group discussion on the first paper by CA. Arvind Daga on
“Case Studies on Business Combinations/Consolidation”. The case studies were
highlighting the various complexities involved in carrying out accounting for
business combinations and consolidation as well as the evaluation of the
relevant consolidation standard in specific circumstances.

CA. Arvind Daga

Later, post lunch, there was the inaugural session. The
session commenced with the inaugural address by the President of BCAS, CA.
Chetan Shah. He conveyed his satisfaction about the response received to the
course from all over India and was particularly happy to have a strong
participation from industry. Later, the Chairman of the Committee CA. Himanshu
Kishnadwala gave introductory remarks on the design and structure of the course
and the purpose of selection of the topics for group discussion as well as
presentation and panel discussion.

CA. Paresh Clerk

Immediately after the inaugural session, there was the
presentation on the first paper by CA. Arvind Daga, who aptly dealt with the
case studies and also covered the issues raised during the group discussion in
very immaculate manner. Thereafter, CA. Paresh Clerk took the participants
through a Presentation paper on “Accounting Standards for Non-IndAS Companies”,
where he dealt with the major changes in some of the standards to bring them
ont par with IndAS for recognition and measurement.

CA. Anand Subramanian

Second day started with group discussion on paper by  CA. Anand Subramanian on “Case Studies on
Real Estate/Infrastructure Companies”. The case studies highlighted the
intricate issues arising from Service Concession Arrangements as well as
Construction Contracts which is of utmost importance for recognition of revenue
for such companies. Later, he, made a presentation on his paper and shared his
vast experience, which was of immense value to the participants.


CA. Sudhir Soni

Post lunch there was group discussion on paper by CA. Sudhir
Soni on “Case Studies on Revenue Recognition – Impact on Different Sectors”.
The case studies dealt with typical situations in retail and pharma sectors and
also some other related issues.

During the evening at the request of BCAS, the newly elected
President of ICAI, CA. Nilesh Vikamsey addressed the participants’ through
skype, as,  though he would have wished
to, time constraints did not make it feasible for him to be physically present.
The three way Skype call wherein CA. Nilesh Vikamsey, President of BCAS CA.
Chetan Shah and the participants participated live was the first such effort by
BCAS. CA. Chetan Shah welcomed CA. Nilesh Vikamsey and CA. Himanshu Kishnadwala
also updated him about the conference. Later, CA. Nilesh Vikamsey addressed the
participants and briefed them about some IndAS implementation issues and how
ICAI is addressing them.

He also updated the participants regarding the efforts of
ICAI to be partners in nation building and also commended BCAS for its
activities which are complementing the efforts of ICAI towards the profession.

In the evening, there was a brief and crisp presentation on
the case studies by CA. Sudhir Soni which also provided expert insights to the
case studies.


CA. Gautam B. Doshi

Last day commenced with a Presentation on “ICDS Vs IndAS” by
CA. Gautam Doshi. In his immaculate style he provided bird’s eye view of the
major differences between ICDS and IndAS. Though not included in the original
schedule, at the request of the organisers, he also dealt with the impact of
MAT on IndAS financials on the basis of the proposed amendments to Income Tax
Act as per Budget 2017 for corporate preparing IndAS financials for the FY
2016-17.

Last session was a unique one, introduced for the first time
in IndAS RSC, which was Panel discussion on “IndAS 109- Financial Instruments –
Implementation Issues”. The panelists were CA. Gautam Doshi and CA. Charanjit
Attra. The discussion was ably moderated by Ashutosh Pednekar. The session was
appreciated by many participants as the posers which were discussed were very
relevant for banking, finance as well as insurance companies.

The concluding session was presided over by CA. Himanshu
Kishnadwala and he acknowledged contribution of the faculty as well as active
participation of all for the success of the RSC. Some of the participants gave
their views on the course and conveyed their satisfaction at the format and
structure of the course.

Interactive Session with Students for Success in CA Exams
held on 18th February, 2017

HDTI committee jointly with Rajasthan Vidhyarthi Gruh (RVG
Hostel) organised half day programme for students on 18th February
2017 at RVG Hostel, Andheri. Joint Secretary Sunil Gabhawalla welcomed the
participants.

 

L to R: CA. Sunil Gabhawalla, CA. Mukesh Trivedi and CA. Srinivas Joshi

In the first session, CA. Srinivas Joshi discussed about ICAI
Exams with the help of PowerPoint presentation, which included expectation from
students’ and their performance. Being past Central Council member of ICAI, and
having vast first-hand experience as a Member of Examination committee, he
shared in detail, information with insights as to how ICAI exams are conducted,
how confidentiality and professionalism is maintained, what quality and level
of knowledge is expected from students, balanced, consistent and 100 percent
advance study, writing habit, group discussion, problems solving, overcoming
and controlling time wasters, etc. were important guidance factors.

He also guided students on various important topics viz. how
to study, prepare, plan and manage time before the exams, how to actually write
papers, how to ensure success while writing papers and many other important
issues. Students received his presentation very well. Many doubts and incorrect
impressions were cleared.

Second session commenced with personal experience and tips
shared by three successful CAs. Piyush Lohia, Chinmay Dharap and Harshal Gupta
passing with 2nd, 5th and 34th rank
respectively in final exam of ICAI.

Young CA. Mudit Yadav, a success coach, TEDx speaker and a
motivator shared his personal journey from ordinary school and college career
to qualified CA effectively, with emotions and humour. He encouraged all students
to appear and prepare for CA exams with mindset, resolution and planning.

Convenor CA. Mukesh Trivedi proposed vote of thanks and CA.
Bharat Oza presented memento to the speaker.

Overwhelmingly satisfied and better guided, all Students
carried home clarity and insights with positive resolution to succeed in CA
exams.

About 70 students attended the programme.

BCAS joined hands as a knowledge partner with the Finance
and Investment Cell of Narsee Monjee College of Commerce and Economics for
their event “Insight Conclave 2017” held on the 18th & 19th
February 2017.

Insight Conclave 2017, NM College’s first ever business,
finance and economics meeting was held on 18th and 19th
of February 2017. Though it was the first year of the fest, it turned out to be
a huge success on account of its innovative events and outstanding speaker
sessions. BCAS joined hands as a knowledge partner for the Event.

The first day, 18th February, started with
Parliamentary Debate, which was based on the format of the Asian Parliamentary
Debate.This was followed by the main highlight of the day, THE PANEL
DISCUSSION, which was covered by CNBC Awaaz’s show “Pehla Kadam” and anchored
by the host of the show himself, Mr. Anil Singhvi, a CA himself. As the day
progressed, various events based on the lines of Finance and Business like
Moneyball, Newton’s Cradle, Empire and Corporate Restructuring took place.
Alongside, a special session in association with BCAS was organised which was
very well hosted by CA. Ameet Patel, Chairman of Taxation Committee at BCAS.
Apart from this there were eminent speakers from various fields. CA. Vaibhav
Manek talked upon the future of the profession.

The participants was really excited about the event ‘Coffee
with Luminary’, where Mr. Ambareesh Murty, founder and CEO of the online
furniture retail company, Pepper fry and Mr. Mahesh Murthy, the founder of
Pinstorm were invited. The most awaited event THE YOUTUBER’S WAY, had Mr. Sahil
Shah, member of the very famous East India Comedy that was a great end to the
day one of the event.

The second day was amazing, with exciting personalities and
series of Conclave along with brainstorming events awaiting the students. The
events targeted various sectors like the event Airwars which was based on the
pricing strategy of the airline sector. Other than this, an event named
Gaflawas also hosted where the participants had to defend themselves and their
company from the false allegations made against them.The Business Conclave had various
interesting and engrossing segments of which Pioneering Professions was one. It
saw speakers like Mr. Trishneet Arora, CEO of TAC Securities, Mr. Dhruv
Sitwala, two times Asian Billiards Champion and Mr. Neil D’Silva, the global
storyteller. Other segments had the speaker’s discussion on Disruption-is it
the new normal? which was conducted by Mr. Nayan Shah, founder Mayfair Housing
& Jitendra Gupta, founder Citrus Pay.

The day ended with a motivational speech by Ms.
Arunima Sinha, World’s First Amputee to climb Mt. Everest and has also climbed
the seven highest peaks. She described about her ill-fated train trip, the hell
that followed, why she decided to climb the Everest and how it is in the worst
tragedies that the human spirit learns to soar. It was a great motivation for
the students to learn about such life lessons from the heroine herself.

Golden Jubilee Residential Refresher Course Technical Sessions


A Report

Golden Jubilee Residential
Refresher Course (GJRRC) of Bombay Chartered Accountants’ Society (BCAS) was
held at ITC Rajputana Palace Hotel, Jaipur from 19th January 2017 to
22nd January 2017. In all, 278 members from 40 cities of India
participated to witness this Golden Event.

On the First day, CA. Chetan Shah, President BCAS
welcomed the participants of GJRRC. He introduced CA. Pinakin Desai,
Past President of BCAS who enriched many members with his profound knowledge
and has presented 28 papers in RRCs. He acknowledged the efforts of Seminar
Committee for raising number of participants from 225 to 270 to accommodate
maximum members. He highlighted the VISION of the Society to make optimum use
of technology and innovation to reach out to members across India. He also
informed that BCAS has been selected to impart training on GST with NACEN, as
an “Accredited Training Partner” to the Government of India.

CA. Uday Sathaye, Chairman Seminar Committee welcomed everybody and
explained the importance of RRCs. He compared RRC to a Guru. He acknowledged
contribution of Paper writers, Group Leaders and Members in making RRCs a
success and highlighted the relationship that has been developed over many
years particularly with participants from cities other than Mumbai. He
appreciated the response from outstation members which is increasing every
year. He also shared his thoughts about CA. Pinakin Desai’s contribution
in RRCs.

CA. Pinakin Desai, Past President of BCAS inaugurated
GJRRC. He mentioned that in the past, Group Discussion alone used to expose
what is happening around. Now the scenario has changed. There is a change in
subjects, method of Auditing and Complex Laws are in force. It has become a
necessity that professionals must be techno savvy. Tax department is tightening
the controls, resulting in the task of professionals becoming difficult.
Compliance of tax laws is becoming burdensome. He concluded with a clear
message that there is a need to be updated on every front in profession
including technology.

The first technical session was chaired by CA. Mayur
Nayak,
Past President of BCAS. CA. T. P. Ostwal answered issues
raised by members during Group Discussion on his paper titled Case Studies
on Recent Developments and Issues in Cross border Taxation.

In his inimitable style covering day to day issues in the
fields of Equalization Levy, Transfer Pricing, Indirect Transfers, Residential
Status, Place of Effective Management and Taxability of the Overseas Dividends
in the hands of the Indian shareholders, he dealt with the questions raised in
the case studies along with issues communicated by group leaders and provided
solutions to the problems.

On the Second day, 20th January, 2nd technical
session was chaired by CA. Raman Jokhakar, Past President of BCAS. CA.
Himanshu Kishnadwala
presented paper titled Ind-AS Implementation
Issues.

The speaker after initially giving a background on
applicability of IndAS in India and carve-outs from IFRS, dealt with some
issues on IndAS implementation faced by Phase I companies. He also covered the
notification issued by MCA for companies not covered under IndAS and who need
to follow the ‘upgraded’ standards from 1st April 2016 onwards.

The Third technical session was chaired by CA. Ashok
Dhere,
Past President of BCAS. CA. Pinakin Desai answered issues
raised by members during Group Discussion on his paper titled Significant
Recent Controversies/Developments under the Income Tax Act – Case Studies.

The paper writer in his inimitable style explained the
various nuances in interpretation of tax laws. The case studies were extremely
relevant in everyday practice, and the presentation was extremely useful to all
the participants. In all, the paper as well as the lucid explanations of the
paper writer, was a rich and rewarding experience for the delegates.

In the evening, all participants visited Chokhi Dhani, a
theme village resort in the outskirts of Jaipur city.Everybody enjoyed the
activities in Chokhi Dhani followed by sumptuous and tasty Rajasthani dinner.
It was really a memorable evening.

On the Third day, 21st January, the fourth
technical session was chaired by CA. Govind Goyal, Past President of
BCAS. CA. Madhukar Hiregange presented paper titled Role &
Responsibilities of CAs in GST Regime.

He enlightened the participants on the opportunities
available to the chartered accountants in the pre and post implementation of
GST, in the fields like Operational Consultancy, Network Support and
Infrastructure, Accounting, Compliance, Transitional Support including
Audits/Assurance areas. He felt that Chartered Accountants are in a better
position to assess the impact of GST on their clients. He enlightened the
members as regards various efforts and initiatives taken by ICAI by
contributing in the law making process. He said this is a Golden Opportunity
for professionals by tracking development at Industry level and creating
awareness by advising their clients.

The Fifth technical session was chaired by CA. Anil Sathe,
Past President of BCAS. CA. Saurabh Soparkar answered issues raised by
members during Group Discussion on his paper titled Re-opening and Revision
of Assessments.

The learned speaker, through various case studies, explained
that while the assessment was a concept that was not new to tax practitioners,
it had attained significant importance in the last decade. He mentioned that
earlier, assessments were the norm and reassessments were an exception. However
in the recent past, the Income tax Department embarked on reassessments in a
large number of cases, either on account of the scrutiny being inadequate at
the time of assessment or on account of receipt of information,
post-assessment. Judicial forums, particularly the high Courts and the apex
court, looked at reassessments very seriously and unless the threshold
conditions were satisfied, did not permit the Department to have a second
innings. The Speaker mesmerised the audience with his command over the subject.
His analysis of the various judicial pronouncements was also extremely useful.

Golden Jubilee Function

On 21st evening, everyone was waiting eagerly for
the special celebration of the Golden Jubilee RRC. The function was organised
in a different way this year as compared to similar evening functions at the
RRCs in the past. CA. Nandita Parekh & CA. Ameet Patel, past president of
the BCAS jointly compered the event. They began by welcoming the Chief Guest Mr.
T. N. Manoharan, Past President of ICAI and Guest of Honour Mr. Nilesh
Vikamsey, Vice President of ICAI.
Both the guests addressed the gathering.
Mr Manoharan spoke about his experiences at the past RRCs and he also spoke
about the special qualities of the RRCs organised by the BCAS. He also spoke
about the role played by bodies like BCAS in the development of the CA
profession. Mr Nilesh Vikamsey too complimented the BCAS on the golden jubilee
of the RRC. He spoke about the recent initiatives taken by the ICAI for its
members. He also cautioned the delegates about the threat of disruption that
technology is likely to cause amongst the professionals in the country. He also
gave examples of how the ICAI has quickly responded to the expectations from
the Government on various fronts. Both the guests set the right tone for a
memorable celebration of the GJRRC.

Thereafter, the past chairmen of the Seminar Committee –
CA. Pranay Marfatia
, CA. Govind Goyal & CA. Rajesh S. Shah
were felicitated for their contribution to the RRC. The delegates also
remembered the contribution of Nayan Parikh, another past chairman who could
not remain present on account of health reasons. Rajeev Shah, convenor of the
committee was felicitated for being a convenor of the committee for 10 years.
Vice President of the Society  CA.
Narayan Pasari
presented his views.

CA. Uday Sathaye, Chairman, Seminar Committee was then
felicitated for his contribution in all RRCs. He has been chairman for 10 RRCs
including GJRRC which is the highest number of chairmanship of Seminar
Committee. He mentioned that the members of the Seminar Committee take each RRC
as a separate programme with a mission and challenge. He elaborated that the
success of RRCs is achieved with effective Team Management, Planning,
Assessment of Risk, Crisis Management and Negotiation skills. He gave many
examples from earlier RRCs where members of the Seminar Committee have overcome
various difficulties to provide comfort to the participants. He acknowledged
valuable support of all previous chairmen of seminar committee namely Late CA.
Shailesh Kapadia, CA. Nayan Parikh, CA. Pranay Marfatia, CA. Govind Goyal and
CA. Rajesh Shah. All of them had always provided guidance and had actively
participated in all RRCs. He also highlighted the changing face of RRC over
last 30 years in terms of Group Discussion, Participation of Members etc. He
concluded his views on a positive note that this wonderful relationship will
continue with the support of the members attending RRCs in future.

Thereafter, several members were called upon to share their
experiences of the past RRCs. Some who had come for the first time also spoke
about their experience of the GJRRC.

Past Presidents and Office Bearers at GJRRC

The event was made all the more memorable by an Army Band
which marched into the hall in full splendour and performed some tunes which
were enjoyed by all. The delegates were awed by the ceremonial band.

The event was interspersed with humour and wit and all the
delegates had an enjoyable time.

This celebration function was very ably hosted by CA. Nandita
Parekh and CA. Ameet Patel, Past President of BCAS.

The finale of the GJRRC was the Panel Discussion on last day
i.e. 22nd January. This was the first time that such a session was
held at the RRC. The experiment was highly successful. The session was chaired
by CA. T. N. Manoharan. The panelists were CA. Pradip Kapasi,
Past President of BCAS, CA. Gautam Doshi, Past Chairman of WIRC of ICAI, CA.
Dinesh Kanabar
and CA. Sunil Gabhawalla, Joint Secretary of BCAS.
The discussion was moderated by CA. Shariq Contractor, Past President of
BCAS and CA. Jayant Gokhale, Past Central Council member of ICAI.

The panelists discussed five case studies which covered a
wide range of topics. The large number of issues from the field of Accounting,
Direct Tax, Indirect Tax, International Tax, FEMA, Stamp Duty etc. were
covered extensively by the panelists.

In the concluding session, CA. Uday Sathaye,
Chairman Seminar Committee and CA. Chetan Shah, President BCAS thanked
everybody for making GJRRC a great success. GJRRC concluded with a commitment
to meet again next year.


Seminar Committee and Office Bearers at GJRRC

Society News

BEPS Study Circle Meetings held
on 7th and 22nd December 2016

International Taxation Committee of BCAS organized 2 BEPS
Study Circle Meetings on 7th and 22nd December, 2016 at
BCAS Conference Hall. CA. Rashmin Sanghvi led the discussion on BEPS Action
Plan 1 thereby addressing the Tax Challenges of the Digital Economy.

The first meeting of BEPS Study Circle was held on 7th December,
2016 to explain the objective of the meeting. President CA. Chetan Shah,
Chairman of International Taxation Committee CA. Gautam Nayak, CA. Rashmin
Sanghvi and CA. T. P. Ostwal explained the motive and importance of study
circle in studying the subject of future importance.

OECD/G20 have brought out BEPS Action reports. Countries are
obligated to take measures considering that the erstwhile ways of International
tax practice will not hold good. The Multilateral instrument to amend the DTAs
is expected to be ratified by the countries by June 2017. It is better to plan
with the objective to study the BEPS reports and understand what will be the
implications. 

The 2nd meeting was held on 22nd
December to take the discussions forward on BEPS Action Plan-1. In both the
meetings, CA. Rashmin Sanghvi made the presentation and explained the
provisions of the challenges existing in Taxation of Digital Transactions and
the Equalisation Levy being levied by Indian Government to tackle the same. He
further emphasised that current International Tax rules require the presence in
the country of source, to enable that country to tax the income. E-commerce
companies do not pay tax in country of source as they do not have their
presence in the country of source. Due to sophisticated tax planning, they also
do not pay tax in country of residence. Mr. Sanghvi also informed that the
world is debating on how to tax such companies and that the Digital Economy is
the only report where there are no specific recommendations. The report gives
three alternatives – bringing in the concept of Significant Economic Presence,
TDS and Equalisation Levy. India has adopted Equalisation Levy and other
countries are also studying the Indian law.

Members debated the basic principles for equitable taxation
of Digital transactions between country of residence of entity and country of
revenue. Equalisation Levy by India has some difficulties as tax is being
collected from Indian residents and not from non-residents. Members discussed
the alternatives to reduce the difficulties.

The meeting was very informative, participative and was
appreciated by members.

Direct Tax Law Study Circle
Meeting on “Appellate Proceedings & Penalty Pro-ceedings”

The Taxation Committee of BCAS conducted Direct Tax Law Study
Circle Meeting on “Appellate Proceedings & Penalty Proceedings” on 5th
January 2017 at BCAS Conference Hall.

The meeting was chaired by CA. Ronak Doshi. The Group leader,
CA. Jhankhana Thakkar meticulously explained the procedural aspects during
appellate proceedings.

During the course of discussion, emphasis was placed on
practical aspects while drafting appeal including stay application before each
level of appellate authorities mentioned below:

    Appeal to Commissioner of Income-tax
(Appeals)

    Dispute Resolution Scheme, 2016 (since
filing date was extended to 31 January 2017)

    Dispute Resolution Panel

    Income-tax Appellate Tribunal

    Proceedings for stay of demand.

She reiterated that due care needs to be taken while drafting
appeal, covering technical issues as well the merits of the case, based on
authorities’ impression on submissions filed by assessee.

However, due to paucity of time, Penalty Proceedings were not
taken up for discussion which would be covered up in the next study circle
meeting.

The members benefitted from the meeting and thanked Taxation
Committee for organising the meeting on such interesting subject.

Lecture Meeting on “Important
Case Laws of 2016 on Service Tax”

Bombay Chartered Accountants’ Society organised a lecture
meeting on “Important case laws of 2016 on Service Tax” on 11th January
2017 at BCAS Conference Hall which was addressed by the speaker CA. A. R.
Krishnan. 

CA. A.R. Krishnan

It was the first lecture meeting of the year 2017.The Speaker
stressed upon the importance of understanding the facts of the case properly
for representing before the tax authorities. He began his lecture with case
laws related to “Cross Border Transactions”. Various case laws on this subject
namely Tech Mahindra vs. CCE, Genom Biotech Pvt. Ltd. vs. CCE&C etc.
and their decisions were very well explained by the speaker.

Then he moved on to “Currency Conversion Transaction” (use of
credit/debit cards) wherein the case laws namely SBI Cards and Payment
services Pvt. Ltd. vs. CST
and Citibank N.A. vs. CST were elaborated
with the help of chart which was very helpful for the participants’
understanding.

It was followed by case laws based on “freight forwarder
(airline & shipping industry)”. Few case laws under this subject which were
Greenwich MedrianLogistics(I) Pvt. Ltd., Global Transportation Services Pvt.
Ltd. and DHL Lemuir Logistics Pvt. Ltd. etc. along with a circular
No.197/7/2016-ST dated 12.08.2016 were also taken up by Mr. Krishnan.

The next topic presented was “Freight Forwarder Ocean Freight
Surplus” where cases of logistics and transport service providers were
deliberated in details.

Thereafter, Mr. Krishnan elucidated the case laws related to
“CENVAT Credit” and talked about various issues related to availing credit and
payment methods. He also described other important case laws on the CENVAT such
as Jawahar SSK Ltd. vs. CCE, Tata Technologies Ltd vs. CCE etc. with
numerical illustrations for easy grasping of the attendees.

The speaker also enlightened those present about the case
laws relating to “Cost Sharing Arrangements” including judgment of the Supreme
Court in the case of Gujarat State Fertilizer & Chemicals (GSFC). At the
end, miscellaneous case laws i.e. N. Bala Baskar vs. UOI and Sumeet C.
Tholle vs. CCE
were discussed.

The participants had a very enriching experience as all the
relevant and important case laws and the principles of service tax law were
brought out with the help of analytical and lucid presentation.

FEMA Study Circle Meeting

International Taxation Committee of BCAS conducted a FEMA
Study Circle Meeting on 12th January, 2017 at BCAS Conference Hall
on the topic of “Foreign Direct Investment in Construction & Development”
and “Investment in Immovable Property In and Outside India” where CA. Niki Shah
& CA. Natwar Thakrar led the group for a very interactive discussion. It
was a wonderful beginning of the year 2017 and the FEMA study circle began with
a bang.

As India started gaining popularity among other emerging
economies, 2016 offered a few major Liberalisations in the overall FDI segment.
Construction and Development sector saw a major overhaul with many conditions
like “minimum capitalisation” and “minimum built up area” made redundant. CA.
Niki Shah led a power packed session and enlightened the group.

The participants were also greatly benefitted by one of the
most consistent and oldest group member CA. Natwar Thakrar. He shared his rich
experience on the subject and briefed the members on how Foreign Residents
misused FEMA provisions to acquire Immovable Property in India and how RBI
tackled the issue.

Experts Chat @BCAS on “Effective
Professionalization of Family Managed Business – Opportunities &
Challenges”


Mr. Jalaj Dani in the fireside chat with CA. Shariq Contractor

An Expert Chat @BCAS was  
organised  on the subject  on 23rd January, 2017 at BCAS
Conference Hall wherein a fireside chat was arranged between  the industrialist Mr. Jalaj Dani, Executive
Director, Asian Paints Limited and CA. Shariq Contractor, Past President, BCAS.
The programme commenced with the welcome address by BCAS Vice President CA.
Narayan Pasari who introduced the session with entrepreneurial and professional
aspects of family run businesses in India. The session was made available
online for our members. Mr. Dani enlightened the audience in regard to the
progression of Asian Paints Limited starting from a very small set of 4
families to a large number of shareholders and creating huge wealth for the
investors with current market capitalisation of Rs. 90,000 crores. The pillars
on which  the business stood were innovation,
team building, shareholder value, professionalization, responsibility and
empowerment. He emphasised that patriarchs and professionals must act in
synergy and are a part and parcel for the success of any family managed
business.  

Mr. Shariq initiated the Experts Chat with Mr. Dani on his
expert views on the opportunities and challenges in professionally managed
family businesses in India and abroad. He also posed various interesting
questions to Mr. Dani on the challenges in managing the conflict of interests
in personal and professional lives within the partnering families and also with
hired professionals at the helm of affairs of the company, for sustainable
growth in the present competitive environment. They also discussed about the
Social, Economic and Financial Impact of the large family run businesses on the
economy as a whole. At the end, the floor was opened for a Q & A Session.

The programme was an interactive one with active
participation from all participants. CA. Shariq Contractor thanked Mr. Jalaj
Dani for responding to all the queries candidly and also enlightening the
partticipants on the subject in depth.

Lecture Meeting on “Global
Developments in International Taxation-Impacting India”

A  lecture meeting  on “Global Developments in International
Taxation-Impacting India” was held on 25th January, 2017 at BCAS
Conference hall which was addressed by CA. T. P. Ostwal. The session was
chaired by the past president of the society CA. Mayur Nayak.

Mr. Ostwal, in the technical session, dealt with the subject
of “Case Studies on Recent Developments and Issues in Cross-border Taxation” in
his inimitable style covering day to day issues in the fields of Equalisation
Levy, Transfer Pricing, Indirect Transfers, Residential Status, Place of
Effective Management and Taxability of the overseas dividends in the hands of
the Indian shareholders. While dealing with case studies on different topics,
he covered various jurisdictions and examined the taxability under both the
domestic tax laws as well as applicable tax treaties. He also answered various
queries raised by the participants on these case studies.

The meeting got an encouraging response and the
participants benefitted a lot from the session.

Society News

International Economic Study Group
meeting held on 17th October, 2016

The International Economic Study
Group meeting was held on 17th October, 2016 at BCAS Conference Hall
by International Taxation Committee which was addressed by the Speaker Ms.
Sharmila Ramani. She broadly discussed about the SWOT Analysis i.e. Strengths,
Weaknesses and Prospects of the Indian Economy.

Here is an overview of India’s
strengths, weaknesses and future prospects as addressed by her:-

Strengths

1.   Self-sufficiency
in food:
India is predominantly an agricultural country particularly with
reference to livelihood opportunities and self-sufficiency in food grains with
abundant resources.

2.  Domestic
market:
  With India’s top companies such
as Tata Steel, L& T, JSW Steel, Grasim Industries etc. turning their
focus back to domestic market on bigger priority, India has captured a robust
growth in the Domestic Market.

3. Renewable
energy:
India is ranked number one in terms of solar electricity production
per watt installed. In January 2015, the Government set a target of achieving
100 gigawatts of solar capacity by 2022.

4.   Real GDP:
India is World’s 3rd largest country in terms of real GDP on
Purchasing Power Parity basis after the USA and China. 

5.   IT industry:
India’s IT industry is considered one of the best in the world. This is mainly
due to the availability of a large pool of highly skilled, low cost workforce
with remarkable professional acumen.

6.   Science and
technology:
India is among the topmost countries in the world in the field
of scientific research, positioned as one of the top five nations in the field
of space exploration. The country has regularly undertaken space missions,
including missions to the moon and famed Polar Satellite Launch Vehicle (PSLV).

7.  Tourism:
India, with its diverse and fascinating history, arts, music, culture,
spiritual & social models, has a booming tourism industry attracting good
chunk of foreign exchange reserves to boost economy. 

8.  Defence:
India is today self-reliant in missile technology. India’s defence equipments
are the best to beat any external threat to the nation.  

9.   Culture:
India is a multi-ethnic, multi-lingual and multi-religious society with rich
cultural Heritage.

10. Demographic dividend:  In four years, India will have the world’s
largest population of working people, about 87 crore. More the working
population, more demographic dividend and hence, economic growth of the
country.

Weaknesses

1.   Corruption:
Corruption is the roadblock in the growth of any economy in the world.  Amongst measures of curbing corruption and
black money, the recent success of IDS-2016 initiated by the Modi Government
would help to eradicate corruption to a large extent.

 2. Poverty: Adequate measures are being
taken by the Government to uproot poverty to achieve better per capita income
thereby reducing the gap between rich and the poor. However, still a lot needs
to be done on the ground in this direction. 

3.  Illiteracy:  A higher literacy rate is an essential
requirement for any nation to bring it at par on a global platform with other
nations. Indian Government is taking concrete steps to eliminate illiteracy, to
put India on the world map from developing to developed country.     

4. Healthcare issues: In order to have healthy,
economically self-sufficient citizens, healthcare is essential right from
birth. Healthier the masses, stronger the working class contributing to the
nation building. Government has allocated adequate budget for this sector.  

5.  Female
infanticide:
Indian women contribute about 17% to India’s GDP today.
Stringent laws are a must to stop female infanticide. They can contribute more
significantly if they are allowed the freedom to grow and exploit their true
potential.

India’s
prospects

A developed country offers its
citizens 3 key conveniences:

1)  A better life in
terms of infrastructure – food, water, healthcare, roads, amenities, etc.

2)  Better job/business
prospects

3)  Good education

India has the potential to achieve
all the three basic necessities for resilient economic growth.

The participants enormously
benefitted from the Study Group Meeting.

Seminar Committee of Bombay
Chartered Accountants Society (BCAS) had organised jointly with Ahmedabad
Chartered Accountants Association (ACAA) a two days’ Seminar on 21st and
22nd  October, 2016  at Hotel Kohinoor Continental, Andheri.

From Ahmedabad 30 members, and 20
local members attended this seminar. The basic purpose of this seminar was, to
have Interactive Sessions on the various subjects and to provide networking
platform to the members from both the cities.

Day 1

CA. Chetan Shah (President)

CA. Raju Shah (President ACAA)

CA. Chetan Shah President of BCAS,
welcomed the members and highlighted the details of the Seminar. He also
briefed the participants about various activities conducted by BCAS. CA. Raju
Shah, President of ACAA, also welcomed the members and appreciated BCAS for
conducting such Seminar in the interest of the members. The seminar was
inaugurated by CA. Pinakin Desai, Past President of BCAS. He focused on the
need to unlearn old things and to learn /relearn new things with latest
technology. CAs today are required to face new challenges and continuous changes
throughout their career. He touched upon some decisions of the Supreme Court to
convey the importance of learning. He took an overview of the subjects which
were subsequently dealt with in this two days’ seminar.

 

L
to R – CA. Sonalee Godbole (Speaker), CA .Rajeev Shah and CA. Anil Sathe

The first paper was presented by CA.
Sonalee Godbole on the subject of “Penalties under Income Tax Act”. She dealt
with latest penal provisions u/s. 270A and 270AA.  She highlighted problems in interpretation
and implementation of these sections. CA. Anil Sathe, Past President of BCAS
who chaired the session, concluded with his observations, giving a masterly
touch to the issues.

 

L
to R – CA. Anil Sathe, CA. Chetan Shah (President BCAS), CA. Raju Shah (President
ACAA), CA. Pinakin Desai, CA. Mayur Desai and CA .Uday Sathaye

In the second session CA. Mayur
Nayak, Past President of BCAS, presented a paper titled “How to read DTAA”.
Some fundamental concepts and important phrases under DTAA were very ably
explained by him. This session was chaired by CA. Gautam  Nayak, Past President of BCAS who
supplemented his thoughts and experience on the subject matter.

 

L
to R – CA. Mayur Nayak (Speaker), CA. Mukesh Khandwala and
CA. Gautam Nayak

In
third session for the day, CA. Vishal Gada analysed various Provisions of
Taxation related to NRIs with practical examples and controversies therein. He
dealt with important case laws and propositions by the judicial forums. This
session was chaired by CA. Ameet Patel, Past President of BCAS highlighting
some important provisions under NRI Taxation.

L to R – CA.
Vishal Gada (Speaker), CA. Narayan Pasari (Vice President, BCAS)
and CA. Ameet Patel

Day 2

CA. Bhadresh Doshi presented his
paper on “Capital Gains relating to Real Estate”. He covered important
exemptions under various sections. Readymade compilation of case laws as
provided by him was very much appreciated by the participants. CA. Dilip
Lakhani, Past President of BCAS chaired this session and concluded with his
views based on his vast experience on the subject.

L
to R – CA. Kunal Shah, CA. Dilip Lakhani and CA. Bhadresh Doshi (Speaker)

In the second session, CA. Mandar
Telang presented a paper on “Transitional Provisions in GST”. He explained the
entire gamut of transitional provisions and very nicely explained the
difference between existing provisions of law and GST. CA. Govind Goyal, Past
President of BCAS who chaired this session, concluded the session and
summarised many important aspects of GST, highlighting transitional provisions.

 

L
to R- CA. Mandar Telang (Speaker), CA. Bharatkumar Oza and CA. Govind Goyal

In the last session
of this seminar,
Adv. Sunil Lala dealt with Sixteen Recent Judicial Pronouncements
covering
International Taxation, Transfer Pricing Laws and Domestic Taxation. He
explained certain provisions laid down by Judicial Forums. This session
was
chaired and concluded by CA. Kishor Karia, Past President of BCAS. He
complemented Adv. Sunil Lala for his command over the subject and also
presented
the concluding remarks.

CA.
Uday Sathaye,

Chairman,Seminar
Committee.

L to R
– Advocate Sunil Lala (Speaker), CA. Kishor Karia and CA. Ajit Shah

Chairman, Seminar Committee of BCAS,
CA. Uday Sathaye thanked the participants and office bearers of both the
associations, Chairmen and paper writers of all the Sessions for their
contribution in making this Seminar a success.

Participants
of Two Days’ Seminar Jointly with Ahmedabad Chartered Accountants Association

Overall, this two days’ seminar was
very successful and particularly with limited number of participants from
Mumbai and Ahmedabad, interaction with the paper writers as well as chairmen of
respective sessions provided extra benefit to the participants.

Company Law, Accounting &
Auditing Study Circle Meeting held on 25th October 2016.

The first Company Law, Accounting
&  Auditing Study Circle meeting, as
a part of a series of study circle meetings on Ind AS was held on 25th
October, 2016 at BCAS Conference Hall. During the meeting, Group Leader
CA.  Anand Bathiya covered the topics (i)
Ind AS 16 – Property Plant & Equipment, (ii) Ind AS 38 – Intangible Assets
and (iii) Ind AS 40 – Investment Property.

Mr. Bathiya shared his insights on
the subject with the participants and explained the various concepts of
recognition, measurement, presentation and disclosure. He highlighted the
issues concerning valuation models, depreciation based on useful life of the
asset and estimated residual value and key GAAP differences. He also touched
upon effects of preparation of opening Balance Sheet under Ind AS and gave
practical examples of how these standards are being interpreted and implemented
by various companies in India and how it has impacted their financials.

The session was highly interactive
and all the participants benefitted immensely by the vast knowledge and experience
shared by the group leader.

“ITF Study Circle”
held on 7th November, 2016

The International Taxation Committee
of BCAS organised “ITF Study Circle” meeting on “Transfer Pricing – Practical
Issues”, on 7th November, 2016 at BCAS Conference Hall addressed by
CA. Darshak Shah. Mr. Shah discussed about the meaning, importance and its
relevance for the professionals at large.

CA. Darshak Shah explained that as
30th November, 2016 is the upcoming due date of the Income-tax Act
for Transfer Pricing Auditable assessees in order to file their Return of
Income, it was a great initiative to have a discussion on the latest practical
difficulties faced by Chartered Accountants in Transfer Pricing.

CA. Darshak Shah, led the discussion
where he elaborately explained the latest Case Laws and Citations regarding
Deemed Associates, International Transactions. There was a detailed discussion
on 5 case studies giving different scenarios where cross holding, and indirect
participation and control of various inter related enterprises was tested for
understanding if they were falling under Associated Enterprises concept.

The participants also deliberated as
to how assessment of Transfer Pricing is a big challenge. The meeting was very
interactive and enlightening for the attendees.

“Direct Tax Laws Study
Circle” held on 9th November,2016

A “Direct Tax Laws Study Circle”
meeting was held on 9th November, 2016 at BCAS Conference Hall.

The Group leader, CA. Kiran Gala
under the guidance of the Chairperson, CA. Saroj Maniar explained the purpose
behind introduction of Ind AS by the Ministry of Corporate Affairs and the
timeline set out for its phased implementation by various corporate entities.

Mr. Gala pointed out the key
conceptual differences between Ind AS 
and the existing  Accounting
Standards and explained the adjustments to be made on account of the adoption
of Ind AS which would be either accounted as ‘Other Comprehensive Income (OCI)’
in the Profit & Loss statement or as ‘Retained Earnings’ in the Balance
Sheet. He also discussed as to whether MAT tax would apply to Net profits
either including or excluding OCI and the suggestions made by the Lohia
Committee Report in this context. Further, the Group leader pointed out to
various notional incomes / expenses such as guarantee commission, loan
processing charges etc to be recorded in P & L on account of adoption of
Ind AS and the resulting tax implications.

Thereafter, several case studies
relating to peculiar adjustments to be made owing to Ind AS such as
retrospective restatements of financial statements, revaluation of plant &
machinery, reclassification of financial instruments, interest free loan to
subsidiary, embedded lease and the consequent tax implications were discussed
at length.

“FEMA Study Circle”
meeting held on 10th November,2016

FEMA Study Circle Meeting was held
on 10th November, 2016 at BCAS Conference Hall, on the topic of
“Foreign Direct Investment in India – Issues in selected sectors and Indirect
Foreign Investment Rules.” where CA. Rutvik Sanghvi & CA. Naziya Siddiqui
led the discussion. The session was chaired by CA. Naresh Ajwani and the
audience benefited from his rich experience on the subject.

With India gaining popularity among
other countries as a preferred destination for Investment, this topic is of
immense importance for FEMA practitioners and the learned speakers exceeded the
expectations with their in depth analysis on the subject.

Important aspects of FDI, practical
cases, important sectors, FDI in LLP etc. were covered in this session.
There is a lot more to come like FDI in the Trading segment and E-Commerce and
hence the speakers and members present unanimously agreed to hold another
session on the subject. The members appreciated the hard work put in by the
learned speakers.

Lecture Meeting Transfer Pricing –
Recent Developments and Controversies held on 11th November 2016

International Taxation Committee of
BCAS organised a lecture meeting on Transfer Pricing-Recent Developments and
Controversies on 11th November, 2016 at BCAS Conference Hall.
Speaker CA Waman Kale discussed the following topics related to Transfer
Pricing in detail:

 

CA.
Waman Kale (Speaker)

1)  Latest
developments as per the Finance Act 2016
:- Under this topic, CbCR – part of
TP documentation & reporting, CbCR reporting, Advance Pricing Agreements
(APAs) in India – Experiences to Date, Stringent Penalties prescribed, other
Penalty provisions and other TP proposals were discussed.

2)  Safe Harbour
Rules
:- Under Safe Harbour Rules, the Speaker explained Rule 10 TA
to 10 TG
Safe Harbour Rules, Safe Harbour Margins, Safe Harbour
Rules-Experiences, Action Plans, CbCR Requirements, Masterfile
Requirements,
Local File Requirements etc.

3)  Base Erosion
Profit Shifting (BEPS) TP Updates
:- He also deliberated Action
Plans-8-10-Intangibles, Action Plans-8-10 Intra Group Services, Action
Plan-13-TP Documentation, CbCR Requirements, Master File Requirements,
Local
File Requirements etc.

4)  Advance Pricing
Agreements (APAs) in India
– Experiences to Date:-Under this topic, APA
Program in India – Salient Features, APA as an option, Experience with APA
Authorities, Status of APAs etc were deliberated.

5)  Challenges and
Acceptability of a FAR:
– Mr Waman described the Issues and Challenges
involved in a FAR i.e. Bedrock of a TP analysis,  Rights and Obligations – Contractual vs
Actual Conduct, Financial capacity to undertake risks,  Impact of BEPS etc.

6)  Recent Important
Decisions on Market Intangibles (AMP Expenses)
:- Under important
decisions, Market Intangibles (AMP Expenses), AMP Expenses-Litigation Updates
and Corporate Guarantees etc. were discussed. 

The meeting was interactive and the
participants benefitted from the rich experience of the Speaker.

Full Day Workshop on
Writing and Drafting Skills” held on 12th November 2016 at
Aurangabad.

BCAS jointly with Aurangabad Branch,
WIRC of ICAI arranged a full day workshop on “Writing and Drafting
Skills”. The event was conducted at ICAI Bhavan, Aurangabad.

The workshop was inaugurated at the
hands of Chairperson, Aurangabad Branch CA. Renuka Deshpande with lightening of
lamp and her opening remarks.

Past Presidents of BCAS, Shri Anil
Sathe and Shri Raman Jokhakar were the speakers. Shri Raman made his
presentation on “Fundamentals of Professional Writing and Communication Skills,
Key considerations in drafting of various Deeds and Documents”. His
presentation was followed by test questions at each level.

Shri Anil Sathe presented his paper
on the subject of “Drafting in Tax Litigation-Submission to Tax Authorities,
Appeals and Opinions”.  He answered the
questions raised by the participants.

Both the sessions were interactive
with participation from the members.

Indirect Study Circle
Meeting held on 15th November 2016.

A Study Circle Meeting to discuss
draft GST rules was held on 15th
November 2016 at BCAS Conference Hall. Rules relating to Returns and
Registration were discussed. CA. Yash Parmar lead the study group and CA. Ashit
Shah mentored the session. At the outset Mr. Yash presented the group with a
list of various returns that need to be filed in the GST regime. He also
described the entire process flow of return filing. The group had an interactive
session and discussed various issues like treatment of turnover discounts,
correction of TIN errors in GSTR forms, importance of punching details
exempted, tax free and other non-GST revenues in the GSTR, treatment of
advances, tax on URD purchases and other important aspects relating to the
process of return filing. At end the group discussed the process of migration
to GST as per the draft registration rules.

Company Law,
Accounting & Auditing Study Circle held on 16th November 2016

The second Study Circle meeting on
Ind-AS was held on 16th October, 2016 at BCAS Conference Hall. The
meeting was addressed by CA. Sanjay Chauhan. He led discussions on Ind AS 21 –
The Effects of Changes in Foreign Exchange Rates, Ind AS 23 – Borrowing Costs
and Ind AS 17 – Leases (Along with effects on Preparation of Ind AS Opening
Balance Sheet).

CA. Sanjay Chauhan explained various
new concepts in these Ind ASs and their comparison with present Accounting
Standards. He covered various important elements of these IndASs with the
practical examples and Case Studies. He also discussed the impact of first time
adoption of these standards and covered Ind AS Transition Facilitation Group
(ITFG) Bulletin issued by the Institute of Chartered Accountants of India on
the subjects. The members  deliberated on
various issues on implementation of these standards.

Experts Chat @BCAS on
“Issues and Impact of Demonetisation” held on 18th November 2016

An expert discussion on Issues and
impact of Demonetisation was held at BCAS Conference Hall on 18th November,
2016. The event saw an encouraging participation through attendance as well as
through the Live streaming. President CA. Chetan Shah gave the opening remarks
and welcomed the Panel.

The experts on the Panel were :

(i) Mrs. Sucheta Dalal
– Founder-Trustee of Moneylife Foundation and Managing Editor of Moneylife
magazine.

(ii) Mr. Dharmakirti Joshi – Chief Economist at CRISIL
Limited.

(iii) Mr. Ameet Patel–Past President and Chairman of
Taxation Committee of the BCAS.

 

L to R – Mr. Dharmakirti Joshi, CA
Ameet Patel and Mrs. Sucheta Dalal

The Panel which was moderated by CA.
Ameet Patel deliberated  intensely on the
Notification by the Government which was brought to give effect to
Demonetisation.

The Panel touched upon various
facets of Demonetisation such as intention of the Government for taking the
step, practical challenges being faced by the citizens, the likely impact on
the Indian economy, taxation implications of persons depositing the old
currency in their bank accounts as well as various dos and don’ts that can make
life simpler in times to come.

The
discussion was very informative and clarified lot of myths surrounding the
issue. The speakers answered a lot of queries that were received from the
participants. The participants benefitted immensely with the interactive
sessions and detailed discussions.

Society News

GST series lectures by Indirect Tax Committee held jointly
with Indirect Tax Study Circle on 20th August, 10th   September, 17th   September and 1st October, 2016

A
batch  of 
3  lecture  series 
on  GST   model 
law  was organised  on 20th August, 10th September  and 17th September, 2016 at BCAS
Conference Hall,  to discuss the
significant provisions of  Model GST law
and related literature available in the Public domain. Considering the nature
of the subject on hand, the maximum enrolment under each meeting was restricted
to 60 members and the enrolment was closed few days before the scheduled start
date. The above series was welcomed by members and was fully enrolled.

Owing
to the nature of the subject and encouraging response on GST, another lecture
for discussing the provisions relating to “Input Tax Credit under the GST Model
Law” was also organised on 1st October, 2016 at BCAS.

Each
session was taken up by CA Shashank Kumar in depth under the mentorship of CA
Bharat Shemlani.

The
contribution by the group leaders especially in terms of the presentations was
highly appreciated. The sessions witnessed excellent participation amongst
members and interactive discussions on the subject.

As
the seats were limited, a total of 60 members could attend each meeting.

Lecture meeting on Place of Supply Rules under GST by CA
Bhavna Doshi held on 3rd October, 2016

In
view of the importance of the proposed GST Reform, the  Society 
organised  an  interactive 
lecture  meeting on Place of
Supply Rules by CA Bhavna Doshi at K. C. College Auditorium, Churchgate,
Mumbai.

The
learned Speaker explained in detail the various provisions under the Place of Supply Rules, both

L to R – CA Bhavna Doshi
(Speaker), CA Narayan Pasari, CA Chetan Shah (President), CA Sunil Gabhawalla

pertaining
to goods as well as services. She highlighted the same through various
illustrations and explained how the rules helped in maintaining the credit
chain and also explained the concept of IGST. She addressed various
queries  raised  by 
the  participants.  The   meeting
was very well received and the video recording of the same is available on WebTV.
Around 176 participants attended the meeting.

Direct Tax Law Study Circle Meeting on “Settled position for Disallowance of Expenses and Additions of Income” held on 6th October 2016

Direct
Tax Law Study Circle Meeting on “Settled position for Disallowance of Expenses
and Additions of Income” was held on 6th October 2016 at BCAS Conference Hall, New Marine Lines, Mumbai

The
meeting was chaired by CA Ameet Patel where Group leader  CA 
Hetal  Gala  meticulously 
discussed a settled position for disallowance of expenses and additions
of income, covering plethora of Supreme Court and High Court decisions on
important issues on each head of income which is briefly outlined hereunder:

a)  Factors to determine Capital vs. Revenue

b)  Subsidy from government or government grant

c)  Non-Compete fees

d)  Preliminary Expenses

Further,
with respect to subsidy from government or government grant, following aspects
were discussed.

The
Finance Act, 2015, has amended the definition of income and widened the scope
to include subsidy or government grant under the definition of income. The Finance Act, 2015, has aligned the aforesaid provision with Income Computation and Disclosure Standards- VII which provided for subsidy to account as income in
the books of accounts, if not deductible from cost of fixed assets.

The
Finance Act, 2016 provided an exception from income for subsidy which is taken
into account for determination of value of capital assets.

However, ICDS  VII
(issued vide notification dated 31st March 2015) relating to government grants
is in line to matching concept of accounting and year in which such Government
Grant is to be taxed, as income is to be decided keeping in mind the provisions
of Paras 6, 8 and 9 of ICDS-VII

A
total of 17 participants attended the meeting.

Crash Course
on â€œInformation Systems Control and Audit (ISCA)”held on 9th October,
2016

The  Human Development and Technology Initiatives Committee
of the Society organised a half day crash course on Information Systems Control
and Audit (ISCA) for CA final  Students
on Sunday, 9th  October,  2016 at the BCAS Conference Hall, where CA
Kartik Iyer took the session to guide students on how to study for ISCA and
score good marks.

Vice
President CA Narayan Pasari gave his opening remarks and spoke about the
purpose behind organizing this crash course. CA Raj Khona, the Course
Co-ordinator introduced the speaker CA Kartik Iyer who addressed the
participating students and gave a brief overview of the all chapters in the
ISCA portion for CA final students.

He
covered the key amendments in the ISCA Portion applicable to the students
appearing for CA final exams in November 2016. He also gave useful tips to the
students on how to revise the subject and suggested a model exam day schedule
which students can follow.

The
event was highly successful with around 90 students in attendance.

ITF Study Circle – “Benchmarking under Transfer Pricing
Regulations” held on 10th October, 2016

ITF
Study Circle – “Benchmarking under Transfer Pricing Regulations” was held on
10th October, 2016 at BCAS Conference Hall.

As
30th November, 2016 is the due date of Income Tax order for the tax payer to
have their Transfer Pricing Audit Reports filed by Chartered Accountants and
also get their TP Study completed, the ITF Study Circle was led by CA Namrata
Dedhia, Chartered Accountant having expertise and experience in Transfer Pricing
and wide knowledge on how to appropriately benchmark International Transactions.

The
study circle was mainly focused on the steps involved in Benchmarking analysis,
use of multiple year data, application of range concept and practical
demonstration of the search conducted on database.

There
was an elaborate discussion on how to accept/reject comparable using filters
from the TP software. Also, participants asked questions on practical issues
including as to how, if the comparables changed during assessments, it would
affect the earlier benchmarking done during preparing the Study Report.

A
total of 25 participants attended the study circle.

FEMA   Study Circle Meeting held on 18th October 2016

A   FEMA 
Study   Circle   Meeting  
was   held   on  
18th October,  2016 at BCAS  Conference Hall,  on the topic of “Establishment of  Place of  Business in India-Branch, Liaison Office,
Project Office & Agency” where CA Hinesh Doshi led the discussion and
shared his rich experience. The group leader deliberated upon ways of doing
Business in India through Branch, Liaison Office, Project Office and agency in India.
He explained various conditions and compliance to be undertaken to do business
in India through above referred place of business in India.

The
presentation was very thorough and many important aspects were highlighted, a
compliance checklist was also shared with the members which will serve as a
handy guide in future.

Members
learnt that the regional office in Delhi gives approval for LO/BO. A very
informative discussion took place on ROC registration and filing of various
forms with ROC. Certain difficulties in filing ROC forms were discussed. CA
Hinesh Doshi also informed that now NOC from income tax office is not required
to close LO/BO. Besides above, he shared complete formalities for setting up
office in India.

More
than 40 members  attended  the 
meeting  and were benefited from
the rich experience shared by the learned speaker.

Experts Chat @ BCAS-Is BEPS Answer To Tax Planning?

BCAS 
organised  a  programme 
on  Experts  Chat  @
BCAS -“Is BEPS an answer to Tax Planning?” on 19th October,   2016 
at  BCAS  Conference  Hall, 
in  a  chat of CA Rashmin Sanghvi with CA Sushil Lakhani.
The programme commenced with the welcome address by BCAS President CA Chetan
Shah with a brief introduction of the subject and the speakers participating in
the chat. The event was put on Live Streaming to enable our members to join
online, to benefit from the on screen chat between two eminent personalities
from CA fraternity. Many members who could not attend in person availed the
opportunity to see the event live and put forth their views by actively
participating in the debate.

L to R – CA Rashmin
Sanghvi in fireside chat with CA Sushil Lakhani

The Experts Chat started with the presentation by CA Rashmin Sanghvi wherein he
explained various concepts of BEPS.

(a)
He discussed  about  the 
BEPS  meaning,  issues, causes,   tax  
planning consequences   and  
also how the individual countries pass the law. He also described about
the difference between BEPS and earlier 
actions  along  with 
macro-long   term  view on BEPS. He cited the Base Erosion
Illustration on Apple Computers having global business shifted their tax base
from USA to one or more tax heavens by incorporating subsidiaries abroad. He
also broadly covered  the  BEPS 
core  recommendations,  effects and tax recovery techniques to plug
black money. He touched upon the respective aspects of Country of Residence
(COR),  Country of Source (COS), Country of
Market (COM)  and Country of Payment
(COP)  in tax planning through BEPS
concept.

(b)
He further explained the tax planning by Apple Computers and the importance of
understanding tax heavens and their emergence to avoid COR and COS tax.

(c) 
He discussed Equalisation Levy or E-Commerce Taxation, criticisms of Equalisation
Levy including conceptual criticisms, conceptual BEPS issues and responses to
conceptual criticisms followed by out of box thinking.

At
the end, he addressed the issues related to BEPS Action Reports and OECD Myths.

After
the presentation, the dais was set for an interactive chat between CA Rashmin
Sanghvi and CA Sushil Lakhani, before the audience and online viewers. CA Sushil
Lakhani raised some key issues relating to BEPS for tax planning in the context
of domestic and international taxation which were well addressed by CA Rashmin
Sanghvi. Thereafter, the floor was opened for Question and Answer Session
(Q&A) and the queries raised and questions asked were duly answered by CA
Rashmin Sanghvi.

The
programme was interactive with active participation of the attendees and other
members who joined live on the stream. CA Sushil Lakhani thanked CA Rashmin
Sanghvi for responding to all the queries candidly and also enlightening on the
subject in depth.

160
participants attended the programme. 80 participants attended in person and 80
through live web streaming. The programme concluded with a well-deserved vote
of thanks by CA Divya Jokhakar.

Society News

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International Tax and Finance Conference, 2016 held on 13th August to 17th August 2016 in Sri Lanka

The International Tax and Finance (ITF) Conference, a
popular program of the Society, was organized by The International Taxation
Committee at Bentota & Colombo in Sri Lanka between 13th to 17thAugust,
2016. There were 143 registrations (including spouse and children), from all across
India, Sri Lanka and UAE. The active contribution from learned paper-writers,
speakers, group leaders has yet again proved ITF to be an excellent knowledge
sharing platform which aims for consistent progress of our fellow Chartered Accountants
and industry professionals. Paper writers and speakers played a pivotal role in
bringing out the emerging tax issues in light of the global developments.


L
to R – Mr. Ravi Karunanayake (Hon.Minister of Finance, Sri Lanka), CA
Deepak Shah, CA Chetan Shah (President), CA Gautam Nayak and CA Narayan
Pasari


CA Pinakin Desai(Speaker)

Despite
overnight travel, the delegates participated enthusiastically in the
group discussion on the inbound and outbound tax structuring on the
backdrop of the BEPS. On the 1st day, the interesting group discussion
followed by an outstanding presentation from CA Pinakin Desai. He forced
all to take a deep dive into the ocean of issues The case studies
highlighted the potential issues and implications under the domestic
laws if the recommendations of the OECD were implemented through
domestic legislations.


CA Vijay Dhingra(Speaker)

Day
two was an awakening to the thoughts of “succession planning” wherein
nuances in this untapped field were set forth by CA Vijay Dhingra. The
posers and case studies forced groups to revisit the basic provisions
relating to the determination of residential status of person(s)
resulting into succession related tax issues. The paper-writer
emphasised the importance of succession planning and related tax
consequences for large businesses given the environment where families
are going global and there exist multiple laws on inheritance in various
jurisdictions exist.


CA Padamji Khincha(Speaker)

Moving
on to the world of digitization and e-commerce, CA Padamji Khincha in a
very lucid manner explained equalisation levy in India. The highlights
on the issues covering applicability and non-applicability of the
equalisation levy in conjunction with tax treaties made it interesting. 
Further, an effective panel discussion on various practical issues
arising from effective exchange of information was an excellent show put
up by eminent and renowned speakers within our fraternity – CA T. P.
Ostwal, CA Padamji Khincha and CA Sushil Lakhani.


Mr. Shiluka Goonewardene(Speaker)

In the final session in Colombo, the conference was privileged to have Honourable Minister of Finance, Sri Lanka, Shri Ravi Karunanayake He explained the economy updates of Sri Lanka and was appreciative of India and its progress in a candid manner. The session was followed by presentation on taxation and investment presented by leading professionals from Srilanka Mr Shiluka Goonewardene, and Mr Suresh R. I. Perera. In the concluding session CA T.P. Ostwal   took the participants to the world of intangibles in line with the BEPS action plan. Through various case studies on the Transfer Pricing issues relating to the intangibles in the current time of digital economy, the presentation highlighted the need to unlearn and re-learn the transfer pricing concepts post BEPS.

Mr. Suresh R. I. Perera(Speaker)

CA T.P. Ostwal(Speaker)

The active involvement of the group leaders and the participants at the group discussion along with other proceedings at the Conference has elevated the standard of discussion year after year and this has made this conference popular. The residential nature of the Conference not only built camaraderie amongst fellow professionals but also got personal touch as many participants were accompanied by their spouses and children.
The overwhelming response of the participants, the quality of the discussions backed with eminent speakers and the seamless coordination of the entire event with the help of the coordinators has once again made ITF a grand success.

GST series lecture meetings held on 20th August, 10th September and 17th September, 2016

GST series lecture
meetings were held by Indirect Tax Committee jointly with the Indirect Tax Study
Circle on 20thAugust, 2016, 10th September, 2016 and 17th
September, 2016 at BCAS Conference Hall. A batch of 3 lecture series on GST
model law was organized to discuss the significant provisions of Model GST law
and related literature available in the public domain. Considering the nature
of subject on hand, the maximum enrolment per meeting was restricted to 60
members only.

Each session was led
by two Group Leaders and mentored by two Group Mentors having domain expertise
in various fields of present indirect tax laws like central excise, VAT and
service tax

The contribution by the group leaders especially
in terms of the presentations was highly appreciated. The sessions witnessed
excellent participation amongst members and interactive discussion on the
subject. At times members came forward to discuss the issues by way of dramatic
presentation to other members which made the discussions very interesting.

It was decided to hold one more lecture in the
series on 1st October, 2016 to discuss the provisions of Input Tax
Credit and hold further such sessions once the amended draft is placed in the
public domain.


FEMA
Study Circle Meeting on “Current, Capital Account Transactions and
Liberalized Remittance Scheme (LRS)”held on 26th August 2016

A
FEMA Study Circle Meeting was held on 26th August, 2016 at BCAS
Conference Hall where CA Sudha G. Bhushan led the discussion on the topic of
“Current, Capital Account Transactions and Liberalized Remittance Scheme
(LRS)”. Large number of members participated in this meeting. The Group Leader
deliberated upon factors determining the nature of a transactions as to capital
or current account transactions. Various concepts such as “Balance of Payment”,
“Characterization and Permissibility” of various transactions were discussed at
length. Issues such as:

Whether loan can be given to non-resident
third party under LRS?

Can
payment for ESOP be considered as current account transaction?  

Whether
remittance for minimum investment for obtaining a resident visa or green card
in USA is a permissible current account transaction?

Can
an Individual invest under LRS in a foreign company which is engaged in leasing
of properties?

Can a
grand-mother make remittance outside India for education of her grand-daughter?

Many
such questions were deliberated upon. In all the members got a complete
understanding as to how to determine a transaction under FEMA as a current
account or a capital account transaction and what is permissible under LRS. CA
Sudha G. Bhushan’s experience added value to the participants.

A total of 73 participants
attended the meeting.


Blood Donation Camp held on 27th August 2016

The
purpose of life is not to be happy – but to matter, to be productive, to be
useful, to have it make some difference that you have lived it all.  ~Leo
Rosten


Blood Donation camp at BCAS

The
blood donation drive was one full day event organised by the Membership &
Public Relations Committee of BCAS on Saturday, August 27, 2016 at BCAS
Conference Hall, in collaboration with the Tata Memorial Hospital (TMH), one of
the biggest and renowned hospital in Mumbai for having the sophisticated blood
bank facilities and laboratories. It was a great team effort of 20 to 25
volunteers which included 15 Members from Tata Memorial Hospital and others
from BCAS staff, who actively extended their support for the event and made it
a successful one.

The
drive was extremely well organised and smoothly managed by the volunteers. BCAS
had kept the atmosphere very soothing and lively with smooth instrumental
music.  There was a team of two doctors
and one supervisor from TMH specially to diagnose the donor’s eligibility to
donate blood. he TMH team ensured that each donor was assisted by one volunteer
and that the donor was completely fit and fine after donating blood. .

BCAS got an
overwhelming and encouraging response for this blood donation drive. Awareness
and messages were spread by the BCAS team for this Drive within their family
members and friends.  More than 56 donors
were eligible and could donate blood. The donors consisted more of young
members.  The, BCAS provided all the
donors with a Certificate for donation as a token of appreciation. The donors
will also be given a donor card from TMH, having a validity of two years. 

It was truly an
enriching and enlightening experience for all of us. The experience from this
drive, would always encourage and motivate to participate more in such events
which would be ultimately beneficial for the society at large.


Seminar on Tax Audit held on 27th August, 2016

A full day seminar on
Tax Audit was held by the Taxation Committee of the BCAS at the lndian
Merchants’ Chamber, Churchgate, Mumbai.

President CA. Chetan
Shah gave the opening remarks followed by introductory words from the Chairman
of the Taxation Committee, CA. Ameet Patel.

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

  • Overview of Tax Audit Provisions, including applicability in
    presumptive cases and calculations of limits, Reporting Requirements,
    Audit Quality and Documentation : CA
    Paresh Clerk
  • Reporting in Form 3CD – Clause by clause analysis by  CA
    Mehul C. Shah and CA. Sanjeev Lalan

·        
E-filing
of Tax Audit Report and other related forms : CA Avinash Rawani


CA Paresh Clerk (Speaker)

CA Paresh Clerk
explained the applicability of Tax Audit in case of business and profession and
provided detailed illustrations in order to explain the applicability of tax
audit in case of presumptive taxation. He provided suggestions with respect to
audit procedures and documentation to be maintained by the auditors. Also, he
highlighted issues which majority of the times go unnoticed by the auditors and
provided practical solutions for the same.


CA Mehul C. Shah (Speaker)

CA Mehul. C. Shah
explained the fundamentals of Tax Audit. He discussed with examples certain
clauses of the Form 3CD. Additionally, he provided a check list covering the
vital aspects of Tax Audit and the information which should be obtained from a
client. He resolved various queries of the participants.

CA Sanjeev Lalan (Speaker)

CA
Sanjeev Lalan discussed in detail the provisions of section 40(a) (ia)
of the Income-tax Act, 1961. He provided clause wise the issues which
should be considered by auditors during Tax Audit.  Suggestions on
various clauses in order to deal with the challenges faced by auditors
while carrying out the tax audit were provided by him.

CA. Avinash Rawani,(Speaker)

CA Avinash Rawani
made the participants aware about the nuances of e-filing of the Tax Audit and
other reports. He explained in detail the stepwise procedure to be followed for
e-filing of the reports. He pointed out several issues faced by auditors while
e-filing and provided tips which would simplify the process.

The content of the
sessions and the speakers’ practical suggestions in response to the numerous
queries raised helped the participants in easing the perplexities of Tax Audit.

The event was
attended by 153 participants.


Seminar on Model GST Law held on 3rd and 9th September, 2016

CA Mandar Telang (Speaker)

CA Sunil Gabhawala (Speaker)

CA Samir Kapadia (Speaker)

BCAS
held a Seminar on Model GST Law at the BCAS Conference Hall on 3rd September..
The speakers included CA. Mandar Telang, CA. Sunil Gabhawalla, CA. Samir
Kapadia, CA. Udayan Choksi, CA. Naresh Sheth, CA. Bharat Shemlani, CA. Janak Vaghani
and CA. Jayraj Sheth


Gita
for Professional in Hindi Publication Release- L to R: CA Govind
Goyal,CA Chetan Shah (President), CA Chetan Dalal (Author), CA Rashmin
Sanghvi,and CA Narayan Pasari

Another,
similar session called GST Seminar Part II having the same topics was
held on 9th September, at Navinbhai Thakkar Hall, Vile Parle, Mumbai. On
this occasion, 1st edition of our publication gita for professionals in
Hindi titled “Gita Vyavsaiyon Ke Liye” was released by the hands of CA
Rashmin Sanghvi. The speakers on this day were CA. Mandar Telang, CA.
Sunil Gabhawalla, CA. Samir Kapadia, CA. Udayan Choksi, CA. Naresh
Sheth, CA. Bharat Shemlani, CA. Janak Vaghani, CA. S .S. Gupta.

CA Udayan Choksi (Speaker)

CA Naresh Sheth (Speaker)

CA Bharat Shemlani (Speaker)

Goods and Service Tax has already received the
President’s assent in September 2016. It will form a major part of our lives
and there is a heated discussion going on around the country and especially
amongst the professionals, who will face a major hurdle in their routine
practice. They would be required to advise clients on the various aspects of
this new law. The topics ranged from concept of new law, Supply and Nature of
Supply, Inter State, Intra State, Payment of Tax, Valuation & Rates of tax,
Input Tax Credit to Compliances like Registrations, Returns & Assessments.
The forecast of the GST Model Law and its after effects were also presented by
Shri Jayraj Sheth and Shri S. S. Gupta at the respective seminars namely 3rd
and 9th September, 2016.

CA Janak Vaghani (Speaker)

CA Jayraj Sheth (Speaker)

CA S. S. Gupta (Speaker)

The
presentations made by the speakers were structured in such a way that that the participants
understood the impact of GST. .

Both
the halls were full of enthusiastic participants who  were quiet satisfied with all the
presentations.

A
total of 105 and 475 participants attended the seminars at BCAS and Vile Parle respectively.


FEMA Study Circle Meeting on “FEMA from Auditor’s Perspective” held on 7th September, 2016

A
FEMA Study Circle Meeting was held on 7th September, 2016 at BCAS
Conference Hall where CA Hardik Mehta led the discussion on the topic of “FEMA
from Auditor’s Perspective” and CA Mayur Nayak chaired the said meeting. The
Group Leader shared from his personal experience what aspects are to be
verified when one audits transactions 
such as investment in equity received under Foreign Direct Investment,
loan borrowed under External Commercial Borrowing regulations, Import / export
of goods and services etc. Issues taken up for discussion amongst others were:

Whether
loans from NRIs are permitted?

Whether
Data Management Company is eligible borrower for ECB under Miscellaneous
sectors where ECB is permitted under automatic route?

Whether
ECB can be utilised to acquire another Indian company?

He
also pointed out what documents one needs to see for these transactions. In all,
the members got an overview of various capital account transactions and
specific audit documentation.  The Group
leader also shared a check-list for verifying various documents related to
these specific transactions which is a handy tool for the auditor.

A
total of 56 participants attended the Study Circle
.


Study
Circle Meeting on “Important practical aspects of Reporting on Internal
Controls on Financial Reporting (ICFR), CARO and Audit Report – For
SME’s ” held on 17th September 2016

The Suburban Study Circle jointly
with
Accounting
and Auditing Study Circle
had organized the study circle meeting on 17th
September, 2016 at Direct-i-plex, Andheri East, Mumbai.

The group leader CA Payal
Punatar ex
plained
the applicability of ICFR reporting as per the requirement of Companies Act,
2013. Group was briefed about the meaning of Process, Risk and need of various
types of controls. She further explained the issues in Implementation of ICFR
framework for Private/ Small/ less complex companies.

The group discussed the various
components of framework such as Control Environment, Risk Assessment, Control
activities, Information and communication and monitoring for SME sector.
Further she explained the common constraints faced in implementation / review
of testing and how to meet the compliance requirement. Finally Group discussed
the illustrative Risk Control Matrix (RCM) for Fixed Assets and accounts
payable process.   

The participants were benefited from
the timely guidance for the presentation and experiences shared by the group
leader.

A total of 20 participants attended the meeting.

Society News

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Sixth Intensive Study Course on Transfer Pricing held from 6th February to 2nd April 2016 (All Saturdays), at IMC Churchgate Mumbai

The Sixth Intensive Study Course on Transfer Pricing was successfully conducted by International Taxation Committee, from 6th February, 2016 to 2nd April, 2016 (on Saturdays). A total of 32 sessions were held on the subject of Transfer Pricing addressing the key updates, issues and challenges, Dispute Redressal Mechanism, Base Erosion Profit Shifting etc. Each session was followed by Question and Answer session for the benefit of the attendees.

The following key issues were discussed in the study course:-
1) More and More Complex Regulation
2) Business Restructuring & Exit Charges
3) Dissatisfaction with profit based methods
4) More audits, disputes and litigation
5) Increased onus on Taxpayers
6) Scope of Regulation Expanding
7) Aggressive practices by Tax Authorities
8) Location specific advantages related to Transfer Pricing

In all 49 participants attended the course. As per the feedback received from participants, the course was highly appreciated and well received by them.

3rd Youth RRC (Residential Refresher Course) held from 17th April to 19th April 2016 at Igatpuri

The 3rd Youth RRC was organized by BCAS under the Membership and Public Relations (MPR) Committee jointly with The Chamber of Tax Consultants at Igatpuri, a quaint town near Mumbai, mostly known for trekking, hiking and also for the soulful Vipassana Centre.

The inspiration of this year’s YRRC was the growing Start-Up culture in India and also the Start Up India initiatives taken by the Indian Government. The theme of the YRRC was set to “Start Up India – What’s in it for me? The programme attracted established and budding entrepreneurs along with industry-based and practicing chartered accountants. Participants from various parts of the country gathered together for the YRRC

The three day Youth Residential Refresher Course was a perfect balance between technical sessions and entertainment. Sessions were interactive & participative including group discussions, personality workshop, networking and team building.

The YRRC provided a platform for the participants to have a one-on-one interaction with the elite group of speakers and to be able to learn and gain from their experiences. The technical sessions held at the 3rd YRRC are summarized as follows:

Day 1: Sunday 17th April 2016

Inauguration Session by Chairman of the MPR Committee – CA Naushad Panjwani

The Chairman inaugurated the YRRC by extending a warm welcome to all the participants. Keeping up with the theme of the YRRC, a short video of our Prime Minister, Mr. Narendra Modi’s action plan for Startup India was screened. This inspiring speech of the PM set the tone and momentum for the rest of the event.

SESSION 1: Beginners’ Guide to Startups for Entrepreneurs and Professionals

Speaker : CA Nitin Shingala
CA Ketan Raiyani

Mr. Ketan Raiyani

Mr. Raiyani began the session by explaining the concept and characteristics of startup as an innovative and scalable model. He also shared his experience in the foundation of a startup, the funding and scaling, and finally selling the same. Mr. Shingala, continued the session by giving insights on how to work with startups and how to make startups work and imparted learnings such as 6D rule, 90- 10-90 rule. He also shared his experience and expertise from the professional perspective on working with startups


Mr. Nitin Shingala

SESSION 2 : Conducting Audit in Today’s Scenario.

Speaker: CA Himanshu Kishnadwala


Mr. Himanshu Kishnadwala

Mr. Kishnadwala took us through the past-present-future of the world of auditing: a journey from Standards of Auditing to ICDS, IFCR and Ind-AS. He gave examples of transactions and situations and detailed out its reporting in the audit reports under the changing statute.

SESSION 3 : Personality Enhancement.

Speaker : CA Jagdish Shenoy


Mr. Jagdish Shenoy

The “16PF” test was taken by all the participants; this test measures 16 Personality Factors of an individual. Mr. Shenoy explained these factors with the competencies required by an individual carrying out either the role of an auditor, a consultant, a tax practitioner or any other roles played by a Chartered Accountant.

Day 2: 18th April 2016

SESSION 1: GROUP DISCUSSION

TOPIC : E-COMMERCE: BUSINESS MODEL AND TAXATION

Paper Writer: CA Sunil Gabhawalla


Mr. Sunil Gabhawalla

Mr. Gabhawalla’s paper on the complexity of e-commerce transaction involving multiple countries, multiple tax laws and treaties was discussed by all participants within their groups and good efforts were made to solve every case study. He also gave a background on key attributes of ecommerce transactions. The group discussion was followed by questions & answers raised by group leaders.
The Q & A was interactive and well addressed by the speaker.

SESSIONS 2: FORENSIC AUDIT

Speaker: CA Chetan Dalal


Mr. Chetan Dalal

Mr. Dalal, gave a hands on experience of being a forensic auditor to the participants. He asked them to find out the difference between a real and fake video used as evidence, discrepancies in falsified documents and Microsoft excel reports.

DAY 3: 19th April 2016

SESSSION 1: CASE STUDIES ON INTERNATIONAL TAXATION:

Speaker: CA . T. P. Ostwal


Mr. T. P. Ostwal

Mr. Ostwal, circulated an intensive case study which covered all the international transactions entered into by startup companies and explained in a highly inter-active session the nitty-gritty of the taxation on the transactions by cross referencing them to the statutory provisions and respective tax treaties. The session resolved many of the questions the participants had in mind and also helped the participants understand the stages of taxation in these international transactions.

SESSIONS 2: PANEL DISCUSSION:

PRACTICE vs. INDUSTRY vs. ENTREPRENEURSHIP

Panelists:
CA . Arun Giri
CA . Naushad Panjwani
CA . Parimal Parikh
CA . T. P. Ostwal

Practice vs. Industry vs. Entrepreneurship?? : A question for every Chartered Accountant at every stage of his career.


Mr. Arun Giri

The group discussion was moderated by the Chairman, Mr. Panjwani. The Panelists shared their stories of the struggles faced by them in building their career, while the participants shared their questions, thoughts and insecurities for venturing into these 3 zones. The Panelists helped resolve all their worries and problems. They ended the session with a note saying that “if you want something that you are really passionate about, then no other worries or insecurities will come in the way of you achieving your goal and success”. On this positive note, the YRRC ended leaving the participants recharged with knowledge, a good network of likeminded people and friends and a go-getter attitude to achieve their goals.

                
 
Full day Seminar on “Practical issues in TDS” held on 22nd April. 2016

The Full day seminar on Practical issues in TDS was held by the Taxation Committee on 22nd April, 2016 at Navinbhai Thakkar Auditorium, Vile Parle (East), Mumbai. The Seminar was attendance by over 200 participants. President CA Raman Jokhakar gave the opening remarks followed by introductory words from the Chairman of the Taxation Committee, CA Sanjeev Pandit.

Various topics were taken up at the Seminar as follows:


Mr. Avinash Rawani

Ms. Vinita Krishnan and Mr. Avinash Rawani spoke on the BCAS platform for the very first time.

Sections 194C (Payments to Contractors) and Section 194J (Fees for professional or technical services):-

CA Gautam Nayak enlightened the audience on the changes made in these sections pursuant to Finance Bill, 2016 followed by circulars and clarifications issued by the CBDT, their applicability in the current scenario and recent case laws on these topics. The speaker elaborated on the provisions of 194C and 194J and covered some industry specific issues as well as the interplay of these sections with other sections of the Act.

Sections 192 (Salary including salary paid to expats) and 194H (TDS on Commission or Brokerage):-

CA Sudhir Nayak started his talk by highlighting the changes carried out by Finance Bill, 2016. He gave a good insight on provisions of section 192, taxation of perquisites, taxation of ESOPs and the manner in which these could be used for salary structuring. The speaker had a detailed discussion on issues arising in expatriate taxation and this was followed by in-depth analysis of issues governing section 194H.

Sections 194A (Interest other than “Interest on securities), 194I (Rent) and 194IA (Payment on transfer of certain immovable property other than agricultural land):-


Ms. Vinita Krishnan threw light on topics of sections 194A, 194I and 194IA by presenting the same in an easy to understand FA Q format. This was followed by discussion on recent cases on these topics as well as analysis of issues which lack judicial precedents.

Section 195 (Other Sums):-


CA Anil Doshi gave a detailed presentation on various aspects governing section 195 which included an overview of the relevant provisions which govern the applicability and manner of applying section 195. CA Anil Doshi also elaborated on the relevance of Tax Residency Certificate, implications of section 206AA, the scope of income of a non-resident, various aspects governing Form 15CA and Form 15CB and TDS related issues pertaining to certain cross border payments such as business income of a non-resident, royalties, fees for technical services and reimbursement of expenses. The speaker touched upon a wide number of judgments during the course of his presentation.

Issues in e-filing of TDS statements: CA Avinash Rawani highlighted the practical issues that arise in e-filing of various TDS statements such as returns, correction statements, challan corrections, replies to be filed to online communication from the TDS CPC amongst others. In addition to highlighting the issues, the speaker shared a lot of practical do’s and don’ts in relation to the filing of these statements. 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.

Felicitation of ICAI President & Vice President on 23rd April, 2016 at BCAS Office

On 23rd April, 2016, it was the Society’s honour and privilege to welcome and felicitate the ICAI President, Mr. Devraja Reddy and the ICAI Vice-President, Mr. Nilesh Vikamsey who is also a core group member at BCAS. Both the dignitaries during their talk addressed BCAS as the younger brother of ICAI.

The discussion was an informal and an interactive one. It focused on the various initiatives taken up by ICAI, some of which can be outlined as follows:

  • The ICAI is reenergizing the twenty-seven foreign chapters of the Institute by allocating them to the newly elected fifteen Central Council Members.
  • With the help of our fraternity colleague, the Railways have agreed to the Institute’s suggestions of converting its book keeping from single entry to double entry. (The Institute is liaising with the Chief Secretaries of all States for adopting double entry as the appropriate method of accounting).
  • The ICAI is also looking at the option of each branch having its ownership building. For this, the President sought help of our CA brothers in the IAS fraternity and involve them in our noble profession of Nation building.
  • They called for suggestions on the proposed new syllabus to make it more practical and useful for the students rather than examination oriented.
  • The President appreciated and praised the BCA Journal and requested the Editorial Board of BCAS to give their valuable inputs in improving the ICAI Journal.
  • The Vice President discussed that the ICAI is also taking up timely discussions on changes in laws with the Government. This involvement will make the laws much simple and practical when implemented. The Past Presidents of BCAS and other members present welcomed all the suggestions and extended the helping hand to its elder brother The ICAI. Such incredible co-operation was well appreciated by them, which will go a long way in strengthening the pillars of the profession.

Meeting of the International Economic Study Group held on 3rd May 2016

The topic of the meeting was: “What is true wealth and how can we be more engaged with it?”

Mr. Siddharth Sthalekar provided an opportunity to explore the subject at a talk he delivered at The International Economic Study Group at The Indian Merchants’ Chamber on 3rd May, 2016. Mr. Siddharth Sthalekar shared his journey with wealth which has seen several twists and turns. As a young graduate of IIM Ahmedabad, his relationship with Indian capital markets began in the bull years of 2005. Mr. Sthalekar was fortunate to be in the right place at the right time and soon he was heading one of the largest trading desks in the country.

However, the 2008 crisis led him to experience the effects of hyper-efficient global market. A problem of poor loans in the US had ripple effects across the world – bankruptcies in Europe, derailment of economies in Asia and more. Yes, money could move across the world in a matter of seconds.

The Latin root of the word ‘Wealth’ came from ‘Wellbeing’. So technically, when he asked himself being ‘Wealthy’, it was synonymous with asking how ‘Well we were!’ Somehow.

Faced with more questions than answers, Mr. Siddharth Sthalekar decided to spend some time looking for solutions in his own way. In 2011, he took a divergent step and headed to the Sabarmati Ashram in Ahmedabad founded by our Father of Nation Late Shri M. K. Gandhi. It seemed irrational at that time, but the Ashram allowed him a space to step back from his comfort zone and understand different systems functioning right here in our country. As part of their work with urban, rural and tribal communities, Mr. Sthalekar had the opportunity to learn from diverse sets of people. During the evenings, he ran a space known as Seva Cafe for one and a half years – a Gift economy restaurant run entirely by volunteers. Through experiments with wealth – like attempting to live more simply and spending time ‘off’ mainstream money, he began learning about wealth with a slightly different perspective.

As reflected in his comment, Mr. Sthalekar could see how the process of money management had led us to ‘handover’ the wealth into the hands of others. Rather than question what we should be doing with it ourselves, we had gotten used to earning returns passively. It is through this passive behavior that had given rise to corruption in existing systems and allowed institutions to become ‘too big to fail’.

Slowly, sitting out of the Gandhi Ashram Mr. Sthalekar began to re-connect with finance with a single question in mind – ‘how can we help individuals engage with their wealth in authentic ways’.

1. The Role of the Fiduciary: While no one has really been speaking about this, regulators have been making some serious changes in this industry in the last 3 years. Existing banks, brokers and money managers were entities that provided financial access to individuals around the world, but they did not provide ‘sound advice’. As a result, Regulators carved out the role of the ‘fiduciary – or someone who works with your best interests in mind’. However, until 2013, this role of a fiduciary did not exist in finance! Since then, if any one chooses to offer financial advice, they must be licensed with the regulators. In other words, they must be Registered Investment Advisers (RIAs).

2. The Power of Technology: Mr Stalekar was of the opinion that technology has created a level playing field in the present day world. Through an office in one corner of the world, it is allowing us aggregate information, maintain data in simple, low-cost and safe manner and enabling us to advise clients in all parts of the world. That’s just the tip of the iceberg – Wikipedia style networks of information are the new ways of accessing research as opposed to static resources like PDFs and excel sheets. Innovations like Block Chain technology are truly unlocking the paradigm of decentralized wealth. All of this is a game changer. Change can sometimes be slow but we have seen similar parallels in industries like music and media in the last 15 years. We no longer need to access assets only through money managers. With the right fiduciary on one’s side, individuals can question and engage with assets across the world.

Paradigms are shifting at an increasingly rapid pace. Rather than handing over money passively to a fund, individuals can be authentically connected to the organizations they place capital in. Initiatives like the Catalyst Program and The Local Chapter are newer ways at looking at investment and research. Technology and Regulators are all increasingly supporting such changes. It is through active participation that we can bring reform and authenticity into our financial systems. It is through deeper engagement that one can become truly ‘wealthy’. It is the understanding of true wealth that brings us all a deeper sense of abundance!

Human Development Study Circle Meeting on “Success in Life” on 10th May, 2016.

The HDSC held its meeting on Success in Life on 10th May, 2016 at BCAS, Jolly Bhavan 2, New Marine Lines, Mumbai, addressed by Dr. B. K. Mukherjee.

Dr. B. K. Mukherjee commenced his discussion by unfolding the meaning and true measure of success.

What is success? Do you measure success in terms of the money you earn?

Or do you measure success by career growth and social standing?

Are you one of those who look beyond the obvious and tries to be TRULY successful in life? It is worth noting:

Success means different things to different people.

For a majority, success would mean – Having everything in balance i.e. recognition in Society, time for yourself, freedom to do what you want to do, money, fame amongst other comforts in life.

To be successful – Work at something you enjoy that is worthy of your time and talent. Most fortunate people convert their hobby into a profession. Passion is something you enjoy doing. Give people more than they expect and do it cheerfully. Professor’s job is to make people think. Be cheerful, it brightens people around you. Jack Welch – His winning strategy is Energy, Enthusiasm, execution.

Among other things success is a result of persistence, commitment, dedication, etc. Success is also the relationships with people you love and respect. Have a feeling of gratitude and loyalty.

Over 21 specific points that indicate the barometer of success were highlighted.

The participants thoroughly enjoyed and requested for a full day session to uncover the learning in greater detail.

Full day seminar on charitable trust held on 7th November, 2015

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The Seminar was held at the Walchand Hirachand Hall. The Vice President
CA. Chetan Shah inaugurated the programme and was then joined by
President CA. Raman Jokhakar. CA. Shri Arvind Dalal spoke on the
Importance and the way forward in respect to Charities. The main
speakers at the said seminar were

                          

  • M
    r. S. B. Savale – Maharashtra Charity Commissioner who spoke on the
    regulatory requirements of the Charity Commissioner’s office and what is
    expected for the filing requirements and documentary requirements from
    the trusts. He also dwelt on the issues that arise post the filings, the
    deficiencies and the methods to control them.
  • Mr. Shaily
    Jindal – CIT (Exemptions) who spoke on the issues faced by the trust and
    the problems of the department vis-a-vis the trusts and the
    expectations of the departments from the trustees and the consultants to
    the trusts.
  • CA. Vipin Batavia spoke on the important
    provisions of the Maharashtra Public Trust Act and the important clauses
    to be incorporated in the Trust Deed at the time of drafting.
  • CA.
    Paras Savla spoke on the rules and regulations for the trusts and
    highlighted the registration aspect u/s 12 AA of the Income-tax Act.
  • CA.
    Rajesh Kadakia spoke on the taxation aspect of the trusts with special
    reference to Section 10 (23C) and Section 80 – G provisions, steps and
    methods to obtain the said registration and the problems faced in the
    said registration and its remedial measures.
  • CA. Shailesh
    Haribhakti spoke on the Foreign Contribution Regulation Act, its
    provisions and the specific important issues that all should be aware
    about in relation to the trusts. After that he dwelt on the CSR
    Provisions and the way and means a trust can avail the benefits of the
    CSR provisions to raise funds for their projects.

The
Seminar was conducted by the Corporate & Allied Laws Committee of
the Bombay Chartered Accountant Society jointly with the Chamber of Tax
Consultants and was well received by the participants including CAs,
Consultants, Trustees, and employees of Trusts.

Workshop on Advance Professional Writing & Communication Skills on 21st November, 2015

This Workshop was held on 21st November and was well attended. A summary of the proceedings of the Workshop is as under:

CA. Dr. Dilip Sheth spoke on the Art of professional communication.

CA.
Dr. Dilip Sheth mentioned that the most important point while
communicating is the objective or purpose of communication. For
professionals, the objective is to convey what a client wants to know,
so use of plain, easy-to-understand language is preferred. However, if
the objective is to show off knowledge then use of flowery language and
complex words are allowed.

He shared the following basic principles of communication as:

  • follow logical sequence
  • have meaningful communications by making it concise and clear
  • consider that communication reflects individual’s competence and enables others to form a judgement about speakers
  • communication
    killers like long sentence, redundant words, archaic words or words
    requiring frequent reference to dictionary to be avoided.

While
giving an opinion, it is important that a CA should read, absorb and
understand the case, to give the best of his knowledge to a client.

He
discussed the art of report writing, opinion writing, drafting minutes
and action plan and synopsis of written submission with examples. He
also discussed case studies report of investigation to board, report of
80-IA and other reports.

With continuous changing objectives of
professional communication, the style and manner of communication
changes, and gives way for innovative clarity in expression. He
described this case on innovation by charactering persons – seer,
observer, alchemist, fool, sage, etc. Each one of us have each of these
characters at different stages of life.

His style of
communicating through personal life experiences enabled the audience to
connect with him and learn ways of communicating effectively through
writing.

From the eyes of an Editor – Anil Sathe

BCA
Journal has been in existence for 45 years. The journal provides
information about latest updates and case laws related to core subjects
of the Chartered Accountant profession and articles that are of
professional interest

CA. Anil Sathe’s expectation from writers are

  • article must be written from target audience perspectives
  • must be complete on standalone basis
  • information shared must be corraborated with analysis.

A
comprehensive article must have each of the following components –
Introduction, Facts, Reasons, Analysis, Opinion and Conclusion. In the
introduction, the writer must introduce the reader to the topic. Facts
and reasons are the information that a writer aims to share with the
reader. Analysis and opinion are a writer’s own thoughts. Generally,
factually-based writing is stronger and more persuasive than writing
that relies on opinion. All analysis must be corraborated with facts, to
enable reader to clearly understand the writer’s message. The
conclusion must leave a clear message in mind of readers. The conclusion
must be free from any ambiguity.

After writing the first draft,
the writer must go through it in detail. He or she must ensure that the
article is complete piece and all paragraphs are connected. To ensure
that the article is error free, it is better to bounce it off with
colleagues or friends and seek their independent point of view. While
sharing articles for opinion, the writer must share it with a non-biased
reader.

To develop effective writing skills, individual must be
voracious reader. He shared a few tips that he personally followed
while reading other articles or books.

He encouraged each participant to write articles for BCAS Journal.

Writing effectively – experience from managing a professional content exchange website – Sharmila Ramani



Sharmila Ramani emphasised on following points which sharing her experience from her journey to becoming effective communicator

  • use of correct grammar and sentence formation
  • use of simple language
  •  importance of punctuation mark style and manner of use of acronym
  • preference towards use of active voice over passive voice
  • facts be correctly stated

She
emphasised on the importance of editing. Each copy of the written word
to be edited by an independent person to ensure that it is free from
error. She shared 3 styles of editing – copy editing, substantive
editing and proof editing

The ABC of Professional Writing – Swati Jalal



Swati Jalal made her presentation by sharing 6 elements of effective communication starting with C.

  • Clarity – use of familiar words, avoid sentence construction and punctuation error
  • Concise – avoid redundant and repetitive words
  • Complete – to ensure sentence is complete – focus on 5 W – who, what, when, where and why
  • Coherent – sequential flow of sentences. parallel structure
  • Correct – facts should be correctly stated and errors to be avoided
  • Courteous – pleasant and positive tone and maintain level of professional formality.

Each element of effective communication was discussed, followed by examples and activity.

Drafting in Tax litigation – Submission, Appeals and Opinions – CA. Yogesh Thar

CA.
Yogesh Thar shared effective writing techniques from regulatory aspects
and customary / preferred aspects. Relevant column of forms of appeal
memorandum. He also shared points to be considered while drafting
application for condonation for delay, admission of additional evidence.

Style and manner of submission and important points of
consideration were discussed. Sequence to be followed for each
submission and philosophy behind submission of each opinion was
explained to the participants.

At the end of each session,
participants were encouraged to ask questions. All the participants
carried with them the treasure of knowledge in communicating effectively
with them from this practical seminar. After 5 interactive session, the
day of learning effective writing skills has opened up avenues for each
participants to impress their clients and officers by their writing
skills. .

Publication Release on 24th November 2015



The
official launch of the book “Novel and Conventional Methods of Audit,
Investigation and Fraud Detection” authored by CA. Chetan Dalal and
co-published by Bombay Chartered Accountants’ Society (BCAS) along with
Wolters Kluwer was released by Padmashri CA. T. N. Manoharan on 24th
November 2015 at Crossword, Kemps Corner, Mumbai. The book is the 3rd
edition by the author. It offers an insightful and descriptive account
of the frauds and accounting irregularities and methodologies to detect
them by using combination of novel and conventional audit approaches.

The
objective of this book is to provide practical approach for
investigation to auditors and person entrusted with the task of
investing white collar crimes. The MRP of the book is Rs. 2,295/-. BCAS
is offering the book to its members at a discounted price of Rs.1,380/-
along with additional postage of Rs.100/-. The publication pre-booking
is open till 30th December 2015 at BCAS office. Orders from publishing
house will be made post close of pre-booking period and couriered
directly to members after 5th Jan 2016.

So Hurry!!!! Book your copy now.

Seminar on Cloud Hosted Apps from Google and Microsoft on 28th November, 2015

The
Human Development & Technology Initiatives Committee had organised
the half day workshop. The speaker Mr. Punit Thakkar explained the
concept and importance of the cloud computing. Cloud computing, also
known as ondemand computing, is a kind of Internet-based computing,
where shared resources, data and information are provided to computers
and other devices on-demand.

He further discussed the features
of “Google Apps for Work” which is a cloud computing and storage
solution by Google. He emphasised on the security features, ease of
usage and cost effectiveness of the product. The speaker also explained
the various apps from Google like Gmail, Drive, Docs, Calender, Forms
etc.

The speaker continued with explaining the cloud computing
product of Microsoft that is named “Office 365”. He also outlined the
unique features and advantages of Office 365. The speaker made good use
of technology for live demonstration of the cloud computing.

The participants benefited immensely from the presentation and experiences shared by the speaker.

Two days Students’ Orientation Programme on 4th & 5th Dec 2015:


Human
Development & Technology Initiatives Committee Committee of our
Society organised a two-day orientation programme on 4th& 5th
December 2015. Focus of the program was on the practical a s p e c t s
of work as an articled student under the seniors in their respective
offices. The orientation programme laid emphasis on how to work on given
assignments. Practical issues faced while handling assignment on
important subjects was the key area of discussion.

The
programme commenced with guidance on effective articleship addressed by
CA. Atul Bheda. He made a presentation to guide students as to how to
make best use of opportunities during their three years of practical
training. He highlighted the fact that working during article ship
invariably involves real life situations. It helps to sharpen one’s
skill and knowledge across diverse industries on various subjects. The
speaker explained at length the concept of industrial training, armed
forces training and facility of secondment for an all round exposure.

CA.
Mukesh Trivedi presented the session on Direct Taxes. The speaker
explained some important definitions and concepts at length. He covered
important topics viz. heads of income, types persons, residential status
as well as method of computing income under different heads, claim of
deductions, credit for pre assessed taxes, various important dates for
statutory compliance, losses and clubbing provisions. He explained the
procedure and check list of preparing and uploading the different ITR
forms. While explaining the procedure of rectifications he emphasised on
accuracy of data entry.

While concluding his presentation he
shared information about references & study material, websites way
to study the Income Tax Law etc.

Speaker
Kewal Shah presented concepts on Indirect Taxes, Zonobia Kagzi on
Accounts and Audit and Pankaj Tiwari on Company Law. All the speakers
provided valuable inputs for working on assignments effectively with
accuracy and integrity. CA. Kamlesh Doshi provided insightful tips on
Tally software and use of Excel. He gave useful guidance on the subject.

On
the 1st day, in the post lunch session the Film ‘ Nani Palkhiwala a
crusader’ was screened. Advocate Jignesh Mr. Punit Thakkar (Speaker) Mr.
Atul Bheda (Speaker) Mr. Jignesh Shah (Speaker) Mr. Mukesh Trivedi
(Speaker) Mr. Kewal Shah (Speaker) Mr. Kamlesh Doshi (Speaker) Shah
shared his personal experience and learning from the life of senior
advocate Nani Palkhiwala.

Students
were provided with some key tools to equip themselves for excellent
learning and guidance in their respective articleship training.
President Raman in the welcome address shared Arunima Sinha’s life story
who bravely climbed the Mount Everest after loss of one and injury on
the other leg.

The
grit, determination and focus on goal with hard work is the key to
success. Chairman of the Committee Nitin Shingala also addressed the
students, emphasising on attitude, hard work and consistency in the
work.

Human Development Study Circle Meeting on “Happiness : “A Choice” on 8th December 2015

This meeting was addressed by Presenter: Kalpesh Thakkar.

The
Discussion was about: How, it is our Choice ‘to be happy’ or ‘not to be
happy’. What is happiness and how to be happy in all circumstances.

Overall,
the participants acknowledged as to how true it is that it is in our
hands to be happy and we hardly know it. We keep blaming others for our
miseries. The major lesson was that we have to take charge of our lives
right now and Be Happy.

Lecture Meeting on “Software and Other Intangibles – Indirect Tax Implications” on 9th December 2015

CA.
Sagar Shah explained the basic concept of intangible property. He
discussed, in detail, whether intangibles are goods, services or both
and its taxability under Indirect Tax laws. To explain this, he
discussed various judgements on the subject viz. Tata Consultancy
Services, BSNL, Tata Sons, etc. He discussed Indirect Tax implications
for various intangibles such as Trade marks, Designs technical know-how,
patent, Copy rights, Franchise and more particularly and in length, an
intangible in the nature of software.

In respect of software, he
deliberated on the tax implications vis-a-vis transfer of right to use
v/s license to use, packaged software, customised software and import /
export of software. He touched upon GST perspective and answered
questions by participants. .

2 Days Intensive Seminar on
Income Computation & Disclosure Standards (ICDS) :Held at the
Walchand Hirachand Hall, IMC on 11th & 12th December, 2015 :

A
2 Day seminar on ICDS was organized by Taxation Committee on 11th &
12th December, 2015 at Walchand Hirachand Hall, IMC in Mumbai.

The
seminar received an overwhelming response. The object of the seminar
was to help the participant to understand the application of ICDS and
their far-reaching implications for all taxpayers following mercantile
system of accounting.

The
proceedings commenced with a Keynote address by CA. Milin Mehta, who
was involved in the Committee which formulated the Standards (ICDS). He
explained to the members the view of the government, and the purpose for
notifying ICDS. Thereafter in the following sessions, the learned
speakers covered all the 10 standards.

ICDS
I & VII was covered by CA. Anil Sathe, ICDS III by CA. Ravikant
Kamath, ICDS V & IX by CA. Gautam Nayak, ICDS VIII by CA. Pradip
Kapasi, ICDS VI by CA. Alpesh Gandhi, ICDS IV & X by CA. Yogesh
Thar, ICDS II by CA. Atul Suraiya.

They dealt with:

1) Applicability & coverage of each standard (ICDS),

2) Various terms as defined under ICDS,

3) Comparison between ICDS and relevant Accounting standards (AS) and Ind-AS,

4) Disclosure requirements and Transitional provisions,

5) I ssues arising in regard to interpretation of the standards.

6) Impact where ICDS was in conflict with a judicial pronouncement.

The
learned speakers help the participants to understand all the applicable
10 ICDS with practical examples. The presentations given during the
seminar were very useful to understand the impact of ICDS on the tax
computation. The speakers also showed the way forward and the manner in
which all issues should be dealt with. The seminar was of immense value
to all participants.

Workshop on Successful Implementation of ERP Package and Audit Features in SAP on 12th December, 2015

The Human Development & Technology Initiatives Committee had organised the full day workshop.

The
speaker for first session was CA. Jairam Motwani, Sr. GM Internal
Audit, M&M. He explained in detail, the nuances, need and benefits
of the Enterprisewide Resource Planning (ERP) Solutions. He discussed
the SAP R/3 Integration Model, the various SAP terminologies and the
financial enterprise structure in SAP.

The speaker also shared
his experiences on the ERP implementation and auditing in the SAP
environment at Mahindra & Mahindra. He concluded with a discussion
on the Governance & Risk Compliance (GRC) in SAP.

The
second speaker Mr. Madhav Pai, Director (Solution Engineering), SAP
India took up the topic on successful implementation of SAP. He
suggested the recommended path, approach and pillars for ERP
Implementation. He explained in detail the various stages, timeline of
implementation methodology.

The speaker also elaborated on the
various reasons for failure of ERP and gave suggestions for mitigating
the failure risks. He further discussed the new SAP S4 HANA Finance
platform and explained its features. The second session was followed by a
panel discussion where both the speakers answered the questions and
issues raised by the participants. The workshop was well attended and
participants benefited immensely from the presentation and experiences
shared by both the speakers.

Lecture Meeting on “Recent Developments in Securities Laws” by Advocate Somasekhar Sundaresan on 16th December, 2015

The
learned speaker Mr. Somasekhar Sundaresan gave a bird’s eye view of the
developments in Securities Laws in 2015. He highlighted important
changes made through the new Insider Trading Regulations, the new
Listing Regulations and some far reaching changes in the SEBI Act. He
also touched upon the complexity arising out of Takeover regulations and
Delisting regulations. He covered in great detail changes concerning
making of disclosures of material developments, related party, document
preservation, etc. Considering the positive policy of SEBI in engaging
in public consultation for even the smallest of proposed changes, the
speaker suggested making the best use of this, instead of complaining
about difficulties in new laws/ changes later. He replied all of the
several queries raised to him by participants.

Study Circle on Outbound Investment – Nuances and Issues on 17th December, 2015

The
Study Circle meeting on “OUTBOUND INVESTMENT – NUANCES AND ISSUES” was
held on 17th December which was very well led by CA. Sagar Maru. He took
the participants through various issues surrounding outbound investment
specially issues around calculating the networth of the Indian Parties,
precautions to be taken for export capitalisation as a method of
funding, structuring oubound investment with debt and guarantee , round
tripping, flipping of structures etc. The participants deliberated on
these issues and shared their personal knowledge as well. In all it was a
very enriching meeting. On account of time constraint, few issues will
be taken up in the next meeting.

Study Circle Meeting on Highlights of Release 5.0 Tally.ERP9 with special focus on Service Tax on 18th December, 2015

The
Technology Initiatives Study Circle of the Society organised this Study
Circle to equip our members with the updated knowledge about Tally’s
latest offering. The objective of the meeting was met by way of an
interactive Q&A by the speaker with the audience over the course of
the session. The speaker for the session was CA Punit Mehta. This
program was well received by the members after the successful Part-1
session held by the same speaker on Tally. ERP9 with focus on VAT in
November 2015.

Study Circle Meeting on “Acceptance of
Deposits by Companies u/s. 73 and Loans and Investments by Companies
u/s. 186 of the Companies Act 2013 – Recent Amendments and Issues with
special reference to the relaxations in rules for acceptance of deposits
by private limited companies.” on 19th December, 2015

 The
Suburban Study Circle jointly with Company Law, Accounting &
Auditing Study Circle had organised the study circle meeting.

The
speaker CA. Paresh Clerk explained the provisions of section 73 of the
Companies Act, 2013(CA, 2013) governing the Acceptance of Deposits by
companies. He made good use of tables to answer key questions on
acceptance of deposit rules by private, public and eligible company.
Various case studies were also discussed by the speaker.

The
speaker further discussed provisions of section 185 and 186 of the CA,
2013 on Loans to Director and Loans & Investments by company. The
presentation highlighted the exemptions and also the penal provisions
for non compliances.

The participants benefited from the presentation and experiences shared by the speaker.

Society News

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Lecture Meeting on Corporate Governance – recent
updates including amendments to Clause 49 of Listing Agreement on 27th
August 2014


L to R : Mr. Somasekhar Sundaresan (Speaker), Mr. Raman Jokhakar, Mr. Nitin Shingala (President), Mr. Jayant Thakur

The
lecture meeting was held at the Walchand Hirachand Hall, IMC. Mr.
Somasekhar Sundaresan, Advocate, addressed the audience on the recent
updates including amendments to Clause 49 of Listing Agreement on
Corporate Governance. More than 250 members benefited from the expert
analysis and knowledge shared by the speaker.

Advanced FEMA Conference on 6th September 2014


L
to R : Mr. Nitin Shingala (President), Mr. Gaurang Gandhi, Mr. Naresh
Ajwani, Mr. Dilip Thakkar, Mr. G. Padmanabhan (Speaker), Mr. Paras
Savla, Mr. C.D Srinivasan (Speaker), Mr. Gautam Nayak, and Mr. Hinesh
Doshi.

The International Taxation Committee of the Society
organised this Conference jointly with The Chamber of Tax Consultants.
The Conference was held at Rangaswar Hall, Y B Chavan Pratisthan. The
objective of the Conference was to offer insight into advanced level
issues on cross border transactions & intricacies involved and to
understand the RBI’s perspective on these developments.

Officials
from RBI, including Mr. G. Padmanabhan, Executive Director and Mr. C.D.
Srinivasan, Chief General Manager along with General Managers, Mr. A.
O. Basheer, Mr. Ajay Vij, Ms. Jayasree Gopalan, Ms. Tuli Roy and Ms.
Rajani Prasad responded to the questions raised by the participants at
the Conference.

The following topics were discussed at the conference:

BCAS
and CTC raised a number of concerns which are causing difficulties
under FEMA. The officials appreciated these concerns and gave an
assurance that they would be addressed. They also expressed their
concerns to the delegates. They advised the participants to look at the
spirit of the law and not just the letter of the law, to avoid lapses
under FEMA.

143 participants attended and benefited from the Conference.

Lecture
Meeting on Auditors Dilemma – Reporting requirements on Internal
Financial Controls as required under the Companies Act, 2013 and Clause
49 of the Listing Agreement on 10th September 2014


Mr. Vishwanath Venkatraman (Speaker)

The
lecture meeting was held at Walchand Hirachand Hall, IMC. Mr.
Vishwanath Venkatramanan, Chartered Accountant addressed the audience on
various aspects of Reporting requirements on Internal Financial
Controls as required under the Companies Act, 2013 and Clause 49 of
Listing agreement and section 134 of the Companies Act 2013. He also
shared his vast experience and perspective on the same. More than 150
members benefited from the expert analysis and knowledge shared by the
speaker.

Monsoon Trek on 13th September 2014


Participants of Monsoon Trek

The
BCAS Youth Group, under the aegis of the Membership and Public
Relations and Human Resources Committee of the Society organised a
Monsoon Trek for Chartered Accountants and their families along the
Jummapatti-Bekere trail near Bhivpuri, Karjat. Attended by 44
participants, the trek saw equal representation from industry and
practice, from the seniors and the youth and from men and women.
Participants enjoyed the easy walk through the lush greenery. They also
got the opportunity to network with different segments of the
profession.

18th International Tax & Finance Conference, 2014


L
to R : Mr. T. N. Manoharan(Speaker), Mr. Deepak Kanabar, Mr. Deepak
Shah, Mr. Nitin Shingala (President), Mr. Gautam Nayak, Mr. Raman
Jokhakar, Mr. Rajesh Shah

The 18th Residential International Tax
& Finance Conference which was organised by the International
Taxation Committee from 14th August 2014 to 17th August 2014 at ITC
Grand Chola, Chennai, received an enthusiastic response from over 190
participants from over 20 cities of India including Hyderabad,
Bangalore, Chennai,

Coimbatore, Delhi, Ahmedabad, Pune, Goa, Secunderabad, Jamnagar, Kolkatta, Mumbai and even Dubai.

The
Conference was inaugurated by Padamshree T. N. Manoharan, Past
President of ICAI who addressed the participants on the Role,
Opportunities and Challenges for the Chartered Accountants. His address
included inspiring anecdotes, analytical insights and subtle humor.


Mr. Pinakin Desai

Papers for Group Discussion:


Case studies on International Taxation (including royalty and Capital
Gains) by Shri P. D. Desai who dealt with issues relating to capital
gains on indirect transfers, treaty residence, GAAR, etc.. He also
presented case studies on Liquidation, Distributions and subsequent
disposals, Royalty Taxation, Source Rule, MFN impact, beneficial
ownership and Tax implications of Participation Arrangements.


Mr. T.P. Ostwal (Speaker)


Tax Challenges in Digital Economy- OECD Draft (BEPS Action 1) by Shri
T.P. Ostwal, who analysed the emerging developments in information
technology and international taxation regime. He presented business
models in digital economy and discussed opportunity in and tackling of
BEPS in digital technology. Further, he identified the tax challenges
raised by digital economy and the methods dealing with them.


Case Studies on structuring Outbound (Investment – Tax & Regulatory
Aspects) by Shri Pranav N. Sayta, who presented intricate case studies
involving issues such as acquisition of overseas entity, tax efficient
structures for such acquisition, Indian Exchange Control Regulations,
Tax Credits, Demergers, etc.


Mr. Yogesh Thar (Speaker)


Current Issues in Transfer Pricing (including Domestic Transfer
Pricing) by Shri Yogesh A. Thar, who covered issues relating to
international and domestic transfer pricing in great detail along with
practical examples and solutions covering issues relating to Equity
Infusions Transactions, Business Transfers, Common Cost Allocations,
Real Estate Transactions, Director’s Remuneration, Partner’s
Remuneration, etc.

Papers For Presentation:


Mr. Dilip Sheth (Speaker)


Prevention of Money Laundering Act – overview and impact by Shri Dilip
Sheth, who covered issues relating to property, scheduled offences,
transfer, procedural provisions and rules along with important issues
decided by the courts.


Mr. Gautam Doshi (Speaker)


Exchange Risk Management (Commercial, Regulatory and Tax aspects) by
Shri Gautam Doshi, who dealt with various types of Forex transactions,
Call and Put options, swaps, hedge, with practical examples.

The
participants gained handsomely from the knowledge and experience shared
by eminent faculties, group discussions and informal interactions. The
audience also appreciated the overall ambience and comfort at the venue.

Society News

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Study Circle Meeting on “Benchmarking of Intra Group Services” in transfer pricing on 1st August, 2015 at Direct-I-Plex, Andheri (E)

The Direct Tax Laws Study circle jointly with the Suburban Study Circle had organised a study circle meeting on the Benchmarking of Intra Group Services (including Recent Jurisprudence). The group leader Ms. Riddhi Shah explained in detail, the concerns and issues in respect of the benchmarking of Intra Group services. The group leader also discussed the recent important judgments and issues therein. She covered the following topics while leading the group:

  • Concept
  • Illustrative list of Intra-Group services
  • OECD Guidelines
  • Cost Allocation
  • Other considerations
  • Documentation requirements
  • Audit experience in India

The Chairman, Shri Natwar Thakrar provided his valuable insights on various unresolved issues, controversies and various important notifications/circulars of the Income Tax department. The Chairman elaborated on the concept of shareholder’s activities and duplicative services.

The participants benefited immensely from the interaction and experiences shared by the speaker and the chairman.

Klaus Vogel Study Circle held on 5th August 2015

A meeting of the Group was held on August 5, 2015 to discuss the newly released FAQ on Liberalized Remittance Scheme by RBI. The two Group Leaders were: – CA. Dhishat B. Mehta & CA. Gaurang V. Gandhi. There was interaction amongst the group with regard to most of the FAQs.

Students Study Circle on “Overview of Goods & Services Tax” held on 7th August 2015

The Students Forum of the Society organised a study circle on the topic “Overview of Goods & Service Tax” at the Society’s Office.

The study circle was led by student speaker Shri Sagar Desai under the guidance of the Jt. Secretary of the society and renowned speaker on Indirect Taxation matters, Shri Sunil Gabhawalla.

The motive of organising this study circle was to make the future chartered accountants proactive and aware of the biggest tax reform in the history of Independent India – Goods & Service Tax. The study circle was well attended by 35 students. It was a great learning experience for the student members.

The chairman of the session Shri Sunil Gabhawalla made the session interesting, with his deep knowledge on the subject. The speaker Shri Sagar Desai covered the topic and gave an insight into the proposed tax structure and its benefits to the economy. The roadblocks towards the implementation of Goods & Services Tax were also discussed.

The convenor of the Students Study Circle Shri Viren Doshi encouraged students to participate actively in the activities of the Students Forum and come forward to lead study circles.

Intensive Workshop on “Internal Financial Control” held on 7th and 8th August 2015

In keeping with its title, this was an intensive workshop, covering various components of an Internal Financial Control like Control Environment, Risk Assessment, Control Activities, Information and Communications and Monitoring. A workshop well designed keeping in mind the requirements of the Companies Act, 2013 from the perspective of management compliance and Auditors’ certifications
requirements. The Speaker Ms.Preeti Dani shared her knowledge and
experience over a period of 2 full days, in a most lucid manner. Every
topic was well covered and explained to the participants by way of case
studies and examples well designed to understand the complexities of the
subject.

The workshop held at the Palladium Hotel, Mumbai on August 7th and 8th,
2015, was attended by more than 60 participants from various Industries
and Practice arena and from various locations spread across India. The
speaker covered topics like General Computer controls, Entity level
controls, walkthroughs and testing methodology, sampling, Materiality,
Financial Statement Assertions reporting on internal controls, etc. in
detail. The interactions between the participant and speaker were
commendable and considering the positive feedback received, the Society
has organised a similar workshop in Chennai.

19th International Tax & Finance Conference, 2015 held on 14th to 17th August 2015
The
19th Residential International Tax & Finance Conference organised
by the International Taxation Committee from 14th August, 2015 to 17th
August, 2015 at Aamby Valley, received an overwhelming response from
members, with a record enrolment of 262 participants. The delegates were
from over 20 Indian cities as well as from out of India.

The Keynote Address at the Conference was given by Shri Sunandan
Chaudhari, Senior Economist with ICICI Bank, who addressed the
participants on the recent global events (including the Greek crisis and
Chinese slowdown and devaluation) and their impact on the Indian
economy. His address was laced with informative data charts, analytical
insights and insights about future movement of currency. He held the
participants spellbound for more than an hour.

The papers for group discussion were as under:

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.

The group discussions were lively, with active participation of the group members.

The Papers for Presentation were:

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.

ISSUES UNDER THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 by Shri Gautam Doshi, who dealt with various issues under this new Act, including issues relating to disclosures under the 3 month window, as well as in respect of valuation under the rules and the FAQs.

The participants benefited immensely from the knowledge and experience shared by the eminent faculty, from the group discussions and from informal interactions. The overall ambience and comfortable stay at the venue was also appreciated by all the participants.

Company Law, Accounting and Auditing Study Circle series on Indian Accounting Standard (IND-AS)

The Company Law, Accounting and Auditing Study Circle announced a series of Study Circle meetings on IND-AS to be held on 20th August, 2015, 7th October, 2015, 15th October, 2015 and 19th October, 2015. After notification of Companies (Indian Accounting Standards) Rules, 2015 comprising of IFRS converged IND-ASs by the Ministry of Corporate Affairs, there is a certainty on implementation of IND-AS. The objective of the series is to understand, discuss and deliberate each IND-AS in detail and understand the process of implementation of IND-AS. The series is organised in such a manner that each IND-AS will be dealt with separately.

The first meeting of this series was held on 20th August, 2015 and the discussion was led by CA. Anand Banka. The following topics were covered in this meeting:

(I)    Overview of IND-AS and roadmap to conversion; and

(II)    Presentation of Financial Statements

CA. Anand Banka briefed the members about the background of IND-AS and took the members through the process of formulation of IFRS and IND-AS. He also discussed about the applicability of IND-AS to various companies. In the second part of the session, he explained IND-AS 1 on “Presentation of Financial Statements” in detail. He discussed various issues including initial implementation and conversion of financial statement and preparation of opening Balance Sheet. The members discussed and deliberated on various issues in a lively interactive session. The members appreciated the initiatives taken by BCAS for organising series on IND-AS.

Interactive Presentation for CA Students: “Success in CA Exams” held on 21st August 2015

Human Development and Technology Initiative Committee of our Society jointly with WICASA of The Institute of Chartered Accountants’ of India had organised the second interactive presentation for the benefit of CA students covering the subject: Success in CA exams.

In the welcome address, the President complimented the students sharing many anecdotes of converting challenges into success. The most remarkable and memorable moment of the programme was when young Mahesh Londhe who recently passed his CA Final exam in his first attempt, braving the most challenging economic and social background was felicitated by Shri Narayan Varma and the President of the Society. All those present in the audience including the students and Mahesh’s parents and relatives were deeply moved by his acceptance speech. His message was loud and clear: Dream big, do not allow your dream to die down by challenges in life. Be grateful to all who contribute to achieve our dream and make us worthy human beings.

In the presentation, both the speakers, Shri Atul Bheda and Shri Mayur Nayak discussed at length, important points and issues which would help students while preparing and appearing for the CA Exams.

In the 1st Session, Shri Atul Bheda advised students to study regularly, with confidence, positivity, discipline and consistency. He emphasised on Focusing, the conceptual clarity in each subject, and judicious use of time . His success mantra was “Study the subjects thoroughly and avoid selective way of study”. He advised to refer to the study material, revision test papers, practical manuals published by the ICAI and regular visit of the website: http://www.icai.org to download reference material freely available on it compiled by the Board of Studies of the ICAI. He further said that students must appreciate that the dates of exams are fixed and are well known from the beginning. These exams are conducted with the highest standard of controls, confidentiality and quality in checking of papers. All precautions are taken to avoid any unforeseen situations.

In the second session, Shri Mayur Nayak shared his experiences. He touched upon all important topic of self-improvement. He explained that for success three important elements are Knowledge, Skill and Attitude. i.e. knowledge of the subject. Improving writing and memorising skill. Developing the analytical mind, and keeping

positive attitude even in the most challenging undesirable situation. He presented many motivating stories of illustrious personalities. He emphasised that the key to success is maintaining physical, mental, emotional fitness in all situation. In the end, he conducted a guided meditation.

The Study Circle Meeting on “Service Tax Investigation and Audit” on 22nd August, 2015 at Direct-I-Plex, Andheri (E)

The Indirect Tax Laws Study circle jointly with the Suburban Study Circle had organised a study circle meeting on the Service Tax Investigations and Audit (with special reference to a recent CBEC circular 185/4/2015 ST Dt. 30/06/2015).

The speaker, Shri Gaurav Sarda explained the provisions of the preliminary scrutiny and the detailed manual scrutiny of the Service Tax Returns Form ST-3. He mentioned that the detailed scrutiny will cover the taxability, valuation, reconciliation, classification, Cenvat credit and other similar aspects of the returns.

He also elaborated on the issues to be considered while providing information on the said areas. The criteria for selection, procedure for scrutiny and formats in which the data is to be prepared for submission was also discussed. The speaker also shared his experience of working as a part of the tax department’s audit team.

The Chairman Shri Sunil Gabhawalla provided his valuable insights on the limited scope of the new provisions of manual scrutiny especially in the light of other existing audit and investigation procedures. He advised members to be careful while replying to the notices and avoid going into details which the department can otherwise derive out of its own databases.

47 participants attended the study circle meeting and gained immensely from the details and experiences shared by the speaker and the chairman.

Lecture Meeting on “Food Smart Cities, Leading a Transition to Health, Sustainability and Fairness” held on 28th Aug 2015 at IMC by Speaker Dr. Vandana Shiva.

President Raman Jokhakar welcomed the speaker, Dr. Vandana Shiva who has dedicated over 30 years in protecting the Indian biodiversity from Corporate Biopiracy including the fight to revoke international patents on our Neem, Basmati and Wheat. Dr Shiva is world renowned for her work in dealing with mindless corporate led globalisation that is causing irreversible social, ecological and economic damage. This lecture meeting was under the auspices of Dilip Dalal Oration Fund.

Dr. Shiva commenced her speech with a brief background about how and why around more than 3 lakh farmers committed suicide since 1995. She went ahead to explain that a farmer actually earns only 1/10th of the Minimum Legal Wage in India compared to other vocations. The plight of our Annadattas today as articulated by her was alarming.

This she mentioned was just the beginning of the entire process. We are what we eat and it is this food that is so contaminated with pesticide that it has led to so many diseases. There is an epidemic of diseases related to our lifestyle and food such as diabetes, cancer, hypertension, infertility and heart attacks. India, she added, has emerged as the epicentre of Diabetes. Cancer has seen a 30% increase in the last 5 years with 180 million people affected in India alone.

To eliminate these problems, she took the audience to a solution within our own reach. The feasible way around getting and leading an organic life away from pesticides, benefitting both the annadattas and the consumers of food supplies.

Dr Shiva suggested the concept of ‘eat fresh, eat local’. She mentioned that eating local food and creating a sustainable and healthy FOODSHED for our city meant reducing food miles and toxics in the food chain. Eating local means relating directly to our farmers and helping them shift to an agriculture that allows them to grow biodiverse, safe, healthy food that we all can have access to.

The lecture concluded with the Smart Cities concept which talked about eat fair and eat healthy. This, Dr. Shiva mentions, can be done by eating local food grown in your own garden. This can be started by concepts of smart cities, she mentioned. This can be done by forming a group of citizens and placing bulk orders from organic farms at Navdanya and starting Anna Swaraj Circles. This could lead to profits passing to the one who grows and not to the reseller which is resulting in deaths and deprivation of Indian Farmers.

Towards the end of the session, the enthralled audience raised several questions, asking for practical tips. The talk concluded with a vote of thanks and a round of applause. This talk is available on You Tube channel of the BCAS which can be viewed freely – https://www.youtube.com/ watch?v=8UCeGV-19MU

Half-Day Seminar on “Foreign Contribution Regulation Act, 2010” on Friday, 4th September 2015

The FCRA 2010 has done away with the Concept of ‘permanent’ registration, restricting the validity of registration to five years. The validity of registration of NPOs under the previous FCRA is valid upto 30th April 2016, subject to renewal. Such application for renewal is required to be submitted at least six months prior to the date of expiry of the validity period, i.e. before 31st October, 2015.

To understand the nitty-gritty of the FCRA and recent developments, the Corporate & Allied Laws Committee of the Society organised this half – day seminar at the office of BCAS.

Shri Chetan Shah, Vice-President of the Society welcomed the audience. Mr. Kanu S. Chokshi, Chairman of the Corporate & Allied Laws Committee of the Society briefly introduced the subject matter and the Speaker of the Seminar.

The Speaker, Mr. Noshir Dadrawala explained the procedure for registration/ renewal of registration and other compliances under FCRA 2010. He also enlightened the participants about the proposed amendments to the FCRA rules whereby the entire process of registration, renewal, applications, filings etc. is proposed to be online, with no

requirement to send the hard copies of the documents to the Ministry of Home Affairs, Delhi. The Seminar was ended with a question & answer session where the learned and experienced speaker satisfactorily addressed the queries of the participants.

The Seminar received overwhelming response. Out of the 104 participants,69 participants were non-members; and 13 were outstation participants. Presentation of the speaker on the subject was provided to the participants.

The Seminar was coordinated by Ms. Preeti Oza and Shri Manish Sampat.

Intensive Workshop on “Internal Financial Control”– Chennai held on 4th and 5th September 2015

A workshop, as it mentions, was an intensive workshop, covering various components of an Internal Financial Control like Control Environment, Risk Assessment, Control Activities, Information and Communications and Monitoring. 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 program was inaugurated by Padmashri T. N. Manoharan and then Speaker Ms. Preeti Dani shared her 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 case studies and examples well designed to understand the complexities of the Internal Financial control in a simplest way.

The workshop held at the Le Meridian Hotel, Chennai on September 4th and 5th, 2015, was attended by 63 participants from various Industries and Practice arena and from various locations spread across South India. Speaker Ms. Preeti Dani, covered topics like General Computer controls, Entity level controls, walkthroughs and testing methodology, sampling, Materiality, Financial Statement Assertions reporting on internal controls, etc in detail. The interactions between the participant 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.

Lecture Meeting on “Tax & Structuring- The Big Picture” held on 16th September 2015 at IMC by Speaker CA. Ketan Dalal

President Raman Jokhakar introduced Shri Ketan Dalal the speaker for the evening as one having immense knowledge on tax and tax planning aspects. He further added that the discussion will evolve around the speaker’s experiences and thoughts that would stand as a guide for all while advising our clients.

Shri Ketan Dalal started his presentation with his thoughts on addressing the bigger picture which our clients want to see in today’s complex business scenario and increasingly complex tax regulatory scenario. While as tax and legal professionals we all get more and more specialised in our field of expertise and as a fall out, we fail to see the fact that clients are expecting us to understand the business dynamics and expect us to give a holistic advice covering various aspects and not only restrict to tax so that the client can take an informed decision.

It is imperative    for us    professionals to know the regulator’s point of view. Otherwise, there are risks and reputational issues involved. He demonstrated his view with examples of Hero Honda and Maruti’s case. Shri Ketan Dalal mentioned that the client looks at us as a business advisor and not only as a tax advisor. The role of advisors need to undergo a change beyond the technical advice on any issue.

Shri Ketan Dalal concluded his presentation by throwing light on aspects of Transfer Pricing and the complexities involved in Put and Call Options. What the client wants and what the regulators expect from us, both are to be kept in mind while providing the complete picture to the client. Treacherous landscape needs to be recognised while advising on transactions and it’s often better to flag issues at least, even if not within scope. The speaker finally completed his session with an interactive discussion with the audience. The audience asked very practical questions and the speaker very well addressed them.

Finally, Shri Ketan Dalal concluded his session by stating that a holistic view is required in an increasingly specialised world.The session ended with a formal vote of thanks.

Society News

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Lecture Meeting on Issues in Taxation of Corporates and Shareholders on 25th July by Pinakin Desai


The lecture meeting was held at the K.C. College Auditorium, Churchgate. Mr. Pinakin Desai, Chartered Accountant addressed the audience on recent issues in taxation of corporates and shareholders viz., Dividend Distribution Tax, Capital gains taxation, Taxation of gifts and many more topics. More than 200 members benefited from the expert analysis and knowledge shared by the speaker. The presentation and video of the lecture is available at www.bcasonline.org & www.bcasonline.tv, respectively, for the benefit of all.

Lecture Meeting on Auditor’s Report – Recent Standards on Auditing developments, fraud reporting and other issues on 6th August 2014 by Khurshed Pastakia

The lecture meeting was held at the Walchand Hirachad Hall, IMC. Mr. Khurshed Pastakia, Chartered Accountant addressed the audience and shared his insights in respect to recent SA developments, fraud reporting and other issues from the view point of Auditors. More than 300 members and students benefited from the views shared by the speaker. The presentation and video of the lecture is available at www.bcasonline.org & www.bcasonline.tv, respectively, for the benefit of members and Web TV Subscribers.

Tree Plantation – Visit to Dharampur – 1st & 2nd August 2014

A two Day visit to Dharampur was organised by the Human Resources Committee of the Society with the help of “Vanpath Trust” (A Gandhian philosophy based NGO, at Bilpudi-), founded by Shri Bhikhubhai Vyas & Smt. Kokilaben Vyas. The couple has dedicated their entire life for upliftment of Tribals of Dharampur & thereby promoting the rural economic development from all perspective like Education/Health/Agriculture/Water management/ Environment among others. The 20 Participants planted saplings at Bilpudi in their pursuit to support the environment and take steps towards the “Green” initiative. The participants visited Shrimad Mission Ashram and a school at Matuniya Village in Kaparada Taluka.

Workshop on How to Conduct a Tax Audit on 8th August 2014

The Taxation Committee of the Society organised this



Workshop at Navinbhai Thakkar Auditorium, Vile Parle. The objective of the Workshop was to enable the participants to conduct the Tax Audits effectively keeping the relevant tax provisions and controversies in mind.

The Following Topics were discussed:

At the end of the Workshop a Brain Trust session was held where CA. Anil Sathe & CA. Himanshu Kishnadwala answered the queries to the satisfaction of the participants. 530 participants attended and benefited from the Workshop.

Workshop on “Procedures and Practical experiences in representing before CESTAT and Sales Tax Tribunal Practice” on 9th August 2014

The Indirect Taxes & Allied Laws Committee of the Society jointly with Youth Group organised this workshop followed by Moot Court at Walchand Hirachad Hall, IMC. The aim of the workshop was to encourage young talent and provide a platform to newly qualified Chartered Accountants and aspiring CA students to present their advocacy and presentation skills.

Seminar on Mind (Brain) Power on 9th August 2014

The Human Resources Committee of the Society organised this Seminar at BCAS Office. Mr. Bhupesh Dave, Trainer took the participants through the sessions by the mode of practical and real life examples.

Society News

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8th Residential Study Course on Service Tax & VAT


Mr. Naushad A. Panjwani (President) lighting the lamp

The Indirect tax and Allied Laws Committee of BCAS conducted its 8th Refresher Study Course on Service tax and VAT at Khanvel Resort, Silvassa from Friday, 13th June to Sunday, 15th June, 2014. Total 138 delegates attended, out of which 56 participants were from cities other than Mumbai viz., Pune, Nashik, Aurangabad, Jalgaon, Ahmedabad, Hyderabad, Telangana, Chennai, Delhi, Gurgaon, Agra, Jaipur, etc. It was inaugurated at the hands of the President Mr. Naushad A. Panjwani.

There were five papers – three discussion papers and two presentation papers as under:

Lecture Meeting – The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013 on 4th June, 2014

The meeting was held at the Lotus Hall of Society’s Office. The Speakers were Senior Associate/Team Leader Mr. Abhijeet Sonawane, Solicitor, Senior Associate/Team Leader Ms. Viloma Shah, and Associate Ms. Tanisha Doshi.

The speakers explained the new Act which was enacted w.e.f. 9th December 2013. With Power Point Presentation, they covered important definitions viz. Sexual Harassment, Aggrieved Woman, who are covered under this Act, Responsibilities of the Employers.The speakers laid emphasis on formation of Internal Committee, comprising of the Independent Woman, and three other members. They also explained the importance of laying down policy guidelines, conducting appropriate training sessions and educating the members.In the interactive session, they addressed many questions from the audience.

In the opening remark, the President explained the relevance of the topic referring to the guidelines laid down in the judgement in Vishakha’s case.

Participants appreciated the relevance of the topic and felt it important to spread the qualitative education and awareness on the subject in the business environment.

Power Summit – Networking within and across Professions on 6th & 7th June, 2014


L to R : Ms. Nandita P. Parekh, Mr. Uday V. Sathaye, Mr. Narendra P. Sarda, Mr. Naushad A. Panjwani (President)

A 2-day Summit was organised by the 4i Committee of BCAS. The objective of the Power Summit was to bring together leaders of accounting firms to discuss and debate the changing paradigm of the profession and to explore whether the time for cross functional professional firms/ companies has indeed arrived. The Summit was for professional firms that want to contemplate growth through mergers, consolidation and networking and through strategic thinking and pro-active initiatives. CFO Round Table on 6th June 2014 The CFO Round Table was a unique event organised by the Managing Committee of the Society. The programme was sponsored by BCA Journal & Godrej Properties. The objective of the programme was to look at how CFOs being in the hot seat can better prepare themselves for what the future holds, and how they prepare themselves with effective risk management strategies, proper corporate governance, as well as a crystal ball to predict how an ever-changing landscape will impact the industry. Some of the Comments received are shared below:


L to R : Mr. Gautam Doshi, Mr. Naushad A. Panjwani (President), Mr. Y. H. Malegam, Mr. Nitin Shingala

• The session was very informative and I would have liked if Mr. Doshi could have spoken longer. Unfortunately, I cannot attend a similar workshop in Lonavala due to some prior commitments. Kindly let me know whether the literature discussed in this event can be made available. Thank you, Best Regards – Arnab Chakraborti, Head – Operations, Kotak Commodity Services Ltd.

• Thanks. It was my pleasure and honour to be part of the forum – Manish Jani, Great Ship Global

• Thank you for inviting me for the CFO Round Table. I benefitted greatly by listening to Gautam Bhai. Regards Sanjay Khetan, Khetan & Co.

• It was my pleasure to participate in the summit & meet with you & your colleagues. I am happy I was able to contribute to the event & learned quite a few things from other distinguished speakers as well as from the interactions at the CFO forum. All the best for BCA’s future programmes. Warm regards, Uday Phadke, Principal Advisor (Finance), Mahindra & Mahindra Ltd.

• It was a good experience Mr. Panjwani and look forward to further interactions. Would be glad if the presentations can be made available. Thanks & Regards Smriti Vijay, AKER Solutions

• Very happy to be with all of you – Shailesh Haribhakti, Chairman, DH Consultants Pvt. Ltd.

• Thanks for the invite and it was really a great value add in listening to these eminent speakers – Sunil Burde, Pidilite Co.

• It was indeed a good opportunity for me to present in BCAJ, one of the premier association of our profession, for the discussion on Companies Act, 2013. Hope this continues in years to come. Regards Nambi Rajan, Thirumalia Chemicals.

BCAS Referencer 2014-15 Release Function, 7th June, 2014

Membership & Public Relations Committee organised the BCAS Referencer 2014-15 Release function. The Referencer was released at the hands of the Society’s President Mr. Naushad Panjwani. This year the Referencer is being released in two parts. The Supplement and CD will be released in August 2014 after the presentation of the Union Budget, 2014.

Society News

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Half day Seminar on ‘Law & Procedure Relating to Authority for Advance Ruling & Recent Controversies’ on 17th July 2015

The
Half day seminar was jointly organised by BCAS along with the Indian
Merchant Chambers, The Chamber of Tax Consultants and IFA -India Branch.
It was designed to enlighten tax professionals as well as
representatives of industry regarding the Law & Procedure Relating
to Authority for Advance Ruling & Recent Controversies under the
Income-tax Act. The Keynote address for the seminar was given by Hon’ble
Mr. Justice V. S. Sirpurkar, Chairman, Authority for Advance Rulings,
who enlightened the participants regarding the scope of AAR (including
extension of scope on account of domestic transactions), various
procedural aspects for representation before AAR and ambiguities present
in the functioning of AAR. Further, there were panel discussions on
topics of importance in the industry, like ‘Alternative Dispute
Resolution – Enhanced role of AAR’, ‘Availability of benefit of tax
treaties; limitation of benefits clause; and tax avoidance, etc.’ and
Tax issues arising from transfer of shares, business restructuring
(Including issues related to indirect transfers) and applicability of
MAT provisions to foreign companies’ followed by floor participation.
Eminent speakers like Mr. V. K. Gupta, Commissioner of Incometax &
Member-DRP , Mumbai; Mr. Pravin Kumar, Director of Income-tax
(International Taxation)-II, Mumbai; Mr. Ajay Kumar Shrivastava,
Director of Income-tax (International Taxation), Mumbai; Mr. Rajan Vora,
Mr. Girish Dave, Mr. Pranav Sayta, Mr. Kanchun Kaushal, Mr. Sunil Lala,
Mr. T. P. Ostwal and Mr. Rakesh Dharawat were part of the panel
discussions. The seminar was very useful for participants who attended
the programme.

Workshop on Black Money Act on 1st August 2015

The
half-day workshop was designed to both give a background of the Black
Money Act by way of a presentation by Mr. Hitesh Gajaria; and discussion
on many controversial issues by a panel consisting of Mr. T P Ostwal
and Mr. Rohan Shah, moderated by

Mr.
Hitesh Gajaria. Mr.Gajaria explained the whole gamut of the provisions
under the Black Money Act in his presentation. Mr. Ostwal and Mr. Shah
provided their technical and legal views on various questions that were
posed to them. All of them also answered questions from the
participants. The workshop was quite useful to the large number of
participants who had attended.

Tree Plantation ? Visit to Vansda ? Dharampur – on 25th July, 2015

A day’s visit to Vansda – Dharampur was organised by the Human Resources and Technology Initiation Committee of the Society with the help of “Dhanvantari Trust” at Vansda-Dharampur,
founded by Dr. Kirtikumar M. Vaidya, M.B.B.S. (Founder Managing
Trustee) with the blessing and inspiration from Sant Shri Ranchhod Dasji
Bapu. Dr. Vaidya left Mumbai 50 years back and settled in VANSDA, to
work for the Holistic Development of the Tribal villages of south
Gujarat, as a full-time Medico Social Worker. At present, he is working
in 320 villages of Vansda Taluka for their development from all the
perspectives like Education/Health/Agriculture/Water Management/
Environment etc.

The 20 Participants planted Mango saplings at
the farmer’s field at Vansda in their pursuit to support the environment
and take steps towards the “Green” initiative.

Captive plantations of Mango trees on the farmer’s field would generate regular income for them in future.

The
participants enjoyed Lovely Monsoon of Dharampur as well as had
wonderful opportunity to learn about the lots of noble activities
carried on by Dhanvantari Trust selflessly.

Lecture Meeting – How to achieve success in CA final exam on 30th July 2015

We,
at BCAS, always cheer and compliment successful CA students.
Simultaneously, we recognise that many students missed to achieve
success in the CA exams. Appearing and performing well in all the CA
Exams is the dream of every CA student.

Recognising the need and
urgency of imparting the special guidance to the CA students, Human
Development & Technology Initiative (HDTI) committee of BCAS jointly
with Rajasthan Vidhyarthi Gruh (RVG Hostel) and WICASA of ICAI had
organised two important lecture meetings on 30th July 2015 and on 21st
August, 2015 to help the students to understand and cope up with
preparation and pressure of CA Exams successfully. CA Atul Bheda and CA
Mayur Nayak delivered the talks. Both the learned speakers did share
lots of success mantra with the students.

Students
immensely benefitted by attending these two important lecture meetings.
These two lecture meetings would certainly help them to prepare better
for the forthcoming CA exams. It would also help them to perform better
as an article student in the office.

In the 2nd lecture meeting
which was held at the Indian Merchants’ Chambers on 21st August, 2015,
the recently qualified CA Final student from very humble background from
Pune Shri Mahesh Londe was felicitated by our Past President Shri
Narayan Varma. His sheer magnifying presence and address to all the
students present there motivated them a lot.

Indirect Tax Study Circle Series on GST

The
Indirect Tax Study Circle of the Society conducted a GST Series
Meetings comprising of 3 meetings on 4th July 2015, 18th July, 2015 and
on 1st August 2015 to discuss various aspects of proposed GST law, a
long pending most important indirect tax reform in this country. The
objective of the program was to educate the members about the broad
framework of GST and to identify brain trust issues on which the members
may deliberate in the forthcoming study circle meetings for possible
solutions. This will help the members in guiding their clients and
business community at large, to prepare them for the emerging law.

In
the first meeting, Adv. Shailesh Sheth addressed the members on the
Topic – ‘Why GST?’ The members discussed issues facing current indirect
tax structure in India, ideal GST framework, the similar law prevailing
in other countries and GST as a possible solution in India. In the
second session, CA Jayraj Sheth dealt with GST provisions from Indian
perspectives. He broadly addressed the members about historical
background of GST in India and proposed GST framework in India. In the
last meeting, CA Parind Mehta enlightened the members about the
intricacies of the 122nd Constitutional Amendment Bill 2014. Members
also discussed the requisites of the IT framework in the GST. The
members gained around 10 Hrs of knowledge and learning experience.

The
endeavour of the society cannot be overemphasised in paving a way for
participating in the law making process of the Government in relation to
new tax on goods and services replacing number of existing laws from
the angle of smooth transition, minimising ambiguities and
uncertainties.

Mr.
Ganesh Rajgopalan and Mr. Rutvik Sanghvi, the learned speakers for the
lecture meeting held on 29th July 2015 at the Jai Hind College
Auditorium covered various aspects of income tax returns such as the
persons obliged to file the tax returns, various types of income tax
returns, due dates of filing and the truck load of amendments brought
about in the income tax returns.

The
speakers drew attention to the major amendments brought in the income tax
returns – disclosure of all bank accounts in India held by an assessee at any
time
during the year, amended 

Foreign Assets schedule whereby additional information
is required to be given, disclosure of Passport number etc. They emphasised on the terms ‘beneficial owner’ and ‘beneficiary’, understanding of
which is a must while making disclosures in the foreign assets schedule. They
threw light on the minor amendments made in Schedules for House Property,
Business Profession, Capital Gain, Other Sources and Exempt Income. At the end,
they explained the entire process of e-filing of the return, linking of Aadhar
card to PAN and other alternatives for verification of the return.

Society News

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Students’ Lecture Meeting on 24th February 2015

Lecture Meeting on Performance evaluation of the Board of Directors including Independent directors, on 25th February 2015

On 25th February 2015, Ms. Smita Anand, Leadership & Talent Consulting, India & Head, Board/CEO Succession, Asia spoke on Governance matters: Performance evaluation of Board of Directors including the independent directors, at the IMC.

The speaker gave an overview of how governance matters at the Board level and how to differentiate between high performance boards and also-ran boards. She took the audience through some of the common issues faced in under-performing boards such as lack of strategic alignment, poor team dynamics, lesser role clarity, poor process driven management and wrong board make up.

She discussed at length as to how a board can move from process-driven approach to behaviour-driven approach. A company can grow from being a foundation board by having basic compliance in place, to a developed board which takes care of future proofing and basic compliance to an advanced board that takes into account high performance, future proofing and basic compliance, and finally, the strategic board that has its strategic assets in terms of world class insights, relentless focus on tomorrow and all the rest of the parameters of an advanced board.

Finally, the discussion was summed up on the 6 pivotal areas which lay the gold standard for good governance in companies.

Students’ Lecture Meeting on How to Succeed in CA Exams – Success Mantra and Practical Tips, on 24th February 2015

This lecture meeting was held at RVG Hostel, Andheri West, Mumbai. CA. Mayur Nayak, Past President, Chairman of Human Resources Committee of the Society conducted his 3rd Program on the topic for the benefit of Students pursuing CA. This session was basically conceived on the technicality of handling the pressure of Exams and various situations they personally come across during this period. His presentation covered the technique of dealing with fear of failure, lessons from the nature & law of Karma. He also gave various demos of exercises for keeping oneself calm during the exams. Students present gained immensely from the knowledge and technique shared by the eminent speaker.

Lecture Meeting on 2nd March 2015 on the Finance Bill (Economic and other aspects)

This lecture meeting was held jointly with Nani Palkhivala Memorial Trust, Forum of Free Enterprise, M.R. Pai Foundation, The A.D. Shroff Memorial Trust, Council of Fair Business Practices at Patkar Hall, New Marine Lines, Mumbai. Mr. H. P. Ranina, Noted Tax Expert & Mr. Yashwant Sinha, Former Union Finance Minister delivered a talk on various aspects of the Union Budget 2015-16 Members present gained immensely from the knowledge shared by the speaker.

Mentoring Seminar on 26th February 2015

The Membership & Public Relations Committee has launched its mentoring program at L. N. Welingkar Institute of Management Development and Research, Mumbai. This unique program endeavours to bring together young chartered accountants (mentees) and some handpicked seniors from the CA profession (mentors). Over a span of 6 months, the mentors will coach, guide and support their mentees in their professional journey so that the mentees are better equipped to achieve their career goals and visions. Participants immensely benefited from the session they attended and the journey continues.

Lecture Meeting on Direct Tax Provisions of Finance Bill, 2015 on 4th March 2015

Mr. S. E. Dastur, Senior Advocate, addressed our members on the Direct tax provisions of the Finance Bill 2015. Mr. Dastur explained the impact of the proposed amendments, highlighting instances of grey areas.

In regard to the proposed amendment in the definition of a resident applicable to foreign companies, he felt that the definition, of place of effective management, as proposed would lead to hardship and litigation.

Regarding the threshold set at 50% for the word ‘substantially’ in the proposed explanation 6 to Section 9(1), with reference to indirect transfers, Mr. Dastur pointed out that though the amendment was in consonance with the recommendations of the Shome committee, the word substantial would ordinarily mean something much more than 50%. Commenting on amendment to the proviso to Section 2(15), he felt that, the limit of 20% of receipts from any activity in the nature of trade, commerce or business, as against an absolute limit of 25 lakhs may actually affect smaller trusts adversely.

The speaker was critical of the amendment to section 263. In his opinion, extending the power to revise an order of an assessing officer, on the ground that it was passed without making inquiries or verification, would lead to extensive litigation, for as to what constituted sufficient inquiry or verification was a very subjective matter.

Mr. Dastur commented on a number of other provisions, in the finance bill. His presentation was of immense value addition to all, those present at the venue, as well as those, who heard him through the live web cast.

Udat Abeel Gulal on 5th March 2015

It was a proud moment for BCAS and BCAS Foundation to organize a music concert “Udat Abeel Gulal”, together with a few other organizations at the Bharatiya Vidya Bhavan on 5th March, 2015 in aid of Vicharata Samudaya Samarthan Manch (VSSM), an NGO dedicated to the cause of nomadic tribes. Attended by a large audience, it started with jugalbandi of Santoor and Saraswati Veena by very senior maestros Shri Snehal Muzoomdar and Shri Narayan Mani. They were 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 an atmosphere for celebration of spring with quotes from Kalidasa and Rig-Veda. Narrating the ethos of the theme, he said when season of Basant arrives, 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. The musicians were accompanied by vocalists Nupur Joshi and Gayatri Narayan. A Fine balance of melodious music with perfect percussion left the audience completely mesmerised.

The second session, “hori rasiya and haveli Sangeet” began with an introduction of the session by compere mihir Sheth, touching hearts of audience with his imaginative description of hori (holi) played by Krishna and Gopis    in Brindavan. Creating the atmosphere of ras, raga and sangeet he said that going by the calibre of the artists present, the music of the second session was certain to fill the hearts of all present with bliss appropriate to the festival of holi. the second session began with hori raga and haveli Sangeet devotedly sung by Shri Hemang Mehta evoking great response from the audience. Smt. Sraboni Chawdhari, another accomplished artist delighted the audience with her thumris, followed by Shri mangal mishra who enthralled the audience with his captivating voice singing Bandish and haveli Sangeet. Each artist performed with a unique style creating  a sheer magic  on audience which was deeply intoxicated with nectar of bliss as promised.

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. The  musicians  were  accompanied  by  vocalists Nupur  Joshi  and  Gayatri  Narayan.   A  fine  balance  of melodious music with perfect percussion left the audience completely mesmerised.
 

This event also provided opportunity to the audience to see the presentation of the great work being done by Ms. mittal patel of Vicharata Samudaya Samarthan manch (VSSM) who spoke of the challenges that the wandering, nomadic tribes live with. She made emotional appeal to the audience to be sympathetic to their cause saying that they are denied even a right of existence. audience was most receptive and with the result VSSm could collect donations of approx. rs. 6,50,000/ for a worthy cause.

Budget meeting on indirect Tax provisions of the Finance bill, 2015 on 11th March 2015

The lecture meeting was held at Walchand hirachand hall, IMC. Mr. Vikram nankani, Senior advocate addressed the audience on various aspects of indirect tax provisions of the finance Bill, 2015. Mr. Nankani discussed about the increase in service tax rates and detailed provisions on revising penalty rates for Customs, excise and Service tax. He explained the amendment to various sections such as section 78(B), section 67 and the significant change in terms of a service rendered by a Government or local authority through a business entity he also covered the significant changes made to section 73(1)(b) –recovery of
 
Service tax amount in self -assessment where a liability is arrived at, and in his view it violates all the canons    of natural justice. He also welcomed the change with reference reverse charge mechanism (including partial reverse charge),

Mr. nankani also discussed the changes with reference to fema provisions.

Workshop on power of Visual Communication on 14th March 2015

Membership & public relations Committee had organised this Workshop at BCA Society Office, Mumbai for Women CAS  &  CA  Students.  Ms.  himani  Shah,  trainer  in  her session covered the topics such as first impression, power dressing, defining authority with visual communication & grooming. the purpose of the workshop was to empower the women participants with the tips to project a powerful image at their workplace. 30 participants attended and benefited from the expert deliberation of the faculty.

Society News

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BCAS Cricket Festival 2015 on Saturday, 21st March 2015

Amidst the World Cup fever, the Membership and Public Relations Committee of the BCAS organised the ‘Annual BCAS Cricket Festival 2015’ on Sunday, the 21st of March 2015, at The Jsm P. A. Mhatre Academy, Juhu under floodlights. The festival received a great response from the Core Group members, their families, BCAS Youth and BCAS Staff. More than 45 players registered for the event, and to keep the spirit live the players were divided into 3 teams–Red, Blue and Yellow. The teams were lead by the President, Vice President and Immediate Past President respectively. True sportsmanship and the spirit of the players, supported by the cheerful crowd, along with the DJ and live commentary made this evening a complete event.

There were two matches played. The first of those matches was played between the President XI and the Vice President XI, led by Shri Nitin Shingala (Red Team) and Shri Raman Jokhakar (Blue Team) respectively. The match was fiercely fought by both sides. The match was won by the Vice President XI in the last over. The decider was then played between the Vice President XI (Blue team) and the defending champions of the previous edition of the BCAS Cricket Festival led by Shri Naushad Panjwani (Yellow Team).

The match saw some good performances. Shri Anand Bathiya (Yellow Team) put all doubts to rest by slamming four sixes in one over and helped them to retain the title.

The following players received awards for their great performances:

The festival concluded with a sumptuous buffet dinner

Lecture Meeting on Climate Control – The World in Transition on 25th March 2015


The meeting was held at the Society Office, Mumbai. Mr. Joachim Golo Pilz, Advisor Renewable Energy, Brahma Kumaris, shared his insights on climate control. Green and clean technology offers one pathway to improving our relationship with Earth and building sustainable energies. He mentioned that real change in any social or environmental systems must begin, and be sustained in the minds and hearts of human beings. What the world needs is a profound shift in awareness – a shift in the thinking – that has created our current environmental crisis. He emphasised the role of accountants in bringing about a paradigm shift in the way resources are valued and accounted for by each stakeholder. Members present gained immensely from the knowledge shared by the speaker.

Lecture Meeting on Foreign Assets, Recent Disclosures & Related Developments on 15th April 2015

The meeting was held on 15th April, 2015 at the Walchand Hirachand Hall, IMC, Churchgate. The learned speaker, Mr. Dilip J Thakkar, spoke to a packed audience on the very topical subject of “Foreign Assets, Recent Disclosures & Related Developments”. Mr. Nitin Singhala, President of the BCAS, welcomed the audience and gave his introductory remarks.

Mr. Thakkar, in his opening remarks stated that when the topic was allotted to him it was more from the developments on the now famous “HSBC” bank accounts case. However subsequently the bill on black money, namely; “The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 wast tabled in the Parliament and therefore he agreed to cover the salient features of the bill for the benefit of the audience.

Mr. Thakkar informed the gathering the manner in which the Indian Government got hold of the stolen data from the French Government. He then shared the experiences of the alleged account holders and the manner in which the assessments have been completed by the department. He narrated a few instances of how NRIs have been taxed on the income earned by them even though they are not liable to any tax on such income in India. He then discussed the various salient features of the new bill He felt that some of the provisions were stringent and brought back memories of FERA regime.

In the question answers session Mr. Dilip J. Thakkar cleared all the queries that were raised. The meeting was indeed a great learning for the participants.

The members may note that there was no audio or video recording of the lecture meeting.

Workshop on “Practical Issues in Tax Deduction at Source” on 10th April 2015

The Taxation Committee of BCAS has organised this workshop at Navinbhai Thakkar Auditorium, Vile Parle (East), Mumbai. The workshop was intended to keep the professionals updated with the recent developments in this field and the constant changes both in the regulatory as well as the compliance aspects of TDS provisions.

The following topics were covered at the workshop:

 
The workshop was a resounding success. All the key issues and challenges faced by professionals due to frequent changes in the law were addressed in detail. Many useful tips/steps were shared with participants to ease the process of getting TDS certificate u/s. 197.

5th Residential Study Course on IFRS/Ind AS from 19th to 21st February 2015

The 5th Residential Study Course (RSC) was organised by the Accounting & Auditing Committee of the Society in the lovely environment of Leadership Development Academy of Larsen & Toubro Limited at Lonavla in mid-February 2015.
Papers on the following topics were discussed/presented:

The group leaders competently discussed the paper in groups and communicated issues/concerns to each paper write before the papers were presented by the speakers. Group Leaders were Bharat Jain, Paresh Clerk, Prashant Daftary, Vijay Mehta, Hiren Shah, and Prasad Godse.

The RSC ended with a positive feedback from the participants expressing once again the need for this annual course.

 The CDs containing papers and presentations discussed at the RSC will be released very soon.

Society News

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Seminar on Current Issues in International Taxation on 16th October 2014

L to R : Mr. Nitin P. Shingala (President), Mr. Mayur Desai, Prof. Mr. Kees Vaan Raad (Speaker), Prof. Dr. Michael Lang (Speaker), and Mr. Rashmin Sanghvi.

BCAS, jointly with CTC, organised a Seminar on International Taxation at the Status Hotel, Mumbai.

In the first Technical session, Prof. Dr. Michael Lang, Head of the
Institute for Austrian and International Tax Law of WU, Vienna
University of Economics and Business, deliberated on the subject of
“Impact of BEPS on Tax Treaties”. He explained that G20 has initiated an
action plan against Base Erosion and Profit Shifting (BEPS) in respect
of avoidance of taxes by the MNCs who shift their profits/activities to a
low or no tax jurisdictions through dubious structuring and sham
transactions. The OECD, under the instruction from G20, has issued
series of action plans on various aspects of BEPS with possible
solutions. According to Prof. Lang mere changes in OECD Commentary to
address BEPS issue may not be sufficient unless countries make changes
in their bilateral tax treaties incorporating specific anti-abuse
provisions such as Limitation of Benefit (LOB) Article. He expressed
concern over the speed with which OECD is attempting to implement action
plans on BEPS. The Action Plan on “Preventing Granting Treaty Benefits”
may increase complexities. In the second Technical session, Prof. Kees
Van Raad, Chairman of the International Tax Center Leiden and Director
of the Leiden Adv LLM Program in International Tax Law, spoke on “Future
of Source Country Taxation of Active Business Income”.

Prof.
Raad discussed at length the origin of the concept of Permanent
Establishment (PE), attribution of profits to PE and its relevance or
otherwise in today’s digital world. Prof. Raad opined that there is a
gross misunderstanding as to where the profits are made, i.e., value is
created especially when sale is made in a country other than where
innovation and production takes place. Thresholds of
physical/project/agency PE are no more relevant in today’s digital
world. In any case PE was meant to be only a threshold. Perhaps we need
to relook at the entire concept of PE, he added. He said that splitting
of profits of an integrated internationally operating enterprise is
never going to be an easy task. May be then, the world needs to take the
difficult road the European Commission is walking with its Common
Consolidated Corporate Tax Base (CCCTB) proposal.

Intensive Workshop on Internal Financial Control as required under the Companies Act, 2013 on 17th& 18th October 2014

Mr. Y. M. Kale (Keynote Speaker)


L to R: Mr. Shivkumar Muthukrishnan (Speaker), Mr. Rajesh Muni, Mr. Y. M. Kale (Keynote Speaker), Mr. Harish Motiwalla, Mr. Himanshu Vasa, and Mr. Nitin Singhala (President).

This intensive workshop organised by the Accounting & Auditing Committee deliberated on various aspects of Internal Financial Control and helped the participants to better understand the various facets involved in developing the IFC which included:

  • scoping and materiality considerations,
  • identification of processes and sub processes,
  • design of control framework and mapping them to an acceptable control framework,
  • preparing test plans,
  • sampling strategy,
  • evaluations of controls etc.

The keynote address was delivered by Mr. Y. M. Kale. The faculties for this workshop were Ms. Preeti Dani and Mr. Shivkumar Muthukrishnan.

National Conference on Companies Act-2013 on 18th October 2014

The BCAS in association with the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) conducted a National Conference on The Companies Act, 2013 on 18th October, 2014 at Hyderabad where the following Topics were covered:


L to R : Mr. Anil Reddy Vennam, Mr. Harish Motiwalla, Mr. Mr. Abhay Kumar Jain, Mr. Shiv Kumar Rungta, Mr. C. Murali Krishna and Mr. Nitin Shingala (President)

Mr. Shiv Kumar Rungta, President, FAPCCI mentioned that Corporate Governance is an issue of vital interest to the business community and with the passage of the new Companies Act, 2013, there is now a larger focus on corporate governance. Every Director, whether independent/ non independent, executive/non-executive has a distinct role in the functioning of the company. It is only when the entire board functions effectively which results to good corporate governance and benefit minority as well as majority shareholder in the long term.

Mr. Nitin Shingala, President, BCAS also lauded the legislation of the Companies Act, 2013 and compared some of the provisions of the Act with the Sarbanes Oxley Act. Mr. Abhay Kumar Jain, Chairman, Corporate Laws, Legal and IPR Committee of FAPPCI was happy that the Joint National Conference by FAPPCI and BCAS is a momentous event and a first of its kind collaboration where both the industry and professionals have come together on a common platform which has given an opportunity to understand, work and perform the respective roles efficiently.

Mr. V. S. Raju, Advisor and Past President of FAPCCI introduced the keynote speaker Mr. Murali Krishna. The Keynote Speaker said that the Concept of True and Fair which was earlier restricted to the auditor has now been made the responsibility of the management. He also touched upon various other issues such as Internal Audit, Selection, Appointment and Rotation of auditors, Schedule III, Depreciation, Share Application Money, Independent Directors and Deposits. He felt that creating Jobs is the biggest Corporate Social Responsibility, Creating job is connected to every factor of the Economy, the GDP factor, the wellness factor or the human satisfaction index etc. He suggested for spending more on the employee, so that in turn they will spend into the economy and the whole economic system blooms and blossoms.

Lecture Meeting on International & Domestic Transfer Pricing – Recent Developments on 5th November 2014


Mr. T.P. Ostwal (Speaker)

This lecture meeting was held at the Walchand Hirachand Hall, IMC, Churchgate, Mumbai. Mr. T. P. Ostwal, Chartered Accountant shared his experience on the recent developments in International & Domestic Transfer Pricing with regards to Finance Bill 2014. He also explained the key challenges of the amendments with relevant case studies. More than 275 members gained immensely from the knowledge of the speaker. The presentation and video of the lecture is available at www.bcasonline.org&www. bcasonline.tv, respectively, for the benefit of all.

Workshop on Tax Audit (Advanced) on 8th November 2014

L to R : Mr. Kishore Karia, Mr. Ameet Patel (Speaker), Mr. Nitin Shingala (President), Mr. Mukund Chitale (Speaker) and Ms. Saroj Maniar

The Taxation Committee of the Society organised this Workshop at the Walchand Hirachand Hall, IMC, Churchgate, Mumbai. The objective of the workshop was to address the critical aspects of tax audits and the responsibilities of tax auditors with regards to the revised Forms for Tax Audit issued by the CBDT in July 2014, due to which the reporting requirements have escalated dramatically and several practical issues have arisen. The Following Topics were covered at the workshop:

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Workshop on NBFC Regulations on 26th September, 2014


L to R : Mr. Raman Jokhakar, Mr. Renganathan Bashyam (Speaker), Mr. Rajesh Muni, Mr. Abhay Mehta.

The Accounting & Auditing Committee of the Society organised this Workshop at the Society’s Office. The objective of this Workshop was to sharpen the skills of participants in this specialised area of NBFCs. Besides this, the Workshop created awareness amongst the young entrants to the profession regarding the professional opportunities available in the NBFC sector.

The following topics were covered at the Workshop:

59 participants attended and benefited from the Workshop.

Lecture Meeting on Success in CA Exams by CA. Mayur Nayak on 1st October 2014

Mr. Mayur B. Nayak (Speaker)

Lecture Meeting on “Related Party Transactions– harmonising and reporting under various statutes” by CA. Gautam Doshi on 8th October, 2014


L to R : Mr. Gautam Doshi (Speaker), Mr. Raman Jokhakar, Mr. Nitin Shingala (President), Mr. Mukesh Trivedi.

Advanced Workshop on Professional Writing Skills on 11th October, 2014

The Infotech & 4i Committee of the Society organised this Workshop at the Society’s Office. The objective of the Workshop was to enhance the writing skills for aspiring writers with a focus on professional writing.


L to R : Mr. Nitin Shingala (President), Mr. Anil Sathe (Speaker), Mr. Ameet Patel, Mr. Shreyas Trivedi.

The following topics were covered at the Workshop:


35 participants attended and benefited from the Workshop.

Half-day Workshop on SEBI/Securities laws for Chartered Accountants – Introduction to Basic Concepts, important Regulations, Penalties/ Settlement and Clause 49 on 17th October 2014.


Mr. Jayant Thakur (Speaker), Mr. Sharad Abhyankar (Speaker)

The Corporate and Securities Laws Committee of the Society held its maiden workshop at Babubhai Chinai Hall, IMC, Churchgate, Mumbai on Securities Laws to present Chartered Accountants in practice and industry to this rapidly developing field.


Mr. Shailesh Bathiya (Speaker), Ms. Shailashri Bhaskar (Speaker)

Mr. Jayant Thakur presented a detailed overview of the law, regulations, guidelines, etc., highlighting recent developments. He drew attention to many recent court/SAT/ SEBI decisions and issues of concern to CAs and listed companies. Mr. Sharad Abhyankar took participants through the history of Takeover and Insider Trading Regulations. He explained important concepts in the regulations, relevant milestones, compliance and substantive issues and certain recent developments. Mr. Shailesh Bathiya provided a meticulous analysis of the new Clause 49. Highlighting the old clause, the amendments made to it in April 2014 and also the most recent amendments of September 2014, he also explained how the compliances of listed companies generally and the job of independent directors specifically has become very difficult. Ms. Shailashri Bhaskar provided a detailed analysis of the latest Regulations of 2014 relating to settlement of penalties and compounding. She led the participants through the whole procedure in detail giving practical tips and areas of concerns.


Mr. Nitin P. Shingala (President) Mr. Kanu S. Chokshi Mr. Paras Savla

60 participants attended and benefited from the Workshop.

Society News

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13th Leadership Camp on 17th to 19th April 2015


The 13th Residential Leadership Camp (Spiritual Retreat) for BCAS members and their spouses was held at Moksh, amidst the scenic environment of the resort at Lonavala, between 17th April and 19th April 2015.

The topic was “Body-Mind Balance”. The faculty were Dr. Harish Joshi and Mrs. Kokila Joshi, reverently addressed as Guruji and Guruma by the 35 participants who attended the camp.

2-Day Orientation Workshop designed for Articled Students on 24th & 25th April 2015

A 2-day orientation workshop was organised by the Human Resources Committee of BCAS. The objective of the workshop was to give an introductory insight on a variety of topics which will assist students and fresh Chartered Accountants in their articled period and would also help them expand their knowledge base and sharpen their skills to discharge their duties more effectively

The first session started with the introduction of the concept of Body, Mind and Soul. The Faculty elaborated on layers of human existence emphasising that three things viz. Sankalp (Determination), Knowledge and Energy can accomplish any task howsoever challenging it may appear. What is required to be understood is that though apparently appearing to be different, the reality is only one and that is, each person is “Complete” in himself, capable to achieve anything through understanding the connection between the Body and Mind which can be easily perceived once an individual has perceived the layers of human existence. Session 2 elaborated on “Dharma of birth in human form” enlightening the participants on the supremacy of human form in the chain of evolution and how one should spread fragrance of good deeds, thoughts and love to progress on the path which can answer the question of “Who Am I?” leading to supreme enlightenment.

Session 3 and 4 made the participants realise some fundamental truths that can lead them to the right path prodding them to introspect to identify EGO, tendency of being JUDGEMENTA L and ATTA CHMENT which are big obstacles for realising the true purpose of existence. Participants were told that there are three forces, Brahma (Creation), Vishnu (Maintenance) and Shiva (Destruction) that constantly operate in the universe and are also present in each human to more or less extent. One needs to learn to identify these forces to appropriately adept oneself to truly realise one’s potential. The best technique for such identification is Meditation and Pranayama. It then got the participants to think about fundamental questions such as “Why are we here on earth?”, Is unconditional love the form of Godliness? etc. answering them with illustrations. The session ended with explanation of 3 different types of emotions viz. Sat (Love), Chita (Peace) and Bliss (Anand), and how they are governed. In the evening there were interactive games with ides of making participants think in terms of their behavior and interactions with their family members.

Session 5 and 6, on the second day, covered the significance of divinity of relationship with others as well as one’s own self. It explained how being connected to the almighty constantly helps you connect with yourself and others better and help you live your life harmoniously. Simple things like gestures of respect, such as touching feet, could increase humility and respect, and ultimately bring peace. The participants were also explained the concept of Guru, Satguru and follower and disciple, difference between forms of existence/personalities such as Manushya (Human), Deva (God) and Pashu (Animals). Different techniques of meditation were taught giving participants some very exhilarating experiences.

Session 7 guided participants to know their biological cycle to take emotional state to higher level which can free one from state of ” Vikalpas” (Alternatives) to “Sankalpa” (Determination) from being “Doubtful” to” Doubtless” and from being “Fearful” to “Fearless”. Session 8 started with meditation and addressed various subjects such as how to recognise one’s Ego, how to convert stress energy in to creative energy etc.

On the third and concluding day, Guruji and Guruma answered the participants’ questions collectively and individually. The camp concluded with gratitude to the faculty and blessings from them.

Workshop on ‘Present the Presenter Within’ on 25th April 2015

Human Resources Committee of BCAS organised this 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 to get rid of shackles of selfconsciousness and developed in them a compelling desire not only to express their ideas but to do so with forcefulness and conviction.

Felicitation of President & Vice President of ICAI on 28th April 2015

The Society invited CA Manoj Fadnis, President, ICAI, and CA Devaraja Reddy, Vice-President, ICAI, on 28th April, 2015 at the BCAS Office for an interactive meeting and felicitated them. The meeting was also attended by Mr.Sunil Patodia, Chairman – WIRC, Mr.Dilip Apte, Vice-Chairman, Central Council Member Mr. Nihar Jambusaria, and Regional Council Members Mr. Mangesh Kinare, Mr. Shradul Shah, Mr. Shushrut Chitale, Ms. Preeti Savla, Mr. Pankaj Raval, Mr.Neel Majithia and Mr. Mahesh Madkholkar, several Past Presidents of BCAS and other members.

During the interactive session, Mr. Arvind Dalal, Mr. Harish Motiwala, Mr. Kishore Karia, Mr. Govind Goyal, Mr. Gautam Nayak and Mr. Mayur Nayak put forward various issues concerning the profession, the members and the students. The President of ICAI, Mr.Manoj Fadnis, dealt with each of the issues raised elaborately and explained various steps being taken by the ICAI.

The Vice President of ICAI, Mr. Devaraja Reddy, explained the proposed revision in the CA Curriculum and the process followed.

Mr. Manoj Fadnis, ICAI President and Mr. Devaraja Reddy, ICAI Vice President, appreciated the work done by the BCAS and invited the BCAS representatives in supporting the ICAI in various technical areas. They also assured that such interactive meetings and dialogues will continue in the future.

Society News

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Lecture Meeting – ‘Are the new requirements of IFC & EWRM a boon or bane?’ held on 28th October, 2015

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.

He shared several practical tips on the process of structuring a framework, which included:

1. Closely work with a client team comprising of not more than 20 members; empathise with their pain points, so as to make the entire exercise more meaningful.
2. Do a walk through to get a better understanding of the challenges on hand.
3. Define materiality, identify significant accounts, disclosures and map significant cycles with subprocesses.
4. Ensure a feedback from the auditor in advance, so as to make necessary changes to the structure, wherever required.

While internal controls are an integral part of the enterprise risk management, some key differences include:

1. EWRM is applied in strategy setting, while IFC operate more at the process level.
2. EWRM is applied across the enterprise and includes taking an entity level portfolio view of risk; on the other hand, IFCs are for the processes which contribute to financial reporting.

He explained the distinction between threats, vulnerabilities and risks and drove home the importance of maintaining a Key Risk Register. The participants also got the benefit of an interactive session with the speaker.

Study Circle on New Annual MCA-21 Filings on 19th October, 2015

The Technology Initiatives Study Circle of the Society organised this meeting at the Society’s office keeping the fast approaching filing deadline in mind. The objective of the meeting was to elaborate on the nuances of various Annual filing requirements and their analysis so as to equip the audience to grasp the recent amendments made by the MCA. The speaker for the session was C. S. Mandar Jog. The program was well received by the members.

Lecture Meeting – “Use of Digital Evidence by Income Tax Department” held on 18th November, 2015.

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.

The learned speaker explained the importance of section 65 and 65B of the Indian Evidence Act 1872 and the Information Technology Act, 2008 which govern the legal framework on admissibility of digital evidence. He emphasised that the government officials have to be careful during the collection, analysis, preservation and presentation of digital evidence so that the integrity and admissibility of the same is not compromised.

Some of the points which the assessing officers have to be careful of while dealing with digital evidence are as follows:

Take a bit stream image or cloning of the storage device which is suspected to contain relevant data. This ensures that all the deleted files can also be recovered and analysed.

Evidence Collection Form as provided in the department manual is to be completely and carefully filled.

The “Hashing” of all the storage devices being seized is necessary. Hashing involves creation of a unique hash value for the data file which contains data about the creation, modification etc. of that particular data file. The hash values are also to be clearly noted in the Panchnama and also to be produced alongwith the evidences before the Court. The hash value proves the integrity of the digital evidence and that the same has not been tampered with.

A “Chain of Custody” Form has to be maintained to keep a tab on the exchange of digital evidence by the government officials during various stages of investigation.

At the time of search, all the computers and servers which are at switch-on mode are to be kept on and the data residing on the RAM (Temporary Memory) is to be copied. Switching off an active device deletes the data stored on RAM.

At the time of search, the assessee has to “Make Available” all the applications, softwares, licenses, user id and passwords to applications and cloud data to enable the tax officers to access the data and use their analytical tools.

The Income tax department has started forensic labs in Mumbai and few other metro cities and also use sophisticated forensic tools for analysing, data mining and collecting digital evidences.

The speaker also mentioned that the tax department is also analysing the digital footprints, location data, social media accounts, data from other government agencies and third party through AIR, to catch high value transactions and suspected tax evasions.

To conclude, the speaker also advised Chartered Accountants to make extensive use of forensic tools which are freely available while discharging their audit and certification duties. He also urged the Institute of Chartered Accountants of India to include the study of Information technology, forensic tools etc. in the CA curriculum.

The participants benefited immensely from the details and experiences shared by the speaker.

Students Study Circle on “Related Party Transactions and Loans to Directors, Investments and Loans by Companies and Acceptance of Deposits by Companies”

The Students Forum of the Society organised a study circle in two sessions on the topic “Related Party Transactions and Loans to Directors, Investments and Loans by Companies and Acceptance of Deposits by Companies” on Friday, 6th November, 2015 and 20th November, 2015 at the Society office.

The study circle was led by student speaker Mr. Pushkar Adhikari under the guidance of the Chairman CA. Tasnim Tankiwala and CA. Kumar Raisinghani respectively. The motive of organising this study circle was to make the future Chartered Accountants proactive & aware of the fresh piece of legislation. The average attendance in both the study circles was 20 students and it was a great learning experience for the student members.

The chairmen of both the sessions initiated the study circle with their opening remarks and deep knowledge on the subject. The speaker Mr. Pushkar Adhikari gave a deep insight of the topic.

Human Development Study Circle Meeting on “Strategies to enhance ROI on HR Investments” held on 13th October, 2015
At this meeting, Ms. Chhaya Sehgal presented the Various Strategies and Tools leading to Enhanced return on HR Investments.

1. Employee Retention: Most important for an employer in order to receive the employee contribution after recovering the cost of his acquisition, development and maintenance. What makes an employee stay in the organisation is not merely his salary. In addition to his salary it’s a combination of rewards linked to productivity, welfare measures to fulfil his needs as per Maslow’s Hierarchy, Recognition, Developmental Opportunities, an organisation culture conducive for performance and work environment with team spirit. When employees learn Gratitude, they stay longer in the organisation. How to make employees learn Gratitude. Case study of Google.

2. Value Based Management, EVA (Economic Value Added), DELTA EVA as tools for performance measurement and rewards distribution at individual, divisional, functional and organisational level to ensure the three tier goal congruence between the shareholders, management and the employees. Case study of Mayo Clinic in USA; despite being a not for Profit set up, it tops in Financial Performance in the Medical Care Industry because of VBM.

3. What makes an employee productive – K S A H i.e. Knowledge, Skills, Attitude and Habits – eventually productive and service oriented habits also shape up his attitude, knowledge and skills. These enable employees to generate CASH for themselves and the organisation both. Case study of Taj Mahal Hotel where due to customer centric culture, employees served and saved the guests at the cost of their own lives during the 26/11 terrorist attack.

4. What is Human Performance? Performance is equal to Capacity multiplied by commitment.

Capacity is equal to Competencies multiplied by Resources multiplied by opportunity.

Individual performance is equal to ability multiplied by motivation multiplied by organisational support adjusted with environmental factors.

Unlike every other resource in a business whose productivity is measured by dividing the Output by Input; only for HR, Productivity is a sum total of Inputs + Output since a person can alter his Input in terms of his CAPACITY and COMMITMENT to get desired output. The case study of Tata Tea; where Women brew a turnaround story in a tea estate after a successful buy out of company by the employees as an option instead of downsizing.

5. How a culture of innovation creates opportunities for everyone to grow and earn more and improves the financial muscle of the Company/organisation. Innovation catapults an ordinary business into leadership position; example Apple.

 6. Calculation of Return on Capital Employed (ROCE) and its significance in Balance Score Card to see the cause and effect relationship between employee empowerment, improved processed, enhanced customer satisfaction and wealth creation. The case study of Tata steel.

At the end of the meeting, the participants recommended a full day meeting to discuss in more detail since this is a vast subject.

One day Seminar on BEPS in Action held on 7th November, 2015

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 next session, CA. Paresh Parekh dealt with the BEPS action plans dealing with coherence issues. These included action plans for neutralising the effects of hybrid mismatch arrangements, limiting base erosion via Interest deductions and other financial payments, Strengthen the Controlled Foreign Corporation Rules and countering harmful tax practices more effectively, taking into account transparency and substance.

Thereafter, CA. Himanshu Parekh dealt with acton Plans relating to issues of substance in international tax law. These included action plans on Preventing treaty abuse and artificial Avoidance of PE status which result in base erosion and profit shifting.

All the above three technical sessions were chaired by CA. Gautam Nayak who shared his analysis with the participants.

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 above three technical sessions were chaired by CA. Rashmin Sanghvi who gave valuable insights on BEPS for the benefit of the participants.

All the speakers dealt with the Indian perspective on the action plans and what is to be expected going forward in India relating to BEPS. The Seminar was well received by the participants who benefited from the high level of discussions and topical analysis of BEPS.

Direct Tax Study Circle Meeting on Transfer Pricing – Recent Issues, Controversies and Jurisprudence held on 2nd November 2015

The speaker, CA. Namrata Dedhia under the guidance of the Chairman, CA. Mayur Nayak commenced the meeting by highlighting the recent amendments in relation to Transfer Pricing – Multiple year data and Range concept. She gave a brief overview of the existing provisions and practices used for benchmarking the data, and then moved to the rationale of using multiple year data for benchmarking. With the help of a diagrammatic representation, she explained the different scenarios where multiple year data and weighted average price is to be used for benchmarking. Thereafter, she commented upon the concepts of arithmetic mean and range concept. With the help of illustrations, she explained the procedure to be followed for determining the range, arriving at the arm’s length price and also the adjustment to be made to the arm’s length price by way of median value. Subsequently, she drew attention to the current issues relating to TP faced by the Industry and a host of recent decisions passed by various judicial authorities.

Direct Tax Study Circle Meeting on Section 195 – Recent Issues, Controversies and Jurisprudence held on 26th October 2015

The speaker, CA. Jhankhana Thakkar, under the guidance of the Chairman, CA. Gautam Nayak, gave a brief introduction of section 195 and the compliance procedures enshrined in Rule 37BB. She commented upon the mismatch between the amended section 195(6) and Rule 37BB and was of the view that the CA Certificate in Form 15CB is not required to be obtained if the sum to be remitted, is not chargeable to tax. She then drew attention to various issues in relation to withholding tax faced while making payments to non-residents such as FTS payments where section 44DA is applicable, payments for obtaining online database, payments for advertising on the websites, remittance to self, payments to companies which have a POEM in India. Thereafter, she discussed three recent decisions at length – Lionbridge Technologies Private Limited vs. ITO(IT–TDS) Mumbai ITAT 42 ITR(T) 413 which deals which TDS on reimbursement of cost of a software, ITO(IT) vs. Heubach Colour (P) Ltd – Ahmd ITAT (54 taxmann.com 377) which deals with payments for trademarks and intangible assets and ITO (IT) vs. Skill Infrastructure Ltd – Mumbai ITAT (62 taxmann.com 33) which is in relation to payments for consultancy services.

FEMA Study Circle held on 6th November

The Study Circle (Second Session) on Overview and Issues – External Commercial Borrowing (ECB) was held on 6th November which was very well led by CA. Mitali Pakle. She took the participants through the basics of the ECB such as statutory framework, key concepts and certain issues such as whether LLP/Partnership Firm are eligible to borrow, what software sector means where ECB is now permitted, whether purchase of business on slump-sale basis is permitted end use and many other relevant issues.She explained at length how to calculate ECB Liability Equity Ratio taking various illustrations and also discussed ambiguity in interpreting certain components therein.

Lecture Meeting –“Transfer Pricing – Recent Developments and Controversies” held on 4th November 2015

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.

He gave a brief overview on the following key controversies:

1) Market Intangibles – Dealing with AMP expenses, was led with the discussion on LG Electronics : Special Bench decision being that deals with legal issues not factual issues.
2) Share Valuation – General contentions of the revenue and the taxpayers, was led with the discussion on Vodafone India Services Pvt. Ltd: Bombay High Court Writ Petition.
3) BPO vs. KPO – Classification of broad range ITes services into BPO and KPO.
4) Contract R&D vs. Entrepreneurial R&D – Calculation of Cost plus mark up, the basis of the cost allocation, safe harbour rules and other parameters.
5) Location savings – Issues relating to location saving advantages and location saving rent, was led with the discussion on Watson Pharma Pvt. Ltd.

Along with the discussion on these controversies, CA. Rohan Phatarphekar also discussed about the disputes that are continuously revolving around Transfer Pricing and the mechanism on how to resolve such disputes. The recent developments of transfer pricing also includes developments in APA and MAP. The key recent developments included the discussion on areas such as:

1) Introduction of Range and Multiple-year analysis

2) Guidance on implementation of Transfer Pricing Provisions

3) OE CD/G20 BEPS Releases – Final reports on various Action Plans.

The learned speaker also showed the way forward in order to deal with such controversies and how effectively should we manage such disputes and what approach should we adopt to arrive on the final solutions.

Human Development Study Circle Meeting on “The Art of Asking Right Questions” on 3th November, 2015 at BCAS Conference Room ‘Gulmohar” by Presenter : Dr. Anil Naik

Anil Naik is an MBA from IIM, Kolkata, with a Phd. in Strategic Management. He is a consultant to large organisations such as Tata, Mahindras, etc. He is also a winner of many prestigious awards.

The subject was discussed in depth by Dr. Anil Naik touching upon various aspects of The Art of Asking Right Questions.

Knowledge is the Fuel for Power. Asking the right questions whether to self, one to one, to a group or in interactions is very important and useful in personal and professional life.

Right questioning with a purpose to collect and gain right information which has clarity of understanding is an Art.

The participants were amazed at the vastness and depth of the subject which was discussed in depth with practical examples of how individuals and companies succeeded due to the art of asking right questions.

Questions are asked with various purposes in mind. To name a few, it could be to motivate, to persuade, to move forward through tough times, to solve a problem, to collect information, etc.

Questions are useful to find specific, relevant or necessary information.

Questions enable communication which is useful in establishing strong relationships.

When a question is asked, we have an impulse to answer. This is answering reflex. A question stimulates the nervous system, gets the brain cells working and creates an impulse to answer.

Exactly what you ask and how you ask can affect the answer you get. The words make the difference. To whom am I asking this question? Is it a known or unknown person?

These are some of the glimpses of what was discussed in this presentation.

At the end, participants questions were duly addressed by the speaker.

The presentation was lively, interesting and humorous and the participants wanted more such interactive meetings.

Seminar on Charitable Trust on 7th November 2015

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 participants benefited immensely from the interactive sessions.

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Lecture meeting on Legal and Tax aspects of Trusts with special reference to REITs, INVSTs and AIFs on 17th June 2015

Mr. Dilip V. Lakhani, Past President of BCAS, addressed the audience in regard to special categories of Trusts. He also explained various structures and implications under Incometax thereon.

He highlighted the controversy around the status of the trust and the consequences of taxability of its income. In his view the status of the trust is dependent upon the status of its Beneficiaries. He drew attention to the fact that if the trust is revocable, then the income is taxable in the hands of the Settlor. He explained how trust can be an important tool for inheritance planning.

He further explained REIT structures and income tax implications on various parties to REIT. He expressed a view that capital gains tax on the sponsor in respect of transfer of the property through SPV to REIT is not exempt, but is deferred, which is one of the reasons for this structure not being popular in India. He mentioned a simple rule of taxation for income of REIT and its unit-holders:

INVSTs are similar to REIT.
Alternate Investment Fund: Finance Act 2015 has provided pass through status to only Category I [usually providing seed capital to start-up ventures] and Category II [usually providing funds to real estate] Funds, whereas Category III [usually have complicated, hybrid structures] Funds have not been granted such pass through status.

Mr. Dilip Lakhani’s presentation and explanation on private trusts with special reference to REITs, INVSTs and AIFs in a lucid manner was of immense benefit and was well appreciated by the audience.

9th Residential Study Course on Service Tax & VAT

Venue: Leonia Resort, Hyderabad
Dates: 19th June, 2015 to 21st June, 2015

Residential Study Course (RSC) is gradually becoming a very sought-after annual event of the BCAS considering the importance and the relevance of the subject in the current economic scenario. This year, the RSC was held at Hyderabad. More than 150 delegates from all over India participated and exchanged their knowledge and experience. In spite of heavy rains, water logging and delayed flights from Mumbai, all the participants made it to the RSC in time thus displaying their commitment to such an event. The Resort located on the outskirts of Hyderabad was a unique destination spread in sprawling greenery and natural rock formations with an ambience of luxury and warm hospitality.

Day 1 – 19th June, 2015
The RSC started in the afternoon with a group discussion on the paper titled “Case Studies on Taxation of Services” written by Advocate S. Thirumalai. The group leaders were CA Abhishek Doshi, CA Mandar Telang, CA Sudhir V. S. and CA Virendra Parwal. Case Studies on Valuation, Exemption, Point of Taxation and Place of Provision of Service were debated with active participation of all the delegates.

This was followed by the Inauguration Session – lighting of the lamp at the hands of Vice President CA Raman Jokhakar and the Chairman of the Indirect Taxes Committee – CA Govind Goyal. The Committee’s latest publication on “Service Tax – Basic Concepts and Procedures”, authored by CA Mandar Telang, was released at the auspicious hands of Advocate S. Thirumalai.

The inaugural session was immediately followed by the first technical session wherein Advocate S. Thirumalai gave his views on the case studies in his paper and also replied to other related issues raised during the group discussion. The session was chaired by CA Sunil Gabhawalla.

Day 2 – 20th June, 2015

The morning started with a group discussion on the paper “Case Studies on Cenvat Credit” written by Advocate L. Badri Narayanan. The group leaders were CA Leena Talathi, CA Nilesh Suchak, CA Sanjay Burad and CA Srikant Shenoy. The groups had a tough time completing all the issues in the paper as the subject was so vast and complex.


The second technical session was a presentation paper by Advocate J. K. Mittal on “Controversies in Service Tax”. In his inimitable style, he explained the controversies surrounding the Service Tax law, the contradictory judgments and challenges faced by the practitioners. The participants were left asking for more. This session was chaired by CA Sanjay Dhariwal.


In the third technical session, Advocate L. Badri Narayanan replied to the queries raised by the participants in the group discussion on his paper. He explained the complexities of the Cenvat Credit Rules and explained in detail so as to clear all the doubts of participants. This session was chaired by CA Uday Sathaye, Past President of BCAS.


In the evening, on the eve of International Yoga Day, a yoga session was organized under the guidance of CA Rajesh Kothari, Past President of BCAS. The response was overwhelming and on request of the participants, one more session was held on Sunday morning at 6 am.

Day 3 – 21st June, 2015

The morning started with a yoga session, it being the International Yoga Day.

The last paper for Group Discussion was of Advocate K. Vaitheeswaran on “Service Tax & VAT on IT, IT Enabled Services and E-Commerce Transactions”. The Group Leaders were CA Jayesh Gogri, CA Pranav Mehta, CA Samir Kapadia and CA Vikram Mehta. The case studies on the subject generated a lot of debate and fruitful participation.

During the fourth technical session, CA Jayraj Sheth presented a paper on “GST – Recent Developments & Expectations”. It was a wonderful presentation with facts and statistics about India’s progress towards GST. This session was chaired by Advocate Shailesh Sheth, who also shared his views on the subject.

CA Samir Kapadia, a member of the Indirect Tax Committee, made a small presentation on the initiative proposed to be undertaken by BCAS to prepare the professionals and the stakeholders to meet the challenges of new law on Goods & Services Tax (GST).


Thereafter, in the fifth and last technical session, Advocate K. Vaitheeswaran replied to all the queries raised by the participants. The paper writer’s exposure and his in-depth analysis made his talk very useful and interesting to the participants. He referred to various court decisions and explained the grey areas to the satisfaction of all. This session was chaired by CA Parind Mehta.

The RSC concluded with the Chairman of Indirect Taxes Committee CA Govind Goyal thanking all the paper writers, delegates for their co-operation and active participation, chairmen of technical sessions, the group leaders, all committee members, the BCAS staff, management of the Resort and all others who made this RSC a very successful event. He specially thanked the President CA Nitin Shingala and the Vice President CA Raman Jokhakar for their wholehearted support. Vice President, CA Raman Jokhakar thanked the Chairman CA Govind Goyal for his untiring efforts to make this RSC a memorable one.

After lunch, the participants departed to their respective destinations, cherishing the memories of the 9th RSC and with a promise to meet again next year at the 10th RSC.

Workshop for Independent Directors (in association with the National Stock Exchange of India) on 3rd July 2015

The Workshop for Independent Directors was inaugurated by CA Nitin Shingala (President), CA Kanu Choksi (Chairman), alongwith Mr. V. S. Sundaresan (CGM, SEBI) and Dr. V. R. Narasimhan (Chief Regulations, NSE)

Dr. Narasimhan gave the keynote address on the topic, citing some of the examples of mishaps in corporate world leading to stringent corporate governance norms being prescribed by the regulators. He mentioned that compliance requirements prescribed by law have arisen out of past experiences. Thereafter, Mr. Sundaresan gave a presentation on the expectations from the regulator’s perspective.

The Chairman mentioned that BCAS can conduct such workshops regularly, which can be recognised as a familiarisation programme for Independent Directors by the regulators.

Mr. Mahesh Athavale, Company Secretary by profession, appraised the participants about the duties, responsibilities and rights of Independent Directors. He shared some interesting practical experiences and case studies.

Mr. Mukund M. Chitale, Past President of BCAS, discussed the role of Independent Directors in an audit committee, board room dynamics and board evaluation. He shared his experiences as an independent director.

Practical issues faced by an Independent Director were discussed by a panel of Dr. V. R. Narasimhan (Chief Regulations, NSE), CA N. Venkatram, Mr. Madhu Bhagwat (Independent Director), led by CA Nawshir Mirza (also an Independent Director)

41 members took the benefit of the workshop. Participants were given ‘Certificate of Participation’ at the hands of the Panelists.

Monsoon Trek to Kothalighad on 11th July 2015

Human Development & Technologies Initiative Committee of the Society had organised a one day trek on Saturday, 11th July 2015 from Ambivali Village near Karjat to Kothaligad Peth.

The Trek was through thick jungle, close to nature surrounding the valley, and hills all around it. It got better as the trek reached greater heights. Considering that climate that day was favourable and cloudy with partial rain, the trek turned out to be enjoyable. Participants were high on energy and fully enjoyed the nature and were disciplined enough to be serious to the extent required for ‘safety’ and were environment friendly too. The 25 participants under the guidance of 3 experienced volunteers from Explorers & Adventurers Club completed the trek successfully. After the exhausting and enjoyable trek, the lunch at a small hotel at the base of Ambivali Village was lot more enjoyable. The return journey brought all back to the concrete jungle.

Lecture Meeting on Current Issues in International Taxation 15th July 2015

Mr. Pinakin Desai, the learned speaker for the lecture meeting held on 15th July 2015 covered various issues in International Taxation explaining various practical issues that one might face. The learned speaker commenced his talk with India-Mauritius DTAA, stating that the existing DTAA is under the process of negotiations and will undergo changes, resulting into a new revised DTAA which could be finalised in a couple of weeks. Then the speaker threw some light on the Black Money Act, 2015 which can have far serious implications on a Non-Resident becoming Resident and Ordinary Resident in India and explained the same with a few practical examples. Thereafter, the speaker drew attention to issues arising on indirect transfer of capital asset read in conjunction with Circular 04/2015 clarifying that the dividends declared and paid by a foreign company outside India in respect of shares which derive their value substantially from assets situated in India would not be deemed to be income accruing or arising in India by virtue of section 9(1)(i) of the Income-tax Act (ITA). Further, the speaker drew attention to the provisions of deemed international transaction by virtue of section 92B(2) of the ITA. Lastly, the speaker threw light on issues arising to foreign companies post amendment of section 6 of the ITA by the Finance Act 2015, which incorporated the test of POEM (Place of Effective Management) for determining the residential status of a Company. The lecture meeting ended after the speaker explained various issues as summarised above and their impact in practical implementation.

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Workshop on Mastering E Filing Compliances under Taxation & Corporate Laws, 28th January 2014 to 28th February 2014


L to R: Mr. Mandar Telang, Mr. Govind Goyal (Speaker), Mr. Ameet Patel and Mr. Suhas Paranjpe



This 15 Sessions workshop was jointly organised by the Indirect Taxes & Allied Laws Committee of the BCAS and HR College of Commerce and Economics. The objective of the programme was to enable users to gain comprehensive working knowledge on practical issues related to E-Compliances under various statutes like obtaining registration, payment of taxes or fees, submission of various forms or returns etc. are now required to be carried out electronically, using IT-oriented methods.

31 participants attended the course.

Seminar on Software Industry, 7th March 2014


L to R: Mr. Hasnain Shroff (Speaker), Mr. Naushad Panjwani (President), Mr. Kishor Karia, Mr. Gaurang Gandhi

A full day seminar on the topic “Software Industry” was jointly organised by the International Taxation & Taxation Committee of BCAS. The objective of the seminar was to understand the various nuances of direct tax, transfer pricing, indirect tax and accounting issues related to software Industry. The recent judicial pronouncements and the undercurrent of various contentious issues faced by the software industry, were also discussed.

105 participants attended the seminar.

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Special Lecture Meeting & Felicitation, 8th January 2014 Mr. Porus Kaka, Senior Advocate has recently been elected as President of the International Fiscal Association (IFA). Mr. Kaka is not only the first Indian but also the first Asian to achieve this feat. As a mark of regard and acknowledgement, the BCAS took this opportunity to felicitate him for achieving this very well deserved honour by the auspicious hands of Mr. Y. P. Trivedi, Senior Advocate. While Mr. Kaka also delivered a lecture on BEPS (Base Erosion & Profit Shifting), Morality in Taxation and the Changing Effect on a CA’s life, through an excellent way law is understood now. He ended the lecture by speaking on morality in tax laws and its effect on CAs and professionals.

Senior Advocate Mr. Trivedi as the Chairman of the session concluded the program by giving his views on the topic on certain current controversies relating to the stand taken by India at the WTO.

More than 950 people benefited from the lecture with the Live Webcast facility arranged by BCAS. The members present, had an opportunity to ask questions to Mr. Porus Kaka.

presentation animated with practical instances and videos. Mr. Kaka also covered 5 international tax and transfer pricing judgements that changed the The video of the Speaker is made available at www. bcasonline.tv for benefit of all members and web subscribers.

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Lecture Meeting on Capital Market Opportunities for SMEs on 3rd December, 2014


This lecture meeting was held at Walchand Hirachand Hall, IMC, Churchgate, Mumbai. CA. Nisha Subhash, Sr. AVP, National Stock Exchange shared her insights on various aspects of Capital Market Opportunities for SMEs. The faculty being associated with the National Stock Exchange for a long time was able to elaborate on the opportunities for SME’s Capital Market in depth. The main focus was on the difference between two platforms, that is SME Platform & Institutional Trading Platform. Members present gained immensely from the knowledge shared by the speaker. The presentation and video of the lecture is available at www.bcasonline.org & www.bcasonline.tv, respectively, for the benefit of all.

Lecture Meeting on Economic Offences: Criminal Law Systems; Cheque Bouncing Cases and EOW on 10th December, 2014

This lecture meeting was held at Walchand Hirachand Hall, IMC, Churchgate, Mumbai.

Mr. Niranjan Mundargi, Advocate and Mr. Yogesh Israni, Advocate, shared their experience on the various aspects of Economic Offences. The purpose of the lecture meeting was to make the members aware on the procedures of Economic Offences and their categories.
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.

Lecture Meeting on Pursuing Excellence in Profession – A Holistic Approach on 17th December, 2014

This lecture meeting was organised under the auspices of Shri Dilip N. Dalal Oration Fund at the Auditorium, K.C. College, Churchgate, Mumbai. Swami Swatmananda, Acharya, Chinmaya Mission, the learned speaker, threw light on how excellence in all spheres of life is a must as also in profession. He gave examples in his talk which revolved around professional excellence in their professional life. More than 300 members gained immensely from the deep knowledge shared by Swamiji. The presentation and video of the lecture is available at www.bcasonline.org & www.bcasonline.tv, respectively, for the benefit of all.

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Lecture Meetings

Filing of Returns for AY 2014-15: Amendments & Precautions on 25th June, 2014. The meeting was held at the Jai Hind College Auditorium. The speaker Mr. Jagdish Punjabi, Chartered Accountant dealt with the various aspects of filing of returns of income and amendments applicable for the same. More than 600 persons including students benefited from the expert deliberations and knowledge shared by the speaker

Founding Day Lecture on ‘Discovering our Sweet Spot in Life’ on 7th July, 2014


L to R : Mr. Rajiv Vij (Speaker), Mr. Narayan R. Pasari, Mr. Raman H. Jokhakar, Mr. Nitin P. Shingala (President), Mr. Naushad A. Panjwani, Mr. Mukesh G. Trivedi, Mr. Sunil B. Gabhawalla

The lecture meeting was held at the Walchand Hirachand Hall, IMC. Mr. Rajiv Vij, Internationally acclaimed Life & Executive Coach based at Singapore addressed the Founding Day lecture. He explained on how despite all the success and economic growth there is still an underlying occurrence of unhappiness in one’s life and how we can deal with it and still discover a sweet spot in life. More than 200 members benefited from his talk.

Three books were released on this occasion:
1. G ita for Professionals – Second edition ( English and Gujarati) by Chetan Dalal was released by Mr. Y.P. Trivedi

2. T axation of Fees for Technical Services – a Referencer by Anil D. Doshi & Tarunkumar G. Singhal ; Released by Mr. Narayan K. Varma

3. FA Qs on Accounting Standards by Abhay R. Mehta, Ashutosh A. Pednekar, Atul H. Shah, Chirag H. Doshi, Jayesh M. Gandhi, Manish P. Sampat & Nalin M. Shah ; Released by Mr. Arvind H. Dalal

Direct Tax Provisions of the Finance (No. 2) Bill, 2014 on 14th July, 2014


L to R : Mr. S. E. Dastur (Speaker), Mr. Chetan M. Shah, Mr. Narayan R. Pasari, Mr. Raman H. Jokhakar, Mr. Nitin P. Shingala (President), Mr. Naushad A. Panjwani, Mr. Mukesh G. Trivedi, Mr. Sunil B. Gabhawalla (not in frame)

Mr. S. E. Dastur, Senior Advocate, addressed the annual lecture meeting on Direct Tax Provisions of the Finance (No. 2) Bill, 2014 at Yogi Sabhagrah. Nearly 2500 members packed the auditorium to hear Mr. Dastur and 2028 viewers joined the live Web Cast. All of them benefited from the masterly analysis by the speaker. The viewers were from over 25 cities across the globe including Singapore, Salem, Melbourne, London, Erode, Abu Dhabi, Lagos, Zurich & New Jersey.

Indirect Tax Provisions of the Finance (No. 2) Bill, 2014 on 16th July, 2014

The lecture meeting was held at the Walchand Hirachad Hall, IMC. Ms. Bhavana Doshi, Chartered Accountant and Mr. Vikram Nankani, Advocate addressed the audience on various aspects of Indirect Tax Provisions of the Finance (No. 2) Bill, 2014. More than 300 Members and Students benefited from the expert analysis and knowledge shared by the speakers.


L to R : Mr. Vikaram Nankani (Speaker), Mr. Sunil B. Gabhawalla, Ms. Bhavna G. Doshi (Speaker), Mr. Nitin P. Shingala (President), Mr. Raman H. Jokhakar

Indirect Tax Provisions of the Finance (No. 2) Bill, 2014 on 17th July, 2014

The lecture meeting was held at the Walchand Hirachad Hall, IMC Ms. Bhavana Doshi, Chartered Accountant and Mr. D. B. Engineer, Solicitor and Advocate addressed the audience on various aspects of Indirect Tax Provisions of the Finance Bill, 2014 at this lecture meeting which was held jointly by the Forum of Free Enterprise & Council for Fair Business Practices. The audience included many young Professionals and Senior Members of the CA Fraternity who gained immensely from the analytical insights given by the learned faculties.

Visit to Orphanage on 2nd June, 2014


Mr. Mayur B. Nayak and Ms. Gracy M. Mendes representing BCAS.

Human Resources Committee had organised this visit to Orphanage at Parel. The Orphanage has a total 22 orphans and is managed by 7 staff members. The visitors distributed snacks to the children. They had a walkthrough of the place and were also amazed by the entertainment items presented by the orphans who specially prepared the songs & dances for the Members visiting the orphanage.

Three-Day Residential Refresher Course (RRC) on Companies Act, 2013 from 27th June, 2014 to 29th June, 2014


L to R : Mr. Harish N. Motiwalla, Mr. Manish P. Sampat, Mr. Naushad A. Panjwani (President), Mr. Anil Singhvi (Keynote speaker), Mr. Kanu S. Chokshi


Group photograph of the participants


Mr. Naushad A. Panjwani

The Accounting & Auditing Committee had organised this RRC at Fariyas Resort, Lonavala, with an aim to equip the participants with an in-depth understanding on some of the important provisions of the Companies Act, 2013 along with Rules notified thereunder. The RRC was structured in an innovative manner of building case studies around critical provisions which were analysed in depth by the participants and deftly dealt with by the speakers.


Mr. Harish N. Motiwalla

The course commenced with the inaugural address by the President of BCAS, Mr. Naushad Panjwani. He was happy with the response received to the Course from all over India and was particularly pleased to have a strong participation from the Industry. Later, the Chairman of the Accounting and Auditing Committee Mr. Harish Motiwalla, gave introductory remarks on the design and structure of the course and the purpose of selection of the topics for group discussion as well as presentation. He also acknowledged the presence of the Chief Guest of the RRC Mr. Anil Singhvi. Then there was the lighting of the lamp by all the dignitaries present to commence the course.


Mr. Anil Singhvi

Mr. Anil Singhvi in his keynote address on “Corporate Governance and Independent Directors” shared his experiences as part of the Board of various companies as well from the research work carried out on the functioning of corporate and directors. He was of the opinion that the Companies Act, 2013 is a good piece of legislation and will improve the functioning of the corporate sector.


Mr. Sudhir Soni

After the inaugural session there was a group discussion on first paper of Mr. Sudhir Soni on “Case Studies on Provisions for Related Party Transactions/Loans/Investments.” The case studies were highlighting the provisions to be complied with as well as the contentious issues which arise in implementing the relevant provisions. During the presentation on his paper Mr. Soni aptly dealt with the case studies and also covered the issues raised during the group discussion in a very immaculate manner. The session was chaired by Mr. Kanu Choksi, Co-Chairman, Accounting & Auditing Committee.


Mr. Ashish Ahuja

The last session was a presentation on the topic “Cross Border M&A, Minority Buy-Outs, Exit Options, Rehabilitation, etc” by solicitor and advocate, Mr. Ashish Ahuja. He took the participants through a comparison of the of the provisions of the earlier act and the newly introduced provisions dealing with the protection of investor rights. Mr. Rajesh Muni, past- President of BCAS Chaired this session.


The second day started with a group discussion on the paper    by    Mr.    Nawshir    Mirza    on    “Case    Studies    on    Directors, independent directors, Corporate governance (incl. schedule V – managerial remuneration).” The case studies highlighted the onerous  duties of KMPS and  independent directors while steering the company as well as the role of Board towards various stakeholders. Later,     Mr.     Mirza,     made     a     presentation on his paper and shared his vast experience as a director as well as chairman of various committees of directors, which was of immense value to the participants. Mr. Kishor Karia Past Presidents of BCas chaired this session.

In the evening, there was a presentation on the topic of “audit and accounting (incl. schedule  ii and  iii)” by Mr. Mukund m. Chitale. It was a session that will be remembered by each participant for a long time, as he dealt with the subject with his expertise in such depth that he dealt with the queries of the participants while he was going through the clauses in the act. The session was addressed by him for nearly three hours and was ably chaired by Mr. Arvind H. Dalal, a past-President of the BCAS.

The last day commenced with group discussion on paper by Mr. K. Sairam on the topic “Case studies on acceptance of deposits and CSR.” Mr. K. Sairam had circulated to the participants background material also along with the case studies.  his case studies covered all the     finer     and     contentious     aspects    which require attention as professionals and were debated in depth during the group discussion. He later addressed the  participants in the general assembly along with a presentation on the topic and also dealt with the queries raised by the participants during the group discussion. The session was chaired by the Vice President Mr. Nitin Singhala.

The concluding session was presided over by  Mr.  Kanu Choksi.  he acknowledged contribution of the faculty as well as active participants for the success of the RRC.  Some of the participants gave their views on the course and conveyed their satisfaction of the format and  structure of the course.

Jal Erach dastur Students Annual day on 28th June, 2014 – A Report

The Jal Erach Dastur students annual day is an event that is organised by the Bombay Chartered accountants society (BCas) every year.  This year the event celebrated its 7th anniversary at the navinbhai thakkar auditorium at Vile Parle (east).

This is organised by the student members of BCAS for the CA students. This platform enables CA students to come together and interact with each other.  The event commenced with a short prayer sung by the student committee members followed by the anchors introducing the honorable Chief guest, Dr. Bhaskar das, CEO of the Zee group. The chief guest inaugurated the event with the lamp lighting ceremony and spoke to the CA students at length on the importance of communication in today’s corporate world and answered the queries that the students put forth. He emphasised on the difference between volition and motivation. According to him, volition comes from within, whereas, motivation comes from without and therefore the former is more important in life than the latter. The President of the society, Mr. naushad Panjwani, welcomed students and advised them for the balanced growth in life. The Chairman of the Human Resources Committee, Mr. Mayur Nayak, delivered his address on “dare to dream.”  In his short speech, he emphasised on the need to dream big. Miss Priya  Nangalia introduced  Mr.  Narayan Varma, the Past-President of the BCAS and an ardent supporter of the students’ activities, and showed his message through a video clip as he could not remain present due to his ill health.

Mr. Raj Khona and Mr. Smith Madlani enlightened students about various students’ activities such as study Circle, monsoon treks, sports day, etc. thereafter,  a small skit was performed by students on the theme of “jan andolan”.  Post this,   the “Chandanben manganlal Bhat  elocution Competition” was  held    where    finalists    of the    elimination    round    battled    it    to    win the  coveted trophies. in the tea break, the students feasted   on the delicious  mumbai vada pav along with a cup  of tea/coffee.

The    post    break     session    witnessed     the    most    awaited    quiz round. The four selected teams from the eliminations competed    with    each    other     in    a    very    heated     time-bound    quiz    competition.    The    finalists    were    on     their     toes    while    answering    mind    boggling questions. the audiences also actively participated in     the    quiz.    The     football    scoring    approach    adopted    by     the quizmaster,    Mr.    Aashish    Fafadia    was    an    instant    hit    amongst    the    audience.    The    quiz    was    ably     scored    by    Miss    Dhwani    Shah    and    Mr.    Rajesh    Pabari.    On    completion    of     the    quiz,    a    short      audience round was held by Mr. Harshil mehta and other   students’ Committee members. The audience was in splits with most of them participating very enthusiastically and lifting up the spirits.
 
The much awaited talent round was next on the list. Nineteen     finalists     competed     with     each     other     in     various     fields    like singing, dancing and playing instruments. With the end of this round, the judges of the talent round performed and mesmerised the audience with their singing and   instrumental music.  The winners of the various contests held,  i.e.,    Elocution,    Quiz,    Essay    Writing    Competition    and    the    Talent    Show    were    distributed    prizes    and    certificates    and    were felicitated for their performances.

The entire show was very ably anchored by Mr. Pawan shukla and miss Aneri Merchant. Mr. Raj Khona was felicitated for securing highest number of registrations. Mr. Chintan shah, Mr. Raj Khona and Mr. Smith Madlani’s efforts were recognised for coordinating students’ study circles during the last year. Mr. Samarth Patil proposed the vote of thanks to Mr. Sohrab Erach Dastur for sponsoring the annual day in fond memory of his brother, the late Jal Erach Dastur, the family of the Chandanben manganlal Bhat for sponsoring the elocution Competition and all those who had contributed to making the programme a success. In all, 366 students registered for the annual day. The motto of the event – to gather CA students on a single platform to showcase their talent and their extra-curricular
skills was very well achieved.

65th Annual general Meeting, 7th July 2014,   Walchand  Hirachand Hall,   4Th FlOOR,    Indian    Merchants’    Chamber, Charchgate, Mumbai 400 020

The 65th annual general meeting of the Bombay Chartered accountants’ society was held on monday, 7th july 2014, at  Walchand  hirachand  hall,  4th  floor,  indian  merchants’ Chamber, Churchgate, mumbai.

Mr. Naushad A. Panjwani, President of the society, took the Chair. All items as per the agenda given in the notice were undertaken including adoption of accounts and appointment of the auditors amongst other things.

Mr. Mukesh G. Trivedi, hon. joint secretary, announced the results of the election of the President, the Vice President, two secretaries, the treasurer and eight members of the managing Committee for the year 2014-2015. Mr. Mukesh G. Trivedi announced the names of the following members as elected unopposed for the year 2014-2015. also, the names of co- opted members and ex-officio members were announced. the “Jal Erach Dastur awards” for best feature and best article appearing in BCas journal during 2013-14 was announced. the winners were: Bhavesh dhupelia, shabbir readymadewalla, Vijay mathur for the feature on auditing standards. Ankit V. shah and Tarunkumar singhal for the article on Powers of the tribunal to stay demand beyond 365 days.

The special edition of the journal july, 2014 on “future of india youth’s Perspective” was released at the hands of mr. arvind h. dalal, past-President of the society. the editor, mr.anil j. sathe, announced that this edition has six special articles namely “imagining india from the eyes of young Pro- fessionals”, “Gazing Through the Crystal Ball”, “Reinventing india – a youth Perspective”, “arbitration Law in india – the Way forward”, “my india” … a decade from now …” and “to- wards a healthy india.” the youth of the society who had contributed articles to this edition were felicitated by being given the special edition.

Thereafter, the outgoing and incoming Presidents, mr. nau- shad A. Panjwani & Mr. Nitin P. Shingala respectively, addressed the members.

Outgoing  president Naushad Panjwani’s speech

Incoming President, nitin shingala, all my colleagues on the dais, respected past presidents, seniors and friends.

As i stand before you for one last time as the President of BCAS, i have an option on what i speak for the next ten minutes or so. I can either spend time thanking a lot of people who i should and want to and will. Or i can give advice to the incoming team, which i shouldn’t and i won’t. and even if i did where will they listen to me. did i listen to deepak’s advice? or i could list out all the activities that were carried out by the team in the year gone by, which i don’t want to do. It’s a team achievement and i cannot stake credit or seek accolades.

What i would like  to do is to compliment  the entire  team  of managing committee members,  chairmen,  co-chairmen, convenors, coordinators, core group members, the youth group, Cassem and the other staff of BCAS and shrutika. My special gratitude to the spouses of the core group members for getting involved in many BCAS programs. I request you to help me thank all of them by applauding the splendid work done by the team. having thanked others’ spouses, if i did not thank my own spouse, mere achche din khatam ho jayenge. so thank you afsheen for your support and understanding.

I couldn’t have asked for better office bearers. And as the events of the year transpired, i saw how each one of them stood up to take charge of the challenges on hand. Showing great grit, determination and character.

Nitin, I thank you for being my confidant. Your ever smiling demeanour eased so many pressure situations. you are a Trupt aatma and i pray that you remain so forever. under your leadership BCAS will scale new peaks. They say that you must learn from the foolishness of others and nitin, for that, i am ever at your service.

Raman, your suggestions in crunch situations were like a ray of light or as they say in sanskrit – Rashmi.

Chetan, was ever so cool and he faced everything with so much Sheetalta.

Mukeshbhai, thank you for bringing so much passion and Bhavna in everything you did.

Congratulations to narayan and sunil for joining the A-Team as the new secretaries.

This year, we lost two past-Presidents in Mr. B V dalal and Mr. Navin Kishnadwala. Both have contributed immensely to the society and we will all miss them.

My transition from a practicing CA to a business leader happened when i was the secretary of the society in 2006. I soon realised that the work pressures and timings are so different that I forget being an office bearer, even contributing otherwise is so challenging. That was the reason that i kept shirking this responsibility for some time. as most know, i accepted the challenge to lead BCAS at the behest of narayan Varma and a few others. But once i got into the mindset, the support that i received from all gave me new wings.

Jab aapka hukm mila toh maine tarq mohabbat kar di, Dil magar uss pe woh dhadka ke phir qayamat kar di.

I have thoroughly enjoyed my year as president of BCAS. I have gained a lot in the process. The president’s page received a lot of accolades and i am mighty pleased with that. But writing is something i have always been comfortable with. it is public speaking that i was absolutely paranoid of. So much so that i have goofed up even while reading from a prepared speech. i had to just look at Mr. Kishor Karia in the audience to know when i goofed up and know that i had to correct myself. But being president meant that mumbling or fumbling, i had to keep speaking at all events and slowly i found my fear disappearing.

Being on the dais along with various speakers i had the opportunity to observe their style and preparation. The one speaker who impressed me the most was Mr. N. P. sarda. in one of the talks on accounting standards, for which he spoke non-stop for about two hours and kept the audience spell bound, I was amazed to see that he had no books, no speech, no presentation or even any notes. all he had was a chit of paper with two words written on it. Obviously i was curious. after the talk i took a peek and saw what those words were. Those two words were Naushad Panjwani. That was the only thing he was probably not sure if he would remember correctly.

The theme for this year’s annual report is “time.” Fittingly, so. in the journey of time, the society has grown from strength to strength. the membership has consistently grown. the pro- grams have grown manifold. Every year so many new initia- tives are incubated. the society has kept inventing and reinventing itself constantly. Each President has contributed to this in his own way. To keep up with the needs of the time we have enabled a non-past president to be appointed as a co- chairman of a committee. And I congratulate Nandita Parekh for being the first such co-chairperson.

The youth group was formed this year and, as we have seen, has rejuvenated the core group. i am happy that most committees have now included a lot of youth members. To the youth i would like to say, be bold, be respectful and be effective. have your say. Don’t lose your exuberance. Be sincere but don’t be serious. have fun.

Zindagi Zinda dili ka naam hai Murda dil kya khaak jiya karte hai

Having covered all the important aspects i could end my speech here. But just a few minutes back i proclaimed that i am no longer afraid of public speaking, hence i would like to speak for a few more minutes.

Mandir ki taraf dur se naman kar lun, Ya buth ka aakhri nazaara kar lun, Kuchh der ki mehmaan hai jaati duniya,
Tauba kar lun ya Ek aur gunaah kar lun?

I would like to touch upon two areas which i think are necessary for the society to remain relevant in these times of google and youtube. Knowledge is available there too.

I have viewed our society as a matrix organisation. While on one hand we have our domain expertise like direct tax, indirect tax, international tax, accounts etc., on the other hand, we have the various categories of our membership like the practicing CA, members from industry, the CfOS, members Presidents, seniors and fellow members. it is a great honour to be bestowed with the responsibility of leading the Bombay Chartered accountants’ society, an institution that has a glorious past and strong foundation built through selfless contribution, dedication and perseverance of from Psus, the youth, the senior CA so on and so forth. We have tried to understand the needs of each constituent and attempted to design programs for each. this is the new service level expectation. We must continue to do this and in the years to come we will see the impact of this.

To be relevant we need to be heard in the corridors of power. this year we were fortunate that the union revenue secretary Mr. Rajiv Takru sought us out through Shariq Contractor and we had a great closed door meeting with him. But this is not enough. the society is a non-political voluntary body and makes representations on behalf of the general tax payers without any vested interest of any group or industry. We must reinforce our position as such. We must be visible. We must be effective. We must stop being shy.

Before assuming office, I had sought Rajesh Kapadia’s ad- vice and the only thing he said to me was “BCAS is a very prestigious organisation and the role of the President is a huge responsibility. As the flag bearer conduct yourself with dignity.” As I reflect on the year gone by, I hope I have lived up to his advice.

Tujh ko ruswa na kiya, khud bhi pashemaan na hue, Ummeed hai Ishq ki rasm ko iss tarah nibhaya humne.

As I step down today, I am satisfied and relieved. But the realisation has already sunk in that starting tomorrow I will join the august group of past presidents. The past presidents of BCAS have continued to contribute so much to the society and I am excited by the prospect of doing my bit. And for this I will have more than a year to do so.

Sitaaron se aage jahaan aur bhi hain, Abhi ishq ke imtehaan aur bhi hain,
Gaye din ki tanha tha main anjuman mein, Yahaan ab mere razdaan aur bhi hain.

Incoming President Nitin Shingala’s speech

President  naushad,  my  dear  colleagues  raman,  muke- sh, narayan, sunil, Chetan in absentia, respected Past its founders and successive leaders. i accept this responsibil-
ity with sincerity and promise to work, andto live up to the highest expectations! my team and i are committed to work ceaselessly and tirelessly to the serve interests of the BCas, pursue our vision and endeavour that the society continues to scale new peaks.

It has been a zestful year under Naushad’s leadership with the Society’s flag continuing to fly high. With style, vigour and his trademark innovative approach, naushad put into action several path breaking initiatives such as connecting with the youth brigade, the Cfos and senior chartered accountants, besides maintaining high standards for various regular activi- ties. While facing any crisis, naushad led from the front and pursued win-win solutions. my heartiest compliments to nau- shad for his memorable leadership and an excellent year!

Peter drucker once  said,  ‘a  voluntary  organisation  ex-  ists to bring about a change in individuals and in the soci- ety.’ in today’s fast paced life, a few questions  do arise:  Why volunteer? how does it help me? Well, i found the answer to these pertinent questions in the following quote by swami Vivekananda:

“Ask nothing; want nothing in return. Give what you have to give; it will come back to you – but do not think of that now, it will come back multiplied a thousand fold.”

Friends, I am one of the countless beneficiaries to whom  the BCAS has given back what we gave, multiplied a thou- sand fold.

The  Business  Consultancy  studies  (BCs)  course  during 1998-99 brought me closer to the BCAS. Soon, I was invited to join the Core group in 2000. This BCS programme conceptualised by shri Narayanbhai, Nandita and other seniors, changed the course of many lives including mine.

I have learnt and gained a lot during the last 15 years of being in close association with the BCAS. Seniors have welcomed me with open arms and made me feel a part of this magnificent family. I have gained so many endearing friends. In hindsight, i wish i could have become active in the BCas much earlier. As a member of the Core  group,  one  gets  an  opportunity to observe the seniors closely. I found them very gracious and easily approachable, ever ready to share their knowledge and help the juniors in overcoming their difficulties.

Pradyumnabhai and arvindbhai teach us that the quest for knowledge is a lifelong commitment. At the Company Law rrC held recently, i found arvindbhai and Kishorbhai amongst the participants, ever eager to learn new developments. this made me nervous. I felt I was not learning enough! Narayanbhai teaches us how to be innovative, think big and differently for the larger good and remain forever young. Pradeepbhai shah has been a great emotional support when trupti and i needed the most. he has been helping all of us to keep our hearts and emotions in the right places. my daughter, Parnasi too, is an ardent fan and admirer of Pradeepbhai! Learning from stalwarts such as Pinakinbhai sharpens our understand- ing of core subjects. each stalwart inspires and teaches us, in his own unique manner, the qualities and the abilities that an accomplished professional must cultivate and imbibe.

Consider this modern definition of a Professional in today’s context by subroto Bagchi, a noted management thinker and an entrepreneur. he says, “…to be a Professional takes more than just aptitude. It takes a commitment to doing what’s right, not only for your business, but for the society as a whole.”

My belief in the value system became stronger by observing these stalwarts adhering to the highest standards of ethics and values. the BCAS provides the right environment and impetus through selfless mentoring to chartered accountants to be outstanding professionals.

This mentoring at the BCas is important to members from all backgrounds. Members from small and medium practices get to learn from their seniors and can find support to grow. Members from large global firms get a collaborative and neutral platform to enrich themselves with academic pursuits. members from the industry get the opportunities to spruce up their knowledge and network. the value proposition that the BCAS offers is great. We need to ensure that this message is driven home, louder and clearer, to help spread the benefits widely. I look forward to the membership and Public relations committee led by naushad to pursue this with greater fervour.

While coping with complexities in the ever changing world and the resultant uncertainty, it is helpful to understand the elements that remain constant. nicole Baker, an american researcher  in  the  subject  of  futurology,  stresses  on  three such constants that capture the essence of our social fabric regardless of the time period:

•    the drive to explore;
•    the desire for interpersonal relationships; and
•    the need to make sense of the world around us.

I find the activities of the BCAS encompass each of the above elements and the annual plan for 2014-15, circulated to you, also underscores these elements. The plan focuses on ex- ploring new frontiers of knowledge, developing outstanding professionals, mentoring and fostering relationships, and con- tributing to the nation building. I am happy to outline specific thrust areas for the ensuing year.

•    Laws, Regulations and governance
India is in the process of modernising key corporate and tax laws. We must commend and support the government in this overdue exercise. However, the journey so far has been far from satisfactory with the legislature and the bureaucracy falling short. The experience with the Companies act 2013 and its implementation so far has been very agonising. even the drafts of the direct tax code have been heavily criticised.

While we have very  high  expectations  of  “acche  din”  from our Prime minister, narendra modiji, it must be re- alised that we need to grow beyond complaining and contribute proactively. In the presidential address last month, the new government has committed to participative governance and promised to engage directly with people in policy making and administration.

our Vision statement states that the BCas shall be the catalyst for bringing out better and more effective government policies and laws and clean and efficient administration and governance. It is thus important for us to step up the efforts. My team and I look forward to working with the Chairmen of various committees to ensure that we continue to make effective representations so and that our voice is heard.

a separate committee, ‘Corporate and securities Laws’ has been set up to focus on this area of growing importance.

•    Practice Management
The  accounting  industry  presents  a  fragmented  scenario where small and medium firms constitute a large number of practitioners. Low entry barriers, low switching costs for clients and high exit barriers are the main reasons for the fragmented nature of our profession. this can be countered by helping small and medium sized firms to network and grow and adapt to the best practices. the infotech and 4i committee has been conducting annual power summits for this purpose. My team and i look forward to the committee to build further and take up new initiatives in this area, including contributing to a regular column on this subject in the BCA journal.

•    CFOs and Corporate Members
The role of Chartered accountants in the industry has been expanding into leadership. It is therefore important to build further on our initiative to reach out to and connect with the CFOs in general and various specific industry groups in particular. My team and I look forward to working with various technical committees and the membership and Public relations Committee for specific programmes for this segment.

•    Youth Group
Today’s  youth  are  tomorrow’s  leaders!  I  am  sure  that  the membership and Public relations Committee led by naushad will give further momentum to this very important initiative in the ensuing year. I call upon each one of the youth group members to benefit from this gratuitous mentoring and look forward to them as our future leaders.

•    Students
The  students  are,  after  all,  our  future. The  HR  committee is doing excellent work in this area through innovative programmes. The professors in accountancy are a vital link to the students. many of us have been lecturers in the past. the BCas needs to connect with this community in a structured manner. Another brilliant suggestion has come from nandita that the BCAS should encourage the principals to sponsor their article students for short-term internships at various ngos and at the society itself. This will help the students to widen and deepen their learning and provide a holistic experience. My team and I look forward to working with the hr committee led by mayur and nandita on converting these excellent ideas into actions.

•    Technology
All aspects of our lives, profession included, are being impacted by the ever-changing technology. We must understand and leverage the relevant technology in conjunction with our core competencies, to deliver superior services. The infotech and 4i committee has been doing a lot of work in this area. I request Chairman ameet to ensure that the committee continues to address the growing requirements of the members.

The BCAS itself has been generally proactive in embracing the technology changes. recently, our revered BCA jour- nal embraced an e-avatar. Further, the team is working to build a revamped portal to improve knowledge sharing and connecting with the members. In addition, we will continue to explore various digital mediums such as WebtV to over- come distances in dissemination of knowledge and to extend the reach of our programmes.

•    Staff and office infrastructure
Our annual report carries an important statistic about hours of education the BCas delivers. the annual hours of educa- tion have grown from approx. 25,000 in the year 1993-94 to 38,000 in 2003-04 and in 2013-14, it was little over 132,000, an increase of over 500% in last 20 years. Our staff has been putting in very hard work and we must acknowledge it. At the same time the increasing workload and expectations are re- sulting in gaps in delivery. This requires us to strengthen the team and help them build their capacity through appropriate training. The improvement in office infrastructure, including systems and processes, is a continuous mission and we are committed to pursue excellence in this area.

It’s football time and my friend, Kuntal reminded me that i must refer to this flavour of the season. Courtesy of my son mohak, i am now a part of the growing football fan club in india. Even then, i could not take the accountant out of me. So I looked at how the role of a Captain is defined. The Football association, english football’s governing body, states that as a captain, you have no special status or privileges under the Laws of the game, but you do have a degree of responsibility for the behaviour of your team. I feel the same today, with one advantage. I have many more coaches to guide and support me.

Dhishat, my other good friend, has a different perspective. He says the role of the President is more akin to that of an orchestra Conductor whose primary duties are to unify performers, set the tempo, execute clear preparations and beats, and to listen critically and shape the sound of the ensemble.

Either way, the key leadership lessons from these two examples are:

•    One must surround himself with talent; and
•    One must play the game and play the notes through sheer hard work, discipline and commitment

I must say i have been fortunate to have loads of talent in our Core group. My team and i promise to play with hard work, discipline and commitment to continue building upon our rich heritage and leave a memorable legacy.

Thank you.

Society News

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Workshop on Impact Analysis Under Proposed GST Regime on 12th September 2015

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.

The workshop was attended by more than 80 participants including members from industry, each of whom gained around 180 minutes of professional learning experience.

Lecture Meeting – ICDS: Overview and Challenges in Application on 4th September 2015

Mr. Yogesh Thar addressed the august gathering on “ICDS: Overview and Challenges in Application”. The highlights of his talk are summarised below:

ICDS Notified u/s. 145(2) –

ICDS drafted by a Committee constituted in 2010 by the CBDT and not by the Government or the Parliament.

ICDS applies to all assesses without any minimum threshold.

Adjusted income as per ICDS is the starting point for making adjustments under the various provisions of the Act. Can ICDS modify the basis of taxation hitherto upheld by the SC? The Speaker believed ICDS is a delegated legislation and cannot override the statute. ICDS cannot bring to charge any item which is not income as per the provisions of the Act. This is borne out by the Notification which states that if there is anything in the ICDS that is inconsistent with the Act, the Act shall prevail.

A delegated legislation is to be limited by controlling consideration and legislative policy. Section 145(2) does not contain any such policy or parameter or guideline which is another reason ICDS may not pass the test of constitutionality.

ICDS does not apply for MAT computation or for computing turnover/gross receipts for presumptive taxation. ICDS will not affect financial accounts except AS 22 –Accounting for Taxes.

Principle of “prudence” done away with in ICDS. Mark to market expected losses not to be recognised unless allowed specifically by any ICDS.

Principle of “Materiality” not specifically adopted though may be implied from the requirement for “true and fair” (and not “true and correct”) result of accounting policies.

Specific ICDS – discussion
ICDS I – appears to be a legislative misfire. Talks about accounts and accounting policy though ICDS is not for maintaining accounts.

ICDS II – Valuation of Inventories
• Distribution costs to be excluded under AS-2. Though not specifically excluded under ICDS II, there is no difference.

• Inventory not wide enough to cover WIP of service providers.
• Inventory to be valued at Net Realisable Value (NRV) in case of dissolution of firm under ICDS. AS2 is silent on the issue

ICDS VIII – Securities
• Valuation to be category-wise not asset-wise as required by AS-2.

• Section 145A begins with the non-obstante clause and overrides section 145(2) under which ICDS is notified.
• Valuation of goods as per method of accounting regularly followed by the assessee and subject to further adjustments in section 145A

ICDS III – Construction contracts
• Does not apply to real-estate developers
• Retention monies not accrual under AS 7; ICDS III specifically includes the same as income overriding rulings by some High Courts.

2nd Workshop on Impact Analysis Under Proposed GST Regime held on 10th October 2015

The 2nd Series of the Workshop on “How to assess the impact of proposed GST law” was held by the indirect tax committee of society on 10th October 2015. In this workshop the impact of GST on Entertainment and Retail were the topic of discussion. Mr. Nishant Shah explored the impact on Entertainment sector. He compared the existing provisions under various Indirect tax laws applicable to the industry with the probable effects under GST regime. Mr. Kirti Oswal discussed and elaborated the likely impact of GST on Retail sector. He covered the subject with very relevant presentation. Both the sessions were interactive. The workshop was attended by more than 65 participants including members from the industry.

FEMA Study Circle held on 6th October 2015

The Study Circle meeting on “Overview and Issues – External Commercial Borrowing (ECB)” was held on 6th October 2015. The Group Leader was Ms. Mitali Pakle. She took the participants through the basics of the ECB such as Statutory Framework , key concepts. She highlighted certain issues such as, whether LLP/Partnership Firm are eligible to borrow, what software sector means where ECB is now permitted, whether purchase of business on slump-sale basis is permitted end use and many other relevant issues. She explained at length how to calculate ECB Liability Equity Ratio taking various illustrations and also discussed ambiguity in interpreting certain components therein. The meeting generated lot of discussion and it was decided to hold one more meeting on 6th November 2015.

Company Law, Accounting and Auditing Study Circle series on Indian Accounting Standard (IN D-AS)

The second Study Circle meeting as a part of series of meetings on IND-AS was held on 7th October, 2015. The meeting was addressed by Mr. Sanjay Chauhan. He covered discussions on the following IND-ASs:

(I) IAS / IND AS 16 – Property Plant & Equipment;
(II) IAS / IND AS 38 – Intangible Assets; and
(III) IAS / IND AS 40 – Investment Property

Sanjay Chauhan initiated the discussion regarding the scope of above IND-ASs. He briefed the members on the comparison of these IND-ASs with the present Accounting Standards on the subject. He covered all the important elements of these IND-ASs with the practical examples and Case Studies. The meeting was very interactive and level of participation and deliberation was good.

The third Study Circle meeting as a part of series of meetings on IND-AS was held on 15th October, 2015. The meeting was addressed by Mr. Abuali Darukhanawala. He covered the discussion on the following IND-ASs:

(i) IAS/IND AS 17- Leases and
(ii) IAS/IND AS 23- Borrowing Costs

The discussion on IAS/IND AS 17 (Leases) started off by discussing the definition and indicators of Finance and Operating Lease. The speaker further covered accounting treatment with examples and discussed the disclosure requirements under the standard. He also covered special transaction of sale and leasebacks. The session concluded by discussing carve outs in IND AS 17 and its key differences with IAS 17 and AS 19.

The discussion on IND AS 23 (Borrowing Cost) covered scope, meaning and discussion on Qualifying Asset. The speaker further covered recognition, measurement and disclosure requirements of borrowing costs with suitable example. The session concluded with a Q & A round.

Overall, the meeting was fruitful and of value to the participants.

Lecture Meeting – Is Commodities Going to Bring Down Global Economics” held on 21st October, 2015

President Raman Jokhakar welcomed the speaker Mr. Kushal Thaker as an Investment Strategist and Consultant in Commodities Trading. The speaker interlinked commodities with equities and discussed how the same can be used, or was rather essential, to maximise returns unlike the usual financial forecasts that are practised by conventional analysts. He, with the help of his own research team,considered into all the stages of the commodity cycle and its alternatives. From crop surveys to geological mapping gave him an edge in not only predicting the commodities right but also picking up the equities at the right time.

He then went on to define the word ‘to invest’ as, to place money in any commercial venture with inclination to make profits.Commodities are not only linked with Equity Markets but all Equity Stocks have a base with Commodity. If one followed the commodities movement then a person would be able to identify the related company and have a head start in predicting the price movement and invest accordingly. It was necessary that along with Annual Audit Reports and Financials of Companies, subsequent quarterly reports needed to be tabulated and analysed. For better understanding of a Company, in-depth research needed to be done by visiting its website, company visit, analysis of related companies, management integrity, etc. Also the Government policies played an important role in selecting the right commodity/company to invest. He said that there is never a zero sum game. He spoke about being bearish and bullish depending on the research and analysis on various aspects of the commodities.

He gave a detailed analysis on one of the most important commodity-Crude Oil and spoke about the Current value of Crude Oil and expectation of the future value. According to him nearly 30% of the listed equities are either directly or indirectly affected by the crude oil prices. The world was going to be less and less dependent on crude oil with substitutes like gas and lithium attaining prominence.

The audience was bubbling with questions that made the discussion interesting and useful. The speaker answered all questions precisely creating a thirst for more from him. There was demand to arrange a sequel.

Students Study Circle held on 9th October, 2015 on Black Money Law

The Students Forum of the Society organised a study circle on the topic “Black Money Law” on Friday, 9th Octo-ber, 2015 from 6.30 pm at the Society Office.

The study circle was led by student speaker and co-convenor Mr. Viren Doshi under the guidance of an expert on the topic Mr. Hardik Mehta.

The motive of organising this study circle was to make the future Chartered Accountants proactive and aware of fresh piece of legislation. The study circle was well at-tended by 20 students and it was a great learning experience for the student members.

The chairman of the session Mr. Hardik Mehta ignited the students with his deliberate talk and deep knowledge on the subject. The speaker Mr. Viren Doshi covered the topic and gave an insight of the act.

The convenor of the Students Study Circle Mr. Viren Doshi encouraged students to participate actively in the activities of the Students Forum and come forward to lead study circles.

Lecture Meeting – Life at Google, Innovation and Silicon Valley held on 14th October 2015

President Raman Jokhakar, welcomed the speaker Mr. Bradley Horowitz, VP, Google Inc. USA who joined us over a web call through Skype from California. President Raman Jokhakar introduced Mr. Horowitz by sketching his life journey from the time he received a Bachelors in computer science from the University of Michigan in 1989. He pursued his graduate studies at the MIT Media Lab, in the Vision and Modeling Group, under Professor Sandy Pentland and received a Masters in Media Science in 1991. In short, the journey from where he started his graduation to Yahoo then Google and where he is today. After the well-defined welcome, Mr. Horowitz started his conversation of how he started his life at work from Michi-gan in 1989 where he studied and moved on to start his own company. Mr. Horowitz was CTO and a co-founder (with Jeff Bach, Chiao-feShu and Ramesh Jain) of Virage, Inc. He shared his experience on how he started and worked towards building this company. Finally, Virage went public on the NASDAQ in 2000, and was acquired by Autonomy in 2003.

Mr. Horowitz moved to Yahoo in 2004 where he joined as Director of Media Search. Gradually he was promoted to Vice President of Advanced Development, and his team created both Yahoo Research Berkeley and the Brickhouse incubator.

On this journey so far, he shared his experiences and the learning he build on with the people and areas around him. He left Yahoo and joined Google in 2008 as Vice President of product for consumer applications, eventually leading the product management organisations for Gmail, Google Docs, Calendar, Google Talk, Google Voice, Picasa, Orkut and Blogger.

Life at Google, he mentioned, was an experience totally different. He detailed the recruitment process at Google and how the entire appraisal process worked. The immediate superior does not rate the employee however it is decided by a panel of different teams. The immediate superior can only facilitate the process with the employee in submission of the content for the work done. He mentioned about the great food that Google provides to its staff and how the entire culture is an employee motivating one. Further he went to add that this does not mean that they do not face iterations however employee satisfaction plays an important role in the great work that they do.

He shared his experiences on how the Google Search Engine generates high revenues.

In 2011, Mr. Horowitz and Mr.Vic Gundotra conceived of and led the Google+ Project. In March 2015, he became the lead for the Google Photos and Streams products.

Finally the session was left open for questions from the audience. The enthralled audience had lots on mind. As questions came up the entire session became an interactive one. People asked various questions including the failure of Orkut, the number of employee iteration at Google, what if the Google Search Engine did not work as it does today. The audience were eager to know about India and the Google growth in India. What sort of investment will Google do in India and what Indians have in store for them. All were well addressed by the speaker.

Mr. Horowitz also shared his experience and learning as a start-up and the fact that great ideas and great founders together make a good blend for the success of a start-up.

Finally, the session concluded with a formal vote of thanks given by President Raman Jokhakar and a huge round of applause.

International Economic Study Circle, GEO Politics Implication For Indian Economy held on 8th & 12th October 2015

GEOPOLITICS evolved around its two parts, “geo” and “politics.”, “geo” can denote various geographic aspects, such as space, soil, or territory “Politics” generally concerns factors that are related to power, such as foreign policy, international relations, and military strategy. Global Risks arising from the Accelerated Interplay between Geopolitics and Economics.

The relative decline of the West, the process of globalisation, and the emergence of new powers is creating a world with several interconnected poles. In the international arena, the universal values and capabilities of the old powers are competing with emerging economies and their various idiosyncrasies. The process of economic convergence or catching up – whose future is not assured – has up to now relied on the tacit support of the emerging powers for the current system of global governance. These emerging powers believe that the current regime is in their interests, but with regard to free trade, rule of law, or human rights, their support is not guaranteed in the future. Mr. Bill Gross of Janus Capital says that one of the trigger to the looming financial crisis is “Geopolitical risks—too numerous to mention and too sensitive to print”.

The group discussed Geopolitics Risks in various countries and the impact it has on Global Economics. The Group had a very interactive session.

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Lecture Meeting on Global Services Transformation – Are Indian CA firms insulated? On 21st January 2015


This
lecture meeting was held at the Walchand Hirachand Hall, IMC,
Churchgate, Mumbai. Mr. Milind S. Kothari, Chartered Accountant shared
his insights on various aspects related to Global Services
Transformation and the questions facing Indian CA Firms. He started with
the current scenario based on our Economy, Government initiatives for
the Profession in India comparing it with other countries across the
globe. Challenges faced by the profession were also covered. The
ultimate conclusion was that a step-wise growth plan can lead small
& medium sized firms to a great level. Members present gained
immensely from the knowledge shared by the speaker.

Lecture Meeting on Important Income-tax Decisions of 2014 on 29th January 2015


This
lecture meeting was held at the Walchand Hirachand Hall, IMC,
Churchgate, Mumbai. Mr. Hiro Rai, Advocate covered recent landmark
decisions of the Supreme Court, various High Courts and Tribunals. Apart
from discussing the key inferences from these decisions he also
provided his views on the decisions and its implications for CAs and
other professionals. He covered a wide gamut of issues such as exemption
provisions; prosecution; wealth tax valuation; depreciation; deduction
provisions; parameters for stay applications; Transfer Pricing
applicability and other significant controversies of the past.

Lecture Meeting on Goods and Services tax – Curtain Raiser on 4th February 2015


This
lecture meeting was held at Walchand Hirachand Hall, IMC, Churchgate,
Mumbai. Mr. Satya Poddar, Ph. D. shared his expert knowledge on the
subject of Goods and Service tax. GST being a new tax regime, members
immensely benefitted from this lecture as the speaker covered in depth
the basics of GST, various new concepts under the expected tax regime,
the goals and objectives of the change in GST. How GST impacts all
aspects of business from cash flow, supply chain, pricing, profits and
compliance systems was deliberated upon. He also expressed his view that
taxes should not stand in between the growth. Queries raised by the
members were addressed to their satisfaction. More than 275 Members
present gained immensely from the knowledge shared by the speaker.

Lecture Meeting on “Anger – The Enemy Within” on 13th February 2015

This
lecture meeting was held jointly with The Chamber of Tax Consultants
under the auspices of Amita Memorial Trust at Jai Hind College
Auditorium, Churchgate, Mumbai. Brahmakumari Shivani delivered the talk
on Anger – The Enemy Within. She also taught how anger can be controlled
by just reimagining the scene which one could have created by getting
angry and reacting. According to her one should Say Less, Say Sweet
& Say low and one should make it a motto of life. More than 600
Members present gained immensely from the knowledge shared by the
speaker.

Half Day Workshop on Charitable Trusts on 13th February 2015

BCAS,
jointly with The Chamber of Tax Consultants, organised this workshop at
Jai Hind College, AV Room, Churchgate, Mumbai. The objective of the
workshop was to address various issues under general law and also under
Tax Laws. It has also covered a session on the provisions of the Foreign
Contribution Regulation Act. The following topics were covered at the
Workshop:

Programme on Real Estate Investment Trusts (REITs) & Infrastructure Investment Trusts (InvITs) on 7th February 2015

To
meet the demands of real estate and infrastructure sectors and to
encourage wider investor participation, investment vehicles such as Real
Estate Investment Trusts (REITs) and Infrastructure Investment Trusts
(InvITs) have been evolved. REITs typically offer investors regular
yields coupled with capital appreciation and a liquid method of
investing in real estate. Introduction of a tax framework by MOF is a
step in the right direction.

InvITs would reduce the pressure on
the banking system while also making available fresh equity to finance/
refinance infrastructure projects. Further, they will also assist in
un-locking tied up capital of developers, lowering domestic financial
institutions’ loan exposure and attracting foreign capital.

With
a view to have better understanding of the nuances/ engineering of
these new investment vehicles, the Corporate & Securities Laws
Committee of the Society organised this full day programme at the
Babubhai Chinai Hall, Walchand Hirachand Hall, Indian Merchants’
Chamber, Churchgate, Mumbai 400020, where the following topics were
covered:

Mr.
Nitin Shingala, President of the Society welcomed everyone. Mr. Kanu S.
Chokshi, Chairman of the Corporate & Securities Laws Committee of
the Society briefly introduced the scope of the Programme.

Guest
of Honour, Mr. Sunil Mantri, Chairman & MD, Mantri Realty Ltd.
thereafter shared the industry perspective and expectations on REITs
& InvITs.

Chief Guest, Mr. Ananta Barua, ED, SEBI, gave an overview of the SEBI regulations on the subject and inaugurated the Programme.

The programme was chaired by the eminent personalities mentioned above.

Having
regard to the overwhelming response, 80 participants were accommodated
by the Society for the programme as against the expected 60
participants.

The Programme was coordinated by Ms. Preeti Oza and Mr. Manish Sampat.

Seminar on Permanent Establishment – Critical Aspects on 30th January 2015


International
Taxation Committee of the BCAS organised this seminar at Hotel
Palladium, Lower Parel, Mumbai. Considering the increase in
globalisation, the Concept of Permanent Establishment (PE) has gained
significant importance due to its direct impact on the tax revenues of
the affected countries, both in India and in other countries. The
objective of the workshop was to bring out the importance and the far
reaching implications of the concept of PE and to update members in
practice and working in the industry on the various issues connected
therewith. It is no surprise that litigation on PE issues constitutes
more than 70% of the international tax decisions in the last few years.
The Following Topics were covered at the Seminar:

Introductory Seminar on Fraud Investigation and Forensic Audit on 17th January 2015


Infotech
& 4i Committee of the BCAS organised this seminar at the Walchand
Hirachand Hall, Churchgate, Mumbai. The objective of the seminar was to
open up a new practice area for Chartered Accountants – “Forensic Audit
and Fraud Investigation” which has emerged as one such area that has
received a lot of attention in the past few years. With the Companies
Act 2013 coming into force, there is bound to be an added impetus to
this specialised area which requires training and collaboration with
professionals from diverse fields such as lawyers, computer engineers,
detectives and enforcement specialists. The following topics were
covered at the Seminar:


RTI Workshop on 24th January 2015

The advance RTI workshop held together by PCGT, BCAS and IMC was attended by many RTI activists.the speakers for this workshop were Mr. Shailesh Gandhi (retired Central Information Commissioner) and Mr. Narayan Varma (RTI activist and former president of BCAS). Mr. Gandhi spoke about many personal experiences on RTI when he was the commissioner. he gave an in depth insight as to how the law should be understood to make it favourable to the common man. his knowledge on the topic helped everyone present at the workshop.
Mr. Varma’s experience also made the workshop a memorable one.

Half day event on the launch of publication on Anti-Corruption by Collective Action Project – 6th February 2015 at Mayfair banquets, Mumbai

Collective Action Project’s finale publication titled “Business Case for Anti-corruption in India: Principles, Economics and applications of transparency tools” was launched by Mr. Julio Ribeiro, retd. IPS and Chairman, Public Concern for Governance trust (PCGT) in a half-day event on February 06,   2015   at  Mayfair   Banquets,   Mumbai.  Around thirty representatives from public sector, private sector, academia and civil society were present at the book launch. Mr. Nitin Shingala, BCAS President and Mr. Narayan Varma, an RTI activist and Past President of BCaS, represented BCAS and BCAS foundation in this event.

Mr. Narayan Varma spoke about ways to combat corruption using RTI and shared his experience which benefited the attendees. mr. nitin Shingala, President Bombay Chartered accountants’ Society, was part of the panel discussion titled “Business Case for Anti-corruption in India: Principles, economics and application of transparency tools”.

He said that international conventions in the recent times have disallowed facilitation payment which was acceptable in many developed countries such as  the  uSa.  Post  9/11, G20 nations have started playing an active role to address graft. Talking about the indian legislative scenario, Mr. Shingala said all forms of corruption including money laundering has been adequately addressed in the country’s laws. However, the private sector’s indulgence in corruption is a big concern and legislations to its effect are not in place in india. He said that the private sector corruption needs to be vociferously pushed forward, and for this amending the Prevention of Corruption act (PCA) 1988 is a must.

“Action replay by a legend” – Standard Costing demystified on 6th February, 2015

The Infotech and 4i Committee organised this unique programme, at jai hind College auditorium, Churchgate mumbai where Mr. Narendra P. Sarda, Past President of ICAI, took a crash course of students on Standard Costing. It was a mesmerising event where Mr. Sarda without using any formulae by pure logic explained the fundamentals of Standard Costing and also touched upon marginal Costing. Over 800 students took benefit of this event and many more were turned down as the venue was filled to capacity and many senior members also attended the lecture to revive  old memories. the lecture has been put up on the Web TV (www.bcasonline.tv) and is available freely for the benefit of students.

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Mega Lecture Meeting by N. P. Sarda on 10th June 2015

The meeting was held at the Jai Hind College Auditorium. The speaker Mr. Narendra P Sarda, Chartered Accountant dealt with the subject in his own inimitable style:

He explained the differences between AS and Ind AS, the issue between Adoption and convergence, Conceptual differences. He dealt between AS & IndAS, Conflict between reliability and relevance. Also, he mentioned that there are many situations which are not addressed in AS but are dealt with in IndAS. He also dealt with certain IFRS issues.

ICAI continued to keep abreast with the changes in IFRS by amending notified IndAS to continuously remain converged. He also stated, that the earlier schedule VI was not in compliance with the IFRS but the revised Section VI was made IFRS compliant

The speaker also elaborated on the concept for consolidation – things keep changing and hence, society’s dynamic concepts of accounting are also changing, to keep pace with society.

Full day Conference on Going Digital on 13th June 2015


A Full day conference was organized by the Infotech & 4i Committee of BCAS. The objective of the conference was to update professional to be with the Digital World of future.

46 participants attended and benefited from the

Workshop. Workshop on Business Etiquettes on 6th June 2015

Human Resources Committee of BCAS organized this workshop where the Faculty Mr. Mihir Sheth dealt with various aspects of business etiquette practices which can help the participants to carry effortlessly while dealing with their counter part from other countries. It is gave insight of different topics of business and social etiquette and also gave chance to actively participate by sharing their own experiences.

Etiquette topics that the workshop included were as follows:
Email etiquette
Mobile phone
Dining
Conducting a teleconference
Business Meeting protocol/Conducting negotiations
Gifts- Give appropriate gifts
Tips
Business practices of different countries
General protocols-Personal Hygiene

80 participants attended the workshop and gained immensely from the knowledge and experience shared by the faculty.

8th Jal Erach Dastur Students Annual Day on 30th May 2015

This is organized by the student members of BCAS for the CA students. This platform enables CA Students to come together and interact with each other and make new friends. It also gives them an opportunity to unwind into an evening of learning, singing, dancing and frolic.

The event commenced with a short prayer sung by Tej Bhatt followed by the anchors introducing the honorable Chief Guest, CA Dilip Desai, Chairman at DH Consultants Pvt. Ltd. along with the President, Chairman and Convenors of the HR Committee. The chief guest inaugurated the event with the lamp lighting ceremony and spoke to the CA Students about key aspects necessary for becoming a successful professionals. He explained that failure is not the end and quoted his own example of his journey from a primary school failure to a Gold Medallist CA. He stressed the importance of ‘excellence in service’ to be the ultimate objective and money should only be an incidental byproduct. President of the Society CA Nitin Shingala and Chairman of the Human Resources Committee CA Mayur Nayak also addressed the students and set the ball rolling. Mr. Narayan Varma, the Past President of BCAS and an ardent supporter of the students’ activities, conveyed his message through a video clip which was shot the earlier day. Mr. Varma could not remain present physically due to his ill health. the end, the judges gave mesmerizing performances gripping the audience with their singing and instruments. The true Maestros! As a gesture of team spirit and bonding towards the society, the entire Human Resource committee including the chair-man, the conveners and the chief coordinators together, sang an enchanting song for the audience.

With the clock ticking, the suspense and wait was about to be over. The winners of the competition representing their firms were finally announced. The List goes as follows:

Mr. Raj Khona enlightened students about various students’ activities such as Study Circle, Monsoon Treks, Sports Day, etc. Thereafter, a small skit was performed by students on the theme of “Andh Vishawas”. The skit was a hit and kept the audience roaring with laughter till the end. Post this, “Chandanben Manganlal Bhat Elocution Competition” was held where the finalists of the elimination round battled it out with each other to win the coveted trophies. All the participants delivered their speeches emphatically and gave the judges a tough time to emerge victorious. The elocution competition ended with the start of the tea break where the students feasted on sumptuous samosa pav along with a cup of tea/coffee.

After savouring the hot served snacks and tea, the audience assembled back with amplified enthusiasm, ready and excited for the lucky draw round, this marked the beginning of the post-break session. Also, a special lottery was introduced this year wherein the winners were drawn from the box filled with the feedback forms which acted as a great stimulus for the students as well as the society. The winners of the draw were presented with some of the most amazing books by brilliant authors. However, the audiences’ zeal continued even after the lucky draw as Mr. Nishad Vora and Miss Virti Kothari began with audience quiz filled with fun and entertainment. Audience participation and spirit was overwhelming. The auditorium was filled with laughter, music and applauses.

Immediately after that, the auditorium echoed with the beat of drums and tapping of feet perfectly synced and enjoyed by the entire crowd as the hosts announced the most awaited segment, ‘The Talent Round’. Soon the stage was taken over by young and talented stars showcasing their extra-ordinary talents. In all 20 finalists performed and graced the stage with dancing, singing, playing instruments and mono-acting giving a tough challenge to the judges. All the singers were supported by the live background music fantastically played with the help of various instruments. Huge round of applauses and cheering came from the crowds the entire time. At The Jal Erach Dastur Students Annual Day is an event that is organized by Bombay Chartered Accountant Society (BCAS) every year. This year the event celebrated its 8th anniversary at Navinbhai Thakkar Auditorium at Vile Parle (East).

A hearty congratulation to all the winners and their firms.

Judges for the Various Competitions were as follows:

The entire evening was hosted fabulously by Mr. Mudit Yadav and Miss. Charmi Doshi with their outstanding performances keeping alive the excitement and spirits till the end.

The chairman of the H.R. Committee, CA Mayur Nayak along with the conveners praised the efforts and felicitated each and every student of the core committee for putting up an excellent show in a short span of time. Also, the hard work of all the group leaders of the Study Circle for 2014-15 was recognized. Mr. Raj Khona and Mr. Jigar Shahs’ efforts were acknowledged for coordinating students ‘study circles during the last year.

Mr. Sagar Desai proposed vote of thanks to Mr. Sohrab Erach Dastur for sponsoring the Annual Day in the fond memory of his brother late Jal Erach Dastur, the family of the Chandanben Manganlal Bhatt for sponsoring the Elocution Competition, the chief guest for the evening, the conveners of the Annual Day, CA Anand Kothari and CA Kinjal Bhuta, Judges of various competitions, BCAS Staff, Caterers, Mr. Jayant Shah and other trustees of the Navinbhai Thakkar auditorium, parents and principals of students, guest instrument players, sound technicians, HR Committee members, the students core committee team and all the students for participating in big numbers.

With great pride and delight, we announce that a total number of 450 students registered for the Annual Day, setting an overwhelming benchmark.

Instrumental Category

The overall rotating trophy for ‘The Firm of Series’ went to SGCO & Co.

A hearty congratulation to all the winners and their firms. Judges for the Various Competitions were as follows:
 
A sumptuous dinner was arranged after the event for all those who marked their presence at the annual day. The motto of the event to not only develop and encourage skills and extra-curricular participation but to bring together the entire fraternity was very well achieved. The Jal Erach Dastur Students’ Annual Day provides a single platform to the students for showcasing their talents as well as interacting with each other. All in all, at the end of the 8th Jal Erach Dastur Students’ Annual Day, a feeling of achievement with some splendid memories were taken along by each and every person, rather, it is not the end but a promise for a new beginning !!

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Lecture Meeting on Companies Act 2013 – Implications on Auditors on 7th May, 2014


L to R : Mr. Natrajh Ramakrishna (Speaker), Mr. Chetan Shah, Mr. Kanu Chokshi, Mr. Manish Sampat

Speaker Mr. Natrajh Ramakrishna, Chartered Accountant, dealt with provisions regarding Auditor, including opportunities, and challenges under the Companies Act, 2013. More than 350 participants attended this lecture meeting. The detailed analysis and presentation was well received. The presentation and video recording of the lecture is available on the website of the society. Interested members may visit www.bcasonline.org & www.bcasonline.tv.


Lecture Meeting on ‘Wellness through a holistic approach of healing the soul, mind and body through optimum Nutrition’ on 19th April, 2014


L to R : Mrs. Trupti Shingala, Mr. Yogesh Mathuria (Speaker), Mr. Naushad Panjawani (President) , Mrs. Afsheen Panjwani.

Speaker Mr. Yogesh Mathuria, Life & Wellness Coach, enlightened the participants on the approach of holistic wellness through one’s soul, mind and body. He placed importance on one’s eating habits and conveyed tthe concept of ‘You are What You Eat.’ The audience found it very enriching and educative. Members may visit www. bcasonline.org & www.bcasonline.tv for the presentation and video recording.

2-Day Orientation Workshop designed for Students and Chartered Accountants on 18th & 19th April 2014


L to R : Mr. Chetan Shah, Mr. Jagdish Punjabi(Speaker), Mr. Mayur Nayak, Ms. Smita Acharya.

The following topics were discussed:

This 2-day orientation workshop was organised by the Human Resources Committee of the BCAS. The objective of the workshop was to give an introductory insight on a variety of topics which may guide students and newly qualified Chartered Accountants. 93 participants attended and benefited from the Workshop.

Workshop on ‘Present the Presenter Within’ on 26th April, 2014

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.

Society News

Human Development Study Circle Meeting
on “Introduction to Management Concepts in
Acharya Chanakya’s Arthashastra” held on
24th October, 2016

Human Development Study Circle organised a meeting
on “Introduction to Management Concepts in “Acharya
Chanakya’s Arthashastra” on 24th October, 2016 at
BCAS Conference Hall which was addressed by Mr.
Mahendra Garodia.

Mahendra Garodia is the Author of “Chanakya Business
Sutras” & “What’s Stopping your Growth”. He spoke about
Chanakya Pandit’s Artha Niti. He simplified management
concepts in 4 steps which are called as T.I.M.E. (Think,
Ink, Map and Execute).

Everyone should learn the crux delivered by the Speaker
in these 4 steps along with 14 principles of management
concised in Chanakya Business Sutras.

The talk was well received by all participants and was
followed by question & answer session.

Human Development Study Circle Meeting
on “Ahimsak Lifestyle” held on 8th November,
2016

Human Development Study Circle Meeting on “Ahimsak
Lifestyle” was conducted on 8th November, 2016 at BCAS
Conference Hall where CA. Atul Doshi presented the
various facets of lifestyle in a challenging environment.

The Speaker Mr. Doshi explained through many videos
and picture clips on how Animals need our Love and Care
and how we can be healthy and enjoy our life by adapting
Ahimsak Lifestyle to live in such a manner that we do not
harm other human, any living beings or environment.

“Ahimsa Paramo Dharma” (Non-violence is supreme
religion) is the foundation of humanity. Knowingly or
unknowingly, we consume or use lot of things which
causes harm to other living beings and environment as
well. India, a country of origin of word –‘ahimsa’ is the
highest meat exporter in world. India is also a large
producer & exporter of leather and dairy products which
are supporting slaughter houses. This is worst for both
animals and humans. India has highest numbers of
diabetes patients and facing sever diseases like cancer,
heart attacks and obesity.

As per affidavit filed by Government of India in theSupreme
Court, 68% of milk is adulterated in the country. Thus, the
milk we consume may not be pure.

Veganism is a buzz across globe. Vegan people do not
consume any products which contain animal ingredients.
Globally, people are giving up meat and dairy products for
health and environment reasons and its negative impact.
The presentation created awareness about cruelty free and
healthy living and the videos made the presentation lively.

Full day Seminar on Alternative Fund Raising
Options for Corporates held on 25th November
2016

A Full day Seminar on Alternative Fund Raising Options
for Corporates was held on 25th November 2016 at
Babubhai Chinai Hall, IMC, Jointly by the Corporate &
Allied Laws Committee of BCAS and the Chamber of Tax
Consultants.

CA. Kanu Chokshi, Chairman
of Corporate & Allied Laws
Committee of the Society
inaugurated the Seminar and was
then joined by the Vice President
CA. Narayan Pasari. Mr. Manish
Gunwani, the Guest Speaker
spoke about his analysis on Macro
economic Outlook and impact
of Demonetisation on various
financial markets.

The other speakers at the seminar
were:

CA. Abizer Diwanji who took participants through current scenario of Bank credit in
India. He dwelt on various types of financing prevailing
in India which can be used by corporates for various
purposes like Acquisitions, Infrastructure as well as
restructuring of assets.

Mr. Bhavesh Shah explained
the role of Private Equity and
advantages and disadvantages in
PE funding. He also touched upon
the process and documentation of
PE funding, global scenario of PE
funding and challenges faced by
PE industry.

Mr. Shameek Ray talked about
bond and debenture markets and
the current situation of efflux for
fixed income securities with the
declining interest rates in India.
He also dwelt upon the need for
dynamic and liquid bond markets.
Mr. N. S. Venkatesh explained the
overall impact of Demonetisation
on the Indian Economy in general
and the Banking & Financial sector
in specific. He also explained the
various instruments and options for
raising funds in foreign currency.
He touched upon the advantages
and disadvantages of various
options and also emphasised the
importance of hedging contracts
as safeguard to currency fluctuation with various real life
case studies.

The queries of the participants were answered by the
speakers and the seminar was very well received by the
delegates.

Lecture Meeting on Prevention of Money
Laundering Act (PMLA) and its implication on
Assurance and Advisory services provided
by Chartered Accountants held on 29th
November 2016

BCAS, Jointly with Corporate & Allied Laws Committee,
organised a lecture meeting on Prevention of Money
Laundering Act (PMLA) and its implication on Assurance
and Advisory services provided by Chartered Accountants,
on 29th November 2016 at BCAS Conference Hall.
CA. Chetan Shah, President BCAS welcomed the
participants and set the tone for the meeting by
highlighting the relevance of the topic in the current
regulatory perspective.

The Speaker – Mr. Satyabrata
Kumar (IRS), Joint Director –
Enforcement Directorate (Western
Region), explained the important
provisions of Prevention of Money
Laundering Act. He explained the
concept of money laundering and
modus operandi used to launder
the money viz, layering, placement and integration. The
Speaker dealt with the investigation process generally
adopted by investigating agency while investigating the
offence of money laundering.

He also shared his experience about the cases where
Chartered Accountants were prosecuted for offence
relating to money laundering and also the safeguards to
be adopted by Chartered Accountants while rendering the
assurance and consultancy services to their clients.

The speaker shared various case studies and satisfactorily
replied to the queries raised by the participants. There was
an overwhelming response to the meeting both through
personal attendance as well as online viewership.

Study Circle Meeting on Ind-AS held on 30th
November 2016.

The third Meeting of the Company Law, Accounting
& Auditing Study Circle on Ind AS was held on 30th
November 2016 at the BCAS Conference Hall.

CA. Kishor Parikh led the discussion on the topic Ind AS
12 – Taxes on Income. He covered the major issues of
the accounting standard like recognition of current tax
assets and liabilities, recognition of deferred tax assets
and liabilities with particular reference to taxable and
deductible temporary differences, unused tax losses
and unused tax credits, measurement, presentation and
disclosure. He also covered the various types of events
and transactions that normally give rise to deferred tax
adjustments with regard to business combinations that are
accounted for acquisitions such as fair value adjustments,
tax deductible goodwill, etc.

He explained the key differences between Ind AS and
Indian GAAP and then ended the session with multiple choice questions and case studies which were discussed
and solved by the participants.

Study Circle Meeting on “Draft GST Rules”
held on 3rd December, 2016

The Suburban Study Circle jointly with Indirect Tax Laws
Study Circle organised the Study Circle Meeting on “Draft
GST Rules” on 3rd December, 2016 at Directiplex, Andheri
(E).

The group leader CA. Darshan Ranavat explained the
Draft GST Rules in regard to Registration and Returns.
The group leader discussed the flow of migration of
existing assesses and rules for fresh registration. He
further explained the types of returns, flow of generic
returns and pre-requisites for filing the returns. The
speaker also informed the group about the rules for
Refunds and Invoices.

CA. Samir Kapadia, Chairman of the Meeting provided
his insights and analysis of the draft rules. He also
deliberated on the issues that could arise out of the draft
rules and difficulties faced by assessees in migration from
existing registrations.

The participants benefited from the presentation and
experiences shared by the chairman and the group leader.

Interactive Lecture meeting on “Issues
and Impact of Demonetisation” held on 5th
December 2016 at Santokba Hall, Near N. M.
College, Vile Parle (West), Mumbai

After the great viewership of Expert Chat session on
“Issues and Impact of Demonetisation”, the students
of NM College enthusiastically approached the BCAS
for conducting a similar session with them. The BCAS
interactive lecture meeting was held on 5th December 2016
at Santokba Hall which was fully packed by around 200
students of the college. The students of the Finance and
Investment Cell of N. M. College welcomed the President,
Vice President and the Speakers for the meeting CA.
T. P. Ostwal and CA. Ameet Patel. The session started
with opening remarks by President Chetan Shah informing
the students about the BCAS and educating them on the
benefits what they can gain from the Society. This was
followed by session by CA. Ameet Patel who touched
upon the various aspects of Demonetisation, its benefits
to the society, the tax implications and the importance
of digitization involved in the process. This was further
followed by session of CA. T. P. Ostwal who expressed his
thoughts on the various issues faced by the common man
on demonetisation. He touched upon the global impact of
Demonetisation and how the Modi government is bringing
about simple and good tax administration.

The students heard them with great enthusiasm which
was followed by a series of overwhelming and intelligent
Q&A session. The students attending posed various
questions to which both the speakers responded with
great in-depth detailing.

Study Circle Meeting on “Income-tax
implications due to Demonetization of High
Denomination Currency Notes” held on 6th
December 2016.

The captioned meeting by Direct Tax Study Circle was
held at BCAS Conference hall where the Chairperson
CA. Gautam Nayak gave his introductory remarks and
explained as to how the Government has planned and
brought out amendments in the income tax laws pre
and post demonetisation scheme. He pointed out the
important amendments in the penalty provisions.

The group leader, CA. Darshana Deshmukh, gave an
overview of the provisions of Second Amendment Bill
2016 which consist of amendments in sections 115EE,
271AAB, 271AAC and insertion of new Chapter IXA
‘Pradhan Mantri Garib Kalyan Yojana 2016’. She then
moved onto case studies whereby the group discussed
the possible tax implications in case of various scenarios
such as cash deposits in the bank accounts, holding of
jewellery, disclosure of income in the income tax return,
search proceedings, agricultural income, household
savings and charitable trusts. Attention was drawn to few
old case laws which have dealt with issues relating to
demonetization of the currency notes. The meeting was
interactive and the participants benefitted a lot.

FEMA Study Circle Meeting held on 8th
December 2016

The second FEMA Study Circle Meeting was held on 8th
December, 2016 at BCAS Conference Hall on the topic
of “Foreign Direct Investment in India” where CA. Rutvik
Sanghvi & CA. Naziya Siddiqui led the discussion. The
session was chaired by CA. Naresh Ajwani.

The Group Leaders discussed FDI in Single Brand Retail
Trade (SBRT) & e-commerce. In SBRT, various topics such as ownership of brand, E-commerce, sourcing
norms, exemption from the sourcing norms, Indian
branded products, FDI in Multi Brand Retail Trade were
discussed. The Group Leaders deliberated on market
place model of E-commerce and business model of an
existing e-commerce player in India. They also discussed
about the provisions related to transfer of shares and the
valuation methods. Chairman CA. Naresh Ajwani shared
his experience on various issues and that was a valuable
takeaway for the participants who benefited from his rich
experience on the subject.

Lecture Meeting on “Cyber Crime, Cyber
Security and Cyber Laws” held on 9th December
2016 Jointly with Corporate & Allied Laws
Committee

BCAS organised a Lecture Meeting on Cyber Crime,
Cyber Security and Cyber Laws on 9th December 2016
at BCAS Conference Hall, Jointly with Corporate & Allied
Laws Committee.

CA. Narayan Pasari, Vice-President, BCAS welcomed
the participants and set the tone for the meeting by
highlighting the relevance of the topic in the current
perspective, post demonetisation, where the masses
shall encounter quantum jump in digital transactions.

The Speaker – CA. Sachin Patil
(IPS), Deputy Commissioner
of Police, Cyber Crime Branch
(EOW) – Mumbai Police explained
the concept of cyber frauds and
explained various kinds of cyber
frauds like Credit Card Frauds,
Email Spoofing, Nigerian Lottery
fraud, fake profile, matrimonial frauds, cyber terrorism
etc. The speaker gave live demonstrations of recorded
mobile phone conversations of some credit card and
internet banking frauds.

He shared some useful tips and safeguards to prevent
online frauds, Dos and Don’ts for young citizens while
sharing personal information on social medial like
facebook, precaution to increase the safety of personal
computers, Wifi, routers etc. He explained the modus
operandi for frauds relating to stealing of personal
information stored on mobile phones (Smart Phones) and
tips to increase Mobile Security.

He also deliberated upon various types of cyber crimes and
prosecution provisions enumerated under the Information
Technology Act and the Indian Penal Code respectively.
The Speaker dealt with the investigation process for
investigating cybercrimes and various hindrances/
limitations faced by law enforcement agencies due to
inherent limitation of cyber space.

Through various case studies, he shared his experience
about precautions to be taken by a Chartered Accountant
(CA) to protect and safeguard the client’s data especially
in view of the recent cases of ransomware used by cyber
criminals to extract money from CA.

The meeting received an encouraging response from the
participants who found the lecture useful as to how to
avoid such cyber-criminal elements.

Report on Full Day Seminar on GST at Kolkata
on 10th December 2016.

It is said that GST will be a game changing reform for
Indian economy by developing a common Indian market
and reducing the cascading effect of tax on the cost of
goods and services. It will impact the Tax Structure, Tax
Incidence, Tax Computation, Tax Payment, Compliance,
Credit Utilization and Reporting leading to a complete
overhaul of the current indirect tax system. GST will
have a far reaching impact on almost all aspects of the
business operations in the country, for instance, pricing
of products and services; supply chain optimization; IT,
accounting and tax compliance systems.

Having acknowledged the significance of GST, your
Society, under its initiative to expand its horizons and
reach out to professional members across the country,
extended support through its Indirect Tax Committee
to DTPA Chartered Accountants Study Circle – EIRC,
Kolkata in organizing a full day seminar on Goods and
Service Tax at Kolkata on 10th December 2016.

The session was inaugurated by
Chief Commissioner of Service
Tax, Kolkata, Mr. S. K. Panda,
who in his opening remarks gave
brief overview about compliances
under registration and significance
of anti-profiteering clause. The
President of the Society, CA.
Chetan Shah gave a homely welcome to all the participants
and shared with them various initiatives that BCAS has
taken up and would be taking up in law making process and in spreading awareness about
GST. Chairman of Indirect Tax
Committee of the Society, CA.
Govind Goyal along with CA. Sunil
Gabhawalla, CA. Mandar Telang
and CA. Udayan Choksi acted as a
faculty for four technical sessions
in the said seminar and addressed
more than 350 participants. Vice
President of the Society, CA. Narayan Pasari in his
address covered various activities undertaken by BCAS
in general and appealed to members to strengthen BCAS
initiatives by becoming a part of it.

During the technical sessions,
CA. Sunil Gabhawalla explained
to the participants, the framework
of GST and concept of supply.
CA. Mandar Telang dealt with
provisions relating to time and
value of supply and Input Tax
Credit. CA. Udayan Choksi took
up various case-studies and
examples and elaborated the
provisions governing Imports/
Exports/Inter-State transactions
and Place of Supply of Goods
and Services. CA. Govind Goyal
enlightened the members about
the procedural aspects dealing
with registration, payment, filing of
returns and also various critical issues which the industry
as well as tax practitioners would have to face.

The program was attended 400 members from Kolkata
and adjoining areas.

ITF Study Circle held on 13th December, 2016

International Taxation Committee of BCAS conducted
its ITF Study Circle meeting on 13th December, 2016 at
BCAS Conference Hall. The study group discussed the
charge and scope sections under the Income-tax Act. CA.
Bhaumik Goda gave an overview of the provisions and
then dealt with some case studies on salaries received in
India for services rendered outside India, deemed transfer
provisions, inadequate consideration through gifting
of shares by non-residents and presumptive taxation
under section 44BB. The interactive session brought out
several issues and nuances in the law and case law on
the subject.

Seminar on “Estate Planning, Wills & Family
Settlement” held on 14th December 2016

A Seminar was organised by our Corporate & Allied Laws
Committee at BCAS Conference Hall to throw light on
importance of Estate Planning, Wills & Family Settlement
and to create awareness about some of the critical
aspects thereof.

CA. Chetan Shah, President of the Society welcomed
the delegates and CA. Kanu S. Chokshi, Chairman of
the Corporate & Allied Laws Committee introduced the
subject. The Seminar was inaugurated by the speaker of
the first session CA. Dileep Choksi.

CA. Dileep Choksi inter alia highlighted the emerging
need for Estate Planning & Family settlement / Family
Arrangements (Through Trust / Companies).

Dr. Anup Shah took the members
through intricacies of Wills,
including Hindu Succession
Law, Indian Succession Law,
various types of trusts etc. He
also touched upon the relevant
provisions of Special Marriage
Act, Adoption and Succession law
in other religions such as Muslims
/ Christians / Parsis etc.

Mr. Mahesh Shah, Solicitor,
enlightened the participants on
the clause-wise drafting of Will as
well as stamp duty, registration &
documentation aspects. He also
explained the intricacies of family
arrangements / family settlements
relating to properties held in joint family or joint business and related documentation
aspects.

CA. Yogesh Thar dealt with the
taxation issues in estate planning
/ Family Settlements / Family
Arrangements / Wills / Private
Family Trusts etc., Taxation of HUF
/ Partitions etc., Filing of returns of
deceased, Returns of Executors of
Estate.

The speakers responded to the queries of the participants.
The Seminar received an overwhelming response.

Study Circle Meeting on Ind-AS held on 14th
December 2016.

The fourth Meeting of the Company Law, Accounting
& Auditing Study Circle on Ind AS was held on 14th
December 2016 at the BCAS Conference Hall.

The discussion on Ind AS 9 – Revenue Recognition
and Ind AS 7 – Construction Contracts was led by
CA. Sachin Khopde. In the first part of the meeting he
covered key definitions, timing of revenue recognition
and measurement of revenue with respect to sale of
goods and rendering of services. He also explained some
important concepts like Agency Agreements, Gross v/s
Net Reporting, Multiple Element Transactions and Barter
Transactions.

In the second part of the meeting, he covered various
industry specific issues with regard to Service Concession
Agreements, Real Estate Transactions and also shared
insights as to how certain E-commerce companies and
Telecom companies recognise sales and revenue. The
discussion during the meeting was very interactive.

Human Development Study Circle Meeting on
‘Introduction into the World of Handwriting
and Signature Analysis” held on 15th
December, 2016.

HRD Study Circle organized a meeting on ‘Introduction
into the World of Handwriting and Signature Analysis” on
15th December, 2016 at BCAS Conference Hall.

The discussion was led by Mr. Navin Thantri (Graphologist)
Mr. Navin is a Professional Consultant and Trainer in the
field of Graphology, Numerology, Vaastu and many such
allied alternative sciences having close to 10 years of
experience.

He discussed about the scope and utility of the subject
for CAs and their Families i.e. Recruitment, Professional
Success and Health amongst others. He also explained
about the relevance and importance of the signature of a
person and emphasised as to what the signature reveals
about a person signing.

The participants expressed a desire for such workshops
and presentations in future.

Lecture Meeting on “Crude Diplomacy and
Global Economy and Q & A” held on 21st
December, 2016

A Lecture Meeting on “Crude Diplomacy and Global
Economy and Q & A” was held on 21st December, 2016
at BCAS Conference Hall which was addressed by the
Speaker Mr. Kushal Thaker, an Investment Strategist
and Consultant.

President Chetan Shah welcomed the speaker.

Mr. Thaker made a straight forward analysis on crude oil,
its products, uses, strategies in pricing, costs, production,
technology, financials, hedging tendencies, issues which
affect the economy. He made an in-depth study of many
countries in this regard and shared his research and
statistical analysis. He also touched upon some vital data
that can enable right speculation and investment.

The audience came up with good questions that made the
discussion interesting.

Society News

The “5th Youth Residential Refresher Course”
held from 9thMarch to 11th March 2018 at the
Upper Deck Resort, Lonavala

The 5th YRRC was organized by Bombay Chartered
Accountants’ Society under the Membership and Public
Relations Committee from 9th to 11th March 2018 at the
Upper Deck Resort, Lonavala.

“Are you Future Ready”, the theme of the event was to
prepare the participants for the challenges of the future –
whether that be the fast-changing technology, or technical
aspects relating to the profession or the soft skills. The
participants were grouped in four houses; United People
of Saturn, Neptune Residents, Citizens of Mercury and
Pluto Refugees, competing each other for earning points
for their house to win the Best House trophy.

Enthusiastic to be future ready, all the participants turned
up in their suits and ties, adding the perfect professional
touch at the excellent venue. A perfect blend of learning
through technical as well as non-technical sessions and
educative extracurricular activities, the YRRC provided a
great opportunity to all the participants to polish both, their
knowledge and personality.

Volume II of the “New Youth Times,” the daily news
quotient, kept the participants abreast with the happenings
of the YRRC at all times while also providing a dose of
entertainment.

Covering a wide range, the topics included Blockchain
Technology, Cryptocurrencies, Impact of Blockchain
Technology on Audit, Recent Developments in
International Taxation, Corporate Laws, Indirect Tax as
well as Direct Tax, Walk to the Boardroom and even a
Life Skills Workshop. The speakers shared various insights based on their experiences with the participants.
The youth discussion was a surprise session, where
each group was required to brainstorm and come up
with five ideas that could transform the country, while
also thinking how CAs could contribute. It was very
productive, with some wonderful ideas thrown up by the
future of the profession, evoking appreciation even from
the past president of ICAI Mr. Nilesh Vikamsey. Not to
forget, the chance to earn points did turn the discussions
quite intense.

The content covered and presentations made by all the
Speakers were a class apart, delivering their points and
ideas with great clarity. None of the speakers returned
home without a standing ovation from the enthusiastic
crowd. The illustrious speakers who took up the various
sessions were –

Despite continuous sessions, the participants did not call
it a day and thoroughly enjoyed the post-session games
on day 1, earning brownie points for themselves as well
as the group. The youth quotient was upped with the
impromptu but energetic DJ session at the end of a long
and tiring day 2, followed by an early morning trek the
next day.

An event which was truly “By the Youth, Of the Youth
and For the Youth” concluded with the now enriched and
happy participants bidding farewell until the next YRRC.
Post the event, the advance inquiries for the next YRRC
and the joyous feedback received from the speakers
and their sheer experience of the wonderful novelty
and energy of the event marked a beautiful end to the
5th YRRC.

HRD STUDY CIRCLE

Programme on “Heal without Medicines – A
Family Health Program on Raw Food Cures”
held on 10th March, 2018

Human Development and Technology Initiatives
Committee organized a programme on Heal without
Medicines – A Family Health Program on Raw Food Cures
on 10th March, 2018 at Direct-I=Plex, Andheri addressed
by Mr. Atul Shah, an active propagator of Natural diet. The
theme was “to die young and as late as possible”, i.e.
to live long, live young and always vibrant and bubbling
with energy and reverse the ageing process.”

The Speaker emphasized on How to Have Good Health
without Medicines. He explained how Raw Food Diet can
help Maintain a Natural, Healthy Life Style and how one
feels at ease, calm and cool by eating the right foods.
He further mentioned that little changes in one’s daily
diet can act as medicine and thus make one free from all
diseases and discomforts like joint pain, diabetes, blood
pressure, acidity, migraine, asthma, kidney disease, heart
problems, skin diseases etc.

True to the spirit of the programme, participants were
served the Raw Food Lunch. They appreciated and found
the programme very interesting and close to their heart as
it shared the learnings and lessons of leading a healthy
and active life style.

HRD STUDY CIRCLE

Meeting on “Career Progression for a Finance
Professional” held on 13th March, 2018 at
BCAS Conference Hall

HDTI Committee organized a meeting on the above
subject on 13th March, 2018 at BCAS Conference
Hall which was addressed by Mr. V. Shankar, MD, Rallis
India Ltd.

The Speaker explained that the role of finance
professionals, in value creation for stakeholders, needs
to be properly understood in the backdrop of much
expectations from them by the stakeholders. He further
mentioned that finance function revolves around four
dimensions:

1) Controller’s Role: It is vital for Finance Professional to
monitor and take action to ensure that assets are not only
protected but are put to use efficiently in the organisation.
This encompasses enterprise risk management and
ensures that there is no leakage in value.

2) Governance or Regulatory role: Finance professional
is the conscience keeper to ensure that the enterprise
abides by all regulations and value is preserved and
generated.

3) Business Partner: A professional needs to get involved
in an active value creation and is a part of the process
in driving value delivery. These are the areas around the
customer, operations, M&A, new ventures, innovation,
Digital etc. where contribution to the change will result in
added value generation for the business.

4) Leadership Dimension: This dimension is about
various critical aspects of the business e.g., controls and
risk management etc. In today’s world of stakeholder
activism, communication has become most critical.

Communicating with the external world and social
media in particular has become a critical element of the
finance function.

At the end, the Speaker responded to the queries
raised by the participants and the participants found the
subject very relevant and interesting and learnt a lot from
the session.

“Four Days Orientation Course on Foreign
Exchange Management Act (FEMA)” held on
16th, 17th, 23rd and 24th March, 2018 at BCAS
Conference Hall

International Taxation Committee organized a Four
Days Orientation Course on FEMA at BCAS Conference
Hall on 16th, 17th, 23rd and 24th March 2018 wherein
14 sessions and a Panel Discussion were conducted
by eminent speakers from CA fraternity. A Total of 90
participants enrolled for the Course including from
outside Mumbai.

The learned speakers had an in-depth discussion on the
topics mentioned hereunder:

(1) Understanding FEMA – CA. Mayur Nayak, (2) Current
& Capital Account and Change of Residential Status – CA.
Manoj Shah, (3) Facilities for Non-Resident Indians – CA.
Rutvik Sanghvi, (4) FDI in Real Estate Sector and buying
and selling of Immovable Property in India & Outside India
– CA. Rajesh P. Shah, (5) Export and Import of Goods &
Services – CA. Gaurang Gandhi, (6) Setting up of a Liaison
Office, Branch Office & Project Office in India – CA. Natwar
Thakrar, (7) Overview of FDI – CA. Anil Doshi, (8) Sector
Specific FDI Regulations – CA. Naziya Siddiqui, (9) FDI in
Financial Sectors – CA. Harshal Kamdar, (10) Investment
on non-repatriation basis & FDI in Limited Liability
Partnership – CA. Niki Shah, (11) External Commercial
Borrowing (ECB) and Rupee Denominated Borrowing –
CA. Shabbir Motorwala (12) Setting up a Branch outside
India & Overseas Investment – CA. Paresh P. Shah, (13)
Compounding under FEMA – CA. Naresh Ajwani, (14)
Prevention of Money Laundering Act (PMLA) and FEMA
issues of dealing in Crypto Currency – CA. Dhishat Mehta,
(15) Brain Storming & Panel Discussion – Shri Dilip J.
Thakkar, Shri D. T. Khilnani, CA. Vishal Gada.

At the end, there was a brain storming session where
participants shared their thoughts with great zeal and
enthusiasm. The course was concluded with a Panel
Discussion under the chairmanship of CA. Shri Dilip
Thakkar where the participants exchanged their views
and raised queries which were thoroughly addressed
by panellists. Eminent faculties shared knowledge and
personal experience generously. The Course was very
well received and appreciated by the participants. The
sessions were very interactive and participants were
enlightened with the knowledge imparted by the speakers.

HRD STUDY CIRCLE

“Crash Course on Information Systems
Control and Audit (ISCA) and Law for CA Final
Students” held on 31st March, 2018 and 1st
April, 2018 at BCAS Conference Hall

The Human Development and Technology Initiatives
Committee organized a two-day crash course on
Information Systems Control and Audit (ISCA) and Law for
CA Students appearing in May 2018 final Exams on 31st
March, 2018 and 1st April, 2018 at BCAS Conference Hall.
The purpose of this crash course was to guide students
on ISCA and Law subjects and also cover important
topics and amendments to educate and prepare them for
May 2018 exams.

CA. Narayan Pasari, President BCAS,
in his opening remarks spoke about the
objective behind organising this crash
course. He encouraged the students to
actively participate in the activities of
the Students Forum. CA. Raj Khona,
the Course Co-ordinator introduced the
young faculty CA. Kartik Iyer and addressed the
participating students.

The Speaker excellently covered the important topics
namely Insolvency & Bankruptcy Code, Compromise,
Arrangements & Amalgamations, Overview of important
topics for May 2018 CA Final Exams along with Exam
Day Schedule and the key amendments applicable
thereof. He further gave useful tips to the students on how
to revise the subjects and suggested a model exam day
schedule to follow for achieving better results in Exams.

The feedback from participating students was very
positive and they learnt a lot from the sessions to equip
themselves to succeed in the exams with flying colours.
“8th Intensive Study Course on Advanced

Transfer Pricing” held from 5th to 7th April,
2018 at BCAS Conference Hall

International Taxation Committee organized the 8th
Intensive Study Course on Adv. Transfer Pricing on 5th , 6th
and 7th April, 2018 at BCAS Conference Hall. The course
was aimed at imparting advanced knowledge on the
practical aspects of understanding and implementing the benchmarking study. The sessions began with theoretical
aspect of benchmarking and thereafter deep-dived
into the aspects of identifying the functions performed,
assets utilised and risks assumed by the comparable
companies. It also touched upon the significance of
designing an efficient and effective transfer pricing system
with the importance as to when and how to apply various
transfer pricing adjustments that is defensible before tax
authorities and in court.

The sessions for 3 days
were conducted by Eminent
Faculties namely CA.
Vispi Patel, CA. Bhavesh
Dedhia, CA. Anjul Mota,
CA. Vaishali Mane, CA.
Darpan Mehta, CA. Gaurav
Shah, CA. Paresh Parekh, Ms. Archana Choudhary, Adv.
Sunil Lala and CA. Tushar Hathiramani. The sessions
focused on data mining for fact determination and correct
application of adjustments, wherever applicable. The
topics were explained along with presentations, practical
examples and case studies. Additionally, international
and Indian court rulings were also discussed.

The faculty members generously shared their knowledge and experience with the participants. The Course was
very well received and appreciated by the participants.
The participants were provided hands-on and thoughtprovoking
approach for determining right set of
comparables and for making right economic adjustments
to arrive at arm’s length margin.”

Total 55 participants enrolled for the Course including 10
from outstation.

HRD STUDY CIRCLE

Meeting on “Palmistry, Numerology and Tarot”
held on 10th April, 2018 at BCAS Conference Hall

Human Development and Technology Initiatives
Committee (HDTI Committee) organized a meeting
on Palmistry, Numerology and Tarot addressed by Ms
Vaishali Khemani. She started with the introduction on
Palmistry and importance of lines on palms and hands and
explained that Palmistry is a Beautiful Science. The hand
is a mirror of an Individual’s Personality. “Lakkeeren”.

The lines on the palm or rather on hand speak of the
direction the life can take. It speaks of the characteristics
of the person. She mentioned that the right time to see the
hand is after sunrise and before sunset and that lines in
the hand change every seven years. She also described
the importance of fingers, nails and symbols on hand
followed by finance, money, marriage and career etc. in
life. The different types of lines were explained in detail
and Tarot mechanism was also displayed.

It was overall a very interesting session for the participants
and also imparted awareness of some beautiful truths of
palmistry numerology and tarot. The participants enjoyed
and benefitted a lot from the session.

INDIRECT TAX STUDY CIRCLE

Meeting on “Goods and Services Tax – Clause
by Clause Analysis of E-way Bill Provisions
and related FAQs – Part II” held on 12th April,
2018 at BCAS Conference Hall

In continuation of the meeting on GST-Clause by Clause
Analysis of E-Way Bill Provisions -Part 1 held on 26th
February, 2018, Indirect Taxation Committee conducted
the 2nd part of the meeting on 12th April, 2018 at BCAS
Conference Hall where Group Leaders CA. Samir Kapadia
and CA. Samir Kasvala addressed the participants under
the chairmanship of CA. Janak Vaghani. The Speakers
dealt with the clause by clause analysis of E-Way Bill
Provisions-Part II in detail and responded to the queries
raised by the participants.

The meeting was very interactive and the participants
shared their practical experience and appreciated the indepth
analysis done and explained by the speakers on the
subject. The participants had a good learning experience
from the constructive discussions during the sessions and
benefitted a lot.

Workshop on “Triggers for Leadership
Transformation” held on 14th April, 2018 at
BCAS Conference Hall

Human Development and Technology
Initiatives Committee conducted a One
Day Workshop on “Triggers for Leadership
Transformation” on 14th April, 2018 at BCAS
Conference Hall which was addressed
by a world-renowned and professional
Trainer/Consultant & Leadership Coach,
Mr. Gopal Sehjpal.

The theme of the workshop revolved around, “If you know
what you want to become, then why don’t you become
that!” To explain that, Gopalji (as he is affectionately
known) described what triggers are, how they operate
and why one cannot sense them, etc.

The Speaker very lucidly explained the 20 ineffective habits
that most human beings have and also the 15 delusions
which usually people carry in minds to pressurize them
to think differently due to which they tend to ignore the
triggers that may help to take the leap forward towards
progress and advancement. The presentation overall
covered the concept of Triggers, practical tools and
integrated approach to planning to achieve the personal
goals and improve the lives.

The participants thoroughly enjoyed the program and
learnt a lot about the practical aspects of life.

Society News

FEMA STUDY CIRCLE MEETING

“Analysis of Select Compounding Orders
passed by the RBI – Part II” held on
14th September 2017 at BCAS Conference Hall

FEMA Study Circle Meeting on “Analysis of select
Compounding Orders passed by the RBI – Part II” was
held at BCAS Conference Hall where CA. Harshal Bhuta
& CA. Tanvi Vora led the discussion. The session was
chaired by CA. Rajesh P. Shah.

The Group leaders discussed various Compounding
Orders passed by RBI touching upon contraventions
relating to Outbound Investments involving round tripping
cases, Reporting Contraventions, ODI by Individuals, etc.
This Study Circle Meeting followed the 1st meeting held
on 21st August 2017 which covered cases on Current
Account Transactions, Section 3 Violation and External
Commercial Borrowings. The systematic analysis of these
orders with facts helped the participants to understand
the law and gain insight into how to avoid contravention
of FEMA provisions.

CA. Rajesh P. Shah shared his experience on various
issues and that was a valuable takeaway for the
participants. The participants benefitted a lot and
appreciated the efforts put in by the group leaders.

STUDENTS STUDY CIRCLE MEETING

Meeting on “Returns under GST” held on
16th September 2017 at Directiplex, Andheri

The Students Forum under the auspices of HDTI
Committee of the Society organised a Students’ Study
Circle Meeting on “Returns under Goods & Services Tax
(GST)” at Directiplex, Andheri. The discussion was led by
student speaker Mr. Deepak Pachar under the guidance
of CA. Jigar Shah.

The motive of the study circle meeting was to make the
students aware of the practical intricacies of the monthly
return filing process under GST. The speaker Mr. Deepak
Pachar covered the topic in detail and also demonstrated
‘live’ methodology of filing returns. He resolved all the
queries raised by student members satisfactorily. Overall,
the study circle meeting was a perfect blend of technical
depth and practical insight and proved to be a wonderful
experience for the student members and a platform to
resolve even the smallest of their queries.

The Chairman of the HDTI Committee CA. R.R. Muni
encouraged students to participate in the activities of
the Students Forum and come forward to lead the study
circles. The convenors of the Students Study Circle
Mr. Parth Patani & Mr. Prathamesh Mhatre urged the
student members to stay connected with Students Forum
through social media and send their feedbacks and
suggestions about the study circle.

COMPANY LAW, ACCOUNTING &
AUDITING STUDY CIRCLE

Meeting on “Service Concession Arrangement
(SCA) – Issues and Treatment” held on 22nd
September 2017 at BCAS Conference Hall

The Company Law, Accounting & Auditing Study Circle
meeting was held at BCAS Conference Hall. The Topic
of discussion was ‘Appendix of Ind AS 11 on Service
Concession Arrangement’ with focus on explaining
the concept of SCA & then taking up case studies on
identifying the arrangement which falls under SCA &
once identified, whether it is creating financial asset or
intangible asset.

The group leader CA. Santosh Maller who has extensive
exposure in handling Ind AS & IFRS assignments dealt
with the concept of SCA elaborately and also covered all
the case studies with practical real-life examples. He also
covered the disclosure requirements with examples from
published accounts.

The Study Circle Meeting was well planned and
participants benefitted a lot from the Group Leader.

Tribute Meeting in memory of Past
President Shri Pradeep A. Shah held on
26th September, 2017 at BCAS Conference
Hall jointly with Dharam Bharti Mission and
Chamber of Tax Consultants

BCAS organised a meeting on 26th September 2017 at
BCAS Conference Hall to pay tribute to Shri Pradeepbhai
Shah, Past President of BCAS who passed away on
10th September 2017. This meeting was held jointly with
Dharam Bharti Mission and Chamber of Tax Consultants.

Shri Pradeepbhai Shah was a Chartered Accountant
in practice for more than 6 decades. He was involved
in a number of socially oriented projects with various
organisations and was also instrumental in encouraging
various charitable activities through BCAS Foundation.
The meeting was attended by over 75 members, many of
whom attended with their spouses as their lives in some
aspects were influenced by him. Family members of Shri
Pradeepbhai Shah were also in attendance. The tribute
meeting was anchored by two people who were close to
him, CA. Ameet Patel and CA. Mihir Sheth.

Rich tributes were paid to him by many members,
remembering his unforgettable contribution to BCAS. As
Chairman of Human Resource Committee, he enhanced
leadership skills and helped in developing communication
skills of many members which helped them to become
today’s leaders. President CA. Narayan Pasari
remembered the humility with which he served a good
cause. He also remembered how passionate Pradeepbhai
was about helping the cancer afflicted children even in the
twilight of his life which left a profound impact on BCAS
Foundation to commit donations for the cause.

Most members who paid tributes at the meeting recalled
the multifaceted personality of Shri Pradeepbhai who
was their respected mentor. They remembered his love
for singing, mountain trekking and keenness to make a
difference in someone’s life. They also appreciated his
great sense of humour and smiling face which taught
one of the biggest lessons of life, to create a “win – win”
situation even under most trying circumstances. With deep
sentiments every speaker expressed his/her gratitude for
the way his/her life was touched by the departed soul.

On behalf of his entire family, CA Nandita Parekh,
daughter of Shri Pradeepbhai thanked BCAS / other
organisations and all members for the kind words they
shared at the meeting.

Shri Pradeep Shah lived his life with zeal, zest and
spirit that inspired every member of BCAS who came
in his contact. He believed in giving back to the
society. He gave abundant love to all those who came
in his contact and donated significantly at regular
intervals to the needy. He found joy in wiping tears
of the underprivileged and bringing smile back on
the face of a poor child deprived of hope. Fragrance
of the contribution made by Shri Pradeep Shah will
never fade. May his soul rest in peace.

“Experts Chat – NIFTY – 10,000 and Beyond”
held on 27th September 2017 at RVG
Educational Foundation Hall, Andheri (West)
supported by RVG Education Foundation &
Vile Parle CPE Study Circle of WIRC

An Experts Chat was organised by BCAS supported
by RVG Educational Foundation and Vile Parle CPE
Study Circle of WIRC on 27th September 2017 at RVG
Conference Hall, Andheri West. This was an initiative by
the Society to reach out to the members in the suburban
areas. The subject of the Chat was “NIFTY- 10000
and Beyond”. Experts participating in the chat were
CA. Vijai Mantri, Co-Promoter and Chief Mentor at
Buckfast Financial Advisory and Mr. Deven Choksey,
Managing Director of K. R. Choksey Shares and
Securities with CA. Anil Singhvi, India – Markets Editor
at CNBC TV18 anchoring the programme.

The chat started with a question raised by the Anchor
whether “number” really matters and whether the
NIFTY has reached its peak or there is a further scope
of escalation. Both speakers opined that the “number”
does not matter really because one needs to put that in
perspective of time and fundamentals. Echoing concerns
about investment potential, both speakers mentioned
about some fundamental thoughts as given below.

a) Investor should never attempt to “time” the Sensex.
This would never succeed. A common investor would
be left with panic selling and frantic buying at worst
prices in such attempts.

b) One should not try to invest in stocks on “tips” about
the particular stock. This would certainly leave them
with losses as stock market does not pay on the tips
but on the fundamentals.

c) An individual investor should not venture to invest on
his own unless he makes deep study of the industry
and the strategic perspective of the company from
long term point of view. Hence, investment should be
left to the experts through Mutual Funds or Portfolio
Management Scheme (PMS).

d) No industry is free from uncertainty of disruption which
is presently so frequent due to change of technology,
government regulations and global compliances.
Concept of long term investment in today’s blue chip
companies is irrelevant in current times. That is where
collective wisdom of experts will help to make decision
on entry or exit of the investment.

The audience posed interesting questions to experts
on future of newer technologies like electric car, bitcoin
etc. All the three experts opined in unanimity that while
each technology brings new opportunities, it also brings
new threats which may not be perceived by an individual
investor.

Overall, the Experts Chat turned out to be very enlightening
with interesting insights into investment strategy given by
the experts with their in-depth knowledge and experience.

INTERNATIONAL ECONOMIC STUDY
GROUP MEETING

Meeting on “Taking Stock of Demonetisation
and Economic impact of some Geo Political
hot spots such as India-China, USA-North
Korea” on 28th September, 2017 at BCAS
Conference Hall.

International Economic Study Group of BCAS conducted
the captioned meeting under the mentorship of
CA. Rashmin Sanghvi wherein the following topics were
discussed:

Demonetisation: The Group discussed and analysed
various public announcements made by the Government in
terms of Targets set by the Government and actual results
thereof i.e. Eliminating black money, Fake currency, Terror
funding, and creating a Cashless Society. While RBI has
reported to have received Rs 15.28 trillion or 99 percent
of the specified currency, very small/negligible amount of
fake currency has been identified, which is the primary
source of terror funding. However the Demonetisation
exercise has effectively presented the policy makers with
a data trove of individuals’ financial transactions which
can be leveraged to improve tax compliance. However,
there was definite impact on terror activities, which came
down during the period.

Economic impact of Geo Political hot spots India-
China & USA-North Korea: The Group felt that Geo
political standoff between India-China was ably handled
by the Government, leading China to withdraw from
the spot mainly for the reason that though China has
a powerful military, it will never attack India. China has
disputes with most neighbouring countries and China is
interested in economic dominance & not political or even
military control.

The Group also discussed USA-North Korea standoff
and felt that both the countries have inexperienced new
leadership which has led to war of words through media
and social media. Ultimately USA Establishment will be
able to diplomatically sort this out given the consequences
of nuclear war.

The participants were abundantly benefitted from the rich
experience and knowledge of the group leader.

Lecture Meeting on “ICDS Reporting u/s.
44AB of the Income Tax Act, 1961” held on
5th October 2017 at BCAS Conference Hall

A Lecture Meeting on “ICDS Reporting u/s. 44AB
addressed by CA. Nihar Jambusaria was held at BCAS
Conference Hall. President CA. Narayan Pasari gave the
opening remarks.

In the initial part
of his talk, CA.
J a m b u s a r i a
mentioned about
the representations
which were filed
by various forums
against the
application of ICDS and even scrapping it. He particularly emphasised on
the difficulties that one could face in complying with the
reporting requirements under Form 3CD and the care and
caution required to be exercised while complying with the
same in accordance with the ICDS.

The Speaker also discussed in detail the issues in
complying with the reporting requirements of ICDS on
Valuation of Inventories, Construction Contracts and
Revenue Recognition etc. by giving illustrations under
different scenarios. While discussing the issues, he also
mentioned various landmark decisions which could be
followed in case of conflicting treatment provided under
the ICDS. Issues emanating while conducting tax audit in
compliance with each of the ICDS were highlighted and
the Speaker expressed his views on those issues.

The lecture meeting saw an attendance of over 75
participants and around 400 viewers online. The
participants benefitted a lot from the meeting.

“2 Days Seminar on Transfer Pricing” held
on 6th & 7 th October, 2017 at M. C. Ghia Hall,
Fort, Mumbai

International Taxation Committee of BCAS organised the
2-Day Seminar on 6th and 7th October, 2017 to enable the
participants to prepare for Transfer Pricing compliances
through the practical approach. The objective of the
Seminar was to have a re-look at the provisions and
procedures and to discuss key issues so as to gear up
for the AY 2017-18. Along with basics, the seminar also
focused on advanced issues such as those relating to
special provisions, e.g. Safe Harbour Rules, Advance
Pricing Arrangements, Secondary Adjustments and Thin
Capitalisation Rules.

On Day 1, President CA. Narayan Pasari welcomed
the delegates. CA. Mayur Nayak, Chairman of the
International Taxation Committee, introduced the theme of
the Seminar and emphasised the importance of Transfer
Pricing in the light of recent developments in the arena of
International Taxation.

CA. Namrata Dedhia explained the ‘Scope of International
transaction(s) and Associated Enterprises under the
Income Tax Act, 1961’ with the definition of International
Transaction and Associated Enterprise in depth.

The session was followed by clause by clause analysis
of Form 3CEB by CA. Ankush Mehta and CA. Shraddha
Bathija who took up the topic of
‘Reporting requirement u/s. 92E –
Form 3CEB’. They also covered
the possible penalties of non-filing
and incorrect filing of the form and
documentation. This was followed
by a session on ‘Documentation
including benchmarking analysis
with practical case studies and live
database search and adjustments’ by
CA. Siddharth Banwat, who took the
delegates through a search process
on Ace TP database. Thereafter,
CA. Vaishali Mane covered the
much needed discussion on ‘Recent
development – relevance of CBCR’
which was very well received by the
participants.

On Day 2, the Seminar began with CA. Bhupendra Kothari
covering the topic ‘Safe Harbour Rules – procedures
and compliance’. In his presentation, he covered the
recent amendments on the Safe Harbour Rules and also provided a detailed explanation on the procedures
and compliances thereunder. Further he compared
and contrasted the provisions of Safe Harbour Rules
vis-à-vis Advance Pricing Agreements. It was followed by
an excellent session on ‘Advance Pricing Arrangements
– Procedure and requirements’ by CA. Amod Khare.
He guided the participants with his practical experience
on implementation of Advanced Pricing Arrangements.
CA. Bhavesh Dedhia covered the recent amendments
on ‘Practical case studies on secondary adjustments &
thin-capitalisation’. The case studies made the session
very interactive and interesting. The last session – the
Brains Trust Session was ably led by the Chairman,
CA. Samir Gandhi with the panelists, CA. Darpan Mehta and
CA. Paresh Parekh. The panelists dealt with very
interesting case studies on topics such as impact of Ind-
AS and GST, TP issues in Automation industry, Block
chain technology etc. Finally, the Chairman shared a
comprehensive case study with the participants to apply
their learning over the past two days.

The Seminar was well received by more than 55
participants out of which few travelled from out of
Mumbai. All the speakers answered queries of the
participants in depth which made the seminar lively and
equally interactive. The participants benefitted a lot from
the Seminar.

“Blood Donation Drive” organised on 7th
October, 2017 at BCAS Conference Hall

BCAS continued with its initiatives of connecting with /
contributing to the Society for a non-professional, social
cause. By organising a Blood Donation Drive for the 2nd
consecutive year, BCAS encouraged a sense of ‘Personal
Social Responsibility’ (PSR) amongst its members,
their relatives and friends. BCAS Foundation along with
Membership & Public Relations (MPR) Committee of
BCAS organised a full day Blood Donation and Health
Check-up Camp on 7th October 2017 at BCAS Conference
Hall, in collaboration with Kokilaben Dhirubhai Ambani
Hospital (KDAH), one of the renowned hospitals in
Mumbai, having the sophisticated blood bank facilities
and laboratories.

The event was spread over 4 zones (i) Blood Donation;
(ii) Health check-up other than ECG; (iii) ECG; and (iv)
Knowledge desk for organ donation.

Free routine health check-up covered Blood Pressure,
Diabetes, Bone Density, Thalassemia Test and ECG etc.
Knowledge desk for organ donation at the event created
awareness about the basics of organ donation and many
took pledge for the same

It was a great team effort of 21 volunteers from KDAH,
and others from Yuva Shakti of BCAS and BCAS staff,
who actively extended their support for magnificently
organizing and managing the event.

For Blood Donation, the donors had to follow a step by
step procedure covering various parameters before
actually donating blood. A specialised team of doctors
and supervisors from KDAH was very accurate with
respect to the health and physical conditions of the donor
to ensure that the donor was fit for donating blood and
also completely fit and fine after donating blood.

Awareness and messages were widely spread by
the BCAS team for this Drive. CA. Narayan Pasari,
President of BCAS, and CA. Chetan Shah, Chairman of
MPR Committee led the drive from the front along with
CA. Bhavesh Gandhi, CA. Saket Sanganeria and CA.
Maitri Naik and encouraged and inspired more and more
people to participate especially the youth. BCAS got an
overwhelming and encouraging response for this blood
donation drive, as is evident from the data below:

Blood Donation Count Health Check-up Count
Details Count Details Count
Blood Donated 64 Gone through 127
Rejected 30
Grand Total 94 Grand Total 127

The blood donors were given the Blood Donation
Certificate and a token gift in appreciation of their
participation by KDAH.

It was truly a memorable experience, providing an
opportunity by BCAS, to inculcate / nurture a sense of
PSR amongst members as well as non-members.

SUBURBAN STUDY CIRCLE MEETING

“Important Amendments in Companies Act,
2013 regarding Auditors and Accounts of
Private Limited Companies (SME) and reporting
under CARO” held on 7th October 2017.

The Suburban Study Circle organised its third meeting
of FY 2017-18 at Office of Bathiya & Associates LLP at
Andheri (E). The group leader CA. Abhay Arolkar gave an
insight on various amendments in Companies Act, 2013
covering the following areas in detail:

a) Definitions & Scope – Small & Medium Enterprises

b) Audit Report – Main Audit Report and Report under
CARO, 2016

c) Audit Process – Audit Acceptance, Audit Continuance,
Audit Acceptance/ Continuance Documentation and
Audit planning with detailed discussion on Internal
Control over Financial Reporting

d) Reporting under other laws Micro, Small & Medium
Enterprises Development Act, 2006 ii) FEMA iii)
Specified Bank Notes Reporting.

CA. Abhay Arolkar also shared his personal experience of
conducting audits and highlighted the areas which should
be kept in mind while selecting an Audit Engagement.

Large number of participants benefited from the
presentation and experience shared by the group leader.

DIRECT TAX STUDY CIRCLE MEETING

Meeting on “Taxation of Gifts u/s. 56(2)(x)” held
on 9th October 2017 at BCAS Conference Hall

The Chairman of the session, CA. Ameet Patel gave his
opening remarks. The Group leader, CA. Krutika Fadnis gave
a brief introduction of the taxation of gifts over the years.
Thereafter, the group leader briefly explained the intent of
the Finance Act 2017 for introducing section 56(2)(x) and
explained its salient features. Numerous examples and
case laws were discussed and explained by the Group
Leader. Questions were also taken from the group with
respect to applicability of section 56(2)(x) in case of gift
received from the Government on different occasions.

The group leader also touched upon the consequences of
gift tax in case of family settlement in cash/ kind. Further,
the definition of ‘relative’ was interpreted and taxation
of settlement trust was discussed considering various
judicial precedents.

Subsequently, the group leader briefly explained the
rules for determining ‘fair value’ under Rule 11UA of the
Income-tax Rules, 1962. The interplay of section 56(2)
(x) and 50CA of the Income-tax Act, 1961 was discussed
with illustrations. The session concluded by discussing
four case studies. The participants benefitted a lot from
the Study Circle.

HUMAN DEVELOPMENT STUDY CIRCLE
MEETING

Meeting on “Coping with the Change (Transformation
towards Leadership Behaviour
in the era of Constant Change)” held on
10th October, 2017 at BCAS Conference Hall

HDTI Committee organised the above Study Circle
Meeting at BCAS Conference Hall which was addressed
by Mr. Gopal Sehjpal, a Marshall Goldsmith Certified
Coach and accredited Leadership Coach by ICF (ACC).

Mr. Sehjpal explained that Managing Change is a step
towards transformation which is also one of the theme
of BCAS this year. One must identify triggers. Change is
nature’s challenge. To change or not-to-change is based
on triggers/stimuli which come from outside but decision
to change comes from within. Change is dynamic. For
successful change, individuals are required to have
commitment, co-ordination and competency. He also
quoted Philip B. Crosby, a Quality guru, who said that
quality is free. However, we must make the required
investment to make a positive difference so that we remain
effective and efficient. Participants present benefited from
the rich experience of the Speaker.

Lecture Meeting on “Recent Developments in
Transfer Pricing” by CA. Vispi Patel held on
11th October 2017 at BCAS Conference Hall

BCAS organised a lecture meeting on “Recent
Developments in Transfer Pricing “on 11th October 2017
at BCAS Conference Hall. The meeting was addressed
by CA. Vispi Patel.

At the start of the meeting, BCAS released its latest publication – Indian Reprint of
the “OECD Transfer Pricing
Guidelines for Multinational
Enterprises and Tax
Administrations”- at the hands
of guest speaker of the evening
CA. Vispi Patel. Through this
publication, BCAS aims to provide
the very useful OECD book at a much lower price for the
Indian professionals.

After the release of the publication, the Speaker lucidly
explained the most relevant concepts in the Transfer
Pricing arena. He covered the most fundamental concepts
through some of the most important judicial precedents
and advocated that one must not lose sight of these
concepts while dealing with other matters.

CA. Vispi Patel also gave an outline of the provisions
related to Advance Pricing Arrangements and the recently
amended Safe Harbour Rules. He also dealt with the new
provision of Limitation on Interest Deduction u/s. 94B
with illustrations and provided a real-world perspective of
how the provisions may not be in line with the reality on
ground, with the help of RBI statistics. He also explained
in detail the concept of Secondary Adjustment through
section 92CE and listed several issues that still remain
unresolved. Lastly, he took the audience through the Draft
Rules on Master File and Country-by-Country reporting
which were issued only a few days ago.

Apart from providing clarity on the legal aspects, the
learned speaker also enlightened the members on
the developments in the international tax landscape –
especially BEPS. He also provided a between-the-lines
perspective on these developments and expressed
caution over the Government’s haste in applying the new
BEPS measures.

His lecture was well appreciated and all members left with
a deeper understanding of the subject.

Society News

Study Circle Meeting on Real
Estate Regulation and Development Act (RERA) held on 27th  July, 2017

Suburban Study Circle of BCAS organised a Meeting on RERA on
27th July, 2017 at N. M. College which was addressed by CA. Jayesh
Karia and CA. Vyomesh Pathak.

The Speakers explained the entire framework of RERA, the key
changes, its impact and powers with particular reference to Maharashtra Real
Estate and Development (MahaRERA) Rules and Regulations, keeping in view the
changing trends and environment in the Real Estate Sector. They also emphasised
on the 5 pillars of Real Estate Act such as Financial Discipline, Transparency,
Accountability, Customer Centricity and Compliance to make the Act enforceable
under the provisions of the Law.

The following topics were interalia discussed in
the meeting:

Registration of the project with Issues and
Nuances associated with First Time Registration.


Functions and duties of the
Promoters.


Rights and Duties of Allottees and
Redressal Mechanism for their Grievances


Constitution, Administration,
Functions and Powers of RERA Authority and RERA Tribunal

Penalties
and Offences on Non registration, Non Compliance
with RERA Authority/RERA Tribunal

Role of Chartered Accountants in MahaRERA i. e. issuance of
Certificates by CAs particularly at the time of registration of project and
Statutory Audit Certificate etc. and professional opportunities for CAs
under RERA.

In addition to the above, the Speakers deliberated on the
Miscellaneous Provisions such as Bar of Jurisdiction, power to make Rules &
Regulations  Act to have overriding
effect over other Acts, Repeal of MOFA 2012 etc.

It was an interactive session and participants benefitted a
lot from the meeting.

Technology Initiative Study
Circle Meetings on “Implementation of GST in Tally ERP 9” held on 18th
July and 11th August, 2017 at BCAS

Human Development and Technology Initiatives Committee
organised two Study Circle Meetings on the “Implementation of  GST in Tally ERP 9” on 18th July
and 11th August at BCAS Hall. The Study Circles were led by CA.
Punit Mehta, Director  with Aimtech
Business Solutions Private Limited who has conducted various training and implementation
programs in Tally for professionals at various forums.

CA. Punit Mehta dealt with various aspects of Implementation
of GST in Tally ERP 9 by giving live practical examples and meticulously
covered important features in Tally ERP 9 like activation of GST in current
company, setting up new GST invoices, generation of advance receipts,
accounting for purchases liable for payment of tax under reverse charge
mechanism and generation of GST returns from Tally ERP 9 by giving a
step-by-step live demo with respect to each feature.

The participants were truly enriched and enthralled with the
learned Speaker’s presentation skills and appreciated the in-depth insight
given by him on the subject.

Lecture Meeting on “Learnings
from Implementation of Ind AS – Phase I” held on 2nd August 2017 at
BCAS Hall

A Lecture Meeting on “Learnings from Implementation of Ind AS
– Phase I” was held on 2nd August 2017 which was addressed by CA.
Sudhir Soni & CA. Suresh Yadav. President CA. Narayan Pasari in his opening
remarks briefed about the Ind AS and that the adoption of Ind AS has been the
widely discussed topic across Board Rooms in India for a while & Corporates
have invested significant efforts & resources to ensure compliance with Ind
AS.

Both the speakers shared their experiences & analysis of
what happened during the implementation in the Phase I Companies. They
discussed transition issues where NBFC (presently not allowed for conversion by
RBI) having subsidiary companies (where IndAS conversion is applicable) &
vice versa, because of which they were required to maintain two sets of books
of accounts, existing contracts & its impact on conversion etc. They
also emphasised that IndAS involves a lot of fair value exercises.

  CA. Sudhir Soni    CA. Suresh Yadav

CA. Sudhir Soni explained that in the implementation,
preparation of opening Balance Sheet is very important and it is a one-time
exercise in the life time of the company before conversion to IndAS and its tax
implications on transition date. He also discussed key challenges in restating
Business Combinations. CA. Soni further elaborated the term right to “Control”
which was extensively discussed like participative right, protective right,
wherein a few companies and some of its subsidiaries were treated as joint
ventures too.

CA. Suresh Yadav discussed the impact of Ind AS on the
companies listed on BSE and the various relaxations made by SEBI in the first
year of IndAS implementation. He further explained the first-time adoption
options of Deemed cost of Plant, Property, Equipment & Intangible i.e.
Retrospective Ind AS cost and Fair Value as deemed cost & Previous GAAP
carrying amount and the presentation of fixed asset schedule. He also
deliberated on the impact of net worth of Investments in subsidiaries,
associates & joint ventures in standalone financials where the investment
is to be carried at cost as per IndAS 27 or Deemed cost as per Ind AS101. CA.
Suresh also highlighted that accounting of financial guarantee contracts shall
be carried out in the parent company. Interpretation of Valuing ‘drawn and
withdrawn commitment’ depends on judgement.

The following issues pertaining to implementation of Ind
AS-Phase-1 were also taken up for discussion: 
Under Classification of Debt vs. Equity, two criteria i.e. fixed amount
and fixed no of shares shall be fulfilled.

The rule test on de-recognition of financial assets i.e. Risk
& Reward before Securitization and after Securitization need to be passed.
Impact of Deferred Tax follows Balance sheet approach rather than Income
approach. Recognition of Government Grant of EPCG is done, based on useful life
of assets or on the fulfillment of related export obligation. Extensive
presentation & disclosures are required under Ind AS such as Net worth
Reconciliation, Business Combination and Consolidation, Effective Tax Rate,
Operating Segments and Related Party Transactions etc.

The meeting concluded with a Q&A session on various
issues related to Ind AS. Members benefitted from the detailed analysis of the
subject.

“Seminar on Developments in Audit
Reporting etc. for Audits for 2016-17” held on 3rd August,
2017 at BCAS

A full day Seminar was held on 3rd August, 2017,
covering various components relating to Auditing and Audit Reports like
Accounting Standards (non Ind AS) Revised and made applicable for FY 2016-17,
Additional reporting requirement of Specified Bank Notes on account of
demonetisation, Reporting compliances relating to ICFR, Fraud Reporting and
CARO Reporting. This was followed by FRRB observations on non-compliances in
audited accounts so as to help professionals to improve the quality of their
reporting.

The Chairman of the Accounting and Auditing Committee CA.
Himanshu Kishnadwala gave an insight on the importance of reporting and
Independence of the auditor and shared some insights of PCAOB (US) findings.
Speakers CA. Abhay Mehta, CA. Chirag Doshi, CA. Nikhil Patel and CA. Paresh
Clerk also shared their knowledge and rich experience. Each topic was well
covered and explained to the participants by way of discussions and examples
well designed to understand the nuances of the new amendments in the Accounting
and Auditing Standards and its reporting requirements.

           

  CA. Abhay Mehta       CA. Chirag Doshi       CA. Paresh
Clerk        CA. Nikhil Patel

The Seminar was attended by 80 participants from the
profession, Industry and Practice arena. The Seminar was very interactive and
there were positive feedbacks.

Students Study Circle on “Transition Provisions in the Goods
& Services Tax” held on 4th August, 2017 at BCAS

BCAS Students Forum organised a study circle on the topic
“Transition Provisions in the Goods & Service Tax” on 4th
August, 2017 at BCAS Hall.

The Study Circle was led by student Speaker Mr. Jaydeep Vora
under the guidance of CA. Chirag Mehta who chaired the session. Mr. Vora
covered the topic very well and gave insights into the provisions like carry
forward of credit, migration of existing registrations, and some practical
issues faced by the industry. Thereafter, Mr. Chirag enlightened the students
with his thoughts and deep knowledge on the subject. The programme was
organised on the back drop of the recently implemented Goods and Services Tax,
with the objective to make the students aware of the intricate issues in the
transition provisions under GST.

The convenors of the Students Study Circle Mr. Parth Patani
and Mr. Prathamesh Mhatre encouraged students to participate actively in the
activities of the Students Forum and come forward to lead the study circles.

It was a great learning experience for the student members
and they learned a lot on the subject.

Study Circle Meeting on “GST & Tally.Erp9 – Features,
Setup and Returns” held on 5th August, 2017.

The Suburban Study Circle organised a meeting on “GST &
Tally.Erp9 – Features, Setup and Returns” at the office of Bathiya &
Associates LLP on 5th August, 2017. The group leader CA. Anand
Paurana gave a practical demonstration on Tally.Erp9, about the features, setup
procedures and generating various returns and reports. The following areas were
covered in detail by the Speaker:

a) Activation and Setup of GST in Tally

b) Master Accounts Creation

c) Treatment for Advance Receipts and Adjustments

d) Invoicing

e) Treatment of Purchases from Unregistered
Dealers

f)   Preparation and finalisation of GST returns in
Tally

g)  Reconciliation of tax liabilities

CA. Anand Paurana gave hands on experience and practical tips
of working in Tally for compliances under GST.

The participants benefited from the presentation and
experiences shared by the group leader.

BEPS Study Circle Meeting on “BEPS Action Plan 7: Preventing
the Artificial Avoidance of Permanent Establishment (PE) Status” held on 05th
August, 2017 at BCAS

The presentation on the captioned subject was made by the
team of CA. Satish Kanodia, CA. Kartik Badiani and CA. Abhishek Bhatharade.
They explained how “Commissionaire Arrangement” is being used for tax abuse. In
the “Commissionaire Arrangement”, the agent does not have to disclose the name
of the principal on whose behalf he is transacting. While in substance it would
amount to a PE, it is not being considered as a PE. A tax heaven entity is used
as principal entity and no permanent establishment is created in source
country. However, now it has been suggested to incorporate Commissionaire
Arrangement in the definition of PE even if contracts are not entered in the
name of enterprise in source country. This situation is more relevant in civil
law countries. In India, this situation does not arise as the agent is required
to disclose the name of the principal. However, in case of Indian residents
having such arrangements, there will be implications.

Further, it was discussed that there are certain exceptions
where some places are not considered as Permanent Establishment. The exceptions
are for maintenance of stock for Storage, Display and Delivery of goods or for
purchase, collecting information, etc. These activities are considered
to be preparatory and auxiliary (insignificant) to attribute any profits.
Hence, these were not considered as PE. However in some cases, such activities
(e.g. delivery of goods by e-commerce companies) are important functions and
not just preparatory and auxiliary. Now, the action plan has suggested that
each of these activities must be by themselves in the nature of preparatory and
auxiliary activity. Only then these will be covered under exceptions of PE.

The action plan also talks about options suggested for tax
abuse being in the nature of fragmentation of activities and splitting up of
contracts to avoid PE status.

The participants benefitted a lot from the meeting.

Lecture Meeting on “Beyond
Profession – Impacting Lives, Shaping Destinies” held on 9th August,
2017 at BCAS

For most of us, ‘success’ is
defined by how we live up to the expectations of the society in material terms.
In the process of this ‘aspiration’, we merely pass through the motions of life
rather than living the purpose of life which should be much more. But, in some
personal brooding moments, a thought strikes: what I have really done so far
for the purpose for which I was chosen to be on this earth?

The meeting was addressed by the Speaker Mr. Dhananjay T.
Desai popularly known as Mr Bharatbhai. Shri Desai is a Chartered Accountant
and during his articleship, he helped other students of CA Course for their
examinations. At a very young age, he loved helping underprivileged, poor and
weaker sections of the society. He has mentored close to 200 NGOs that include
eye hospital, blood bank and school for blind, deaf, dumb and tribal children etc.

He explained the purpose of life that could impact or change
the lives of others. He also shared the glimpses of his life i.e. the journey
from an accomplished Rank Holder Practicing Chartered Accountant to the Social
Service enthusiast dedicated to the Tribals and Downtrodden, Healthcare and
Education. He relentlessly serves the tribal population of Dang near Valsad in
Gujarat, a 100 % tribal area.

 

Mr. Dhananjay T.
Desai

In Healthcare, he has worked for Eyecare, Skincare,
Disabilities, Malnutrition sickle disease and Accidental Injuries etc.,
thereby reaching out to the rural segments (Anganwadis). He emphasised on the
setting up of Social Responsibility Foundations rather than be a Philanthropic.
In the field of education, his focus areas are primary education, teaching life
skills, civic sense, vocational training and sign language for disabled etc.He
cited the example of Mr. Azim Premji of Wipro giving Rs. 5,000 crore through a
Trust for Primary Education. He opined that it is not just the funding, but
being there with the needy to satisfy their needs and ease their pains.

He also advocated that prevention is better than cure and one
must take proactive preventive steps in the area of one’s health.

The participants were mesmerised with his speech and also got
inspired with his social cause initiatives. 

21st “ITF Conference 2017” held from 10th
to 13th August at Conrad, Pune

The International Tax and Finance Conference was conducted
from 10th to 13th August at Conrad, Pune with a robust
attendance of 201 members from around 19 cities across India. The Conference
was top-lined by experts from respective fields who dealt with their subject
matter with in-depth clarity. The 4-day Conference was marked with 6 technical
sessions which included 3 group discussion papers, 1 presentation and 2 panel
discussions. In addition, there were quite a few non-technical but equally
enriching personal development programmes.

The Conference was inaugurated with a keynote address by Shri
Ravi Pandit, Co-founder, Chairman and Group CEO of KPIT Technologies Ltd. who
dealt in a very succinct manner on “Impact of Disruptive Technologies on
Professionals”. Mr. Pandit who is also a CA, made his speech quite impactful
and opened the eyes of the professionals to the future expected ahead on
account of disruptive technology.

CA. Padamchand Khincha dealt on “Permanent Establishment
& Attribution of Profits – Issues & Recent Developments” and the recent
Supreme Court decision in Formula One World Championship Limited with his
characteristic style of dealing with the most tough concepts at a fundamental
level and explaining them in a very enriching manner. The paper provided by him
is a detailed exposition on the subject and has given justice to all important
areas of the topic.

CA. Vishal Gada also provided an exhaustive paper on “General
Anti Avoidance Rules – An Analysis” and dealt with the case studies put forward
by him in the paper in detail. Many new issues were brought out by him and
concepts which are yet to be tested in courts were explained by him thoroughly.

                      

CA. Padamchand Khincha                  CA. Vishal Gada                         CA. Pranav Sayta                         Dr. Waman Parkhi

CA. Pranav Sayta dealt with “Case Studies on International
Taxation” where major issues not covered by the other paper-writers were taken
up by him, including issues related to Place of Effective Management(POEM),
Indirect Transfer provisions, etc. As usual, his analytical skills were
at display when he dissected each issue and provided the participants with
clear and precise answers.

All three paper-writers dealt with the issues highlighted to
them by the group leaders based on discussions that were conducted before their
respective presentations.

Dr. Waman Parkhi’s presentation on “GST on Cross Border
transactions” was well received as it provided the much-required clarity on
several contentious issues.

The first panel discussion was on “Multilateral Instrument
(MLI) – Impact on India” where Mr. Rahul Navin, CIT (TP-1), explained the
biggest change in international tax arena in recent times – the signing of the
Multilateral Instrument by around 68 countries – to stop Base Erosion and
Profit Shifting. Following his elaborate presentation, he was joined by CA. T.
P. Ostwal and CA. Shefali Goradia to discuss several issues that come out of
the MLI. It was an enriching experience to hear the stalwarts from both revenue
and profession on this new topic.

Mr. Rahul Navin graciously agreed to also take up a separate
session on “Exchange of Information” wherein he dealt with the changed paradigm
of information sharing that is now a reality. It was an eye-opener session. He
also fielded several queries from the delegates.

On the last day, there was an illustrious panel which dealt
with “Transfer Pricing – Current Issues”. CAs Rahul Mitra, Rohan Phatarphekar
& Sanjay Tolia formed the panel which was ably chaired by CA. T. P. Ostwal.
All three panellists took up case studies which dealt with the latest and most
important concerns regarding the Transfer Pricing Regulations in India,
including the impact of latest changes which are introduced as a part of the
BEPS Project.

                         

Mr. Rahul Navin             CA. Shefali Goradia            CA. T. P. Ostwal              CA. Rahul Mitra

Apart from these technical sessions, the Conference provided
unique opportunities to the delegates. A 
special Ted-talk session by CA. Rashmin Sanghvi highlighted the “Future
of the CA Profession” and what one should be careful about. This was followed
by a session on “Decode Your Personality through your Handwriting” by Mr.
Milind Rajore which left everyone spell-bound. To top off the evening, Mr.
Mahesh Dube tickled everyone’s funny bone through his stand-up comedy show. The
organisers also conducted team-building games which received enthusiastic
participation from delegates. An industrial visit to the Volkswagen Car Plant
at Chakan also formed part of the Conference where delegates had the first-hand
experience of witnessing cars rolling out from the assembly chain besides
robots carrying out many activities in production.

                       

CA. Sanjay Tolia               CA. Rohan Phatarphekar         CA. Rashmin Sanghvi

The Conference thus achieved its objective of affording the
best of International Tax deliberations and learnings interspersed with useful
non-technical sessions.

The participants benefitted a lot from the sessions taken at
the Conference.

Full Day  “Workshop on NBFC” held on 16th August,
2017

Accounting & Auditing Committee of BCAS conducted a
workshop on NBFC at Hotel Novatel, Juhu, Mumbai on 16th August,
2017. NBFCs play a vital role in the Financial Services sector. In view of the
regulatory norms being notified on a regular basis and other factors such as
changes in Statutory Audit requirements, applicability of Ind-AS and GST,
increased scope of Internal Audit, it was felt imperative to conduct a Workshop
on NBFC.

The Workshop started with the inaugural address by President
CA. Narayan Pasari who provided his view points on the importance of NBFCs in
the overall development of the financial sector in India followed by CA.
Himanshu Kishnadwala, Chairman of the A & A Committee, introducing the
structure of the Workshop.

The Workshop was structured into five sessions which dealt
with important aspects viz. Prudential Norms & Compliances, Internal Audit
Perspective for NBFCs, GST implications for NBFCs, Statutory Audit Aspects
under the Companies Act, 2013 and applicability of Ind-AS and its implications
to NBFCs.

The first session was taken up by CA. B. Renganathan, who
lucidly dealt with the Important Aspects of Prudential Norms & Compliances.
While dealing with the same, he also took participants through the overall
maturing of the NBFC sector over the last three decades and gave valuable
insights on the functioning of the various categories of NBFCs.

The second session was on Internal Audit perspective for
NBFCs which was addressed by CA. Himanshu Vasa. He shared his experience of
internal audit of banks and provided practical insights on how to conduct
internal audits of NBFCs.

                  

CA. B. Renganathan            CA. Himanshu Vasa        CA. Sunil Gabhawalla

The third session was on GST implications for NBFCs addressed
by CA. Sunil Gabhawalla. He explained how GST was going to impact the NBFCs and
the issues and challenges involved.

The fourth session dealing with Statutory Audit aspects under
the Companies Act, 2013 was addressed by CA. Manoj Kumar Vijai. He dealt
elaborately with the unique requirements while conducting audit of NBFCs and
shared his vast experience with the participants.

       

CA. Manoj Kumar Vijai     CA. Rukshad Daruvala

The last session was addressed by CA. Rukshad Daruwala, on
applicability of IndAS and its implications. He dealt with the potential IndAS
impact areas, classification and measurement of financial assets /liabilities,
impairment and shared his experience on the subject.

Overall, the Workshop was an enriching and interactive
experience for the participants.

Lecture Meeting on “Filing of Returns under GST and
Associated IT challenges” held on 17th August, 2017 at BCAS Hall

The meeting was addressed by CA. Rajat Talati.  President CA. Narayan Pasari in his opening
remarks introduced the Speaker and highlighted the vision of BCAS and the four
pillars i.e. Transformation, Yuva Shakti, Digitization and Networking that BCAS
will focus upon for the Annual Plan 2017-18.

CA. Rajat Talati made a detailed presentation on the topic of
Filing of Returns under GST, covering all the returns and guidelines to be
complied while filing the return. He shared about the practical difficulties in
filing Table-12 & 13 of GSTR-1 and also elaborated Table-11 giving
information of advances received and adjusted and the amendments information to
be furnished for earlier months. The topic was diligently covered by the
learned Speaker and he answered the queries raised by the members based on his
practical experience and in depth knowledge of the subject.

CA. Rajat Talati

The Lecture meeting was attended by around 100 participants
and more than 340 viewers joined online through live streaming. The meeting
concluded with a huge round of applause and participants benefitted a lot.

Interactive Session on “Success in
CA Exams” Jointly with RVG held on 19th August 2017 

HDTI Committee jointly with RVG Educational Foundation
organised a motivational and guidance programme titled `Success in CA Exams’
for students pursuing Chartered Accountancy course at RVG Hostel, Andheri. The
eminent speakers CA. Shriniwas Joshi (Past Chairman of WIRC, and a past member
of Examination Committee, ICAI), CA. Nikunj Shah and CA. Mayur Nayak addressed
the students. CA. Lalchand Chaudhary, President of RVG Educational Foundation
was the key note speaker.

L to R – CA. Lalchand Chaudhary (Keynote Speaker), CA. Shriniwas Joshi,
CA. Rajesh Muni, CA. Mukesh Trivedi, and CA. Nikunj Shah

Chairman of HDTI Committee CA. Rajesh Muni welcomed students
and complimented them for choosing a career to be Chartered Accountant. He also
shared information about activities of HDTI Committee for the benefit of
Students Viz. Study Circles, Orientation and Motivational Training Programs and
Students’ Annual Day Programme.

L to R – CA. Shriniwas Joshi (Speaker), CA. Nikunj Shah, CA. Rajesh Muni, CA.
Narayan Pasari (President), CA. Mukesh Trivedi, and CA. Mayur Nayak

In his key note address, CA. Lalchand Chaudhary advised
students to put in their best efforts in studies with thorough practice.
Advising the students, not to fear the failure, he nicely explained the word
FAIL as the ‘first attempt In Learning’ and wished them success in the exams.
He also invited Bombay Chartered Accountants Society to organise many more
educational programs in fully refurbished auditorium of RVG Educational
Foundation premises which has a capacity of 250 participants.

President of BCAS CA. Narayan Pasari shared his views and
emphasised that Technology and Yuva Shakti are two of the thrust areas of BCAS
for the year.  Encouraging all students,
he appealed to them to become student members and avail excellent benefits of
educational and other activities of the society.

In the programme, 5 students (including 3 alumni of RVG
Educational Foundation) were felicitated for their excellent performance in CA
final exams held in May 2017. These were Krishna Gupta (3rd Rank),
Ronak Palod (23rd Rank), Vaibhav Agarwal (27th Rank),
Suyash Jain (31st Rank) and Radhika Agarwal (36th Rank).
Krishna Gupta also shared his views on how he prepared for his remarkable achievement
in the exams.

Student Participants

In this interactive session, the speakers’ views and
presentations were well received. They enlightened the students with the key
factors for success i.e. strong self-belief, planning, time management,
discipline, goal setting, mental and physical strength, writing and
communication skills and positive attitude amongst others. In the concluding
session, participants were given benefit of guided meditation. It was a
beautiful experience for all to calm their minds and improve concentration.

Students benefitted from the rich experience of the learned
speakers.

Full day Seminar on “Tax Audit” held on 19th  August 2017 at BCAS Hall

Taxation Committee organised a full day Seminar on Tax Audit
on 19th August, 2017 at BCAS Hall which was addressed by CA. Raman
Jokhakar, CA. Devendra Jain, CA. Bhadresh Doshi and CA. Ganesh Rajgopalan. The
Seminar was attended by over 100 participants including many from outstation.
President CA. Narayan Pasari gave the opening remarks.

CA. Raman Jokhakar

Following topics were covered by the learned Speakers:

  Overview of Tax Audit Provisions
including applicability in presumptive cases and calculations of limits;
Reporting Requirements; Audit Quality; Documentation in light of ICDS;
obtaining and relying on management representations; reliance on test checks,
Issues in e-filing etc. by CA. 
Raman Jokhakar.

  Reporting in Form 3CD – Certain clauses
and issues arising from them (8, 9, 10, 11, 18, 24, 25, 27, 30, 31, 33, 34, 35,
37, 38, 39, 40, 41) by CA. Devendra Jain.

  Reporting in Form 3CD – Certain clauses
and issues arising from them (15, 16, 19, 20, 21, 22, 23, 28, 29, 32, 36)  by CA. Bhadresh Doshi.

  Reporting in Form 3CD – Certain clauses
and issues arising from them. Clause 12 (presumptive income), 13 (which
includes ICDS), 14 (inventory), 17 (transfer of land building less than value
adopted referred to in section 43CA or 50C), 26 (Sec 43B) and issues arising
with tax audit of companies following Ind AS by CA. Ganesh Rajgopalan.

CA. Raman Jokhakar started the session by giving an overview
of Tax Audit provisions and took the participants through various nuances of
tax audit that an auditor should keep in mind while conducting the tax audit,
especially in light of changes made in the Form 3CD. He also discussed various
precautions to be taken while filling up of ITR-6.

CA. Devendra Jain took the participants through various
clauses of reporting in Form 3CD. He also discussed issues raised by the
participants both from technical as well as practical perspective.

CA. Bhadresh Doshi started his presentation by highlighting
anomalies in the notified Form 3CD and the excel utility of Form 3CD. He also
explained various clauses with judicial precedents and case studies.

                   

   CA. Devendra Jain              CA. Bhadresh Doshi          CA. Ganesh Rajgopalan

CA. Ganesh Rajgopalan gave a detailed presentation on the
various clauses, especially the impact of ICDS on the tax audit and the
challenges thereof. He explained various changes which would take place while
undertaking Tax Audit in post ICDS scenario compared to earlier one. He also
brought out the differences which will be encountered between Ind AS and
ICDS.   

The sessions in the Seminar were highly interactive and the
speakers shared their insights on the allocated subjects and responded to the
queries of the participants.

The participants benefitted immensely with the
detailed analysis of each provision of Form 3CD by the respective speakers.

Society News

CHARTERED ACCOUNTANTS’ PROGRAM IN MANAGEMENT, BUSINESS & ACCOUNTING ORGANIZED BY MPR & HDTI COMMITTEES OF BCAS AT  ISME CAMPUS
To hone the Management, Leadership and Technical skills of Chartered Accountants to achieve growth, whether in practice or in industry, Membership & Public Relations Committee (MPR Committee) and Human Development and Technology Initiatives Committee (HDTI Committee) jointly organized Chartered Accountants’ Program in Management, Business and Accounting (CAMBA) at the ISME Campus, Lower Parel, which is equipped with the latest facilities for a conducive learning environment. The CAMBA Course was designed by BCAS along with the Management Institute of ISME. The 1st batch of the course started in May, 2017 and concluded in December, 2017.
.
With an eligibility criteria of minimum 2 years of post-qualification experience, the first batch saw participation from 16 CAs in practice as well as those working with Big 4s or in the industry. The participants shared their experiences and ideas, problems faced in their respective work environments and best practices employed.
The course, designed to conduct 120 hours of classroom training of which 102 hours were dedicated to various emerging aspects of Entrepreneurship, Management, Human Resources, Strategy, Soft Skills and Marketing was conducted by highly experienced faculty from ISME. The subjects were taken up with a variety of interactive pedagogical techniques including discussing case studies, role playing, movies, model building and team work by learned and experienced faculties like Prof. David Wittenberg, Dr. Amarpreet Singh Ghura, Dr. A. Doris Greenwood, Prof. Anjana Vinod, Dr. Ramkishen Y, Prof.   Omkar    Pandharkame,   Ms.   Anubhuti     Gupta, Mr. Moksh Juneja and CA. Nikhil Srinivas.
The remaining 18 hours of the course included sessions designed by the BCAS team on subjects relevant to the professionals. The speakers and the topics discussed during these well-conceived sessions in the 1st batch are enumerated hereunder:
The participants thoroughly enjoyed their journey of this long course, experiencing a transformation in their perspective towards their profession.
It was indeed a very enlightening experience for the participants who benefitted a lot from the sessions.
“Motivational Talk for Young Chartered Accountants & Felicitation of CA’s cleared in Nov. 2017” held on 19th February, 2018 at BCAS Conference Hall.
The Membership & Public Relations Committee organized a motivational talk for Young Chartered Accountants on the topic of “How to become an Extraordinary Professional?”. The talk was addressed by CA. Mudit Yadav, a TEDx Speaker and Success Coach.
The session began with the opening remarks by CA. Chetan Shah, Chairman, MPR Committee who briefed the audience about BCAS and its initiatives. He also encouraged new CAs to become members of BCAS. Few rank holders of Nov’ 2017 were felicitated and they shared their views on success in CA exams.
The Speaker CA. Mudit took up the following major issues faced by young professionals:
 How to choose the ideal career path for oneself?
  Difference between an average and a star professional.
  Habits of the most extraordinary professionals.
  How to develop the mind-set of a true professional?
  How to develop a sharper executive presence?
  How can you be a pioneer of the future of CA profession?
CA. Mudit Yadav also shared his experiences and the challenges he faced while carving out his career as a motivational speaker, in unconventional and non-traditional field.
The talk was attended by more than 150 young Chartered Accountants and the participants benefited from the experience shared by the Speaker.
“8th Residential Study Course on IndAS” held from 22nd February to 24th February, 2018
Accounting & Auditing Committee organized its 8th IndAS Residential Study Course (RSC) from 22nd to 24th February, 2018 at Hotel Gateway, Pune. The Course was conducted to address the Ind AS implementation challenges being faced as well as to impart knowledge of its execution to the professionals. This would enable a smooth transition for the corporate sector and also appraise them of impending changes which are applicable in future. The Course was attended by 110 participants from all across India.
This year’s RSC was structured with three sessions based on Case Studies which involved group discussions. The RSC also had four more papers for presentation by eminent faculties.
RSC started with group discussion on First case study paper by CA. Jayesh Gandhi on “Case Studies on Business Combinations and Consolidated Financial Statements”. The case studies highlighted the complexities involved in carrying out accounting for business combinations and consolidation as well as the evaluation of the relevant consolidation standard in specific circumstances.
The session commenced with the inaugural address by CA. Narayan Pasari, President, BCAS. He urged non-members enrolled for this course to become members of BCAS and enumerated various activities/initiations being undertaken by BCAS for the benefits of profession and industry. The Chairman of the Committee CA. Himanshu Kishnadwala gave introductory remarks on the design and structure of the course and the purpose of selection of the topics for group discussion and presentation.
Inaugural session was followed by presentation paper on Revised Audit Report Requirements by CA. Vijay Maniar which covered SA 701 on Key Audit Matters to be applicable from FY 2018-19. CA. Jayesh Gandhi analysed and replied to the issues raised on the Case Studies during the group discussion.
The 2nd day started with group discussion on the paper by CA. Arvind Daga on “Case Studies on PPE and Financial Instruments” that highlighted the intricate issues on measurement, recognition and impairment under relevant standards. He also made a presentation on his paper explaining finer points of the standards as well as dealing with the issues which came up for deliberation. CA. Raghu Iyer presented the paper on “Derivative and Hedge Accounting” and explained what is ‘derivative’, types of hedges, its purpose and importance in the commercial world.
There was another group discussion on the paper by CA. Archana Bhutani on “Case Studies on Revenue Recognition IndAS 115”. The case studies dealt with typical situations in various sectors including real estate, bundled services, FMCG and retail distribution and also some other related issues. She further made the presentation on her paper explaining finer points and concepts and principles of revised IndAS 115 which is likely to be applicable from 1st April 2018.
The last day began with the presentation on “IndAS 116 – Leases” by CA. Srinath Rajanna who came all the way from Dubai to address the participants. It is for the first time that an international faculty has addressed an  IndAS RSC. He explained the major differences in the revised standard as compared to IAS 17 as also the thought process for the same at IASB. Thereafter, CA. Himanshu Kishnadwala gave presentation on “Global Developments in IFRS” and made the participants aware about the projects in pipeline at IFRS for the next five years and the way it will impact industry as well as the profession. He also explained the process of development of standards at IFRS as also how as a stakeholder everybody can participate in the said process.
The concluding session was presided over by the Chairman CA. Himanshu Kishnadwala who acknowledged the contribution of the faculty, group leaders and other participants for the success of the RSC.
Participants were satisfied with the level of discussion and the value imparted through the RSC.
Workshop on “Transfer Pricing – CBCR and Master File” held on 27th February 2018 at BCAS Conference Hall
“The Workshop on Transfer Pricing – CBCR and Master File was conducted on 27th February 2018 at BCAS Conference Hall which was attended by over 110 participants from profession and industry.
The speakers CA. Hasnain Shroff and CA. Anjul Mota provided a comprehensive insight on the conceptual understanding and interpretation of legal provisions and other key issues surrounding the CBCR and Master File. This was followed by case studies touching upon intricacies in filing the CBCR and Master File. The speakers also outlined some practical suggestions in dealing with inherent issues.
The Workshop was well received by the participants who benefitted a lot from the sessions.
Interactive Fire Side Chat on “Strengthening the Profession” held on 28th February, 2018 at IMC, Churchgate
The CA profession is passing through tectonic shifts which have posed various challenges for the professionals. To address the issues of profession and challenges faced by the CA firms, review the regulatory impediments, learn the possible changes in this regard for strengthening and developing the capacity of Indian CA firms, enhance the competence and improve the visibility amongst the business community, BCAS organised a Fire Side Chat with the experts from the profession and industry.
The Panelists for the discussion were:
1. Mr. M. Damodaran, Former Chairman, SEBI
2. CA. Mukund Chitale, Former President, ICAI
3. CA. T. N. Manoharan, Former President, ICAI
The Fire Side Chat was moderated by CA. Himanshu Kishnadwala, Past President, BCAS.
President CA. Narayan Pasari in his opening remarks stated that presently the Chartered Accountancy profession is in a constant state of flux on account of profound changes in the sphere of economy, regulation, technology & society that throw many challenges resulting in higher complexity.
CA. Himanshu Kishnadwala while opening the chat referred to the Prime Minister’s address to the CA community on the CA foundation day on 1st July, 2017 and threw light on the various statistics about the members and the firms. He also mentioned as to what can be done to improve the profession and counter the challenges of the bigger multinationals. CA. Himanshu also talked about the SEBI Order in Satyam Case, RECO Scam, PNB Scam and Supreme Court Order on multinational firms etc.
The Fire Side Chat commenced with the expert opinions of the panelists:
CA. Mukund Chitale started with a comment of Nani Palkhivala “The time has come to see as to who will shave the barber”, which was citing Institute’s motto given by Yogi Anand “Ya esa suptesu jagarti”. He expressed that strengthening the profession doesn’t come automatically and for that there has to be an introspection as to what to do with failures individually & in a communicative manner because any profession which is rendering service exists as long as society expects it to exist. Quality of our work should match the Society’s expectations at the highest level.
Mr. M. Damodaran was of the view that professionalism is not derived just from academic qualification. Professionalism is to contribute to the informed discussion and debate where professionals should set the agenda and plan in the direction of strengthening the profession. He emphasized that Chartered Accountancy Course is enhancing the quantity but must also ensure that quality shall not be compromised.
CA. T. N. Manoharan’s remarks were amply supported with hardcore statistics of the CA profession. He stated that CA firms lack playing the role of knowledge partner. Each CA firm should ensure that any new article who comes to the office be given an open idea that they are welcome to the firm and can grow to the level of employee, manager, director or even can become partner of the firm. Every firm should have partners in different age groups that is how succession happens and the seniors will have smooth exit after handholding and guiding. The focus should not be only on tangibles like top line, bottom line, physical infrastructure etc. but also on the quality & integrity aspects. One of the issues of Indian firms is reluctance to invest in Infrastructure and growth projects. He said that we can follow principles having eternal utility for humanity and we can adopt values which will hold good forever.
Later on CA. Himanshu Kishnadwala posed some pertinent issues faced by the profession, for the response of the panelists, which were deliberated in great depth. Participants were provided fair insights as to the current state of affairs in the profession, how the society perceives the profession and what should be the measures initiated to shore up the image of the profession.
The participants got extremely enlightened with the invaluable insights from discussion by the expert panelists.
ITF STUDY CIRCLE
Meeting on “Proposed Amendments to International Taxation Provisions in Budget, 2018” held on 15th March 2018 at BCAS Conference Hall
The International Taxation Committee organized a panel discussion on 15th March, 2018 at BCAS Conference Hall, to analyze the impact of the amendments to International Taxation provisions, proposed in the Union Budget, 2018.
The meeting was kicked-off with a discussion on the proposed amendment in the Explanation 2 (a) to section 9 (1) (i) where if a non-resident appoints a person who will negotiate but not conclude contracts on his behalf, it may still constitute a Business Connection in India. It was discussed how the OECD had reviewed the definition of a Permanent Establishment in Action Plan 7 to prevent avoidance of tax by fragmentation of business and to align with the modified definition of MLI. The discussion was then turned to the newly introduced Explanation 2A in section 9 (1) (i) which clarifies meaning of a significant economic presence. It was also discussed that there was a need for proposing this amendment as a result of digital economy, whether physical presence of a person in a country is no longer the only measure of an economic connection, challenges in implementing such an amendment, impacts of such amendments on taxation, etc.
The session was very interactive and the participants benefitted a lot from the panel discussion.
INDIRECT TAX STUDY CIRCLE
Meeting on “GST E-Way Bill Provisions – Analysis and Demo of Online Preparation” held on 17th March, 2018
The Suburban Study Circle organized a meeting on GST E-way Bill Provisions on 17th March, 2018 which was addressed by CA. Manish Gadia & CA. Jignesh Kansara.
Speaker CA. Manish Gadia discussed the revised provisions and rules regarding the E-Way Bills Under GST and its applicability wef 1st April, 2018. He made detailed presentation on the following issues:
a) Procedure for generation of e-way bill, b) Multiple Consignments, c) Exemptions, d) Cancellation, e) Validity, f) Acceptance or Rejection, g) Verification of documents, h) Case Studies etc.
Speaker CA. Jignesh Kansara made a step-by-step online demonstration of the process regarding various aspects of E-Way bill through the GSTN portal. He covered the following activities in relation to the e-way bills:
a) Registration as dealer and transporter, b) Creation of masters for clients, products and godowns, c) Generation of Part A and Part B of E Way Bills, d) Generation of Consolidated E-way bill, e) Cancellation / Modifications in E-way Bills generated earlier, f) MIS reports.
He also threw light on the various technical and statutory glitches faced by the dealers and gave suggestions for corrective actions.
The participants benefited from the sessions and experience shared by the learned speakers.

Society News

Human Development Study
Circle Meeting on “Interview Demo Pack“ held on 16th August, 2017 at
BCAS.

The meeting organised by
HDTI Committee at BCAS Conference Hall was addressed by Mr. Rahul Majumdar, an
IIT Bombay – IIM Lucknow alumnus and one of the co-founders of “Know Lens”.

He discussed the importance
and relevance of soft skills in the Chartered Accountancy profession and
informed that recent research indicated that 65% of the people are visual
learners. Therefore, today’s learning is more effective by way of visual
knowledge sharing through videos. While there is a lot more rigour in the
management of knowledge, it lacks sufficient focus on skills. To enhance skill
sets, video based learning is more useful, practical and quick to grasp.
Aspiring CAs or article clerks can build their key soft skills to develop their
careers more effectively through video based learning.

The Speaker was of the
opinion that today CAs broadly have their own practices or work in larger
organisations. They have a range of practices including taxation, audit and
even strategic advisory services for some aspects of business. Also,
professionals are exposed to a rapidly changing regulatory framework along with
a fluid client landscape and work culture.

Mr. Rahul also deliberated
upon the case studies on sales interaction and job interviews to make the
participants understand the need to develop soft skills. The meeting was very
interactive and participants benefitted a lot.    

 

“2nd Narayan
Varma Memorial Lecture” held on 18th August, 2017

The
Greatness of one’s life depends not on the number of years lived but rather on
the effect one leaves on the minds of one’s generation.

The 2nd Narayan
Varma Memorial Lecture & Narayan Varma Memorial Awards was organised
jointly by Bombay Chartered Accountants’ Society, Public Concern for Governance
Trust (PCGT) and Dharma Bharathi Mission(DBM)

The Programme was organised
in the memory of Late Narayan Varma who was closely associated with these
organisations and mentored & nurtured many members of these organisations
with his values, ideology & hard work. It was an occasion to salute and
remember him & also pay tribute to his spirit of giving, professionalism,
commitment towards service to humanity, relentless quest for truth &
justice, wit & wisdom, vision & planning and determination to make a
difference to Society. He always inspired many with his simplicity and humility
by setting an example.


Dr. Shashikala Gurpur

The Memorial Lecture was delivered
by Dr. Shashikala Gurpur, who is a distinguished academician and orator having
presented more than 200 lectures, workshops and seminars across India and
abroad. She has an outstanding career with a wide range of experience in
teaching, research and industry. In her address, she described Late Narayan
Varma’s life and his message to humanity. Dr. Gurpur also mentioned about the
role of giving by a responsible person in the society i.e. to connect with the
people, plunge into the movement for people and utilise resources for the good
of everybody. She described that human life is a gift of goodness without any
expectation and is a spontaneous but satisfying experience in the wonderful
journey of life. She explained that both passion and compassion make a person
innovative to do something new in life. Dr. Gurpur also referred to
intellectual and participative skills and managing conflict to achieve one’s
goal and mission in life. She further emphasised on the responsible citizenship
and patriotic belongingness to India.

In the meeting, three
distinguished persons were awarded for their humanitarian services namely Shri
Pankaj Udhas by DBM, Shri Pradeep Shah by BCAS and Shri Anand Bhandare by PCGT.

The meeting ended with
heart-warming memories and inspiration to work for the Society at large as a
real tribute to Shri Narayan Varma.

FEMA Study Circle Meeting
held on 21st August, 2017 at BCAS Hall

FEMA Study Circle Meeting
was held on the topic of “Analysis of select Compounding Orders passed by RBI”
at BCAS Conference Hall where CA. Harshal Bhuta & CA. Tanvi Vora led the
discussion. The session was chaired by CA. Rajesh P. Shah.

The Group leaders discussed
various Compounding Orders passed by RBI touching upon contraventions relating
to “Restrictions on dealing in Foreign exchange”, “Current Account
Transactions”, “ECB”, “Outbound Investment by Individuals”, “Outbound
Investment by LLP”, “Method of funding overseas direct investment”, etc. The
systematic analysis of these orders helped the participants to understand the
law and gain insights on ‘how to not contravene the same’.

CA. Rajesh P. Shah shared
his experience on various issues and that was a valuable takeaway for the
participants.

The participants gained a
lot and appreciated the views put in by the group leaders and the chairman.

Experts Chat on
Concept & Issues in “Place of Effective Management (POEM)” held on 1st
September 2017 at BCAS    

One thing certain about
life is its manifold uncertainties and the same can be aptly equated with the
newly introduced nascent concept of POEM- ‘Place of Effective Management.’ In
pursuance of the knowledge sharing on this subject, BCAS arranged an expert’s
chat where Mr. Kamlesh Varshney, CIT (International Taxation 2), New Delhi was
hosted by CA. Dinesh Kanabar on 1st September 2017 at BCAS
Conference Hall.  

The session encompassed
multiple aspects ranging from elementary concepts akin to primary intent,
genesis and comparative global practices, to complex conundrums pertaining to
e-presence in board meetings, threshold turnover calculation mechanism, DTAA
& Transfer Pricing implications, GAAR & MAT applicability.

L to R – Mr. Kamlesh Varshney and CA. Dinesh Kanabar

CA. Dinesh Kanabar proposed
poignant posers on wide-ranging matters such as (i) pre-POEM revenue leakage,
(ii) cost-benefit analysis of POEM implementation, (iii) effect on Indian
inbound-outbound investment ratio, (iv) CFC vis-a-vis POEM, (v)
practical existence of overseas business structures for non-tax objectives,
(vi) subjectivity in proceedings and confidentiality concerns in the Income Tax
department, (vii) availability of foreign tax credit, (viii) requirement of
clear-cut guidelines, (ix) FAQs, (x) circulars from Government, etc. Further,
practical impediments, excessive compliances resulting in genuine industry
grievances and necessity to safeguard bonafide entities were duly emphasised.

Several noteworthy points
highlighted in the Chat included – intent of POEM to curb Intentional Tax
Avoidance because profit shifting in tax havens by artificial restructuring,
emphasis on substance over legal form, minimal deep dive on satisfaction of
active business test and supporting documentation required for entities mainly
earning passive income. P/E peculiar issues, adequate documentation for Board
meetings and establishing controlling personnel were also explained.
Thereafter, Mr. Varshney remarked on assurance of confidentiality of disclosed
information pursuant to section 138 of IT Act and endeavour of overall
improvement & reduced litigation in Income Tax Department. He also touched
upon liberalisation and transitional issues.

The  pertinent point pertaining to unaltered
applicability of IT Act provisions specifically applicable to foreign companies
and a foreign company reclassified as resident by POEM drew a fine distinction
between residential status of a company and type of company. Discussions were
also carried out on provisions of draft notification u/s. 115JH of the IT Act
covering eligibility of resident entitled to specific benefits, tax rates for
reclassified foreign companies and implications on other person transacting
with reclassified foreign companies.

The above insightful and
thought-provoking deliberations were followed by Q&A session where queries
were meticulously answered by Mr. Varshney. The participants got highly enthralled
and enriched by the session.

Direct Tax Laws Study
Circle Meeting on “Implications of Ind-AS on MAT” held on 6th
September 2017 at BCAS Hall

The Chairman of the
session, CA. Sanjeev Lalan gave the opening remarks and pointed out some issues
relating to Ind-AS which could face litigation in the long run. The Group
leader, CA. Darshak Shah gave an overview on Ind-AS and its applicability to
companies, NBFCs and Insurance companies.

Thereafter, the group
leader briefly explained the impact of the provisions of MAT under Ind-AS
framework where in order to convert the books of accounts to Ind-AS, the
transition balance sheet has to be prepared from FY 2015-16. The same has been
clarified in the FAQs issued by the Indian Revenue authorities.

CA. Darshak Shah also
touched upon the adjustments under MAT where in case of items accounted under
‘OCI not re-classifiable to P&L’ i.e. revaluation of PPE and Intangible
assets and gains/ losses from investment in equity instruments designed at
FVOCI would be taxed under MAT on disposal only. Also, in case of items
considered as ‘Other Equity’ such as Investments in subsidiaries, JVs and AE
recorded at FMV and cumulative translation, differences of foreign operations
will be taxed under MAT on disposal.

Subsequently, he briefly
explained the provisions in case of certain items that would be offered to tax
equally over the period of 5 years like receivables provided based on expected
credit loss, fair value gains on derivative assets, gains/ loss on fair value
recognition on investments in MFs etc. The team leader then went through
certain case studies to explain various principles impacting the MAT
computation.

The participants got enriched through the
insights provided by the learned Speaker.

Society News

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Direct Tax Study Circle Meeting on “Analysis of Finance Bill, 2016 – Direct Tax Provisions” held on 17th March 2016

Direct Tax Study Circle meeting was held at IMC on 17th March, 2016.

The
learned speaker, CA. Gautam Nayak commenced the meeting by giving a
holistic view of the Finance Bill, 2016, presented by the Hon’ble
Finance Minister and the initial public sentiments on it. He then
analysed the provisions of the new Chapter VIII ‘Equalisation Levy’
inserted by the Bill. Giving an overview of the provisions, he mentioned
that it may not be possible for an assessee to take tax credit in
respect of this levy. Thereafter, he touched upon the new Income
Declaration Scheme, 2016 inserted vide Chapter IX. The proposed Scheme
is on similar lines of the Scheme introduced last year under ‘The Black
Money (Undisclosed Foreign Income and Assets) and Impositions of Tax
Act, 2015’. He also mentioned that the Government should bring clarity
about the Scheme by issuing simplified Rules. Later, Mr. Nayak mentioned
that the Direct Tax Dispute Scheme Resolution, 2016 is a welcome Scheme
for the assessees. He explained the types of assessees who can avail
the said Scheme. Mr. Nayak also threw light upon the important
amendments in relation to penalty proceedings and taxation of charitable
trusts. In his view, the amendments relating to taxation of charitable
trusts can have far reaching impact and may also hamper the operation of
genuine charitable trusts. Subsequently, the speaker commented upon the
amendments brought about in relation to taxation of dividend income in
the hands of the receiver and various issues relating to the same.

Mr. Nayak also answered various queries raised by the study circle attendees.

Advance FEMA Conference on 18th March 2016

Advance
FEMA Conference was held on 18th March, 2016, jointly with the Chamber
of Tax Consultants. The conference was attended by Senior RBI officials
led by RBI Executive Director, Mr B. P. Kanungo and covered the
important areas of FEMA including those dealing with ODI, FDI, PCD,
NRFAD , EPD, LRS, ECB, CEFA and Trade Transactions. There was an open
discussion where participants raised various queries which was responded
to by eminent senior RBI officials.  The summary of the various
questions raised and responses/suggestions
provided is available on our website at the following link:
http://www.bcasonline.org/files1/FEMAQueries18thMarch2016Revised.pdf

International Taxation Study Group Meeting held on 28th March, 2016

Impact of Budget 2016 on Indian Economy
The
meeting was conducted on March 28, 2016 at IMC by International
Economics Study Group of BCAS. CA. Namrata Shah shared her insights of
Impact of Budget 2016 on Indian Economy.

The presentation
covered major Macro Economic Factors affecting the economy based on
Economic Survey 2015-16. The major factors that drive India’s GDP
growth, effects of inflation in the country and forex reserve movements
were discussed. Also, the economic outlook for FY 2016-17 was discussed.

The mid-term fiscal policy and factors acting as constraints in
implementing mid-term policy, like Implementing the 7th Pay Commission
award and increased public expenditure towards infrastructural
development, were discussed during the meeting.

Ms. Shah mentioned that the Budget 2016 has introduced 9 pillars of reforms for the Country. The 9 pillars are

1. Agriculture and Farmers’ Welfare
2. Rural Sector
3. Social Sector including HealthCare
4. Education, Skills & Job Creation
5. Infrastructure & Investment
6. Financial Sector Reforms
7. Governance & Ease of Doing Business
8. Fiscal Discipline
9. Tax Reforms

These
9 pillars were explained, discussed and debated. Future impact of these
9 pillars on India’s economic growth were deliberated and conversed.

This was followed by detailed discussion on 3 sectors that received major impetus during the budget

1. Infrastructure –Roads, Airport & Airlines and Housing
2. Banking & Finance
3. Power

The
presentation also highlighted the current economic state of each of the
above-mentioned sectors. Then, the Budget 2016 policies impact and
various other policies introduced by Government of India during 2015,
that has direct impact on each of the above-mentioned sectors,were
shared with the participants. This was followed by discussion on how
each of these proposed policies would impact India’s growth in FY
2016-2017 and future.

Overall, the session gave out future road map that the Government plans to achieve, if everything moves as planned.

Half Day Seminar on “Labour Laws” held on 2nd April 2016

Corporate
& Allied Laws Commitee organized a Half Day Seminar on Labour Laws
on 2nd April, 2016 jointly with The Chamber of Tax Consultants (CTC), at
BCAS, 7, Jolly Bhavan No 2, New Marine Lines, Mumbai-400020. CA Kanu
Choksi, Chairman Corporate & Allied Laws Committee of the BCAS,
inaugurated the seminar and Mr. Kamal Dhanuka, Chairman Allied Laws
Committee – CTC welcomed the speakers Mr. Ramesh Soni and Mr. Talakshi
Dharod. The following topics were taken up in the seminar:-

A) ESI, Bonus & Gratuity Act, Shop and Establishment Act
B) PF Act, Maternity Benefit Act & Sexual Harassment Act

ESI, Bonus & Gratuity Act, Shop and Establishment Act:-
The Speaker, Mr. Ramesh Soni, enlightened the participants on the key
features of ESI (Employees’ State Insurance Act 1948), Bonus &
Gratuity Act and Shop & Establishment Act. Mr. Kamal Dhanuka, also
contributed to the subject and imparted knowledge to the participants.
The major areas of the Speaker’s presentation were as under:-

ESI ACT 1948:-

Mr. Soni explained that the ESI Act, 1948 provided far reaching
benefits to the employees of Factories and Establishments, in the event
of Sickness, Disablement, Maternity and Medical Emergencies and also
Dependants’ Benefits to the dependants of such employees. He further
elaborated how the Act covers shops, hotels, restaurants, cinemas, road
motor transport undertakings and newspaper establishments covering 20 or
more employees and factories employing 10 or more persons.

BONUS & GRATUITY ACT:- Mr.
Soni deliberated on various aspects of Bonus which are very relevant to
the employee community at large. The subject highlighted the objects of
the Act i.e. sharing the prosperity of the establishment, reflected by
the profits earned by the contributions made by capital, management and
labour. He mentioned the importance of Gratuity Act that offers the
reward to the employees, against their loyalty to the organization for
more than 5 years, with 15 days salary for every completed year of
service but subject to limit of Rs. 10,00,000.00 (Rupees Ten Lakh) for
the duration of the entire service

SHOPS AND ESTABLISHMENT ACT:-
The speaker Mr. Soni also discussed about the applicability of
Maharashtra Shops and Establishment Act, 1948 to shops, commercial
establishments, residential hotels and clubs, restaurants, eating
houses, theatres and other places of public amusement or entertainment.
This Act is also applicable to Factories having total manpower less than
10 with the aid of power & less than 20 without the aid of power.

PF
Act, Maternity Benefit Act & Sexual Harassment Act:- Mr. Talakshi
Dharod, the speaker, highlighted the important characteristics of PF
Act, Maternity Benefit Act & Sexual Harassment Act to the
participants. Mr. Kamal Dhanuka also presented his view point on the
subject and interacted with the participants. The key points of
presentation were as under:-

EMPLOYEES’ PROVIDENT FUNDS &
M.P. ACT, 1952 :- Mr. Dharod elaborated that every establishment/
factory engaged in any industry, in which 20 or more persons are
employed and any Establishment which the Government may specifically
notify, are covered under the Act.

The Act is applicable to all
types of employees i.e. whether they are monthly rated, part-time
employees, daily rated or piece rated employees, casual, temporary,
permanent or contractual employees. They are all entitled to receive
interest on PF accumulation as declared by Central Government from time
to time. The Employees can also take advance from their PF contribution
to meet exigencies/emergencies.

THE MATERNITY BENEFIT ACT, 1961:-
Mr Dharod explained that this Act was brought in force to provide for
maternity benefit to women workers in certain establishments and to
regulate the employment of women workers in such establishments for
certain period before & after child birth. The Act is applicable to
all establishments except any factory or other establishment where a
provision of E.S.I. Act is applicable. It is applicable to all classes
of women whether she is permanent, temporary, casual, daily/monthly
waged, etc.

THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:-
The
speaker Mr. Dharod also deliberated upon the salient benefits of this
Act to preserve the honour and respect of the women at workplace. The
Act came in to force w.e.f. 22nd April, 2013 with an object to protect a
woman employee against sexual harassment & the right to work with
dignity and is applicable to the whole of India. The Act covers all
classes of women employees whether part time/ full time/daily
wages/contract basis etc. and it is the duty of the employer to protect
the rights and interests of the women and provide them safe working
environment.

Overall, it was a very informative, interactive and participative seminar.

Indirect Tax Study Circle Meeting on “Analysis of Finance Bill, 2016–Indirect Tax Proposals” held on 9th April 2016

Indirect
Tax Study Circle Meeting was held at IMC on 9th April 2016 to discuss
service tax changes proposed by the Finance Bill 2016. The Meeting was
led by CA Vikram Mehta and chaired by Advocate Shailesh Sheth. An
excellent question bank was presented to the members of the Study Circle
which was discussed in detail. Advocate Shailesh Sheth took the group
through various landmark court rulings affecting the analysis of the
proposals.

The following major proposals of the bill were deliberated in the Study Circle:-

1) Whether in view of the amendments to Rule 5, a new levy could be imposed on services which had been already provided.

2)
Discussions on possible contentions that would arise in relation to the
proposed interest provisions u/s. 75 of the Finance Act, where the
reduced interest applied in cases where service tax was not collected.
The moot question was what was meant by the term “collected”?

3) Issues relating to scope of new reverse charge liability on all Government Services.

4)
Whether extended time limit to issue show cause would also apply in
cases where the existing time limit under section 73 had already lapsed,
as on date of enactment of the Bill.

5) Implications of widening of the meaning of exempt service for the purpose of Rule 6.

Lecture Meeting on “Ethical & Environmental Aspects of the Economy” held on 13th April 2016

A
lecture meeting was held on 13 April 2016, at Indian Merchants’
Chamber, Mumbai on “Ethical & Environmental aspects of the Economy”
by Mr. Satish Kumar.

Mr. Satish Kumar, is an 80 years old
activist and Nuclear Disarmament advocate. His most notable
accomplishment was peace walk from Rajghat to the four capitals of
nuclear armed countries i.e Moscow, London, Paris and Washington
covering more than 8000 miles and that too without any money in the
pocket. Late Shri Vinobha Bhave (the Champion of Bhoodan Movement) gave
him two gifts, one was to be penniless wherever they walked and the
other was to be vegetarian. Mr. Kumar has written many books including
No Destination: Autobiography of a pilgrim, Learning from a walk,
Intimate and ultimate Vinoba Bhave, Spiritual compass, three qualities
of life i.e soul, soil, society-a new trinity of our time.

In
his talk, Mr. Kumar reiterated that the whole world is one family
(Vasudhaiva Kutumbkam). Business, Industry and policy makers must focus
on ethics and take care of environment including five elements of
nature, viz. earth, water, air, energy and space. The Global warming and
natural calamities are the result of disrespect of nature and
environment. This has seriously affected this planet. The imbalance of
weather, cutting of forests and mindless exploitation, are leading to
adverse impact on environment causing disasters and devastation. He
advised to pursue spiritual practice without forsaking the regular work.
Ethics and spirituality move together. He advised that nature is a
precious capital of nation. Do your business with different motivation
taking care of the people & nature. He mentioned that all must
respect farmers and engage with soil and one must take care and ensure
that they are appropriately compensated for cultivation. As a nation, we
must focus more on gross national happiness than on Gross Domestic
Product. The lecture meeting was well attended.

Welcoming and introducing the speaker, President shared his view on the ethics and environment.

The talk is available on Web TV.

Report
on 14th Residential Retreat of Human Development & Technology
Initiatives Committee (Leadership Camp 2016) held on 14th, 15th and 16th
April 2016

The 14th Residential retreat of Human
Development and Technology Initiative was held at Moksh Resort near
Pawna Lake, Village Kadadhe, Kamshet, on 14th, 15th and 16th April 2016.
This year, topic of the retreat was `Leading and Co-creating across
Generation’, ‘Art of relationship and Influencing’. The trainers were
Mr. Kiran Gulrajani and Mr. Arjun Som.

About 11 couples, 15 individuals and 3 assistants from Trainer’s office participated. Participants learnt many
concepts including;
Meet each other in silence,
Learn to appreciate with details about special points,
Listen from the heart,
Understand the fine difference between good versus
true,
Compassion,
Engaging with detachment,
Subtle difference between true and false versus right and wrong,

Seven levels of Values at personal, organizational and global level i.e.

1. Survival
2. Relationship
3. Self Esteem
4. Transformation
5. Internal Cohesion
6. Making a difference
7. Service

Value of values as mentioned above.

The
Training venue lent a refreshing experience with green lawns, plants,
trees, beautiful natural surroundings, open space, quiet location and
warm summer afternoons. Cool and breezy evenings set perfect tone for
live music and performances by the participants. During the stay,
participants experienced joy, happiness and satisfaction.

Lecture
Meeting on “Recent Amendments to CENVAT Credit Rules & Reverse
Charge Mechanism in Service Tax” held on 19th April 2016

A
Lecture Meeting on CENVAT Credit Rules & Reverse Charge Mechanism in
Service tax – Recent Amendments was held at IMC, Mumbai on 19th April,
2016.

The
meeting was chaired by our President Mr. Raman Jokhakar who welcomed
the Honourable Guest, Mr. J. K. Mittal-Advocate. Mr. Mittal, a learned
and eminent Speaker, made a presentation on Recent Amendments to CENVAT
Credit Rules & Reverse Charge mechanism in Service Tax. He discussed
the importance and relevance of taxation rules, declared service,
taxable event, Point of Taxation and other important aspects of service
tax law and expressed his expert opinion on the subject. He also talked
about exempted, taxable and common services, cess and interest Income,
referred to the important Judgments, Circulars and Notifications and
enthralled the audience with his wit and humour, citing related examples
and case laws, to answer the questions raised by the participants. He
enlightened the attendees with Procedural Part of Full Reverse Charge
Mechanism and Partial Reverse Charge Mechanism and the impact of the
same on Service Providers and Service Receivers.

It was a very interactive and participative meeting with overwhelming response from the audience.

Society News

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6th RSC ON IFRS held on 18th, 19th & 20th February 2016

The revised roadmap for implementation of Indian Accounting Standards (IndAS), the converged accounting standards in phases to International Financial Reporting Standards (IFRS) has already been released by the Ministry of Corporate Affairs. This has instilled realisation amongst the industry and professionals alike to gear up for the impending implementation of the IndAS. BCAS as a front runner in imparting knowledge had organised the 6th Residential Study Course from 18th to 20th February, 2016 at Hotel Rhythm, Lonavala. The RSC was structured in a manner where sessions were based on case studies prepared by eminent professionals covering different aspects of IndAS implementation. These three case studies based papers involved group discussions through groups formed amongst the participants, led by knowledgeable group leaders. There were two more papers for presentation by eminent faculty which provided the impact of IndAS on the topics allotted to them.

Immediately after the reporting of the delegates on the first morning, there was a session of group discussion on the first paper by Mr. Ramesh Lakshman on “Case Studies on Fair Value in IndAS & its Applications”. The case studies were highlighting the complexities involved in valuing financial assets and liabilities.

Later on, post lunch, there was the inaugural session. The session commenced with the inaugural address by the President of BCAS, Mr. Raman Jokhakar. He expressed satisfaction to the response received to the course from all over India and was particularly happy to have a strong participation from industry. Subsequently, the Chairman of the Accounting and Auditing Committee, Mr. Harish Motiwalla, gave his introductory remarks on the design and structure of the course and the purpose of selection of the topics for group discussion as well as for presentation.

After the inaugural session was the presentation on the first paper by Mr. Ramesh Lakshman, who aptly dealt with the case studies and also covered the issues raised during the group discussion in a very immaculate manner. After his presentation on the first paper on fair valuation, Mr. Ramesh Lakshman dealt with the Presentation paper on “Foreign Exchange Accounting under IndAS”, where he dealt with the salient aspects of the standard on Forex Accounting and also brought out minor differences from the existing accounting standard.

The Second day started with group discussion on paper by Mr. Zubin Billimoria on “Case Studies on Consolidation (Incl. Foreign Subsidiaries)”. The case studies highlighted the intricacies in determining control, which is of utmost importance to consider entities which should form part of consolidation process. Later, Mr. Billimoria made a presentation on his paper and shared his vast experience, which was of immense value to the participants. Mr. Rajesh Muni ably chaired the session.

In the evening, there was a presentation on the topic of “Impact Analysis of Conversion to IndAS on Energy & Commodities Industry (Incl. Disclosure Standards)” by Mr. Sanjay Chauhan. He shared his rich experience in energy and commodity sector by co-relating to the impact on financials on adoption of IndAS. The session was ably chaired by Mr. Kanu Chokshi.

The last day commenced with group discussion on paper by Mr. Rakesh Agarwal on the topic “Case Study on ensuring completeness in identifying GAAP differences between Indian GAAP and IndAS, with Comprehensive Listing of such differences”. Mr. Rakesh Agarwal had circulated major GAAP differences between the existing accounting standards and IndAS. These differences were the base to analyse eight companies’ financials which he had circulated to be discussed in the groups.

Immediately after group discussion, there was a special session which was to felicitate Mr. Nilesh Vikamsey on his election as Vice President of the Institute of Chartered Accountants of India. Mr. Nilesh Vikamsey was felicitated by BCAS President Mr. Raman Jokhakar, along with Co-Chairman of Accounting & Auditing Committee, Mr. Rajesh Muni, Past President Mr. Himanshu Kishnadwala and BCAS Vice President Mr. Chetan Shah. Mr. Nilesh Vikamsey shared his views on the roadmap of the Institute regarding IndAS as well as other important areas of interest for the CA fraternity.

Later, the penultimate session was addressed by Mr. Rakesh Agarwal along with a presentation on the topic and also dealt with the queries raised by the participants during group discussion. The session was chaired by the Past President Mr. Nitin Shingala.

The concluding session was presided over by Mr. Rajesh Muni and he acknowledged contribution of the faculty as well as active participants for the success of the RSC. Some of the participants gave their views on the course and conveyed their satisfaction to the format and structure of the course.

Public Lecture Meeting on “Direct Tax Provisions of the Finance Bill 2016” held on 4th March 2016

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.

The lecture meeting was witnessed live by 3,000 plus audience at the venue and around 4,000 viewers online over live streaming of the event. President Raman Jokhakar welcomed the speaker Mr. S. E. Dastur. Mr Dastur started his speech by detailing the sections and chapters of the Income-tax Act. As he decoded the fine print and his interpretation on the various amendments, he brought to light the various challenges that were in store for the assessees while implementing these amendments. The various changes made by the Finance Minister were touched upon. This included section 12AA of charitable trust where an organisation ceases to be a charitable organisation and the changes with regards to the same, the changes with regards to lowered rate of tax for newly established manufacturing companies and articulated in detail the impact of the conditions attached to this section. He also addressed the changes with regards to presumptive tax and tax on foreign companies. The provisions with regards to pension funds & dividend distribution tax and the changes there in were also detailed. He further touched upon the various changes in the field of assessment procedures and its impact on the assessee vis-à-vis rights and duties of the assessing officers. Mr. Dastur added that while the government looks to moving to a technological efficient system, it may leave the assessee with no communication left with the department officials. Finally, he concluded the session by giving a title to the bill as a rationalisation bill as it gives rationalisation to pension funds, provident fund and national pension scheme. It speaks about rationalisation of the time limit for assessment and recomputation, rationalisation for time limit in search cases, rationalisation of provisions relating to ITAT , rationalisation of TDS provisions and rationalisation with respect to section 50C. The event ended with a vote of thanks by Jt. Secretary Mr. Sunil Gabhawalla and the enthralled audience left, having witnessed a mesmerising speech on the Budget Direct Tax Proposals.

Lecture Meeting on “Indirect Tax Provisions of the Finance Bill 2016” held on 10th March 2016

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.

Advocate Vikram Nankani talked about the positive changes in various sections of indirect tax including Excise, Sales Tax, VAT and Service Tax.He detailed how the changes would impact various industries and sectorial growth. He mentioned the various changes in import and excise and how it would affect imports. He mentioned about how the levy of service tax on senior advocates will impact the availability of senior advocates for arbitration proceedings. This will affect the litigation procedures to a greater extent in the field of indirect tax. The speaker spoke about the various non CENVATA BLE cess and how the entire indirect tax regime is moving towards it. Finally, he concluded that though the changes brought about were impacting sectors and industries at large, how it would place its position in the GST regime was still to be explored. According to the speaker, the budget did not mention anything on the GST changes or implementations which needs greater ground for building a robust indirect tax structure.

The meeting concluded with a vote of thanks by the Treasurer Mr. Manish Sampat who informed the audience about the forthcoming programs of the Society and appreciated the well-articulated talk by the speaker. The meeting concluded with a huge round of applause.

Publication on “Partnership Firms” launched on 10th March 2016

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.

The publication titled “PARTNER SHIP FIRMS Registration Procedure and Frequently Faced Issues with Registrar of Firms” will help resolving these issues. This publication has been authored by Mr. Udaya Sathaye, Past President of the Society.

Advance FEMA Conference held on 18th March 2016

The Society held its Annual Advanced FEMA Conference jointly with the Chamber of Tax Consultants on 18th March at IMC. This Conference was unique as senior RBI officials attended the morning session and provided their views on several queries prepared jointly by the respective International Taxation Committees of the two organisations. The organisations received overwhelming response to the Conference.


Past President of the Society, Mr. Dilip Thakkar provided his opening remarks and also chaired the interactive session. RBI was represented by a team of senior officials led by RBI Executive Director, Mr. B. P. Kanungo. Mr. Kanungo gave the keynote address dealing with a number of concerns of industry and practitioners. He also provided an insight into the RBI and Government thinking behind the present regulations. He gave an outlook of liberalisations by way of revised notifications which are in the pipeline.

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.

Udat Abeel Gulal held on 19th March 2016

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 second session “Hori Rasiya and Haveli Sangeet” began with an introduction of the session by compere Mihir Sheth, touching the hearts of the audience with his imaginative description of Hori (Holi) as a festival and narration of how it was played by Krishna and Gopis in Brindavan. Creating the atmosphere of ras, rang and sangeet, he said that going by the calibre of the artists present, the music of the second session was certain to fill the hearts of all present with unexplainable bliss appropriate to the festival of Holi. It indeed turned out to be ecstatic. The second session began with Hori and Rasya and Haveli Sangeet devotedly sung by Smt. Sraboni Chowdhury and Shri Saurabh Chaturvedi evoking great response from the audience. Each artist performed with a unique style, creating a sheer magic on audience which was deeply intoxicated with nectar of bliss as promised.

This event also provided opportunity to the audience to see the presentation of the great work being done by Dilasa Sanstha. Mr Ramesh Kacholia on behalf of Dilasa Sanstha explained the situation of drought in Maharashtra and the plight of the farmers. He explained the work being done and made an emotional appeal to the audience to be sympathetic to their cause.

EYE Camp 2016 at Vansda – Dharampur on 20th March 2016

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 Eye Camp was held from 18th March to 21st March 2016 at Sant Ranchhoddas Bapu Eye Hospital, Vansda, Dist. Navsari. This unique hospital dedicated to the poor and the needy was founded under the aegis of Dhanvantari Trust by respected Dr. Kanubhai Vaidya. Dr. Vaidya gave up a thriving medical practice in Mumbai and dedicated himself entirely to the socio-economic development of rural areas.

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.

A team of nine volunteers from the BCAS visited the Eye Camp and the Hospital on 20th March 2016 to commend the excellent work being done by Dr. Kanubhai and team. Dr. Kanubhai narrated several other rural upliftment projects being undertaken by his NGOs. The team of volunteers and the Committee were inspired and will be exploring avenues for extending support for such worthy causes. Interested members are requested to contact CA. Meena Shah at cameenashah@gmail.com for further details.

Society News

Four Days Orientation Course on Foreign Exchange Management
Act (FEMA) held on 17th, 18th, 24th and 25th
March, 2017 at BCAS Hall, JollyBhavan, Churchgate

Four Days Orientation Course on FEMA was successfully
conducted at the BCAS hall on 17th, 18th, 24th and 25th
March, 2017. In all there were 15 presentation sessions and one session
of Panel Discussion.  The Course started
with the topic “Understanding of FEMA” and it went on to cover various other
topics such as Facilities for Resident Individuals and Non Resident
Individuals, Immovable Property in India & Outside India, Export of Goods
& Services, Setting up of a Liaison Office, Branch Office & Project
Office in India & outside India, FDI, Outbound Investment, Borrowing(ECB),
Compounding of offence etc. and concluded with a Panel Discussion under
the chairmanship of CA. Shri Dilip Thakkar wherein the participants got answers
to various tricky questions.

Total of 120 participants enrolled for the Course and many of
them had travelled from other parts of India.

Eminent faculties shared knowledge and personal experience
generously. The Course was very well received and appreciated by the
Participants.

Expert Chat on “Prohibition of
Benami Property Transactions Act, 1988” held on 5th April 2017 at
BCAS Conference Hall

Expert Chat on “Prohibition of Benami Property Transactions
Act, 1988” was held at BCAS Conference Hall on 5th April 2017
wherein a fireside chat was arranged between Dr. (CA) Dilip K. Sheth and CA.
Anil Sathe, Past President, BCAS.

The program commenced with a welcome address by CA. Chetan
Shah, President – BCAS. CA. Anil Sathe initiated the talk with a request to Dr.
(CA) Dilip K. Sheth to share the historical background of the Act. Dr. (CA)
Dilip K. Sheth started his talk since the conceptualisation of the law against
benami transactions, appointment of Law commission in 1973, enactment of the
Act in 1988, various amendments thereafter till the amendment Act was passed by
the parliament in 2016. He also provided a comparative analysis of the
provisions of the Old Act of 1988 vis-à-vis the provisions of new Act
passed in 2016. He discussed the lacuna in the old Act and the reason for it
being ineffective to curb benami transactions.


His presentation covered the important definitions enumerated
in the Act, essential ingredients of benami transactions, various types of
benami transactions and the exceptions to benami transactions. CA. Anil Sathe
posed interesting questions regarding the safeguards provisions in the Act to
avoid harassment to citizens by law enforcement agencies due to stringent
provisions and retrospective amendments effective from 1988.

Dr. (CA) Dilip K. Sheth discussed the Three Formidable weapons
available to law enforcement agencies

-Prohibition – Section 3, 4, 6

Punishments – Section 3(2), 53(2), 54

Confiscation – Section 5, 27

He also discussed other rigorous provisions in the Act –
Section 50, 51, 61 and 67 and discussed the importance of drafting the
agreements/ contracts diligently.

At the end, the floor was opened for Q & A session. The
program was an interactive one with active participation from members present
in the auditorium as well as online members.

CA. Kinjal Shah proposed vote of thanks to Dr. (CA) Dilip K.
Sheth for responding to all the queries candidly and also to CA. Anil Sathe for
making the session lively and interactive.

ITF Study Circle Meeting  
on “GAAR – It’s Concepts & Examples” held on 6th April
2017 at BCAS Hall, Jolly Bhavan, Churchgate

It is rightly said that, GAAR is one of the game changer tax
reforms in India, which is applicable from 1st April, 2017.
Acknowledging the above mentioned fact, our society had organised the ITF Study
Circle Meeting  on the topic “GAAR – It’s
Concepts & Examples”, which was held on 6th April, 2017 at BCAS
Conference Hall, led by Group Leader CA. Siddharth Banwat.

The Group Leader commenced the meeting by explaining the
concepts like tax planning, tax evasion, tax avoidance, Specific Anti Avoidance
Rules, Targeted Anti Avoidance Rules & General Anti Abuse Rules. He gave an
overview of the provisions of sections 95 to 102 of the Income Tax Act. He also
discussed about applicability of GAAR, grand fathering provisions,
Impermissible Avoidance Agreements, Rule 10U of the Income Tax Rules,
Assessment Procedure u/s. 144BA of the Income-tax Act and concepts like
arrangements to lack commercial substance, bona fide purpose during the course
of the meeting.

The members of the Study
Circle shared their rich experiences on various issues and all the 52
participants were benefitted from their varied experience on the subject.

As the subject of GAAR was vast,  the Group Leader was requested to throw light
on the examples in the next ITF Study Circle Meeting to be held on 24th
April 2017.

Human Development Study Circle Meeting on “Management
Lessons from Ramayana” on 11th April, 2017  at BCAS Conference Room by Presenter : CA.
Chandrashekhar N. Vaze

The Speaker CA. Chandrashekhar Vaze is a multifaceted
personality.

He is the chairman of a cooperative bank. A talented orator,
able to grasp complete attention of the audience throughout his speech.He is
the  recipient of ‘Yoga Mitra Award’ from
Yoga Vidya Niketan for 2012 and the Best Social Worker Award from Senior
Citizen’s Association at Mulund in 2014.

He explained to the audience how today Ramayana is playing a
significant role  in shaping the mindset
and the culture of not only Indians, but also of many scholars the world over.

Ramayana deals with management of personal life, spiritual
life; and also the management of any activity of an organisation. It concerns
itself with Organisation, Administration and Co-ordination.

It deals with Personnel policy, Defense Judiciary Time
management  and other facets of
management.

The speaker explained that 
one needed to learn not only from Rama’s behaviour but also from many
others – like, Dasharatha, Bharata, Laxmana, Hanumana, Bibhishana and even
Ravana.

He dwelt upon Rama’s culture and explained that Shree Rama
took cognisance of the opinion of even a very insignificant washerman (dhobi).

While in exile, Rishis approached him with a request to save
them from demons. Shree Rama said it was a shame on his part; his lapse in
duty, if the subjects had to beg for protection. The audience appreciated the
learned speaker’s presentation on a totally offbeat subject.

7th Intensive Study Course on Advanced Transfer
Pricing – 2017-18

The Seventh Intensive Study Course on Adv.
Transfer Pricing was successfully conducted at the BCAS on 7th, 8th
and 15th April, 2017. The course was aimed at imparting advanced
knowledge on the practical aspects of understanding and implementing the
benchmarking study. The sessions began with theoretical aspect of benchmarking
and thereafter deep-dived into the aspects of identifying the functions
performed, assets utilised and risks assumed by the comparable companies. It
also touched upon the importance of designing an efficient and effective
transfer pricing system with the importance of when and how to apply various
transfer pricing adjustments that is defensible before tax authorities and in
court.

The
sessions focused on data mining for fact determination and correct application
of adjustments, wherever applicable. The topics were explained along with
presentations, practical examples and case studies.   Additionally, international and Indian court
rulings were also discussed.

Total of 80 participants enrolled for the Course. Out of
these, 62 participants were from Mumbai and the remaining participants were
from Ahmedabad, Bangalore, Goa, Gurgaon, Hyderabad, Kolhapur, New Delhi, Ponda
& Pune. Of the total 80 participants, 40 participants were members of the
BCAS.

BCAS had honorary participation of 12 Eminent Faculties who
delivered lectures at the Course. The faculty members were renowned Chartered
Accountants /Advocates in their chosen field of expertise for past many years
and generously shared their knowledge and experience with the participants. The
Course was very well received and appreciated by the Participants on the
academic as well as organisational counts.

Lecture Meeting on Practical
Issues in Implementation of ICDS held on 19th April, 2017 at BCAS
Hall, Jolly Bhavan, Churchgate

Lecture Meeting on Practical Issues in implementation of ICDS
by Shri. Yogesh Thar was held at BCAS Office. The event saw attendance by over
100 participants. President Chetan Shah gave the opening remarks.

Mr. Thar started by highlighting that while ICDS was sought
to be scrapped and representations to that effect were made before various
forums, the same still continues to see the light of the day and that it
becomes necessary to understand various standards to effectively apply the
same.  

He then explained that various forms for filing return of
income notified so far only have one sheet for computing the effect of each
standard but the same does not get linked to calculation of total income.  

The Speaker then proceeded to give a detailed analysis of
impact of certain areas under Ind-AS, its treatment under ICDS and possible
legal view that could be taken on the same. He used lots of examples of
situations that could arise in applying ICDS e.g. valuation of inventories
which has specific treatment under section 145A and effect of the same in
applying ICDS which prescribes treatment different from 145A. 

Likewise, issues emanating in application of each standard
were highlighted and the Speaker gave his views on those issues.

It was a very informative and insightful learning experience
for all the participants. The session ended with vote of thanks to the Learned
Speaker.

Direct Tax Study Circle Meeting
on ‘Recent updates and judgments under Direct Tax held on 20th April 2017 at
BCAS Hall, Jolly Bhavan, Churchgate

The group leader, CA. Suraj Nair had circulated a few case
studies based on recent decisions. He discussed the first case study which was
relating to addition made by the Income Tax Department under section 68 in
relation to share premium collected by a private limited company while issuing
shares. After narrating the facts of the case, he described the decision of the
Bombay High Court in case of Gagandeep Infrastructure Pvt. Ltd. The Second case
study pertained to long term capital gain earned on the sale of penny stock.
The group discussed the recent decision of Ahmedabad Tribunal in case of Smt.
Sunita Jain (ITA No. 501 & 502/AHD/2016). Thereafter, the Supreme
Court’s  decision in the case of Siemens
Public Communication Network (P) Ltd. (390 ITR 1) was discussed whereby it was
held that subvention grant received by the assessee from its parent company is
a capital receipt and not revenue in nature since the parent company had paid
the amount in order to protect its capital investment. Subsequently case
studies relating to the decisions of the Mumbai Tribunal in case of JSW Steel
Ltd. (taxability of remission of loan principal and interest), the Mumbai
Tribunal in case of Bharat Serums & Vaccines Ltd. 78 taxmann.com188
(consideration received on assignment of patent) and decision of Karnataka High
Court in case of Flipkart India (P.) Ltd. 79 taxmann.com 159 (stay of demand,
operational validity of circular no.1914 and CBDT circular dated 29th
February 2016) were discussed.

Thereafter, the group
leader gave a brief overview of the recent circulars and notifications released
by the CBDT.

Society News

CHARTERED ACCOUNTANTS’ PROGRAM IN
MANAGEMENT, BUSINESS & ACCOUNTING
ORGANIZED BY MPR & HDTI COMMITTEES
OF BCAS AT ISME CAMPUS

To hone the Management, Leadership and Technical skills
of Chartered Accountants to achieve growth, whether in
practice or in industry, Membership & Public Relations
Committee (MPR Committee) and Human Development
and Technology Initiatives Committee (HDTI Committee)
jointly organized Chartered Accountants’ Program in
Management, Business and Accounting (CAMBA) at the
ISME Campus, Lower Parel, which is equipped with the
latest facilities for a conducive learning environment. The
CAMBA Course was designed by BCAS along with the
Management Institute of ISME. The 1st batch of the course
started in May, 2017 and concluded in December, 2017.
.
With an eligibility criteria of minimum 2 years of postqualification
experience, the first batch saw participation
from 16 CAs in practice as well as those working with
Big 4s or in the industry. The participants shared their
experiences and ideas, problems faced in their respective
work environments and best practices employed.
The course, designed to conduct 120 hours of classroom
training of which 102 hours were dedicated to various
emerging aspects of Entrepreneurship, Management,
Human Resources, Strategy, Soft Skills and Marketing
was conducted by highly experienced faculty from ISME.
The subjects were taken up with a variety of interactive
pedagogical techniques including discussing case
studies, role playing, movies, model building and team
work by learned and experienced faculties like Prof.
David Wittenberg, Dr. Amarpreet Singh Ghura, Dr. A.
Doris Greenwood, Prof. Anjana Vinod, Dr. Ramkishen Y,
Prof. Omkar Pandharkame, Ms. Anubhuti Gupta,
Mr. Moksh Juneja and CA. Nikhil Srinivas.

The remaining 18 hours of the course included sessions
designed by the BCAS team on subjects relevant to the
professionals. The speakers and the topics discussed
during these well-conceived sessions in the 1st batch are
enumerated hereunder:

The participants thoroughly enjoyed their journey of
this long course, experiencing a transformation in their
perspective towards their profession.
It was indeed a very enlightening experience for the
participants who benefitted a lot from the sessions.

“Motivational Talk for Young Chartered
Accountants & Felicitation of CA’s cleared in
Nov’2017” held on 19th February, 2018 at BCAS
Conference Hall.

The Membership & Public Relations Committee organized
a motivational talk for Young Chartered Accountants on the
topic of “How to become an Extraordinary Professional?”.
The talk was addressed by CA. Mudit Yadav, a TEDx
Speaker and Success Coach.
The session began with the
opening remarks by CA. Chetan
Shah, Chairman, MPR Committee
who briefed the audience about
BCAS and its initiatives. He also
encouraged new CAs to become
members of BCAS. Few rank
holders of Nov’ 2017 were felicitated and they shared
their views on success in CA exams.

The Speaker CA. Mudit took up the following major issues
faced by young professionals:

 How to choose the ideal career path for oneself?
 Difference between an average and a star professional.
 Habits of the most extraordinary professionals.
 How to develop the mind-set of a true professional?
 How to develop a sharper executive presence?
 How can you be a pioneer of the future of CA profession?

CA. Mudit Yadav also shared his experiences and the
challenges he faced while carving out his career as
a motivational speaker, in unconventional and nontraditional
field.

The talk was attended by more than 150 young Chartered
Accountants and the participants benefited from the
experience shared by the Speaker.

“8th Residential Study Course on IndAS” held
from 22nd February to 24th February, 2018

Accounting & Auditing Committee organized its 8th IndAS
Residential Study Course (RSC) from 22nd to 24th February,
2018 at Hotel Gateway, Pune. The Course was conducted
to address the Ind AS implementation challenges being
faced as well as to impart knowledge of its execution to the
professionals. This would enable a smooth transition for
the corporate sector and also appraise them of impending
changes which are applicable in future. The Course was
attended by 110 participants from all across India.
This year’s RSC was structured with three sessions
based on Case Studies which involved group discussions.
The RSC also had four more papers for presentation by
eminent faculties.

RSC started with group discussion on First case study
paper by CA. Jayesh Gandhi on “Case Studies on Business
Combinations and Consolidated Financial Statements”.

The case studies highlighted the
complexities involved in carrying
out accounting for business
combinations and consolidation
as well as the evaluation of the
relevant consolidation standard
in specific circumstances.

The session commenced with the inaugural address by
CA. Narayan Pasari, President, BCAS. He urged nonmembers
enrolled for this course to become members of
BCAS and enumerated various activities/initiations being
undertaken by BCAS for the benefits of profession and
industry. The Chairman of the Committee CA. Himanshu
Kishnadwala gave introductory remarks on the design
and structure of the course and the purpose of selection
of the topics for group discussion and presentation.
Inaugural session was followed
by presentation paper on Revised
Audit Report Requirements by
CA. Vijay Maniar which covered
SA 701 on Key Audit Matters to
be applicable from FY 2018-19.
CA. Jayesh Gandhi analysed and
replied to the issues raised on the
Case Studies during the group discussion.
The 2nd day started with group
discussion on the paper by
CA. Arvind Daga on “Case
Studies on PPE and Financial
Instruments” that highlighted the
intricate issues on measurement,
recognition and impairment
under relevant standards. He
also made a presentation on his paper explaining finer
points of the standards as
well as dealing with the
issues which came up for
deliberation. CA. Raghu
Iyer presented the paper
on “Derivative and Hedge
Accounting” and explained
what is ‘derivative’, types
of hedges, its purpose and
importance in the commercial world.
There was another group
discussion on the paper by
CA. Archana Bhutani on
“Case Studies on Revenue
Recognition IndAS 115”. The
case studies dealt with typical
situations in various sectors
including real estate, bundled
services, FMCG and retail
distribution and also some other related issues. She
further made the presentation on her paper explaining
finer points and concepts and principles of revised IndAS
115 which is likely to be applicable from 1st April 2018.

The last day began with the
presentation on “IndAS 116
– Leases” by CA. Srinath
Rajanna who came all the
way from Dubai to address
the participants. It is for the
first time that an international
faculty has addressed an
IndAS RSC. He explained the
major differences in the revised
standard as compared to IAS 17 as also the thought
process for the same at IASB. Thereafter, CA. Himanshu
Kishnadwala gave presentation on “Global Developments
in IFRS” and made the participants aware about the projects
in pipeline at IFRS for the next five years and the way it will
impact industry as well as the profession. He also explained
the process of development of standards at IFRS as also
how as a stakeholder everybody can participate in the
said process.

The concluding session was presided over by the
Chairman CA. Himanshu Kishnadwala who acknowledged
the contribution of the faculty, group leaders and other
participants for the success of the RSC.

Participants were satisfied with the level of discussion
and the value imparted through the RSC.

Workshop on “Transfer Pricing – CBCR and
Master File” held on 27th February 2018 at
BCAS Conference Hall

“The Workshop on Transfer Pricing – CBCR and Master
File was conducted on 27th February 2018 at BCAS
Conference Hall which was attended by over 110
participants from profession and industry.
The speakers CA. Hasnain Shroff
and CA. Anjul Mota provided a
comprehensive insight on the
conceptual understanding and
interpretation of legal provisions
and other key issues surrounding
the CBCR and Master File. This
was followed by case studies
touching upon intricacies in filing
the CBCR and Master File. The
speakers also outlined some
practical suggestions in dealing
with inherent issues.

The Workshop was well received
by the participants who benefitted
a lot from the sessions.

Interactive Fire Side Chat on “Strengthening
the Profession” held on 28th February, 2018 at
IMC, Churchgate

The CA profession is passing through tectonic shifts which
have posed various challenges for the professionals. To
address the issues of profession and challenges faced
by the CA firms, review the regulatory impediments, learn
the possible changes in this regard for strengthening
and developing the capacity of Indian CA firms, enhance
the competence and improve the visibility amongst the
business community, BCAS organised a Fire Side Chat
with the experts from the profession and industry.

The Panelists for the discussion were:
1. Mr. M. Damodaran, Former Chairman, SEBI
2. CA. Mukund Chitale, Former President, ICAI
3. CA. T. N. Manoharan, Former President, ICAI
The Fire Side Chat was moderated by CA. Himanshu
Kishnadwala, Past President, BCAS.

President CA. Narayan Pasari in his opening remarks
stated that presently the Chartered Accountancy profession
is in a constant state of flux on account of profound changes
in the sphere of economy, regulation, technology & society
that throw many challenges resulting in higher complexity.
CA. Himanshu Kishnadwala while opening the chat
referred to the Prime Minister’s address to the CA
community on the CA foundation day on 1st July, 2017 and
threw light on the various statistics about the members and
the firms. He also mentioned as to what can be done to
improve the profession and counter the challenges of the
bigger multinationals. CA. Himanshu also talked about the
SEBI Order in Satyam Case, RECO Scam, PNB Scam and
Supreme Court Order on multinational firms etc.

The Fire Side Chat commenced with the expert opinions
of the panelists:

CA. Mukund Chitale started with a comment of Nani
Palkhivala “The time has come to see as to who will shave
the barber”, which was citing Institute’s motto given by
Yogi Anand “Ya esa suptesu jagarti”. He expressed that
strengthening the profession doesn’t come automatically
and for that there has to be an introspection as to what to
do with failures individually & in a communicative manner
because any profession which is rendering service exists
as long as society expects it to exist. Quality of our
work should match the Society’s expectations at the
highest level.

Mr. M. Damodaran was of the view that professionalism
is not derived just from academic qualification.

Professionalism is to contribute to the informed discussion
and debate where professionals should set the agenda
and plan in the direction of strengthening the profession.

He emphasized that Chartered Accountancy Course is
enhancing the quantity but must also ensure that quality
shall not be compromised.

CA. T. N. Manoharan’s remarks were amply supported with
hardcore statistics of the CA profession. He stated that
CA firms lack playing the role of knowledge partner. Each
CA firm should ensure that any new article who comes to
the office be given an open idea that they are welcome to
the firm and can grow to the level of employee, manager,
director or even can become partner of the firm. Every firm
should have partners in different age groups that is how
succession happens and the seniors will have smooth
exit after handholding and guiding. The focus should not
be only on tangibles like top line, bottom line, physical
infrastructure etc. but also on the quality & integrity aspects.
One of the issues of Indian firms is reluctance to invest
in Infrastructure and growth projects. He said that we can
follow principles having eternal utility for humanity and we
can adopt values which will hold good forever.

Later on CA. Himanshu Kishnadwala posed some
pertinent issues faced by the profession, for the response
of the panelists, which were deliberated in great depth.
Participants were provided fair insights as to the current
state of affairs in the profession, how the society perceives
the profession and what should be the measures initiated
to shore up the image of the profession.

The participants got extremely enlightened with the
invaluable insights from discussion by the expert panelists.

ITF STUDY CIRCLE

Meeting on “Proposed Amendments to
International Taxation Provisions in Budget,
2018” held on 15th March 2018 at BCAS
Conference Hall

The International Taxation Committee organized a panel
discussion on 15th March, 2018 at BCAS Conference Hall,
to analyze the impact of the amendments to International
Taxation provisions, proposed in the Union Budget, 2018.
The meeting was kicked-off with a discussion on the
proposed amendment in the Explanation 2 (a) to section
9 (1) (i) where if a non-resident appoints a person who
will negotiate but not conclude contracts on his behalf, it
may still constitute a Business Connection in India. It was
discussed how the OECD had reviewed the definition of
a Permanent Establishment in Action Plan 7 to prevent
avoidance of tax by fragmentation of business and to align
with the modified definition of MLI. The discussion was then
turned to the newly introduced Explanation 2A in section
9 (1) (i) which clarifies meaning of a significant economic
presence. It was also discussed that there was a need for
proposing this amendment as a result of digital economy,
whether physical presence of a person in a country is
no longer the only measure of an economic connection,
challenges in implementing such an amendment, impacts
of such amendments on taxation, etc.

The session was very interactive and the participants
benefitted a lot from the panel discussion.

INDIRECT TAX STUDY CIRCLE

Meeting on “GST E-Way Bill Provisions –
Analysis and Demo of Online Preparation”
held on 17th March, 2018

The Suburban Study Circle organized a meeting on GST
E-way Bill Provisions on 17th March, 2018 which was
addressed by CA. Manish Gadia & CA. Jignesh Kansara.
Speaker CA. Manish Gadia discussed the revised
provisions and rules regarding the E-Way Bills Under
GST and its applicability wef 1st April, 2018. He made
detailed presentation on the following issues:

a) Procedure for generation of e-way bill, b) Multiple
Consignments, c) Exemptions, d) Cancellation, e) Validity,
f) Acceptance or Rejection, g) Verification of documents,
h) Case Studies etc.

Speaker CA. Jignesh Kansara made a step-by-step online
demonstration of the process regarding various aspects
of E-Way bill through the GSTN portal. He covered the
following activities in relation to the e-way bills:
a) Registration as dealer and transporter, b) Creation of
masters for clients, products and godowns, c) Generation
of Part A and Part B of E Way Bills, d) Generation of
Consolidated E-way bill, e) Cancellation / Modifications in
E-way Bills generated earlier, f) MIS reports.

He also threw light on the various technical and statutory
glitches faced by the dealers and gave suggestions for
corrective actions.

The participants benefited from the sessions and
experience shared by the learned speakers.

Society News

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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.

Society News

Indirect Tax Laws Study
Circle

 

Meeting on “Goods and Services
Tax–Discussion on various issues on Composite Supply / Mixed Supply, WCT and
Valuation- II” held on 16th January, 2018 at BCAS Conference Hall

 

In continuation of the last meeting,
Indirect Taxation Committee conducted a Study Circle Meeting on “Goods and
Services Tax–Discussion on various issues on Composite Supply / Mixed Supply,
WCT and Valuation- II” at BCAS Conference Hall which was addressed by CA. Bijal
Doshi. The Speaker discussed upon the balance case studies which could not be
covered in the previous meeting and completed the discussions on the subject.

 

The meeting was quite interactive and highly
appreciated by the participants. Participants shared their practical experience
during discussion and benefited a lot from the session.

 

Special Joint Study Circle Meeting on “US
Tax Reforms- Impact of Domestic and International Provisions” held on 22nd
January, 2018 at BCAS Conference Hall

 

International Taxation Committee organised a
Special Joint Study Circle Meeting on 22nd January, 2018 at BCAS
Conference Hall which was addressed by Mr. Shishir Lagu, Mr. Atul Deshmukh and
Mr. Kavit Sanghvi. All the Study Circles and Groups which operate under the
Committee were part of this meeting which had a common interesting topic. The
speakers covered the latest US tax reforms in detail. They also explained the
nuances of the differences in US tax laws due to these reforms and the impact
they can have on the Indian entities which have invested in USA and doing
business there.

 

The meeting was very interactive and the
speakers answered all the queries raised by the participants. The participants
benefitted a lot from the rich experience of the learned speakers.

 

Lecture Meeting on “Implementation &
Issues on E-way Bill-Way Forward” held on 24th January, 2018 at BCAS
Conference Hall

 

Mr. Pramod Bargaje
Dy. Commissioner-LTU4, Mumbai


Mr. Chandrashekhar Thakur,

Dy. Commissioner

Indirect Taxation Committee organised the
captioned Lecture Meeting at BCAS Conference Hall where the eminent faculty
from the GST Department, Govt. of Maharashtra – Shri Pramod Bargaje, Dy.
Commissioner-LTU4, Mumbai, Shri Chandrashekhar Thakur, Dy. Commissioner and
Shri Mukund S. Panhalkar, Asst. Commissioner were invited to address the
members. The objective of the meeting was to spread awareness about the
‘Implementation & Issues on E-way Bill – Way Forward’ and equip the
businesses and professionals with the knowledge, to keep themselves well
prepared for its compliance. The Goods and Services Tax Act was implemented
earlier this year. The Act contains several features, one key anti-evasion
measure amongst these is the E-Way bill reporting system. Recently, the Goods
and Services Tax Council decided to roll out E-way bills for interstate
movement of goods from 1st February 2018 and hence, importance of
this meeting.

 

The speakers enlightened the participants
about the salient constituents of E-Way Bill, issues likely to be encountered
by assessees going forward and the process and procedure to be followed, to
overcome any hindrance in successful implementation of the bill. The faculty
also explained the legal aspects of E-Way Bill and conducted a mock trial of
the actual filing process, to impart practical training to the members.  

 

The meeting was also live streamed for the
participants who could not attend in person. Around 425 participants attended
the meeting including online viewers. It was indeed a very enriching experience
for the participants who benefitted a lot from the meeting.

 

ITF STUDY CIRCLE

 

Meeting on “Select Decisions on
International Tax” held on 30th January, 2018 at BCAS Conference
Hall

 

ITF Study Circle organised a meeting on the
subject which was addressed by CA. Deepak Kanabar. The Speaker briefly gave an
overview of the importance of recent judicial precedents and the ever
increasing controversies over the concept of Permanent Establishment and
Business Connection in India. He took the Group through the following decisions
discussed at length.

 

   Martrade
Gulf Logistics FZCO-UAE [2017] 88 taxmann.com 102 (Rajkot – ITAT)

 
  Formula One World
Championship Ltd 2017 – 394 ITR 80 (SC)

   Production
Resource Group – 2018–89 Taxmann.com 219-AAR

 

There was active participation from the
members present with various nuances of the concept of PE and business
connection being brought out. The attendees benefitted a lot from the session.

 

“GST Summit” at
“Finbridge Expo” held on 3rd and 4th February, 2018.

 

As a part of its ‘Networking’ initiative,
Bombay Chartered Accountants’ Society joined as the “Knowledge Partner for GST
Summit” at the “Finbridge Expo” held on 3rd and 4th February,
2018 at Nehru Centre, Worli. Finbridge Expo is an exhibition and conferences
platform which caters specifically to Financial Services & Technology
industry. They requested the Society to share its expertise on GST with their
participants.

 

On 3rd February 2018, at the
“Finbridge GST Summit”, three of our eminent speakers represented our Society.
Our panel of GST experts addressed on the subjects given below:

 

CA. Shreyas Sangoi shared his expertise on
‘GST on Stock Brokers.’ 

CA. Samir Kapadia gave valuable insights on
‘GST on Financial Services (Excluding Stock Brokers & Banks).’

 

CA. Mandar Telang shared knowledge about
‘GST on Software / Technology Services.‘

 

The Summit received an overwhelming response
from the participants and the visitors with knowledge sharing and enriching
experience gained by them on these GST topics.

 

“Public Lecture Meeting on Direct Tax
Provisions of the Finance Bill 2018” held on 6th February, 2018


Adv. S. E. Dastur


The Public Lecture Meeting of the Society on
the Direct Tax Provisions of the Finance Bill 2018 by Senior Advocate Mr S.E.
Dastur was held at Yogi Sabhagruha on 6th February, 2018. This was
the 30th lecture meeting by him and the 53rd of the
Society. 

 

The lecture meeting was live streamed and
witnessed by more than 12,000 persons including online viewers. The meeting
commenced with the singing of National Anthem. CA. Narayan Pasari, President,
BCAS welcomed and introduced the speaker Mr. S. E. Dastur citing his
intellectual charm that makes this meeting more special. He also touched upon
the Government initiatives on Agricultural Sector, Rural India and Health
Coverage etc. in the Budget Proposals announced by the Finance Minister.

 

CA. Narayan Pasari, commended the
contribution of Mr. S.E.Dastur in making the Budget Lecture Meetings of BCAS so
special, through his insightful analysis year after year. He informed the
gathering that this will be Mr. Dastur’s last budget lecture meeting at BCAS.
The Society also felicitated Mr. Dastur on this occasion. This was followed by
display of a small film on the journey of Lecture Meetings by Mr. S. E. Dastur
over the years and his association with BCAS, which was sheer nostalgia.

 

Mr. Dastur started his speech by detailing
the historical memories of the previous budgets of various FMs since 1948-49.
He talked about the Finance Minister’s speech having emphasis on the various
measures announced in the budget. He also discussed on the various new
insertions/amendments in areas of Long Term Capital Gains, Definition of
Accumulated Profits, Financial Transactions and changes in Assessment &
Reassessment procedures etc. The talk also covered other aspects of the Direct
Tax Provisions i.e. Income from Business and Profession, Amalgamation, Change
in Shareholding, Exemption from Tax under Sec 10 (23C) and Sec 54EE (LTCG),
application for Charitable Purposes, Rationalisation and Transparency etc. which
were part of Finance Minister’s speech.

 

Mr. Dastur gave his explicit views on every
important tax proposal notified under the Finance Bill 2018.

 

The audience were mesmerised by his speech
and benefitted a lot. The meeting ended with a huge round of applause and
appreciation by the participants.

 

HDTI Study Circle

 

Meeting on “Positive Ageing & Geriatric
Medicine” held on 13th February, 2018 at BCAS Conference Hall

 

HDTI Study Circle organised a meeting on
“Positive Ageing & Geriatric Medicine” on 13th February, 2018 at
BCAS Conference Hall which was addressed by Dr. Arvind Pednekar. Dr. Pednekar
gave the presentation on Ageing and Geriatric problems being faced by the old
people with advancing age, be it physical, mental or spiritual. He explained
the causes and effects of old age problems and preventive steps i.e. Exercise,
Yoga and Meditation amongst others to overcome such life threatening
hindrances.

 

Majority of the participants in the meeting
belonged to the middle and old age group. At the end, there was Q&A session
where the Speaker responded to all the queries raised by the participants.

 

The meeting was very interactive and the
participants benefitted a lot from the session.

 

“Analysis of Economic Survey & Budget
2018” held on 15th February, 2018 at BCAS Conference Hall

 

International Economics Study Group under
the aegis of International Taxation Committee conducted a meeting on Analysis
of Economic Survey & Budget 2018
on 15th February, 2018 at
BCAS Conference Hall. The group discussions were led by Group Leaders CA. Kapil
Sanghvi, CA. Harshad Shah, CA. Rashmin Sanghvi & CA. Milan Sangani, who
brought out very interesting perspective on Global and Indian economy and the
challenges facing Indian Economy.

 

The speakers presented their views and findings
on Analysis of Economic Survey & Budget 2018. Some key points of discussion
were: (i) State of Indian Economy-Sweet spot to sudden fall (ii) GDP Growth
trends (iii) Rupee appreciation (iv) India`s decoupling (v) Twin Balance Sheet
challenges (vi) Inflation trend (vii) Oil Price increase (viii) Investment and
saving slowdown (ix) 4 headwinds (hyper globalisation repudiation, pre mature
de industrialisation, human capital regression & agriculture stress).
Adverse impact of climate change on agriculture and concept of export of water
was also explained. The group also deliberated on Modi Care (World`s largest
national health protection scheme), health export trend, agriculture and rural
economy and health & education.

 

The meeting was very informative and the
participants went enriched from the session.

 

Direct Tax Laws Study
Circle

 

Meeting on “Recent Judgements under Direct
Tax laws” held on 22nd February 2018 at BCAS Conference Hall

 

Direct Tax Study Circle organized a meeting
on ‘Recent Judgements under Direct Tax laws’  
at  BCAS Conference Hall addressed
by the Group Leader for the session Adv. Dharan Gandhi.

 

The Speaker mentioned that being tax
professionals, it is utmost important to keep pace with the important decisions
pronounced recently by various judicial authorities and thus briefly gave an
overview of the recent important rulings and decisions as enumerated below:

 

Decision

Issue relating to

National Travel Service vs. CIT [CA No. 2068-2071/2012
(SC)]

Deemed Dividend

[Section 2(22)(e)]

IL and FS Energy Development Co. Ltd. 399 ITR 483(Del)

14A disallowance

H T Media Ltd. vs. PCIT 399 ITR 576(Del)

14A disallowance

PCIT vs. Ramniwas Ramjivan Kasat 248                             Taxman 484(Guj)

Cap Gain vs Business Income

CIT vs. Modipon Limited 299 CTR 306(SC)

Allowability of deduction u/s. 43B

  Rajat B Mehta vs. ITO ITA No. 19/Ahd/2016 (Ahd)

Deduction u/s. 54

   Paradise Inland Shipping Pvt. Ltd.  400 ITR 439 (Bombay)

Addition u/s. 68

  Bengal Finance & Investments Pvt. Ltd. ITA 337/2013
(Bom)

14A disallowance vis-a-vis. Book profit
u/s. 115JB

   CIT vs. Sinhgad Technical Education                  Society 297 CTR 441(SC)

Assessment u/s. 153C

   CIT vs. Glenmark Pharmaceuticals Ltd. 398
ITR 439(Bom)

Interest u/s. 234B

   Maharaj Garage & Company vs. CIT 400
ITR 292 (Bombay)

Penalty u/s. 271(1)(c)

–     Sanjay Bimalchand Jain vs. Pr CIT ITA
No. 18/2017 (Bombay)w

Capital gain vs. Business income [Penny
stock]

–     Pr CIT vs. Prem Pal Gandhi ITA 95/2017
(P&H)

Penny stock

 

 

The meeting was quite interactive and the
participants raised many queries which were thoroughly answered by the learned
Speaker.

 

16th Residential Leadership
Retreat held on 23rd and 24th February, 2018

 

HDTI Committee organized its Sixteenth
Residential Retreat on 23rd and 24th February 2018, at
Rambhau Mhalgi Prabodhini (Training Centre) on the theme of ‘Saptapadi of
Happiness in family’ (Seven vows of happiness in family) which was addressed by
Mr. Mahendra Garodiya.

 

Past President
CA. Mayur Nayak in his key note inaugural address remembered Late Shri
Pradeepbhai Shah, the architect of such retreats. He complimented the Chairmen
of the Committee, all these years for this course. Appreciating significance of
such residential workshop for shaping the better values in life, he touched
upon Family and Happiness. Life coach Mahendra Garodiya, an avid reader and
strong follower of philosophy propounded by Chanakya, was ably assisted by
Deepa Garodiya in guiding the participants through important concepts and vows
to be taken by the family. In his study material, following key points were
covered:

 

   Always
communicate
your expectations on core important values of life viz:
Security, adventure, importance, love, growth and contributions. While,
communicating with the spouse and members of the family, it is always better to
be respectful than to be right. The most important to keep in mind is never to
give unsolicited advice.

 

   Build
a culture of values
appreciating interdependence. Always put others
first. Understand before being understood. Be honest and truthful in each
relation. Involve each and every member of the family while taking important
decision.

 

  Define
Common Goal
covering self, spouse and family.

 

   Dharma
Nishtha:
Dharma is not religious ritualism. Understand the core
personality of the self, spouse and family members on parameters of three Gunas
i.e. Rajas, Tamas and Sattva. Understand and appreciate that dharma is root
of happiness, artha is root of dharma, rajya is root of artha, Victory is the
root of rajya, respect is root of victory, therefore one ought to respect
elders and offer service to them.

 

   Family
Legacy:
Understand and appreciate that money is only a means to an end
and not an end in itself. Money can facilitate security, status, enjoyment,
control, opportunity and growth. By giving money for welfare, you get better
rewards

 

   Growth:
Saptang (Holistic): There are seven dimensions of growth and happiness, Swamy
(Head of the family), Janpad (children and Family members), Dand (Family rules
and behaviours), Mitra (family coach), Kosha (family wealth and culture),
Amatya (supporter to the head of the family) & Durga (family name, fame and
brand). When all these aspects are correctly balanced, they bring in happiness.

 

In the evening on the first day one of the
participants presented nice details of Maharashtra’s folk art Warli painting.
It was followed by audio visual film titled “Down the Memory Lane” featuring
photographs and glimpses of earlier HDTI RRC. It was a tribute to Late Shri
Pradeepbhai Shah and many others who actively participated and encouraged
Leadership retreats.

 

In a concluding session on second day, each
participant exchanged rose with other participant expressing gratitude and
appreciation and carried home beautiful memories of joy and happiness.

 

Interactive session with Students for
“Success in CA Exams” held on 25th February, 2018

 

HDTI Committee jointly with RVG Educational
Foundation organised an Interactive session with Students called “Success in CA
Exams” on 25th February, 2018 at RVG Hostel, Andheri which was
addressed by the speakers CA Mangesh Kinnare and CA. Kartik Iyer.

 

President CA. Narayan Pasari welcomed the
students and inspired them to work sincerely, diligently as CA Students during articleship
and also while preparing or appearing for CA exams. He exhorted that Youth is
the future of our country for the Nation building.

 

In the first session CA. Karthik Iyer shared
his experience and the technique of macro and micro planning as to how to
prepare a time table and study at a time as per one’s own biorhythm. How to
balance between studies of various subjects and avoid distractions. He
suggested to appear for at-least two mock test papers for each subjects before
the exams. This enables the student to evaluate his limitation, speed, and
ensure that he attempts a full paper.

 

In the second session, Mr. Mangesh Kinare,
Member of Central Council of ICAI and Ex-Vice Chairman of Board of Studies and
Ex-Member, Examination Committee shared his views from the perspective of the
Institute. He clarified many doubts of the students and advised them to read
study material and practice manuals of ICAI. He mentioned that the website and
monthly Students Journal of the Institute cover very interesting study material
for the benefit of the students.

Mr. Phaneesh Reddy from Vijayawada who
scored 4th rank in the Final exam of ICAI in November 2017 shared
his views through a video recorded message.

 

The session was very interactive and
speakers gave very useful insights to the students to prepare and excel in the
CA exams

 

Indirect Tax Laws Study
Circle

 

Meeting on “Goods and Service Tax – Clause
by Clause Analysis of E-way Bill Provisions and related FAQs” held on 26th
February, 2018 at BCAS Conference Hall

 

Indirect Tax Laws Circle conducted another
meeting on 26th February, 2018 on the subject “Goods and Service Tax
– Clause by Clause Analysis of E-way Bill Provisions and related FAQs” at BCAS
Conference Hall. The discussions were led by group leaders CA. Saumil Kapadia
and CA. Samir Kasvala under the chairmanship of CA. Janak Vaghani. The speakers
dealt with the clause wise analysis of E-Way Bill provisions and related
queries in depth. Members also shared their practical experience which was
beneficial for one and all present in the meeting. 

 

The meeting was highly appreciated by the
members for the valuable insights given by the speakers.
_

Society News

BEPS Study Group

Meeting on “Exchange of Information and Tax
Transparency” held on 16th September 2017 at BCAS Conference Hall

The meeting was held to discuss the steps
taken by the Government on Exchange of Information to curb tax avoidance and
tax evasion. Mr. Rahul Navin, CIT (TPI) explained the trigger for the steps
i.e. how the global consensus has been achieved, various kinds of information
exchange agreements and how they will be implemented.

The economic crisis of 2009 brought the tax
avoidance by global firms into focus. US Government issued FATCA rules. These
rules require foreign banks doing business in the US and foreign Governments to
provide details of the bank accounts and financial assets of US persons, to the
US Government. This became the standard followed by the G20 / OECD. Now the
Governments have entered into agreements to exchange information on automatic
and simultaneous basis about each other’s residents.

The underlying instrument for Exchange of
Information (EOI) is the article in the DTA (Article 26 of the OECD Model DTA).
Wherever there is no DTA, countries have entered into Tax Information and
Exchange Agreements. There is a further Multilateral Convention on EOI. SAARC
countries also have entered into agreement for EOI. The agreements are on
reciprocal basis – i.e. two countries will share information with each other of
each other’s residents. However, FATCA agreements of US are not on reciprocal
basis. The agreement with India is not on reciprocal basis. The information to
be exchanged will be the beneficial ownership and identity information of
entities, bank accounts, beneficiaries, persons having control over bank
accounts, power of attorney holders, etc. The information should be shared
within 90 days, or updates should be provided to the other Government. The
agreements provide for information being held confidentially. However if
prosecution is launched, or if the Court requires the same, then information
can be made public. Indian tax return requires information to be disclosed of
foreign assets. Every foreign entity in which an Indian resident has an
interest has to be disclosed. In summary, banking and asset holding secrecy has
been abolished.

All the members were very appreciative of
the presentation and benefitted a lot from the session.

 BEPS Study Group

Meeting on “BEPS Action plan –
implementation and issues; and Developments in APA and Transfer Pricing” held
on 23rd September 2017 at IMC, Churchgate

The meeting was held to discuss Multilateral
Instrument under BEPS Action Plan – Implementation and Issues; and Developments
in APA and Transfer Pricing. The Speaker, Mr. Sanjeev Sharma CIT (APA-2) gave
the background about the BEPS measures and the ways Governments are tackling
Black Money. He also discussed about the disclosures required for the Advance
Pricing Agreements (APAs) and how countries negotiate the agreements.

He further explained how the countries have
agreed on BEPS Action reports on tax avoidance, information exchange and
co-operation and also to take action on preferential regimes by tax havens. All
this has resulted in a Multilateral Instrument being signed by various countries.
The MLI contains several provisions to amend the DTA. There are alternatives in
various clauses for the countries to choose from. Some minimum standards on Tax
avoidance are however non-negotiable and all countries have agreed to implement
the same. At the G20 / OECD forum, all countries have an equal say. The large
developing countries actively participated like India, China, and Brazil. India
has signed several Advance Pricing Agreements. Almost all big MNCs in India
have an APA with India. For a successful APA, it is essential that all
information be disclosed to the authority. The Speaker also highlighted how
India is helping other countries to develop its capabilities for tax laws and
its implementation. He then deliberated on several practical issues on the
negotiation of MLIs – judicial systems in different countries, administrative
systems, etc. In a nutshell, the coming years will witness a sea change in the
manner of tax structures and advice. One will have to pay taxes in some country
or the other.

The meeting was quite interactive and
participants benefitted a lot.

Direct Tax Study Circle

Meeting on “Deemed Income u/s. 68, 69, 69A,
69B and 69C” held on 2nd November 2017 at BCAS Conference Hall

Taxation Committee of BCAS organised the
meeting where Chairman of the session CA. Bhadresh Doshi gave his opening
remarks and explained the theory of peak credit which is crucial when additions
are made u/s. 68 or 69. 

The Group leader CA. Prerna Peshori briefly
explained the ingredients of section 68 (cash credit) and the conditions
attached to it. She also discussed over the issue as to whether section 68 is
applicable to an assessee not maintaining books of accounts. In this regard,
Chairman referred to the decisions of the Bombay High Court in the case of
Bhaichand H. Gandhi and Arunkumar Muchhala.

Thereafter, CA. Prerna described the issue
relating to share application money and share premium wherein the Assessing
Officers have made additions u/s. 68. In this context, decision of the Supreme
Court in Lovely Exports was discussed followed by the decision of Royal Rich
Developers Pvt. Ltd vs. DCIT (ITAT Mumbai)
wherein it was observed that
sections 68 and 56(2)(viib) can never simultaneously operate.

The group leader then briefly explained the
provisions of sections 69, 69A, 69B, 69C and 69D. The Chairman, CA. Bhadresh
Doshi explained the minor differences amongst sections 69, 69A and 69B. Few
judicial decisions pertaining to bogus purchase were also taken up.

Lastly, the group leader deliberated upon
the amendment made in section 115BBE by Finance Act, 2016. As per section
115BBE, income tax shall be calculated at 60% where the total income of
assessee includes Income under sections 68, 69, 69A, 69B, 69C, 69D and
reflected in the return of income furnished u/s. 139; or if any additions are
made under these sections by the Assessing Officer. The tax rate of 60% will be
further increased by 25% surcharge, 3% education cess, 6% penalty, i.e.,
effective tax rate comes out to be 83.25% (including cess).

The meeting was very enlightening and the
participants benefitted a lot from the session.

Indirect Tax Study
Circle

Meeting on
“Significant Issues in GST” held on 6th November 2017 at BCAS
Conference Hall.

The Indirect Taxation Committee of BCAS
organised a meeting on “Significant Issues in GST” at BCAS Conference Hall
which was addressed by CA. Aumkar Gadgil. The related issues discussed and
debated upon by/with the participants included matters relating to Reverse
Charge Mechanism, Input Tax Credit and Place of Supply Provisions amongst
others.

The meeting was quite interactive and the
participants benefitted a lot from the session.

ITF Study Circle

Meeting on “Indirect Transfer Provisions
under Income tax Act, 1961” held on 7th November 2017 at BCAS
Conference Hall

ITF Study Circle Meeting on Indirect
Transfer Provisions under Income tax Act, 1961 was held at BCAS Conference Hall
where CA. Kartik Badiani led the discussion. The session was chaired by CA.
Siddharth Banwat.

The Group leader briefly discussed the
history behind introduction of the provisions of indirect transfer by Finance
Act, 2012 and explained the provisions of indirect transfer through various
examples. The thorough analysis of each part of the provision through structure
and examples helped the participants to understand the nuances of the indirect
transfer provisions and its applicability in certain scenarios.

The discussion also included brief analysis
of OECD’s models on ‘Tax Treatment of offshore indirect transfers’ and its
correlation with the Indian approach and analysis on the decision in case of
Sanofi Pasteur Holdings SA and Cairn UK Holdings Ltd.

The participants benefitted a lot and
appreciated the efforts put in by the group leader.

FEMA Study Circle

Meeting on “Key changes in FDI Policy” held
on 9th November, 2017 at BCAS Conference Hall

International Taxation Committee of BCAS
organised FEMA Study Circle Meeting on “Key changes in FDI Policy” where CA.
Rajesh L. Shah led the discussion.

The Group leader discussed various changes
brought out by FDI Policy on topics such as Cash and Carry Wholesale Trading,
Downstream investment, FDI in LLP and FDI in Single Brand retailing etc. 

The participants appreciated the hard work
put in by the group leader and benefitted a lot from the discussion.

“Finserv Conclave” held on 10th November 2017

 Finserv Conclave covering tax, regulatory
and accounting aspects of financial service sector was held by the Taxation
Committee on 10th November 2017 at the St. Regis, Lower Parel,
Mumbai. The event was attended by 70 participants many of whom were from the
banking / custodian / private wealth management sector. President Narayan
Pasari gave the opening remarks followed by introduction from the Chairman of the
Taxation Committee, CA. Ameet Patel.

 The topics and speakers were as under:

 

Advocate Ashwath Rau

Overview of Financial Services Sector: The Speaker, Advocate Ashwath Rau took the participants through the
financial services landscape for pooling vehicles. He also touched upon various
sources that are used for raising of funds.

 

Advocate Sandeep
Parekh

SEBI Regulations concerning AIF,
Securitisation Trusts, REITS, InvITs
: Advocate
Sandeep Parekh discussed SEBI regulations for REIT, InvIT. with practical
insights about the REIT and InvITs.

 

CA. Subramaniam
Krishnan

Direct Tax Regulations concerning AIFs: CA. Subramanian Krishnan explained the direct tax provisions
applicable to trusts. He discussed how trust taxation has evolved over the
years and the impact of the same on AIFs. He also mentioned the disclosure
requirements in the return of income and the applicable forms.


CA. Bhavin Shah

Direct Tax Regulations applicable to
Securitisation Trusts, REITS and InvITs
: CA. Bhavin
Shah discussed the evolution of REITs / InvITs and the typical structure of
REIT/InvIT. He briefly explained pros and cons of setting up of REIT / InvIT,
overview of REIT / InvIT regime and also various tax implications relating to
REITs and InvITs. He also touched upon the tax implications applicable to
Securitisation Trust.

 

CA. Venkatramanan
Vishwanath

Accounting issues under Indian GAAP and
Ind AS
: CA. Venkatramanan Vishwanath initiated his
presentation with various issues faced by AIFs and other entities engaged in
the financial service sector. He also discussed audit consideration and
challenges under Ind AS (including the challenges faced by the entities
operating in financial service sector) and answered various queries from the
participants.

 

CA. Parind Mehta

Indirect tax issues under GST: CA. Parind Mehta gave a brief overview of key provisions of GST.
Post that, he discussed in detail the GST impact on every leg of a typical REIT
/ InvIT transaction. He also talked about the GST implication in case of AIFs
and Securitisation Trusts and compliances that should be adhered to.

Fireside chat between CA. Gautam Doshi,
CA. Anish Thacker and CA. Ameet Patel:
The final
session of Finserv Conclave was a fireside chat amongst CA. Gautam Doshi, CA.
Ameet Patel and CA. Anish Thacker. In this chat, CA. Gautam Doshi gave his
views and insights on various issues faced by financial services sector at
present and the challenges ahead in future. He also explained how technology is
going to impact the industry going forward and also expressed views on how the
various issues emerging from legal and tax regulations can be eased or
clarified by the government and the institutions governing them. CA. Anish
Thacker also chipped in with his valuable views on the topics discussed. The
chat was excellently moderated by CA. Ameet Patel. Thereafter he responded to
questions raised by various participants.

The sessions were highly interactive and the
speakers shared their insights on the subject. The participants benefited
immensely with the interactive sessions.

HRD Study Circle

Meeting on “Challenges, A Learning Curve to
Emerge Stronger” held on 14th November, 2017 at BCAS Conference Hall

HDTI Committee of BCAS organised the meeting
addressed by Mr. Shyam Lata who gave the presentation and explained why we fear
challenges and how Challenges can turn out to be the opportunities to scale up
in life. He also enlightened as to what one should do to learn from a
challenge, by accepting the challenge and turning it into a boon for one’s
life. Mr. Shyam highlighted the main factors that need to be kept in mind to
discipline, monitor and improve by facing day to day challenges and succeeding
to achieve in life by setting SMART goals.

The session was very interactive and
participants were trained in problem solving techniques in an efficient and
time bound manner and thus benefitted a lot from the meeting.

Lecture Meeting on “Developments in
Insolvency   &   Bankruptcy  
Code”   held   on 15th November, 2017 at BCAS
Conference Hall

 

Advocate Kumar
Saurabh Singh

A Lecture meeting on “Developments in
Insolvency & Bankruptcy Code” addressed by Advocate Kumar Saurabh
Singh was held on 15th November, 2017 to discuss the learnings from
the implementation of Insolvency & Bankruptcy Code (IBC) and some of the
recent changes. President CA. Narayan Pasari in his opening remarks briefed the
participants about the legislative history of the IBC and the challenges faced
by the entrepreneurs and financial institutions at the time of recovery in pre
IBC era due to multiple laws and regulations. The President also stated that
along with the GST, the IBC is also one of the emerging areas of practice for
the Chartered Accountant Community.

The Speaker started the meeting by stating
the objective of the IBC and mentioned that the new law brings the balanced
rights between the secured creditor and corporate debtor earlier not present in
the pre IBC era. “Shape up or Ship Out” was the theme emphasised by both
the President as well as the Speaker in their address to the participants.

Advocate Saurabh explained the IBC Trigger
point and also the entire IBC process i.e. 180-270 days Framework in which the
Insolvency Professional (IP) takes the control of the entire business
operation. This model is referred as “Creditor in Control” or “Committee of
Creditors”.

The Speaker also opined and debated on
various imperative issues such as allowing the existing promoter to participate
in bidding process. He also emphasised that under IBC the intent is to continue
the business as a going concern and not the liquidation.

He also talked about some of the critical
and important cases which are under IBC, such as ICICI vs. Innovative
Industries, Essar Steel India Limited vs. Reserve Bank of India
etc. He
further deliberated on the IBC case which involved the common man i.e. Home
Buyer which is IDBI Bank Limited vs. Jaypee Infratech Limited. He also
mentioned the key take away from each one of these cases and few issues which
still need to be addressed by the Insolvency Board. Thereafter, the Speaker
briefly explained various issues and concerns of the Shareholders of the
company during the entire IBC process. He also touched upon the various issues
relating to the listed companies once covered under IBC.

This being a very interactive meeting, the
participants were truly enriched with the presentation and the in-depth
insights given by the Speaker. The meeting concluded with Q & A session on
various issues relating to implementation of IBC.

Workshop on Foreign Tax Credit held on 16th
November 2017 at BCAS Conference Hall

 

CA. Himanshu Parekh

International Taxation Committee conducted a
workshop on Foreign Tax Credit at BCAS Conference Hall which was addressed by
CA. Himanshu Parekh by explaining the concept in a very lucid manner. He took
the participants through the framework under the treaties and the Income-tax
Rule 128 which has become effective recently. He dealt with the various types
of foreign tax credit mechanisms and highlighted the unique positions under
different treaties that India has entered into. The presentation was well
supported by a number of examples. He also listed down the issues which are
unresolved by the introduction of the new rules.

 

CA. P. V. Srinivasan

Thereafter, it was followed by CA. P. V.
Srinivasan’s incisive exposition on controversies surrounding Foreign Tax
Credit. His personal experience in dealing with the subject helped the
participants in understanding the nuances of the subject and his analysis of
judicial precedents on this subject also enlightened the participants. The
workshop ended with a panel discussion wherein both the learned speakers
answered all the questions provided to them before-hand and also those from the
floor.

Overall, the workshop matched the
participants’ expectations and was very well received. This is the first BCAS
workshop on Courseplay. Participants not attending the workshop could view the
course in real time. 

 

Society News

Indirect
Tax Laws Study Circle

 

Study Circle
Meeting on “Goods and Services Tax – Composite Supply, Mixed Supply, Works
Contract and Valuation” held on 21st December, 2017 at BCAS
Conference Hall

 

Indirect Tax
Laws Study Circle convened a meeting on 21st December, 2017 at BCAS
Conference Hall which was addressed by Group Leader CA. Bijal Doshi. The
Speaker discussed various issues post GST roll out such as Composite Supply,
Mixed Supply, Works Contract and Valuation etc. with relevant case
studies. Participants also shared their practical experience in dealing with
the above issues. The meeting was quite interactive and participants benefitted
a lot from the meeting.

 

Non
Residential Study Course on Ind AS held on 21st & 22nd
December 2017.

 

Accounting
& Auditing Committee organised a 2 days’ Non-Residential Study Course
(NRSC) on Ind AS on 21st and 22nd December, 2017 at Hotel
Novotel, Juhu. The NRSC was structured into 2 Case studies, 3 Presentation
papers and a Panel Discussion which dealt with important aspects of Financial
Instruments Standards (Ind AS 32, 107 and 109) perspective for Banks, NBFCs and Other Financial Institutions.

 

CA. Narayan
Pasari, President, BCAS in his inaugural speech, gave a glimpse of the
activities being carried out by BCAS and its contribution to the CA Profession
and also invited the non-member participants to become members of BCAS.

 

CA. Himanshu
Kishnadwala, Chairman of Accounting and Auditing Committee outlined the theme
of the 2 day NRSC,  which focused on Ind
AS related to financial instruments including classification, measurement,
impairment, disclosures and first time adoption issues.

 

The 1st
group discussion was held on the paper of CA. Rukshad Daruvala on Financial
Instruments-Classification (Business Model) and Measurement. CA. Rukshad
Daruvala while addressing the participants gave replies to all the queries
raised at the group discussion. It was followed by CA. K. G. Pasupathi’s paper
on Derivatives and Hedge accounting. Thereafter, CA. Ajith Vishwanathan
presented his paper on Ind AS 101 on First Time adoption issues for financial
instruments.

 

CA. Rukshad N.
Daruvala

On the 2nd
day, group discussion was held on the paper of CA. Charanjit Attra carrying
case studies on Financial Instruments on Impairment and the ECL Model. CA.
Charanjit Attra then addressed the participants on his paper and answered the
questions raised by them. After this, CA. Manan Lakhani presented his paper on
Disclosure requirement-Instrument and other related disclosures and explained
the same in detail.


CA. K.G. Pasupathi

CA. Ajith Vishwanathan

The last
session included the Panel discussion with CA. Pinky Mehta, CFO of Aditya Birla
Capital Ltd. and Mr. Gobind Jain, EVP of Kotak Bank, as the panellists for
discussion on Implementation Issues of IndAS for Financial Institutions, Banks
and NBFCs. The discussion was moderated by CA. Drushti Desai and the Chairman
of the Committee CA. Himanshu Kishnadwala, and various issues raised by the
moderators and participants were debated and replied by the panellists.


CA. Charanjit Attra


CA. Manan Lakhani


Panel Discussion: L to R – CA. Gobind Jain, CA. Himanshu Kishnadwala, CA. Pinky
Mehta, and CA. Drushti Desai

The program
was attended by 66 participants including many from Banks and NBFCs. It
was indeed an enriching experience for the participants and they benefitted a
lot from the deliberations at the NRSC.

 

“Data
Analytics for Audit and Business Decision Making-Hands on Training Work-shop”
held on 22nd December, 2017 at BCAS Conference Hall

 

CA. Nikunj S. Shah

CA. Saran Kumar

HDTI Committee
organised a meeting on “Data Analytics for Audit and Business Decision
Making-Hands on Training Workshop” on 22nd December, 2017 at BCAS
Conference Hall, to discuss the advance techniques of data analytics for Audit
and Business decision making.

 

The faculties,
CA. Nikunj Shah from Mumbai and CA. Saran Kumar from Hyderabad took on the
interactive and knowledge sessions where participants received hands-on
training on real life data from business and audit world. While CA. Nikunj Shah
focussed on how analytics can be used for business decision making, CA. Saran
Kumar shared his experience of implementing analytics in audit scenarios. The
focus of both the sessions included reading and interpreting results of
analytics followed by brain storming on how these interpretations can be used
in the decision making process.

 

The
participants found the sessions very enriching and benefitted a lot.

 

Direct
Tax Laws Study Circle

 

Meeting on
“Important Income Tax Rulings of 2017” held on 4th January 2018 at
BCAS Conference Hall

 

Direct Tax
Laws Study Circle of the Taxation Committee conducted a meeting on ‘Important
Income Tax Rulings of 2017’ at BCAS Conference Hall. The Chairman of the
session CA. Saroj Maniar gave the opening remarks and referred to the
importance of judicial precedents. The group leader CA. Priyanka Jain briefly
gave an overview of a
few important rulings and discussed the following decisions at length:

    CIT
vs. M/s. Spice Enfotainment Ltd.
: Civil Appeal No. 285 of 2014 – Assessment
framed on a non-existent amalgamating company is void ab initio.

   Godrej
& Boyce Manufacturing Company Ltd. vs. DCIT [2017] 394 ITR 449 (SC)

Applicability of section 14A to dividend income which is subject to DDT.

    Siemens
Public Communication Network (P.) Ltd. vs. CIT
: [2017] 390 ITR 1 (SC) –
Subvention received by a loss making subsidiary from its parent company

    CIT
vs. Madhur Housing and Development Company
Civil Appeal No. 3961 of 2013
(SC) – Deemed dividend income u/s. 2(22)(e).

    CIT
vs. M/s. Vodafone Mobile Services Ltd.
 
I.T.A. Nos. 331 of 2017 (AP&TS HC) – Automatic stay vacation in view
of third proviso to section 254(2A) of the Act.

    Claris
Life Sciences Ltd. v. DCIT [2017] 59 ITR(T) 450
(Ahmedabad – Trib.) (SB) –
Penal liability under section 221(1) in case of non payment of advance tax at
time of filing original return.

    ACIT
vs. Vireet Investments [2017] 58 ITR(T) 313 Del-
Trib (SB) – Non-
applicability of methodology of computing disallowance under Rule 8D to MAT.

    B.
A. Mohota Textiles Traders Pvt. Ltd. vs. DCIT
: ITA No. 73 OF 2002 (Bom HC)
– Non-lifting of corporate veil in case of family settlement involving a
corporate entity.

   Palam Gas Service vs. CIT [2017] 394 ITR
300
– Disallowance u/s. 40(a)(ia) would get triggered on non-deduction of
TDS not only on amount which is payable as on the last day of the year, but
also on amount already paid during the year.

   ACIT
vs. Shri Dilip Ranjrekar ITA No.858/Bang/2016
(Bangalore ITAT) – EPF
interest exemption only upto retirement date – subsequent interest till
withdrawal is taxable

    Late
Shantidevi Bimalchand Jain vs. PCIT
: ITA No. 18/2017 (Bombay) – Bogus Long
Term Capital Gains from Penny Stocks.

    DCIT
vs. M/s Narayani Ispat Pvt. Ltd
. :  ITA No.2127/Kol/2014 –
Interest paid on delayed payment of TDS is allowable as deduction.

 

The meeting
was very interactive and participants benefitted a lot from the session.

 

HRD
Study Circle

 

Human
Development Study Circle Meeting on “Live Stress Free” held on 9th January,
2018 at BCAS Conference Hall.

 

HRD Study
Circle of Human Development and Technology Initiatives Committee convened a
meeting on ‘Live Stress Free’ at BCAS Conference Hall which was addressed by
Ms. Zenobia Khodaiji who deliberated on the various Aspects of Living Stress
Free Life. She explained the mantra of stress free mind to lead a happy,
peaceful and successful life i.e. how to overcome stress by confidence,
self-esteem, focussed and proactive approach etc. to accomplish the
desired outcomes and objectives. She also deliberated on many other ways of
destressing e.g. talking, exercising, breathing, meditation etc. to gain
much peace and energy for a satisfying and fulfilling life.    

 

The
participants appreciated the insights given by the Speaker and benefitted a lot
from the meeting. 

 

Student
Study Circle

 

Meeting on
“Computation of ALP and issues in TP Scrutiny” held on 12th January
2018 at BCAS Conference Hall.

 

Students Forum
under the auspices of HDTI Committee of the Society organised a Students’ Study
Circle on ‘Computation of ALP and issues in TP Scrutiny’ on 12th January,
2018 at BCAS Conference Hall which was led by student speaker Mr. Vismay Tolia
under the chairmanship CA. Janvi Vakil. The objective of the study circle was
to provide a blend of conceptual clarity on Arm’s Length Price and practical
intricacies and issues in computation of the same.

 

Mr. Vismay
Tolia covered the topic on Arm’s Length Price using comparables with examples
in a lucid manner and also practically demonstrated the methodology applied in
arriving at the price.

 

The Study
Circle meeting proved to be a great value additive experience for students
especially for those who were not aware of the practicalities of Transfer
Pricing. It also proved to be a wonderful experience for the student members
and a platform to resolve their various doubts regarding Transfer Pricing.

 

The convenors
of the Students Study Circle Mr. Parth Patani & Mr. Prathamesh Mhatre urged
the students to stay connected with Students Forum through social media and
send their feedback and suggestions about the study circle, whilst encouraging
them to be a part of the Student Forum.

 

The meeting
was quite interactive and the participants benefitted a lot from the meeting.

 

Lecture
Meeting on “Future of Oil & Gas Industry” held on 19th
January, 2018 at BCAS Conference Hall.

The captioned
lecture meeting, organised at BCAS Conference Hall, was addressed by Padma Shri
Dr. Rabi Bastia, a renowned persona in the Hydrocarbon Industry who put India
into international Oil & Gas map in a short span of time. The meeting
commenced with the opening remarks by CA. Narayan Pasari, President, BCAS who
briefly touched upon the subject, followed by introduction of the Guest Speaker
by CA. Rashmin Sanghvi. The meeting was also live streamed for the participants
who could not attend the lecture in person.

 

Padma Shri
Dr. Rabi Bastia


The Speaker
explained about the unprecedented volatility observed in oil prices in recent
times from a high of $145/b in June, 2008 to a low of $27/b in Jan, 2016 mainly
due to Global unrest, OPEC production controls & Forex Volatility in
Dollar. He also brought out evolution of Electric Car & “transportation as
a service (TaaS)” business model and mentioned that there would be generation
of newer employment opportunities. The shift to clean energy could also bring
Environmental, health and social benefits and there could be barriers to
electric vehicles in terms of time line and storage issues besides grid related
issues.

 

Dr. Bastia
also talked about India’s long-term solar potential which could be unparalleled
in the world since it has the ideal combination of both high solar insolation
and a big potential consumer base density. When solar & wind energy is
unavailable, alternatives will be needed to provide more power to the grid. As
a result, there is no unique solution, no either/or to our energy demands.
According to him, the ultimate solution is a balanced mix of Oil, EVs
and Renewables.

 

Finally, the
Speaker brought out the theme “Man has evolved… so has Technology” by
highlighting changes brought in by Cell Phone Revolution, Uber`s Model and if
the same can be replicated in energy & transportation, we would have some
respite from Global Warming. The Speaker ended his talk with a theme “Man
has overpowered crises in the past; The
future will be no different.

 

At the end,
the floor was opened for Q&A session wherein the Speaker addressed all the
queries of the audience to their utmost satisfaction.

 

The meeting
was very interactive and the participants benefitted a lot from the insights
given by the
learned Speaker. _

 

Society News

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Study Circle on “International Economics” held on 30th May, 2016

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

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

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

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

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

4. The core themes are as under:

4.1 GDP Growth means increase in GDP :

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

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

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

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

4.5 Housing – Paradox.

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

5. The Study Circle considered following statistics:

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

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

5.2 Construction Material:

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

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

5.3 Transport:

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

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

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

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

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

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

7. Revenue:

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

8. Capital:

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

The study circle meeting concluded on a note of optimism.

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

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

Session-1: Running a Niche PSF

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

Session-2: Running a Niche PSF

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

Session-3 & 4: Aligning Human Capital

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

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

Session-5: Tools for Practice Management

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

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

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

Session-7: Panel Discussion

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Day 1 – 24th June, 2016

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

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

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

Day 2 – 25th June, 2016

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

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

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

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

Day 3 – 26th June, 2016

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

How Your Food can be Your Medicine.

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

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

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

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

We also learnt what can cause harm to health.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(d) Merger and subsequent conversion into LLP

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

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

(g) Share acquisition followed by Capital reduction and merger

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Society News

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The IT study circle on ‘Super Advanced Excel for professionals’ held on 24th May and 7th June 2016

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

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

The first session was held on Tuesday, 24th May 2016 whereas the second session was on Tuesday, 7th June 2016. Over the last two sessions, the speaker has covered interesting topics such as “Flash Fill”, “Datedif Function”, “Goal seek” for performing Trial and Error, “Scenario Manager” for simulations, Alternatives to “nested if”, “If error” & “Ifna functions”, Pivot Tables, Sparklines, “Fuzzy lookup” add-in, Data Table etc.

Both sessions witnessed a large audience and were interactive. All participants have benefited immensely through these enriching sessions.

The third session of the workshop is scheduled to be held on Tuesday, 28th June 2016.

Indirect Tax Study Circle Meeting on CENVAT Credit Rules held on 3rd June 2016
Indirect Tax Study Circle Meeting was conducted at BCAS on 3rd June 2016, to discuss various issues relating to amendments made to Rule 6 of the CENVAT Credit Rules. The Meeting was led by CA Shri Jinit Shah and chaired by Advocate Shri. Vipin Jain. The group held very extensive discussions and debated on case studies drafted for the subject.

Presentation prepared by CA Jinit Shah was appreciated by members and guidance provided by Shri Jain was very helpful in deciding some of the very complex issues that were taken up for consideration. Study Circle received encouraging response from the members, as more than 50 members participated in the meeting.

Full day workshop on Fraud Reporting & Tools for Data Mining & Analytics for Statutory/Internal Auditors held on 4th June 2016 at BCAS

(Organized by Human Development and Technology Initiatives committee jointly with Accounting and Auditing Committee).

CA Raman Jokhakar, President BCAS welcomed the participants. CA Nitin Shingala set the tone for the workshop by highlighting the relevance of the topic in the current regulatory perspective.


CA Chetan Dalal took up case studies and explained the nuances of forensic investigation. He shared some sample forged/ manipulated documents and requested the participants to identify the gaps in the audit evidence. This helped the participants to gain insights and better understanding of the concepts of forensic investigations.

CA Sarang Dalal took up case study on identifying fraudulent practice at a toll collection centre using data analytic techniques. The participants’ brain stormed on various ideas to identify red flags for fraudulent transactions.

CA RU Kamath explained the Auditors’ and KMPs (Key Management Personnel) responsibility on prevention, detection and reporting of fraud under The Companies Act, 2013, Rules framed thereunder, CARO Report and Director’s Report. He also highlighted the implication on auditor for failure to report fraud. Through various case studies and practical examples, he explained the participants, the process to identify a fraudulent transaction and its reporting methodology under The Companies Act, 2013

CA Nikunj Shah explained the concept of Data Mining and Assurance Analytics in the context of statutory and internal Audit. With the help of live demonstration, he explained how Pivot table can be used to:

Summarize data exceeding one million rows.

Prepare pivot table from CSV files without importing CSV files in excel

Get kaleidoscopic view by slicing and dicing data.

Conduct Pareto analysis (80-20 rule) to identify high value (and high risk) transactions

Quickly perform a ‘Time Dimension’ analysis on data.

Interpret results of analysis and apply it in decision making

CA Nikunj Shah explained the concept of dashboards like important questions to ask, before one starts working on a dashboard, the process to organize data thereby ensuring that it’s interactive, real time and flexible. He also explained which chart types work best for different data types and steps to use pivot tables with a dashboard.

The workshop was attended by 115 participants. The overwhelming response from diverse gamut of participants – industry and practice, local and outstation participants, BCAS member and non members showcased the interest in the subject cutting across wide spectrum of stakeholders.

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

Lecture Meeting on Filing of Income Tax Return held on 8th June, 2016

Like in earlier year, this year too, the Society organized a lecture meeting on Filing of Income Tax Return at IMC, to take the members through the nuances of the new Income Tax Return Forms prescribed in March, 2016 for the Assessment Year 2016-2017. The purpose of the lecture meeting was to demystify the filing process, throw light on potential issues and spread awareness about the precautions to be taken while preparing and filing the tax returns.

President Raman Jokhakar welcomed the young speakers CA Siddharth Banwat and CA Bhadresh Doshi and gave his opening remarks. The lecture meeting commenced with the launch of the Third Edition of the publication ‘Gita for Professionals’ authored by CA Chetan Dalal. The book was released by CA K.C Narang, Past President of the Society along with Book’s author CA Chetan Dalal and the speakers present CA Siddarth Banwat & CA Bhadresh Doshi.

CA. Bhadresh Doshi spoke about the key changes in the new Income Tax Returns Forms notified by the CBDT on 31st March 2016 for A.Y. 2016-17. He presented the key legal provisions related to the ITR Forms through a very systematically prepared presentation. He highlighted the key issues and challenges in each ITR form very meticulously.

CA Siddharth Banwat dealt with a very important amendment relating to disclosure requirements of Foreign Assets and Bank Accounts in the new ITR Forms. He talked about the impact of non-filing of Return of Income under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2016 and also discussed issues concerning taxation for NRIs / Non Residents. He further touched upon the procedure of e-filing of tax returns for the A.Y.2016-17.

The speakers enthralled the audience at the venue which was filled to its capacity. It was attended by tax professionals and students in large numbers. The meeting concluded with the vote of thanks by Mr. Raj Khona who appreciated the well-articulated speech and excellent presentation given by the young speakers.

9th Jal Erach Dastur CA Students Annual Day held on 11th June 2016

The Jal Erach Dastur Students Annual Day is an event that is organized by the Bombay Chartered Accountants’ Society every year. The 9th Edition of the event was splendid and also got a new title ‘Tarang 2k16 – Tarasho Apne Talent Ke Rang.’ It was held at the K.C. College Auditorium, Churchgate on Saturday, 11th June 2016 from 2.30 pm onwards.

It is an event organized by the BCAS Students Forum under auspices of the Human Development and Technology Initiatives Committee of the BCAS for the CA students. The students are given an opportunity to showcase their talents and take a break from the daily routine activities. It is an excellent platform that enables students to come together, interact with each other and make new friends. The theme of the programme was ‘Start-ups & Entrepreneurship’ and the Chief Guest for the event was Mr. Vishal Mehta, Founder & CEO of Infibeam.

The event commenced with the participants showing respect and love for our motherland, by singing the National Anthem. It was succeeded by the members of the Managing Committee & HDTI Committee lighting the lamp of knowledge, tribute to Shri Jal E. Dastur and Shri Pradeep Shah guiding the future Chartered Accountants.

The Society lost a stalwart in Shri Narayan Varma who passed away on 24th December 2015. A tribute was paid to this great man who was the Past President of the Society and an ardent supporter of the student’s activities. For the first time, a mesmerizing Anthem ‘Let’s have fun at Tarang’ composed by CA. Devansh Doshi was prepared to promote the entire event.

The event this year was graced by Shri Soli Dastur, who ignited the future Chartered Accountants on why it is important to become not just a good Chartered Accountant but also a good person. He spoke of the importance of following ethics in the professional careers.

To keep up with the tradition, the student members of the organising team then presented a wonderful skit which was titled “Tarang – Pani da Rang” with a message about treating everyone with equal respect and honour.

The skit was followed by the Chandanben Maganlal Bhatt ‘Elocution Competition’ where six finalists battled it out with each other to win the coveted trophies. The difficulty bar was raised this time and the finalists were allotted the topics on random lot basis. All participants gave commanding performances on their respective topics which made the job of the judges a difficult one.
The Selfie Competition ‘Khinch Le’ was a new entrant in the Annual Day this year. Students were given themes on which they had to click creative selfies and mention an innovative tagline based on the theme selected. The CA students came up with some delightful and funny pictures for the audience to enjoy.

The final round of the Debate Competition ‘War of Words’ followed the Selfie Competition. The debate was moderated by CA Mudit Yadav with two teams of three students finalists, each coming up with very good points to defend their case. There was also an open house for the audience to ask questions to individual speakers of either of the teams. The competition was enjoyed by the entire audience and was a great hit.

President, CA Raman Jokhakar and the Chairman of the HDTI Committee CA Nitin Shingala then addressed the students, motivated them and also spoke about various initiatives taken by the society for student members. To keep up with the I.T. Revolution, the Co-Chairman of the HDTI Committee CA Mihir Sheth and Convener CA K.K

Jhunjhunwala addressed the students through a video clip.

The young and energetic student co-ordinators Mr. Raj Khona and Mr. Viren Doshi addressed the students and encouraged them to join the BCAS Students Forum and Students Study Circle. They also spoke about the various initiatives taken by the Students Forum during the year. This was followed by the break where the students were treated to a delectable samosa along with a cup of tea and coffee.

After savouring the hot snacks and tea, the audience gathered back with grander enthusiasm, ready and excited for the highlight of the event, The town hall Q & A Session with Mr. Vishal Mehta, Founder and CEO of Infibeam. com. CA Mihir Sheth gave a remarkable introduction of the keynote speaker. Mr. Vishal Mehta then addressed the audience and shared his start up story about how a professional from Silicon Valley, USA is now a CEO of his very own enterprise. He stressed how merely deciding to become an entrepreneur is not enough, it is essential to act on it. He also explained that becoming an entrepreneur is not about the glamour and status, one should believe in the opportunity and their business model and how the rest would follow. After the informative keynote address, Mr. Raj Khona along with Mr. Vishal Mehta began the Q&A round. The atmosphere in the auditorium was of motivation and energy after the session. Mr. Mayank Gosar proposed the vote of thanks to Mr. Vishal Mehta for giving an inspiring keynote speech and for sparing his precious time to interact with CA students.

Immediately after that, the beating of the drums, the strumming of the guitar, the melody of the keyboards and tapping of feet synced perfectly to the beats was enjoyed by the crowd, as the hosts announced the commencement of ‘The Talent Show’. The stage was then taken over by young and talented CA students who showcased their talent ranging from dance, singing, instrumental, stand-up comedy and mono-acting. In all 18 finalists gave marvellous performances with the judges facing a tough challenge to select the winners. All the singers were supported by the live background music fantastically played with the help of talented musicians. Huge round of applause and cheering came from the crowds all the time. At the end, the judges gave enthralling performances, gripping the audience with pitch perfect songs.

 With the clock ticking, the suspense and wait was about to be over. The winners of the competition representing their firms were finally announced. The list goes as follows:

The entire evening was hosted fabulously by Mr. Apurva Wani, Ms. Nidhi
Shah and Ms. Disha Unadkat with their outstanding performances, keeping
alive the excitement and spirit till the end.

The Chairman of
the HDTI Committee, CA Nitin Shingala and Convenor CA K.K. Jhunjhunwala
praised the efforts and felicitated each and every student volunteer for
putting up an excellent show in a short span of time. Also, the hard
work of all the group leaders of the Students Study Circle for the year
2015-16 was recognized. Mr. Raj Khona and Mr. Viren Doshi were
acknowledged for coordinating the Students Study Circle during the last
year.

Mr. Parth Patani proposed vote of thanks to Mr. Sohrab Erach Dastur for sponsoring the annual day in the fond memory of his brother late Jal Erach Dastur, the family of the Chandanben Maganlal Bhatt for sponsoring the Elocution Competition, the Chief Guest for the evening Mr. Vishal Mehta, the members of the Managing Committee and HDTI Committee, the Coordinators of the Annual Day, the Event Moderators, Judges of various competitions, BCAS Staff, parents and principals of students, sound technicians, the vibrant team of student volunteers and all the students for participating in big numbers.

With great pride and delight, we announce that a total number of 516 students registered for the Annual Day, setting an overwhelming benchmark.

A sumptuous dinner was arranged after the event for all those who marked their presence at the annual day. The motto of the event, to not only develop and encourage skills and extracurricular participation but to bring together the entire fraternity was very well achieved. All in all, at the end, a feeling of achievement with some splendid memories were taken along by each and every person, rather, it is not the end but a promise for a new beginning!!!

Human Development Study Circle Meeting on “Eye Health and Eye Vision” held on 14th June, 2016.

Human Development Study Circle Meeting on “Eye Health and Eye Vision” was held on 14th June, 2016 at BCAS Conference Room, addressed by the speaker Mr Vikram Agrawal, Founder of Vision Yoga.

Viram Agrawal is working with a Vision “Better Eyesight at any age”. His organization promotes the cause of healthy natural vision for a lifetime.

Some of the insights received from his lecture are listed below:

Preservation of good eyesight is almost impossible without proper eye education and mental relaxation.

Keep your eyelids half closed, while reading or watching a distant object.

Shift your glance constantly from one point to another.

All errors of refraction are functional and therefore curable.

Mental strain creates an error of refraction and mental relaxation can cure it

Eyewash tones up the eye muscles

Vision Yoga is a holistic method of treating eye disorders, which is a part of the vedic tradition as given in the Chakshushopanishad and Netra Dwayam – Upanishads of the eyes.

At Vision Yoga, people from 5 years to 80 years are doing eye exercises. This course benefits all eye disorders like myopia, hypermetropia, presbyopia, squint, cataract, nystagmus etc.

The speaker is passionate about healing all eye problems:
– He believes that exercises can help to avoid Glasses, avoid Lasik Surgery and improve eye vision.

– He also spoke on some eye treatments for eye ailments.

– Acute eyesight problems need proper consultation

The participants felt they have learned a lot about eye care and eye health and recommended more similar programs for welfare of more individuals.

Lecture Meeting on ‘Recent Regulatory issues impacting Audit Finalisation for the year ended on 31st March, 2016’ held on 15th June 2016

A Lecture Meeting, covering various ‘Recent Regulatory issues impacting Audit Finalization for the year ended 31st March, 2016’, like the amendments in Companies Act 2016, Internal Financial Controls over Financial Reporting, IND AS, CARO 2016, Fraud Reporting, Changes in Audit report, SEBI updates and other Regulatory Changes impacting the Audit Finalisation was organized at Wallchand Hirachand Hall, IMC, Churchgate on June 15, 2016.

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.

The lecture meeting was attended by more than 300 participants from various industries and the practice arena. The interactions between the participants and speaker were commendable.

Direct Tax Study Circle Meeting on ‘Equalisation Levy’ held on 16th June 2016

 Direct Tax Study Circle Meeting on Equalization Levy was held on 16th June, 2016, jointly with Suburban Study Cirle

The Group leader, CA Palav Shah Parekh, under the guidance of the Chairperson, CA Mayur Nayak commenced the meeting by showcasing a video of how House of Commons Public Accounts Committee, UK led by Margaret Hodge MP interrogated the Google Boss on UK tax dodging. Palav gave a brief background as to how digital commerce business has evolved during these years and how these companies dodge from paying income taxes by not having a physical presence in a particular jurisdiction.

Thereafter, she commented upon the 3 options given by the BEPS Action Plan 1 to tackle the tax issues relating to E-commerce transactions and the reason as to why Indian Revenue authorities had to select the option of Equalisation Levy. She thereafter explained the scope, applicability and the various provisions relating to Equalisation Levy brought about by the Finance Act 2016 and the corresponding rules. She educated the members with similar existing provisions in other countries. At the end, various issues which one could face while implementing these provisions were discussed by the group and the session was concluded by the Chairperson giving his concluding remarks.

Yoga session held on 19th June 2016

The Human Development and Technology Initiatives Committee organised a ‘Yoga’ Session, jointly with ISH foundation on Sunday 19th June 2016, at Direct-I-plex, Andheri(E), Mumbai-400069 between 8-00 a.m. and 9-00 a.m. That was to mark a celebration of the upcoming International Yoga Day on 21st June, 2016.

Pradeep Thakkar, a Professional Yoga teacher and also an active member of ISH Foundation guided about 21 participants who attended this programme. He demonstrated and guided participants to perform different Asanas with ease, comfort for healthy body and mind relaxation.

CA Mayur Nayak welcomed the participants and CA Mukesh Trivedi discussed in brief the meaning of the word Yoga and how to practise it in life for the self-less service at the highest altar.

Participants had good learning of Yogasanas for healthy body and peaceful mind.

Society News

FEMA Study Circle Meeting held on 17th April 2017
at BCAS Hall

On April 17th, a FEMA Study Circle Meeting was
held on the topic of Compounding Issues under FEMA. The group was led by
learned speaker CA. Rajesh P. Shah.

Mr Shah not only took participants through important FEMA
provisions applicable to compounding procedures and guidelines, but also
discussed practical issues relating to the subject matter and RBI views on the
same.

The speaker also resolved the queries of the participants.

CRASH COURSE ON ISCA FOR CA FINAL held on 21st
April 2017 at BCAS Hall

A Crash Course on Information Systems Control & Audit
(ISCA) for CA Final Group-II aspirants appearing in May 2017 Exams was
conducted on Friday, 21st April 2017 at BCAS Conference Hall. The
Speaker CA. Kartik Iyer shared his knowledge and experience in the most
practical manner on various topics like amendments for May 2017 exams, how to
Revise ISCA? etc. Memory Techniques for Easy Last Minute Revision,
Overview of all the Chapters, Exam Day Schedule and many more critical areas
were covered and explained to the attendees. The speaker gave practical
examples to understand the complexities of the subject. The session was very
interactive and participants benefitted from the course.

ITF Study Circle Meeting on “GAAR – It’s Concepts &
Examples” (Part II) held on 24th April 2017 at BCAS Hall

Acknowledging the importance and depth of the topic “GAAR –
It’s Concepts & Examples” and in continuance of the ITF Study Circle
Meeting held on 6th April 2017, the society organised another
enthusiastic meeting of the ITF Study Circle on the topic “GAAR – It’s Concepts
& Examples” – Part II on 24th April, 2017 at BCAS Conference
Hall, led ably by Group Leader CA. Siddharth Banwat.

Mr. Banwat commenced the meeting by revisiting the provisions
of sections 95 to 102 of the Income-tax Act. This meeting focused the
discussion on the examples on various issues pertaining to GAAR. He went on to
cover examples like GAAR v. POEM, Reverse Merger, Capital Gain avoidance in
LLP, Dividend v. Buyback, Off-market sale v. On-market sale, Salary Structuring,
Conversion of company into LLP, Shell/conduit company, Bank Financing, Treaty
Benefit, Taxation on payment basis in treaty, Capital Reduction v. Dividend,
Issuing OCPS to residents, Issuing CCD to Residents, Business Restructuring etc.

The members of the Study Circle discussed their experiences
on the above issues and the participants immensely benefitted from the
discussion on the subject.

Half Day Workshop on Fraud Prevention held on 28th April
2017 at BCAS Hall

HDTI Committee of BCAS
organised the workshop on Fraud Prevention on 28th April, 2017,
where defying the GST wave, a group of over 30 young as well as experienced CAs
met to get a deeper perspective on how organisations can improve their
immunity, and prevent frauds.

Vice-President CA. Narayan Pasari set the right tone in his
keynote opening remarks as he put before the participants the distinction
between Fraud Prevention and Fraud investigations; the former being proactive
effort while the latter a post-Mortem exercise. CA. Nikunj Shah highlighted and
discussed in detail the two major frameworks that are world-class bench marks
in fraud prevention. His discussion based approach and MCQs at the end of the
session ensured that the participants remain engaged throughout the session.

The 2nd half witnessed CA. Ashish Athalye
stimulating the minds of the participants in implementing the right tools,
techniques and controls to prevent frauds by making them work on various case
studies. At the end, Question-answer session addressed by both the faculties
ensured that participants left satisfied and their doubts cleared.

Full day Seminar on “Finance Act, 2017” held on 29th April,
2017 at BCAS Hall

A Full day Seminar on the Finance Act, 2017 was held by the
Taxation Committee of the BCAS at BCAS Hall, Churchgate on 29th
April, 2017. President CA. Chetan Shah gave the opening remarks followed by
introductory remarks by the Chairman of the Taxation Committee, CA. Ameet
Patel.

Various provisions of the Finance Act, 2017 were explained
ably by the following Speakers:

 

CA. Namrata Dedhia

CA. Namrata Dedhia 
spoke on the amendments carried out on provisions of the Income-tax Act
in respect of Income from other sources, TDS (except section 194-IB), Returns
and assessments, Authority for Advance Rulings, Fees for default in furnishing
return of income and Income on refund to deductor. The session was chaired by
CA. Kishor Karia who expressed his views on certain provisions.The Speaker and
the Chairman answered all the queries raised on the subject.

CA. Gautam Nayak

CA. Gautam Nayak threw light and explained the
intricacies of the amendments in respect of Taxation of Non-residents, Transfer
pricing, Chapter VI-A deductions, Special income, MAT and related sections. The
session was chaired by CA. Dilip Thakkar who expressed his views on
implications of the amendments from FEMA perspective. 


CA. Devendra Jain

CA. Devendra Jain
dealt with the provisions relating to Maintenance and audit of books, Promoting
digital economy, Taxation of house property, Section 194-IB, Penalties, Carry
forward and set off for start-up companies, Miscellaneous amendments in
business income and Exemptions. This session was chaired by CA. Ameet Patel who
suggested that the profession should support the Government’s intention to
promote digitisation and a hyper technical interpretation of the provisions
enacted to promote digitisation should be avoided.

CA. Anil Sathe

CA. Anil Sathe
discussed the provisions dealing with capital gains and related sections,
Search, seizure and survey related provisions and taxation of charitable
institutions. This session was also chaired by CA. Ameet Patel.

Two young speakers CA. Namrata Dedhia and CA. Devendra Jain
deliberated the topics on the BCAS platform for the very first time. The
sessions in the Seminar were very informative and analytical and the speakers
answered the queries raised by the participants. The participants immensely
benefitted from the seminar.

Direct Tax Study Circle Meeting on ‘Income Computation
Disclosure Standards; ICDS – 1 Accounting Policies, ICDS – 2 Valuation of
Inventories  and ICDS – 8 Securities’
held on 4th May 2017 at BCAS Hall

The Chairman of the session, CA. Sanjeev Pandit gave his
introductory remarks regarding the manner in which ICDS had been previously
notified by the CBDT and also on revised ICDS and FAQ’s issued by the CBDT
recently.

The group leader, CA. Nimesh Jain briefly explained the
conditions for applicability of ICDS and the clarification issued by CBDT in
relation to applicability of ICDS, to persons covered by presumptive scheme of
taxation. (eg. section 44AD, 44AE, 44ADA, 44B, 44BB, 44BBA). Thereafter, the
FAQ’s released by CBDT in relation to Applicability to companies which adopted
Ind-AS, applicability to computation under MAT and AMT, Applicability to Banks,
Non-banking financial institutions, Insurance companies, Power sector etc.,
Applicability of ICDS III and IV to real estate developers and Build-Operate-Transfer operators and applicability of ICDS to leases, were
discussed by the group.

Mr. Jain also explained in brief the provisions of ICDS I –
Accounting policies, disclosure requirements contained in ICDS I and the
transitional provisions. He highlighted a few issues such as non-recognition of
the concepts of prudence and materiality, conflict between the provisions of
ICDS and SC rulings and allowance of MTM loss on interest rate swaps.
Subsequently, the provisions of ICDS II Valuation of Inventories were discussed
and issue of their applicability to service providers was deliberated upon.

He further opined that ICDS II may get entirely overruled by
section 145A which contains a non-obstante clause. Then he discussed the
revisions made in ICDS VIII Securities, the standard which has been divided
into 2 parts – Part A and B. Part A applies to Securities held as stock in
trade and Part B applies to Securities held by Scheduled Banks and public
financial institutions. He described the treatment to be given in case of
pre-acquisition interest and bucket approach by way of illustrations.

The participants benefitted enormously from the meeting.

Human Development Study Circle Meeting on “Chanakya’s
Business Sutras” held on 9th May, 2017 at BCAS Hall

The meeting was conducted by HDTI Committee for the key
purpose to assess the progress of the participants of the Leadership Camp held
on 24th and 25th February, 2017. This meeting helped the
participants to understand the effectiveness of the implementation of
Chanakya’s Business Sutras in their Profession/Business to enable business
growth.

The session also helped those who had missed out the
Leadership Camp and gave them an insight into the learning at the leadership
camp, as the presenter recapitulated and summarised the learnings of the
Business Sutras of Chanakya.

The participants got mesmeried with the insights from the
meeting. 

BEPS Study Circle Meeting held on 13th May 2017
at BCAS Hall

International Taxation Committee of BCAS organised a meeting
to discuss the BEPS Action Plan 6 read with Plan 15: Preventing the granting of
treaty benefits in inappropriate circumstances & Multi-lateral Instrument
(‘MLI’). The panel of discussion comprised of CA. D S Sharma, CA. Rutvik
Sanghvi  & CA. Monika Wadhani. They
made their respective presentations on the captioned BEPS Action Plan 6 read with
Plan 15 and explained the provisions of some minimum standards like Principle
Purpose Test, Limitation of Benefits provisions etc. which all countries
have to agree.  They also discussed the
MLI and the explanatory statement and explained that the remaining provisions
(e.g. Hybrid instrument provisions, PE provisions) are not mandatory.

Each country has an option to adopt the provision, or can
choose various options given for the respective provision. It is possible that
some countries will opt for one option and the others will opt for another
option. Hence one will have to consider the DTA, the MLI, the option adopted by
the countries and then take a legal view. It will be a complicated exercise.
The background, overview, functionality, structure and possible implications of
the MLI including the way forward were discussed and deliberated in detail.

It was also informed that negotiation concluded on MLI
between more than 100 countries including India has been released by the
Organisation for Economic Co-operation and Development (OECD) on 24th November
2016. It is expected to be ratified by various countries by June 2017. Once the
MLI is ratified, it would become effective from 1st January of the
calendar year following the date of ratification. Thus, it is expected to be
effective from FY 2018-19 as far as India is concerned. The MLI provides for
anti-avoidance provisions agreed to by the countries under the BEPS programme
of the G20 /OECD. After ratification, each country will deposit the ratified document
with OECD. The MLI will not replace the DTA, it will supplement it. It will
also override the DTA on those aspects which are mandatory, and those which the
countries adopt.

The conclusion was that given the number of bilateral
decisions that are involved in designing a detailed LOB rule (including
decisions related to the content of the CIV subparagraph of the definition of
“qualified person”), the multilateral instrument was not an appropriate
instrument for the implementation of the detailed LOB rule. This removed the
pressure to design a multilateral solution to the issue of the treatment of
non-CIV funds in the detailed LOB provision.

The participants benefitted immensely from the concept and
overview of the BEPS explained by the learned speakers.

BCAS Foundation update

BCAS Foundation decided to
support– “Needy Child Project (Cancer Afflicted)” as reported last month. The
Foundation is donating Rs.25000 per month since October 2016 for the cancer
treatment of children at Tata Memorial Hospital (TMH) from its fund. The donation
is given through ImpaCCT (Improving Paediatric Cancer Care and Treatment), a
unit of TMH to monitor donations to paediatric patients.

Further, an appeal was
made to the BCAS members who donated generously for the project. Members also
managed to collect further funds for the project from the trusts they are
associated with. The Foundation arranged visits to the TMH of BCAS members in
batches to get a firsthand experience of the situation and what their generous
donation can achieve.

BCAS Foundation also
committed to sponsor diagnostic equipment of about Rs 5.25 lakh for the same
hospital. This equipment is designed to handle multiple diagnostic analysis and
reduces substantially the time taken for diagnosis. The equipment would
increase the speed, quality and efficiency of diagnosis thereby increasing
patients’ recovery rate. An appeal was circulated to BCAS Core Group members
for the equipment who have generously donated to meet that target. BCAS Core
Group are the set of volunteers who serve on the 9 committees of BCAS.

The total collection for
Tata Hospital has crossed Rs. 20 lacs. BCAS Foundation has disbursed Rs.13.88
lakh to ImpaCCT and balance will soon be disbursed to them for the medical
equipment.

BCAS Foundation will
support the “Needy Child Project (Cancer Afflicted)” on an ongoing basis. We
are grateful to the members for their generous response to the call of donating
towards alleviating one of the worst forms of human suffering.

Society News – II

GST Seminar at Ahmedabad
jointly with CA  Association of Ahmedabad
held on 23, June, 2017

BCAS held a one day seminar on GST jointly with Chartered
Accountants’ Association of Ahmedabad (CAA). The object of the conference was
to disseminate the views of eminent faculties who have carried out in depth
study of newly enacted law of GST together with their vide experience in
profession. CA Puloma Dalal, CA Chirag Mehta and CA Dushyant Bhatt, faculties
from our Society spoke on various areas of GST at length at the full day
seminar. The seminar was attended by 85 participants.  

CA. Puloma Dalal

CA. Chirag Mehta

CA. Dhushyant Bhatt

In the first session CA
Puloma Dalal gave the participants an overview of GST law including the concept
of Supply under GST and provisions relating to liability to pay Tax and Time
and Value of Supply

CA Chirag Mehta gave a
detailed presentation on provisions relating to return filing and took the
participants through the process of filing of returns. He also discussed the
statutory provisions relating to Input Tax Credit under the GST Law and the
concept of matching of ITC under the GST Law

CA Dushyant Bhatt
discussed the provisions relating to job work and dealt with various issues to
be addressed by the entity carrying out job work as well as by the entity
sending material for job work, payment of tax, TDS and E-Commerce provisions
including TCS.

A one and half hour long
interactive panel discussion was held where various questions of the
participants were taken up by the three speakers. Participants benefitted a lot
from the meeting.

GST Workshop with IMA Indore held on 24th June,
2017 at Indore

BCAS jointly with Indore Management Association (IMA)
organized Exclusive Workshop on Saturday, June 24, 2017 at Brilliant Convention
Centre, Indore titled “Fasten Your Seat Belt-GST ready for take off”.

Faculty for this workshop
representing BCAS comprised of CA. Rajat Talati, and CA. Deepak Thakkar. CA.
Santosh Muchhal, President, IMA welcomed the delegates and thanked BCAS for
this workshop. President (Elect) of BCAS CA. Narayan Pasari in his welcome
speech introduced BCAS to the gathering. He also mentioned that GST is a
win-win reform for everyone and will have lasting benefits for businessmen,
Government, consumers and professionals.

CA Rajat Talati started the first session by stating that GST
is an Integrated Tax Regime which will reduce Policy Paralysis in Indian
Economy. It will also avoid Double Taxation problem which of late is posed as a
major threat for the Indian Economy.

CA. Talati explained that
Goods and Service Tax (GST) is a destination based tax on consumption of goods
and services. It is proposed to be levied at all stages right from manufacture
up to final consumption with credit of taxes paid at previous stages available
as setoff. In a nutshell, only value addition will be taxed and applicable tax
is to be borne by the final consumer.

CA Deepak Thakkar took the
2nd Session and explained that Goods and Services Tax (GST) will be
levied at multiple rates ranging from 0 per cent to 28 per cent. GST Council
finalized a four-tier GST tax structure of 5%, 12%, 18% and 28%, with Zero to
lower rates for essential items and the highest for luxury and de-merit goods
that would also attract an additional cess. Goods and Service Tax on services
will go up from 15% to 18%. The services being taxed at lower rates, owing to
the provision of abatement, some services such as train tickets etc will fall
in the lower slabs.

It would be a dual GST with the Centre and States
simultaneously levying it on a common tax base. The GST to be levied by the
Centre on intra-State supply of goods and / or services would be called the
Central GST (CGST) and that to be levied by the States would be called the
State GST (SGST). Similarly Integrated GST (IGST) will be levied and
administered by Centre on every inter-state supply of goods and services. The
GST will be shared by the Centre and the respective State equally.

CA. Rajat Talati

CA. Deepak Thakker

He also mentioned that
there are many benefits available to small tax payers under the GST regime. The
two speakers answered the many questions raised by the participants at the end
of their sessions.

The joint workshop was a very enriching experience for the
140 participants.

Two days seminar on GST
for Trade, Industry and Professionals held on 24th& 25th
June 2017 at Ghatkopar

This two day seminar was held at
Zaverben Auditorium, Ghatkopar where 725 participants attended comprising of
chartered accountants and members of trade and industry.


CA. Sunil Gabhawalla


CA.Mandar Telang

 

CA. Shreyas Sangoi

 

CA. Ashit Shah

The Seminar covered almost
all aspects of Final GST law comprising of Integrated Goods and Service Tax
Act, Central Goods and Service Tax Act and State Goods and Service Tax Act
along with the rules enacted by the Government. The eminent Speakers explained
the salient features of the law including the concept of supply, classification
of goods and services, time and place thereof, value of supply, charging
provision, threshold exemption, transition provisions, composition scheme,
registration, maintenance of records, tax invoice, payment of GST including
under reverse charge, returns and other compliances, input tax credit including
Input Service Distribution Mechanism, export and import of goods and services
including SEZ, job work under GST, etc. The learned Speakers from BCAS included
CAs Sunil Gabhawalla, Samir Kapadia, Rajkamal Shah, Naresh Sheth, Jayesh Gogri,
Mandar Telang, Ashit Shah and Shreyas Sangoi. Advocate Shailesh Sheth also gave
his valuable inputs on GST at the Seminar. At the end of the seminar, there was
specific industry wise panel discussion covering, textile and garment
manufacturers, gem and jewellery, stock brokers, mutual fund and insurance
agents, transport and logistics, C & F agents, tour operators and travel
agents, builders & developers, works contractor, co-operative housing
societies, caterers, hotels & restaurants, SMEs, retailers, traders and
small scale manufacturers, leasing and right to use goods, job worker and
service providers. The overview of the new indirect tax law replacing plethora
of numerous laws and detailed discussion on each subject and dissemination of
latest knowledge alongwith industry specific panel discussion generated lot of
interest amongst the participants making the seminar interactive to a large
extent. All participants were fully enriched by the deliberations at the
Seminar.

CA. Naresh Sheth

CA. Rajkamal Shah

CA. Samir Kapadia

Lecture Meeting on GST
& CAs – Impact on Compliance & Practice held on 27th June,
2017

Indirect Taxation
Committee of BCAS organised a lecture meeting on “GST & CAs – Impact on
Compliance & Practice” on 27th June, 2017 at K. C. College Auditorium,
Churchgate which was addressed by CA. Sunil Gabhawalla.


CA. Sunil Gabhawalla

With GST becoming a reality,
there were many issues which were faced by the practising chartered accountants
like the impact on billing under the Service Tax law and receipt under the GST
regime, paying tax on procurements from unregistered vendors, concept of supply
and place of supply with respect to clients being located in other states, a
multi-locational firm etc. CA, Gabhawalla explained about the new GST Law, its
challenges and compliances and how it is going to impact practicing Chartered
Accountants. He also enlightened on the Composition Tax and monthly return
filing process under GST. 

The speaker explained in detail and in candid way the
challenges that a practising chartered accountant would face, He also answered
a few queries raised by the members.

The participants benefitted a lot from the meeting.

‘New Curriculum of CA
Course – Has the bar been raised? organised on 5th July, 2017 at
BCAS.

HDTI Committee had organised a talk on ‘New Curriculum of CA
Course – Has the bar been raised?’ by Member of Central Council of ICAI, CA
Nihar Jambusaria.

The talk was organised for students who are eligible to
appear for CA exams under new syllabus and having their doubts regarding the
same.

CA Nihar Jambusaria meticulously explained each and every
aspect of the new curriculum and also provided a comparative analysis between
the old and new curriculum. The talk was followed by an extensive ‘Q&A’
session wherein students sought clarifications for their doubts and the speaker
positively answered all their queries.

The talk received overwhelming response from the student
fraternity. Further, quite a lot of students also took the benefit of live
streaming of the seminar at their respective places or CA firms.

The talk provided valuable
guidance to all students and was widely appreciated. 

Study Circle Meeting on
Technology Trends: Impacts of Artificial intelligence, Machine learning,
Drones, Big Data held on 5th July, 2017 at BCAS Conference Hall.

At this study circle meeting, Mr. Nikunj Sanghvi, a Mobile /
Digital Professional from USA, shared his insights on the upcoming technology
trends and their probable impact on businesses going forward. He started by
explaining the trend of expectations towards new technologies – how they
initially reach a peak followed on by disillusionment as the technologies are
not as good as expected and later on get slowly accepted by public at large. He
covered many different innovations including drones, augmented reality, digital
twins, big data, artificial intelligence & machine learning, intelligent
apps, autonomous vehicles, speech recognition and voice interfaces, block chain
and crypto currencies.

Mr Sanghvi also explained these innovations and their impact
which are already seen in some business areas. For example, using drones,
auditors are doing a physical check of goods in large warehouses in a day which
otherwise would take them weeks! On giving such other examples, the immediate
query from the group was what will happen to many existing jobs. Mr Nikunj
mentioned that while there may be jobs which are lost as and when these
technologies become mainstream, he was positive that there will be many newer
jobs which people will be able to fill in. His point was that Man’s wants are
unlimited and even if a few wants are met by these new technologies, there will
be many more which will remain unfulfilled. Therefore, there may be no need to
worry unnecessarily for job losses.

The meeting ended on this positive note and participants
benefitted a lot.

69th
Foundation Day Lecture Meeting on “ENERGising India-Changing Paradigm for
Professionals” held on 6th July, 2017 at Garware Club House,
Churchgate, Mumbai

A lecture meeting on “ENERGising India-Changing Paradigm for
Professionals” was held on 6th July, 2017 on the occasion of 69th
Foundation Day of the Society which was addressed by our Hon’ble Union Minister
of State (IC) for Power & Renewable Energy CA. Piyush Goyal.  President CA. Chetan Shah briefly touched
upon the GST regime and also shared the profile of Mr Goyal while welcoming the
Chief Guest and then requested him to address the august audience.

CA. Piyush Goyal – Minister
of State for Power, Coal, New
and Renewable Energy and
Mines (Independent charge)

Mr Goyal started his oration with the past memories of his
BCAS membership and appreciated the caricature of the cover design of GST issue
of July Journal stating that the cover design is very well presented. He then
talked about the GST Bill and explained how GST Council has been empowered to
function without any interference from the Government. Mr Goyal also emphasized
that GST is a great testimony with the culmination of 17 taxes into one tax
“GST” where the Traders, Businessmen, Manufacturers and others will get the
Input Tax Credit when goods move from one place to another. This transformation
would help to curb inflation, bring transparency, eradicate the atmosphere of
uncertainties and corruption, eliminate black money etc. This revolutionary
step has been taken by the Government in the national as well as public
interest without any political opportunism. 

 

BCA Journal – GST Special Issue Release
L to R : CA. Sunil Gabhawalla, CA. Narayan Pasari, Shri Piyush Goyal (Speaker), CA.
Chetan Shah (President), CA. Manish Sampat, CA. Suhas Paranjpe, CA.Abhay Mehta.

On the topic of the Lecture Meeting “ENERGising
India-Changing Paradigm for Professionals”,
he cited Mahatma Gandhi Quote
that we are the trustees of the Planet and it is our collective responsibility
to keep the environment clean, abolish pollution and adapt to healthy and
hygienic climate changes for better quality of life for 1.25 billion Indians.
Our inhabitants especially in the rural areas cannot afford to live without
electricity, shelter, transportation, medical facilities etc and Government has
taken strong steps to provide these amenities to majority of the villages and
would reach the zero defect in a phased manner. Mr Goyal also informed the
gathering that at present, India is energy surplus and self-sufficient in Power
Distribution. As per the world standards, we are contributing to clean energy
and reducing pollution levels. He also urged upon the citizens to use LED bulbs
to conserve the energy and contribute in Nation Building. Besides, Mr Goyal
also remembered our armed forces and assured to provide them with the most
modern equipment and technology to fight any internal and/or external threat.

 

Audit Checklist Publication Release
L to R : CA. Raman Jokhakar, CA. Sunil Gabhawalla, CA. Narayan Pasari, Shri
Piyush Goyal (Speaker), CA Chetan Shah (President), CA. Manish Sampat, CA.
Suhas Paranjpe, CA Abhay Mehta

He thereafter appealed to the Chartered Accountants
Fraternity to strengthen and upgrade the audit standards to curb the Tax
evasion/avoidance and further transform the future of India, because CAs are
the force to reckon with in the professional industry.

At the end, he expressed confidence that Chartered
Accountants can do a lot for the public good and make India again.

The audience got mesmerized with Mr Goyal’s presentation
skills and gained a lot from the insights straight from the heart and from his
spellbinding Speech.

Lecture Meeting on “Recent Developments in Taxation of
Capital Gains” held on 11th July, 2017.

Taxation Committee of BCAS organized a Lecture Meeting on
Recent Developments in Taxation of Capital Gains on 11th July, 2017
at IMC, Churchgate, Mumbai. The first meeting of the year at BCAS which
commences from the Founding Day, 6th July, was addressed by CA.
Pinakin Desai wherein he explained about the Notional Taxation w. r. t. Fair
Market Value (FMV) of unlisted equity shares under Sec 50CA, shift of base year
for indexation from 1981 to 2001 to compute the cost of bonus shares and
amendment to Sec 10 (38) with background and notification on 3rd proviso
to Sec 10(38). He also discussed about the Protocol to India – Mauritius Treaty
with emphasis on Mauritius and Multilateral Treaty (MLI) and protocol amending
India-Singapore Treaty. CA. Pinakin Desai further explained about the valuation
of shares under Normative Valuation with draft valuation rule notified u/s. 50
CA and issues under normative valuation. He also deliberated on Sec 195 –
withholding actual or notional consideration for Sec 50 CA. 



CA. Pinakin Desai

Mr Desai also explained the
above topics with case studies on (i) resolving normative valuation of shares
as per draft notification, (ii) valuation of unquoted equity shares, (iii)
acquisition in IPO, (iv) acquisition pursuant to merger, (v) gift of shares,
(vi) Inter-se promoter transfer, (vii) direct transfer vs. indirect transfer,
(viii) impact of dividend distribution and (ix) case study under
India-Mauritius Treaty.

The hall was packed with
the audience and it was a very fulfilling and enriching experience for the
participants to benefit immensely from the meeting.

GST Training Seminar Jointly with NACIN held from 13th
July to 15th July, 2017 at BCAS Hall

With the roll out of GST on
1st July, 2017, the 3rd batch of GST Training Seminar for
Trade, Industry & Profession was organised by Indirect Taxation Committee
of BCAS jointly with the National Academy of Customs, Indirect Tax and
Narcotics (NACIN), to make understand the intricacies and the importance of GST
laws & provisions.

CA. Mandar Telang

CA. Shreyas Sangoi

 

CA. Chirag Mehta

CA. Govind Goyal

The purpose of holding such training workshop
was dual – one to educate the trade and industry about the new legislation and
more importantly, partnering Government in disseminating information about this
landmark “One Nation One Tax”.

 The speakers at the Seminar were BCAS members
accredited by the NACIN as GST Trainers, and a few officials from the GST
department. The faculty from BCAS included CAs Chirag Mehta, Dushyant Bhatt,
Govind Goyal, Mandar Telang, Naresh Sheth, Rajkamal Shah, Shreyas Sangoi and Ms
Vishaka Borse, & Mr, Shrikant Shaligram from the GST Department.

CA. Naresh Sheth

CA. Dushyant Bhatt

 

CA. Shrikant Shaligram


CA. Rajkamal Shah

The participants immensely benefited from the training
programme.

Dharampur Noble Social Cause Visit – on 15th &
16th July, 2017

The visit to Dharampur was
organised for two days by the Human Development and Technology Initiative


Dharampur Noble Social Cause Visit

Committee of BCAS jointly
with BCAS Foundation, for Tree Plantation, Eye Camp project and visit to
various NGOs, at Dharampur. These NGOs are engaged in the various social
welfare activities for Holistic growth of Tribals located in the remote
interiors. A Team of 24 enthusiastic volunteers including students who were
willing to take active participation in this noble mission joined the trip.

Sarvoday Parivar Trust (SPT)

The SPT is a NGO, following
Gandhian philosophy and engaged in various tribal welfare activities in the
field of Education / Health / Agriculture / Water management / Environment,
etc. The BCAS Foundation committed for plantation of 3,000 trees to SPT. The
team also visited the Residential School run by the SPT which is home to more
than 350 children from nearby villages.. This residential school has encouraged
poor labourers and farmers in the tribal areas to send their children for
further studies. It has helped in reducing child labour, child marriage and
other social evils which takes place mainly due to illiteracy and poverty.
Members had good interactions and time with them. The School premises are old
and needs to be renovated and upgraded to provide better amenities to children.
BCAS Foundation has committed its full support for the redevelopment and
upgradation of school/ hostel.

Avalkhandi Kelavani Trust (AKT)

The AKT is an NGO which
carries out various activities in Education & Water Management in the
villages of the most backward forest of Dharampur, running a government School
where approximately 300 students are studying & has one Chhatralaya whereby
180 children are accommodated for stay from other villages who would have
otherwise been deprived of education. The BCAS Foundation committed for
plantation of 2,500 trees to AKT. On behalf of BCAS Foundation, team
distributed kits for outdoor games like cricket / Football/ Badminton  / Flying Dish etc  and many educational games at AKT for their
children. The BCAS Foundation contributed Rs. 30,000/- for setting up a library
in the Chhatralaya.

The team viewed the various
check dams created on mountains in the process of water management.

Dhanvantri Trust (DT)

The trust is founded and
managed by Dr. Kirtikumar Vaidya, from Mumbai who left Mumbai at a young age
& has dedicated his life for socio economic rural development of tribal
villages of South Gujarat. With divine blessings he started an Eye Hospital in
Vansda. Our team member had contributed Rs. 63 lakh for setting up Hospital
with latest Equipment & Technology for treating and curing all types of Eye
Surgeries.

BCAS Foundation sponsored 201 Eye Surgeries for poor Tribals & has
dedicated support for 50 more, thanks to contribution & support of Esteemed
Donors, amounting to Rs.2.01 lakh.

Dr. Vaidya proposed to set up a school in Vansda. BCAS Foundation has
committed their support for the same.

The   trip for Tree plantation
drive and the Eye Camp was truly enriching, enlightening and educational too
for the visiting members and students. The memories treasured from the trip,
would always encourage and motivate them to participate more in such events
which would be beneficial to the society at large.

Direct Tax Study Circle Meeting on ‘Income Computation
Disclosure Standards; ICDS V Tangible Fixed Assets, ICDS IX Borrowing Costs
& ICDS X Provisions, Contingent Liabilities & Contingent Assets’ on 15th
July 2017

The Chairman of the
Meeting, CA. Anil Sathe gave his opening remarks and raised some issues
relating to ICDS which could face litigation in the long run. The Group leader,
CA. Dhaval Desai drew attention to an extract from the Supreme Court decision
in Woodward Governor 312 ITR 254 wherein the Hon’ble Supreme Court observed
that for income tax purposes, profits are to be computed in accordance with the
ordinary principles of commercial accounting unless, such principles stand
superseded or modified by legislative enactments and this is where section
145(2) comes into play.

Thereafter, the group
leader briefly explained the provisions of ICDS IX ‘Borrowing Cost’-
recognition principle, definitions of borrowing cost and qualifying assets. He
explained the provisions of capitalisation in respect of specific borrowings
and general borrowings and the provisions relating to commencement and
cessation of the capitalisation. He mentioned that as per Accounting Standard
16, an asset qualifies to be a Qualifying Asset only if it takes substantial
period of time to get ready for its intended use or sale, however ICDS has done
away with the criteria of ‘substantial period of time’ (except for inventories)
and this would lead to a huge difference between the capitalisation of
borrowing costs as per books and capitalisation as per ICDS.

The group leader further
touched upon the provisions of ICDS X ‘Provisions, Contingent Liabilities and
Contingent Assets’. He mentioned the yardstick for recognition of a provision
‘probable’ as per Accounting Standard 29 has become stricter under ICDS wherein
the term ‘probable’ has been substituted with ‘reasonably certain’. Similarly,
in case of contingent assets, the term ‘virtual certainty’ used for recognition
as per AS 29 has been substituted with ‘reasonably certain’ under ICDS. He
commented that such provisions would certainly lead to preponement of income
and postponement of deduction of expenses. The group leader touched upon
transitional provisions contained in ICDS X.

Subsequently, CA. Dhaval
briefly explained the provisions of ICDS V ‘Tangible Fixed Assets’. He
highlighted one of the differences between existing AS and ICDS with regard to
treatment of expenditure between trial run and commercial production. In this
context, Revised AS 10 mandates such expenditure to be revenue in nature
whereas CBDT clarification on ICDS states that such expenditure should be
treated as capital expenditure.

The participants benefitted a lot from the
meeting.

Society News

Seminar on Advanced Excel held on 25th & 26th November 2016 at BCAS Hall, Jolly Bhavan, Churchgate

Advanced Excel Workshop held on 25th and 26th November, 2016 was aimed at giving the participants a hands-on at sharpening their MS Excel skills. The faculty was CA. Nachiket Pendharkar, who is a microsoft certified trainer and Excel expert.

The faculty covered topics like Pivot Tables, What-if Analysis, Array Formulas, Fuzzy Lookup etc. which were well received by the participants. The participants were given study material for future reference.

The workshop received a very good response. There were in all 34 participants from various locations like Ahmedabad, Bharuch, Goa and Pune.

17th Certificate Course on DTAA-2016-17 held from 3rd December 2016 to 28th January 2017 at BCAS Hall, Jolly Bhavan, Churchgate

The 17th batch of Certificate Course on DTAA, the flagship program of the Society was successfully conducted at the BCAS Hall from 3rd December, 2016 to 28th January, 2017. The course was held over 7 Saturdays with 4 sessions each. The course was aimed at imparting middle-level knowledge on conceptual aspects and interpretation of Tax Treaties. All the Articles of UN Model Convention were explained to the participants along with presentations, practical examples and case studies. Additionally, relevant and contemporary subjects such as BEPS and provisions of Section 195 relating to TDS on income of Non-residents were also covered.

A total of 73 participants enrolled for the Course. Out of this, 56 participants were from Mumbai and the remaining participants were from Ahmedabad, Ajmer, Goa, Hyderabad, Kolkata, Navi Mumbai, Pune, Thane and Ulhasnagar. The course received an over whelming response from 25 BCAS members and 48 non-members. BCAS had 25 Eminent Faculties who delivered lectures at the Course. The faculty members were renowned Chartered Accountants/Advocates in their chosen field of expertise for past many years and generously shared their knowledge and experience with the participants. The Course was very well received and appreciated by the participants on the academic as well as organizational counts.

At the end of the Course, for the first time, Multiple Choice Questions Test was held at the end of the course and the successful candidates have been awarded the Certificate of Passing. The Faculties along with 3 top scoring participants were felicitated by the International Taxation Committee meeting held on 15th March, 2017.

Panel Discussion on Finance Bill, 2017 for students of N. M. College held on 1st February 2017 at N. M. College

After demonetisation, the next significant event was the Union Budget 2017 preponed this year to February 1, 2017 and for the very first time the Railway Budget was merged with the Union Budget. This year, the Finance Bill 2017 came with more focus on international taxation and transfer pricing norms. The Modi Government seems to make a budget in a view of “Rob Peter to pay Paul”. The bill proposed changes in tax structures for the low-income categories, boost to affordable housing and higher surcharge for the higher income sectors.

A session on the amendments by the Finance bill, 2017 was scheduled for the students of N. M. College. The session began with the students of Finance & Investment Cell of N. M. college introducing the speakers with the details of the discussion. The Session was inaugurated by Vice President, BCAS CA. Narayan Pasari. The students gave a warm welcome to the speakers CA. Ameet Patel and CA. Sushil Lakhani.

CA. Ameet Patel articulated with examples the details and intricacies of direct tax. He enthralled the students with his lucid style, talking about demonetisation and how digital economy is  coming to the forefront today. The changes made in TDS regulations and changes in areas of capital gains were widely covered. The benefits that would be extended to business in a digital economy was also well articulated.

Thereafter, there was a presentation by CA Sushil Lakhani who gave the students an insight into the area of international taxation. He detailed the areas of changes in BEPS, Equalization Levy with case studies of Apple and Google. He covered various areas of different treaties entered into and the way and reasons why countries enter into such treaties. He also touched upon the various changes made in the Finance Bill, 2017 in simple and explanatory format for the students to relate to international taxation.

The floor was then open for Q&A and students raised questions on various aspects of both direct and international taxation. The session ended with a vote of thanks to the speakers.

Lecture Meeting on Indirect Tax Provisions proposed by Finance Bill, 2017 including Constitutional Aspects of GST held on 9th February 2017 at BCAS Hall, Jolly Bhavan Churchgate

The Lecture meeting on indirect tax provisions proposed by Finance Bill, 2017 along with certain Constitutional Aspects of GST was held on 9th February 2017. Mr. Vikram Nankani, Senior Advocate analysed not only the Budget proposals but also a few of the recent amendments in service tax like taxation of prepaid import freight, B2C online information and database access services, etc. Thereafter, the speaker expressed his views on the proposed GST Regime and touched upon some issues likely to arise in view of the Constitution Amendment Act, taxation on intangibles, inclusions and exclusions of certain items in the new GST. He discussed about the interpretation of the Article 366(29A) pertaining to deemed sales in the context of GST. He elaborated on the tax treatment of works contracts under GST. Advocate Vikram Nankani also addressed participants’ queries with respect to GST and the implementation. The eager participants had many queries on the practical applicability of GST on various products and services. The speaker responded to each in detail.


Adv. Vikram Nankani

The Q&A session was well received and various issues related to GST were discussed. The session ended with a vote of thanks.

Lecture Meeting addressed by CA. T. P. Ostwal on Budget 2017 and Recent Announcements on Provisions Relating to International Taxation held on 13th February, 2017 at IMC jointly with International Fiscal Association – India Branch and Chambers of Tax Consultants.

The Lecture meeting was addressed by CA. T. P. Ostwal, who gave a presentation discussing the various amendments with regards to International Taxation. This included the insertion of new section 92CE bringing in the concept of secondary adjustments to Indian Transfer Pricing regime. He further discussed on the insertion of new section 94B to introduce Thin capitalisation regime in Indian Taxation context. The meeting also covered a brief overview of various other amendments such as clarification on Indirect Transfer Provisions, changes in Taxation of “Masala Bonds”, and clarifications introduced with respect to interpretation of terms used in Tax Treaties.
The Lecture was very well received by the participants.

Human Development Study Circle Meeting to watch the DVD – Video Talk on “Thought Leadership” held on 14th February, 2017 at BCAS Conference Hall

The discussion was led by CA. Vinod Jain. He gave a small introduction before the DVD was screened. The talk was so absorbing that it was an undisturbed screening of 120 minutes.

The Lessons learnt from this video talk are discussed hereunder:

Good people have to learn to come together and work together, may be from the bad people since bad people are more organised, motivated and have better team spirits.

Though we are not born great, greatness can be achieved. One has to achieve first, self-leadership than external leadership. If you cannot lift yourself, you cannot lift others.

Speed of the train mainly depends upon the speed of the engine. Hence, business cannot grow, if the businessmen at the helm of the business do not continue to grow. In many cases, we ourselves become a bottleneck in our own organisation. Without getting ourselves right, we cannot achieve anything.

The Demand of Our Roles is growing faster than demand of us as an individual. As such one needs to continue to develop ourselves, in this fast changing world. Even method of parenting between two children need to be changed, since the way first child is successfully brought up, same method of parenting would not help in bringing up the second child. 

We should be careful about our thinking. “What you think you become” said Buddha. “Mind in itself can make a heaven of hell or a hell of heaven.” said poet John Milton. “If you think you can or think you can’t, either way you’re right.” – Henry Ford – “Whatever the mind can conceive and believe; the mind can achieve” Napoleon Hill – “God never gives us an idea, without power to achieve it”.

We should be careful about our words and should replace word “Problem” with “Challenge”.  We should drop filthy words from our vocabulary.

We should become an opportunist in thinking. Acid destroys the vessel that contains it. We should not keep bad thoughts about people in our mind. Never hold any blemish close to our eyes.

We should choose to see, what we want to see.  We should focus on the magnificence of beautiful things.

Our mind is divided in 1/8th as conscious and 7/8th as subconscious mind. Subconscious mind does not understand positive emotions and negative emotions. It understands deep emotions and shallow emotions.   Anything positive in your life, speak 5 sentences. Anything negative in your life, speak just in one sentence. Do not miss celebration of positive happening in life. The participants were interested in more such movie screenings for Study Circle Meetings.

Panel Discussion on the Finance Act, 2017 held on 20th February, 2017 at BCAS Hall, Jolly Bhavan, Churchgate

Panel Discussion on Finance Act, 2017 was held by the Taxation Committee of the BCAS at BCAS Gulmohar Hall. The event saw attendance by over 100 participants and more than 300 members viewed it live on BCAS YouTube Channel. President CA.Chetan Shah gave the opening remarks followed by introductory words from the Chairman of the Taxation Committee, CA. Ameet Patel. The distinguished panel consisted of CA. Pinakin Desai, CA. Hitesh Gajaria, CA. Deven Choksey and was moderated by CA. Ameet Patel.


L to R – CA. Pinakin Desai, CA. Hitesh Gajaria, CA. Deven Choksey and CA.
Ameet Patel

Various questions were posed to all the three panelists by CA. Ameet Patel.

–    CA. Pinakin Desai gave his views with an in-depth analysis on questions related to amendments proposed to Joint Development Agreements, Charitable Institutions, Measures to discourage cash transactions, Long term Capital Gain on non – STT paid shares and many others.
–    CA. Hitesh Gajaria gave his views with statistics on various questions related to change in rates of Income Tax, Thin Capitalisation, Secondary Adjustments and other provisions.
–    CA. Deven Choksey gave his views on the overall impact and reactions of capital markets on the budget. He also talked on the various  amendments with respect to penny stocks and FII/FPIs.

Overall, the Panel Discussion was well received and the participants benefited immensely with the expert analysis of the panel on the proposed amendments in the Finance Bill, 2017.

Budget & Economic Survey 2017 held on 22nd February, 2017 at BCAS Hall, Jolly Bhavan, Churchgate

CA. Harshad Shah and CA. Kapil Sanghvi (Jamnagar) presented finer economic aspects of Budget & Economic Survey 2017 to members at the International Economics Study Group meeting held on 22nd February, 2017.

The refreshing feature was specific commitments by government in terms of values and dates.
The Budget proposals were divided in 10 distinct themes under the overarching agenda of “Transform, Energise and Clean India” (TEC India).

Farmers: To double the income in 5 years; Credit fixed at record level of Rs. 10 lakh Cr.; Model law on contract farming, Agriculture sector is estimated to grow at 4.1% in 2016-17 as opposed to 1.2% in 2015-16; Govt. to set up mini-labs for Soil Health. Rural Population: providing employment and basic infrastructure; Mission Antyodaya to bring Rs. 1 Cr. households out of poverty by 2019, MGNREGA: Rs. 48,000 Cr., Prime Minister Gram Sadak Yojana: Rs. 19,000 Cr. (Rs.27, 000 Cr incl. State Share), PM AwasYojana: Rs. 23,000 Cr, 100% village electrification by May 2018, Rs. 1, 87,223 Cr. allocated for rural programmes (24% Higher). Youth: energising them through education, skills and jobs. Poor and the Underprivileged: strengthening the systems of social security, health care and affordable housing. Infrastructure: for efficiency, productivity and quality of life; Total allocation for infrastructure: Rs. 3.96 lakh Cr.  Financial Sector: Growth and stability through stronger institutions. Digital Economy: for speed, accountability and transparency. Public Service: effective governance and efficient service delivery through people’s participation. Prudent Fiscal Management: to ensure optimal deployment of resources and preserve fiscal stability. Tax Administration: Direct tax collection not commensurate with income/expenditure pattern of India, We are largely a tax non-compliant society.

Economic Survey 2016-2017
This year’s Survey comes in the wake of a set of tumultuous international developments – Brexit, political changes in advanced economies (Germany, France, and Netherland, Italy) – and two radical domestic policy actions: the GST and Demonetisation. Demonetisation has hit India’s growth by 0.25-0.5% of GDP. GDP growth is estimated at 6.75-7.5% next year, well below the “sweet spot” of over 8%, the rupee has strengthened by 8.3-10.4% in the last two years. India’s growth rate is set to accelerate to 8-10% in 2-5 years.Risks to Indian Economy-Oil Prices, Rising Dollar Value, Volatile Commodity Prices.

The Economic Survey brought out 8 Interesting Facts about India

(A)    India on the Move and Churning: About 9 million people, almost double what the 2011 Census suggests are migrating.

(B)    Biases in Perception: China’s credit rating was upgraded from A+ to AA- in December 2010 while India’s has remained unchanged at BBB.

(C)    Income, Health, and Fertility:

(D)    Convergence Puzzles: India does well on life expectancy, not-so-well on infant mortality rate, and strikingly well on fertility rate and India’s low level of expenditures on health (and education) have been the subject of criticism Infrastructure and Connectivity, Redirecting flows to households. Political Democracy but Fiscal Democracy? – India has 7 taxpayers for every 100 voters ranking us 13th amongst 18 of our democratic G-20 peers. Demographic India’s Soon-to-Recede Demographic Dividend. Working age to non-working age population will peak later and at a lower level than that for other countries but last longer. Demography provides potential and is not destiny.  India Trades More Than China and a Lot Within Itself. One Economic India (GST) – Why Does India Trade so Much? Divergence within India, Big Time.

(E)    The ‘Other India’: Two Analytical Narratives (Redistributive and Natural Resources) on States’ Development. (Unconditional Convergence in GDP per capita), Economic Vision for Precocious, Cleavaged India. Absenteeism, corruption, clientism and red tape dominate our system. One consequence is inefficient redistribution to the poor. Hundreds of welfare schemes fail to reach the masses.

(F)    Clothes and Shoes: Can India Reclaim Low Skill Manufacturing. Meeting the challenge of jobs may require paying attention to labour-intensive sectors such as Leather & Textiles.

(G)    Tax Potential Unexploited: Evidence from satellite data indicates that Bengaluru and Jaipur collect only between 5% to 20% of their potential property taxes.

(H)    Demonetisation: To Deify or Demonise? Demonetisation has been a radical, unprecedented step with short term costs and long term benefits and could have particularly profound impact on the real estate sector.

CA. Kapil presented Twin Balance Sheet Problems of Corporate & Banking Sectors, Fiscal Frame work and Universal Basic Income.

Panel Discussion on the Finance Bill, 2017 held on 22nd February, 2017 at HR College, Churchgate.

Discussion on Finance Bill, 2017 was held by BCAS as invited by HR College to talk to their students. The event saw attendance by over 50 students. Chairman of the Taxation Committee, CA. Ameet Patel gave the opening remarks followed by introductory words highlighting the first combined budget presented on 1st February 2017 after the merger of Railway Budget with the Union Budget. A prominence of Union Budget was in the memory of “demonetisation” efforts of the government which provides for growth in a very difficult environment.

The speakers consisted of CA. Ameet Patel, CA. Samir Kapadia (on GST & Other Indirect Taxes) and CA. Siddharth Banwat.

Proposed amendments in Union Budget – Direct taxes and Indirect taxes were covered with most of practical live examples faced by the industry. The following features and key steps initiated by the government which plugged to abuse tax provisions were discussed:

1.    Proposed amendment – Direct Taxes, broader aspects covered
–    Tax rates
–    Capital gains
–    Restrictions on cash transactions
–    Threshold limit under section 44AA – maintenance of books of account
–    Rebate under section 87A of the Act
2.    Indirect taxes – Rationalisation under GST provisions
3.    Abolition of Black money
4.    Prohibition of Benami Transactions
5.    Income disclosure scheme of 2016
6.    Demonetisation of high-value currency notes
7.    Electoral reforms
8.    High level discussion on Investment strategies and tax saving benefits
9.    Digital India
10.    Cashless economy

Various questions were posed to all the three speakers by some students.

–    CA. Ameet Patel gave his views with in-depth analysis on questions related to investment strategies and tax saving benefits.

–    CA. Samir Kapadia gave his views (on GST & Other Indirect Taxes) with statistics and practical examples or issued faced by various industries on classification of products and applicable rates of tax prior to GST. Further, benefits under GST were highlighted.

–    CA. Siddharth Banwat gave his views on the overall impact and reactions on the budget.

Overall, the Budget Discussion was well received and the students benefited immensely with the expert analysis on the proposed amendments in the Finance Bill, 2017.

Leadership Workshop on Chanakya Business Sutra held on 24th & 25th February 2017 at BCAS Hall, Jolly Bhavan, Churchgate
Human Development and Technology Innitiatives Committee organised the 15th Leadership Workshop. In contrast to the residential camps organised in earlier years this year it was a non-residential camp held at BCAS Conference Hall of the Society on Friday & Saturday, 24th and 25th February 2017. About 54 Participants registered for the leadership workshop titled ‘Chanakya Business Sutra’. Mr. Mahendra Garodiya, an avid reader of scriptures including Srimad Bhagavatam, Mahabharat, Ramayan, Bhagavad Geeta and Chanakya’s various commentaries including ArthaShashtra was the trainer. He had also inspiration influence from the life of Mahatma Gandhi, and writings of Stephen Covey, Napolean Hill, Jim Collings and Robert Kiyosaki.

President CA. Chetan Shah welcomed the participants. He described Chanakya  as a great strategist,, kingmaker, and author on the variety of subjects like Economics, Politics, Leadership, Governance, Warfare, military tactics, accounting systems etc. and appreciated his vision for Akhand Bharat, United  India.

Past President and also Past Chairman CA. Pradeep Shah complimented all participants. He motivated them to leave all worries. He also shared the information about leadership camps held in the past. He posed pertinent questions and motivated them to introspect as to what one would do if this was the last year of one’s life.

Past President and Chairman of HDTI Committee CA. Nitin Shingala shared a beautiful definition of a complete professional as the one who implements whatever he/she learns.

CA. Mihir Sheth introduced the speaker and CA. Mukesh Trivedi proposed vote of thanks.

Few of the important points discussed during the workshop were:

–    Entire workshop was based on T.I.M.E. i.e. Thinking, Inking, Mapping and Executing.

–    WHY: Ask as to why you are doing what you are doing. Is it for dharma, artha, Kama, Moksha?
    For the Growth, Life of Contribution or money or Life of Significance.

–    How do we earn money? By Employment 80%,Self Employment 10%, Business 10%. How to earn passively from Investment of your established assets like goodwill, reputation.

–    RAS: Reticular Access syndrome: Clear Cut emotional Goal in Mind.

–    Essential are skill, People, system.

–    Live the life of contribution by generating employment, opportunities etc. constantly introspect as to when you are doing something is it for contribution to the mankind, or nation, or for significance i.e. recognition ? or for personal luxuries or comforts?

–    Know your capability before you start the work.

–    Anything begins with thought or story in mind, followed by words, state, emotion, action and Result.

–    OQP: Only quality people. Always Select  quality people for the right job. The mentors should have promise, thought and action (MVK – Manah, Vachanam, and Karma ) well aligned.
–    Manage the time: Important, urgent, not important and not urgent.

–    Learn what to measure?

–    Seven important aspects of Business: Production, finance, Relationship, Star, Reference Generation and Sales.

–    Use effective communication: OFNR .e. Observation, Feelings, Needs and Request.

–    IDP: Incorporate Individual  Development plans, always maintain humility. Reward the deserving, reprimand underperformer.

All these and many other concepts were discussed interactively with many inspirational videos.

Seminar on GST held on 25th and 26th February 2017 at the Navinbhai Thakkar Auditorium, Vile Parle (E), Mumbai
                                                                                                                                   
Looking at the pace of the developments in the road map to the GST roll out by 1st July, 2017 it was imperative for all to understand the intricacies of the proposed law and its implications on trade and industries. The Indirect Taxation Committee of BCAS designed a comprehensive program spread over two days (25th and 26th February, 2017) at the Navinbhai Thakkar Auditorium.

 

CA. Sushil Solanki

 

CA. Sunil Gabhawalla

 

CA. Parind Mehta

 

CA. Amitabh
Khemka

 

CA. Rajiv Lithia

 

CA. Govind Goyal

 

CA. Udayan
Choksi

 

CA. Jayraj Sheth

The program witnessed excellent participation from members, trade and industry. Over 350 people attended the program. Various eminent faculties delivered their expert views on important statutory provisions contained in the model GST law including CA. Sushil Solanki, CA. Sunil Gabhawalla, CA. Parind Mehta, CA. Amitabh Khemka, CA. Rajiv Luthia, CA. Govind Goyal, CA. Udayan Choksi and CA. Jayraj Sheth.

As we draw close to the appointed day, it would be the society’s objective to disseminate maximum knowledge on this reform. In this way, we would surely contribute towards smooth transition of the proposed law which intends to create a single national market.  

Lecture Meeting on “The Road Less Travelled” under auspices of Amita memorial Trust held on 1st March 2017

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 1st March 2017 at Walchand Hirachand Hall, IMC, Churchgate.


Smt. Mittal Patel

The Speaker of the evening, Smt. Mittal Patel is a young social worker working for the rights of the Nomadic tribes. She has chosen to take a difficult path in her life which is rarely taken by the others. She took us on a journey along this path and gave a talk which held the audience spellbound and touched the hearts of all the listeners. She is working for the human rights of the Nomadic tribes, who in Gujarat alone number more than 45 lakh.

Her work is not only difficult but dangerous too, as there are forces which want to continue to exploit these wandering tribes. Smt. Mittal explained that even today these tribes are being treated worse than untouchables, and have no identity, no voting rights, no ration cards, no permanent houses, and no address. She is fighting to get these basic rights for these downtrodden people. The talk aroused compassion in the hearts of the listeners and a desire to join and help in this struggle to get the basic rights for the nomadic tribes.

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 30 years of her departure.

The meeting was very useful and inspiring for the participants.

Human Development Study Circle Meeting on “Man Woman Relationships” held on 7th March, 2017 at BCAS Conference Hall

The Study Circle Meeting discussion was led by CA. Deepak Bagla on “Man and Woman relationship and their development”.

CA. Deepak Bagla has studied various scriptures like Ramayan, Mahabharat, Srimad Bhagavatam and Bhagavad Gita. He also practices Meditation for the last two decades. He likes to share his learning as a counsel. He has specialised in mentoring to cope up with challenges on relationship, parenting, employer employee relationship etc.

The story of ‘Ardhanarishvara’ as a symbol of Shiva and Shakti, Purusha and Prakriti is very inspiring, to feel two dimensions of life. Perhaps, the world would not have either been created or nurtured without Man and Woman. Physically, emotionally and genetically, both are different. Their needs, strength and weakness are different.  Men & Women complement each other and together they can create synergy.

This interactive meeting was held to discover and explore the differences between man and woman and their relationship. The topics discussed were as follows:

1)    Understand the major reasons leading to problems in man woman relationship
2)    Understand and appreciate different facets of relationship
3)    Importance of healthy relationship and its impact on children in digital age

There are differences between Man and Women  in the way of thinking, in beliefs, in style of behaviour, etc. and one should appreciate that. One must accept the differences and use each one’s talents for the benefit of the Family Health, peace, progress.

He spoke on a five point development for man and woman:
–    Purpose – in life, we need not prove ourselves and compete with each other with motive to defeat each other. Instead find each one’s purpose and support each other and give each other space.

–    Relationships – within the family, neighbours, relatives, friends, superiors is important. Value Relationships.

–    Interdependance – we are all connected within and outside the family – this needs to be understood. Men or women are not meant to be alone.
–    Dependable – We have to be dependable and responsible.

–    Empathy and exercise are very important. We need to understand others in order that others understand us. Also exercise is important for health.

The participants were very happy to be present and learn simple but unique aspects about Man-Woman relationships.

Indirect Tax Study Circle Meeting held on 8th March 2017 at BCAS Conference Hall

GST is soon to become a reality. Information technology (‘IT’) would be a one of the determining factor for making this reform a success. In view of the relevance of IT in the GST regime a brief demonstration was held by NSDL executives. Members were explained the role of GSP’s and ASP’s in the entire compliance process. The same as appreciated by the members present.

In the second half of the meeting few amendments proposed by the Finance Bill, 2017 relating to Indirect Tax was taken up for discussion.

Felicitation of President and Vice President of ICAI on 9th March 2017.
 
On 9th March 2017, it was a privilege of the BCAS to welcome and felicitate the ICAI President, Mr. Nilesh Vikamsey, also a Core Group member of BCAS. The Society also congratulates ICAI Vice-President Mr. Naveen N. D. Gupta, who could not make it for the felicitation. The President was also accompanied by Central Council Members Mr. Prafulla Chhajed and Mr. Nihar Jambusaria.


L to R – CA. Sunil Gabhawalla, CA. Narayan Pasari, CA. Nilesh Vikamsey
(Honorable President of ICAI), CA. Chetan Shah (President) & CA.Manish Sampat

The discussion was an informal and an interactive one. It focused on the various matters that can be taken up by one or both the organisations, some of which can be outlined as follows:

GST, the President mentioned, is a God-sent opportunity for the profession and we all should look forward as a potential area of practice.

The developments in the area of GST was discussed and suggested for some joint publication on the topic shortly.

The ICAI President stated that the government appreciated and welcomed the support extended by our professionals for the support extended in the Income Disclosure Scheme. However, post that, there has been not much visibility for the profession.

Thus, we all should collectively highlight the positive aspects of the profession to the government and the Society at large in whatever way possible.

The ICAI President shared the steps taken for drafting the new syllabus for CA students and the way the entry to the CA course will be made slightly difficult.  The course now will be made available post completion of HSC (Std XII). The CA Syllabus is revisited every 8 to 10 years.

The ICAI President suggested that Insolvency law is the upcoming new area which professionals can look as a new area of practice.

The Railways accounting, he said under the leadership of  a member of our profession Mr. Suresh Prabhu  is seeking to change the method of accounting from cash to accrual which was another potential area of practice.

The ICAI President felt that as professionals we should partner with the government in educating the people in the country thereby increasing the tax base.

The Past Presidents of BCAS and other members present welcomed all the suggestions and extended support towards the activities of ICAI.

Central Council members present assured those present that the BCAS members could write to them and seek support or any co-ordination for the benefit of the profession. The Session ended with a warm vote of thanks by CA. Manish Sampat.

The 4th Youth Residential Refresher Course held on 10th March to 12th March 2017 at Fountainhead Leadership Centre, Alibaug

The 4th YRRC was jointly organised by Bombay Chartered Accountants’ Society under the Membership and Public Relations Committee and The Institute of Chartered Accountants of India under the Youth Members Empowerment Group of CCBMP from 10th to 12th March 2017 at Fountainhead Leadership Centre, Alibaug.

“Nostalgia”, the theme of the event was to reconnect the memories from childhood and school days and the participants forged long term bonds and made more memories than they recollected at the event. The participants were grouped in four houses; Zeus, Morpheus, Electra and Poseidon, and a competition for earning points for their house and the Best House trophy began.

As every school has a uniform, this year at the YRRC all the participants turned up in their suits and ties, adding the perfect professional touch at the excellent venue and facility.

A  perfect blend of learning through technical, non-technical sessions and educative extracurricular activities, the YRRC provided a great opportunity to all the participants to polish their personality and knowledge.

The “New Youth Times”, the daily news quotient, kept the participants abreast with the happenings of the YRRC at all times.

Covering a wide range, the YRRC covered topics ranging from Ind-AS, International Tax, Direct Tax to Entrepreneurship, Leadership and even a Mock Stock Market. The speakers shared their professional journey and personal experiences with the participants. The group discussions were very productive and knowledgeable providing insights into various controversies and issues faced today. Not to forget, the chance to earn points did turn the discussions a bit intense and animated to an extent that at some places it flared up to heated arguments.
The content covered and presentations made by all the Speakers were a class apart, delivering their points and ideas with great clarity. None of the speakers returned home without a standing ovation from the enthusiastic crowd.

The participants learned about overcoming challenges individually and as a group from the extra-curricular activities like the Activity Marathon and Open MicEvents.
A true theatrical experience was created while watching the enriching movie “Chale Chalo”, a national award winning inspirational film starring Aamir Khan directed by a lawyer Satyajit Bhatkal.

Today’s youth cannot be defined without some “NachGana”, the youth showcased their talent on the DJ night and also broke the myth that CAs are only studious and boring, during a Flash Mob in middle of a session wherein the surprised speaker couldn’t help but shake a leg along with them.

House Zeus was able to lift the trophy of the best house outperforming in the group discussions, mock stock trading session and activity marathon amid the tough competition put up by the other houses.

The return journey with the ferry dancing on high waves under a full moon turned into a Pre-Holi Bash where spontaneous participants burst into a Karaoke session. An event which was truly “By the Youth, Of the Youth and For the Youth” concluded with the now enriched and happy participants bidding farewell until the next YRRC.

The event wouldn’t have been successful but for CA. Nilesh Vikamsey, President – ICAI, CA. Chetan Shah, President – BCAS, and CA. Mukesh Singh Khuswah, Chairman – CCBMP ICAI. Post the event, the advance enquiries for the next YRRC and the joyous feedback received from the speakers and their sheer experience of the wonderful novelty and energy of the event marked a beautiful end to the 4th YRRC.

Human Development Study Circle Meeting held on 14th March, 2017 at BCAS Conference Hall

The Study Circle Meeting discussion was led by Mrs. Reyna Rupani.

Reyna K. Rupani has a dream – Living a Life with no Medications. This desire got her in touch with SHARAN (Sanctuary for Health & Reconnection to Animals & Nature). She had thought she knew everything about Health until she heard Dr. Nandita Shah speak. Since it all appealed to reason and logic, she decided to give the whole plant-based diet a chance, and there has been no turning back since.

Her severe acidity issues disappeared within 3 days. She lost 17 kilos in eight months, and it has been over two years and she has only put on two kilos! She feels energetic, looks much younger and most of all she has sensed clarity in her thinking.

The whole plant-based diet is the ONLY solution to our Health problems and for the environment too. This truth is exactly what keeps her going. Avoid processed and packaged foods. Keep away from oil and milk.

Deodarants, pesticides, insecticide sprays used in the surroundings can harm our health as it makes us breathe chemicals.

The participants were very happy to be present and learn some frightening realisations on pollution of environment and how health can be improved by taking care of what you consume. We are what we eat.

Participants were glad to be aware of useful tips to improve health.

Workshop on Audit in IT Empowered held on 16th March 2017 at BCAS Hall, Jolly Bhavan, Churchgate

 

CA. Manoj Jain

 

CA. Madhav Kulkarni

 

CA. Kartik Radia

A crisp Thursday morning 16th March, 2017 saw over 40 participants seated before time, waiting for the workshop on “Audit in an IT Empowered World – Techniques for Effectiveness and Efficiencies” to begin. Aligned with the culture to start right on time, President CA. Chetan Shah introduced the participants to the objective of the workshop and encouraged them to freely interact with the faculties during the course of the workshop.

The participants had an enriching experience as the learned faculties CA. Manoj Jain, CA. Madhav Kulkarni and CA. Kartik Radia who shared their insights and experiences on the allotted topics viz. ‘Audit Planning & COSO framework’, ‘ITGC and Application controls’ and ‘IFC Evaluation & COBIT framework” based on the case study approach.

A dedicated Q&A session after every presentation gave further opportunities to participants to seek replies to their practical challenges in planning and executing assurance engagements in IT environment.

Society News -I

Full day seminar on
“Income Computation and Disclosure Standards” held on 19th May, 2017

This seminar was held by
the Taxation Committee at Navinbhai Thakkar Hall at Vileparle (East). President
Chetan Shah gave the opening remarks followed by introduction from the Chairman
of the Taxation Committee, Mr. Ameet Patel. The event was attended by 235
participants. Topics taken up and Speakers were as under:

    Overview of ICDS:- Mr. Pawan Kumar, CIT
(Jalandar)

    ICDS III & VIII:- Constructions
Contracts & Government Grants :  CA.
Paresh Vakharia

    ICDS I & ICDS X:- Accounting Policies
& Provisions, Contingent Liabilities & Contingent Assets: CA. Vishesh
Sangoi

    ICDS IV & IX:- Revenue Recognition &
Borrowing Costs: CA. Vinita Krishnan

    ICDS VI & VIII:- Foreign Exchange
Fluctuations & Securities: CA. Kushal Jain

  ICDS II & V:- Valuation of Inventories
& Tangible Fixed Assets: CA. Nihar Jambusaria

Mr. Pawan Kumar, CA.
Vishesh Sangoi and CA. Kushal Jain spoke on the BCAS platform for the very
first time. 

Mr. Pawan Kumar gave an
overview of the ICDS. He also shared with the participants on why ICDS were
needed and how it came into existence. He being one of the members of Expert
Committee for drafting of ICDS shared his experiences with the participants
which was appreciated by all.

CA. Paresh Vakharia gave
his opening remarks on ICDS and explained the purpose of the said legislation.
He dealt with both the ICDS allotted to him in detail and explained nuances and
issues arising from them.

CA. Vishesh Sangoi started
his presentation by explaining the basic issues arising from ICDS I and X. He
explained various changes which would take place while undertaking Tax Audit in
post ICDS scenario compared to earlier ones with the help of various case
studies. He also touched upon disclosure requirements in Form 3CD for both
ICDS. He also responded to queries from various participants.

CA. Vinita Krishnan gave a
detailed presentation on ICDS IV & IX. She explained the basic
considerations arising out of them and also discussed the issues which one may
face while applying them. She discussed ICDS on revenue recognition with
respect to different type of incomes like dividend, royalties, interest etc.
She also answered queries from the participants.

CA. Kushal Jain explained
ICDS on securities with the help of case studies and also examples on how it
would be applied. He also explained various terms which are used in both the
ICDS. He also dealt with how the accounting entries would be affected in case
of ICDS on foreign exchange fluctuations.

CA. Nihar Jambusaria
explained the background and general principles of ICDS. He highlighted the
journey of evolution of ICDS. He also brought out the differences which will be
encountered between Ind AS and ICDS. He compared ICDS of Valuation of
Inventories with AS 2 and brought the changes between them. He also compared AS
10 with ICDS on Tangible Fixed Assets and explained the treatment under ICDS V.
He enlightened the participants with the disclosure requirements under both
ICDS and also addressed various questions from the participants. 

The sessions in the Seminar
were interactive and the speakers shared their insights on the subject and
guided the participants on how to approach the subject of ICDS while performing
a Tax Audit. The participants benefited immensely with the interactive sessions
and detailed analysis of each ICDS by the faculties.

Full day seminar on
“Practical issues in TDS” held on 20th May, 2017 at BCAS

The Full day seminar on
Practical issues in TDS was held by the Taxation Committee at BCAS Conference
Hall on 20th May, 2017. The event was attended by over 80 participants.
President Chetan Shah gave the opening remarks followed by introductory words
from the Chairman of the Taxation Committee, Mr. Ameet Patel.

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

    Sections 194C, 194DA, 194EE, 194F and 194J :
CA. Saroj Maniar

    Sections 195, 206AA, Rules 37BB and 37C :
CA. Ritu Shaktawat

    Sections 192, 194H, 194LB, 194LBA, 194LBB,
194LBC : CA. Anita Basrur

    Sections 194A, 194I, 194IA, 194IB, 194IC and
recent case laws on TDS : CA. Nitin Shingala

    Issues in e-filing of TDS statements,
Sections 200A, 201 and 205 : CA. Avinash Rawani

CA. Ritu Shaktawat and CA.
Anita Basrur spoke on the BCAS platform for the first time.

CA. Saroj Maniar gave an overview of the various sections,
the case laws and circulars applicable and relevant in their context. The
speaker elaborated on the provisions of Sections 194C and 194J and covered some
industry specific issues as well as the interplay of these sections with other
sections of the Act.

CA. Ritu Shaktawat
explained the applicability of section 195. She highlighted the risk arising
out of non-compliance of applicable sections as well and provided insight on
issues surrounding Forms 15CA and 15CB. She also touched upon issues under
Section 206AA, Rules 37BB and 37C. The Speaker elaborated on contractual
remedies that one could pay attention to and should incorporate in the
agreements such as indemnity, representations and warranties, escrow,
insurance. She also explained the provisions and their application through case
studies.

CA. Anita Basrur started
her presentation by explaining the provisions of section 192 and 194H,
practical issues arising thereunder using relevant case laws and recent
circulars. This was followed by in depth discussion on sections governing TDS
on income received by securitisation trusts, business trusts and units of
Investment Funds.

CA. Nitin Shingala gave a
detailed presentation on various aspects governing sections 194A, 194I, 194IA,
194IB and 194IC. He explained the applicable provisions, issues under each of
them, supporting them by relevant case laws and circulars.  The Speaker touched upon a wide number of
judgments during the course of his talk on various sections pertaining to
deduction of tax at source.

CA. Avinash Rawani highlighted
the practical issues that arise in e-filing of various TDS statements such as
returns, correction statements, challan corrections, replies to be filed to
online communication from the TDSCPC amongst others. In addition to
highlighting the issues, the Speaker shared a lot of practical dos and don’ts
in relation to the filing of these statements.

 

CA. Saroj Maniar

 

CA. Ritu Shaktawat

 

CA. Anita Basrur

 

CA. Nitin Shingala

 

CA. Avinash Rawani

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.

Half
day seminar on “Digital Transformation and GST – Opportunities and Challenges
in ERP environment” on 26th May, 2017 at BCAS

A half day seminar on
Digital Transformation and GST was organised by Human Development &
Technology Initiative Committee jointly with Indirect Tax Committee at BCAS
Conference Hall on 26th May 2017. CA. Nikunj Shah, Convenor, HDTI
Committee introduced the speakers to the participants.

The speakers – Mr. Richard
D’Souza (Vice President & Head Business Solutions-Corporate IT Mahindra
& Mahindra Group ) & Mr. Rakesh Pawaskar (General Manager Business
Solutions – Corporate IT Mahindra & Mahindra Group) made an excellent presentation
on the Technology transformation undertaken by them in their organisation. They
also explained and demonstrated through audio visual presentation, the nuances
of GST implementation, the GST implementation process at their group and how
the said group is supporting their vendors for GST implementation using state
of the art technology platform.

The seminar witnessed
excellent participation from members in practice as well as from Industry. The
objective of the seminar was to understand the innovation in technology leading
to change in accountants role from pure accounting to analytics and decision
making & to highlight how GST implementation could be achieved leveraging
technology.

 

Mr. Richard D’Souza

 Mr. Rakesh Pawaskar

The participants were
immensely benefitted from the Seminar.

GST Training for Trade,
Industry & Profession held on 29th, 30th & 31st
May 2017 & 19th, 20th & 21st June
2017 at BCAS

The Government’s decision
to roll out the GST Law on 1st July, 2017 made it all the more
important that BCAS organise more programs so as to educate and train as many
people on the intricacies and the importance of these laws.

BCAS organised two such
programs one in May from 29th to 31st and the other in
June from 19th to 21st at BCAS Conference Hall. The
purpose of holding such training workshops was dual – one to educate the trade
and industry about the new legislation and other, more importantly, being a
partner of the Government in disseminating the information about this One
Nation One Tax One Market.

These programs were conducted jointly with the National
Academy of Customs, Indirect Taxes and Narcotics (NACIN) and the sessions were
taken by members of BCAS who were accredited by the NACIN as GST Trainers and a
few officials from the Sales Tax department and NACIN also. The faculty from
BCAS included CAs Chirag Mehta, Dushyant Bhatt, Govind Goyal, Jayesh Gogri,
Mandar Telang, Naresh Sheth, Rakjamal Shah, Samir Kapadia, Shreyas Sangoi and
Sunil Gabhawalla. 

CA. Rajkamal Shah

CA. Samir Kapadia

CA. Chirag Mehta

 

CA. Shreyas Sangoi

 

CA. Sunil
Gabhawalla

The participants immensely
benefited from both the programmes.

BEPS Study Circle Meeting
held at BCAS Conference Hall on 3rd June 2017

BEPS Action Plan 6 read
with Action Plan 15 (Multilateral Instrument i.e. ‘MLI’): Preventing the
Granting of Treaty Benefits in Inappropriate Circumstances was held on 3rd
June, 2017 at BCAS Conference Hall.

Discussion was led by CA. D
S Sharma, CA Monika Wadhani and CA. Rutvik Sanghvi

This was the third meeting
on Action Plan 6: The group leaders covered overview of Article 6 to 8 of the
MLI and detailed comparison of LOB clause.

In the meeting, the group
leaders had taken up detailed discussion on following Articles of MLI read with
Article X of Action Plan 6 and had concluded discussion with emphasis on the
following:

  Article 8 of MLI  Dividend transfer transaction intends
to introduce a minimum shareholding period of 365 days to be entitled to
beneficial rate of taxation on dividend.

  Article 9 of MLI – Capital Gains from
alienation of shares or interests of entities deriving their value principally
from immovable property intends to give taxing rights to the Contracting State
where immovable property situated, if at any time during the 365 days preceding
the alienation of shares, such shares derived value principally from such
immovable property.

  Article 7(1) of MLI – Principal Purpose
Test (‘PPT Clause’): It intends to introduce a minimum standard in form of PPT
clause to be adopted by the Contracting States. The group leaders discussed the
meaning and possible interpretations of various words contained in the PPT clause
(like meaning of “benefit”, “one of the principal purposes”, etc.) and
explained each and every example given in the commentary to Action plan 6. The
group leaders also highlighted the difference and the interplay between the
Indian GAAR provisions and the PPT clause. For example, under the Indian GAAR
provisions, requirement is “if main purpose is tax benefit”vis-à-vis the PPT
clause, requirement under the MLI being “one of the principal purposes is tax
benefit”, etc. It was also discussed that PPT clause will be relevant to
consider the applicability of a tax treaty and if PPT clause is invoked then
treaty benefits shall not be available and many transactions could get
impacted. It was also discussed whether GAAR provisions can be invoked where
transaction is covered by a tax treaty.

The meeting got
enthusiastic response and the participants benefitted a lot from the
discussions

10th Jal Erach
Dastur CA Students Annual Day held on 3rd June 2017

The Jal Erach Dastur CA
Students’ Annual Day this year reached a new scale as it celebrated its 10th
Edition captioned under tagline ‘Tarang 2K17 – Tarasho Apne Talent Ke Rang.’ at
Navinbhai Thakkar Auditorium, Vile Parle on 3rd June 2017.

 

Students lining up to witness the most
awaited event of the year

This event was organized by
the Human Development and Technology Initiatives Committee of the BCAS for the
CA students. The event was truly an event ‘OF CA students, FOR CA students and
BY CA students’. It showcased their mesmerizing talents and creativity on
variety of extra-curricular activities such as elocution, debate, sketch and
slogan, photography, short film making and other talents such as singing, music
etc.

Then Vice President CA. Narayan Pasari
felicitating the Chief Guest of Tarang –
Mr. Dhaval Bathia

President Chetan Shah, Vice President
Narayan Pasari along with members of
HDTI Committee witnessing the lighting
of auspicious lamp to commence the
event

The six finalists of the Chandanben Maganlal
Bhatt ‘Elocution Competition’ were the first to witness the stage. The topics
this time were both challenging as well as riveting. This enabled a level
playing field for all participants who gave their impressive performances on
their respective topics.

CA. Nitin Shingala & CA. Meena Shah
presenting the award to the winner of
Elocution Competition ‘Speak Up’ – Miral
Majmundar

Then BCAS President CA. Chetan Shah
presenting the award to the winner of
‘CA’s Got Talent’ – Deevesh Chudasama

Post Elocution, the
winners of Photography Competition ‘Khinch Le’ were announced. This being the
second year of the competition, received unprecedented response from students.
They were given themes on which they had to click creative photographs and
mention an innovative tagline based on the theme selected.

CA Ryan Fernandez moderating the
debate competition – ‘War of Words’

Students Committee performing the flash mob

Chief Guest Mr. Dhaval Bathia giving the
keynote address

As a part of continuous improvement and innovation, this
year, a new event ‘The Screenmasters – Short-film making competition’ was also
introduced. The competition received good response from the students with 9
entries in the very first year itself. The students had to a shoot a short-film
of not more than five minutes on the given theme. The entire audience was
amazed by the professionalism and meticulousness of CA students, even in the
arena of film-making.

Mesmerising display of talent – Spray
Painting

Audience enjoying light hearted games during the break time

BCAS Students Committee, Tarang
Volunteers along with members of HDTI Committee

The final round of the
Debate Competition ‘War of Words’ followed the Photography Competition. The debate
was moderated by CA. Ryan Fernandes with two teams of four students each. The
debate had the undivided attention of the audience as each finalist defended
their case with enthralling wit and vigour. Adding some spice to the event,
this year a fourth round was introduced wherein the teams had to interchange
their erstwhile position vis-à-vis the topic. The participants as well as the
audience enjoyed the debate to the core.

After this, the students presented a 3 minute “flash mob”
which was choreographed by CA Hrishikesh Joshi. This short stint kept the
audience alive and cheering.

After the flash mob, the charged up audience were enchanted
by the Keynote address of the Chief Guest Mr. Dhaval Bathia, a well-known
author and speaker as well as Guinness Record Holder. His speech was both
motivational and thought provoking as he used day-to-day anecdotes and examples
to convey his message. He emphasized on the need to think out-of-the-box and
‘go deep’ into the realm of your work to carve out definite success. He also
touched upon finer aspects of ‘Digital India’ and how it has revolutionized the
style of working, even for the CA fraternity.

Immediately after that,
the stage was set for the flagship and most awaited competition the ‘The Talent
Show’. To kick-start the event, a ‘Students Band’ comprising of Tej Bhatt,
Sridisha De, Aagam Jain and Jigar Jain rocked the stage. These students
volunteered for this special performance to strike the chord for the upcoming
competition.

Finally the guitars were
tuned, the keyboard was ready, the dancers were tapping their feet, and the
stage was then taken over by young and talented CA students who showcased their
talent ranging from dance, singing, instrumental, mimicry and spray painting.
All 9 finalists gave amazing performances and the audience were left spell
bound. The cheering of the crowd with claps and whistles increased with each
performance as the finalists kept on raising the bar. The judges who were
captivated by the charm of the performances had a Himalayan task in choosing
the winners.

With the clock-ticking,
the winners of the competition representing their firms were finally announced as under:

The entire evening was
hosted fabulously by Mr. Pushkar Adhikari, Ms. Tanvi Parekh, Ms. Miral Majumdar,
Ms. Aadhira Dinesh and Mr. Manthan Rawat with their astounding performances,
display of energy and loads of wit and humour. 

Mr. Prathamesh Mhatre
proposed the well-deserved vote of thanks to each and everyone involved in the
success of the event. A total number of 492 students registered for the 10th
Jal Erach Annual Day, setting an overwhelming benchmark.

Essay Writing Competition ‘Awaken the Writer Within’

Prize

Name of Student

Name of Firm

1st Prize Winner

Salonee Kabra

SRBC & Co LLP

2nd Prize Winner

Kanika Mangal

Dinesh & Agarwal

3rd Prize Winner

Anisha Talesara

Kailash Chand & Co

Rotating Trophy
went to Salonee Kabra

Elocution Competition ‘Speak Up’

1st Prize Winner

Miral Majumdar

CNK & Associates LLP

2nd Prize Winner

Tanvi Parekh

Sanjay & Snehal

3rd Prize Winner

Apurva Wani

Aneja & Associates

Rotating Trophy
went to Miral Majumdar

Talent Show ‘CA’s Got Talent’

1st Prize Winner

Deevesh Chudasama

Khandelwal Jain & Co

2nd Prize Winner

Tej Bhatt

CNK & Associates LLP

3rd Prize Winner

Vivek Rajpurohit

Sara & Associates

Rotating Trophy
went to Deevesh Chudasama

Debate Competition ‘War of Words’

Winning Team

Tanvi Parekh (Best Team Member )

Sanjay & Snehal

 

Hardik Adenwala (Best Team Member)

KNAV & Co

 

Sonal Agrawal (Best Team Member )

R M Ajgaonkar & Co

 

Salonee Kabra (Best Team Member )

SRBC & Co LLP

Best Debater

Tanvi Parekh

Sanjay & Snehal

Rotating Trophy
went to Tanvi Parekh.

Sketch & Slogan Competition ‘Leave your Mark’

1st Prize Winner

Chandrika Chaudhari

Khimji Kunverji 
& Co

2nd Prize Winner

Eashan Gokhale

Gokhale & Sathe

3rd Prize Winner

Vishishta Goyal

N P Shah & Associates LLP

Photography Competition ‘Khinch Le’

1st Prize Winner

Deevesh Chudasama

Khandelwal Jain & Co

2nd Prize Winner

 Neel Khimasia

GBCA & Associates.

3rd Prize Winner

Aurobindo Chatterjee

R R Muni & Co

Short Film Making Competition ‘The Screenmasters’

1st Prize Winner

Anirudh Parthasarathy

R T Jain & Co

Hearty Congratulations to all the
winners and their firms.

Judges for the Various
Competitions were as follows:

Competition

Elimination Round

Final Round

Essay Writing

CA Mukesh Trivedi
& CA Gracy Mendes

Elocution Competition

CA Meena Shah & CA Mihir Sheth

CA Mayur Nayak & CA Divya Jokhakar

Talent Show

Devansh Doshi & Kartik Srinivasan

Pallavi Choksi & Neetu Shah

Debate Competition

CA KK Jhunjhunwala & CA Ryan Fernandes

CA Narayan  Pasari
& CA. Shalin Divatia

Sketch & Slogan Competition

CA Chirag Doshi
& CA Divya Jokhakar

Photography Competition

CA Anand Kothari
& CA Nikunj Shah

Short Film Making Competition

CA.  Mihir Sheth & Mr Pratik Palan

The entire evening was
hosted fabulously by Mr. Pushkar Adhikari, Ms. Tanvi Parekh, Ms. Miral
Majumdar, Ms. Aadhira Dinesh and Mr. Manthan Rawat with their astounding
performances, display of energy and loads of wit and humour. 

Mr. Prathamesh Mhatre
proposed the well-deserved vote of thanks to each and everyone involved in the
success of the event. A total number of 492 students registered for the 10th
Jal Erach Annual Day, setting an overwhelming benchmark.

Study Circle Meeting on
“Build Brand U for
Professional
Success” at BCAS on 13th June, 2017

Human Development and Technology Initiatives Committee of
BCAS conducted a Study Circle Meeting on “Build Brand U for Professional
Success” (Enhancing your Image as Professional) on June 13, 2017

The meeting was addressed by Mr Sunil Kini, Managing Director
& Principal Trainer; Gurukul Training & Consulting Pvt Ltd. Mr Kini in
his presentation on the subject in a very succinct but effective manner
explained that “Managing one’s image is the key to success in any walk of
life”. Your Image says a lot about you. A right Image can go a long way in your
life.

Each one of us presents an
image on the basis of which people form impressions about us. These impressions
pave the way in our professional growth path.

Whether as a self-employed professional or working with an
organization presenting ones best is an important ingredient for professional
accomplishments

The Workshop deliberated upon the following basic synopsis of
life:

    Develop Self-Image for Superior Perception
Management

    4 A model for Professional  Growth

    Look the part

    Appearance Management-Gateway to creating an
Impact

    Importance of Professional Decorum and
Kinesics

    Build Brand You.

    Everyone needs image management, only the
intelligent realize in time.

The session ended with a quote: Do not underestimate the
Power of your Appearance, Build your Personal Brand for SUCCESS

The participants felt enriched with request for more such
programmes in future.

FEMA Study Circle Meeting held on 15th June, 2017
at BCAS

FEMA Study Circle Meeting was held on 15th June,
2017 on the topic “External Commercial Borrowing (ECB)”.

The group was led by CA Palav
Shah Parekh.

The depth of the
presentation was excellent with members’ interactions on various case studies
presented. The case studies were very engaging and informative. This gave
participants a 360 degree perspective of the subject.

The speaker covered updates
which were as recent as 8th June.

The participants also
benefited due to the practical exposure of the speaker who shared many insights
about Authorised Dealer’s interaction with the RBI on ECB matters.

Direct Tax Study Circle
Meeting on ‘Income Computation Disclosure Standards; ICDS VI “Effect of changes
in Foreign Exchange rates” on 20th June 2017 at BCAS Conference
Hall.

The group leader, CA.
Abhitan Mehta briefly explained the scope of ICDS VI ‘Effect of changes in
foreign exchange rates’ and the definitions of important terms mentioned in the
standard. He explained the concept of ‘foreign currency transaction’ and the
provisions pertaining to initial recognition of these transactions. The
Chairman of the session, CA Gautam Nayak commented upon the anomalies created
due to introduction of ICDS wherein the law makers have merely picked up the
language of the accounting standards and inserted them in the form of ICDS
without realising the difference between the recognition of items in books of
accounts and computation of income.

Thereafter, CA. Mehta
touched upon the provisions contained in Rule 115 of Income Tax Rules which
talks about the rate of exchange for conversion into rupees, of income
expressed in foreign currency. He also highlighted that in case of difference
between the provisions of ICDS and Income Tax Rules, the Income Tax Rules would
prevail.

CA. Mehta then explained
the difference between monetary and non-monetary items and highlighted a
practical issue which one may face when debentures / preference shares
(optionally convertible) need to be classified either as monetary or
non-monetary assets. Thereafter, he gave an overview of the year end valuation
rules for assets and liabilities and provisions of section 43A of the Income
Tax Act. 

The group leader also
discussed various SC and HC decisions such as Shell Company of China Ltd.
(22 ITR 1) (CA), CIT vs. Tata Locomotive And Engineering Co. Ltd (60 ITR 405
(SC), Sutlej Cotton Mills Ltd. vs. CIT (116 ITR 1)(SC), State Bank of India vs.
CIT, CIT vs. Jagatjit Industries Ltd. (337 ITR 21) (Delhi HC)
and CIT
vs. PVP Ventures Ltd (211 Taxman 554) (Madras HC)
whereby the Courts in the
context of allowability of foreign gain / loss as expenditure, have held that
nature of gain/loss – capital or revenue needs to be identified.

CA. Mehta also explained
the provisions relating to foreign operations and treatment of opening balance
of foreign currency translation reserve (FCTR) existing on 01.04.2016 as
clarified by CBDT in the FAQ’s. Lastly, he touched upon provisions regarding
forward exchange contract and the differential treatment for premium/discount
under Accounting Standards and ICDS.

The participants were
thoroughly enlightened by the presentation on the subject.

Yoga Day Celebrations held on 21st June, 2017 at
BCAS

Human Development and Technology Initiatives Committee had
organised a yoga session jointly with Indian Spiritual Healing (ISH) Foundation
on Wednesday 21st June 2017 at BCAS Conference Hall, to commemorate
the International Yoga Day.

Mr. Pradeep Thakkar, a Professional Yoga teacher and an
active member of the ISH Foundation guided the participants who attended this
programme.

He demonstrated and guided
participants to perform different asanas with ease and comfort for a healthy
body and mind relaxation.

Participants were also
taught various pranayama to cure diseases. The session ended with positive
affirmations, energy balancing and Omkar Sadhana. Many participants requested
for a regular/long duration yoga course. It was a good learning of Yogasana and
Pranayam for healthy body and peaceful mind.

Society News

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International Taxation On “Digital disruption – a view from Silicon Valley” held on 23rd December, 2015

Mr. Nikunj Sanghvi gave a presentation on “Digital disruption – a view from Silicon Valley”. The presentation talked about how modern technology is fast changing the age old traditional ways in which business and personal lives are conducted. According to the speaker, digital disruption can be described as “Disruption of established intermediaries that used to capture most of the value in the value chain by automated platforms that drive benefits for participants at both ends of the value chain.”

The speaker explained how the present value chains are being turned topsy-turvy by use of technological platforms. For example, earlier, Hotels used to possess properties and brand trust; while reservations would be computerised to some extent. However, with newer business models like the one adopted by AirBnB, property is owned by the people listing on the portal. The brand trust is maintained by AirBnB by specifying the minimum requirements; and guests give reviews based on which further reservations are pulled in.

Similarly, new platforms are removing intermediaries like distributors between suppliers and customers and bringing them in direct contact with each other. The speaker provided examples of digital disruption over various business sectors:

In media: While earlier media offerings like newspapers were edited and customers had no choice in what a newspaper should carry; now all content is available free of charge online; and customers can choose what they want to read. Similarly, while earlier, distribution used to be the hardest problem, now discovery of good content is an issue.

In music and publishing industry: Music producers, publishers,etc. are affected badly because of YouTube, Sound Cloud, Online music stores, Netflix, Blogs and others. Through these applications, people are able to read and listen only to those things in which they are interested. Each song can be separately purchased; while eBooks reduce costs of publishing even allowing self-publication on blogs, etc.

In transportation: Autonomous cars and delivery drones will reduce cost of transportation and increase efficiency. Already, miners have started deploying selfdriven trucks. Drones will have many commercial applications.

In financial services: Online payment systems, Digital currency, Online Lending, P2P insurance will change the way financial services are provided.

Telemedicine, AI Doctors, etc., will revolutionise Health Care; Online education, customised study plans, etc.,willchange the traditional educational system; and IT industry will allow people to recruit from online skill listing platforms; allow work from home, etc.

The speaker also mentioned that technology can bring a lot of change in CA profession too: Software can provide basic solutions on tax matters; while data analytics tools will allow detecting patterns, duplicates, frauds, etc.

The speaker also touched upon the fear of whether Robots will take away jobs in the near future. His view was that Robots and other such technologies will make things cheaper and easier but might decrease employment. But each revolution till now has focused on improving efficiency. In his view, this change will remove the monotonous routine work and will allow people to work on higher skilled practices likes the arts, sports, spirituality, etc. He believes that there is a strong case for optimism provided those affected are provided help during the transition phase. One should welcome the new revolution and find out creative ways to earn from this revolution.

Indirect Tax Study Circle on “Service Tax Implications on Redevelopment of Housing Societies” held on 29th December, 2015

The Indirect Tax Study Circle organised its meeting to analyse implications of service tax liability on re-development of housing societies in light of recent notices being received by the industry. Advocate Shri Badrinarayan chaired the session which was led by CA. Jayesh Gogri. The study meeting was attended by more than 60 members and there was intense discussion based on legal provisions and relevant judicial pronouncements between the members present.

All issues could not be completed in the first session and hence a continuation session is being planned. Advocate Badrinarayan has extended his support and willingness to chair the second session as well.

FEMA Study Circle Meeting on “Outbound Investments – Nuances & Issues & Revised Frameworks on ECB” held on 7th January, 2016 & 21st January, 2016

The Study Circle meeting on “OUTBOUND INVESTMENT – NUANCES AND ISSUES (REVISED FRAME WORKS FOR ECB SESSION –I” was led by CA. Sagar Maru. He discussed the importance of layers in offshore structuring and linked it with the test/concept of POEM and Black Money Act. This was very interactive and the members participated actively in the discussion.

With regard to the “Revised framework for ECB”, he explained the liberalisation brought about in the ECB regulations, specifically for issuance of Rupee Denominated Bonds.

The follow up Study Circle meeting on “Revised Framework for ECB” was also led by CA .Sagar Maru. He continued on the subject and discussed the main principals relating to ECB. Important terms like all-in-cost ceiling, end use, eligible borrowers and lenders were all discussed at great length in the most interactive manner. He also shared his practical insights on the subjects and took us through various case studies.

Human Development and Technology Initiatives Committee – Full Day Workshop on “Power of Focus” held on 9th January, 2016

This workshop was conducted by Presenter Mr. Bhaavin Shah.

This workshop was about how to utilise the power of focus in daily lives, to accomplish our goals in different areas of our life and how to balance between different objectives.

The importance and difference between effectiveness and efficiency was discussed. We have to decide how we can do the right things and at the same time also be efficient.

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 workshop kept the participants interested and the proceedings were very interactive. The participation and interaction and involvement of all brought about consensus and unity to the whole group at the end of the day. There was a determination to implement the learning of the day.

Lecture Meeting on “Crowd funding, New comers IPO & SME Listing” held on 13th January, 2016

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.

Mr. Neeraj Kulshrestha opened the discussion with a brief background about the options available for raising funds in India. Mr. Ajay Thakur, the keynote speaker, enlightened the participants about the new age funding alternatives, and the role played by the BSE in facilitating SMEs. Mr. Mahavir Lunawat, the speaker, made his presentation on the nitty-gritties of current regulatory environment and the key aspects related to SME listing and crowd funding. In the ensuing interaction, the speakers gladly addressed the queries raised by the participants.

Direct Laws Study Circle on “Recent Important Income Tax Judgments” held on 15th January, 2016

The Study Circle meeting on “Recent Important Income Tax Judgments” was led by Adv. Harsh Kothari. He took the participants through recent Supreme Court and High Court judgments on various issues under different sections of the Income-tax Act. He also made special references to earlier judgments on the same issue by various courts and gave his view on what lies in store for days ahead. The Judgments selected by him covered issues revolving around section 14A, Disallowance of Interest on borrowed funds u/s. 36(1) (iii), 40(a) (ia) disallowance, Inclusion of Service Tax under gross receipts for the purpose of computing presumptive income u/s. 44BB, Conditions u/s. 72A(2)(a)(i), Expression ‘not less than 51 percent of voting power’ u/s. 79, Advance paid for the purpose of purchase of an asset towards Utilisation of capital gains u/s. 54G and many others. The participants actively participated and shared their personal experience as well.

Industrial Visit to Reliance Jamnagar Oil Refinery held on 12th January, 2016

January 12, 2016 was a very special day. Twenty six BCAS members had the opportunity to visit the world’s largest refinery at a Single Location – Reliance Jamnagar Refinery plant. After arriving at the site of the gigantic Jamnagar Refinery, the BCAS team was greeted by Team Reliance and then, the Members were served delicious breakfast.

The team was taken to the the main administrative building to a film movie highlighting the making of the Jamnagar refinery. To make it easy for all participants to understand the vastness of the refinery, they gave an analogy of each of the measures and processes. The movie highlighted the futuristic thinking of the promoters – the late Mr. Dhirubhai Ambani, the contribution of the over 1,00,000 workforce and the large size of equipments that were imported during the construction phase. The movie broadened the horizon of all the participants. After viewing the film, the team toured around the refinery area in a bus. Senior persons from the Reliance team guided the team, as they passed through each process area of the refinery. Then the team headed to Hall of Fame where numerous trophies were on display. The trophies were received from a wide range of great institutions. This instilled a feeling of pride among all the participants.

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.

After visiting the marvelous, astonishing and fantastic refinery, the team visited the Green belt. This area has over 70 lakh plantations. The mango orchard, named as Dhirubhai Ambani Lakhibag Amrayee has over 1 lakh mango trees of more than 140 varieties of Mango. Drip irrigation method is applied to water all the plants and thereby conserving precious water.

After a refreshing lunch, the team was taken to the jetty. The team saw the large subsea cables and pipes connected to the jetty, to transfer crude from large crude carrier to jetty and then to the refinery.The jetty has single point mooring (SPM) and tanker berth for exporting its products.

As an individual, it is easy to reach the nearest fuel station and fill the tank with gasoline in a vehicle. But, after touring the refinery, the participants understood the quantum of efforts that goes in processing petroleum products from crude oil.

Society News

FEMA Study Circle

 

Study Circle Meeting on
“Bitcoins – Tax and Regulatory Implications” held on 19th April,
2018 at BCAS Conference Hall

 

International Taxation
Committee organized the meeting at BCAS Conference Hall which was led by Group
Leader CA. Isha Sekhri.

 

The Group Leader explained the concept and modalities of crypto currency
and also discussed tax implications on dealing in Bitcoins. She also discussed
the risks, including the financial, operational, legal, customer protection and
security related risks that the users, holders and traders of Virtual
Currencies (VCs) are exposed to. The members also deliberated upon the
acceptability of crypto currency in India and about its status around the
globe.



The Speaker further shared
her knowledge and experience on various related issues which was a valuable
takeaway for the participants.

 

Suburban Study Circle

 

Study Circle Meeting on
“Practice Management for Small and Mid-size CA Firms” held on 21st April, 2018

 

Suburban Study Circle
organized a meeting on Practice Management for Small and Mid-size CA Firms on
21st April, 2018 at Bathia & Associates LLP, Andheri which was
addressed by CA. Atul Bheda.

 

The speaker made detailed
presentation on the issues faced by small and mid-size Chartered Accountancy
firms such as: a) Billing, b) Recovery of Fees, c) Staff recruitment and
training, d) Time management, e) Delegation of work to staff, f) Practice
development and g) Infrastructure and organisation. The speaker also emphasised
the importance of creative thinking, work life balance, physical fitness and
health etc. and shared lot of anecdotes and personal experiences and struggles
in his career as a practicing chartered accountant.

 

The participants benefited
from the presentation and practical examples given by the speaker.

 

Release of BCA Referencer
2018-19 on 30th April, 2018 at BCAS Conference Hall


CA. Uday Karve


Membership & Public
Relations Committee organised the BCA Referencer Release Function at BCAS
Conference Hall. The Referencer was released by the hands of CA. Uday Karve,
Chairman of DNS Bank Ltd., Chief Guest on the occasion. Since the central theme
of BCAS Referencer is Collective Enterprise –
India’s Co-operatives
, Mr. Karve while addressing the gathering, spoke
about his experience in the Co-operative sector.

 

He also spoke highly about
the BCAS Referencer which is considered as an outstanding publication by tax and
accounting professionals both in practice and industry and pressed upon that
every practicing CA must read. 

 

About cooperative
movement, he mentioned that it is approximately 115 years since the
Co-operative Movement  formally started
in the country. In Indian culture, we believe in collectivism over recognition
of an individual and that is the Central theme of Cooperative movement.

 

In today’s world, CAs are
leading Cooperative movements. It brings inclusiveness whereas private
organisations do not. Voting Power in Co-operative Societies do not depend on
amount of capital held by Shareholders. In fact it is, “One person, one
vote.”


 

Referencer Release: L to R : CA. Sunil Gabhawalla, CA. Chetan Shah, CA. Uday
Karve (Speaker), CA. Narayan Pasari (President), and CA. Pranay Marfatia

He further explained that
majority of the Cooperative Banks in Gujarat and Maharashtra are non-scheduled
banks catering to the services of the common man. Of total of approximately
1,500 Co-operative banks taken together, Gross NPAs of Co-operative banks are
less than 7% of their lending, which is lower than the bench mark of 7% set by
Reserve Bank of India. Further, capital adequacy ratio of most of the
co-operative banks is more than 12%, which is considered as a healthy sign.

 

He also made an appeal to
all the CAs to get associated with banking & co-operative movement and
suggested BCAS to start a Co-operative Clinic to educate its members.

 

Meeting concluded with a
formal release of Referencer for the year 2018-19 followed by entertainment
programme and dinner.

 

DIRECT TAX LAWS STUDY
CIRCLE

 

Direct Tax Laws Study
Circle Meeting on ‘Presumptive Taxation’ held on 7th May, 2018 at
BCAS Conference Hall

 

Direct Taxation Committee
organised the Study Circle Meeting on 7th May, 2018 at BCAS
Conference Hall, which was chaired by CA. Devendra Jain who gave the opening
remarks followed by the Group leader, CA. Chirag Wadhwa who administered an
overview of the presumptive taxation scheme as per the Income-Tax Act, 1961
(Act). The group leader also briefly explained the constitutional validity of
the presumptive taxation scheme. Various examples and case laws were discussed
and questions were taken from the group with respect to the budget amendments
in the relevant sections.

 

CA . Chirag Wadhwa further
touched upon the determination of ‘gross receipts’ and the ICAI guidance note.
All the relevant sections relating to presumptive tax and the analysis on what
could be considered as ‘profession’ and ‘business’ were taken up and views from
the group were considered. The group leader also briefly explained the
applicability of section 68 and section 69 of the Act in such cases. The interplay
between presumptive provisions and tax audit was discussed with illustrations.
The session was concluded by discussing aspects to be considered while filing
the ITR under the presumptive scheme.

 

The meeting was
interactive and the participants were enriched with the knowledge of
presumptive taxation.

 

HRD Study Circle

 

Study Circle Meeting on
“Discover Your Burning Desire – The Why of Your Life” held on 8th
May, 2018 at BCAS Conference Hall

 

HDTI Committee organized a
meeting on “Discover Your Burning Desire – The Why of Your Life” on 8th
May, 2018 at BCAS Conference Hall which was addressed by CA Siddharth Shah. The
discussion was based on the Book by Napolean Hill titled “Think and Grow Rich”.
The Speaker mentioned that the title suggests various different things for
different individuals and that just reading this book is not enough and one
really needs to introspect and contemplate to practice it to achieve.

 

The best-selling book
teaches how to get guidance to plan road map of one’s life without Trial and
Error. Whatever the mind can conceive and believe, it can achieve.

 

The discussion revolved
around how to convert ordinary desire to burning desire which drives a person
to be successful in achieving all round growth and prosperity.

 

The participants found the
session very interesting as it imparted the invaluable insights about attaining
success and achievements in life.

 

ITF Study Circle

 

ITF Study Circle Meeting
on “Case Laws related to Fees for Technical Services” held on 10th
May, 2018 at BCAS Conference Hall

 

International Taxation
Committee conducted a meeting on ‘Case Laws related to Fees for Technical
Services’ on 10th May, 2018 at BCAS Conference Hall. The meeting was
led by Group Leader CA. Divya Jokhakar who explained that the taxability of
Fees for Technical Services (FTS) has been a subject matter of huge litigation
and a significant number of judicial decisions, advance rulings and judgements
have been pronounced and continues to be delivered in this regard. 

 

The Group Leader commenced
the meeting by discussing the facts of case laws along with the provisions of sections 9(1)(vii) of the Income Tax Act and various treaty provisions relating
to FTS. During the course of the meeting, the Speaker deliberated on the case
laws and went on to cover inclusions, exclusions and exemptions from the scope
of the definition of FTS, meaning of managerial, technical and consultancy,
disallowance due to non-deduction of taxes at source under section
40(a)(i)/(ia), source rule, exploring the impact of performance guarantee fee,
distinguishing business with India and business in India, ascertainment of debt
claim, determining taxability on basis of utilisation, rendering and payment
for services, assessing divisibility of contract, ascertaining satisfaction of
benefit test and enduring benefit.    

     

The participants also
shared their practical experiences on above issues and benefitted enormously
from the discussion and valuable insights provided by the learned Speaker.

 

International Economic
Study Group

 

Meeting on “Current
global economic issues-Trade & Currency War, North Korea Resolution, Oil
price flare up” held on 17th May, 2018 at BCAS Conference Hall

 

International Economics
Study Group under the patronage of International Taxation Committee organized a
meeting on 17th May, 2018 at BCAS Conference Hall, to discuss
“Current global economic issues-Trade & Currency War, North Korea
Resolution, Oil flare up.” where the members participated in person as well as
through Skype i.e. from Nasik, Jamnagar & USA etc.

 

CA. Rashmin Sanghvi led
the discussion and set the tone of the meeting bringing out past Trade &
Currency Wars and philosophy behind that. Members discussed Trade war initiated
by US President Trump against China by announcing steep duty hike on imports of
steel, aluminium & other goods  and
threatening China to stop forcing American companies to hand over their prized
intellectual property in lieu of doing business in China. The Group also
discussed implications of this move and counter move by China on their
respective economy as well as Global and Indian economy and impending Currency
War spilling out from the Trade War. The Group also deliberated upon the impact
of launch of China’s Gold Backed Petro-Yuan which appears to challenge US
Dollar Hegemony with China aiming to develop a currency that could be worthy of
a global superpower. Members also discussed recent turmoil in Forex market
where in Indian rupee has depreciated from Rs. 64 to Rs.68. This could turn in
to an Economic War which would have serious implications for global and Indian
economy. This was followed by a discussion on North Korea Standoff, Oil Price
flare up, Demand Supply mismatch, Geopolitical tensions in Middle East, Iran
& Venezuela sanctions and USA turning in to net exporter besides Hedge
Funds thus playing active role in oil price flare up.

 

The meeting was very
participative and members got enormously enlightened with a fruitful
interaction on the subject.

 

Indirect Tax Study Circle

 

Study Circle Meeting on “Interplay of GST with Account
Finalisation & ITR” held on 19th May, 2018

 

The above meeting,
addressed by CA. Gaurav Save, was held on 19th May, 2018 at Bathiya
& Associates LLP, Andheri.

 

The Speaker made a
detailed presentation on the following issues concerning the Accounts
Finalization and ITR Forms under GST regime a) Basis of Maintaining Books of
Accounts, b) Accounts & Records under GST, c) Turnover v/s. Aggregate
Turnover, d) Accounting Entries for GST, e) Reporting in ITR, f) Compliance
with Sec. 145A of IT Act and g) Reconciliation of accounts with GST returns.


CA. Gaurav Save also deliberated on conflicts that might arise between the
accounting principles to be followed under Accounting Standards and GST and
shared practical case studies on the subject.

 

The session was quite
interactive and the participants benefited a lot from the presentation shared
by the speaker.

Society News

LEARNING EVENTS AT BCAS

1. A three-day Mega Conference “R७ima५ine” was held from 4th January to 6th January, 2024 at Jio World Convention Centre, Mumbai.

We take pride in informing you that “R७ima५ine”, organised by the BCAS to celebrate its 75th year, received a thumping response; 1,000+ delegates from 75 Cities attended the event. R७ima५ine was, without a doubt, the biggest and most ambitious event hosted by BCAS in its illustrious history — an exuberant recognition of resilience, growth and the indomitable spirit of the accounting community, guided by over 40 thought leaders from different fields. The event was highly appreciated and acclaimed in the profession and garnered deserving coverage in the press.

For accessing the press coverage,

click here – https://bit.ly/496wOyV

On this occasion, BCAS also received a note of appreciation from the Hon’ble Prime Minister of India recognising the Society’s seven-and-a-half-decade committed service to the nation. The said commendation can be accessed at https://bit.ly/3SBhZhM

A detailed report on “R७ima५ine” is also given in this issue on page no: 11.

2. International Economics Study Group organised a meeting “Israel Palestine Conflict-Issues & Implications” on 19th December, 2023 in an Online Mode.

Group Leaders CA Deepak Karanth and CA K. K. Pahuja shared their practical insights regarding the Israel-Palestine conflict. The discussion on the war, spanning over 75 years with six wars and two uprisings, followed the intricacies of the conflict and noted that it is linked to the Middle East’s complex geopolitics, and that similar to the Russia-Ukraine conflict, involving powerful nations, its escalation could destabilise the global economy, impacting India and the world.

CA Deepak Karanth presented Israel’s perspective, while CA K. K. Pahuja highlighted Palestine’s suffering, revealing dire conditions in Gaza with a 50 per cent unemployment rate, widespread poverty, and a food security crisis. As tensions rise, targeting the US to draw it back into the Middle East may lead to further escalation, leaving the world on edge, uncertain if the US can prevent conflict escalation.

They further elaborated that the fate of the Israel-Palestine conflict is intertwined with global stability and the potential for repercussions that could resonate far beyond the borders of the Middle East, particularly for the economies of India and the world at large. The escalating tensions raise concerns about the fragility of the current state of affairs, akin to a powder keg waiting to explode.

3. Direct Tax Laws Study Circle organised a meeting “Financial Instrument Taxation” on 7th December, 2023 in an Online Mode.

The Group Leader CA Anup Shah shared a detailed analysis of financial instrument taxation, referring to specific sections and case laws to support his insights, showcasing a solid understanding of the topic. He further elaborated on the following:

1. Various trading segments.

2. Rates of taxation for listed and unlisted equity investments.

3. The requirement of audit of accounts as prescribed under section 44AB of the Income-tax Act, 1961 (Act).

4. The prescribed method of calculation of turnover in the case of speculative, derivatives and delivery based transactions.

5. The impact of section 44AD(4) read with section 44AD(1) along with a reference to the recently added proviso.

6. The tax treatment as per the Act of:

a. Shares and securities held as assets vs. stock-in-trade with reference to the CBDT Circular 6/2016, dated 29th February, 2016.

b. On the conversion of shares held as capital assets into stock-in-trade with reference to certain case laws.

c. In the case of the issue of shares in a company in which the public is not substantially interested as per section 56(2)(viib) of the Act.

d. In the case of the receipt of ESOPs.

e. Debt instruments, buyback of shares, and crypto assets.

The meeting was interactive and various issues were deliberated upon by the participants.

Learning Events at BCAS

1. 16th Jal Erach Dastur CA Students’ Annual Day — ‘Tarang @75’ at BCAS Hall on 2nd & 3rd December 2023 and CA Member’s event — JhanCAr on 10th December 2023 at M.M. Pupils School, Khar(W), Mumbai

‘Tarang @75’

In its Platinum Jubilee year, BCAS celebrated student’s annual day viz. ‘Tarang @75’ in a grand style with a huge enrolment of around 500 students. The day began with all of the students unleashing their literary journey with the power of words. The Talk Hawk Competition provided a platform where ideas were presented and stage fear was battled for many. The talks were not only enriching but also highlighted very sensitive areas around men’s mental health, feminism, cancel cultures, etc., the narratives left a lasting impression emphasizing the power of communication and their delivery. The Talk Hawk was followed by a Debate Competition, a dynamic forum of intellectual exchanges and challenging thoughts. It was moderated by CA Parth Patani. As arguments clashed and ideas collided, the atmosphere was charged with discussions and controversies. Thought-provoking perspectives came to life as the students put their points forward with well-researched statistics and their own general understanding of the topics.

The next day, started with enthusiasm of treasures and clues, and students running around the streets of south Bombay and taking photos around the place. ‘Treasure Hunt’ was an event largely participated by the students showing the spirit of adventure and teamwork. The spirit of adventure and teamwork took over the day that began with zeal and zest! After all the chaos and actions, students finally gathered at the BCAS hall with all fun and excitement awaiting how the rest of the day unfolds!

The fun of the evening quickened as the spotlight shifted to a dazzling talent hunt, where students showcased their skills in music, dance, and various performing arts categories. The stage came alive with a fusion of creativity and talent, leaving the audience cheering for their friends and enjoying the love and light of the energies around them.

Almost 279 students participated in various activities like Treasure Hunt, Reel Mix Competition, Photography Competition, Antakshari Competition, Talk Hawk’, Essay Writing Competition and Talent show.

‘JhanCAr 20K3’

JhanCAr 2k23 marked its beginning by kicking off with an exhilarating event Corporate Roadies — a multisport adventure — a team play filled with excitement, surprises, and physical challenges with diverse courses of action!!

As the opening bell chimed, signalling the commencement of the Mock Stock Exchange, the room buzzed with excitement and nervous energy. Participants, each armed with a virtual portfolio and a strategy, gathered around their mobile screens, ready to engage in a thrilling financial adventure. Little did we know that the next few hours would be a rollercoaster of fun, thrills, and chaos. The rounds kicked off with a flurry of buy and sell orders. Excitement was palpable as stock prices fluctuated wildly. Laughter and cheers erupted when someone made a brilliant move, while groans echoed across the room when others faced unexpected losses. With CA Jigar Shah creating expert comments and news being read, the entire place was full of screams and laughter!

Following the physically exhausting games, now finally came the mental exhaustion, where teams gathered, each armed with a case file and a determination to uncover the secrets hidden within the financial statements in the event named ‘Investigator’. As the simulated crime scene unfolded on spreadsheets and balance sheets, teams meticulously combed through financial statements, scrutinizing every transaction, entry, and ledger balance. The case study presented a scenario where the cash flow appeared to be at odds with the company’s reported revenues and expenses, creating a financial puzzle. In the end, the true victory lay not just in solving the financial mystery but in the collaborative spirit that had driven each team.

JhanCAr took an innovative turn with the introduction of a captivating ‘Reverse Shark Tank’ — an investment ideology game. Participants showcased their entrepreneurial acumen by justifying the pitching of unconventional and creative business ideas to a panel of judges. This unique twist added a strategic and competitive edge to Jhancar 2k23, challenging participants to think outside the box and answer questions that judges had for them.

The pulse of the evening quickened as the spotlight shifted to a dazzling talent hunt, -Starquest where individuals and teams showcased their skills in music, dance, and various performing arts categories. The stage came alive with a fusion of creativity and talent, leaving the audience in awe of the diverse abilities displayed by the participants. CA Hrudyesh Pankhania truly brought the event to life with his supercharged energy and shayaris!!

A drumroll of anticipation seemed to echo and the winners were announced. Cheers erupted and the smiles and high-fives were not just a celebration of victory but a testament to the dedication, collaboration, and analytical skillset that had propelled them to the top.

The Winners of various competitions are as under:

Winners- 16th Jal Erach Dastur CA Students’ Annual Day
Treasure Hunt Antakshari
‘Suronke Maharathi’
Debate
‘War of Words’
Winning Teams
Naman Jogani, Khushi Kaushal Vishesh Mehta
Raghav Singhal, Virati Shah Yash Mehta
Siva Vignesh Shan Ruchita Gupta Arnav Singh
Reel Mix
‘Tarang Reel-Star’
Photography
‘Khinch Le’
Talk Hawk
‘Aspire to Inspire’
Best Performers*
Vrushti Mehta Yashwardhan Mandoth Vaidik Parwal
Essay Writing
‘Awaken the Writer Within!’
Talent Show*
‘CA’s Got Talent’
Music Ashwati Nair
Neha Agnihotri –
1st Prize
Dancing Tanvi Shenoy
Siddhi Sancheti –
2nd Prize
Instruments Vineet Mishra
Sunidhi Gaur -3rd Prize Other Performing Arts Sakshi Chaubey

Winners- 16th Jal Erach Dastur CA Students’ Annual Day

Starquest Mock Stock Investigator
Winning Teams
Rishikesh Joshi –
1st Prize
Bansari Sanghvi Bansari Sanghvi
Sagar Shah –
2nd Prize
Lokesh Rathod Lokesh Rathod
Nidhi Bawri – 3rd Prize Arnav Goyal Arnav Goyal
Reverse Shark Tank Corporate Roadies Overall games Winners
Winning Teams
Hardik Thakkar Sagar Patel Bansari Sanghvi
Smit Jain Parth Dongra Lokesh Rathod
Vriddhi Rawtani Pushkar Arnav Goyal

As the night progressed, the rhythm intensified with an electrifying Jamming session that got everyone on their feet, celebrating the success of Jhancar 2k23. The event reached its pinnacle with a dinner, providing a perfect finale to a day filled with excitement and creativity.

Both events were conducted by the Human Resource Development Committee (HRD) Team under the able guidance of CA Anand Kothari, CA Jigar Shah, CA Dnyanesh Patade and CA Utsav Shah. The Society is thankful to the Bank of Baroda and J.K.Shah Classes for partnering with BCAS by sponsoring JhanCAr 20K3.

2. The International Tax and Finance Study Circle organised a meeting “Moving to Singapore — A Singapore Perspective” on 12th December, 2023 in an Online Mode.

Group Leader Mr. Sanjay Iyer shared his practical insights with respect to nuances in setting up the presence in Singapore in the session. The topics covered in the discussion were:

1. Recent amendment of capital gains on foreign assets becoming taxable in Singapore.

2. Various routes of investments along with procedures and relevant government authorities involved.

3. Opening of a bank account in Singapore and the potential difficulties a new investee may face.

4. The concepts of Single and Multi-Family Offices along with key processes and potential issues that may arise.

5. Key aspects of succession planning.

Towards the end, some important practical aspects of living in Singapore including an approximate cost of living were also discussed. The session provided great insight into the overall operational aspects of moving to Singapore.

3. HRD Study Circle Meeting held a Film Screening — “The Power of Vision” on 25th November, 2023 @ BCAS.

The participants watched the film “The Power of Vision” by Joel Barker (known as a futuristic visionary) and discussed the same as a case study. Mr. Vinod Kumar Jain explained about the film. He explained the importance and power of having a vision in a person’s life, in a commercial or one’s socio-economic endeavours.

The participants discussed that the said film demonstrated how having a positive vision of the future is the most forceful motivator for change and success that companies, schools, communities, nations, and individuals possess.The film explained how a prisoner found the will to survive suffering on earth — at Auschwitz concentration camp — so he could help others find the meaning of life. How did most students in a neighbourhood finish high school beating all the odds paving their way to college? How do organisations inspire employees to be more than observers, exercise their choices wisely and create their futures?

Futurist Joel Barker showed why a shared vision makes decision-making easier, why effective visions are never expressed in numbers, and why a vision must be inspiring enough to challenge each member of the vision community to grow and reach beyond their previous limits.

“The Power of Vision” showed how in your organisation thinking together, dreaming together, and acting together can make a difference in the world.

Key Learnings:

1. Creating a compelling vision that goes beyond numbers

2. Challenging others to stretch beyond their perceived limits

3. Inspire a personal, daily connection to a shared vision

4. Improved decision making

5. New employee training

6. Leadership

7. Team building

After the screening of the film, participants discussed their learnings from the film, their experiences and how the same can be applied in their personal lives, educating their students and children. They also discussed how our nation’s present image-building action by our government will help our country grow to much greater heights.

4. Webinar on “Digital Brandscaping for Professionals” held on 25th November, 2023 in Online Mode.

The Technology Initiatives Committee of BCAS conducted a Webinar on Digital Brandscapting for Professionals. The webinar was planned to guide professionals in creating and nurturing their brand digitally within the Code Of Ethics of ICAI.

The webinar began with Mr. Mihir Karkare, a founder of a renowned social media marketing company, sharing with the participants the importance of branding digitally on various social media platforms. He also emphasised and shared insights on why digital branding is important for professionals in this digital age and era.

The webinar in its second part, addressed basic but important and relevant questions on balancing digital branding ourselveswith the Code of Ethics of ICAI as far as CAs in profession are concerned. Speaker CA Aseem Trivedi shared the practical aspects and clarified the ambiguity around using social media without violating the code of conduct.

The third part was quite an eye-opening session where our committee member CA Hrudyesh Pankhania gave participants a hands-on demonstration of how to use social media and make every bit of one’s reach count. The session focussed on refining social media networking and reach.

The webinar had participants from 25 cities across all age groups.

5. Suburban Study Circle Meeting on “Recent Litigation Trends in GST” on Friday 24th November, 2023 at Golden Delicacy Multicuisine Restaurant, Borivali (W).

The Group Leader CA Prerana Shah discussed with the group various issues arising in GST Compliance at the time of filing various returns including annual returns and commonly raised issues during assessments. She shared an educative presentation on important points based on judicial precedents/circulars and notifications and her views thereon.

In a knowledge-oriented and practical session, she lucidly covered all important points. She illustrated the interpretation of some of the important provisions with the help of case studies.The session was very interactive with participants deliberating upon a large number of practical queries. CA Prerana’s experience with the subject area was well appreciated by the group.

6. Indirect Tax Laws Study Circle on “GST Portal — Recent Developments and Challenges” held on 24th November, 2023 in Online Mode.

Group leader CA Umang Talati presented various issues & challenges faced by taxpayers on the GST portal as well as various recent developments on the portal. The presentation covered the following aspects for detailed discussion:

1. Discussion on Circular 170/02/2022-GST and its impact on disclosure to be made while filing GSTR-9.

2. New functionality of Electronic Credit Reversal and Reclaimed Statement enabled on the portal.

3. New functionality of Return Compliance Portal — DRC-01B/ DRC-01C enabled on the portal and manner of replying to such notices.

4. Implementation of Rule 37A and associated issues.

5. Procedural challenges in filing an appeal.

6. Geocoding facility on the portal – applicability & other challenges.

7. Utility of verifying RFN facility introduced on the portal.

Around 60 participants from all over India benefitted while taking an active part in the discussion.

7. ITF Study Circle Meeting held on 16th November, 2023 in Online Mode.

In the study circle meeting, the participants discussed the implications of the landmark Supreme Court ruling in the case of Nestle SA on the MFN Clause in a tax treaty:

  • The group leader CA Gunjan Kakkad explained the facts of both the lead cases which were adjudicated in the common order by the Supreme Court, along with providing some background to the controversy at hand.
  • The Supreme Court’s ruling was discussed in great detail.
  • This was followed by a detailed analysis of the ruling and its reasoning.
  • The Way Forward and the potential consequences of the ruling were discussed in detail. Many members expressed divergent views on the potential consequences.
  • There was also a discussion on the potential arguments that may be taken in various proceedings initiated as a result of the Supreme Court ruling.

Society News

LEARNING EVENTS AT BCAS

1. “Breast Cancer Awareness Talk” held on2nd November 2023, @ BCAS in Hybrid Mode.

As one of the many social initiatives under #BCASCares, a “Breast Cancer Awareness Talk” was organised by the Seminar, Public Relations & Membership Development Committee of the BCAS in a hybrid mode, with online access available to all outstation participants.

The meeting attracted 127 registrations from various cities. A heartening presence was the men in the audience, bearing testimony to their sensitivity and appreciation of the opportunity to hear the three speakers, Dr. Garvit Chitkara, Senior Consultant, Breast Surgical Oncology and Oncoplasty; Dr. Priti Kulkarni Tambat, M.D. (Kayachikitsa), Ayurveda; andPuriya Onkar, Mandala artist and cancer warrior.

Dr. Garvit Chitkara from Mumbai addressed the audience on various issues, particularly factors associated with an increased risk of breast cancer, how the treatment has evolved, the methods of early detection and the age to start the same.

Dr. Priti Kulkarni Tambat from Indore threw light on how prakriti (the nature of the body in terms of dosha) has an impact on a person’s susceptibility and immunity levels. She underlined the need to eat produce that is local and intrinsic to the region, the power of one’s thoughts and emotional well-being, the healing effects of specific classical raag and also the effect of planetary motions on a person. She emphasised the importance of a yearly nadipariksha (ancient Ayurvedic technique of diagnosis of both physical and mental diseases as well as imbalances by checking the pulse) and yearly horoscope analysis – both being part of Rigveda, and offered that a gaanth (a node) forms first in the mind before it manifests in the physical body.

Puriya Onkar from Mumbai bared her heart and spoke candidly about the various challenges that came her way, the reaction from family and friends and the support systems (both personal and professional) that helped her emerge far stronger and more confident.

The questions posed by the moderators and the audience (both online and offline) made the evening an extremely interactive and informative one.

Link to access the session:

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2. Lecture Meeting on “Decoding The Digital Personal Data Protection Act” held on 25th October, 2023, in Online Mode.

A lecture meeting “Decoding The Digital Personal Data Protection Act” (DPDPA) was organised in a virtual mode.

The speaker, Sandeep Rao took the audience through a detailed presentation on what constitutes personal data, the roles and responsibilities of the various players in the DPDPA ecosystem, the significance of documenting clear written consent from the party whose data is to be processed, using the data strictly for the agreed purposes, deleting it once the purpose has been served, the requirement for impact assessments, audits and other measures in place, the severe penalties proposed for non-compliance, and the importance of proper staff training to ensure due compliances.

He also dwelled on the merit behind defining a Personal Data Attribute Map to lay out in detail the types of data to be processed, the channels to be employed for the same, the manner and place for data storage and the various reasons for which it is to be used. While large corporations have the wherewithal to set up an in-house infrastructure to ensure due compliance, more particularly for small businesses in the SME sector, opting for a Privacy Management Platform will be both practical and economical.

The speaker focussed on the various professional opportunities for a Chartered Accountant — whether as an auditor, a consultant or a Data Protection Officer. All these would warrant undergoing certain training and obtaining relevant certifications.

While the notification of the Act and the Rules is expected to throw light on several aspects that are hitherto unclear, there is no doubt that the DPDP Act is set to change the way businesses, small or large, will need to handle, store and process personal data.

The meeting attracted 150 registrations from various cities.

Link to access the session:

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3. Fema Study Circle Meeting on “Recent clarifications received from RBI to AD bank” held on 20th October, 2023, in Online Mode.

The Speaker CA Wrutuja Soni during the Fema Study Circle Meeting covered the following topics:

  • Directions by RBI to AD Banks
  • Last updates in LRS
  • Latest changes in ODI Rules
  • Case Studies

She elaborated on the practical aspects of recent RBI clarifications on various issues including practical approaches and authorities delegated by RBI to AD Banks. The latest updates in LRS with practical issues were also discussed such as consolidated investment in single name after remittance of funds under LRS by different family members.

CA Wrutuja made detailed elaborations on the Updated ODI Directions and Rules including the valuation aspects. In the case studies, she shared her personal experiences with AD Banks as well as RBI’s instructions.

The entire session was wonderfully received by the participants.

 

4. Suburban Study Circle Meeting on “Casestudy discussion on Transfer Pricing” held on20th October 2023, at Bathiya & Associates LLP, Andheri (E).

Group Leader CA Hardik Mehta shared with the group an array of interesting case studies covering various issues that may seem small but play a very significant role in assessments. An educative presentation on important points based on case studies and his views on the same were shared by the leader with the group.

The session was knowledgeable and practical, and all the points were very well covered with numerous real-life examples to make it simpler for the group to understand it better. CA Hardik interpreted some of the important provisions with the help of case studies.

The session had wonderful interactive participation from the group. There were a large number of queries from the participants, which were addressed satisfactorily by the group leader.

The participants benefited from the overall insightful case studies shared by the group leader.

5. International Economics Study Group on “Europe: A Continent Forged in Crisis’’ held on 19th October, 2023, in Online Mode.

In this Study Group, CA Harshad Shah presented a detailed analysis of various indicators of a strong economy and Europe’s fulfilment status qua those criteria looking at the prevailing economic situation in the European countries. The challenges faced by the European economy, such as a low GDP of 0.7 per cent for CY 2023 and recessionary tendencies in Germany, ageing population, migration, political fragmentation, security and geopolitical concerns, high debt, energy crisis (post Ukraine conflict), etc., were some ofthe points of discussion. Historical factors, namely the World Wars, economic factors, geopolitical changes, international pressure, post-war rebuilding, decolonisation movements, etc., and their impact on nine European Empires (including Roman, British, Russian, etc.) were discussed.

CA Harshad further explained how high inflation led to high interest costs, eroding people’s purchasing power, leading to their costs becoming non-competitive, and people finding it challenging to afford even basic necessities like food. Apart from household challenges, there are concerns regarding inefficient Health Care systems and hunger problems. The meeting also evaluated the future of Europe in the current geopolitical uncertain environment.

6. Corporate & Commercial Law Study Circle on “An Overview of SME IPO” held on 18th October, 2023, in Online Mode.

In this study circle meeting, speaker CA Hiten Shah briefed participants on the benefits of SME IPO along with the risks and negative optics for the same.

CA Hiten Shah also discussed, in detail, the key features of SME IPO, listing requirements in BSE, listing requirements in NSE, Pricing Methods, and Obligations before and after Listing. He also highlighted the role of a Chartered Accountant and the opportunities unfolding for them.

Many participants attended the event online and took an active part in the discussion.

7. Direct Tax Laws Study Circle Meeting on “Taxation Issues in Mergers and Demergers”, held on 17th October, 2023, in Online Mode.

CA Akshar Panchamia led the group discussion and the following points were discussed:

1.    Elements of merger

a.    Amalgamation as defined under section 2(1B) of the Income-tax Act, 1961 (Act).

b.    Exempt Transfer in reference to section 47(vi) and section 47(vii) of the Act.

c.    Computation of cost of assets in the hands of amalgamated company as per section 49(1)(iii)(e) and cost of acquisition of shareholders of the amalgamated company as per section 49(2).

d.    Carry forward of losses as per section 72A along with the conditions required to be fulfilled by the amalgamating and amalgamated company.

e.    Treatment of goodwill generated at the time of merger due to revaluation of assets at fair value and specific exclusion of goodwill from section 32 of the Act.

2.    Discussion on types of mergers — namely, Inbound and Outbound mergers.

3.    Issues relating to demergers and slump sale transactions.

4.    Elements of demerger

a.    Demerger as defined under section 2(19AA) of the Act.

b.    Computing taxability under the headcapital gains in the hands of the demerged company.

c.    Discussion on non-applicability of section 56(2)(x) in the hands of the Resulting Company. Also, discussion on exemption from capital gains in the hands of the shareholders under section 47(vid).

d.    Points to consider while determining the cost and period of holding for the purpose of computing tax liability.

e.    Treatment of transfer of losses of the undertaking as per section 72A(4).

f.    Rationale of slump sale and its taxability.

The speaker highlighted aspects to consider while filing return of income after the completion of a merger / demerger transaction and provided his detailed analysis during the interactive session.

8. ITF Study Circle Meeting on “The implications of the ruling of the Chennai Tribunal in the case of Cognizant” held on 12th October, 2023, in Online Mode.

The International Tax and Finance Study Circle organised a meeting on 12th October, 2023. CA Sangeeta Jain and CA Nemin Shah led the group discussion, and the following points were discussed:

  • The detailed and complex facts of the case were explained.
  • The outcome of the proceedings before the lower authorities was summarised.
  • The issue before the Chennai Tribunal was discussed.
  • The arguments made by the taxpayer and the tax authorities were laid out.
  • The observations and rulings of the Chennai Tribunal were discussed in great detail.
  • The potential way forward for the case and some of the arguments not made / considered by the Chennai Tribunal were laid out.
  • The implications of corporate law on the facts of the case were deliberated, with group members expressing divergent views.
  • Even though General Anti Avoidance Rules (GAAR) did not apply to the case (since it pertained to an earlier year), a hypothetical exercise in attempting to apply GAAR to the facts of the case was made, which resulted in an interesting discussion and exchange of ideas.

9. A four-day “Foreign Exchange Management Act (FEMA)” Study Course and a Panel Discussion held on 25th& 26th August and 1st& 2nd September, 2023, in Hybrid Mode.

FEMA was introduced to monitor dealings in foreign exchange / securities and transactions affecting the import and export of our currency. FEMA has evolved over the years, and knowledge of this topic has become a crucial factor in advising clients on implementing successful strategies for cross-border transactions in light of India’s positioning in the global arena.

The International Taxation Committee of BCAS organised a four-day FEMA Study Course, including the Panel Discussion, which was attended to by the participants from across the country, online as well as offline.

The Study Course began with introducing the basics — namely, the Structure of FEMA, Capital and Current
Account Transactions, Foreign Direct Investment, Overseas Direct Investment, Liaison / Project / Branch Office to more advanced topics — namely, ECBs, Succession under FEMA including Trust aspects, Compounding and ED Matters and Corporate Restructuring including Cross-Border Acquisition and ended with a Panel Discussion on various FEMA issues.

The host of experts who delved into each of the above topics not only made it interesting by sharing anecdotes from their personal experiences, but also by making it interactive by giving reference to the case precedents and encouraging participants to ask questions. The participants and speakers were enriched by the quality of questions posed by the participants, and their eagerness to know more about the topics in further detail.

Society News

LEARNING EVENTS AT BCAS

1. Indirect Tax Laws Study Circle – Legal position w.r.t conditional rate notifications under GST held on 16th October, 2023, in Online Mode.

The group leader CA Archit Agarwal had prepared 6 case studies on various issues revolving around the topics covering live issues, circulars and AARs / HC judgments. The case studies covered the following aspects for a detailed discussion:

1. Whether GST @ 18 per cent with ITC can be paid despite the specific entry in the rate notification?

2. Whether taxpayers can change the method of payment of GST from 18 per cent with ITC to a specific rate of 5 per cent without ITC after 5 years (i.e., after the ITC portion of the aircraft gets fully depreciated)?

3. Whether the conditions of lapsing of ITC on inverted duty structure through circular is legally valid?

4. Whether procedural lapse of filing declaration for opting GST @ 12 per cent with ITC for GTA be defended after the issue of SCN and whether any other remedy is available?.

5. Issues in the claim of abatement towards land cost by Taxpayers in Real Estate and Construction.

6. Issues and remedies for a claim of ITC on delayed development projects and sale of flats after receipt of OC.

The Group Mentor CA Naresh Sheth monitored the discussion and enlightened the group with his inputs from time to time.

Around 45-50 participants all over India benefitted while taking an active part in the discussion on the bare law, circulars, AARs and SC decisions. The group mentor and the participants appreciated the efforts of the group leader.

2. Seminar on e-Filing of Form 10B, 10BB & ITR-7 for A.Y. 2023-24 for Charitable Trusts held on 13th October, 2023, @ BCAS in Hybrid Mode.

In this event organised by Direct Taxation Committee, the opening remarks were given by President CA Chirag Doshi via a Video Conference. Then CA Gautam Nayak and CA Anil Sathe gave their remarks including on the issues relating to the nitty-gritties involved in the Forms applicable to Charitable Trust and how the trust’s auditor has to be careful while mentioning their qualifications and filling the clauses, especially those which can lead to denial of exemptions u/s 11 & 12 of the Income -tax Act, 1961.

CA Ashok Mehta explained the clauses in Form 10BB that are applicable to charitable trusts which earn income before claiming exemption u/s 11 & 12 of the Income-tax Act, 1961.

CA Deven Shah elaborately led the participants through the clauses which are uncommon in Form 10B as compared to what was explained in Form 10BB.

Details were discussed about clauses related to Corpus Donations, exemptions of income of 15 per cent, accumulation, and disallowances. Section 115BBI — Tax on Specified Income was well put up through the Forms that the respected speakers spoke in detail.

ITR 7 was later taken up post-lunch, where CA Divya Jokhakar elucidated the participants, the interconnection between the schedules, the static information, how to be more ready before e-filing on the CPC Income Tax Website.

After both the sessions pre-lunch and post-lunch, questions were invited online and in person from the present audience.

A robust discussion was carried out by all the speakers and both the chair making the event a grander success as all the queries were resolved.
There were 283 participants online and 41 offline.

3. Felicitation of the ICAI Torch Bearers by BCAS on 7th October, 2023 at BCAS Hall.

A meeting between CA Aniket Talati, President and CA Ranjeet Kumar Agarwal, Vice President along with other Central Council Members of ICAI and BCAS represented by CA Chirag Doshi, President and all officer bearers, Past Presidents and Managing Committee members of BCAS was held at BCAS Hall, Mumbai to felicitate the said ICAI torch bearers and also to discuss and exchange thoughts on various aspects of the profession.

The positive perception of our profession within Government and its various instrumentalities, the areas where representation may be required for ease of compliance, the accountability of the chartered accountants as auditors and risk-mitigating measures, capacity building of small-time practitioners and regulations dealing with the formation of muti-disciplinary entities, need of chartered accountant services vis a vis marketing of those services, joint audits, developments in curriculum, examination & campus placements of fresh chartered accountants and students aspiring to become CA, global opportunities for CA were some of the topics in respect of which, members of both the institutions shared their
thoughts. CA Aniket Talati addressed various concerns raised during the meeting with facts, and statistical references (wherever possible) and also educated the group about various ongoing initiatives being undertaken by ICAI. CA Ranjeet Kumar Agarwal spoke about the history and development of the profession and its contribution to this Country in the past 75 years and enthused the group with the vision that ICAI bears and its roadmap for the future growth of profession in the Amrit-kal.

Both institutions also discussed ways to work together for the betterment of the profession and society at large.

From the Central Council of ICAI, CA Chandrashekhar Chitale, CA Durgesh Kabra, CA Mangesh Kinare, CA Piyush Chhajed and CA Priti Savla were present.

4. 6th Long Duration Course on Goods and Services Tax held from 24th August, 2023 to 7th October, 2023, in Online Mode.

The 6th Long Duration Course on GST – 2023 organised by the Indirect Taxation Committee was conducted by BCAS, virtually (online mode) from 24th August, 2023 to 7th October, 2023. It was held on every Tuesday, Thursday and Saturday covering theoretical as well as practical aspects of GST.

The course covered 30 pre-recorded training videos of 90-120 minutes duration each and 30 live interactive sessions of one hour each for 15 days. The sessions were conducted by proficient faculties having immense expertise in the field of indirect taxation. The course started with the constitutional overview of GST and covered various concepts such as supply, valuation, ITC, place of supply, returns, registration, refunds, litigations etc.

Listening to pre-recorded videos helped the participants to have an interactive session by highlighting various issues in GST before 30 GST stalwarts. The course received a very good response with 183 participants enrolling from various cities.

The course ended with a positive and encouraging response and feedback from all the participants, in turn motivating the BCAS team to conduct such courses in the near future.

5. Webinar on GST Reconciliations in Tally Prime held on 6th October, 2023, in Online Mode.

The above webinar was organised by the Indirect Taxation Committee to demonstrate how businesses using tally software can optimise the software using GST reconciliation feature for executing the compliance work smartly and efficiently. The speaker CA Parth Patel presented the various means of Simplifying Books vs. Portal Comparison in Tally Prime and also displayed Glimpses of the Reconciliation Process.

The presentation covered the following aspects of the Tally Prime Software for a detailed discussion:

1. Challenges in GST Reconciliations.

2. Structural enhancements for GST Reco.

3. GST Transactional compliances from Auditors Perspective.

4. Solution Walkthrough for GSTR 1, GSTR 2A and GSTR 2B Reconciliations.

5. Future roadmap for further improvements and new features.

More than 300 participants all over India benefitted while taking an active part in the discussion on the Reconciliation Process. The speaker answered more than 80 questions raised by the participants.

Link to access the session: https://www.youtube.com/watch?v=AS8vt4Zr14g

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6. Indirect Tax Laws Study Circle – ISD vs. Cross-charge: the way ahead in view of announcements made in the 50th GST council meeting held on 27th September, 2023, in Online Mode.

The group leader CA Aumkar Gadgil prepared 5 case studies on various issues revolving around the topic covering live issues, circulars and AARs/ HC judgments. The case studies covered the following aspects for detailed discussion:

1. The distinction between ISD and cross-charge and applicability vis-à-vis the scenario.

2. Determining what should be cross-charge and what should be ISD in view of Circular 199?

3. Procedural aspects relating to cross-charge, such as:
a. Is the specific classification of service required or can it be classified as “support services”? Will classification decide the eligibility to claim the input tax credit of the recipient?

b. Can any and all services received be distributed or one needs to demonstrate that the services are actually received/ enjoyed by other branches?

c. Valuation and scope of proviso to Rule 28 when the receiving branch is not entitled to full input tax credit.

4. Procedural aspects relating to ISD, such as:

a. Can multiple ISD registrations be taken under one PAN?

b. Can a cross-charge invoice be raised to ISD for further distribution to other branches?

5. Decision of the High Court in the case of JSW Steel Ltd, AAR in the case of Columbia Asia Pacific and Others.

The Group Mentor CA Mandar Telang monitored the discussion and enlightened the group with his inputs from time to time.

Around 45-50 participants all over India benefitted while taking an active part in the discussion on the bare law, circulars, AARs and SC decisions. Participants appreciated the efforts of the group leader and the active participation of the mentor in an interesting segment analysis on the automobile sector.

7. Webinar On ‘Intertwining Of Laws In The Technology World’ held on 5th September, 2023.

The Corporate and Commercial Laws Committee organised above half-day seminar dealing with the laws relating to technology and data protection, equipping participants with the knowledge to navigate legal challenges in the digital age.

The session on “Data Protection, Cyber Security, Digital IP” was dealt by Mr. Huzefa Tavawalla & Mr. Purushotham Kittane. Both experts dealt with the nuances of legal frameworks and regulations governing technology and the new Data Protection Law.

“Regulatory aspects of online gaming” was conducted by Adv. K Vaitheeswaran. He very well dealt with the international legal jurisprudence relating to the game of chance and the game of skill.

“Revenue Models and managing Gaming and E-Commerce business” was conducted by Mr. Avinash Gupta. He broadly gave a framework and the business dynamics of online gaming and how the industry is evolving.

“Anti Money Laundering Regulations with respect to Technology Companies” was dealt by Adv. Ashoo Gupta. She touched upon the recent litiwgative issues of Payment applications and briefed about PMLA provisions.

The sessions were very well received and participants had a good learning of laws relating to the technology world.

Society News

Workshop on IFC, CARO Reporting and Fraud Reporting under the Companies  Act, 2013 held on 15th July 2016

On enactment of the Companies Act, 2013 has resulted in a paradigm shift in the requirement of reporting by the Statutory Auditors on adequacy of Internal Financial Controls system and the operating effectiveness of such controls.

An additional role the auditor is required to play in the current environment and which is considered very onerous is that of the role of a whistle blower. The Companies Act, 2013 has introduced provisions whereby the auditor has to report certain category of frauds to the Central Government by following the procedure laid down through Rules u/s. 143(12).

The reporting under CARO is not new to the auditors. However, after substantial deletions in the reporting requirements under CARO, 2015 as compared to CARO, 2003, on replacement of CARO, 2015 by CARO, 2016, there have been addition of some clauses which require reporting on compliance of sections 185, 186 and 188 of the Companies Act, 2013.

In view of new regulatory norms coming into effect for the Statutory Auditors to report upon, a Full Day Workshop to understand the intricacies of these three onerous reporting requirements was organized by BCAS on 15th July, 2016, at M.C.Ghia Hall, Mumbai. There were three sessions which dealt with Internal Financial Controls for Small and Medium Enterprises, Fraud Reporting under Companies Act, 2013 and CARO Reporting under Companies Act, 2013.

The inaugural address was by the President of BCAS CA Chetan Shah, who informed the participants which included many non-members, about the benefits of association with BCAS and how one can accelerate gaining professional expertise through the knowledge sharing platform of BCAS.

Later, CA Himanshu Kishnadwala, Chairman of the Accounting & Auditing Committee, briefed the participants about the importance of each topic of the Workshop.

The first session speaker CA Ms. Nandita Parekh dealt with the topic of Internal Financial Controls for Small and Medium Enterprises in very simple and lucid manner which simplified the understanding of the subject and provided the participants useful tips on the approach to deal with IFC reporting.

CA Sandeep Shah was the speaker for the second session on Fraud Reporting under Companies Act, 2013. He dealt with the process to be followed for fraud reporting as well as the circumstances under which fraud reporting has to be done as Statutory Auditors. He shared his vast experience with the participants.

The concluding session was on CARO Reporting under Companies Act, 2013 and the speaker was CA. Vijay Maniar. His presentation dealt with the new clauses introduced through CARO, 2016, modified clauses of CARO, 2015, retained clauses and the omitted clauses. He then dealt with each clause in detail and shared practical insights on how to report on each clause.

The Workshop was attended by 170 plus participants and it was encouraging that the mix of participants was both from practice and industry.

The participants had a satiating experience of knowledge enhancement at the end of the Workshop.

Lecture Meeting on Ethics and You-Practical Issues held on 3rd August, 2016

A lecture meeting on Ethics and You-Practical Issues was held on 3rd August, 2016 at BCAS Office, 7, Jolly Bhavan 2, New Marine Lines, Mumbai which was addressed by CA C. N. Vaze who explained the meaning of Ethics and Code of Ethics and practical aspects, relevance, importance and necessity of Ethics in

present day professional environment. He pointed out that Ethics means moral values. It was easier to be principled but difficult to be ethical. One can be transparent; but one

needs to be accountable.He mentioned that Code of Ethics is needed to ensure credibility which is the foundation of any profession including CA fraternity and it should always be our motto to meet society’s expectations. He also enlightened the audience about the source and present image of the code of ethics being followed by the society at large. He further touched upon the common observations on Ethics and important pronouncements of ICAI on the issue. Thereafter important principles and broad procedure of Code of Ethics were highlighted. He also talked about important amendments brought about by the Chartered Accountants (Amendment) Act, 2006, a few important items of misconduct and disciplinary proceedings, technical lapses and remedies thereof to tackle these issues. Some case studies were also briefly taken up.

The meeting was attended by over 60 participants. The meeting concluded with a vote of thanks by CA Ms. Jyoti Malkani, GM-BCAS.

Workshop on NBFC held on 4th August 2016

NBFC sector is growing at a substantial pace but it is RBI’s endeavor to ensure prudential growth of the sector, keeping in view the multiple objectives of financial stability, consumer and depositor protection, and need for more players in the financial market, addressing regulatory arbitrage concerns while not forgetting the uniqueness of the NBFC sector.

In view of regulatory norms being notified on a frequent basis, there being changes in Statutory Audit requirements and increased scope of Internal Audit, to provide assurance to the management of Internal Controls over Financial Reporting being operational and effective, it was felt imperative to have a Workshop on NBFC.BCAS organized this Full Day Workshop on 4th August, 2016 at Allhambra Hall, St. Regis Hotel, Palladium. The Workshop was structured into four sessions which dealt with Important Aspects of Prudential Norms & Compliances, Statutory Audit Aspects under the Companies Act, 2013, Internal Audit Perspective for
NBFCs and Internal Controls over Financial Reporting for NBFCs. Before the commencement of the Workshop, there was a release of BCAS Publication “Internal Controls over Financial Reporting (ICFR) – A Handbook for Private Companies and their Auditors”, authored by CA. Nandita Parekh. The book was released by President of BCAS Mr. Chetan Shah.The Workshop started with the inaugural address by BCAS President CA Chetan Shah, who provided his view points on the importance of NBFCs in the overall development of the financial sector in India. Later CA Himanshu Kishnadwala, Chairman of the Accounting & Auditing Committee, introduced the structure of the Workshop.The first session was conducted by CA Bhavesh Vora, who lucidly dealt with the important aspects of prudential norms & compliances. While dealing with the same, he also took participants through the overall maturing of the NBFC sector over last three decades and gave valuable insights on the functioning of the various categories of NBFCs.The second session dealing with Statutory Audit aspects under the Companies Act, 2013 was addressed by speaker CA Manoj Kumar Vijai. He dealt elaborately with the unique requirements while conducting audit of NBFCs and shared his vast experience with the participants.The third session post lunch was on Internal Audit perspective for NBFCs which was addressed by the speaker CA Smita Gune. She made the session very interactive and shared her experience of internal audit of banks and financial institutions. She provided practical insights internal audits of NBFCs.Last session was taken up by speaker CA Huzeifa Unwala, who dealt with the topic on Internal Controls over Financial Reporting of NBFCs. He explained the overall requirements of IFC, how to test the operating effectiveness of the controls and took up the instances relating to NBFCs to provide practical insights on testing the controls while dealing with NBFCs.

The Workshop was attended by 70 plus participants and it was heartening to have more participants from the industry. Overall the Workshop was an enriching one for the participants.

FEMA Study Circle Meeting held on 4th August 2016

A FEMA Study Circle Meeting was held on 04th August, 2016 where CA Dhishat B Mehta led the discussion on the topic of “Issues relating to Determination of the Residential Status under FEMA”. Large number of members participated in this meeting. The Group Leader deliberated upon nuances of determining residential status of an individual and other entities including branch. The concepts such as “Intention”, “Uncertain Period” and “Resident” were discussed at length. The Group Leader also pointed out substantive difference in the definition of “Resident” under FERA and FEMA. He also took the case studies on determining residential status of – Indian citizen coming to India, Indian citizen leaving India, Foreign citizen coming to India, Foreign Citizen leaving India, Post-marriage stay of a foreigner in India, Student etc. He also pointed out challenges in determining residential status of a second generation branch, office controlled by resident, political asylum and involuntary stay in India. In all the members got a complete understanding as to how to determine residential status under FEMA of an individual and other entities. CA Dhishat B Mehta set the tone for learning of FEMA through series of meeting planned ahead.

A total of 34 participants attended the meeting.

 

 

Workshop    on Permanent Establishments – from Constitution to Attribution – a Case Study based Analysis


A Workshop on Permanent Establishments – from Constitution to Attribution – a Case Study based Analysis was held on 5th August, 2016 at BCAS, 7, Jolly Bhavan 2, New Marine Lines, Mumbai where the Speakers CA Amar Mehta and CA Shreyas Shah took up the case studies on Geotech, Bold and Beautiful, Blessed Life, and RailCo.In the workshop, Profit Attribution rules of the establishments were discussed and also  far Identification including the case studies on Distributor and TOLL MFG. At the end, Triangular Situation of Income, Expense and Profit was reviewed and analyzed.A total of 114 participants attended the workshop.
Seminar on Partnership Firm vs. LLP held on 6th August 2016
Partnership Firm is a very old and established form of business entity and has witnessed changes in certain procedural aspects over the years. With a generation leap, Limited Liability Partnership [‘LLP’] is a recent hybrid form of business entity. The Seminar was organized to get an insight about the procedural aspects of both the forms of business entities.CA Chetan Shah, President of the Society welcomed everyone. CA Kanu S. Chokshi, Chairman of the Corporate & Allied Laws Committee briefly introduced the subject.

CA Uday Sathaye took the participants through the procedural aspects of formation and registration of a partnership firm under the PartnershipAct 1932 including drafting of a partnership deed. He emphasized on simple, unambiguous and diligent drafting of a partnership deed. He also dealt with the frequently faced issues at the time of formation and registration of partnerships.

Mr. Saurabh Shah explained the step by step procedure for formation of a LLP and also conversion of a partnership firm or a company into LLP. He gave a birds’ eye view of the procedural differentiation between a partnership firm vs. company vs. LLP, and also global comparison with UK LLP and US LLP. He mentioned that the recent amendments clearly spelt out the provisions relating to conversion of a LLP into a company.Both the speakers responded to the queries of the participants.Programme was coordinated by CA Preeti Oza. A total of 53 participants attended the Seminar
Study Circle Meeting on “Implications of Re-cent Judgements in case of Suresh Kumar Bansal, Delhi (HC) & M/s. Sumer Corporation, MSTT” on 6th August, 2016 at Directiplex, Andheri (E)

The Meeting was jointly organized by Suburban Study Circle with Indirect Tax Laws Study CircleGroup leader CA Kush Vora explained the decision of Delhi High Court in case of Suresh Kumar Bansal vs. UOI. It was held that no service tax could be charged in respect of contracts entered into by buyers with the builders for acquiring flats in a complex which is under construction. While the legislative competence of the Parliament to tax the element of service involved cannot be disputed, but the levy itself would fail, if it does not provide for a mechanism to ascertain the value of the services component which is the subject of the levy.

Chairman CA Vikram Mehta then deliberated on the implications of the judgment with regard to refund of the service tax, time barring provisions, application in current scenario, contrary decisions etc.

Further the group leader explained the decision of Maharashtra State Tax Tribunal in case of M/s. Sumer Corporation vs The State of Maharashtra wherein it was held that construction of building for Slum Redevelopment Authority in exchange for transferable development rights (TDR) is taxable under the MVAT Act. The group then discussed the implications of above judgment on taxation of barter transactions.

The participants were benefited from the presentation and experiences shared by the chairman and the group leader.

A total of 20 participants attended the Study Circle.

Tree Plantation Drive 2016 – Visit to Dharampur – on 6th – 7th August, 2016

A visit to Dharampur was organised for two days by the Human Development and Technology Initiation Committee of BCAS jointly with BCAS Foundation, for Tree Plantation project and visit to various NGOs,at Dharampur, who are engaged in the various welfare activities for Holistic growth of Tribals located in the remote interiors.

ARCH (Action Research in Community Health) Foundation –This NGO has been founded and managed by Dr. Daxaben Patel, which is focussing on Mother and Child Care as well as promoting awareness about basic health care and empowering people with Health Education in the tribal areas of Dharampur. ARCH currently provides primary health care services to approximately 25,000 patients mainly at Mangrol dispensary and at the Dharampur dispensary along with basic health education and preventive services such as vaccinations, prenatal care, well child care, etc. The BCAS Foundation contributed Rs. 25,000/- towards their noble activities.Vanpath Trust – Founded and managed by Mr. Bhikhubhai and Smt. Kokiben Vyas, this NGO works for integrated and holistic growth of villages at Kaprada in Dharampur. Kokiben explained about the challenges faced by the villagers in agriculture, education and other basic needs of their lives. She also explained about the urgent need of planting more and more trees so as to prevent adverse effects of rapid deforestation in the future.

Due to heavy rains over there, entire life of one of the nearby villages named Avalkhandi was disturbed. There was severe damage caused to Roads/ Bridges/ crops etc. In view of helping them to rehabilitate from this nature’s fury, the BCAS Foundation contributed Rs. 25,000/- to Avalkhandi Kelavni Trust.

Sarvodaya Parivar Trust (SPT)– The SPT is a NGO, following Gandhiyan philosophy, engaged in various tribal welfare activities in the field of Education / Health / Agriculture / Water management/ Environment etc. Here a tree plantation project at village Pindval- Darbaarfalia was carried out with enthusiastic participation of the local community of the farmers, The BCAS Foundation committed for plantation of 5,000 trees here. All the members distributed saplings amongst the farmers of Pindval as planned and then moved on farms for actual plantation of trees, the members wholeheartedly participated in the drive as guided along by the farmers, who are poor and marginal, for plantation of trees. Around more than 200 Trees were planted by all members themselves, during the day over three to four different farms. The majority of trees planted were Mango and others were Custard Apple, Guava, Mahagony and Bamboo Trees.

The team also visited the Residential School run by the SPT which is home to more than 350 children from nearby villages. Members had good interactions and time with them. SPT makes sure that all the children study till 8th standard and then help them getting admissions in schools in nearby towns/cities like Valsad, Surat, Vadodara etc. for further studies. This residential school has encouraged poor labourers and farmers in the tribal areas to send their children for further studies. It has helped in reducing child labour, child marriage and other social evils which takes place mainly due to illiteracy and poverty. On behalf of BCAS foundation, team distributed 2 sets of outdoor games like cricket set/ Football/ Badminton set/ Flying Disk etc and 110 Educational Games at SPT for the children of Aashramshalla.

The Tree Plantation Drive and the trip was truly an enriching, enlightening and educational Trip for the members visited. The memories treasured from trip, would always encourage and motivate them to participate more in such events which would be ultimately beneficial for the society at large.

A Team of 28 enthusiastic volunteers (including 15 from youth group) who were willing to take active participation in this noble mission joined the trip and carried out tree plantation and various other activities.

BREXIT and its Global Effects held on 8th August 2016

The International Economic Study Circle Meeting on BREXIT on 8th August, 2016 at BCAS

The speaker Divya B. Jokhakar explained the history of European Union and Britain. Explanations on how UK is one of the most industrialized country in the world was given. She factually discussed the Schegen Treaty and it’s implication on the EU and its countries. During the discussion queries were raised as to how the migration of people into UK or out of UK of British will be affected due to UK voting for the Referendum.

Impact of Brexit on European countries and also China was explained. The speaker explained its trade impact, the repercussion on financial markets and also the relationship of these nations with the USA.

India was mentioned not to be really affected as a nation leaving EU, could not affect India and it’s trade with the trading partner. The issue of the possibilities of UK wishing to re-bond relations with India in order to keep the trading relations alive was debated. Whether world could be affected majorly by Social media was discussed as was the possibility of UK not quitting even though it voted for the exit.

A total of 26 participants attended the study group.

 


Human Development Study Circle Meeting on ‘Dear Stress ….. Let’s Break Up” on 9th Au-gust, 2016 at BCAS Conference Room

The discussion was led by Dr. Nirmee N. Shah (Consultant Psychiatrist), MRC Psych CCT-UK, MSc Clinical Pharmacology. She has a particular interest in complex psychotic disorders and substance misuse besides other common mental health disorders.

She spoke on the meaning on stress, types of Stress, recognizing Stress, managing Stress and what it means to have mental and Physical Health.

She mentioned some learnings from this presentation followed by interaction through questions and answers. A total of 37 participants attended the Study Circle.

 


Direct Tax Study Circle Meetingon ‘Tax Consequences on Forex Transaction’ held on 11th August 2016

The Group leader, CA Vallabh Gokhale which is chaired by CA Sanjeev R. Pandit had meticulously discussed a divergence of views on the treatment of forex transaction to be meted out in the books of accounts and the Indian
Tax Laws covering the plethora of decisions. Further, with an increased flow of inbound/outbound transactions and their complex dynamic structuring, the tax treatment of foreign exchange gains/losses had been surrounded by huge litigation and decision of various courts were discussed in great detail.

The Group leader, had covered various aspects including position as per ICDS which is briefly outlined hereunder:

–    Exchange fluctuation difference – Landmark judgement of Hon’ble SC in case of Woodward Governor India P. Ltd1 and Sutlej Cotton Mills Ltd2

–    Exchange fluctuation on capital account – Discussed the issues under section 43A (per pre and post amendment)

–    Foreign currency derivatives

At the end, various issues were touched upon which one could face keeping in mind FEMA exposure. Further, based on the existence of diverse views on the captioned topic it was discussed to give proper disclosure in accounts as well as under the income tax in order to mitigate penalty exposure and maintain robust documentation.

Lecture Meeting held on 19th August, 2016 in memory of Late Narayan Varma.

The First of the Annual Series of Lecture meeting in memory of Late Narayan Varma commenced on 19th August on his birthday (20th August). The Series was conducted by 3 organizations to which he was closely associated with namely BCAS & BCAS Foundation, PCGT & Dhrama Bharati Mission. Ms Aruna Roy, a Social Activist was the guest speaker for the evening. The meeting was held at K C College, Churchgate, Mumbai.

The session commenced with the lighting of lamps by the Presidents of the 3 organizations and Mrs. Varma along with Ms. Aruna Roy. This was followed by lecture for the evening “RTI in India’s Democracy- Audit by, for and with the people” by Ms. Aruna Roy. Late Narayan Varma had always been a very strong supporter of RTI and always talked across people groups in society to promote and educate them on RTI. Ms. Aruna Roy also a strong supporter for the similar cause described her journey along the same path with Late Narayanbhai. She further talked about the scope of Social Audits and way it has brought about good governance in different parts of the country. Social audit helps in questioning the system for utilization of government funds to the public at large. It facilitates the distribution system to be answerable to the end consumer. Ms. Aruna Roy informed the audience about the various cases of such audits which have brought a lot of discrepancies to light and the necessary actions taken thereon.The second part of the session was the awards session where a category of awards were defined in Memory of Late Narayan Varma for individuals who have done tremendous social work voluntarily for the society. Each organization had nominated one person for the same.

Mr Rashmin Sanghvi from BCAS & BCAS Foundation, Professor R. S. S. Mani from the Dharma Bharati Mission & Ms.Jinal Sanghvi from PCGT, Each organization’s president handed over the award to the awardee.

BCAS & BCAS Foundation nominated Mr. Rashmin Sanghvi for the award as the Society felt that no one other than him suited the position because he had two dreams (i) To help at least one hundred Indians become experts in international taxation and FERA; (ii) To help hundred beggars become financially independent. Since 1987 he has been pursuing both the dreams. As far as FERA & International Taxation are concerned, the spread of the knowledge in India is known.

As far as helping the poor is concerned, so far it was not very well known amongst chartered accountants. It was only in the year 2016 that Mr. Sanghvi published his Gujarati book – “Dharma na Prayogo” and many chartered accountants came to know about his social service. This year happens to be 30th year of his pursuance of both dreams. And at the age of 65 years he is still pursuing. In the year 1987 he started helping hutment dwellers in Vadala. From there, he moved to Kutch in 1992 & Surendranagar in 1994 helping farmers & rural poor in water management. In the year 1998 he went to Dharampur forests in Valsad district. He realised that even with annual rainfall of 150 inches, Dharampur tribals faced acute water shortage in the period of February to June every year. He started helping local NGOs in building check dams and other forms of water management in Dharampur.

In the year 2001 Gujarat was hit with a serious earthquake. Mr. Sanghvi participated in the earthquake relief work with Narayanbhai Varma, Pradeepbhai, Mr. V H Patiland others. BCAS, Chamber of Tax Consultants & other associations jointly provided earthquake relief. In the year 2004 east coast of India was hit with Tsunami. At that time also Mr. Sanghvi participated with BCAS

Foundation in the Tsunami relief work. Again, this was under the leadership of Late Shri Narayanbhai. In the year 2010, he met Ms. Mittal Patel and started helping her in providing relief to the nomadic communities. BCAS Foundation has also helped Ms. Mittal Patel’s NGO – Vicharta Samuday Samarthan Manch (VSSM) through organisation of programme – Udat Abeel Gulal in the year 2015. All these experiences have sharpened his knowledge & understanding of spirituality.

The award was received by Mr. Pradeepbhai Shah on behalf of Mr. Rashmin Sanghvi as he was travelling. The session ended was concluded with a well-deserved Vote of thanks by BCAS Immediate Past President Mr. Raman Jokhakar who chaired the event as the president Mr. Chetan Shah was travelling.

A total of 100 participants attended the meeting The program ended with the National Anthem.

Interactive session for the Students held at RVG Hostel on 20th August 2016.

human  development and technology initiatives (HDTI) Committee of BCas jointly with  RVG  hostel (rajasthan VidhyarthiGruh) organized a special interactive meeting for students pursuing CA.  the theme of the programme was “Success in CA exams”

At the beginning, the President of BCAS CA Chetan Shah welcomed the participants, the Chairman of HDTI Committee CA Nitin Shingala gave specific guidance to the students such as avoiding distractions like WhatsApp, Social Media, etc.

CA Srinivas Joshi (Past Member of Central Council and Examination Committee of ICAI) and CA Mayur Nayak (Past President and Chairman of HDTI Committee of BCAS) were the faculty members for the programme.

Highlight of Srinivas Joshi’s Presentation

  •     Clarity of goal & Commitment    to succeed.
  •     Planning & Managing time for preparation
  •     Scheduling the intensity of one’s study.
  •     Selecting qualitative/ key study materials
  •     Focusing on conceptual clarity
  •     Discussing important topic with friends and like-minded colleagues regularly
  •    Importance of studying publications and study materials of the ICAI.
  •     It is extremely important to practice problem solving and writing notes.
  •     Attempting mock test papers in exam like conditions.
  •     Selecting properly the questions while taking the exam.
  •     Reading questions accurately and have focused answers.
  •     Keeping emotional composure is essential while appearing for each paper.

He also touched upon few other tips for practical guidance for ensuring success rate and clarified on points for which students carry wrong notions.

Highlight of Mayur Nayak’s Presentation:

  • Setting SMART Goals in terms of when to qualify with what desired percentage of marks/ score?
  • Putting goal plan into action.
  • Coping up and balancing emotional and intellectual pressure.
  • Overcoming factors like discouragement, defeat, peer pressure
  • Dealing with fatigue, sense of burn out and recharging.
  • Significance and importance of working sincerely during articleship.
  • Identifying biological rhythm and one’s physical and mental strength
  • Study the most difficult subject when one is fresh/ upbeat.
  • Optimum utilisation of the commuting time for recapitulating the concepts
  • Group discussion help to clear doubts on intricate topics.
  • Essential to focus on physical fitness and exercise.
  • Chanting”japa” and engagingin contemplation regularly and consistently helps to overcome emotional and mental fatigue.

In conclusion, he helped participants with 20 minutes of guided meditation.

The organisers had also invited three rank holders Ms. Zeel Shah, Mr Chintamani Shukla and Mr Aman Kariwala of CA Exam held in May 2016. They shared their experiences with regard to their individual preparation. Their excellent tips matching with thoseof senior faculties were very useful.

Equipped with the useful tips provided by the faculty and seniors, students left feeling charged, confident and determined to perform. About 90 students attended this programme.

Experts Chat @ BCASSharing Insights on Winning in the Global Market Place

BCAS organized a programme on Experts Chat @ BCAS – “Sharing Insights on Winning in

Global Market Place” on 23rd August, 2016 at its Conference Hall, Mumbai in which eminent Speakers Mr Lee Frederiksen, PhD who specializes in professional services and Mr Nishith Desai, Advocate, addressed the audience. They also participated in a conversation to make it more interactive, narrative and thought provoking for the participants present.The event was streamed alive to enable our members to participate online and several members joined and benefited from the expert chat.

The event started with the welcome address by CA Narayan Pasari, Vice President, BCAS who mentioned that this was a new format of meeting initiated by the Society. It was followed by the release of the new BCAS Publication, Income Declaration Scheme-2016 by the hands of Mr Lee Frederiksen, Mr Nishith Desai and CA Ameet Patel, Chairman of Taxation Committee who introduced the publication. Mr Ameet Patel felt that one must spot and seize the opportunity to attain the success in life. Mr Bhadresh Doshi author of the publication was also present. Mr Nishith Desai, applauded the wonderful efforts of Mr Bhadresh Doshi, Author of IDS-2016 Book along with Mr Sanjeev Pandit and Mr.Gautam Nayak who guided and mentored Mr Doshi in vetting the publication in great detail.Mr Nitin Shingala, Chairman of Human Development and technology initiatives (HD&TI) Committee then introduced the subject of the chat. He talked about Network changes and that one should be more creative and innovative in using the network and expertise in Small and Medium Enterprises which are the most vulnerable in the present environment.

Mr Nishit Desai in his interaction mentioned that Brain Count and not Head Count is important to be positive and confidant and nothing deters you from thinking big.

Mr Lee Frederiksen then made a small presentation on Winning in the Global Market Place. He described the role and importance of referrals in brand building. He mentioned that expectations are changing and one to one relation is becoming a reality now. He also explained the distinction between the Referral Marketing and Sponsorship Marketing. Under referrals, social relationship i.e. attending a meeting/speech/seminar, reading an article, book etc and social media and networking sites such as website online search, online referrals and online search help a lot in generating business. Similarly, Sponsorship is another source of attracting the attention of clients in building the market space. However, in comparison, Sponsorship is the single largest marketing expense in the organizational marketing strategy. Mr Lee also gave more emphasis on the level of expertise and skills the professionals should possess while interacting with the clients and marketing their products like core competency in dealing with clients within the profession and outside the profession. Greater the expertise, greater the expectation in achieving and sustaining business growth. Therefore, professionals must have the ability to display and nurture expertise in building, developing and tracking capabilities. The expertise should be visible so as to market the consultancy services/ products to professionals/clients to make the small and medium firms into big enterprises and conglomerates.

After Mr Lee’s presentation, the dais was set for an interactive chat between Mr Lee and Mr Nishith before the audience and online viewers. Mr Nishith Desai raised some key issues relevant to the professional fraternity which were responded by Mr Lee Frederiksen

After the above chat, Mr Nishith Desai thanked the chief guest Mr Lee and Question and Answer session was opened to the floor. Many questions raised were answered by Dr Lee.

A total of around 70 participants attended the Experts Chat @ BCAS with an equal number live on the stream. The programme was very interactive and well appreciated by the attendees with a huge round of applause. The meeting concluded with a vote of thanks by CA Mr Kinjal Shah

 

 

 

Joint Seminar on Internal Financial Controls and Reporting under CARO, 2016 at Ahmedabad held jointly with Chartered Accountants Association, Ahmedabad on 23rd August, 2016.

Accounting and Auditing Committee of BCAS, with a vision of focussing increased engagement of the Society with its members by reaching out to them at their doorsteps, took a step in this direction by joining hands with Chartered Accountants Association, Ahmedabad and organising release of a BCAS Publication “Reporting under CARO – A Compilation” at Ahmedabad along with a Joint Seminar on Internal Financial Controls for Small and Medium Enterprises and Reporting under CARO, 2016. This was thought apt, since the compilers of the publication CA. Viren Shah and CA. Jeyur Shah were from Ahmedabad.

The Joint Seminar was held on 23rd August, 2016, at Shantinath Hall, Ahmedabad Branch of WIRC of ICAI, “ICAI Bhawan”, Ashram Road, Ahmedabad. The Joint Seminar was very well attended by 130 plus participants.The inaugural address was by the President of Chartered Accountants Association, Ahmedabad, CA Rajubhai Shah. He was very delighted to have BCAS joining in the knowledge sharing journey at Ahmedabad and conveyed desire to have more such joint programs for the benefit of the BCAS members in Gujarat as well as its own members. CA. Mukeshbhai Khandwala, past President of Chartered Accountants Association, Ahmedabad and member of BCAS, spoke about the long association of the two organisations which had lost connect for some years and was glad that the efforts have again been made to have exchange of professional learnings. Later, President of BCAS, CA Chetan Shah, was invited to share his thoughts. He also conveyed the feeling that BCAS was eager to extend its reach and go to the doorsteps of its members to serve them in their professional pursuit. He informed the participants about the activities of the BCAS and requested the non-members to join BCAS. His address was followed by Accounting and Auditing Committee of BCAS, Chairman, CA. Himanshu Kishnadwala, who informed the participants of the relevance of the topics chosen for the joint seminar. The first session was on the topic, “Internal Financial Controls for Small and Medium Enterprises” which was addressed by CA. Himanshu Kishnadwala. He in his inimitable style with relevant illustrations and useful tips dealt with the topic with finesse and relieved the members of the stress which was felt while dealing with IFC in small and medium enterprises.

CA Abhay Mehta was the speaker for the second session on “Reporting under CARO, 2016”. His presentation covered the recently introduced clauses and modified clauses. Later he took the participants through each clause, the relevance of such clauses and the practical way of collating information for reporting under each clause.

This session was followed with brief ceremony of release of the BCAS Publication “Reporting under CARO – A Compilation” at the hands of Past President of ICAI, CA. Sunil Talati. During his brief address he acknowledged the efforts of the compilers of the publication. He also praised the BCAS and its journal for serving the profession. He also appreciated the efforts of BCAS and CAA to reach out to the members with joint programs.

An interactive session was arranged post lunch where the posers relating to the two topics discussed in the morning session were provided to the speakers. CA Himanshu Kishnadwala replied to the IFC posers as well as some of the CARO posers. CA Abhay Mehta replied to the CARO posers.

The joint seminar was acknowledged by the participants as a knowledge gaining experience.

Society News

Seminar on Direct Tax Code

The Taxation Committee of BCAS had conducted a Seminar on Direct Tax Code on 26th & 27th November, 2010 at Y. B. Chavan Pratishthan, Nariman Point. The seminar received very good response. The total enrolment was more than 450 participants which included members from the industry and from different parts of the country. The Seminar was addressed by prominent speakers namely; Mr. Pinakin Desai, Mr. Kishor Karia, Mr. Gautam Doshi, Mr. Rajan Vora, Mr. Gautam Nayak, Mr. Hitesh Gajaria. The speakers highlighted important aspects of the Direct Tax Code and gave suggestions for making proper representations to the Government on certain contentious and far reaching consequences that the DTC may have.

Accounting and Auditing Committee Careers in Internal Audit – An Exploratory Programme

The regulatory framework on one hand and the accelerated pace of the economy on the other hand has made it imperative for progressive enterprises to set up effective Internal Audit systems to aid the management and to enable the enterprise to achieve its objectives. Chartered accountants now have the opportunity to either become a part of the in-house Internal Audit team of large companies, banks, financial institutions, etc. or to join the Internal Audit practice of a professional firm.

To create awareness about the potential careers that await chartered accountants in the area of internal audit, the Accounting and Auditing Committee held a half day exploratory programme entitled “Careers in Internal Audit” on December 11, 2010 at BCAS premises.

Mr. Pradip Thanawala, Vice president, welcomed the participants and shared his thoughts on the changing role of internal audit in present times.

The panel of speakers comprised of – Ms. Neesha Samant, Mr. Nischal Shah and Mr. Shailin Desai, Chartered Accountants. Mr. Nischal Shah was part of the Corporate Internal Audit team of a large IT company prior to pursuing his MBA and thereafter joined a well-known credit rating agency. He elaborated on the advantages of starting one’s professional career with a stint in Internal Audit. Through sharing of his personal experiences, he explained that internal audit provides exposure to the key functional areas of the entity audited and thereby creates ample opportunities of cross-functional interactions.

Ms. Neesha Samant shared her experience as a senior member of the Internal Audit Department of a large group of entities engaged in Banking and Financial Services sector. She drew comparisons between working in industry as in house internal auditor vis-à-vis working in CA firm as an outsourced internal auditor. She convinced the participants that switching between CA firm and the industry is not at all difficult for those pursuing career in internal audit. She also briefed participants on the skill sets and competencies needed to pursue a career in Internal Audit and provided the list of Professional Certification courses that may be taken up by candidates interested in pursuing a career in Internal Audit.

Mr. Shailin Desai, who specialises in Internal Audit and Risk Advisory Services for the Telecom Industry, in a large accounting/consulting firm, gave altogether new insights for pursuing a career in Business & Risk Advisory services with large accounting/consulting firms. Through lucid example of a large corporate house where the Internal Audit Head was asked to take over as the acting-CEO during the absence of the latter, he drove home the organisation-wide role of the Internal Auditor. He also shared his experience of developing industry specialisation within internal audit and the edge that such specialisation creates in present times. His passionate rendering of “the Art of Internal Audit” stirred a lot of interest amongst the young participants.

The programme concluded with a question/answer session that gave the participants a chance to clarify their doubts and address their concerns. The panel of speakers was joined by Ms. Nandita Parekh & Mr. Atul Shah, Course Coordinators in the concluding session. The participants were encouraged to attend the six day Foundation Course on Internal Audit that is scheduled to be conducted by BCAS in the month of February, 2010 as well as to take up membership of BCAS Students’ Forum & Internal Audit Study Circle for ongoing learning in the area of Internal Audit.

The program received an overwhelming response with an enrolment of 78 participants – and for many young participants, it was their first introduction to the BCAS.

Society News

Dt.23/12/2010 2nd Residential Study Course on IFRS

Accounting & Auditing Committee
The second Residential Study Course on IFRS 2010 was jointly organised by BCAS with IMC. It was held at Hotel Gateway Nashik on Thursday 23rd, Friday 24th, & Saturday 25th December. The winter cold and Christmas mood set the perfect tone for the study course.

There were 82 participants (including 21 from industry) for the RSC and were divided into 3 groups.

Day 1: At the commencement of programme, the President extended welcome to the participants, Paper writers, Group Leaders and members of accounting and auditing committee. He shared the vision statement and exhorted that BCAS shall harness talent and disseminate knowledge to members, build skills and network amongst them. He also expressed that sharpening the knowledge on IFRS is the need of the hour. He complimented the accounting and auditing committee for organising this event.

Chairman Himanshu Kishnadwala, briefly gave information about IFRS and explained the course, and the structure of the current programme.

1st Technical Session:
In the first session the Paper Writer Mr. Ramesh Lakshman made an initial presentation on the topic ‘Introduction and concept of Fair Value methodologies and Applicability’.

In his presentation covering the subject Mr. Ramesh touched upon, various important concepts.

He explained that there are different approaches of determining fair value viz.

a.    Market approach, Income approach, and Cost Valuation approach. He suggested to refer to Level 1,2 & 3 of US GAAP.

b.    He explained different applicable inputs to be referred to
At Level 1 The quoted prices in active markets, At Level 2 quoted prices of similar assets (in-terest rate, yield curve prepayment Etc.) At Level 3 Inobservable inputs should be referred to e. g. He suggested to follow guidelines covered in Para AG 69 to 82 of IAS 39.

Post Lunch Group Leaders Ashutosh Pednekar, Anagha Thatte and Jayesh Gandhi discussed actual case studies on Forex and commodity derivatives.

Mr. Simarjeet from Reuters who was accompanying the paper writer in his presentation showed live data of cross currency and curves through internet connections and explained how these data can be useful for Level 2 and Level 3 assumptions. In his concluding presentation, the Paper writer Ramesh Lakshman dealt with the uncertainties and peculiaritiesattached with Fair Valuation.

On Day 2: Group Leader Paresh Clerk, Bharat Jain and Anand Paurana led the discussion paper by Sudhir Soni on IFRS 1 “First time adoption of IFRS”. The Group Leaders with their own power point presentations explained the actual accounting enteries and also covered reference para of IFRS, IFRIC and IAS.

The Group Leaders also covered the case studies on consolidation IAS 27. They explained each case studies and made an interactive presentation and shared reference points from IAS 27.

The total discussion time allotted for the above was 4 hours.

In the Post Lunch Session, the Paper writer Sudhir Soni explained the concepts and responded to the queries and posers raised by each groups.

In the evening CA Vaibhav Manek made an interesting presentation on “Leadership in Professional Service” presentation covering people, process, knowledge base, competence mapping, unique identity of professional practice firms etc. He emphasised need of networking, capacity building, amongst professional firms and grooming and mentoring Leadership.

After the presentation participants had sumptuous dinner at Pool side enjoying cold weather and music.

On Day 3: The group leaders Manish Sampat and Vijay Mehta, Gautam Shah and Hasmukh Dedia, Murtuza Vajihi and Nitesh Dedia respectively led the discussion on paper on Revenue recognition. (with focus on Infrastructure and real estate sector) written by Khozema Anajwalla and Atul Deshmukh.

Both paper writers and six group leaders emphasised that to understand standards, first the same have to be read, facts studied and then applied.

In the concluding session participants expressed their satisfaction. The Chairman complimented the convenors and the BCAS staff led by the GM for the excellent co-ordination and arrangements for the RSC.

Dt. 4/01/2011 Book Release (Service Tax)
The revised and updated edition of Service Tax Books were released on 4th January 2011 at the hands of CA. Mayur Nayak, President, CA. Pradip Thanawala, Vice President, CA. Govind Goyal, Chairman – Indirect Taxes and Allied Laws Committee and CA. Suhas Paranjpe, Convenor – Indirect Taxes and Allied Laws Committee. Four books namely, Service Tax – Basic Concepts and Procedures, Service Tax Goods Transport Agency Services, Service Tax – Business Auxiliary Services and Business Support Services and Service Tax – Construction Related Services.

BCAS Foundation Jointly with PCGT, IMC, PCaW
A talk on Whistleblowing was organised by Public Concern for Governance Trust, AntiCorruption Cell of the Indian Merchants’ Chamber (IMC) and BCAS Foundation(Bombay Chartered Accountants’ Society) at the Babubhai Chinai Committee Room,IMC on January 7, 2011.

BCAS Foundation Jointly with PCGT, IMC, PCaW : Gathering listening to the talk

Mr. Julio F. Ribeiro, Chairman, Anti Corruption Cell, welcomed the participants. He spoke about the importance of Whistleblowing. He added that the name ‘Public Concern for Governance Trust’ was taken from ‘Public Concern at Work’ (PCaW) UK.Dr. Dhananjay Samant, Chief Economist, represented IMC and was seated on the dais Mr. Narayan Varma, Trustee, PCGT, explained the concept of Whistleblowing to the participants. He also discussed the recent attacks on RTI activists in Mumbai.Ms. Sukaina Esmail, Program Director, PCGT, introduced Ms. Shonali Routray, Client Services Manager, PCaW. Ms Routray introduced the topic of Whistleblowing in the new cyber age with the Wikileaks story. She spoke about the scope and process of Whistleblower protection in the UK. She discussed the mechanism and scope of Public Interest Disclosure Act,UK and presented statistics on the cases received and the judgments made. Ms Routray discussed Indian law with respect to Whistleblowing and highlighted some of its mechanisms and the protections it offers. Mr. Yeshwant Gawand narrated his own experiences as a whistleblower. He spoke about how he was beaten up for taking on a Shiv Sena corporator over alleged encroachments and undeclared assets. Mr. Ribeiro assured him of support from PCGT. Mr. Nitin Shinghala, Joint Secretary, Bombay Chartered Accountants’ Society thanked Ms. Shonali Routray, the IMC and all the participants for attending the meeting.


Dt. 7/01/2011 Study Tour to Bangalore

Seminar Committee:
Seminar Committee of BCAS organised a Study Tour to Bangalore and Mysore from 7th January, 2011 to 9th January, 2011. 67 participants (including 16 participants from Bangalore) participated. On 7th January, participants visited General Assembly Plant of Toyota Kirloskar Motor Company and then visited campuses of Wipro and Infosys at Bangalore. The company officials at the 3 locations also made detailed presentations. Next day, the participants visited Infosys Technology’s Training Centre and Leadership Facility at Mysore, spread over 344 acres. Participants were amazed to see World Class facilities to train 10,000 trainees at a time at one location with facilities for lodging and boarding. The campus was impeccably maintained. One felt proud as an Indian that an Indian Company could create such a World Class facilities which other leading companies in the world would aspire to have. One was left wondering about the systems and processes at work behind such a large and beautiful facility working with such a clock – work like precision. This is a result of one man’s vision and dedication.

VISIBLE BENEFITS TO THE PARTICIPANTS OF VISITING GROUP OUT OF OBSERVATIONS & PRESENTATIONS AT WIPRO & INFOSYS:

  • Driven by values and highest adherence to those values, is the ultimate mantra.
  • Clarity of vision, goals and mission is paramount.
  • Skills of implementing the large projects are essentials.
  • Leaders can be groomed and trained.
  • Excellent infrastructure and energetic working environment are essentials.
  • Human capital is the most valuable asset class.
  • World class and excellent training facilities are must for sustainable and impressive growth.
  • There is no substitute for honesty, integrity, hard work and conducive environment.
  • Quality….Quality….Quality in every area and everywhere.
  • Excellent township to house employees is indispensable.
  • Grit, focused approach and passionate working make the work enjoyable, as well as successful.

The Study Tour held ended with half – day conference jointly with Karnataka State Chartered Accountants’ Association. The following presentations were made:

1.    IFRS-Traditional Issues & Implementation Challenges by CA. Vinayak Pai, Bangalore. The session was chaired by CA Krishna Swamy.

2.    International Taxation – Recent Developments by Ms. Bijal Ajinkya, Advocate, Mumbai. The session was chaired by CA Padamchand Khincha.

The study tour was organised in cooperation with the Karnataka State Chartered Accountants’ Association. BCAS appreciates efforts of CA H. Padamchand Khincha, CA Prabhu Allama, CA Ganapath Raj, Mr. Laxman and other Office Bearers of KSCAA, who played an active role in the success of the tour.

15th January 2011 Half-Day Workshop on MVAT Audit and Levy of VAT on Builders & Developers

Indirect Taxes and Allied Laws Committee:
BCAS had organised a Half-Day Workshop on MVAT Audit and Levy of VAT on Builders & Developers on 15th January 2011. The faculty for the first session on levy of VAT on Builders and Developers was CA. Rajat Talati. After touching upon the history of levy of VAT on Builders and Developers, the speaker outlined the whole scheme and the different Schemes for taxation under the MVAT Act and the issues and controversies under each scheme. The speaker indicated in a detailed manner how different dates were critical to determine the scope, extent and manner of coverage. The speaker also touched upon Practical Issues relating to the same and explained how in practical scenario even minute details can change the manner of levy.

In the concluding part, the speaker touched upon VAT implications relating to Redevelopment of societies and also guided the participants on their queries. The meeting ended with a vote of thanks to the Speaker.

The faculty for the second session on Revised Form 704 relating to VAT audit, Mr. Kiran Garkar started with a brief outline of Form 704. He then took up Annexure-wise detailed coverage of the revisions made in Form 704 beginning with Annexure J and moving on from Annexure G to I. Lastly, he touched upon the Annexure F pertaining to ratios and explained how the ratios, were in effect partly verifying the same details in different way. He also explained how the ratios had newly added the details pertaining to opening and closing inventory. There were a lot of questions relating to how the data should be input including purchases where set-off was not availed. The speaker clarified on each of them and explained how one would need to use their judgment and at the same time, clearly disclose the manner of arriving at reported figures. The meeting ended with a vote of thanks to the Speaker.

10th January 2011 Lecture Meeting by Sis. Shivani (Brahmakumari) on Unlocking the Treasures of Life

Lecture Meeting (Under the Auspices of Amita Memorial Trust, jointly with Bombay Chartered Accountants’ Society and Chamber of Tax Consultants)

Subject    : 
Unlocking the Treasures of Life
Speaker  : Brahma Kumari Shivani
Date    : January 10, 2011

Amita Memorial Trust has been created in the memory of Amita Momaya, a young Chartered Accountant and a core group member of BCAS, who passed away on January 31, 1987 at the age of 26 years. Under the auspices of Amita Memorial Trust, Bombay Chartered Accountants’ Society jointly with the Chamber of Tax Consultants, organised a spiritual talk by Brahma Kumari Shivani, on Januray 10, 2011. Shivaniji held the audience spellbound, as she explained that the ability to control one’s mind is the secret of happiness. Through a series of day-to-day incidents, she impressed upon the audience that happiness resides within all of us, and yet we try to find it outside. She compared happiness to a filled glass that we all already possess – and rather than protecting the contents of this glass, many of our reactions result in leakages and spillages from this full glass.

Brahma Kumari Shivani, eloquent speaker of the popular talk show “Awakening with Brahmakumaris” has inspired millions across the globe through her profound insights on spirituality. At this spiritual talk she once again touched many-a-souls and created a unique spiritual experience for the listeners. Her ability to combine practical situations with simple insights makes the audience convinced that spirituality and true happiness is within their reach. Her talk not only enlightened, but also empowered the audience on their inward journey.

Society News

Report on the Europe Tour of BCAS

A delegation of 21 persons comprising of members of BCAS and their families went on an educational tour to Europe from 30th May to 12th June 2011. The delegation visited six countries, namely, Switzerland, Austria, Germany, Belgium, Netherlands, and France.

The members started off from Switzerland where they visited Zurich University at which the campus of the veterinary medical college was simply awesome. It had big parks and a lake inside, with a modern library and congenial atmosphere for learning. Our delegates interacted with some students including an Indian and learnt that the Zurich University is spread over a huge area and that the campus we visited is just a small part thereof.

Thereafter, the delegation embarked on an orientation tour of Zurich which is a well planned and clean city, with large buildings of UBS, Credit Suisse and other monuments. Being a sunny day, most Europeans were found riding bicycles and/or taking sun bath by the side of a river. Post Zurich, the members travelled to Luzern and stayed at Swiss Chalet –Schloss Hotel.

On 3rd June 2011 the members visited the University at Munich, Germany, where they were warmly received by Prof. Denial and Prof. Bahwa, juniors of Prof. Dr. Moris Lehner. Members were taken for an orientation tour of the Munich University covering Convocation Hall, Class Rooms and were briefed about the historic association therewith. The University comprising different departments is spread over many buildings. One of the buildings, houses two Auditoriums – one very old and the other recent one. Members visited the class room where Late Prof. Dr. Klaus Vogel used to take lectures.Prof. Dr. Lehner exchanged pleasantries with the delegation. He has succeeded Prof. Dr. Klaus Vogel. He and his team is presently busy working on the 6th edition of the most celebrated title “Klaus Vogel on Double Taxation Conventions”. This book will be published in German Language, whereas Prof. Dr. Ekkehart Reimer (once his junior) from Heidelberg University is working on the English edition of the book. Members were touched by the hospitality extended by Dr. Lehner and his team. It was a very rewarding experience to have visited Munich University.

On Saturday 4th June 2011, the delegates visited Heidelberg University where they were warmly received by Prof. Dr. Ekkehart Reimer and his team. The University was established in 1385 and has 625 years of glorious history. The late Prof. Dr. Klaus occupied his chair at this University from 1966 to 1977 and then moved on to Munich. Prof. Reimer had organised a conference to discuss German Tax System and some of the recent rulings in the light of German Tax Treaties. He made an excellent presentation where members participated enthusiastically. The delegates were shown the “Students’ Jail” where punishment was meted out to errant students in good old days, which has now become a place for sightseeing. Members appreciated efforts and pains taken by Prof. Reimer and his team.

On Tuesday 7th June 2011, in the first half, members visited the University of Leiden which is the first University in the Netherlands, founded on 8th February 1575. The motto of the University is “Praesidium Libertatis”, Bastion of Liberty. The delegation visited the International Tax Centre situated on the banks of a canal. Leiden is beautiful city with, neat and clean streets and picturesque buildings on both sides of the canal. Mr. Michail Tegos (Mike), Program Coordinator for Adv. LLM International Tax Law extended a warm reception to the delegation. Delegation visited International Tax Centre (ITC) with class rooms, studio apartment for faculties, students’ reading room, researchers’ reading cubicles and the convocation hall. Normally, a batch comprises 40 students, mostly Europeans, and sometimes Asians including Indians. We found one student from India and one NRI student from Singapore pursuing their Masters at Leiden. The group was fortunate to meet the Director of ITC and an erudite personality, Prof. Dr. Kees Van Raad. He spent some time with the delegates and explained various courses conducted by the ITC at Leiden. He exhorted members to take advantage of these courses. Later, members visited the Law Department building beautiful library and a lecture hall. Members expressed their gratification over the visit and thanked Mike for all his efforts in making the visit memorable.From Leiden, the delegates drove to Amsterdam and visited International Bureau of Fiscal Documentation (IBFD) where the Director, Belema Obuoforibo, of the Knowledge Centre and various other officials extended a warm welcome to the delegates. Seven different presentations were made on various activities of IBFD. The entire programme was meticulously planned. First, Ms. Belema, introduced the working of the Knowledge Centre. Thereafter, Ms. Jolien Terpstra informed about the Library and Documentation Centre. Ms. Myra Flaminiano briefed about the activities of the Government Consultancy Department, whereas Mr. Ban Van Breevoort, Publisher introduced the Online Research Platform. Mr. Shee Boon Law and Ms. Leandra Juilen, both from the International Tax Academy, enlightened the delegates about the Academy’s activities and expressed a desire to organise joint programmes with BCAS. Mr. Frans Vanistendael, the Academic Chairman, talked about the various academic initiatives undertaken. The delegates then visited state of the art library on International Tax Literature. It was a proud moment to see one of the publications of the BCAS in the IBFD library.

On Thursday 9th June, 2011 at 9.30 am, the delegation of Organisation for Economic Co-operation and Development (OECD) at Paris, France. Mr. Stefaan. DEBAETS, Advisor – Transfer Pricing, had oragnised a conference on Transfer Pricing for the benefit of the delegates. Ms. Linda Aidan from the OECD Public Affairs Division. warmly received delegates. Mr. Jean de la Rochebrochard briefed members about OECD and its activities. Ms. Mayra Lucas made a presentation on the OECD Transfer Pricing Guidelines, 2010 which was very informative and instructive. She also briefed about the future work contemplated by OECD. After the presentation, the delegates visited some of the facilities at OECD. The infrastructure at OECD is amazing. As high ranking officials/ representatives visit the institution throughout the year, the security is very stringent. Meeting and Assembly halls of different capacities are in place to take care of meetings of various working groups of members countries/observers on a variety of issues from environment to governance and taxation.In conclusion, the tour was very successful, as members had an opportunity to visit some of the reputed educational institutions the world over, which has not only widened their academic horizon but would also help them in their professional pursuit. Young members were fascinated by the courses offered by various institutions and got a valuable input for their career planning. Seniors had an occasion to interact with faculty to understand the subjects from different perspectives. The kind of respect and reception our members received from each of these seats of learning was simply unparalleled. Delegates realised that the BCAS is known and respected overseas everywhere.

A set of reading material received from various Institutions/Universities is available in the BCAS library for the benefit of its membership.

BCAS acknowledges with thanks the efforts put in by S/s Roy Rohatgi, T.P. Ostwal and Dhaval Sanghavi in facilitating above visits.

Society News

Recent Important Judgements in Service Tax
Mr. V Sridharan, Advocate, and Founder Partner of Lakhsmikumaran and Sridharan addressed the members on the subject of ‘Recent Important Judgements in Service Tax’ on 19th January 2011 at the IMC. The speaker in his interactive style covered various issues with regard to the constitutionality of various provisions enacted under the service tax law. The highlight of the lecture was the support the speaker drew from various precedents under Indian and foreign cases to explain the fundamentals regarding the constitutionality of levy of service tax.
At the outset, the speaker dissected in detail the provisions relating to levy of service tax on under construction flats and analysed the niceties of the decision of the Punjab & Haryana High Court upholding the constitutional validity of the same. Thereafter, he analysed the provisions regarding the retrospective validation of the amendment regarding the renting of commercial properties. He also dealt with the complex issue of overlapping jurisdictions of taxation in case of financial leases.

Before the end of the seminar, participants also got a chance to get their queries answered from the learned speaker. His enthusiasm coupled with his deep knowledge of the subject was well appreciated by the participants.

Government’s Initiatives on Electronic Credit for Income-tax Payments

Meeting was addressed by two senior executives from NSDL, along with Ms. Delnaz Mistry, Manager NSDL on Government’s Initiatives on Electronic Credit for Income Tax payments on 31st January 2011. They touched upon subjects of TDS, Quarterly statements, issues relating to mis-mactch, and allotments of Permanent Account Number. They also dealt with procedure for obtaining PAN by non residents.

The Power Point presentation covered various practical issues dealing with TIN, E-payments, Challan Status Enquiry, key points for preparation and submission of E-TDS statements, Quarterly Statement Status, Refund Status, Registration for viewing of Form 26AS and benefits of Form 26 AS.

Speaker brought out the common errors/ inconsistencies and gave practical suggestions to overcome the same. She also informed of new initiatives planned that are likely to be introduced in near future. The participants raised their queries and pointed out difficulties faced by them was and shared their experience. The meeting was highly interactive. NSDL officials promised all the help to members to sort out their difficulties.

Nani Palkhiwala Memorial Lecture

The Eighth Nani A. Palkhivala Memorial Lecture was held on 7th February 2011 at the Tata Theatre, NCPA, Nariman Point, Mumbai 400 021 on ‘The Emerging Scenario in Education’ and was delivered by Mr. Kapil Sibal, Minister for Human Resource Development, Science & Technology & Earth Sciences, Communications & Information Technology, Govt. of India.

In the beginning the Sixth Nani A Palkhivala Civil Liberties Award was presented to Chaman Lal for the protection and preservation of civil liberties. The Award was presented by Mrs. Justice Sujata Manohar (Retd.).

Mr. Kapil Sibal presented the Vision 2020 of the Government of India in the field of education. He informed that the Government was committed to improve the education scenario in India. Enactment of the Right to Education Act was the first step in that direction. He emphasised the need for improving the ratio of school and college going children. By the end of the next decade India would need about 40,000 more colleges and about 1000 new universities. He also informed about the plan to connect colleges and universities through optical fiber which would enable students to learn online from any place and from any College/University.

He reiterated his Government commitment to reduce stress and tension associated with the present education system and assured steps to introduce comprehensive and continuous evaluation system.

He expressed hope and trust in Indian youth and promised them better tomorrow.

Standard Chartered Mumbai Marathon, 2011

Standard Chartered Mumbai Marathon, 2011, was held on 16th January, 2011. Bombay Chartered Accountants’ Society supported the cause of education by registering as an NGO for the Marathon. Over 50 members participated from the Society and ran for the cause. The enthusiasm of the members was visible as they all supported the cause in good number irrespective of their age. Members not only supported for the DREAM RUN which was for 6 Km but also the HALF MARATHON of 21 Km & FULL MARATHON of 42Km.
Accounting & Auditing Committee

February 2011 was celebrated as the Internal Audit Month at BCAS. The month started with the launch of the seventh six days Internal Audit Studies Foundation Course at Hotel Parle International from 7th February 7, 2011 to 12th February, 2011.

The course received an overwhelming response with a full house with more than 50 participants from various locations including Delhi, Chennai, Pune, Nasik, Ahmedabad, Vadodara and Rajkot.

The course commenced with the Chairman Mr Himanshu Kishnadwala, and Mr Mayur Nayak giving their opening remarks. The course was inaugurated by Smita Gune, a pioneer in the field of Internal Audit, with over 23 years of experience behind her. She spoke about the various opportunities and challenges that face the Internal Audit Profession and also shared with the participants various ways in which such challenges could be addressed. She also lucidly shared vignettes from her exciting journey.

Over the six days, participants were treated to a well-designed course which included:

  •     Internal Audit Overview.
  •     Positioning of Internal Audit in the Corporate framework.
  •     Evolution of Internal Audit, with specific reference to the Indian environment, regulatory framework facilitating Internal Audit.
  •     Preface to Standards on Internal Audit and relevant SIAs.
  •     Internal Audit Objective – Internal Controls,
  • Compliances, Resource optimisation, Ethics and Governance.
  •     Internal Audit Process – planning (audit charter, audit plan, scope determination, scope review), resource mobilisation & pre-preparation.
  •     Internal Controls – the heart of Internal Audit, with Case studies.
  •     Basics of Risk Management and Risk Assessment.
  •     Situation analysis – Probing skills.
  •     Internal Audit – How to make an impact.
  •     Internal Audit Process – execution: field work and working papers.
  •     Report Writing.
  •     Internal Audit – Case Studies.
  •     Internal Audit in IT environment – orientation (i.e., specific focus on the need to understand, appreciate and utilise the IT environment of the auditee for effective Internal Audit), practical examples in Tally, ERP, web-based system.
  •     Internal Audit – Bag it, Sell it, Present it.
  •     Use of CAATS (for Internal Audit evidence collection).
  •     Building an Internal Audit Team.
  •     Presentation skills and
  •     Data Mining & Analytics for Internal Audit.

The faculty, drawn from both the industry and profession, included Ms. Nandita Parekh, Mr. Bhargav Vatsaraj, Mr. Himanshu Vasa, Mr. Deepjee Singhal, Mr. Jairam Rajshekhar, Mr. Nikunj Shah, Mr. Shailin Desai, Mr. Ravindra Rao, Mr. Kunal Pande, Mr. Atul Shah and Ms. Preeti Cherian.

As part of the concluding session, the participants expressed their deep sense of gratitude to the Society for having conducted such a course which will enable them to provide quality service to their clients. The course concluded with remarks by Past President Mrs Narayan Varma who also distributed certificates to all the participants.

Human Resources Committee:

The Human Resources Committee of BCAS under the auspices of Amita Memorial Trust organised a workshop for its members and students on ‘Effective Communication and Public Speaking’. This workshop was held over three days in February 2011 at the Society’s premises.
Veteran HR trainers Mr. Murli Mehta & Mr. Vivek Patki were the faculty and the workshop had 32 participants. Initially, the basic process and the fundamentals of effective communication were dealt with. Participants were educated about important tools and practical tips on how to succeed in public speaking were imparted. The workshop was specifically designed for members and students keeping in mind some of the most difficult communication issues students and members face while interacting with other people. The motivators also conducted useful exercises on confidence building when speaking in public, ability to overcome anxiety and nervousness when preparing for public and techniques to enhance personal public speaking styles were explained.

The workshop provided personal attention to each participant with constructive and effective feedback along with performance appraisal. This was an excellent opportunity to practice and assess the strengths and ability to use and control ones voice more effectively. The participants were made aware of use of non-verbal signals and physical appearance while speaking.

All the participants were happy with the workshop and the feedback received from them was very encouraging.

After two days of practice the participants were given assignment to prepare and make a five minutes speech on the concluding day. The topics were contemporary and marks were allotted for all the important aspects like opening of a speech, body language, eye contact, gestures, content, overall impact, timing and conclusion. Three judges were called to judge and give their feedback. Six useful management books were distributed to the first three winners and three consolation winners. President Mayur Nayak, Vice President Pradip Thanawala, Past Presidents Pradeep Shah and Rajesh Muni and Managing Committee member Manish Sampat were present at the inauguration and concluding of this workshop. The judges who graced the occasion were Mr. Nitin Shingala, Mr. Mukesh Trivedi & Mr. Kinjal Shah.

Lecture Meeting

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Financial Instruments (Including derivative transaction) – Accounting aspects on 21st November 2012 at Indian Merchants’ Chambers

Mr. Raghuraman K. Iyer, Chartered Accountant, explained the accounting aspects related to recognition, measurements and disclosure of financial instruments including issues arising therefrom at this lecture meeting. The learned speaker dealt with in great detail about financial assets and liabilities and derivative accounting. The meeting was attended by over 350 participants. The webcast of the meeting is available on BCAS Web TV to subscribers.

ICAI Election and Governance–Members expectations and duties on 28th November 2012 at Indian Merchants’ Chamber

In view of the triennial elections to the Central and the Regional Councils of the ICAI, the Society organised a panel discussion moderated by Mr. Shariq Contractor. The learned panelists Mr. Arvind H. Dalal, Mr. Y. M. Kale and Mr. Jayant P. Gokhale, Chartered Accountants, highlighted various challenges being faced by the profession and discussed the role of the members, including voting for the right candidates in the upcoming election. The panelists answered questions from the audience. The webcast of the meeting is made available on BCAS Web TV to all the members.

Mr. Dilip V. Lakhani, Chartered Accountant, explained the legal provisions in respect of a Limited Liability Partnership (LLP) at this lecture meeting. The speaker discussed various issues arising relating to formation and taxation, conversion of a Partnership Firm/Company into LLP, tax issues relating to conversion, conversion of LLP into a Company, formation of LLP by Chartered Accountants in Practice, compromise and arrangements, merger & demerger, dissolution of LLP, winding up of LLP, implications under the FEMA and stamp duty implications. The meeting was attended by over 450 participants. The webcast of the meeting is made available on BCAS Web TV to the subscribers.

Other programmes

Professional Accountant Course – Batch XV, Inauguration on 20th November 2012 at HR College




The 15th batch of the Professional Accountant Course, jointly organised by the Human Resource Committee of the Society and HR College of Commerce & Economics, was jointly inaugurated by President Mr. Deepak Shah, Chartered Accountant and Mrs. Indu Shahani, Principal of HR College. The dignitaries congratulated about 60 students enrolled for this course for continuing their learning and motivated them to pursue excellence. Mr. Parag Thakkar, Vice Principal of HR College, and Mr. Manish Reshamwala, Chartered Accountant and course coordinator, also addressed the participants ,giving them guidance about the course and how to gain maximum benefit therefrom.

The Infotech & 4i Committee had organised this 2 Day Workshop which received very good response from 65 participants comprising of members as well as non-members and was addressed by the following learned faculties:

The participants gained immensely from the wealth of knowledge and experience shared by the learned faculties.

The Thirteenth Intensive Study Course on Double Tax Avoidance Agreements conducted by the International Taxation Committee of the Society received full house response from 67 participants, in line with earlier editions. The course commenced with a welcome address by President Mr. Deepak Shah and inaugural address by Mr. Kishore Karia, Chairman the International Taxation Committee, who explained the structure of this course to the participants. The inaugural programme was followed by the first session where the learned faculty Mr. T.P. Ostwal, Chartered Accountant, introduced the participants to the concept of Double Tax Avoidance Agreements.

4th Residential Study Course on IFRS/Ind AS from 13th to 15th December 2012 at Hotel Dukes Retreat, Khandala

The 4th Residential Study Course was organised from 13th to 15th December 2012 by the Accounting & Auditing Committee of the Society at the scenic location of Khandala amidst the Sahyadri range. The following Papers with case studies by learned faculties were discussed: The group discussions were led by a team of able group leaders comprising of Ms. Anagha Thatte, Mr. Ashutosh Pednekar, Mr. Atul Shah, Mr. Jayendran Iyer, Mr. Jayesh Gandhi, Mr. Paresh Clerk and Mr. Prashant Mehta.

Over 65 participants, comprising of members as well as non-members, returned home well rejuvenated and enriched by wealth of knowledge and experienced gained through the deliberations. The CD containing course reference material, case studies with solutions and presentations given by respective paper writers will be released soon.

Analysis & Discussion on the Implications of the Supreme Court decision of 13th September 2012 in the matter of Namit Sharma with regard to Right To Information Act on Thursday, 29th November 2012 at Society Office.

This lecture meeting was organised by the Society jointly with the Public Concern for Governance Trust, Dharma Bharathi Mission, Forum of Free Enterprise and M. R. Pai Foundation. The learned speakers Hon. Justice (Retired) Hosbet Suresh and Shri Shailesh Gandhi, Former Central Information Commissioner, discussed and analysed the Supreme Court’s judgment, its impact on rights of the citizen under the RTI Act and representations being made to the Government by various organisations. The meeting evoked very good response and was attended by over 100 persons.

Workshop on MVAT & Service Tax from 6th December 2012 to 30th March 2013 at STPAM Library, Mumbai

The Workshop on MVAT & Service Tax, organised by the Society jointly with the Chamber of Tax Consultants (CTC), the Sales Tax Practitioners’ Association of Maharashtra (STPAM), All India Federation of Tax Practitioners (AIFTP) and Malad Chamber of Tax Consultants (MCTC) was inaugurated on 6th December 2012 at the STPAM Library. The Presidents of the respective organisations, i.e. Mr. Deepak Shah, Chartered Accountant, BCAS, Mr. Manoj Shah, Chartered Accountant, CTC, Mr. Pankaj Parekh, Chartered Accountant, STPAM and Mr. Sachin Gandhi, Chartered Accountant, MCTC welcomed the participants.

The Course Coordinator Mr. Pranav Kapadia, Chartered Accountant, introduced the workshop structure and various sessions. The workshop evoked strong response from over 200 participants, highlighting the importance of indirect taxes amongst practicing professionals.

Lecture Meeting

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Selected Tax Accounting Standards, 20th December 2012, at Indian Merchants’ Chamber

Mr. Kishor B. Karia, Chartered Accountant and past president of the Society, presented an insightful analysis of proposed Tax Accounting Standards (TAS). The learned speaker explained various issues and challenges likely to arise from implementation of proposed TAS in the current form, resulting in increased hardships and litigation. The meeting was attended by over 400 listeners.

Recovery & Stay Proceedings, 2nd January 2013, at Indian Merchants’ Chamber

Dr. K. Shivaram, Advocate, explained legal provisions in respect of Recovery & Stay Proceedings and recent case laws on the subject. The learned speaker covered recovery proceedings before and after assessment, properties that can be and cannot be attached, joint and several liability of directors and partners, remedies against recovery and other related issues. The meeting was attended by over 250 listeners. The webcast of the meeting is available on BCAS Web TV to the subscribers.

Other Programmes

Educate a Child – Create a Personality, 19th December 2012, at the Society’s Office

This programme was jointly organised by the BCAS Foundation and Dharma Bharathi Mission, to encourage volunteers to devote their time to educate the underprivileged children living in slums and at Municipal schools in Mumbai and demonstrate benefits of volunteering. It was an interactive meeting of all stakeholders with young nation builders to hear their experience, to share, to interact and to recognise their good work as well as that of their mentors. Mr. Narayan Varma, Chartered Accountant and Trustee, BCAS Foundation, and Mr. Paramjeet Singh, Trustee, Dharma Bharathi Mission, welcomed and addressed the volunteers who were felicitated at the hands of Mr. Vinay Somani, Founder, Karmayog.

 Sports Day, 30th December 2012, at BMC Sports Complex

The Membership & Public Relations Committee organised the First Sports day for members, their families and students. Mr. Dilip V. Lakhani, Chartered Accountant and Past President and a former All India Ranked International Table Tennis Player, inaugurated the event. The Sports Day received enthusiastic response from 65 participants who enjoyed playing games like Badminton, Table Tennis, Carrom and Chess. The programme ended with prize distribution ceremony at the hands of President Mr. Deepak R. Shah, Chartered Accountant, to the following Winners and Runners-Up:




Right to Information
Future Possibilities & Way Forward, 15th January 2013, at the Society’s Office

This meeting was organised by the BCAS Foundation to discuss various challenges being faced by the Right to Information movement and the way forward. The discussion was led by eminent social and RTI activists Ms. Aruna Roy [member of National Advisory Council (NAC) and co-founder of the Mazdoor Kisan Shakti Sanghathan], Mr. Shailesh Gandhi (former central information commissioner), Mr. Nikhil Dey [member of National Council for People’s Right to Information (NCPRI)] and Mr. Shankar Singh [member of Mazdoor Kisan Shakti Sangathan (MKSS)] along with other RTI activists. The forum felt that violence on users, court stay on prominent decisions of the information commission, rulings that limit the scope of RTI and threats from the government through legislations were major challenges being faced. Also, most new laws being framed provide for exemption from the RTI Act diluting the power of the RTI. Also, the Courts have been limiting the scope of RTI with words like ‘intimidating and suppressing’ when information about bureaucrats is sought. While RTI has managed to achieve a lot and people have learnt to use it, the system, too, is learning to resist it. It was agreed that there was a need for a country-wide alliance for transparency and accountability. Mr. Narayan Varma, Chartered Accountant and Trustee of BCAS Foundation, chaired the meeting. He explained the active role played by the Society in RTI movement and assured continued active participation by the Society.

Screening of “AHIMSA-The Strength of Non violence”, 14th January 2013, at the Society’s Office

BCAS Foundation, Dharma Bharathi Mission and Public Concern for Governance Trust jointly arranged the screening of this movie which shows an exemplary story of how after a tenacious, nonviolent struggle, the villagers of Sannai in Madhya Pradesh, India, obtained their rights for land and water. The exemplary story of these tribal people showed the fascinating strength inherent in the principle of Ahimsa: non-violence. In a society where corruption and caste conflicts undermine democratic rights, the Adivasis are supported by activists of the Gandhian Forum for Solidarity: “Ekta Parishad”. To this day, its founder P.V. Rajagopal and his colleagues train young people in non-violence when struggling for a dignified and sustainable social change. The film maker Professor Kari Saurer, from Zuric, Switzerland was present at the screening.

The movie was well appreciated by the audience.

Society News

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Effective Inter-Action with
Clients & Success Factors of Successful Organisations, 30th June
2013, at Directi Internet Solutions Pvt Ltd, Andheri East.



Participants of Effective Inter-Action with Clients & Success Factors of Successful Organisations

Human
Resources Committee had organised a very helpful full day workshop.
This workshop was intended to enhance the soft skills required in the
corporate business environment. Honourable speakers, in their
motivational speeches, enhanced the knowledge of the audience with their
rich experience sharing. The speakers at the Workshop were Mr. Vivek
Patki and Dr. Anil Naik.

The knowledge shared in the lectures
was well received by the audience. More than 20 participants attended
the program for the enlightenment of above knowledge.

Workshop on Standards on Revised Audit Report & Audit Documentation, 21st June 2013, Jai Hind College, Churchgate.



Mr. Naushad Panjwani (President), Mr. Mukesh Trivedi, Mr. Himanshu Kishnadwala, Mr. Khushroo Panthaky (Speaker), Mr. Suril Shah

Accounting
& Auditing Committee organised an informative workshop on Standards
on Auditing (SAs) 700,705,706. These standards have undergone important
changes recently and are critical for issuance of audit report. The
workshop was meant to enable the auditors to discharge the attest
function in accordance with the requirements and to maintain appropriate
documentation. The speakers were delighted at the undivided attention
from over 120 participants. The session ended with the honourable
speakers’ answering of doubts on the subject of their expertise.

Topics covered by both the Speakers:

 Topics

  Speakers

 Standards on Auditing on Audit conclusions and Reporting:
(SA 700, SA 705, SA 706, SA 710, SA 800, SA 805, SA 810)

 CA. Khushroo B. Panthaky

 SQC1 & SA 230 (Audit Documentation)

 CA. Khurshed Pastakia

Filing of Returns for Assessment Year 2013-14, 3rd July 2013, Rama Watumull Auditorium, Churchgate.



Mr. Ameet Patel (Speaker), Mr. Naushad Panjwani (President) Mr. Deepak Shah and Mr. Saurabh Shah

Mr.
Ameet Patel, Chartered Accountant, spoke on Filling of Returns for
Assessment 2013-2014. In his presentation, Mr. Patel covered the various
guidelines. He deliberated on recent amendments in ITA/ITR and further
went on to describe a stepwise guide to select ITR forms as per
requirements, explained usability of the changes in online filing of
returns, online form submission process, general changes across ITRs and
lastly, the precautions to be taken while preparing the Return of
Income.

The lecture was well appreciated by an audience of over
900 people attended. Even as the lecture ended late on a rainy evening,
the questions from enthusiasts compelled the speaker to continue longer
than the usual end time.

The presentation is made available at
www. bcasonline.org & www.bcasonline.tv respectively, for benefit of
the members and all subscribers.

Domestic Transfer Pricing – Important Issues, 10th July 2013, Rama Watumull Auditorium, Churchgate.

Mr.
Pinakin D. Desai, in his first lecture of the BCAS year 2013-14, spoke
about the new topic. Transfer pricing regulations introduced in India in
2001, till very recently covered only cross border transactions between
associated enterprises. The Finance Act, 2012 has extended
applicability of transfer pricing to ‘Specified Domestic Transactions’.
Focusing on the new provisions, Mr. Desai spoke on their implications.
With his vast experience and in-depth knowledge on International
Taxation, Mr. Desai addressed a full auditorium of more than 580 people.



Mr. Pinakin Desai (Speaker)

The
presentation is made available at www. bcasonline.org &
www.bcasonline.tv respectively, for members’ benefit and all
subscribers.

64th Annual General Meeting, 6th July 2013, Rangaswar Hall, Y. B. Chavan Pratishthan, Nariman Point.

The
64th AGM of BCAS was held on Saturday, 6th July 2013 at Rangaswar Hall,
Y. B. Chavan Pratishthan, Mumbai. The President of the Society Mr.
Deepak Shah took the chair. All items as per the agenda given in the
notice were undertaken including adoption of accounts and appointment of
the auditors amongst other things.

Mr. Raman Jokhakar, Joint
Secretary announced the results of the election of President, Vice
President, 2- Joint Secretaries, Treasurer & 8 – members of the
Managing Committee for the year 2013-14. Also the names of co-opted
members and ex-officio members were announced.

.

The “Jal Erach Dastur Awards” for best feature and best article appearing in BCAS Journal during 2012-13 was announced. The winners were: Puloma Dalal, Bakul Mody for the feature on ‘Service Tax’, Sriraman Parthasarathy for article on ‘Auditor’s Dilemmas!’.

Three books were released at the AGM:

1.    Audit Checklist for Companies – by Raman Jokhakar & Nalin Shah was released by Mr. K. C. Narang.

2.    Mandatory Accounting Standards – by Himanshu Kishnadwala, Jayesh Gandhi, Manish Sampat, Vijay Maniar, Ashish Shah & Abhay Mehta; Released by Mr. Arvind Dalal.

3.    RTI Book – by Narayan Varma; Released by Mr. Pradeep A. Shah.

Thereafter, the Outgoing and Incoming Presidents Mr. Deepak Shah & Mr. Naushad Panjwani respectively, addressed the members.

Outgoing President Deepak Shah’s Speech

Dear Members,

President elect Naushad Panjwani, Vice President elect Nitin Shingala, Raman Jokhakar, Chetan Shah, Mukesh Trivedi, distinguished past presidents of the Society, President of Chamber of tax Consultants    Yatin Desai, Vice President Paras Savla, other office bearers, my Managing Committee colleagues, Core Group members, other Seniors in this profession and friends.

A very good evening to all of you. It’s a honour and privilege to address this distinguished gathering at the AGM, and I am extremely thankful to one and all for being here on such a special occasion. A mixed feeling as I stand before you as the President of BCAS for the last time. I find it hard to believe how quickly this year has gone by.

On this very date last year, I stood before you giving my acceptance speech, feeling excited and nervous, thinking whether I would leave upto the reputation created by other past presidents who have served this society selflessly.

Let me admit that following a glorious tradition of excellence, continuing since more than six decades is not an easy task. It’s always a challenge for any incoming President to maintain the high standards and excellent quality set by predecessors, of the Society which is always ahead of its time. Throughout the year one thing that kept passing through my mind was that I will have to take the initiative, be innovative and will have to go the extra mile.

In a few hours from now, I will lay down the responsibilities of this office. My most enjoyable journey of the recent past from an Office Bearer to President of this august body ‘BCAS’ is ending today. When time flows by, it becomes history. But sometimes history is immortalised in timeless moments and lives on forever. It becomes ageless. And today is that day in history for me.

It is normally said that : Every path has its puddles. But I feel delighted to say, that with the Grace of God, for me it was smooth, beautiful, and I enjoyed each and every moment of my journey thoroughly walking down this path with each one of you.

For me it has been a satisfying year and I am obliged that I was given this opportunity to do my bit for the Society. I have tried to fulfill the trust reposed in me, and do my best for the Society by putting my heart, mind and soul even into the smallest act, and have taken utmost care to maintain and raise the high standards of this august body. It was gratifying to witness the hard work, commitment and conviction of my colleagues unfold before me.

In my endeavour to meet expectations, whatever I could do was by banking upon the goodwill this Society has garnered over the years. I have witnessed this in many interactions with different people from all walks of life. And if I have seen further than others, it is by standing upon the shoulders of giants.

A Chinese proverb states :

Behind an able man there are always other able men.

Ladies sitting here please excuse me for using this statement. At this juncture I am not quoting the age old saying that “Behind every successful man there is a woman” mainly for two counts : Firstly, for me

It’s not the things we get, but the hearts we touch that will determine our success in life.

And the second reason is : That yet the views of my mother–in-law are to be received.

So for now I would talk about those able men only :    And I can see many of them in front of me who have inspired me and Motivated me from time to time. Believe me, Motivation makes it possible to accomplish what you should accomplish.

I owe my deepest thanks to the past presidents who gave me this extraordinary opportunity to serve this wonderful organisation. I salute them for the dedication and competence they have brought to the service of BCAS. I for one believe that the respect, success and growth that this Society has achieved over the years has been possible only because of the past President’s connect. Their guidance leads to Goodwill, and their directions shows you the path of Truth. Year after year they are setting a perfect example while creating a pathway for others to follow. And for these reasons we thought that this year we should raise a toast of gratitude for their priceless patronage down the years.

So in this year we made a humble beginning by felicitating 12 of our Senior Past Presidents who are above 75 years of age.

And to me working with them and under their guidance for more than a decade now, has given me a feeling like Small boy becoming a Big man, through the influence of big men who care about small boys.

Come July and all Presidents are posed with common questions like : How was your term ? What was your experience ? Feeling Relieved ? How do you feel about leaving ?

For any President at BCAS : There are two constants: “The time we come and the time we go – Everything in between is in one’s own hands”

But let me admit that leaving this most coveted post is ” sweet sorrow”.

As regards my term : The last year has been nothing short of living a dream, it has been a memorable year with humble experience. There have been good days and tough days, it’s been a roller coaster ride with all the ingredients:

•  Fast paced,    Action packed,

•  Drama,    Emotions,
•    Competition,  Gossips
•    Fun , Food
•    and most importantly Friends, friends & friends and lasting Friendships
•    Sorry, How can I forget or ignore the amount of grey hair, the added kilos (thanks to RRC’s), hyper moments, but BCAS has taught me TO BE POSITIVE, so to gain something you have to lose something.

If I have to share my thoughts, my experience and my sentiments with you

It has been the privilege of a lifetime to serve as BCAS president. I have been blessed to represent this society we all love. And I will always be honored to carry a title that means a lot to me.

It has immensely contributed in my self development. It has been a story of how faith, teamwork, and commitment can help and make a difference. It’s been an absolute pleasure to interact with each and every one associated with BCAS in one or the other way.

I would say that this most prestigious post, or I would say from the time I joined the Core group one most important thing which I have learnt is that: Any great relationship is based on two important things :

First to find out the similarities… Second to respect the differences.

The last one year’s worth in my life is incomparable. It has enhanced my perception and has given me :

Courage : To stand for what you believe in, regardless of the odds against you, and pressure that tears at your resistance.

Confidence : To keep continuing with it.

Determination : Of stopping at nothing, and doing what’s in your heart you know is right.

I have also learnt virtues like :

Selflessness : Giving more than you have, and expecting nothing, but nothing in return.

Pride of Service :
Doing more than is expected, No matter the time, effort it takes, to the best of my ability.

To me BCAS is like a family away from home. And the memories of all the wonderful experiences, and many anxious moments converted to blissful experiences will be cherished for years to come.

And this precious year of mine, I would like to dedicate to my parents who provided me with the best in life, and yet taught me the importance of compassion, sharing and humility, and above all self belief. And these core virtues have made this day possible for me.

Words cannot convey my gratitude to my dear wife Nita, and a wonderful family back home that have stood by my side and encouraged me throughout this journey, making several sacrifices in order to ensure that I continue on my chosen path with tranquility.

As far as activities are concerned I would say that a lot is done and lot is to be done as every president feels when laying down the office and, I am no exception.

Since we began our journey, we have created, improved and reinvented over many programmes, and taken new initiatives too. All regular activities of the Society continued to receive full attention during the year. There were many things which were planned but could not be put into action or implemented for some or the other reason. A few projects that comes to my mind are Online Journal BCAJ, Revamping BCAS website, Research Publications, Increasing infrastructural facilities for the benefit of members, setting up point of contacts for outstation members. But I have no regrets, as I am confident that the new team will complete the unfinished agenda in the ensuing year.

Overall, it has been another busy year for BCAS, and I would like to acknowledge and thank my colleagues Naushad, Nitin, Raman, and Chetan for their zealous commitment shown towards the working of the Society, and their contribution and cooperation throughout the year, and being hugely supportive in all my endeavours.

Once again a Big Thanks to Past Presidents for always being there when I needed, and letting me go free when I needed freedom.

The members of the Managing Committee have been extremely generous in support and advice provided to me personally in helping me to discharge my own responsibilities.

My sincere gratitude and appreciation to core group members especially the Convenors for the unstinted support and real hard work put in by them throughout the year, and taking the real burden of all the activities.

Truly, BCAS is proud to have such active members. I once again appreciate each and every single effort and sacrifices made with all my heart.

I thank the sister organisations (AIFTP, CTC, STPAM, WIRC) and other co-organisers for making all efforts to hold more and more joint programmes, and complementing one another in imparting education.

I cannot adequately express my appreciation of the untiring and devoted hard work put in by the staff led by Mr. Cassem Rajabali, who have always proved equal to the demands placed on them. My appreciation to all employees for their enormous personal efforts as well as their collective contribution to the Society’s performance over the years and particularly in 2012-2013. I must admit that all of you have exhibited great loyalty and diligence towards your respective obligations.

I am pleased to express my very sincere gratitude to all those friends and well-wishers who extended support to me in all my endeavours and were instrumental in seeing that what I wished is done, and all who have extended their support in my mission.

Last but not the least, I was indeed fortunate to receive continuous and consistent support and cooperation from our members. All regular activities of the Society continued to receive full attention during the year. The attendance at our programmes reaffirms our faith in this continued journey of our mission. It has been their support/guidance that has helped us evolve to serve you better.

Thanks to all Hon’ble guests for their valued and encouraging presence at this AGM.

My final task is a pleasant one indeed ie., handing over the mantle to Mr Naushad Panjwani. I have enjoyed working with him and have witnessed at first hand the many admirable qualities that will stand him in good stead over the coming year. He has lot many plans for the Society, and with able Office Bearers, they will take Society to greater heights. I wish him and his team all the very best.

I would end with an assurance that I am and will always be available to BCAS to repay my debts of gratitude I owe to the Society. And I will keep reminding myself my very own punchline : ME & MY BCAS.

I say a good-bye with a whole lot of positive thoughts of my tenure and in the end I would say :

“To meet and to know is the beauty of life,
To meet and to depart is the way of life”


Incoming President Naushad Panjwani’s speech

President Deepak Shah, my colleagues Nitin, Raman, Chetan, Mukesh, respected Past Presidents,

seniors and friends. I cannot thank you enough for the high and unmerited honour that you have conferred on me this day. I can’t think of many occasions when two men are sitting next to each other having such contrasting emotions as now; one a relieved man and the other a nervous wreck. A few days ago I witnessed 12 of our past presidents being felicitated for the contribution that they have made to the Bombay Chartered Accountants’ Society. And I was daunted. Such illustrious, ingenious and industrious people have been presidents of BCAS! This year, I have the pleasure of working alongside 14 dedicated, selfless and accomplished chairmen of the 9 committees, who have been presidents of BCAS not very long ago. And again I am daunted. I am about to step into the very large and warm shoes that Deepak is vacating. And I’m very daunted! I can only take a leaf out of what William Faulkner has said “Do not be daunted by the accomplishments of your predecessors. Don’t even try to equal or better your predecessors, focus on being better than yourself”. Now that looks like an achievable benchmark. I’m indeed honoured and proud to be elected the 64th president of the Bombay Chartered Accountants’ Society and probably the first president from the industry.

Last year has been an amazing year at BCAS for me. Deepak has so patiently mentored me. I have observed him diligently discharge his responsibilities as the President. I could see him so thoroughly enjoy himself and that was infectious. Deepak is a man of few words but full of action. He has been courageous, patient, polite and a thorough consensus builder. Thank you Deepak for everything. I shall try to remember all that I’ve learnt from you.

I know I should keep this short and come straight to the point and discuss the plan for the year but I request you to bear with me so that I can thank my gurus. Like they say, “Public speaking is the art of diluting a two-minute idea with a two-hour vocabulary”, I promise I will not take two hours. I want to thank my late grandmother from whom I learnt the importance of relationships. I miss her a lot on all my joyous occasions and today is one such day. Dilip Muzumdar because of whom I am a CA. N C Mehta who instilled values in my professional conduct. Anant Gawande from whom I learnt to balance work and family life. Komal Bir Singh who introduced philanthropy to me. Ninad Karpe who introduced me into BCAS.

Pranay Vakil who drew me into the exciting world of real estate. And last but not the least, the man who came into my life around the time I lost my father and since then has been more to me than a father, Mr. Narayan Varma, I love you.

In 10 days from now Afsheen and I shall celebrate the silver jubilee of our marriage. And in the interest of domestic peace I have to mention her. I would like to take this moment to say that Afsheen I have a lot to thank you and Lahra for all that I have achieved.

In the last few years I have been on committees of various trade bodies and associations. And I’m proud to say that BCAS is the most collaborative forum that I have come across. The BCAS culture fosters innovation and offers a platform for all to learn, grow and lead. BCAS is blessed to have such a large army of volunteers constituting the core group; 199 this year. The convenors, who are the future of the Society, give their all to ensure that the flag of BCAS is flying high. The past presidents of the Society are its back bone. I have no hesitation in saying that without their participation, the Society’s programs would not be of this magnitude and character.

I have gained a lot from BCAS. Be it knowledge, leadership skills, friends and lots of pleasant memories. I have never ever been at a loss as all I had to do was make a call to the countless experts within the core group. I continue to make those calls to this day. Actually it was very convenient to have Gautam Nayak as my neighbour in the earlier years of my practice.

There are so many moments, the memory of which brings a smile to my face. In particular I cherish my interactions from my early years of practice with Gautam, Nikhil, Ninad, Hitesh and Himanshu. Shariq’s firm has always had a very high standard for hiring people. I know this because my only application for a job ever was rejected by his firm. Since then he hasn’t missed an opportunity to remind me of what a wise decision he made. All of them were such fun people to be with. Pranaybhai has always been my ‘captain’ and I know I can call upon him for anything anytime.

Not being in practice and having no illusions of possessing knowledge of technical subjects myself, I am not suited to make suggestions on these matters. I am confident that the other 198 core group members will continue to light this torch as in the past. But having reasonable experience and expertise in marketing, I do see some head room for BCAS to spread further. We must and we certainly will continue to address the needs of practicing chartered accountants, who form the majority of our membership. But I also see opportunity and a need for the Society to reach out to members in Industry, members from outstation and the youth.

As has been the practice for some time now, each of the 9 newly constituted committees have met and chalked out their annual plans. I am happy to report that each of these committees have paid heed to my requests and have either included programmes where there were none or scaled up their existing programmes to benefit the new target segment of our membership.

Deepak had formulated a very well thought out annual plan last year. I see no reason to tamper with that and the office bearers would like to take this plan forward in the current year. We would just like to scale it up. You have a copy of the same in your hands. Let me spell out a few specific initiatives:

•    Last year we experimented with a program for the Real Estate Industry, which met with great success. This year we will have four industry specific programs. Though it’s very tempting to charter into familiar territory, I will exclude Real Estate. Senior member of the Managing Committee, Himanshu Vasa has taken upon him to help BCAS connect with CAs from the industry. I have very high hopes from him.

•    BCAS was very visible at one point of time with our articles featuring in frontline newspapers and magazines. No more. We cannot be shy if we want to reach out to a large audience. We cannot become thought leaders if we are not known. Our well researched and incisive representations need to find a larger audience and that’s the only way the only way that the law makers will listen to us. I am going to attempt making BCAS more visible and our voice a few decibels louder. I am happy that Shariq Contractor and Rajesh Kapadia have consented to guide me and Niña, Sangeeta, Toral, Sonalee and Pinky have agreed to work with me on this.

•    Study circles have been the life line of the Society in the past. Unfortunately, membership, attendance and participation are all dwindling. While the various committees have recognised this and are working to revive them, I have requested Shardul Shah to help the office bearers with conceptualising ways and means to turn the tide.

•    Mumbai has now spread far and wide and along with it, our membership. It is our responsibility to make it convenient for members from suburbs to enjoy the fruits of our efforts too. The office bearers will endeavour to take as many programs out of South Mumbai as possible.

•    Today technology is a way of life. Our membership is becoming tech savvy. The need to commute is on the decline and the ease of communication is unbelievable. In such an environment, technology cannot remain the onus of just one committee. All committees will have to imbibe technology and technology-based programmes in their scheme of things. It is with this intent that I have dropped InfoTech from the scope of 4i committee. The 4i committee should focus on innovation, identify new areas of practice, incubate ideas and at an appropriate time hand them over to the concerned committee as programmes.

•    Today 35 % of India’s population is between the ages of 25 and 35. I have no statistics of how many chartered accountants are in this age group but just 15 % of our members are under the age of 35. What is the reason for this? What do we need to do to bring many more into our family? One thing I’m sure of, if we do not have the exuberance of the youth with us, we will soon become irrelevant. With this concern in mind, I have tasked 3 very young and dynamic members, Mandar Telang, Jinal Shah and Mahesh Nayak to reach out to the youth and help the Society connect with them. At one point of time the Society had very youthful members.

•    Shri Arvind Dalal and Late Shri Ajay Thakkar were only 35 when they became presidents of the Society.

•    Shri Haren Jokhakar and Late Shri Shailesh Kapadia only 32.

•    And Late Shri Daulat Vora was only 31.

I dream of BCAS having an even younger president one day.

•    BCAS and the BCA foundation have been carrying out activities of CSR nature. But these are far and few and also, not well publicised. I have requested Mayur Nayak to prepare a CSR plan for the Society which will help us conducting them in a more planned manner and on a larger scale. I am sure that the recent calamities that have caused loss of life and livelihood in Uttarakhand are playing heavily on your minds. We, the office bearers and the Trustees of the Foundation are finalising a plan to contribute to the rehabilitation of those affected and urge each and every one of you to contribute generously towards this. The appeal letter has been emailed and a copy of the same is on the desk outside.

The journey of BCAS is like a relay race. The baton is passed from one president to another, year after year. I make one solemn promise to all, I will run fast, I won’t drop the baton and when the time comes, I will pass it on to my successor such that, I hope, you will be proud of me.

65th Foundation Day : Nationhood – the next step, 6th July 2013, Y. B. Chavan Pratishthan, Nariman Point.

The Founding day celebrations was started by Chief Guest Mr. Nasser Munjee, by releasing of ‘Laws     & Business – A Compendium’ by CA Anup Shah, published under the auspices of Shailesh Kapadia Memorial Publication Fund. Thereafter Mr. Munjee further took the stage with his presentation, and he went on to speak about the values that he cherished from great thinkers, philosophers, philanthropists and leaders. Through his lecture he delivered thoughts that provoked minds of all present. One of the hindrances to Nationhood deliberated by Mr. Munjee included living with the past; a refusal to change institutions that were built to serve a different objective and resistance to replace them with those of contemporary relevance. The session ended with a rather detailed discussion through questions from the full house of more than 180 people.

LECTURE MEETING

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LECTURE MEETING:
Lecture Meeting on Important Provisions under the Companies Act, 2013, 24th October 2013



Investigation Office (SFIO), constitution of National Financial Reporting Authority (NFRA), Class action suits, Corporate Social Responsibility (CSR) etc.

After the success of the previous lecture meeting on the same topic in South Mumbai, the Society organised this second lecture in the suburbs to help members understand the various issues arising from these new provisions. The meeting was addressed by Mr. Himanshu Kishnadwala, Chartered Accountant.

More than 100 participants benefited from the analysis made by the learned speaker.

The Companies Act 2013 has introduced key provisions regarding several topics of importance including duties and liabilities of Directors, Auditor rotation, establishment of Serious Fraud The presentation and video of the Speaker is made available at www.bcasonline.org & www. bcasonline.tv respectively, for the benefit of all members and subscribers.

Lecture Meetings

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Search, Settlement &
Income Tax Issues Arising Out of Purchases from Suspicious Dealers as
Declared by Sales Tax Department, 22nd May 2013, at the Indian
Merchants’ Chamber, Churchgate


L to R: Mr. Samir Kapadia, Mr. Chetan Karia (Speaker), Mr. Deepak Shah (President), Mr. Ankit Shah

Mr.
Chetan Karia, Chartered Accountant, highlighted various issues raised
by the Income Tax authorities Maharashtra VAT based on information from
bogus purchases including tax requirements of law pertaining to
genuineness of purchases and the significance of statements
recorded/affidavits obtained by VAT Dept. The 400 participants included
professionals from industry, senior members & students. The video
recording of the same is available at the www.bcasonline.tv to all
subscribers.

Service Tax Voluntary Compliance Encouragement Scheme, 5th June 2013, at the Indian Merchants’ Chamber, Churchgate


L to R: Mr. Mukesh Trivedi , Mr. Sunil Gabhawalla (Speaker), Mr. Deepak Shah (President), Mr. Suhas Paranjape

Mr.
Sunil Gabhawalla, Chartered Accountant, introduced the Voluntary
Compliance Encouragement Scheme (VCES) to the participants. He explained
the Process, Pivots, and the eligibility of VCES. He also talked about
the Tax Dues & Immunity of VCES under various sections and gave a
bird’s eye view of the newly introduced scheme. The full house audience
consisting of senior and junior members of the profession as well as
students, gained immensely from the knowledge shared by the learned
speaker. The presentation of the Speaker is available at www.bcasonline.
org for members’ benefit and the video recording of the same is
available at the www.bcasonline. tv to all subscribers.

Recent
Important Issues in Corporate Taxation including Domestic Transfer
Pricing, 12th June 2013 at the Indian Merchants’ Chamber, Churchgate

The
lecture by Mr. Rajan Vora, Chartered Accountant, and past president of
the Society began with an overview on the provisions, implications of
the amendment, challenges faced by taxpayers. Initiated & organised
by our International Taxation Committee, the topics deliberated at the
Meeting were based on the developments on Key amendments made by the
Finance Act 2013, covering Implications of increase in tax rate of
royalty and FTS – section 115A, Implications of amendment pertaining to
Real estate transactions – section 43CA, 56(2)(vii) (b), 194LA,
Taxability of buy back of shares of unlisted companies, investment
allowance section 32AC. Also the topic on recent judicial precedents on
various issues –issues arising on taxation of intangibles, Taxability of
lease transactions/ finance transactions/ sale and lease back
transactions, issues on disallowance u/s. 14A, Penalty u/s. 271(1)(c),
reopening u/s. 147, stay of demand. More than 350 people had the
opportunity to be enlightened by the speakers’s in-depth and vast
knowledge on


L to R: Mr. Deepak Shah (President), Mr. Chetan Shah , Mr. Rajan Vora (Speaker), Mr. Jagdish Punjabi

Taxation
provisions, implications, and challenges that a tax payer would face.
The presentation of the Speaker is made available at www.bcasonline. org
for members’ benefit and the video recording of the same is available
at the www.bcasonline.tv to all subscribers.

Other Programs

BCAS
Referencer 2013-14 Release Function with BCAS Variety Performance Show,
7th June 2013, at Navinbhai Thakkar Auditorium, Vile Parle (E)



Inauguration of 7th Residential Study Course on Service & VAT by lighting a lamp

Membership
& Public Relations Committee organised the BCAS Referencer 2013-14
Release function. The launch programme saw an overwhelming response with
above 350 participants including BCAS Members, their families and
Students.The release of the Referencer was at the hands of Padma Bhushan
Dr. Suresh Advani, Oncologist. He also delivered a very encouraging and
motivating speech. The programme included well packed variety show
performed by BCAS members and their families. Talented individuals
presented songs, dances, a skit and played instruments. The host took
the audience on an entertainment spree with one minute games to offer
spot prizes to the participants. The programme concluded with a
sumptuous dinner. The video recording of the same is available at the
www. bcasonline.tv to all subscribers.



L
to R : Mr. Narayan Pasari, Mr. Rajesh Muni, Dr. Suresh Advani (Chief
Guest), Mr. Deepak Shah (President), Mr. Naushad Panjwani, Mr. Ashish
Fafadia

Train the speaker within, 4th, 11th, 18th & 25th May 2013 at Direct-i-plex, Andheri (E)
The
Human Resources Committee organised this workshop under the auspices of
the Amita Memorial Trust. The workshop was inaugurated by Mr. Pradeep
Shah, Past President of BCAS, along with Mr. Mayur Nayak, Chairman HR
Committee. Both motivated the participants through their brief but
effective speeches.

Mr. Vivek Patki in his unique way explained
the theory and practice of the subject and covered a range of
communication situations, giving valuable insight to the participants.

It
was an enjoyable learning time for the 32 participants who benefited
from attending this unique workshop. The learning came through speech
writing, practicing delivery, video recordings, observing replays, and
coach feedback. A request for more such programmes to boost their
knowledge and confidence in Communication and other Personality
Development and Management Skills was voiced. The participants were also
interested in meeting at regular intervals to share their speaking and
communication experience.

7th RSC on Service Tax & VAT, 14th June to 16th June 2013, at Hotel Express INN, Nashik

The
Indirect Taxes and Allied Laws Committee organised this Residential
Study Course which was attended by nearly 150 participants from various
cities like Nashik, Mumbai, Hyderabad, Secunderabad, Chennai, Ahmedabad,
Indore & Pune.

The conference was inaugurated by Shri
Sushil Solanki, Commissioner – Service Tax – I, Mumbai. In the
inauguration speech, he presented his thoughts on VCES, 2013 and other
issues.

The paper writers presented 3 discussion papers and 2 presentation papers on various subjects as mentioned in the Table.

Felicitation of BCAS Past Presidents’, 10th June 2013, at Indian Merchants’ Chamber, Churchgate

The
Society arranged a felicitation programme where Past Presidents who had
or were about to cross 75 years of age, and yet continue to be young at
heart and full of energy when it comes to their association with BCAS
were felicitated as a token of deep sense of gratitude and respect.

The
glorious superstructure of BCAS is built on the pillars of values and
vision that were created by these early leaders of BCAS. On this event
Shri S. E. Dastur, Senior Advocate graced the occasion by delivering his
Key note address and sharing his experience with the fellAAow members. The audience enjoyed the words of wisdom by the Keynote speaker and also the experiences shared by each felicitated past president. The programme ended with a sumptuous dinner.

Table : Papers at RSC on Service and Vat

Lecture Meeting

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Risk & Rewards of Practice – A Guide for New and Young CAs in Practice, 23rd January 2013, at the Indian Merchants’ ChamberMr. Nilesh S. Vikamsey, Chartered Accountant, presented an informative analysis of Risks & Rewards of Practice and covered the following areas:

• Present scenario of CAs in practice and in the industry along with relative advantages and disadvantages

• Traditional and emerging areas of practice

• Major challenges in practice: Economic, Regulatory, Technological, Human Resources and Personal

• Strategies and thought process for practice: specialisation, positioning, right sizing,

• Problems of remuneration/fees and how to overcome the same.

• Clients’ rating/profiling

• Requisites of successful practice

• Growth strategies through networking, merger and demerger, practice in corporate form.

The audience included many young and newly qualified Chartered Accountants who benefitted tremendously. The webcast of the meeting is made available on BCAS Web TV to the subscribers.

Future without Fear, 11the February 2013, at the Rama Watumall Auditorium, K.C College under the auspices of Amita Memorial Trust

At this 17th Lecture Meeting organised under the auspices of Amita Memorial Trust jointly with the Chamber of Tax Consultants, Sister Bramha Kumari Shivani addressed the overflowing audience about why and how we should not fear about future and how to better equip ourselves to face the future without fear by doing good deeds.

Noted film actor Mr. Suresh Oberoi also addressed the audience and narrated his own life transforming experience. Shri Pradeep Shah welcomed the learned speaker and refreshed his daughter Amita’s memories. Ms. Nandita Parekh expressed a very well deserved vote of thanks and heartfelt gratitude to Sister Shivani. The webcast of the meeting is made available free on BCAS Web TV for everyone.

Recent Developments in SEBI Regulations, 6th February 2013, at the Indian Merchants’ Chambers

Mr. Somasekhar Sundareshan, Advocate, presented a masterly analysis of recent developments in SEBI Regulations such as draft Scheme of Arrangement involving listed company to require SEBI’s approval, investment by the Employee Welfare Trusts, SEBI’s new reporting requirement to monitor audit qualifications and revised consent settlement norms among others. The webcast of the meeting is made available on BCAS Web TV for subscribers.

Other Programmes

Seminar on Transfer Pricing, 19th January 2013, at the Indian Merchants’ Chamber

The International Taxation Committee organised this Seminar where the following learned faculties explained various aspects of transfer pricing specifically applicable to domestic transaction: The seminar elicited response from over 200 participants, both from the Industry & the Profession.



Seminar on Certification under the Income tax Act, 1961, 25th January 2013, at the Indian Merchants’ Chamber

This Seminar organised by the Taxation Committee, was attended by nearly 150 participants where the following speakers shared their knowledge on the topics allotted: The participants gained immensely from the wealth of knowledge and experience shared by the learned faculties.

Workshop on Risk Management, 7th February 2013, at Hotel Orchid, Mumbai

The Accounting & Auditing Committee organised this workshop where the following learned faculty explained Basics of Risk Management and Challenges in Implementing Risk Management, with focus on small and medium sized firms implementing risk management activities amongst their clients followed by a Panel Discussion on Risk Management in Indian context:

• Dr. Dale F. Cooper, Member of the Risk Management Committee of Council of the University of New South Wales

• Mr. Ravindra Rao, Chartered Accountant

• Mr. Huzefa Unwalla, Chartered Accountant

 • Mr. Deepjee Singhal, Chartered Accountant

The participants gained immensely from the knowledge and experience shared by the learned faculties.

Seminar on the Companies Bill, 2012, 30th January 2013, at the Indian Merchants’ Chamber

The Accounting and Auditing Committee organised this seminar where the following learned faculties dealt with the topics allotted to them:


The participants benefitted immensely from the detailed analysis of various provisions of the new Companies Bill, 2012 by the learned faculties.

Real Estate Summit, 1st and 2nd February 2013, at J. W. Marriott, Mumbai

The BCAS jointly with the IMC organised unique industry specific Real Estate Summit covering various aspects of Real Estate Business and Investment covering following topics addressed by learned speakers:

A publication titled “Real Estate Laws” authored by Naushad Panjwani, Chartered Accountant and Ameet Hariani, Advocate, was also released at the Summit.

The content and coverage of topics and the overall arrangement at the Summit were appreciated by the participants. The event also received coverage by leading newspapers and media.

Workshop on ‘Personal Victory’ for CA Students, 10th February 2013, at the Society’s Office

The Human Resources Committee jointly with Amita Memorial Trust organised this workshop for CA Students where Mr. M. K. Ramanujam explained the following concepts:

• Goal setting

• Understanding responsibilities

• Working within the circle of influence, i.e. qualities, abilities and capacities

• Time management

The Student participants found the training at this workshop as a life changing experience. 11th Leadership Training Camp, 8th and 9th February 2013, at the Rambhau Mhalgi Prabodhini, Bhayander

The Human Resources Committee had organised this Residential camp which was based on the theme ‘Living in Harmony’. The faculty, Mr. M. K. Ramanujam shared his experience and knowledge and related the same to the concepts of:

• Flourishing

• Living

• Serving

• Understanding meaning of life

• Accomplishing and maintaining positive relations

The objective of the camp was well achieved as it helped the participants to improve their ability to bring more joy and presence to their daily lives.

Third Intensive Study Course on Transfer Pricing, 9th February 2013 onwards, at the Indian Merchants’ Chamber

The course organised by the International Taxation Committee of the Society was inaugurated by the Chairman of the Committee, Mr. Kishor Karia, Chartered Accountant. Vice President, Mr. Naushad Panjwani, Chartered Accountant welcomed the 111 participants in his address and congratulated them for having enrolled for this course spread over 10 Saturdays. Mr. T.P. Ostwal, Chartered Accountant delivered the first session covering an Overview of Transfer Pricing.

2nd Advance Computer Training Program for Senior Chartered Accountants, 22nd January 2013 onwards, at the HR College

The course spread over 12 days with 35 hours of training, jointly organised with HR College of Commerce & Economics, was inaugurated by the Chairman of the Infotech & 4i Committee, Mr. Ameet Patel, Chartered Accountant. President of the Society, Mr. Deepak Shah, Chartered Accountant welcomed the participants and explained the objective of the course. Professor Ruzbeh Raja, delivered the first session covering an Overview on Excel to the participants.

Lecture Meetings

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Lecture Meetings: Direct Tax Provisions of the Finance Bill, 2012 Lecture Meetings

S. E. Dastur, Senior Advocate, addressed the annual lecture meeting on Direct Tax Provisions of the Finance Bill, 2012 on 20th March, 2012 at Yogi Sabhagruha, Shree Swaminarayan Mandir, Dadar. This was 24th meeting addressed by Mr. Dastur. As usual it received overwhelming response from members and public.

An audience of around 3,000 present in the auditorium and many more watching through live webcast connections throughout India and across the Globe, benefitted from Mr. Dastur’s masterly analysis of various direct tax proposals contained in the Bill.

Indirect Tax Provisions of the Finance Bill, 2012

Bhavna Doshi, Chartered Accountant and Dadi Engineer, Solicitor and Advocate, addressed the audience on various aspects of indirect tax provisions of the Finance Bill, 2012 at this lecture meeting held jointly with the Forum of Free Enterprise on 22nd March, 2012 at Kilachand Hall, IMC Mumbai. The audience gained immensely from analytical insights from the learned faculty.

Service Tax Provisions of Finance Bill, 2012

Vikram Nankani, Advocate, addressed this lecture meeting on 26th March, 2012 at Rama Watumall Auditorium, K. C. College, Churchgate. The speaker addressed the audience on various aspects of Indirect Tax Provisions of the Finance Bill, 2012 and received enthusiastic response from members and public. An audience of around 400 present in the auditorium immensely benefitted from Mr. Nankani’s expertly analysis.

Other programmes

Workshop on Personality Development for CA Students

The Human Resources Committee had organised the workshop on Saturday, 17th and Sunday, 18th March, 2012 at Direct I Plex, Andheri (East) under the auspices of Amita Memorial Trust. Fortyfour participants, all pursuing chartered accountancy as a career, actively participated in the workshop.

 Speaker Mr. Ramanujam, paved the way for the participants to better understand themselves, and he explained the importance of this aspect in today’s life. The workshop was spread over 2 days, in which important topics on Goal Setting, Time Management, Communication, Team Building, Memory Enhancement, Human Relations and Ethics, and Governance were covered.

The participants gained from the wealth of knowledge and experience shared by the learned faculty.

Interactive Session with President and Vice-President of ICAI

The Society invited CA Jaydeep Shah, President, ICAI, and CA Subodh Kumar Agarwal, Vice-President, ICAI, on 11th April, 2012 at the BCAS Office and felicitated them. Gracing the occasion were Chairman of the WIRC, members of Central Council, WIRC, BCAS, past Presidents of ICAI and BCAS.

A very interesting interactive session was held on the occasion. Past President of the Society Pradyumna N. Shah discussed with the President and Vice-President of ICAI a Chartered Accountant’s letter giving suggestions. The letter broadly gave suggestions for the possibility of having the BCAS office as a polling centre for ICAI elections, reports of decisions in disciplinary cases and issues in conversion of a CA firm into an LLP. The ICAI President assured positive actions for each of the suggestions highlighted. Other members also interacted with the President and the Vice-President, and views were exchanged.

The meeting was fruitful and has definitely strengthened the existing relationship of ICAI and BCAS.

Full-Day Workshop on Practical Issues in Tax Deduction at Source

The Taxation Committee organised this Seminar on Friday, 13th April, 2012 at Walchand Hirachand Hall, IMC, Churchgate, Mumbai. The 340 participants included students and some members from industry.

The learned speakers A. C. Shukla, CIT (TDS), Mumbai, Ms. Babina Dinashan, Manager (TIN Operations) NSDL, Nikhil Bhatia, Shabbir Motorwala, and Yogesh Thar, all Chartered Accountants, covered various aspects pertaining to practical issues with regard to Tax Deduction at Source, Tax credits and TDS assessments.

A video DVD capturing the proceedings of the seminar has been prepared and is available on BCAS Web TV.

Two-Day Workshop on Recent Developments in Accounting & Auditing Standards and Reporting Requirements

The Accounting & Auditing Committee had organised this seminar on Friday, 13th and Saturday, 14th April, 2012 at Novotel Hotel, Juhu, Mumbai. The 116 participants included non-members, members in practice and from industry. The learned speakers Akeel Master, Ashutosh Pednekar, Jayesh Gandhi, Khushroo Panthaky, Ravikant Banga, Sudhir Soni, and Mukund Chitale, all Chartered Accountants, explained the latest developments in Accounting & Auditing Standards with regards to the reporting requirements and the guidance notes. After each session, the queries raised by the participants were addressed to their satisfaction. A video DVD capturing the proceedings of the seminar has been prepared and is available for sale.

Felicitation of Hon. Auditor Shri P. M. Dharia

On behalf of the Members of the Society, President Pradip Thanawala, along with Past President Mr. C. C. Dalal and Mr. Nayan Parikh, Hon. Secretary Mr. Chetan Shah, visited to the residence of Shri. P. M. Dharia, on Akshay Tritiya Tuesday, 24th April, 2012 for felicitating him for sincere and dedicated services rendered by him as Hon. Auditor for over 40 years. n L

  

   

Society News

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Workshop on ‘How to conduct a Tax Audit’, 2nd August 2013



L to R: Mr. Himanshu Kishnadwala (Speaker), Ms. Nina Kapasi (Speaker), Mr. Gautam Nayak, Mr. Naushad Panjwani (President) and Mr. Jagdish Punjabi

The Taxation Committee at BCAS had organised a full-day workshop for students and fresh Chartered Accountants on “How to conduct a Tax Audit”. This workshop was intended to revisit the nuances of Tax Audit in light of the revised Guidance Note issued by the ICAI as well as the e-filing procedures recently prescribed. The speakers amplified the knowledge of the audience with their rich experience and case studies.

Himanshu V. Kishnadwala

Overview and expert

 

observations on the
audit-

 

related clauses of
Form 3CD

 

including the recent
guidance

 

note issued by the
ICAI

 

 

Anil J. Sathe

Overview and expert

 

observations on the
tax-related

 

clauses of Form 3CD
including

 

the recent guidance
note issued

 

by the ICAI

 

 

Sonalee A. Godbole

Tax Audit – Clause – 12A to 21, 25

 

to 27

 

 

Nina P. Kapasi

Discussion on 3CD Clauses – 1 to

 

12, 22-24

 

 

Samir L. Kapadia

E-filing of Tax Audit Report

 

 

The Brains Trust session chaired by the Trustees Anil J. Sathe and Himanshu V. Kishnadwala was very ably managed with a threadbare analysis of the provisions of law vis-a-vis the question bank circulated to the participants. Nina P. Kapasi and Sonalee A. Godbole covered all the clauses of Form 3CD with examples and solutions for practical issues faced while conducting such audit. The handy tips and virtual experience of e-filing of the Tax Audit report conducted by Samir L. Kapadia was very interesting and the audience had a large number of queries sorted out in this session. For the

first time, a practical demonstration was given for e-filing of the tax audit report which was appreciated. Considering the popularity of this workshop held in the past, this year a bigger venue was chosen in the western suburbs (Vile Parle) wherein more than 400 participants benefitted from the workshop.

The video recording of the same is available at www.bcasonline.tv to all subscribers.

Tree Plantation-Visit to Dharampur, 2nd August 2013

The Human Resource Committee of the Society, in their pursuit to contribute to the conservation of nature and rural economic development, organised a tree-plantation programme at Dharampur – Pindval on 2nd and 3rd August 2013, with the support of the Sarvodaya Parivar Trust.

This was a landmark project of planting about 25,000 trees of different types with the twin purpose of developing Gram Vans on village land (to take care of environmental crises) as well as carrying out captive plantation on the land of farmers.

The members of BCAS and their friends donated generously for the project in their endeavour to contribute to this noble task. The group of 15 members from BCAS, looking ahead for active participation in the venture, visited Dharampur.

They distributed 1,500 saplings of mango trees to the farmers. Along with the farmers of village, they planted some mango trees. It was indeed a most satisfying feeling to be with those farmers on the field for a few hours and touch the roots of their life.

They had also great opportunity of  sparing time at Nandigram and had a chance of sharing time with Smt. Kundanikaben Kapadia  who is the founder  trustee of Nandigram. Along with the earlier efforst of Respected Late Shri Makarandbhai Dave,  she has also dedicated her life for the upliftment of this tribal area.

We learned about the fantastic contribution of these NGOs towards rural economic development, nursery developments, healthcare, education, environment and water management, among other areas.

It was an excellent, enriching, elevating and divine experience for the participants.

17th International Tax & Finance Conference, 2013

The 17th Residential International Tax & Finance Conference organised by the International Taxation Committee from 15th August to 18th August 2013 at ITC Rajputana, Jaipur, received an enthusiastic response from over 180 participants from various parts of India including Hyderabad, Bangalore, Chennai, Coimbatore, Delhi, Ahmedabad, Pune, Goa, Secunderabad, Jamnagar, Kolkata and Mumbai.

The following papers were presented by eminent faculties:

Papers for Group Discussion

•    Recent trend in Indian Treaties including Tax Information Exchange Agreements by Mr. T. P. Ostwal who analysed recent trends in Indian tax treaties in respect of various topics such as taxation of partnership firms, persons covered, appropriate adjustments arising from transfer pricing additions, anti-abuse provisions, user-based royalty, service PE and automatic review of treaty provisions. The faculty also dealt with Tax Information Exchange Agreements including Foreseeable relevance and concept of Fishing Expedition.

•    FII, Participatory Notes, Private Equity – Structuring, regulatory and taxation aspects by Mr. Siddharth Shah who dealt with regulatory framework of foreign investment into India such as FDI, FVCI, FII & QFI, indirect FDI, FVCI investment into VCF, FII regulations, FII investment under FDI route, investment in NCDs, Participatory Notes and Derivative Instruments, domestic PE investments, structuring for PE funds and key taxation issues.

•    Cross border outsourcing— Tax aspects including transfer pricing—Case Studies by Mr. Padamchand Khincha who analysed intricate issues in respect of outbound outsourcing such as interplay of sections 5 and 9, detailed analysis of section 9, treaty provisions, other relevant areas of concerns such as reimbursement of expenses whether taxable as FTS, location savings, employee secondment or deputation, body shopping and transfer pricing.

• Cross    Border    Merger/ Demerger—Tax and relevant regulatory  aspects  by  Mr. Pranav Sayta who presented intricate case studies involving issues such as indirect transfer, investments structured by way of CCPS or CCD, taxation of dividend, inbound and outbound mergers and demerger of a PE by a foreign company.

Papers for Presentation

•    Real  estate  investment  in India—Structuring, regulatory and taxation aspects presented by Mr. Nishchal Joshipura who covered regulatory milestones, various investment regimes, types of instruments, FDI policy on real estate, permitted investments, NCD structure & comparison with CCD, FII vs. QFI, Singapore listing, regulatory & tax challenges and key structuring issues.

•    The Foreign Account Tax Compliance Act (FATCA) of the US including Bilateral FATCA Agreements presented by Mr. Sunil Kothare on behalf of Mr. David Weisner where the learned faculties highlighted key provisions of the FATCA and implications in India.

The participants gained rich knowledge from the knowledge and experience shared by eminent faculties, group discussions and informal interactions. The audience also appreciated the overall ambience and comfort at the venue.

Society News

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Lecture meetings:

Service Tax Amendments — Point of Taxation and CENVAT Credit

At this lecture meeting held on 16th November, 2011 the speaker Sunil Gabhawalla, Chartered Accountant, explained the recent amendments relating to Point of Taxation and CENVAT credit, discussed important decisions on the subject and answered queries raised by the participants. The webcast of this meeting is available on BCAS Web TV.

Recent Developments in AS/IFRS/Ind AS — Global and India At this lecture meeting held on 6th December, 2011 the speaker P. R. Ramesh, Chartered Accountant, made a detailed presentation on recent updates on the subject and various issues arising therefrom with special focus on IFRS 1, IFRS 3, IFRS 7, IFRS 9, IAS 12, IAS 19 and IAS 1. The learned speaker also covered new pronouncements which are in the pipeline and other changes to the framework for the Preparation and Presentation of Financial Statements. The webcast of this meeting is available on BCAS Web TV.


L to R: Deepak Shah, Vice President, Anil Sathe, Ameet Patel, P.R. Ramesh, Speaker, Pradip Thanawala, President and Mukesh Trivedi Web TV.

Other programmes

Two-day comprehensive workshop on Valuation

The Infotech and 4i Committee had organised a two-day comprehensive workshop on Valuation on December 9 & 10, 2011 at the Walchand Hirachand Hall, IMC, Churchgate, with the objective of introducing members to valuation as an emerging area of practice. The workshop was attended by over 100 participants, including several participants from outside Mumbai (including two from Dubai) and from industry.

Pranay Vakil, Chartered Accountant and CEO, Knight Frank, delivered the keynote address and presented a curtain raiser on the Art and Science of Valuation Practice. He said that value of any asset is driven by scarcity, utility and transferability thereof. The participants also benefitted from experiences in real estate industry shared with them by Mr. Vakil.

T. M. Rustomjee, Senior Director, Deloitte, gave an overview of Business Valuation and shared his experiences and stressed on need to go beyond numbers to understand true value of a business.

Sujal Shah, Chartered Accountant, introduced to the participants various methods of valuations and emphasised on importance of common sense and logic while applying the methods. In another session, the learned faculty also discussed various case studies including famous 1:2:2 model used in merger of TOMCO with HLL.

Satish Deshpande, Head PE Practice, NV Capital Services LLP, presented “Users’ Perspective” and discussed how PE investors and fund managers look at valuation models.

Pinkesh Billimoria, Chartered Accountant, discussed in detail important and topically relevant DCF Method of Valuation and elaborated on various issues such as cost of capital and terminal value.

Jayesh Gandhi, Chartered Accountant, enlightened the participants on importance of analysis of historical results and issues in future projections.

Sharad Abhyankar, Advocate, discussed several important case laws on Valuations.

Shariq Contractor, Chartered Accountant, elaborated on art of report writing including disclaimers.

The participants gained immensely from the wealth of knowledge and experience shared by the learned faculty. The workshop was co-ordinated by Manish Sampat and Nandita Parekh with valuable inputs from Sujal Shah.

L to R: Nandita Parekh, Pranay Vakil, Speaker, Ameet Patel, Pradip Thanawala, President, T.M. Rustomjee, Speaker and Kinjal Shah

In life and business, there are two cardinal sins.. The first is to act precipitously without thought and the second is to not act at all.

—Carl Icahn

Lecture Meeting

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Inquiry by ROC u/s 234 of Companies Act, 27th February 2013, at the Indian Merchants’ Chamber

Mr. C. V. Sajeevan, Deputy Director Inspection, Registrar of Companies (ROC), explained provisions of Section 234 and 234A of the Companies Act 1956, which deal with the power of the Registrar to call for information and seizure of documents respectively. He also elaborated circumstances that may lead to inspection u/s. 209 or investigation u/s. 235 or 237. The learned faculty also responded to questions on the subject raised by members of the audience which included senior members of the profession. The webcast of the meeting is available on BCAS Web TV to the subscribers.


Direct Tax Provisions of the Finance Bill, 2013, 4th March 2013, at the Yogi Sabhagrah, Dadar, Mumbai

Mr. S. E. Dastur, Senior Advocate, addressed this annual lecture meeting on Direct Tax Provisions of the Finance Bill, 2013 with an audience of over 2,500 packed in the auditorium and many more through Live Webcast that witnessed approx. 4,800 Log-ins. In this landmark 25th annual meeting on the Finance Bill, Mr. Dastur presented a masterly and meticulous analysis of the various direct tax proposals of the Finance Bill 2013 which was blended with wit and humour. The live webcast attracted viewers from 65 cities including cities outside India from countries such as Bahrain, Germany, Netherlands, New Zealand, Romania, Singapore, the UK and the US. The webcast of the meeting is available free on BCAS Web TV for everyone.

Indirect Tax Provisions of the Finance Bill, 2013 jointly with Forum of Free Enterprise on 6th March 2013, at the Indian Merchants’ Chamber

 Ms. Bhavana Doshi, Chartered Accountant, and Mr. Dadi B. Engineer, Solicitor and Advocate, analysed various Indirect Tax provisions of the Finance Bill, 2013 at this lecture meeting held jointly with the Forum of Free Enterprise. The audience included many young professionals and senior members of the profession who gained immensely from the analytical insights given by the learned speakers.

Service Tax and Other Indirect Tax Provisions of the Finance Bill, 2013 on 13th March 2013, at the Indian Merchants’ Chamber

Mr. Vikram Nankani, Advocate, presented an expert analysis of Service Tax and various other Indirect Tax provisions of the Finance Bill, 2013 at this lecture meeting to an audience of approx. 250 present, which benefitted from the critical analysis presented by the Learned Speaker. The Webcast of the meeting is available on BCAS Web TV to the subscribers.

Other Programmes

Seminar on SAP Security Audit & Control, 21st & 22nd February 2013, at the Society’s Office

The Infotech & 4i Committee organised this workshop on new and emerging areas, where the following Learned Faculties explained various aspects of SAP Security Audit & Control.

Topics

coverage

Speakers

SAP Audit &
Control Overview

SAP Environment & Audit Challenges SAP Control & Risks

Mr. Babu Jayendran,
IIT, CA, CISA

User
Management,
Authorisations

SAP Authorisation Concept & Challenges Roles,Authorisation
Objects, Authorisation Values Segregation of Duties Access Control

Girish B S, Post Graduate Diploma in Advance Systems Management from
NIIT

Security

Overview BASIS Audit
(sample audit checklist)

Business
Process Audit &
Challenges

Finance: Audit & Control Purchase to Pay Cycle: Audit & Control Order to
Cash Cycle: Audit & Control Inventory: Audit & Control Retail Business Process, GRC 10 Concepts

Mr. Babu Jayendran, IIT, CA,
CISA & Mr. Ravi Kumar, B.E. ( Computer Science)

The workshop received enthusiastic response from 49 participants, including members from the Industry as well as the Profession, who appreciated the wealth of knowledge and experience shared by the Learned Faculties.

Workshop on Partnership of Firms, 23rd February 2013, at the Society Office

The Indirect Taxes & Allied Laws Committee organised this workshop where the Learned Faculties dealt with various aspects of Formation, Registration and Taxation of Partnership Firms.

Faculty

Topic

Mr.
Chandrashekhar N. Vaze
, CA

Drafting
of Partnership Deeds

Mr.
Uday V. Sathaye
, CA

Procedural
Aspects

Mr.
Manish Shah, c
A

Taxation
of Firm

The participants appreciated the immense knowledge and experience shared by the Learned Faculties.

Workshop on Continuous Control Monitoring, 12th March 2013, at the Hotel Orchid, Mumbai

The Accounting & Auditing Committee organised this workshop where the following Learned Faculties explained various aspects of Continuous Control Monitoring, with focus on Internal Audit as a Tool.

• Mr. Andrew Simpson, Chief Operating Officer, Caseware RCM Inc

• Mr. Deepjee Singhal, Chartered Accountant

The participants appreciated the valuable knowledge and experience shared by the Learned Faculties.

Lecture Meetings

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Taxation of Shares & Securities — Current Developments

A lecture meeting on the subject of ‘Taxation of Shares & Securities — Current Developments’ was addressed by Pradip Kapasi, Chartered Accountant and Past President of the Society on 3rd August 2011 at the Walchand Hirachand Hall, IMC.



Other programmes

Visit to Dharampur — Kaprada — Bilpudi — Vansada for Tree Plantation and Development Activities

Human Resources Committee of the Society organised a visit to Dharampur — Kaprada — Bilpudi — Vansada in Dist. Valsad and Dist. Navasari, Gujarat for tree plantation and development activities on 19th and 20th June 2011.

The tree plantation was carried out in memory of late Hiten C. Shah, a very active member of the Society, at village Matuniya. This village had been adopted by late Hiten C. Shah and the group pledged to continue the good work done by him. Chartered Accountant; and Introduction to International Taxation by Mayur Nayak, Chartered Accountant.

Students’ Annual Day Celebrations

The Students’ Annual Day now renamed as “The Jal E. Dastur Students’ Annual Day” in loving memory of Jal E. Dastur was celebrated on 6th August 2011 at Direct I-Plex, Andheri. Over 150 students enthusiastically participated in the programme. The students were addressed by Padmashri T. N. Manoharan on the topic ‘Design to Win’. This was followed by hotly contested elocution and quiz competitions.

The winners at the competitions were:

Elocution competition
1. Rutu Shah
2. Ashish Arvind Shukla

Quiz competition

1. Ajay Joshi and Janam Oza
2. Hrushabh Pai and Sagar Kothari Sohrab E. Dastur, Senior Advocate was present throughout the programme and blessed the students.


International Tax & Finance Conference 2011

The 15th International Tax & Finance Conference 2011 was organised by the International Taxation Committee of the Society from 12th August 2011 to 15th August 2011 at the very vast and scenic campus of the Infosys Leadership Institute at Mysore. The papers for group discussions were: ‘Qualification and Characterisation Issues’ by P. V. Srinivasan, Chartered Accountant; ‘General Anti-avoidance Rules’ by T. P. Ostwal, Chartered Accountant; and ‘Case Studies on International Taxation’ by Pranav Sayta, Chartered Accountant. The following technical papers were also presented : ‘Inbound Investment — Private Equity Fund, VCF, FII — Structuring, Regulatory and Tax Aspects’ by Shefali Goradia, Chartered Accountant; and ‘Cross-border Service-tax Issues’ by K. S. Ravishankar, Advocate.

A panel discussion on ‘Case Studies on International Taxation’ was presented by H. Padamchand Khincha, Chartered Accountant and Chythanya K. K., Advocate.

At the Certificate Distribution Programme jointly organised by BCAS and H.R. College of Commerce & Economics, Dr. (Mrs.) Indu Sahani, Principal was felicitated on her appointment as a ‘Member of University Grant Commission’, New Delhi.

  
 

Lecture Meetings

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Important tax issues encountered in doing business in India

Hitesh Gajaria, Chartered Accountant, addressed the audience on various aspects of tax issues faced by foreigners doing business in India, at this lecture meeting held jointly with the Indo- American Chambers of Commerce on 17th April, 2012 at Walchand Hirachand Hall, Indian Merchant Chambers, Churchgate. The attendees of the lecture meeting gained immensely from the analytical insights from the learned faculty. Video recording of the proceedings is available on BCAS Web TV.

Recent judicial rulings with special emphasis on Corporate Taxation

At this lecture meeting held on 26th April, 2012, the speaker Rajan Vora, Chartered Accountant, presented a masterly analysis of important recent judicial rulings and answered questions from the audience. Video recording of the proceedings is available on BCAS Web TV.

Other programmes
10th Annual Residential Camp

The Human Resources Committee had organised this Residential Camp from 20th to 22nd April, 2012 at Moksh, Village – Kadadhe, Pune. This Residential Camp was based on the theme ‘Everyday Happiness’. The faculty, Mr. Nithya Shanti, a Spiritual teacher, shared his practical wisdom teachings for happiness and enlightenment with people in a joyful and transformational way. The objective of the camp was well achieved as it helped the participants to improve their ability to bring more joy and presence to their daily lives.

Seminar on Development in Accounting, Auditing & Taxation Field held at Kolkatta

This seminar was organised by the Accounting & Auditing Committee jointly with DTPA Chartered Accountants’ Study Circle — EIRC on Saturday, 21st April, 2012 at The National Library, Kolkata. The participation of over 500 included professionals in practice and from the industry. Speakers Jayesh Gandhi, Himanshu Kishnadwala, and Gautam Nayak, all Chartered Accountants covered various aspects with regards to new developments in the field of Accounting & Auditing, Revised Schedule VI and some recent issues on Tax Credit and Rectifications. The participants gained immensely from the wealth of knowledge and experience shared by the learned faculties.

2nd i-Power Summit

The Infotech& 4i Committee had organised this Residential Summit on 27th & 28th April, 2012 at Rambhau Mhalgi Prabhodhini, Bhayander that was attended by 66 participants including a large number of out station members. The Summit took off with a key note address by Padmashri T. N. Manoharan, Other speakers Pradeep Shah, Chartered Accountant, Keith Prabhu, Sunil Kothari, Chartered Accountant, Hareesh Tibrewala, Shariq Contractor, Chartered Accountant, Huzeifa Unwala, Chartered Accountant and Nilesh Vikamsey, Chartered Accountant dealt with the various aspects that included Networking, Mergers, International Networking, Technology, Cloud Computing and use of Social Media. The participants gained immensely from the wealth of knowledge and experience shared by the learned faculty and the programme was highly appreciated by all.

Seminar on Labour Laws

The Indirect Taxes & Allied Laws Committee of Bombay Chartered Accountants’ Society jointly with The Chambers of Tax Consultants organised this Seminar on Saturday, 28th April, 2012 at the Society. Speaker Ramesh Soni, Senior Labour Law Consultant addressed the audience and covered various acts like Employee State Insurance Act, The payment of Bonus Act, Provident Fund, Gratuity & Labour Welfare fund. The programme received very enthusiastic response from members and participants from the industry.

Seminar on Finance Bill, 2012 — Service Tax Provisions

The Indirect Taxes & Allied Laws Committee of the Bombay Chartered Accountants’ Society had organised this Seminar on Sunday, 29th April, 2012 at Hotel JW Marriott, Mumbai. The speakers Shailesh Sheth, Advocate, Vipin Jain, Advocate, S. S. Gupta, Chartered Accountant and Rohit Jain, Advocate, between them covered changes in service tax law that included Negative list based taxation of Services, exemptions, declared services and valuation principles. The seminar even though held on a Sunday received full house response from participants that included several non-members and representatives of industry.

Lecture Meetings

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Tough times never last, but tough people do

Shailesh Sheth, Advocate speaker at the lecture meeting held on 20th June 2012, under the auspices of Dilip N. Dalal Oration Fund, delivered a motivational talk in Gujarati about the attitude of the people who survive and tide over tough times. The speaker lucidly explained the way people react to a situation and come out positively. The lecture was highly appreciated by the participants at the venue. Video recording of the proceedings is available on BCAS Web TV.

Filing of Income-tax returns for A.Y. 2012-13

At this lecture meeting, held on 27th June 2012, the speakers Jinal Shah and Mandar Telang, Chartered Accountants, shared their views on various aspects of filing of Income-tax returns including Budget amendments effecting tax returns and general pointers while filing Income-tax returns. The lecture as always drew large attendance and queries raised by the participants were also addressed. Video recording of the proceedings is available in the free section of the BCAS Web TV.

Recent controversies in Cross-Border Taxation

At this lecture meeting held on 11th July 2012, Pinakin Desai, Chartered Accountant, addressed the audience on the current controversies related to Cross-Border Taxation, giving an overview on GAAR, the draft GAAR guidelines, the indirect transfer of assets in India and other provisions related to the topic. The lecture was highly appreciated by all. Video recording of the proceedings is available on BCAS Web TV.

Other programmes

Seminar on Practical Aspects of Important Articles of DTAAs and Impacts of Recent Amendment to Section 9.

The International Taxation Committee of the Society had organised this Seminar on Saturday 16th June, 2012 at Novotel Hotel, Juhu, Mumbai.

The speakers H. Padamchand Khincha, Himanshu Parekh, P. V. Srinivasan, Chartered Accountants and Nitesh Joshi, Advocate amongst them covered various aspects of the Article 15 & 17, Amendments to section 9 and Non-Discrimination and MFN under tax treaty by the Finance Act, 2012. The seminar received a full-house response from participants from practice and industry, who gained immensely from the wealth of knowledge and experience shared by the learned faculty.

Internal Audit Studies Foundation Course

 The Accounting & Auditing Committee of the Society organised this 6-day Internal Audit Studies Foundation Course from 18th June to 23rd June 2012 at Hotel Parle International, Vile Parle, Mumbai. Various speakers Atul Shah, Arun Kumar, Bhargav Vatsaraj, Deepjee Singhal, Himanshu Vasa, Huzefa Unwalla, Jairam Shekhar, Nandita Parekh, Preeti Cherian, Sanket Dawda, Satish Shenoy, Shailin Desai, Sujit Cherian, all Chartered Accountants covered various aspects of the Internal Audit. The 72 participants from varied backgrounds derived tremendous benefit from this course. The participants including members, nonmembers, those in practice and from industry gained immense-ly from the wealth of knowledge and experience shared by the learned faculty.

63rd Annual General Meeting

The 63rd AGM of the BCAS was held on Friday, 6th July 2012 at Rangswar Hall, Y. B. Chavan Pratishthan, Mumbai. Pradip Thanawala, President of the Society was in the chair. The President presented the 63rd Annual Report of the Managing Committee and the audited Accounts.

Chetan Shah, Joint Secretary announced the results of the election of President, Vice-President, two Secretaries, Treasurer and eight members of the Managing Committee for the year 2012-13. He announced the names of the following members as elected unopposed for the year 2012-13. (The list of Office Bearers and the Managing Committee members is reproduced on the next page.)

The President then announced the ‘Jal Erach Dastur Awards’ for best article and best feature appearing in the BCA Journal during the year 2011-12. Mr. Ajit Korde, IRS was awarded the prize for the best article titled ‘What does Settlement Mean?’ which had appeared in the November 2011 issue of the BCA Journal. Govind Goyal and C. B. Thakar, Chartered Accountants received the prize for the best feature titled ‘VAT’.

A publication ‘Gita for Professionals’ was released at the hands of K. C. Narang, Past President. This publication illustrated the concepts of ‘duty and ethics’ by parables and anecdotes which at times seem autobiographical. Author of the book Chetan Dalal, Chartered Accountant expressed his appreciation to the Society and spoke briefly about the contents of the book. Mayur Nayak and K. C. Narang, Past Presidents, also spoke a few words about the book.

Thereafter, the outgoing and incoming Presidents Pradip Thanawala and Deepak Shah, respectively, addressed the members.

 In the end several members shared their views, appreciation, suggestions and future vision for the society and also complimented the outgoing President Pradip Thanawala and his team.

64th Founding Day Celebration

 The 64th Founding Day of the Society was celebrated on 6th July 2012 at Rangswar Hall, Y. B. Chavan Pratishthan, Mumbai Chief Guest Lt. General Syed Ata Hasnain addressed the members on the topic of ‘Inspirational Leadership – Models from the Armed Forces adaptable in Corporate World’. He shared his personal experiences with the audience and and how the same were applicable in a corporate environment. He spoke about the concept of success and victory and how in the armed forces a second position is not acceptable. The audience greatly benefited from his talk.

 On this occasion, a special issue of the BCA Journal was released by K. C. Narang, Past President. The special issue was based on the theme of Profession.

 It contained articles by professionals from other fields such as M. L. Bhakta, Advocate & Solicitor, Kaiwan Mehta, Architect & Author, and Anupam Kher, Actor. A new publication ‘Advance Rulings Law And Procedures – A Compilation’ authored by Mr. Rajan Vora, Mr. Hemen Chandariya and Ms. Vikita Shah, Chartered Accountants was released by Lt. General Syed Ata Hasnain. This publication aims to give a broad idea of the law, purpose, and procedure for seeking an advance ruling from this authority, set up by Income Tax administration. It also covers a summary of the cases of last three years. This publication was released under the auspices of Shailesh Kapadia Memorial Publication Fund.

Outgoing President Pradip Thanawala’s Speech

Dignitaries on the dais, off the dais and friends,

Exactly a year ago I assumed office as the President of this great institution. I was conscious of the responsibility entrusted to me. My seniors had reposed their fullest confidence in me, but I knew that I had my own limitations.

The moment I became a President-elect, I decided to do my best so that the impeccable reputation of the Society was maintained if not enhanced.

Today I stand before you having completed my tenure and I leave it to you to judge my performance. When I bowed to my elders for their blessings, they advised me that I should accept with humility all that came my way, respect the viewpoints expressed by others and show my gratitude for the faith my peers had reposed in me. I tried to conduct myself bearing in mind these words of wisdom.

While the annual report contains the entire details of the events as they unfolded, I feel it would be worthwhile to recapitulate a few of the significant ones which took place in the year gone by. For the first time, the Bombay Chartered Accountants Society started accepting corporate members and though it has been a small beginning, I am hopeful that this change will augur well for the Society’s future. The referencer has been a prized publication of the Society, and this year it was celebrating its golden jubilee. The referencer with the theme “Back to the future” is a collector’s item. The International Tax and Financial conference which has gained tremendous popularity over the past decade was held at the Infosys Centre. When we all witnessed the state-of-the-art facilities, it left no doubt in one’s mind of the technical excellence our Corporates have achieved.

All these landmark events were organised by the Society’s committees which are headed very ably by the past Presidents. It is this aspect that has made the Society unique and distinct from many other organisations. While the Society is always quick to embrace change in technology, law and be abreast of all developments in the professional field, it has a respect for tradition. The Society has been built on the sacrifices of many eminent professionals and their association with the Society will always continue. While we are all indebted to our past Presidents, one cannot forget the honorary services of the Society’s auditor Shri P.M.Dharia under whose watchful eye the accounts are finalised from year to year. This year the society felicitated Shri Dharia for his dedicated honorary services rendered for more than four decades.

In every aspect of the Society’s affairs its seniors are pillars of strength. In fact, it is because of the foundation that they have laid and the heights that they have achieved, that the President of the society is well-respected. As an eminent philosopher had remarked “I seem tall, because I stand on the shoulders of my forefathers.” While respecting elders the Society is conscious that students are the future of the profession. The Society holds many programmes for students culminating in the Annual day which is a mega event.

Though the credit for achievements goes to the leader of the team, the entire contribution is that of the team members. I have had excellent support from my office bearers consisting of Deepak Shah, Nitin Shingala, Chetan Shah and Raman Jokhakar. Apart from these office bearers I must thank Nayan Parikh, Rajeev Shah, Bharat Oza and Mukesh Trivedi for their unstinted support. I would also like to thank all the staff members of the Society for their support and co-operation throughout my tenure of two years. I do not know whether they will miss me or not, but I will certainly miss them all. I also acknowledge support of three staff members who left during the year namely Netra, Khorshed, Madhuri. And last but not the least my family who endured my absence and relieved me of domestic responsibilities over the entire last year.

I will be failing in my duty if I do not acknowledge the co-operation and guidance received from my dear friend Anil Sathe for providing necessary inputs for my VP Communication as well as Presidential message. Thank you Anil.

In today’s world, maintaining professional excellence is like running a marathon race. An individual has neither the strength nor the stamina to complete the race on his own steam and therefore it is to be run like a relay race. The skill in a relay is to hand over the baton seamlessly to the successor. The Society is such a mature organisation that this handing over and taking over happens each year very smoothly. Mr Deepak Shah will take over the reins as the President of the society and Naushad Panjwani will be his deputy. Deepak is an able leader and Naushad is brimming with innovative ideas. I wish both of them and their team a successful year ahead. I am now a relieved man and would like to end my speech with Kabir’s doha.

Incoming President Deepak Shah’s Speech
Om Namah Shivay Dear Members,

President Pradip Thanawala, Vice President elect Naushad Panjwani, Nitin Shingala, Raman Jokhakar, Chetan Shah, distinguished past Presidents of the Society, other Seniors in this profession, colleagues from other associations, and fellow members.

I am deeply honoured and humbled to wear this crown of office as I stand before all of you today. It is a responsibility that I pledge to carry with dedication, diligence and dignity in the coming year.

I know it is a significant commitment, and I shall fulfill the Society’s mission to spread knowledge, and support, promote and protect the interests of the profession and the public at large. I would at all times dedicate myself to work assiduously for the overall interest of our Society, and our noble Profession. In my activities, I will be guarded by no other principles than those of the vision of our Society.

I am confident, for I have the blessings of God, and my parents. I am thankful to the fact that I am surrounded by colleagues who are supportive and ready to give their best. Together with me, are my seniors and friends, who are ever willing to stand by me in all my endeavors. Together we form a perfect circle of mutual support & growth. I am also blessed with a wonderful family, who have always encouraged and supported me, and are proud as I am today.

After the completion of my graduation, and after marriage, I joined the firm of Ladhawala & Shah, Chartered Accountants. My intention was not to pursue Chartered Accountancy, but to get working experience in areas such as Income Tax and Sales Tax, which would then help me in my family business. The partners of the firm, my parents and friends encouraged me to sign my articles and pursue CA course. Initially I was hesitant, as to begin pursuing the rigorous CA curriculum after marriage, is an uphill task. I knew that I would have to sacrifice a lot. But, let me share the fact that the real sacrifice was made by my wife Nita during that important phase of our life. She stood steadfast beside me, and during those 3 years, constantly inspired and supported me. Today I am blessed with the presence of Shri I M Ladhawala and Shri M M Mehta, and I am thankful to them for their presence and support.

My association with BCAS started in the year 1997-1998, when a very dear friend Rajeshbhai Muni introduced me to BCAS, and I became a member of Publication Committee. Since then I started taking active interest in one of the most prestigious publications of the Society, the BCAS REFERENCER, and I got the chance to interact with many past presidents, core group members, and other fellow chartered accountants.

In the year 2001-2002 under the tenure of Pradipbhai Kapasi, I was inducted as a Managing Committee member, and during the tenure of Rajeshbhai Kothari in the year 2007-08, I became an Office Bearer.

Since the time I joined the core group I observed everyone working selflessly for the organisation, and at every stage, I felt that there is a lot to learn. My association with BCAS taught me that everything is achievable if our efforts have complete focus and dedication. It has made a meaningful difference to the lives of many and, I am not an exception.

BCAS has, over the past six decades, set a benchmark in all aspects of its services and activities. And with every accolade that has come its way, BCAS has constantly raised the bar on the quality of its practices and services.

The bygone year has been full of momentous activities, and the wisdom of past Presidents, enthusiasm of core group members and support of the BCAS staff has given that impetus to me to provide quality services. I look forward for the same continued and proactive support from all, to carry forward the good work.

Success is always a great motivator. We need to ensure that we do not rest on our past laurels, and we must strive again for excellence in everything we set out to do.

Thomas Jefferson once said –

That the dreams of the future are as powerful Motivators, as successes of the past.

The plan for 2012-2013 circulated to you, highlights the focus areas. Needless to say, that the ongoing knowledge development activities such as Lecture Meetings, Seminars, Workshops, Long duration study courses, RRC’s , Crash Course for Students, Clinics etc. will be regularly conducted by respective committees.

It is my privilege to take you all through the thought process behind the plan presented for the ensuing year.

If I have to describe my plan for the Year in one line
I would put it as :

We have a strategic plan – it’s called doing things.

While I sat to prepare this plan, I asked myself – What is the need of the hour. The answer was – To be JAGRAT – Jagrat, is a powerful word in Sanskrit literature. The nearest equivalent in English for it would be alertness or vigilance. The times in which we live are such that being Jagrat is absolutely decisive. The world is moving fast as never before. The rapidity and quantum of change that we witness are unparalleled in history. To keep pace with the change is a challenge for anyone at any time. It is said “even to be just standing where you are, you need to keep running twice as fast”. In this flux of time, to stand still is to invite a certain setback. So it’s extremely important to move forward and to keep pace with the rapidly changing laws, and for that, one must be alert at all times.

The year 2012-13 will bring about many changes, and will offer immense opportunities for the entire CA community. Direct Tax Code and GST may see the light of day, and age old Companies Act is all set to be replaced by the Companies Bill 2011. The Service Tax regime has changed completely with negative list coming into play.

But the problem with changes is that, the changes we witness end up being lopsided. It leads to large scale dissatisfaction, unrest and unwarranted litigation too.

Here I feel that BCAS has a very significant role to play.

BCAS provides a foundation of knowledge, skills, and professional values which enables CA’s to continue learning and adapting to changes throughout their professional lives.

“Give a man a fish and you feed him for a day. Teach him how to fish and you feed him for a lifetime” – The wisdom of this timeless adage defines BCAS approach towards professionals.

The annual plan is prepared on the basis of these thoughts, and have been deliberated by various committees over the past few days. I have witnessed that in each committee, all core group members were enthusiastic to implement innovative and quality driven programmes. I’d like to specially mention and appreciate all the outstation members who are part of the core group, for participating in committee meetings in person or through the conference call facility.

The words of Vince Lombardi, truly fits here:

Individual Commitment to a group effort- that is what makes a team work, a society work.

I would describe some aspects from each of the focused areas presented in the plan :

1)    MEMBERSHIP – I strongly believe that there has to be a fervent exercise of deepening BCAS roots. At the Society, a number of members through selfless and devoted work have created and are creating a large reservoir of knowledge.

I would aim to see that the water from this reservoir is being reached to many. It would be our endeavor to find ways and means to achieve this by reaching prospective members, specially the members from the industry.

And the solution to reach members in Industry is to promote BCAS Corporate Membership.

We have to ensure that corporates avail the benefits of BCAS membership.

For that We need to communicate :

What’s in it for them?

How the Corporate membership be an asset to them?

2) RELATIONSHIP :

a)    At this juncture, I look forward to the like-minded professional organisations to work in harmony, because as an organisation, we have a common cause of spreading knowledge, boosting professional development and lifelong learning for our membership.

b)    We also intend to closely collaborate with other organisations – Be it professional organisations in other streams or business and industry organisations.

c)    I for one, believe that, we need to have aggressive Interaction with Government and regulatory authorities on regular basis, to address and find solution to areas concerning the industry and public at large. The idea is to have more efficient evolvement, and administration of laws.

3) MENTORSHIP :

a)    On this front, all efforts will be made, to educate and provide up-to-date information and guidance to members on new laws and areas of practice, and planning Industry-specific programs for our members the in industry. During the year, we will work on means to reach more and more members, in particular the outstation members through the medium of technology, by creating web-based knowledge management.

b)    Study Circles : It is the platform which is regularly talked about by seniors and past Presidents even today. Efforts will be made to make them more vibrant, and spreading its wings to boost young talents.

c)    Publications:  This  year  we  have  a  separate Publication Committee, which will work towards the requirement, to publish books on regular basis.

d)    Research: Research is an area where we can, and must do a lot. I wholeheartedly invite members to participate in this area.

e)    Service to Students: We have many student members who dream of being part of BCAS.
We shall inspire, encourage, influence and help them recognise and appreciate the value of their unique talents, so they can fulfill their dreams.

Once dreams are fulfilled, they will see that they owe much of what they’ve accomplished, to their involvement with BCAS. And we all know how word of mouth is the best way to further promote experiences. That will help us in two ways – to harness young talents at BCAS, and to induce new ones.

I believe that as an organisation with clear values and beliefs, – What is good for Profession is good for BCAS, we can strive forward proudly.

God works through people they say. He doesn’t require us to succed, he only requires that You try. I assure you that me and my colleagues – Naushad, Nitin, Raman and Chetan, alongwith the dedicated staff, added by the strength of the experience of the managing committee, will at all times work with you at the Society.

The recognition and respect this Society has garnered over the years would not have been possible without the patronage and support of our valued members. I urge all members to come forward for an active participation in all our efforts and programmes organised by the Society, and share your views and expectations.

As your President, I endeavour to:

  •     Be Committed to the success of BCAS.
  •     Turn ideas into reality.
  •     Lead with a passion for BCAS.
  •     Be True to my name – DEEPAK by spreading the light of knowledge.

I once again thank all of you, for making this day special by giving me this great opportunity to lead, and advance the professional organisation of an immense repute, and take it to a greater height.

Lecture Meetings

Service Tax & VAT on Sale of under Construction Flats

At this lecture meeting held on 22nd August 2012 at the Indian Merchants’ Chamber, Mumbai, Mr. Vikram Nankani, Advocate, addressed the participants on the subject of the meeting. The speaker covered various judicial decisions such as K. Raheja Development Corporation, Assotech Realty Pvt. Ltd., L&T and MCHI among others and explained several vexed and controversial issues. He also dealt with recent Trade Circular 14T dt. 6/8/2012 issued by Sales Tax Department of Maharashtra directing builders to apply for registration by 16/8/2012, file returns by 31/8/2012 along with payment of taxes and interest and brought out the various intricacies of the topic for the benefit of 400 + participants. Mr. Nankani also touched on the new scheme of Service Tax and its approach through negative list. The webcast of the meeting is available on BCAS WebTV.

Negative List based Taxation of Services – Important Issues Mrs. Puloma Dalal, Chartered Accountant, addressed the participants on the issues pertaining to Negative List of Services at this lecture meeting held on 3rd September 2012 at the Indian Merchants’ Chamber. The speaker discussed in detail finer aspects of the new law such as definition of service, declared services, various aspects and interpretation of negative list and bundled services. Nearly 200 participants attended and gained from the knowledge and experience shared by the faculty. The webcast of the meeting is available on BCAS WebTV.

Other programmes

Monsoon Trekking

The Human Resources Committee of the Society organised a one day trek on Saturday, 25th August 2012 from Dodhani Village near Panvel to Sunset Point at Matheran.

The trek was through a thick jungle, with lots of butterflies and birds, and a good view of surrounding hills in the midst of greenery and Panvel reservoir. The view got better as the participants gained height. Considering that climate on that day was unusually hot and humid, the trek turned out to be little above the ‘easy’ grade. Yet the 40 participants did admirably well, enjoyed the nature and successfully completed the trek under guidance from 5 experienced volunteers from Explorers & Adventurers Club. During the return journey, the group lightened the mood and indulged in singing and antakshari amidst stronger camaraderie and bonding.

ASPIRE – Interactive Session for CA Students – Success Mantras for Success in CA exams

The Human Resources Committee of the Society and the Chamber of Tax Consultants jointly organised this seminar on Saturday, 8th September 2012 at Gulmohar Hall of BCAS Society, Mumbai and was presided over by Mr. Deepak Shah, President of BCAS, and Mr. Manoj Shah, President of CTC.

The object of the seminar was to discuss how to overcome various challenges while studying for the professional course of Chartered Accountant and sharing of “Success Mantras” to achieve spectacular success in exams.

The seminar was addressed by Mr. Atul Bheda, Chartered Accountant, and Rank-holders of May 2012 Batch namely Ms. Devshree Ganantra, Mr. Dharan Gandhi, Ms. Isha Changdiwala, Ms. Radhika Subramanian and Mr. Sunny Gosar, who shared their personal experiences of how they prepared for examinations and handled the stress. Past President Mr.Narayan Varma also motivated the students for coming in the profession with good ethics and integrity. The seminar ended with vote of thanks by Mr. Krishna Kumar Jhunjhunwala, Chartered Accountant, to all the faculties for inspiring the students with valuable Success Mantras and invigorating them.

International Tax & Finance Conference 2012

The 16th International Tax and Finance Conference, 2012 was organised by the International Taxation Committee of the Society from 17th August 2012 to 20th August 2012 in very refreshing atmosphere at Holiday Inn Resort, Goa where the following papers were discussed and presented:

Papers for group discussion:

  • Case Studies on International tax (with special reference to amendments in the Finance Act, 2012) ” by Pinakin Desai, Chartered Accountant.
  •  General Anti-avoidance Rules with Case Studies by Pranav Sayta, Chartered Accountant.
  •  Interpretation of Tax Treaties – Important Principles by Gautam Doshi, Chartered Accountant.

Papers for presentation:

  •  Transfer Pricing Regulations – Amendments made in the Finance Act, 2012 with special reference to “Specified Domestic Transactions” by Sanjay Tolia, Chartered Accountant.
  •  Investment Protection Treaty paper written by Rohan Shah, Advocate, and presented by Mr. Tarun Gulati, Advocate.
  • Service-tax on Cross Border Transactions by A. R. Krishnan, Chartered Accountant.

The Conference received excellent response and was attended by 192 participants from various parts of India and overseas including Hyderabad, Bangalore, Chennai, Coimbatore, Delhi, Ahmedabad, Pune, Goa, Secunderabad, Jamnagar, Kolkata, Karnataka and Dubai besides Mumbai.

The participants witnessed a very high quality of deliberations. Seminar on NBFC Regulations (Including Audit & Tax Aspects) Accounting and Auditing Committee of the Society had organised this seminar on 30th August 2012 at the Indian Merchants’ Chamber, Mumbai to equip members and industry professionals with the overall perspective of NBFCs Regulations and the recent updates with respect to RBI directives, legal, accounting and tax aspects. The seminar was attended by over 120 participants with representatives equally from industry and profession.

Mr. Naushad Panjwani, the Vice President, of the Society, inaugurated the seminar and highlighted the importance of the subject of the Seminar. Mr. Himanshu Kishnadwala, Chairman of the Accounting and Auditing Committee, outlined the contents of the seminar and explained the importance of various topics.

Ms. Archana Mangalagiri, General Manager, Reserve Bank of India (RBI), briefed the participants about the recent developments and initiatives taken by RBI in the field of NBFCs and gave RBI’s perspective in respect of various recent developments in the NBFC regulations.

Mr. Anup Shah, Chartered Accountant, discussed in detail various legal aspects applicable to various categories of NBFCs with focus on various recent notifications and circulars.

Mr. Viren Mehta, Chartered Accountant, covered “Audit Procedures and Reporting” and explained role and responsibility of the auditors under NBFC regulations. Mr. Yogesh Thar, Chartered Accountant, dealt with various contentious issues faced by the NBFCs under the direct tax laws.

Workshop on How to Conduct a Tax Audit

The Taxation Committee of the Society organised this workshop on 31st August 2012 at the Indian Merchants’ Chamber, Mumbai where the following faculties, all Chartered Accountants, enlightened the participants on the topics allocated:

Mr. Anil Sathe – Tax aspects
Mr. Himanshu Kishnadwala – Audit aspects
Mr. Raman Jokhakar
Ms. Sonalee Godbole – Clause-wise analysis of Form 3CD

The workshop concluded with an interactive Brain Trust session that provided guidance to over 325 participants on various controversial and catchy issues. The video recording of this workshop is available at BCAS Web TV.

Professional Accountant Course B atch XIV – Convocation

The Human Resources Committee successfully completed Batch XIV of the Professional Accountant and held Convocation on 4th September 2012 at H.R. College, Churchgate to award Certificates of “Professional Accountant” to 33 students. It was a memorable event for these students having put in hard work to learn practical and theoretical aspects of day-to-day accounting and tax compliance. The course was conducted over 23 sessions during April 2012 to July 2012.


The convocation function was graced by the President Mr. Deepak Shah, Past President Mr. Pradeep Thanawala, Convenor of HR Committee Mr. Hemant Gandhi, Vice Principal of HR College Professor Parag Thakkar and Course co-ordinator Ms. Manori Shah.The students acknowledged and appreciated valuable learning from this course that will help them in their career. They also gave valuable feedback to help make this programme more effective.Advanced FEMA Conference

The Conference was inaugurated by the chief Guest Mrs. Rashmi Fouzdar, Chief General Manager, RBI (FED Section). In her keynote address, she expressed her views in regard to various important issues which have arisen on account of current trend and fiscal and monetary policies.


In the first session Mrs. Rashmi Fouzdar and other senior officers from the Foreign Exchange Department of RBI including Mrs. Vanitha Venugopala, General Manager, and Mr. Ajay Vij, Dy. General Manager, answered various important questions raised by the participants.In the second session, Mr. Dilip Thakkar, Chartered Accountant, covered “Practical issues arising from FEMA including on LRS, Immovable properties, etc.”. In the third session, Dr. Pravin P. Shah, Chartered Accountant, dealt with the topic of “Issues on overseas outbound investments”. In the fourth session, Mr. Shabbir Motorwala, Chartered Accountant, covered “Issues on borrowing and lending including ECB, Trade credits, etc.”. In the fifth and last session of the conference, Mr. N.C. Hegde, Chartered Accountant, dealt with “FDI – recent changes and issues” and educated the participants in respect of various issues thereon including issues arising from changes made in the current year in the FDI Policy.The Conference offered deep insight into advance level issues on cross border transactions and enlightened the participants on various intricacies on the said subject.

Lecture Meeting

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Lecture Meeting on Success in CA Exams by Nilesh Vikamsey on 19th March 2014

Speaker
Mr. Nilesh Vikamsey, Chartered Accountant dealt with various aspects of
getting success in CA Exams. He explained various methods with examples
for preparing for various subjects in better ways. More than 350
students benefited from the expert analysis and knowledge shared by the
speaker. The presentation and video of the lecture is available at
www.bcasonline.org & www. bcasonline.tv, respectively, for the
benefit of all Students, Members and Web TV Subscribers.

Lecture Meeting on Taxation of Expatriates on 9th April 2014

Speaker
Mr. Sushil Lakhani, Chartered Accountant explained various aspects of
Taxation of Expatriates both inbound as well as out bound expatriates.
At this lecture meeting, a publication titled “Taxation of Expatriates
(Including certain Non-Tax aspects)” was also released at the hands of
Mr. S. E. Dastur, Senior Advocate. The publication has been Coauthored
by Mr. Sushil Lakhani, Mr. Nitin Shingala, Mr. Nandkishore Hegde &
Ms. Niji Arora, Chartered Accountants. This publication was the 25th
Publication under the auspices of Shailesh Kapadia Publication Memorial
fund.

More than 300 participants benefited from the speaker’s
vast knowledge and experience. The presentation and video of the lecture
is made available at www.bcasonline.org & www.bcasonline. tv,
respectively, for the benefit of all members and Web TV subscribers.

Other Programs:

Full day Workshop on “Practical Issues in Tax Deduction at Source” on 21st March 2014

A
full day workshop was organised by the Taxation Committee of BCAS. The
objective of the workshop was to keep the Members & Students updated
with recent changes in the regulatory as well as compliance aspects of
TDS provisions.

The following topics were discussed:

536
participants benefited from the Workshop. The video of the full
workshop is made available at www.bcasonline.tv for the benefit of all
Students,

Members and Web TV Subscribers.

Human Resources
Committee of BCAS organised this workshop where the learned speaker Mr.
Mihir Sheth, Chartered Accountant dealt with the various aspects of
good business etiquettes. The objective of the workshop was to make
participants deal with many such protocols and business etiquette
practices which can help them to carry effortlessly while dealing with
their counter part from other countries.

36 participants
attended the workshop and gained immensely from the knowledge shared by
the speaker. Seminar on Charitable Trust on 22nd March 2014 A full day
seminar on “Charitable Trusts” was organised jointly with The Chamber of
Tax Consultants. The objective of the seminar was to understand various
statutory provisions relating to Formation, Registration, Taxation and
Compliance by the Charitable Trusts and to discuss and deliberate upon
the various issues faced in day to day practice. 127 participants
attended the seminar.



Professional Accountant Course Batch XVI, Convocation on 25th March 2014

Human
Resources Committee of the Society and HR College of Commerce &
Economics has successfully completed XVI Batch of Professional
Accountants Course. The convocation was held at HR College where
participants shared their experiences with dignitaries present on the
dais like Mr. Nitin Shingala.

SOCIETY NEWS

Technology Initiatives Study Circle

 

Technology Initiatives Study Circle on “Productivity Apps
for Workplaces Part 2” held on 21st September, 2018 at BCAS
Conference Hall

 

Technology Initiatives Committee conducted a Study Circle
Meeting on Productivity Apps for Workplaces Part 2 on 21st
September, 2018 at BCAS Conference Hall which was ably led by CA. Rajesh Pabari
who is an HR Consultant by Profession and aspiring management consultant by
Passion.

 

It was the second session on Productivity Apps for Workplaces
which was in continuation of the  first
session held on 23rd August 2018. CA Rajesh Pabari covered effective
use of Gmail and important chrome extensions. He also covered various
productivity apps like Trello, Evernote, MightyText, Wunderlist, Anydesk,
PDFill, LibreOffice, Calibre, Agent Ransack, Xilisoft Video Downloader, Flux,
etc.

 

As the session was Productivity Apps for Workplaces, this
time Technology Initiatives Committee tried to experiment zoom application for
participants to attend the session online through their Desktop and
Smartphones. The Committee received wonderful response from the participants
and more than 15 participants attended session online through zoom application. 

 

The session was followed by Q&A session where the Speaker
thoroughly addressed all the queries of the participants.

 

The study circle was truly captivating and the participants
got hugely enlightened from the insight given by the learned speaker.

 

Meeting on “Action Plans 8 to 10 – Aligning Transfer Pricing
Outcomes with Value Creation” held on 1st October, 2018

 

The BEPS Study Circle organised a discussion on 1st October,
2018 at Khilachand Hall, IMC to understand Action Plans 8 to 10 of BEPS in
order to ensure compliance with value addition. In the meeting the discussion
was led by CA. Ganesh Rajgopalan and CA. Shreyas Shah. The speakers discussed
the final report on Action Plan 8 to 10 of the OECD-G20 Base Erosion and Profit
Shifting Project. The discussion was about the changes to the OECD Transfer
Pricing Guidelines brought about after the adoption of the final Report on
Action 8-10. The concepts of location savings, local market features, assembled
workforce and MNE group synergies were analysed. The new chapter on Intangibles
in the TP Guidelines defining and identifying intangibles, identifying the
parties which perform the significant functions of development, enhancement,
maintenance, protection, exploitation were discussed by the Group. Guidance in
the Report relating to hard to value intangibles including the use of ex post
results by the tax authorities were also discussed.

 

The session was very interactive and the participants got
enlightened a lot from the discussion.

 

Lecture Meeting on “GST Audit Report – Clause Wise Analysis”
held on 1st October, 2018 at BCAS Conference Hall

 

Indirect Taxation Committee organised a lecture meeting on
“GST Audit Report – Clause by Clause Analysis” on 1st October 2018
at BCAS Conference Hall which was addressed by CA. Sunil Gabhawalla, President,
BCAS. He briefed the audience about the steps initiated by the Society in
making recommendations on the audit report to the GST Council from time to
time. He further explained the significant provisions under GST Audit and
various issues concerning the same. Referring to the contents of the
Certification format, he enlightened the audience about the expectations from a
professional and his roles and responsibilities as an Auditor. He subsequently
deliberated on scope of GST audit, documentation prescribed by the Government,
key features of audit report, clause by clause analysis, various contents of
the Annual Reconciliation Statement in Form GSTR-9C and the level of
preparedness required by both the assessees as well as professionals, for
carrying out the GST audits. He also touched upon some of the areas which may
be tricky to comply with and involve significant time and efforts. Some of the
prominent issues in GSTR-9C prone to multiple interpretations and warranting
representation to the government were also discussed.

 

The meeting got an overwhelming response with more than 150
participants in attendance who got extremely enriched with the knowledge shared
by the learned Speaker having immense expertise on the subject.

 

Experts Chat @ BCAS on “Criminal Law System, Prosecution,
Economic Offences & Cheque Bouncing” held on 4th October, 2018
at BCAS Congerence Hall

 

Bombay Chartered Accountants’ Society organised this unique
experts chat on the offbeat topic such as Criminal Law System and Economic
offences on 4th October 2018 at the BCAS Conference Hall. This
stimulating chat was well attended by the members with Adv. Niranjan Mundargi
and Adv. Yogesh Israni on the panel and Dr. Anup P. Shah as moderator.

 

Dr. Anup Shah started with questions relating to care and due
diligence that needs to be ensured by the Chartered Accountants while
discharging their attest function and issuing certification. Adv. Niranjan
Mundargi emphasised on the importance of documentation and record keeping for
Chartered Accountants with a caveat that they are prone to questioning by
authorities and regulators more frequently in the present dynamic economic
scenario.

 

Adv. Yogesh Israni explained
the members on laws around cheque bouncing and economic offences. He detailed
the procedure for registering a NC with Police Station and difference between a
bailable and a non-bailable warrant. He also spoke on the hierarchy of various
courts in the judicial system along with monetary limits for filing the suits
and important aspects of Criminal Procedure Code.

 

The participants found the seminar to be very useful since
with changing scenario, practising Chartered Accountants are also required to
get themselves acquainted with the knowledge of criminal laws and economic
offences.The meeting was interactive and participants enriched themselves with
the knowledge shared on the subject.

 

HDTI Study Circle

Study Circle Meeting on “Relationship Management” held on 9th
October, 2018 at BCAS Conference Hall

 

Human Development and Technology Initiatives Committee
organised a Study Circle meeting on 9th October, 2018 at BCAS
Conference Hall on the topic “Relationship Management” which was addressed by
Ms. Carissa Gudino.

 

The focus of the
discussion was to study all aspects of interpersonal relationships. Broad
points taken up for discussion included (1) Understanding ourselves (2) How to
communicate effectively and (3) How to manage conflict.  Briefly, all facets of communication,
relationship building and conflict management were explained by the Speaker.
Overall, this discussion helped participants understand themselves in order to
manage and build better relationships on the personal as well as professional front.

 

International Economics Study Group

Study Circle Meeting on “Current Economic Issues” held on 9th
October, 2018 at BCAS Conference Hall 

International Economics Study Group conducted a meeting on 9th
October, 2018 at BCAS Conference Hall to discuss “Current Economic Issues”. CA.
Rashmin Sanghvi, CA. K. K. Jhunjhunwala & CA. Harshad Shah led the
discussion with their thoughts on current turbulent times with disturbing
trends in Debt & Financial Markets, episodes like IL&FS & few NBFCs,
rising oil prices, depreciating Rupee and Emerging Economic War creating ripple
effects in global economy. This was followed by group interactions.

 

The group felt that Asset Liability mismatch (ALM) wherein
many NBFCs have used short term borrowings for lending towards long term assets
and issues in regulatory matters and corporate governance have resulted in
current turmoil in financial markets. Oil prices have seen 55% increase in last
1 year on account of OPEC controlling supplies, Saudi – Russia “Secret Deal” (despite
US President Trump`s harsh words) and supply constraints from Libya, Venezuela
& Iran (overhang of sanctions). Indian Rupee also saw sudden depreciation
due to Strong Dollar, Increased Oil prices and outflow of dollars due to sell
off in Debt & Equity market. US 10 & 30 Years Treasury yield has seen
spike to 7 year high resulting in massive outflow from Debt Markets and high
bond yields in India`s debt markets. Trade war between America & China is
escalating and is having ripple effect on global economies which if it spills
to geopolitics, could have adverse impact in economies globally.

 

The participants
benefitted enormously from the knowledge shared by the experienced and learned
speakers. 

ITF Study Circle

Meeting on “Impact of Ind AS on International Taxation”
held on 11th October 2018 at BCAS Conference Hall

 

ITF Study Circle
organised a meeting on the Impact of Ind AS on International Taxation on 11th
October, 2018 at BCAS Conference Hall which was led by Group Leader CA. Bhaumik
Goda. Ind AS introduces significant differences from the requirements of
existing Indian Generally Accepted Accounting Principles (IGAAP) in areas such
as revenue recognition, property, plant and equipment, financial instruments,
business combinations, consolidation etc.

 

In addition to changes in the requirements of the standards
themselves, there are several areas where Ind AS requires application of
judgement and financial reporting would be based on estimates made by the
management. Certainly, fundamental shift to Ind AS from IGAAP will not bring
any solace in tax computation of domestic and international tax. 

 

The Group Leader commenced the meeting by discussing the
roadmap to Ind AS for Companies and Banking sector entities. During the course
of the meeting, the speaker made successful attempt for deliberating the issues
with regards to corporate guarantee, principal vs. agent, thin capitalisation,
compounded instruments, redeemable preference shares, impact on CBCR and impact
on comparability. He also discussed case studies, jurisprudence, OECD
commentary, India’s position with various reporting aspects and their criteria
for implementation, consolidation and comparison. The members of the Study
Circle shared their experience on above mentioned issues and it was a huge take
away for all the participants through the insights provided during the meeting.

Society News

22nd “ITF Conference 2018” held from 15th to 18th August at The Narayani Heights, Ahmedabad

 

The International Tax and Finance Conference was conducted from 15th to 18th August at The Narayani Heights, Ahmedabad with a robust attendance of 233 members from around 19 cities across India. The Conference was top lined by experts from respective fields who dealt with their subject matter with in-depth clarity. The 4-day Conference was marked with 6 technical sessions which included 3 group discussion papers, 1 presentation and 2 panel discussions.

 

President CA. Sunil Gabhawalla gave his opening remarks on “Indirect Tax Aspects of Cross Border Structuring” and also explained about BCAS activities and new initiatives.

 

The Conference was inaugurated with a keynote address by Adv. Saurabh Soparkar who dealt in a very succinct manner on “Understanding of codified GAAR in light of, as well as in comparison, to judicial GAAR, in international tax context”.

 

CA. Gautam Doshi spoke on “Business Connection and PE in the context of recent amendments and BEPS”. He dealt with case studies covering various aspects of the recent significant economic presence, principle purpose test, place of effective management and dependent agent. He explained the toughest concepts at a fundamental level and enlightened all in a very concise and enriching manner. The paper provided by him gave justice to all important areas of the topic.

 

CA. Hasnain Shroff explained “Recent Developments in Transfer Pricing”. He discussed recent developments from BEPS, attribution of profits to PE and intangible-related valuation and transactions. The case studies put forward by him brought out many new issues and the concepts yet to be tested were explained thoroughly.

 

CA. Padamchand Khincha deliberated upon “Case Studies on Cross-Border Business Structuring”, Hybrid Instruments and Entities, indirect transfer of shares, BEPS, domestic GAAR and Limitation on Interest Deduction.

 

Dr. Anup Shah’s presentation on “Raising Global Finance (Recent Trends and Indian Regulations including FEMA and other laws)” was well received and he discussed in detail, the tax, FEMA and other regulatory analysis in respect of raising finance from an international perspective.

 

Adv. Vikram Nankani’s presentation on “Interplay of Benami Properties Act, Black Money Act, Fugitive Economic Offenders Bill/Act and PMLA” also provided brief analysis to all participants.

 

The Panel Discussion was chaired by Shri Pramod Kumar, ITAT and Accountant Member with Dr. Vinay Kumar Singh, CA. Pranav Sayta and CA. T. P. Ostwal as panellists. The Panel discussed various case studies on “Interpretation of Tax Treaties against the backdrop of OECD MC 2017, MLI and GAAR”. All the panellists took up case studies which contained the latest and most important concerns including the impact of latest changes introduced as a part of the BEPS Project. It was an enriching experience to hear the stalwarts from both revenue and profession on this new topic.

 

In addition, there were quite a few non-technical but equally enriching personal development programmes such as Strategic Management from IIM-Ahmedabad by Professor Dr. Naman Desai, where delegates had the first-hand experience of strategic management lessons which was followed by the campus tour of IIM-Ahmedabad and a social visit to Swaminarayan Temple along with the water show and also entertainment by Singer Abhijeet Rao and his troupe during the Gala Night.

 

The Conference thus achieved its objective of affording the best of International Tax deliberations and learnings interspersed with useful non-technical sessions.

 

The participants were hugely enlightened from the sessions taken at the Conference.

 

Lecture Meeting on “Proposed GST Return Formats – Whether Simple enough?” held on 21st August 2018 at BCAS Conference Hall

 

BCAS conducted a lecture meeting on a technical topic “Proposed GST Return Formats – Whether Simple enough?” on Tuesday, 21st August 2018 at BCAS Conference Hall. The lecture was delivered by CA. Samir Kapadia who informed the audience regarding the challenges in the present return filing system and significant features of the proposed GST returns format and manner of processing thereof. He also explained to the audience the problems to be overcome for the proposed return filing process to achieve its desired results. The Society has created a dedicated email id:  issues_gstreturns@bcasonline.org on which public at large may consider posting the challenges and issues faced by them during the GST return filing process along with necessary screen shots wherever possible. The Society will communicate such issues to GSTN team at regular intervals and interact with them as an endeavour to assist GSTN Team in designing a hassle-free and efficient return processing platform.

 

The lecture meeting was very interactive and informative and ended with addressing few questions from the audience and vote of thanks to learned speaker.

 

TECHNOLOGY INITIATIVES STUDY CIRCLE 

 

Technology Initiative Study Circle on “Productivity Apps for Workplaces” held on 23rd August, 2018 at BCAS Conference Hall 

 

Technology Initiatives Committee conducted a Study Circle Meeting on Productivity Apps for Workplaces on 23rd August, 2018 at BCAS Conference Hall which was ably led by CA. Rajesh Pabari who is an HR Consultant by Profession and aspiring management consultant by Passion.

 

In the present scenario, mobile technology plays a key role in oral and written communication within and outside the workplace, to enhance productivity in the organisations. In this context, CA. Rajesh Pabari covered important web based applications (Trello, Evernote, Wunderlist, Mightytext, GoogleDocs, Spreadsheet, Blinkist, edX, Drupe, etc), Desktop applications ( AnyDesk, PDFill, LibreOffice, Calibre, AgentRansack, Flux, XiliSoft, Foxit, Evernote) and important chrome extensions (MyWot, Trello, LastPass, Extensify, Evernote, WebClipper, Nimbus Screenshot, MailTrack, Grammarly, Loom, Mercury Reader, HoverZoom) etc., to make the participants understand the importance of these applications, to achieve the objective of go green and thereby increase efficiency and reduce costs.

 

The session was followed by Q&A session where the Speaker thoroughly addressed all the queries of the participants. The study circle was truly enthralling and the participants appreciated the in-depth insight given by the learned speaker.

 

Narayan Varma Memorial Lecture held jointly with Dharma Bharathi Mission and Public Concern for Governance Trust on 24th August, 2018 

 

The third Narayan Varma Memorial Lecture was delivered by the guest speaker Mr. Vallabh Bhansali on the topic “Rebuilding India” on 24th August 2018 at K. C. College Mumbai. In terms of rotational arrangement agreed for hosting the event, this year the main host was Bombay Chartered Accountants’ Society. Dharmabharti Mission (DBM) and Public Concern for Governance Trust (PCGT) were co-hosts.

 

The speaker recalled his memories with late Mr. Narayan Varma and informed that the topic was the most apt from the point of view of the belief system late Narayan Varma practiced. He said the word “rebuilding” connoted bringing about change in things as they stand. Changes are triggered by human beings on what bothers them based on their area of influence. While most ordinary people make attempt to change only things that fall within their area of influence, Mr. Varma – the great leader that he was, would take things that bothered him head on without bothering about his area of influence. He focused on what was needed to be done to redeem the problem believing that area of influence will enlarge. This is the context on which India could rebuild itself, the speaker advocated.

 

Explaining the context, he said that a well-known researcher has found that India had 40-45% share of world GDP for 1800 years as compared to 2.5% now. This is why it needs to rebuild itself. Countries like China and Korea which were far smaller in their share could overtake India because they believed in their vision and planned for it and auctioned it without bothering about other things. In fact, China had one hundred year plan document to pursue their goal to change their fate, overcome challenges that lay ahead. But not deterred by the uncertainties, it just went ahead and made great stride with discipline and persistence.

 

The speaker emphasised that to rebuild India what is needed is a change of our mindset. Shikayat Nahi Shuruat (No complaints, just take the initiative) is the mantra that needs to be practiced. Generally changes in the society are brought about by Government, Corporates, Charities and Individual citizens either singly or in collaboration with each other. Indian mindset is to wait for the government to do everything to bring about a required change.  However, this slows down the change and makes it inefficient. This is what has deprived India of several opportunities despite its tremendous advantages in terms of topography, demographics, largest arable land and vegetation, variety of climate and innovative mindset of its people.

 

Elaborating his argument, the speaker said that he believed transformational change could be brought about to rebuild India only through strong belief backed up by Governance, Value Education and collaboration of its constituent viz. Government, Corporates, Charities and Individuals. Governance meant creating eco system of rules, regulations, code of conduct and design model that can measure and monitor progress. Value education meant inculcating a value system to think beyond oneself and take an inclusive view to contribute towards nation building. He said that ground level progress will be visible only when residents become citizens first and transform themselves into actizens.

 

To explain his arguments, he gave example of his recent projects. He said that in a recent project, to aid drought affected area of Maharashtra, he realised how massive the challenge was. The unanimous opinion was that temporary aid will not be the solution. It needed end to end solution which meant creating an eco-system that can prevent droughts. The target was huge, resources requirements were massive and a bold thinking was must. That is when belief was developed that it could be done with meticulous design model, collaboration of corporates, individuals and government. A detailed proposal was made with comprehensive governance system and it achieved great success by more than expected response from corporates and the government. A proposal that started with just one district as model is now being extended to many affected districts. All this with extraordinary low costs as compared to what just an individual constituent would have spent.

 

Another prerequisite he mentioned was about “Value Education” which is the backbone of progress for any society. Lamenting the legacy of education system, he said that there is hardly any emphasis on the subject of civics that brings civility in the citizens. He said that he was involved with building a value education curriculum that could change the way the young students think to ultimately rebuild India as strong and vibrant country of nationalist citizens. Realising that this could be done only with support of the government, he took it up with the government of Goa and Maharashtra who were more than enthusiastic. After initial pilots, both governments are adopting the project for all the schools run by them in their state. This is the power of collaborative efforts which with right design and belief could do wonders to bring about a change. The take away of the matter is that if one feels strongly for the cause, the ability to make the change happen will follow.

 

Stating that corporate governance in current times was a critical issue, he said that corporates could think of a “Custodian” who could be the focal point for right governance. If there is a strong will to have better governance then it will be followed by needed government regulations and training.

 

Concluding his speech he said that we can certainly rebuild India provided we develop spirit like Narayan Varma to do even a small bit to change the situation that bothers us by being constructive and not critical.

 

The speech was followed by a Q&A session.

 

Next item to follow was the presentation of award by each of the three organisations to the awardees for their selfless contribution to the society. The awardees were:

 

1. Mr. Atul Doshi Awardee -BCAS
2. Mr. Achyuta Samanta Awardee – DBM
3. Mr.Anil Galgali Awardee -PCGT
A short introduction of their work in their respective field was given to the audience by short film and by narration as applicable.

 

A well-deserved vote of thanks was given by Shri Paramjeet Singh, the President of DBM. The meeting was coordinated and compered by CA. Mihir Sheth.

 

ITF STUDY CIRCLE

 

Study Circle Meeting on “Taxation of Profits from Shipping and Air Transport under DTAA” held on 27th August, 2018 at BCAS Conference Hall

 

International Taxation Committee organised ITF Study circle on 27th August, 2018 at BCAS Conference Hall which was led by CA. Sonia Agrawal, who initially began with an explanation about various operations of Shipping and Aircraft companies within India and outside India. She explained various types of vessels that Indian companies hire from foreign shipping companies and how they function commercially. Similarly, various types of aircrafts which are leased/used by the Indian residents from foreign companies and their operations with regards to cargo/passenger and mobility and use were deliberated in brief. Taxation of profits under presumptive taxation as per Section 44BB and 44 BBA with the difference in taxation and nexus with Section 172 were also explained in detail with examples.

 

The participants resolved their questions and queries with the group leader and further discussion with regards to Article 8 as per the Treaty will be taken up in the forthcoming meeting to be held on 4th October, 2018.The members of the Study Circle discussed their experiences on above mentioned issues and the participants benefitted from the discussion on the subject.

 

Intensive Study Course on “Internal Audit 101: Let’s Start at the Very Beginning” held on 30th and 31st August, 2018 

 

The Accounting and Auditing Committee organised a 2-day Foundation Course on Internal Audit 101 at Orchid Hotel, Mumbai. The course witnessed a full-house, well represented by participants from the profession as also from the industry. The entire course was conceptualised and curated by the newly formed GRC subgroup of the Accounting and Auditing Committee.

 

The course was inaugurated by a welcome address by President CA. Sunil Gabhawalla and opening remarks by Chairman CA. Himanshu Kishnadwala that set the tone for the entire event. The first session, by CA. Jyotin Mehta provided an overview of Internal Audit and the regulatory framework within which it operates. CA. Satish Shenoy unfolded the story by narrating various real life incidents that had the audience rocking with laughter – his unique style provided excellent learning with a big dose of entertainment.

 

CA. Atul Shah meticulously took the participants through the tools and tricks of the trade, by sharing audit techniques deployed at each stage of audit. His tremendous preparation and eye for detail was appreciated by one and all. CA. Nandita Parekh took everyone back to the drawing board on the basics of Risks and Controls – the simplicity of her talk along with a vivid presentation reinforced the core concepts that form the heart of internal audit.

 

The second day commenced with CA. Ashutosh Pednekar, who talked about specific cycle audit. His real life examples and interesting stories captivated the audience. CA. Deepjee Singhal’s session focused on the meeting point of Technology and Internal Audit and covered the entire gamut of areas where use of technology would be a game-changer. His session drove home the point that extensive use of technology tools is no longer a luxury for Internal Audit, it is a necessity for survival.

 

CA. Mario Nazareth, the only guest faculty, held the participants completely spellbound during his 2 hour long presentation on “The Art of telling a Good Story”, a session designed to help participants write and present compelling reports. His presentation, laced with audio visuals, pictures and graphs impressed one and all, and provided a fabulous end to the individual sessions.

 

The 2 day event ended with a panel discussion focussing on “Internal Audit should be at the forefront of an organisation, not a backroom function”. The distinguished panellists were CA. Deepjee Singhal. CA. Satish Shenoy, CA. Mrugesh Shah, CA. Sandip Joshi and CA. Mario Nazareth. The panel discussion, anchored by CA. Nandita Parekh, provided varied views and insights on key issues of internal audit and the rapid fire round brought an interesting finish to this vibrant, energetic 2 day foundation course.

 

The course lived up to its promise of delivering the sessions in a “story-telling” style with anecdotes, real life incidents and practical insights to deliver a unique and interesting experience for the participants who got invaluable insights from the sessions of speakers.

 

Full Day “Seminar on Charitable Trusts – Critical Aspects” Jointly with Chamber of Tax Consultants held on 1st September, 2018 at BCAS Conference Hall 

 

Corporate and Allied Laws Committee of the Society jointly with the Chamber of Tax Consultants organised a Full Day Seminar on Charitable Trusts on 1st September, 2018 at BCAS Conference Hall, to discuss the critical aspects and recent developments in this sector.

 

President CA. Sunil Gabhawalla in his opening remarks briefed the participants about the recent development happening in the field of Non-Profit organisation sector. He also highlighted the challenges as well as the opportunities available to the practicing chartered accountants in this sector. President of Chamber of Tax Consultants Mr. Hinesh Doshi also appreciated the initiative taken up by BCAS in organising such event and shared his views on the compliance and other related issues of charitable trusts.

 

The Seminar was inaugurated by Mr. Bharat Vyas – Deputy Charity Commissioner, Maharashtra. He also took the 1st session on Important Procedural Aspects for Trustees and Professionals wherein he shared his views on the recent changes in the Bombay Public Trust Act, FCRA etc., and various other procedural aspects relating to the formation and annual certification relating to the charitable trust.

 

The second session was addressed  by CA. Gautam Shah who enlightened the participants about various Compliances and Issues under the Maharashtra Public Trust Act. He also highlighted about duplication and other practical challenges faced by the practitioners in relation to the charitable trusts.

 

In the third session, CA. Gautam Nayak discussed various issues relating to the Taxation of the Charitable Trusts including the issues arising out of the rejection of the registration of various charitable organisations. He also briefly explained various judicial pronouncements relating to issues e.g. Depreciation on Assets, carry forward of losses etc.

 

During the fourth session, CA. Sanjay Agarwal from Delhi enlightened the participants about various issues relating to the registration and renewal of FCRA license. He also discussed the common issues relating to the separate books of accounts, issues relating to administrative expenses and other important aspects to be considered during the filing of the FCRA returns. He then deliberated on the issues arising after 2016 amendment in the definition of Foreign Source which invited lot of discussion amongst the participants. He also briefly touched upon the issues arising in CSR donations in relation to the receipt of grant vs. service contract.

 

The implication of Goods & Service Tax (GST) on the non-profit organisations has always been an area of debate since July 2017. Fifth session on this topic was taken by Mr. Shailesh Sheth who addressed the participants on various issues relating to the GST in respect of charitable trusts. He also discussed various judicial precedents which can be considered to determine the applicability and other consequential provisions of GST on the charitable organisations.

 

At the end, there was a Panel Discussion under the Moderation of CA. Gautam Shah wherein Mr. Satyanarayan Raju – Addl CIT (Exemptions), CA. Gautam Nayak and Mr. Noshir Dadrawala discussed various issues relating to the charitable trusts. The floor was opened for Q&A session where panellists answered all the queries of the participants.

 

The seminar was very interactive and full of insights into the charitable trusts and the participants were truly enriched with the presentation and the in-depth insights given by all the Speakers. The Seminar received an overwhelming response from the industry as well as practicing chartered accountants in the field of Non-Profit Organisations.

 

STUDENTS STUDY CIRCLE

 

Students Study Circle on “Recent  Amendments in GST Laws” and “New GST Return Filing Procedure” held on 4th September, 2018 at BCAS Conference Hall

 

The Students Forum under the auspices of HRD Committee organised a Students’ Study Circle on the captioned topics on 4th September, 2018 at BCAS Conference Hall.

 

The study circle was led by student group leaders Mr. Jimit Doshi and Mr. Hardik Goyani under the mentorship of CA. Raj Khona. The student co-ordinator Mr. Dhruval Shah introduced the mentor, group leaders and briefly explained the topics. CA. Rajesh Muni, Chairman of the HRD Committee addressed the students and encouraged them to actively participate in the events organised by the Students Forum. Both the group leaders thoroughly covered their respective topics in a very interactive manner. CA. Raj Khona guided the students by explaining implications and rationale behind the recent amendments in a simplified and lucid manner.

 

The group leaders and the mentor also answered various queries raised by the participants. The study circle was an insightful experience for the participating students.

 

INTERNATIONAL ECONOMICS STUDY GROUP

 

Meeting on “Trade War to Currency War to Economic War” held on 4th September, 2018 at BCAS Conference Hall 

 

International Economics Study Group held their meeting on 4th September, 2018 to discuss “Trade War to Currency War to Economic War” at BCAS Conference Hall. The Speaker, CA. Rashmin Sanghvi talked on Economic war detailing – how United States of America has been using this tool to harm other Countries. He specifically brought out case of 1992 breakup of USSR into 15 independent republics without firing a single bullet. He brought out various measures USA is taking to adversely affect economy of many nations and highlighted cases of many countries besides USSR. He also highlighted that many countries like Russia, China, Germany & France are raising voices as to why should International Transactions be carried out in Dollar using “SWIFT” even though USA is not a party to such transactions. Sanctions on Iran & Turkey are termed as “Weaponising the Dollar” whereby Dollar is used to harm countries that do not follow US diktats.

 

CA. Harshad Shah highlighted ongoing Trade War that USA unleashed against China and other nations with tariff being raised on many goods and currencies of many countries are getting hurt in the process. There appears to be a greater “Economic War” being playing out between “current Super Power” USA and its “Challenger” China. USA is employing “Trade War” and Dollar is strengthening against most of other currencies and depreciation of Indian Rupee is part of that. Many countries (China, Venezuela, Turkey, Iran, Pakistan etc.) are experiencing economic turmoil & crisis. In case of Iran, the currency has depreciated more than 100% and in case of Turkey, it is over 40%, both of whom are experiencing after effect of Trade War and Economic Sanctions.

 

CA. Milan Sangani suggested that present exercise is more of renegotiating terms of trade in typical style adopted by President Trump. There may not be any Trade War. The tensions will ease once renegotiations are carried out like in the case of USA & Mexico. The meeting was a good takeaway for the participants where the experienced and learned speakers answered their queries as well.

 

Lecture meeting on “GST Audit – A Curtain Raiser” held on 5th September, 2018 at BCAS Conference Hall

 

A lecture meeting on the topic “GST Audit – A curtain raiser” was held on 5th September, 2018 at BCAS conference hall which was addressed by CA. Parind Mehta. In the beginning of the meeting, a book on “Exports and Export Refunds under the GST Law” by CA. Chirag Mehta was released by the hands of the Speaker.

 

During his speech, CA. Parind Mehta discussed the scope of GST audit vis-a-vis recommended draft reports of ICAI and BCAS. He elaborated upon comparatives of both the drafts with positives and negatives. He discussed various reconciliations involved at different stages of GST audit.  He also made the participants aware about challenges in undertaking first GST audit and cautioned them about clarity of role of auditee and auditor and importance of auditee preparedness before undertaking the audit. CA. Parind Mehta responded to the various queries raised by the participants who benefitted a lot from the meeting.

 

FEMA STUDY CIRCLE

 

Study Circle Meeting on “Overview of FEMA” held on 6th September, 2018 at BCAS Conference Hall

 

A FEMA Study Circle Meeting was held on 6th September, 2018 at BCAS Conference Hall where CA. Natwar Thakrar led the discussion on the topic of Overview of FEMA covering Residential Status, Overall Structure, Important Definitions, Notifications and Circulars etc., amongst others. In continuation of earlier meeting on the same subject, the Group Leader deliberated upon residential status by giving examples.

 

He also brought to the notice of the participants that definition of an NRI and Person of Indian Origin have changed and one needs to be careful while advising NRI clients as to who can make investment in India in various assets. He discussed prohibited transactions under section 3 of the Act and shared a compounding order which dealt with violation under section 3.

 

The participants were delighted with the valuable insights on the subject and got their queries on various important definition and changes made in the law resolved.

 

Workshop on “Developments in Audit Reporting, etc., for Audit for 2017-18” held on 6th September, 2018 at BCAS Conference Hall

 

The Accounting & Auditing Committee organised a full day workshop on Developments in Audit Reporting, etc., for Audits for 2017-18 on 6th September, 2018 at BCAS Conference Hall. Vice President CA. Manish Sampat gave the opening remarks. Chairman of Accounting & Auditing Committee CA. Himanshu Kishnadwala then briefed on the need for such workshop & relevance of the topics selected. The following topics were taken up at the workshop by the learned Speakers:

 

Developments & Issues in Accounting Standards CA. Rajesh Mody
Critical FRRB observations on financial statements CA. Abhay Mehta
Audit Reporting Requirements CA. Zubin Billimoria
Developments in Companies Act, 2013 CA. Paresh Clerk

 

CA. Rajesh Mody started the first session highlighting the important issues in revised Accounting Standards. He took various case studies to explain the important aspects of the revised standards and their impact on financial statements. He also dealt with the changes expected in next 2-3 years and how those changes are going to affect the Accounting fraternity dealing with Indian GAAP.

 

CA. Abhay Mehta took the participants briefly through critical observations made by FRRB based on the reviews conducted by the Board and published for the benefit and course correction by the C.A. fraternity, in preparing the financial statements. He also covered critical observations in the areas of Accounting Standards, Auditing Standards & Company Law compliances.

 

CA. Zubin Billimoria spoke on new Audit Reporting Requirements and the changes in reporting requirements which will be applicable for the reporting period ending 31st March, 2019. He particularly covered in detail the “Key Audit Matters” (KAM) which is going to have very wide impact on the way the Audit Report is prepared. He also covered important Audit Reporting Requirements like Emphasis of Matter (EOM) Paragraph, Modified Report, Qualified Report and Disclaimer of Opinion.

 

CA. Paresh Clerk addressed the last session of the workshop dealing with recent changes in Companies Act, 2013. He discussed at length various inconsistencies in the definition under Companies Act, 2013 & Accounting Standards. He also covered many relevant sections of the Companies Act, 2013 which are important for the Auditor for the year 2017-18.

 

The sessions were very interactive and the speakers shared their insights on the subject. The participants benefited immensely with the guidance and practical views on various issues expressed by the faculties.

 

Interactive session with Students for “Success in CA Exams” held on 8th September, 2018 at BCAS Conference Hall

 

The BCAS Students Forum, an initiative of HRD Committee, organised an Interactive session with students for success in CA Exams on 8th September, 2018 at BCAS Conference Hall.  Ms. Labdhi Shah, the student co-ordinator introduced the speakers CA. Mudit Yadav and CA. Nikunj Shah and briefly shared about BCAS and BCAS students forum. CA. Rajesh Muni, Chairman of the HRD Committee addressed the students and encouraged them to actively participate in the events organised by the Students Forum.

 

CA. Mudit Yadav, who himself was a student participating through the activities of Students forum few years back is now a life coach and a motivational speaker. He took the students through his own journey of being student to a Chartered Accountant who cracked CA final exams in first attempt.

 

CA. Nikunj Shah who has a vast experience in teaching in the past, was hands on and completely aware of the challenges faced by students. He provided practical tips and tricks to be implemented in order to qualify as a Chartered Accountant. At the end, CA. Jigar Shah, the in-charge of students’ activities briefed the participants about the forthcoming events and thanked the speakers for sharing their knowledge on the subject.

 

Both the speakers guided students on how to crack CA exams and left the audience spell bound with their invaluable insights.

 

HRD STUDY CIRCLE

 

Study Circle Meeting on “Sound Sleep and Lung Care for Good Health” held on 11th September, 2018 at BCAS Conference Hall

 

Human Resources Development Committee organised a meeting on 11th September, 2018 at BCAS Conference Hall, to discuss the topic “Sound Sleep and Lung care for Good Health” which was presented by Dr. Nimish Shah. The Speaker covered the importance of Sound Sleep and Lung Health. Basic knowledge of sleep, abnormal sleep, insomnia and consequences were discussed. He also spoke on common respiratory ailments, precautions and tests with treatment options for each.

 

Adequate Sleep and lung health are two of the most important elements for a good lifestyle. Sleep deprivation and not maintaining proper lung health leads to many health issues which sometimes turn fatal.

 

The Speaker also answered the queries of the participants who benefitted a lot from the session.

SOCIETY NEWS Part 1

DTAA Course held on 1st, 8th,
15th and 22nd December, 2018 and 5th, 12th
and 19th January, 2019 at BCAS Conference Hall

 

BCAS successfully conducted
its 19th Study Course on Double Taxation Avoidance Agreement at BCAS
Conference Hall spanning over 7 Full Days – 1st, 8th, 15th
and 22nd December, 2018 and 5th , 12th and 19th
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 22nd 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 22nd 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 28th and 30th January, 2019 at
BCAS Conference Hall.

 

Study Circle Meeting was
held on 28th 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 30th 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 6th
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 14th
February, 2019 at BCAS Conference Hall

 

International Economics
Study Group conducted a meeting on 14th 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 16th 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 16th 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 21st
February, 2019 at BCAS Conference Hall

 

Study Circle Meeting was
held on 21st 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
1st 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 22nd
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 22nd 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 28th February to 2nd March, 2019

The 9th Ind AS RSC was held at The Gateway Hotel, Taj Group, Nashik from 28th February to 2nd 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:-

Sr. No. Paper Author GD or Presentation
1. Case Studies on Ind AS 115 CA. Anand Banka GD
2. Case Studies on Various Important Ind ASs CA. Santosh Maller GD
3. Case Studies on Financial Instruments CA. V. Venkat GD
4. Audit Reporting under Revised Reporting Standards CA. S. Vasudeva Presentation
5 Impact of Ind AS on MAT CA. Santosh Maller Presentation
6 Ind AS 116 Leases CA. Manan Lakhani Presentation

The RSC Started on Friday, 28th 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 1st 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 3rd 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 1st 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 8th 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 8th 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 9th 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 9th 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 13th March 2019 at BCAS Conference Hall

BCAS organised a lecture meeting on Recent Important Decisions in Income Tax on 13th 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 16th March, 2019

The Suburban Study Circle had organised a meeting on “The Banning of Unregulated Deposit Schemes Ordinance, 2019” on 16th 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 21st 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 19th March, 2019 at BCAS Conference Hall

International Economics Study Group conducted a meeting on 19th 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 15th, 16th, 22nd and 23rd March 2019 at BCAS Conference Hall

Four Day Study Course on FEMA was conducted at BCAS Conference Hall on 15th, 16th, 22nd  and 23rd 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.

 

SOCIETY NEWS

TECHNOLOGY INITIATIVE STUDY CIRCLE

 

‘Tricks and Tips of GST compliances in Tally
ERP9’ held on 4th and 8th June, 2019 at BCAS Conference
Hall

 

The Study Circle meeting on this
important subject was led by CA Punit Mehta, a practicing fellow Chartered
Accountant and a Director of Aimtech Business Solutions Pvt. Ltd. Punit is a
regular speaker at various seminars and conferences. He has also conducted
several training and workshops on Tally software implementation at study
circles and branches of the WIRC of the Institute of Chartered Accountants of
India and of the BCAS.

 

In the course of the programme, CA
Punit covered the importance of the ‘Alt + N’ function, the key role of
Hierarchy for incorporating the GST number, the issue of invoice of different
locations with the same Tally company, issue of invoice to the customer for
various locations with the same ledger along with many more different tricks
for ease of compliance along with practical demonstrations. He shared his
in-depth knowledge with the participants and answered all the questions raised.

 

FEMA STUDY CIRCLE

 

Meeting on ‘Overseas Direct Investment – Procedure &
Documentation’ held on 8th June, 2019 at BCAS Conference Hall

 

CA Kaumudi Joshi led the discussion
on the subject ‘Overseas Direct Investment – Procedure & Documentation’. A
banker by profession, she shared her vast knowledge about the procedure to be
followed and documentation to be submitted to the authorised dealer in relation
to overseas direct investments. She shared her insights on common errors
committed while submitting the form for ODI. The members appreciated her
presentation.

 

HRD STUDY CIRCLE

 

Meeting on ‘Breath the Healer’ (Breath heals life! Breath is
life!) held on 11th June, 2019 at BCAS Conference Hall

Between birth and death, we live
life. How happy and peaceful our life depends a lot on our health. Proper
breathing is essential not just for healthy lungs but also for good health.

 

The presentation emphasized the
techniques of breathing and pointed out how we neglect giving time to
ourselves. By consciously training ourselves to breathe correctly, we can live
a long and healthy life.

 

Wrong breathing can be harmful. It
can cause blockages and prevent proper blood circulation. We forget that breath
is free and proper breathing is in our hands. We must learn to breathe
correctly, training ourselves consciously so that proper breathing is an automatic
occurrence.

 

The participants found the
learnings from Mr. Pravin Mankar very useful and requested more such meetings.

 

INTERNAL AUDIT CONCLAVE

 

‘Joining Hands to Raise the Bar – Taking
Internal Audit to New Heights’ held on 20th and 21st
June, 2019

 

The two-day foundation course was
conducted at Hotel Orchid and attracted a full house of more than 75
participants, with a healthy mix of practicing members as well as members in
the industry, including a few who came from outside the city.

 

The programme
provided the participants the opportunity to learn, unlearn, debate, discuss
and network. The eminent speakers, a careful mix of Chief Internal Auditors,
Audit Committee Chairs and Internal Audit Partners, shared their knowledge with
the participants, liberally interspersing their talks with their own
experiences in handling audits, from either side of the table.


 

CA Mario Nazareth, the
Keynote speaker, set the tone by urging participants to shake off their
complacency and be aware and responsive to the changing environment.


CA Satish Shenoy highlighted
the importance of being agile and thoughtful, acquiring new skill sets and
harnessing technology.


 

CA Ashutosh Pednekar spoke on
the audit of related party transactions from the viewpoint of the Internal
Auditor. His suggestions included comparing terms and conditions agreed with
related parties to those agreed with third parties and checking to see whether
related parties are rated and evaluated just like third parties.


 

CA Nandita Parekh brought out
the essence of the audit exercise by identifying the key Internal Audit
matters. She candidly shared the need to decide upon three things right at the
start of every engagement – the rules of the game, the stakes and the quitting
time.

 

The speakers on the second day took
the momentum forward and provided a lot of food for thought to the
participants.


 

CA Shailin Desai dwelt on
the differences between an Internal Audit and an investigation, highlighting
the use of technology to identify data patterns. He gave many practical
suggestions such as approaching industry forums to understand the specific
industry-related frauds and accessing the reporting done to the whistle-blowing
mechanism and their resolution.


 

CA Nawshir Mirza spoke about
the responsibility of those charged with governance in setting the tone at the
top for an empowered Internal Audit function. He emphasised the need to build a
strong relationship with the Audit Committee and insist on regular meetings.


 

CA Jyotin Mehta shed light on
auditing the Compliance Function which gives comfort to the Boards. He spoke of
the merit in auditing the benefits that accrue to the organisation.


 

CA Naren Aneja touched the
very nerve of every organisation – auditing the organisation culture. After all,
the cover-page of a recent Harvard Business Review reads, The main challenge
isn’t technology, it’s culture.

 

The thoughtfully-curated two-day
conclave left the participants wanting more. A unique feature of the programme
was that the participants took it upon themselves to introduce the speaker
before the session and propose a well-deserved vote of thanks at the end.

 

With a balanced and vibrant faculty
keen on sharing their practical insights into the changing role and
expectations from the Internal Auditor, the foundation has been well laid for
many more interesting programmes in the future.

 

HUMAN RESOURCE DEVELOPMENT COMMITTEE

 

HRD Study Circle – ‘International YOGA Day Celebration’ held on 21st
June, 2019 at BCAS Conference Hall

 

From 7.30 to 8.30 a.m. on Friday,
21st June, the Committee organised a ‘Yoga’ session jointly with the
ISH foundation. This was to mark the International Yoga Day which falls on 21st
June every year.

 

Pradeep Thakkar, a professional
Yoga teacher and also an active member of the ISH Foundation, guided the
participants who attended the programme.

 

He demonstrated and guided
participants to perform different Asanas with ease and comfort for a
healthy body and mental relaxation. He also taught some ‘powerful’ Asanas
to improve memory and also for different types of discomfort such as sciatica,
maintaining mental fitness, to keep the body flexible and tone the muscles.

 

TARANG 2K19 – CA STUDENTS’ ANNUAL DAY held on 29th June,
2019 at K C College Auditorium

 

Four months ago, when the students’
team met with the members of the Human Resource Development Committee, the
success and grandeur of the past eleven glorious years began to reverberate in
everyone’s mind.

It was decided then that the 12th
edition of the Jal Erach Dastur CA Students’ Annual Day under the brand of
‘Tarang’ had to be bigger and better. With this in mind, the students’ team
embarked upon the journey with enthusiasm and dedication for ‘Tarang 2k19’
led by the student coordinators – Mr. Rohit Dhanesha and Ms. Devyani Choksi.

 

This year ‘Tarang’ altered its
eleven-year-old essay-writing competition and turned it into a story-writing
competition to create a fun-filled and thrilling experience for the students.
This year’s edition also witnessed the reintroduction of the debate competition
which was last witnessed in Tarang 2k17.

 

There was a huge enrolment of 450
students in spite of the delay in CA exams and the various due dates on the 30th
of June, 2019. There were as many as 260 participants in the contests, with the
highest number of participants in the talent show and the photography
competitions.

 

The event was organised by the BCAS
Students’ Forum under the auspices of the Human Resource Development Committee
of the BCAS for the CA students. It was sponsored by Mr. Sohrab Dastur and
supported by the Late Mr. Pradeep Shah and Family. The Students’ Forum
comprised of a team of 37 dedicated and enthusiastic students. The event was
truly an event ‘OF CA students, FOR CA students and BY CA students’. It
completely changed the perception regarding CA students as they excelled in
their roles as event managers, anchors, dancers, and photographers.

 

The ‘Tarang 2K19’ event
was held at K.C College Auditorium on 29th June, 2019 from 4.00 pm
onwards.

 

It commenced with the lighting of
the traditional lamp by the HRD Committee and the student coordinators – with
the Ganesh Vandana and the Saraswati Vandana playing in the background,
invoking the blessings of Lord Ganesh, the god of Wisdom and Maa Saraswati, the
Goddess of Knowledge.

 

The three finalist teams of the
‘Antakshari’ competition, named as ‘Deewane’, ‘Parwane’ and ‘Mastane’, were the
first to take the stage. It had fun-filled and innovative rounds to test the
quick thinking of the participants while tickling their lighter side. Everyone
was astonished to witness the accuracy of CA students, even in the arena of
Bollywood songs and trivia. The event was hosted by the dashing CA Vijay Bhatt
who was accompanied by CA Tej Bhatt. Overall, it provided a great start to the
event and the audience actively participated throughout the show.

 

The next event was the debate which
had eight finalists who were declared on the spot. The moderator was our very
own Mr. Ryan Fernandes, who left the audience amazed with his moderation
skills. The topic for debate was given on the spot by Mr. Ryan – ‘Should there
be a Dress Code in Colleges?’ The judges and the audience were astonished with
the debating skills of the students. The audience was equally involved. To add
to the excitement, the moderator switched the ‘for’ and ‘against’ sides in the
last round to assess the spontaneous thinking of the students and that was a
fun-filled experience.

 

Mr Sohrab Dastur, Sr Advocate the
brother of late Jal Dastur, in whose name the event is conducted, was present
for the debate.

 

After the debate, one of the
student coordinators, Ms. Devyani Choksi, came on stage to talk about the other
events of the BCAS for all CA students throughout the year. CA Rajesh Muni, the
chairman of the HRD Committee, then felicitated all the students who were
actively involved in the students’ activities throughout the year under the
auspices of CA Raj Khona and CA Jigar Shah.

 

The next event was ‘Talk Hawk’
(sponsored by Smt. Chandanben Maganlal Bhatt Elocution Fund) wherein the three
finalists had to give a four-minute Ted Talk on any topic. This enabled a level
playing field for all participants who came up with impressive performances. It
was indeed a close contest, even for the judges to decide the winner. One could
only gasp at the ability of CA students to give motivational talks with such
wit and vigour.

 

This was followed by a 15-minute
break.

 

Then the time was ripe for the most
awaited event of the evening – ‘CA’s got Talent’. The singers had assembled,
the guitars, flutes, and violins were in place, dancers were on their feet and
actors began polishing their lines before they could thrill the audience with
their mesmerising performances. To give a spirited kick-start to this most
awaited event, the students’ team presented a three-minute flash mob which was
choreographed by CA Rishikesh Joshi.

 

The audience could sense that the
amazing flash mob was just a trailer of what they were going to witness in the
talent show. And rightly so, the 13 performances in music (which included
singing, instrumental and beatboxing), dancing and other performing arts,
enthralled the audience. The judges were fascinated, rather bewitched, by the
talent of the young CA students. They indeed had a Himalayan task of choosing
the winner.

 

After the talent show, the winning
film of the short film-making competition – ‘The Screenmasters’ was played. All
the films were so precisely shot that one could easily imagine chartered
accountants as the next big-league film directors.

 

Next, the best photographs from the
photography competition ‘Khinch Le’ were displayed. For the public choice
award, photographs were put up by the participants on the BCAS Tarang Page and
the photograph with the maximum likes was declared the winner. Participants
were given themes on which they had to click creative photographs and post
these on the Facebook Page with an innovative tagline based on the theme
selected. This competition saw a record participation of 51 entries and kept
the Facebook Page thundering. With such mind-boggling photographs, the judges
indeed had a herculean task of selecting the best.

 

With the clock ticking away, the
participants began crossing their fingers as the ice was about to be broken.

 

The winners of the competition
representing their firms were finally announced. The list goes as follows:

Story Writing Competition – ‘Ink It!’

Prize

Name of Student

Name of Firm

1st Prize Winner

Isha Samant

Dhruv A. & Co.

2nd Prize Winner

Prachi Gosalia

CNK & Associates LLP

3rd Prize Winner

Janvi Kuruwa

GBCA & Associates LLP

The Rotating Trophy went to
Dhruv A. & Co.

 

Talk Hawk – ‘Aspire to
Inspire’

Winner

Tanvi Parekh

 

 

Talent Show – ‘CA’s Got
Talent’

1st Prize
(Music-Singing Category)

Vanishree Srinivasan

 

1st Prize
(Music-Others Category)

Prakhar Gupta

DK Surana & Associates

1st Prize
(Dancing Category)

Tanvi Parekh

 

1st Prize (Other
Performing Arts Category)

Nilay Gokhale

V.K. Bhate & Co.
Chartered Accountants

 

Antakshari Competition –
‘Suro ke Sartaaj’

Winning Team

Jagat Dave

Dipen Mehta & Co.

 

Akash Gupta

Amit Bhatt & Associates

 

Nikhil Taksande

ASBS & Co.

Best Individual Performer

Jagat Dave

Dipen Mehta & Co.

 

Drawing Competition – ‘The
Artpreneur’

1st Prize Winner

Darshan Mamania

GBCA & Associates LLP

2nd Prize Winner

Romil Goyal

 

3rd Prize Winner

Amravati Saroj

S.K. Patodia &
Associates

 

Photography Competition –
‘Khinch Le’

Judges’ Choice Prize

Sophia Pereira

J.H. Gandhi & Co.

Public Choice Prize

Nilay Gokhale

V.K. Bhate & Co.,
Chartered Accountants

 

Short Film-Making
Competition – ‘The Screenmasters’

1st Prize Winner

Pratik Hingu, Hardik Dedhia,
Hetana Shah, Ankit Shah and Viral Shah

 

 

Debate Competition – ‘War of
Words’

Winning Team

Gauri Kakrania

Phaphat and Rathi

 

Anirudh Parthasarathy

 

 

Tanvi Parekh

 

 

 

 

Best Debater

Gauri Kakrania

Phaphat and Rathi

 

 

 

Hearty Congratulations to
all the winners and their firms!

 

Judges for the various
competitions were as follows:

Competition

Elimination Round

Final Round

Story Writing

CA Narayan Pasari, CA
Namrata Dedhia and CA Sangeeta Pandit

Talk Hawk

CA Ashish Fafadia

CA Mukesh Trivedi

CA Aliasgar Kherodawala

CA Zubin Billimoria

CA Tushar Doctor

Talent Show

CA Suresh Subramanium

CA Hrudyesh Pankhania

Mr. Salil Jamdar

CA S. Padmanabhan

Mrs. Pallavi Choksi

CA Rishikesh Joshi

Antakshari Competition

Mr. Satyaprakash Dubey

CA Devansh Doshi

CA Ryan Fernandes

CA Kartik Srinivasan

Drawing Competition

CA Gunja Thakrar and Mrs.
Dipti Shah

Photography Competition

CA Divyesh Muni and Dr.
Candida Saldanha

Short Film-Making
Competition

CA Raman Jokhakar and CA
Charmi Shroff

Master Of Ceremony Contest

CA Nitin Shingala, CA Mihir
Sheth and CA Rajesh Muni

The entire evening was superbly
anchored by Mr. Monil Mehta, Mr. Akash Narayanan, Ms Raseeka Gokhale, and Ms.
Hemanshi Gandhi with their sheer display of energy and with mind-blowing
performances. The anchors were also supported by Mr. Nilay Gokhale, Mr. Kedar
Pandey, and Ms. Gauri Kakrania in hosting the show. Together, they ensured that
the audience had no reason to blink their eyes during the entire show.

 

Ms. Drishti Bajaj proposed the
well-deserved vote of thanks to Mr. Sohrab Erach Dastur for sponsoring the
annual day in the fond memory of his brother, the late Jal Erach Dastur, the
family of Smt. Chandanben Maganlal Bhatt for sponsoring the Elocution
Competition, the members of the Managing Committee and HRD Committee, the
coordinators of the Annual Day, the photographer of the event, the BCAS Staff,
parents and principals of students, sound technicians, the vibrant team of
student volunteers and all the students for participating in big numbers.

 

A scrumptious
dinner was arranged after the event for all those who marked their presence at
the Annual Day. The underlying purpose of the event was to not only develop and
encourage skills and extracurricular participation but to bring together the
entire fraternity, which was well achieved this time again, leaving some
unforgettable memories.
With this 12th edition scaling new
heights and raising the bar, all eyes are now set on what the next edition has
to offer.

 

BEPS & INTERNATIONAL ECONOMICS STUDY
GROUP

 

Meeting on ‘How Tax Havens Damage Global Economy’ held on 1st
July, 2019 at BCAS Conference Hall

 

BEPS and the International
Economics Study Groups held their joint meeting on 1st July, 2019 to
discuss ‘How Tax Havens Damage Global Economy’. CA Rashmin Sanghvi and CA Kapil
Sanghvi (Jamnagar) led the discussions and presented their thoughts on the
subject.

 

CA Kapil
presented the basics of tax havens, which are those havens, how do MNCs manage
to avoid paying fair and legitimate taxes in the jurisdictions they operate in.
CA Rashmin Sanghvi, on the other hand, presented the mechanics of how ‘Tax War’
is being fought through the use of several means like treaty shopping,
resulting in substantial loss to India. He brought out how MNCs and the world’s
leading developed economies are facilitating erosion of tax revenue to the
detriment of developing countries like India.

 

CA Abhay Bhagat shared his thoughts
on the book – ‘The Big Nine – How the Tech Titans and Their Thinking
Machines Could Warp Humanity’
by Amy Webb wherein it is explained how
Artificial Intelligence will, by design, begin to behave unpredictably,
thinking and acting in ways which defy human logic. The big nine corporations
(six American, viz., Amazon, Google, Apple, IBM, Microsoft and Facebook, and
three Chinese, Baidu, Alibaba, and Tencent) may be inadvertently building and
enabling vast arrays of intelligent systems that don’t share our motivations,
desires, or hopes for the future
of humanity.

 

INTERNATIONAL ECONOMICS STUDY GROUP

 

Meeting on ‘Budget 2019 & Economic Survey 2018-19 @ Modi 2.0’
held on 11th July, 2019 at BCAS Conference Hall

 

CA Rashmin Sanghvi and CA Kapil
Sanghvi (Jamnagar) led the discussions and presented their thoughts on
the subject.

 

CA Kapil spoke
on ‘Economic Survey & Budget 2019 # Economy @ $5 trillion’. He presented
the strategic blueprint of the government through the investment-driven
virtuous cycle, nourishing dwarf to become giant, use of behavioural economics
in policy-making and data-driven government.

 

CA Rashmin explained in detail the
examples of ‘Virtuous cycle’ of rupee appreciation and ‘Internal vicious cycle”
of rupee depreciation. He also presented his thoughts on some of the key
proposals of the budget such as Zero Budget Organic and natural farming, water
issues, targeted schemes, DBTs, rural infrastructure, and so on.

CA Rashmin also presented the
mechanics of how ‘Tax War’ is being fought through the use of several means
like treaty shopping, resulting in substantial loss to India.

 

He brought out how MNCs and the
world’s leading developed economies are facilitating erosion of tax revenue to
the detriment of developing countries like India.

 

CA Abhay Bhagat shared his thoughts
on the Book, ‘The Big Nine…’ by Amy Webb which describes how
Artificial Intelligence will, by design, begin to behave unpredictably,
thinking and acting in ways that defy human logic.

 

The big nine corporations (six
American and three Chinese) may be inadvertently building and enabling vast
arrays of intelligent systems that don’t share our motivations, desires, or
hopes for the future of humanity.

 

FEMA STUDY CIRCLE

 

Held on 12th July, 2019 at BCAS Conference Hall

 

It was a remarkable beginning of
the new year of the study circle, which was graced by the presence of more than
50 FEMA enthusiasts. The room brimming with the energy of young members and the
icing on the cake was the presence of learned group leader CA Manoj Shah,
Chairman Mayur Nayak and our newly-elected BCAS President CA Manish Sampat.

 

CA Manoj Shah led the discussion on
Foreign Direct Investment in India. The group leader discussed each regulation
of FEMA 20(R) along with the relevant FAQ published by the RBI which enabled
360-degree coverage of the topic. A lot of emphasis was placed on the practical
aspects of FDI during the discussion.

Society News

Technology Initiatives Study Circle

Study Circle Meeting on “How to Write Macros in Excel” held on 23rd July, 2018 at BCAS Conference Hall

Technology Initiatives Committee conducted a Study Circle Meeting on “How to Write Macros in Excel” on 23rd July, 2018 at BCAS Conference Hall which was led by CA. Nachiket Pendharkar, who is a corporate trainer for MS Excel and Excel VBA and Founder & CEO of ViN Learning Centre, a Corporate Training Institute.

  1. Nachiket Pendharkar very systematically dealt with the topic by providing step by step procedure with examples of recording macros in Excel. He gave the clear understanding of the topic and meticulously covered the importance of Macros in Excel, Excel VBA and Macro Basics.

The study circle was truly enthralling and participants appreciated the in-depth insights given by the learned speaker.

Lecture meeting on “Impact of Technology on the role of Auditors” held on 1st August, 2018 at BCAS Conference Hall

A lecture meeting on topic “Impact of Technology on the role of Auditors” was held on 1st August, 2018 at BCAS Conference Hall which was addressed by  CA. P. R. Ramesh who dealt with impact of technology on audit and future of auditing.

CA Sunil Gabhawalla, President, BCAS introduced the Speaker and gave opening remarks while explaining about BCAS activities and also touched upon the subject in brief.

During his presentation, the Speaker discussed and explained various nuances of information technology, the history of technology and its future, with various real life examples. Along with the references to various data and figures, he explained the exponential growth in  business due to the impact of technology. He also deep dived into the  future of Audit profession and changes expected in the audit procedures as well as the role of auditors due to the impact of technology on business. He highlighted the necessity for the audit professionals to invest in technology and keep abreast with the latest technology to be relevant in the demanding and everchanging landscape of the profession.

The lecture meeting also provided a hands-on guidance to the participants, many of whom were young members. The lecture was followed by Q & A session and the Speaker replied to all the queries of the participants in a very lucid manner.

Direct Tax Laws Study Circle

Study Circle Meeting on ‘Tax Implications owing to Ind-As’ held on 2nd August 2018 at BCAS Conference Hall

Taxation Committee organised a Direct Tax Laws Study Circle on the captioned subject at BCAS Conference Hall. The Convenor of the study circle CA. Nilesh Parekh gave his opening remarks. The Group leader, CA. Bhaumik Goda gave a brief overview of the applicability of Ind-AS provisions to companies in India and prevailing direct tax provisions including MAT.

Thereafter, the group leader briefly explained the tax impact on account of Ind-AS and the presentation of the financial statements. Various examples and case laws were discussed and questions were taken with respect to the relevant sections. The group leader touched upon the key areas of change in Ind-AS 16- PPE and discussed an illustration reflecting impact of ‘spare parts’ and ‘site restoration expenses’ in the books of the company. Journal entries and effects in the transition period were discussed in detail. Further, CA. Bhaumik Goda explained the impact of Ind-AS 27- Separate financial statement wherein the impact on the provisions of section 14A and Rule 8D were also discussed followed by discussion on Ind AS 102- Share based payment where deductibility of ESOP expenses was deliberated on and an illustration pertaining to group ESOP was analysed in depth. The session was concluded by discussing aspects to be considered during the transition period.

The meeting was quite participative and the participants benefitted a lot from the session.

Half Day Workshop on “Preparation of Consolidated Financial Statement Under Ind AS” held on 2nd   August, 2018 at Reliance Industries Ltd, RCP, Ghansholi

The Accounting and Auditing Committee organised a half day workshop on preparation of Consolidated Financial Statements under Ind AS on 2nd August, 2018 at RIL, RCP, Ghansoli. The event saw attendance of over 80 participants including outstation participants.

The workshop was hosted by RIL at their RCP facility and began at board room where Mr. Murthy from RIL welcomed all the participants. He then briefly introduced Reliance University and played a video presentation to make participants aware of Reliance University etc.

CA Nihar Jambusharia, Vice President, Taxation at RIL and Central Council Member and Chairman of Ind AS Implementation Group of ICAI gave his welcome speech and briefed members about the activities his committee at Central Council of ICAI is undertaking. President CA. Sunil Gabhawalla gave the opening remarks regarding the activities at BCAS. He also thanked RIL for hosting the workshop. Chairman, Accounting & Auditing Committee, CA. Himanshu Kishnadwala in his remarks briefed the members about how the idea of holding this workshop at RIL was conceptualised.

The faculty, CA. Raj Mullick in his opening remark said that RIL is able to achieve this only because of use of Technology, Systems and Discipline and Co-ordination amongst business and accounts. He said that it is a continuous process which results into such an achievement.

He then went on to present the participants through the whole process his team at RIL does on weekly basis, monthly basis and quarterly basis including meeting with the business CFO’s, functional CFO’s and how the accounts are aligned with business and how MIS are aligned to accounts. He also explained how external audit is completed up to the period of nine months  and the complete set of CFS along with all the notes and disclosures are prepared up to the period of nine months. These financials act as a trial run for the audited financials for the period of 12 months.

Lastly, he shared with  the participants the ambitious goal set before his team of providing weekly CFS to the CFO’s and every month they will come up with complete set of financials.

The session ended with the closing remark and well deserved vote of thanks given by CA. Chirag Doshi who quoted RIL founder late Shri Dhirubhai Ambani “Meeting Deadline is not enough, beating Deadline should be
the norm”.

The participants got fully mesmerised with the insights given by the Speaker.

Tree Plantation Drive 2018 – Visit to Dharampur, Valsad – Gujarat 4th – 5th August, 2018

In constant endeavour to contribute towards Grow Green Drive together with rural economic development, the Human Resource Development Committee of BCAS jointly with BCAS Foundation organised Tree Plantation Drive in the tribal areas of Dharampur District, Valsad – Gujarat on 4th and 5th August, 2018. This noble task was carried out with the help of the Sarvodaya Parivar Trust. Enthusiastic team of 37 volunteers and majority from the youth team participated to carry out this noble mission.

Sarvodaya Parivar Trust (SPT) – This NGO’s goal is to empower the tribal people, making them increasingly self-reliant by engaging in various tribal welfare activities in the field of Education, Health, Agriculture, Water management, Environment, Public Awareness programmes, etc. With help of local farmers, the team assisted in planting saplings of Custard Apple, Teak and Bamboo Trees in outskirts of Khadki village and also distributed Mango saplings to the farmers. BCAS Foundation committed to plantation of 10,000 trees and made contribution of
Rs. 3,00,000/- received through generous donations. The Team at SPT also showed the plant nursery where they have cultivated over 70-80 varieties of saplings over last five years and has assisted in developing above 47 Gram Vans over 45 acres of land.

The team of volunteers visited the Residential School run by the SPT at Pindval. The students here are trained in real life experiences and chores and are made capable to handle school maintenance like housekeeping, kitchen duties etc. by allocating them various portfolios like Health Minister, Stores Minister, Garden Minister, etc., thereby making them responsible to face challenges.

Shrimad   Rajchandra     Ashram  –    Founder      Shri      Rakeshbhai Zaveri, an ardent devotee of Shrimad Rajchandraji,
is propounding the path of Bhagwan Mahavira and actualising Ashram’s mission statement – Realise one’s True Self and serve others selflessly. Thousands of aspirants congregated here for enlightening discourses, an array of meditation retreats and workshops. More than 250 centres worldwide mould the youth and children, shaping a brighter future for them. Societal Service activities are carried out through the ten-fold Shrimad Rajchandra Love and Care programme which includes health, educational, child, woman, tribal, community, humanitarian, animal, environmental and emergency relief care. The team of volunteers was truly inspired & elevated hearing the discourses and were thrilled experiencing sanctity of the site.

ARCH (Action Research in Community Health) Foundation – This NGO was founded by Late Dr. Daxaben Patel focussing on Mother and Child Care as well as promoting awareness about basic health care and empowering people with Health Education in the tribal areas of Dharampur. ARCH currently provides primary health care services to approximately 25,000 patients mainly at Mangrol dispensary and at the Dharampur dispensary along with basic health education and preventive services such as vaccinations, prenatal care, child care, etc. BCAS Foundation contributed Rs. 51,000/- towards their noble activities.

It was truly an elevating and enlightening journey for the participants. Especially the youth members were deeply moved and felt blessed at the end of journey.

Lecture Meeting on “GSTN Portal: Experiences and Issues faced by Taxpayers” held on 8th August, 2018  

Indirect Taxation Committee organised a lecture meeting on GSTN Portal: Experiences and Issues faced by Taxpayers on 8th August, 2018 at IMC, Churchgate, which was addressed by Mr. Prakash Kumar, CEO, GSTN and Mr. Nitin Mishra, EVP Technology, GSTN. BCAS President CA. Sunil Gabhawalla in his opening remarks underlined the objective of the meeting.

The Speaker, Mr. Prakash Kumar started with various facts and data available at the back end of GSTN. The Speaker also explained the facts, that in India GST and its backbone called GSTN is settling quite fast. Both the speakers requested the participants to give suggestions on the new GST returns process and formats. Mr. Nitin Mishra explained why there are technical glitches faced by users. On this occasion, 2 BCAS Publications – “Laws and Business-A Compendium-Volume 1 and Volume 2” and “Anti Profiteering and GST – ? to !” were released.

The lecture meeting was followed by Q&A session and the speakers thoroughly answered the queries of the participants. The participants got enlightened from the insights provided by the learned speakers.

FEMA STUDY CIRCLE

Study Circle Meeting on “Overview of FEMA” held on 9th August, 2018 at BCAS Conference Hall 

International Taxation Committee organised a FEMA Study Circle Meeting on 9th August, 2018 at BCAS Conference Hall where CA. Natwar Thakrar led the discussion on the topic of “Overview of FEMA”. The Group Leader deliberated upon nuances of determining residential status of an individual and other entities including branch. The concepts such as “Intention”, “Uncertain Period” and “Resident” were explained at length. The Group Leader also pointed out the journey of the country’s foreign exchange reserves right from FERA period (1991) to FEMA (1999) and the current date scenario. He mentioned that the journey of study is still continued and in the next schedule of meeting, case studies on determining residential status of – Indian citizen coming to India, Indian citizen leaving India, Foreign citizen coming to India, Foreign Citizen leaving India , Post-marriage stay of a foreigner in India , Student etc., will be discussed. The study circle is all set for learning of FEMA through series of meetings planned ahead.

The participants found the subject very interesting and got valuable inputs from the learned Speaker.

Suburban Study Circle

Suburban Study Circle Meeting on “Auditing Tools in Tally ERP 9” held on 10th August, 2018 

The Suburban Study Circle organised a meeting on “Auditing Tools in Tally ERP 9 on 10th  August, 2018 at Bathiya & Associates LLP, Andheri (E) which was addressed by CA. Punit B. Mehta.

The speaker demonstrated directly from the software of Tally ERP various shortcuts and available auditing and compliance tools which were easy to understand and which effectively reduce the time involved by the audit team. He also explained various customised add on options available in the software which can be purchased as per Company’s need. The speaker also shared techniques for faster viewing of data and how to extract legder wise analysis along with their shortcut keys and how to get direct extracts in the revised schedule III format etc.

The participants got valuable insights from the presentation shared by the speaker.

Full day Seminar on “Tax Audit” held on 11th August 2018 at BCAS Conference Hall

The Taxation Committee organised a full day Seminar on Tax Audit on 11th August, 2018 at BCAS Conference Hall. President CA. Sunil Gabhawalla gave the opening remarks. The following topics were taken up at the Seminar by the learned Speakers:

Overview of tax audit provisions including applicability in presumptive cases and calculation of limits; reporting requirements; audit quality; documentation in light of ICDS; obtaining and relying on management representations; reliance on test checks, Issues in e-filing etc. CA. Ashutosh Pednekar
Reporting in Form 3CD – certain clauses and issues arising from them Clause 12 (presumptive income), Clause 13 (which includes ICDS), Clause 14 (inventory), Clause 17 (transfer of land building less than value adopted referred to in section 43CA or 50C), Clause 26 (section 43B) and issues arising with tax audit of companies following Ind AS. CA. Saroj Maniar
Reporting in Form 3CD – new clauses inserted regarding secondary adjustment, limitation on interest deduction, GAAR and CBCR CA. Bhaumik Goda
Reporting in Form 3CD – certain clauses and issues arising from them (Clauses 15, 16, 19, 20, 21, 22, 23, 28, 29, 29A, 29B, 32, 36, 36A). CA. Bhadresh Doshi
Reporting in Form 3CD – certain clauses and issues arising from them (Clauses 8, 9, 10, 11, 18, 24, 25, 27, 30, 31, 33, 34, 35, 37, 38, 39, 40, 41, 42, 44). CA. Jagdish Punjabi

CA Ashutosh Pednekar started the first session highlighting the audit aspects in Tax Audit. He took various examples and scenarios where one has to apply his/her audit skills while performing or documenting Tax Audit and also highlighted the evolution of Tax Audit right from year 1984 to date. He further discussed about the recent changes and the Do’s and Don’ts one should keep in mind while performing Tax Audit and also the importance of documentation in Tax Audit, citing the onerous responsibilities of a tax auditor regarding the same.

CA Saroj Maniar explained about the impact of ICDS and Ind AS on various clauses in Tax Audit Report. She also pointed out various issues arising out of accounts prepared on fair value mechanism under Ind AS and tax accounts under ICDS mechanism and then dealt with clauses dealing with presumptive taxation.

CA Bhaumik Goda spoke on new clauses inserted in Tax Audit report regarding secondary adjustment, limitation on interest deduction, GAAR and CBCR. He spoke on the various practical issues while reporting the information for the new clauses with examples and case studies. He also informed participants that now a tax auditor has to make himself aware of basic international tax and transfer pricing provisions before performing
tax audits.

CA Bhadresh Doshi spoke on clauses allotted to him and discussed the issues and the reporting requirement arising from them. His immense experience on litigation helped the participants to know the jurisprudence on various issues arising from the said clauses. He also guided participants on how one should report on such clauses.

CA Jagdish Punjabi addressed the last session of the seminar covering large number of clauses. He along with chairman CA. Anil Sathe explained how reporting under section 269 SS, section 269 ST and section 269 T needs to be done. He also discussed on clauses related to TDS and shared his views on what and how one should report in new clause related to GST and Non GST expenses breakup.

The sessions in the Seminar were interactive and the speakers shared their insights on the subject. The participants benefited immensely with the guidance and practical views on various issues by the faculties. The event garnered overwhelming response and saw an attendance by over 156 participants including 40 on the new BCAS e-learning platform and also outstation participants from 11 cities/towns.

HRD Study Circle

Study Circle Meeting on “CREAM Analytics (Measuring Governance – Return on Intangible) held on 14th August, 2018 at BCAS Conference Hall

Human Resources Development Committee organised a study circle on “CREAM Analytics (Measuring Governance – Return on Intangible)” presented by CA. Jayaraman Rajah Iyer, on 14th August, 2018 at BCAS Conference Hall.

The discussion took place emphasising the following:

  1. Measuring Corporate Governance is measuring Profits, with the derived formula for the theme ‘Measure Cost Consequence Now, Now, Now’ as a corporate theme to strengthen the Corporate Governance process measuring on the go.
  1. Return on Investment is not sufficient anymore because measuring corporate fiscal assets usage is limited in its utility without measuring corporate ethical assets usage. Return on Intangible is the only way out for corporate measuring for an optimised performance and usage of both fiscal and ethical assets and deconstructing what is valueless.
  1. By Principle #5 Emergent Property Phenomenon, the discussion took place on the three principles within: (1) Conformability with Nature, (2) Simplicity and (3) Unreasonable Effectiveness on the corporate change management similar to a yogic exercise, for a company to becoming fit without any financial burden, under the theme “You don’t add something more to get something more.”

The participants learned a lot from the session delivered by the experienced Speaker.

Indirect Tax Study Circle

Study Circle Meeting on “Input Tax Credit Provisions under GST Act. (Part -1)” held on 20th August, 2018 at BCAS Conference Hall

Indirect Taxation Committee conducted a Study Circle meeting on 20th August, 2018 at BCAS Conference Hall which was led by the Group Leader CA. Parth Shah and chaired by CA. Udyan Chokshi and CA. Ishaan Patkar.

The Speakers made an in depth analysis of provisions relating to Input Tax Credit under GST. Each sub-section of provisions contained in section 16 were deliberated by the members which ignited very healthy discussion amongst the participants. All the members actively participated in discussion and appreciated the quality of issues deliberated during the session. It was a good learning experience by the participants.

“Interactive meeting with representatives of TRACES and NSDL” held on 22nd August, 2018 at BCAS Conference Hall

The Taxation Committee organised an interactive meeting with representatives of TRACES and NSDL on 22nd August, 2018. The meeting was addressed by Mr. Deepak Wayal, Asst. Manager of NSDL, and Mr. Purshottam from TRACES, Ghaziabad to discuss issues in filing and revising eTDS statements.
After the welcome address and introductory speech by the President CA. Sunil Gabhawalla, Mr. Deepak Wayal explained the role of NSDL in eTDS processing. NSDL role is preparing the utility to be used for the preparation of the eTDS returns, and also the file validation utility. He made a short presentation on the interplay of various key processes involved beginning with payment of TDS and ending with credit in payee’s Form 26AS and issue of TDS certificates by the deductors. He discussed reasons for which demands are raised on TRACES site, due to incorrect feeding of data while filing the statements and the precautions which need to be taken while filing the same.

Thereafter, Mr. Purshottam who had travelled all the way from Ghaziabad, explained functionalities available on the TRACES website, and how the same have changed in the last decade. He also explained reasons why demands are raised on TRACES and how the same can be avoided. He also took the delegates present through the new upcoming changes both in the short term and in the long term. The long term changes also include use of block chain technology in eTDS processing. He also briefed the members present about the new proposal to apply for and issue lower / NIL TDS certificates under section 197 / 195 online, which will reduce human interface.

Both the speakers took all the questions not only from the floor, but also those raised by online participants who were viewing the event as a live webinar. The interaction was highly appreciated by one and all present, both offline and online and the participants got enlightened on the subject.

Students’ Study Circle on ‘Audit from Article’s Perspective in recent times’ and ‘Important Clauses and Recent Amendments in Tax Audit Report (Form 3CD)’ held at BCAS Conference Hall on 23rd August, 2018

The Students Forum under the auspices of HRD Committee organised a Students’ Study Circle on the abovementioned topics on 23rd August, 2018 at BCAS Conference Hall.

The study circle was led by student group leaders Mr. Vishal Manwani and Ms. Surabhi Tawade under the mentorship of CA. Chirag Doshi. CA. Rajesh Muni, Chairman of the HRD Committee gave his opening remarks and encouraged students to actively participate in the events organised by the Students Forum. Mr. Jimit Doshi, the student co-ordinator introduced the mentor, group leaders and briefly explained the topics.

The motive of the study circle was to make the students aware of the recent developments in Statutory Audit and Tax Audit from the article’s perspective and highlight the new reporting requirements in Tax Audit report (Form 3CD). Both the group leaders covered their respective topics in an interactive manner and shared their practical experience on crucial issues.

CA Chirag Doshi guided the students on the increased responsibility of auditors in the current scenario and gave them useful tips to perform an effective audit. Overall, the study circle was a perfect blend of technical depth and practical insight.

CA Raj Khona, Incharge for Students Activities then briefed the participants about the forthcoming events which will be organised by the Students Forum and encouraged them to come forward to lead study circles. Ms. Neelam Soneja, the student co-ordinator thanked the group leaders and mentor for sharing their knowledge on the subject for the benefit of the participants.

The study circle proved to be a wonderful experience for the students in attendance. The feedback from the participating students was very positive.

Society News

Meetings of Intensive Study Group on GST held
on 9th , 10th , 30th , 31st March, and 20th, 21st, 27th
and 28th April, 2018 at BCAS Conference Hall.

To understand the GST law, Intensive Study Group
conducted eight meetings during the month of March and
April, 2018 at BCAS Conference Hall where the following
topics with relevant sections were discussed by the mentors:

Definitions and Levy: Sections 1, 2, 9, 10 & 11 of CGST
Act, Sections 1, 2, 5, 6, 7, 8, 9 of IGST Act : CA. Naresh
Sheth, CA. A. R. Krishnan, CA. Janak Vaghani.

Supply-1st Session: Section 7 of CGST Act, Schedule I,
II, III & IV (Excl. Sch. 1 Entry 2): CA. Naresh Sheth, CA.
Parind Mehta, CA. S. S. Gupta, CA. Jayraj Sheth.

Supply-2nd Session: Section 8, Principles of Classification-Relevant Notifications, SCH. 1 Entry 2: CA. Naresh Sheth, CA. Deepak Thakkar, CA Sushil Solanki.

Input Tax Credit: Section 16 to 21 of CGST Act: CA.
Naresh Sheth, CA. Parind Mehta, CA. Mandar Telang.

Place of Supply: Section 10 to 14 of IGST Act: CA. A. R.
Krishnan, CA. Deepak Thakkar, CA. Udayan Choksi,
CA. Rajat Talati, CA. Jayraj Sheth.

Time and Value of Supply and RCM: Section 12, 13, 14
and 15 of CGST Act and RCM Notifications: CA. Parind
Mehta, CA. Samir Kapadia, CA. Puloma Dalal.

Select Procedural Provisions: Section 22-25, 31, 34,
35, 54, 73, 74, 75, 107 and 111 of CGST Act: CA. Janak
Vaghani, CA. Udayan Choksi, CA. Rajiv Luthia.

Offences and Penalties: Sections 122-138 of CGST
Act: CA. Samir Kapadia, CA. Sushil Solanki, CA. Sunil
Gabhawalla.

There was an in-depth discussion on all the topics by the
learned and experienced mentors.
It was highly appreciated by the members. Members also
shared their practical experience during discussion which
benefited all present for the meeting.

INDIRECT TAX LAWS STUDY CIRCLE

Study Circle Meeting on GST held on 15th May,
2018 at BCAS Conference Hall

The Indirect Tax Laws Study Circle organized a meeting at
BCAS Conference Hall to discuss certain recent landmark
decisions pertaining to the Service Tax regime, relevant
to GST Law, which was chaired by Advocate Bharat
Raichandani. The Speaker discussed various judgements
quiet relevant in the day to day professional obligations of
the assessees namely Builder Association of Navi Mumbai
vs. UOI (Bom HC), Shri Krishna Chaitanya Enterprises
(Kumar Beheray) (Bom HC), Cellular Operators Association
vs. Union Of India And Another (Del HC), and Coimbatore
Corporation Contractors Welfare Assn. (Mad HC).

Advocate Raichandani provided in depth analysis of
these decisions and also explained his views on possible
implications of these decisions in the GST regime.

The meeting was well appreciated by the participants who
benefitted a lot from the session.

Full day seminar on “Assessments,
Reassessments and Appeals” held on 26th May,
2018 at BCAS Conference Hall

The Taxation Committee organised a full day Seminar
on Assessments, Reassessments and Appeals on 26th
May, 2018 at Indian Merchants Chamber, Mumbai. The
event saw attendance of over 120 participants including
outstation participants. President Narayan Pasari gave
the opening remarks.

Following topics were taken up at the Seminar by the
Speakers:

Assessment / Reassessment /
Penalty Proceedings – The Why,
What and How – Practical aspects
of the art of representation before
tax authorities: CA. Manish Shah
commenced the session with
practical and important aspects of
assessment proceedings. He cited
various examples and case studies to explain and guide the
participants in selecting best approach in a given situation.
He also provided insights on what are the recent changes
and the Do’s and Don’ts one should keep in mind while
attending assessment proceedings. The Speaker also
explained reassessment proceedings with the help of case
studies and the procedure for making an application under
RTI Act and how it can be useful.

Appeals – The art of making a
winning impression before CIT (A)
/ ITAT- Tips on drafting of appeals
and Representation: CA. Rajan
Vora explained about the appellate
mechanism under the Act and practical
aspects about appeals. He also
enlightened on what are the powers of
CIT (A) and ITAT and their limitations. He further covered a
wide range of issues on the subject right from filing fees to
the procedure of appeals before CIT (A) and ITAT.

Appeals – The view from the other
side – First-hand experience of
departmental officers – guidance
to CAs on how to improve their
representation skills: Adv. Girish
Dave (Retired CCIT) spoke on
appeals and also about command
over English language and gave tips
on how one should have effective communication with the
CIT (A) and ITAT members. He discussed on the couple
of landmark judgements and shared his insights on how to
draft grounds of appeal. He also explained the importance
of cross examination and shared his thoughts on Civil
Procedure Code and Miscellaneous Applications.

Search, Seizure and Survey – How to handle the
situation and comply with the law and precautions to
be taken while drafting replies to
the notices: CA. Dilip Lakhani took
the session on Search, Seizure and
Survey and explained how to handle
the situation, how one should comply
with the law and precautions to be
taken while drafting replies to the
notices. He shared his experience on
the subject dealing with various complex cases and issues
and gave insights on penalty, search and release of seized
assets. He also gave practical tips and Do’s and Don’ts one
should keep in mind after the search.

E–Assessments – Understanding
the nuts and bolts: – CA. Ishraq
Contractor took the session on
E-assessments. He spoke about
how the new system of conducting
assessments is grappling with
various serious issues. He discussed
the background, advantages and
challenges regarding E- Assessments and displayed various
screenshots of the interface used for E-Assessments.

ITAT Representation – Expectations
from Representatives and tips
on improving the skills:- Mr. G S
Pannu (ITAT Member) shared his
views on the expectations from the
representatives appearing before the
Appellate Tribunal. He expressed
his views and guidance on the skills
one should possess for representing before the ITAT. He
also shared his experience and his journey from being a
Chartered Accountant in practice to an ITAT member.

Experts Chat – Appeals before CIT(A), ITAT – Preparation,
Submission and Representation:- The final session was an
expert’s chat between Mr. C.S. Gulati and CA. Dilip Lakhani
moderated by CA. Ameet Patel who asked both the esteemed
faculties various questions on the law and procedural part of
assessments and appeals. Both the experts were frank and
shared their views on the questions asked.

The sessions in the Seminar were highly interactive and
the speakers shared their insights on the subjects dealt by
each one of them. The participants benefited immensely
with the guidance and practical views on various issues by
the faculties.

Lecture Meeting organised by BCAS jointly with
IIA Bombay Chapter on “Corporate Governance
– Role of Independent Directors” held on 6th
June 2018 at BCAS Conference Hall

A Lecture Meeting on the topic ‘Corporate Governance
– Role of Independent Directors’ was held at the BCAS
Conference Hall on 6th June, 2018.addressed by CA.
Nawshir Mirza.

BCAS President, CA Narayan Pasari
in his opening remarks underlined
the pivotal role played by a vibrant
corporate governance structure in
bolstering India’s economic growth.
He remarked that while over the last
decade, lawmakers in India have been
extremely cognizant of its importance,
in recent times sadly, even in the most reputed listed Indian
companies, the corporate governance practices have
raised certain concerns and questions.

IIA-BC President, CA. Burzin Dubash presented interesting
statistics relating to directors, independent directors, women
directors, age analysis of directors, etc. in Corporate India.

CA. Nawshir Mirza, in his presentation, spoke candidly on
the topic of Indian boards’ performance and independent
directors. He mentioned that Corporate India has principally
one expectation from its independent directors – to add
value to the board they sit on, and most often than not,
this is measured in terms of the difference that they can
make in furthering growth and business of the corporate. An
independent director, he said, must display wisdom while
balancing the conflict of interests of various stakeholders.

He spoke about the influences on boardroom behaviour,
more specifically, capitalism, human psychology and,
especially Indian culture and business families. He opined
that as people, Indians are highly individualistic, shy away
from openly disagreeing, are respectful of elders, while
being mindful of the need to adjust and accommodate –
all this has an undeniable influence on many boardroom
proceedings. In the Indian boardrooms, to question or offer
an opinion in contrast with that of the majority shareholder,
is often not welcomed, he said. This, he stated, is in sharp
contrast to the western world which encourages team work,
while also respecting an individual’s right to dissent without
being intimidated by elders or others in power.

As an independent director, one must possess the courage
to think, speak and act – and to do that effectively, the
triangle of thoughts, words and actions must be in sync,
he said. He offered that courage is the most important of
all virtues, because without courage you can’t practice any
other virtue consistently.

CA. Nawshir Mirza’s presentation was followed by an
engaging round of Q&A.

In answer to a question relating to performance evaluation,
he confided that an informal way of doing so had yielded
interesting answers; in this, each board member was asked
his/her opinion regarding the others on the following 3
questions –

  • What did he/she do good?
  • What could he/she do better?
  • What should he/she stop doing?

The event witnessed an impressive turnout and benefited
all present.

SUBURBAN STUDY CIRCLE

Suburban Study Circle Meeting on “Changes in
Income Tax return forms – A.Y: 2018-19” held
on 7th June, 2018.

The Suburban Study Circle organized a meeting on
Changes in Income Tax return forms for the A.Y: 2018-
19 on 7th June, 2018 at Bathiya & Associates, Andheri which
was addressed by CA. Kinjal Bhuta.

The Speaker made a detailed presentation on the following
issues concerning the ITR Forms after the new amendments
namely: a) Applicability of the ITR forms as the assessee
generally makes mistake during selection of ITR form.
b) Major changes and additional details for presumptive
scheme c) General and miscellaneous changes across all
ITR’s. The speaker also discussed how to avoid mistakes
and gave tips for filling ITRs smoothly and shared practical
examples on filling returns.

The session was a good learning experience for the
participants.

ITF STUDY CIRCLE

Study Circle Meeting on “Make Available-
Discussion and Case Laws” held on 8th June,
2018 at BCAS Conference Hall

International Taxation Committee conducted a meeting on
“Make Available concept and related Case Laws” on 8th
June, 2018 at BCAS Conference Hall. The meeting was
led by Group Leaders CA. Nilesh Lilani and CA. Siddharth
Parekh who explained the far reaching impact of Make
Available Concept as it limits the scope of Fees for Technical
Services (‘FTS’) / Fees for Included Services (‘FIS’) clause
in Double Tax Avoidance Agreements (‘DTAA’).
The Group Leaders commenced the meeting by explaining
the possible scenarios in DTAA in relation to FTS Article
along with discussion on FIS under Indo-US treaty. They
also deliberated the significance of word “which” being
relative pronoun, connecting the word “services” with “make
available”, tests for considering whether or not services
“make available”, technical knowledge, experience,
skill, know-how or processes etc, correlating the initial
expression in FTS/FIS Article such as “consideration for”
with subsequent clauses in the Article, comparison of explicit
wording in India- Singapore Treaty with other countries
treaty, implication of most favoured nation clause in protocol
of treaties etc. After deliberation on concept, various judicial
precedents on the subject matter were discussed.
The meeting was very interactive and the participants got
enormously enlightened from the discussion and insights
provided by the learned speakers.

Noble Social Cause Visit – Vadodara – on 14th &
15th June, 2018

The fortunate 14 volunteers from BCAS got an opportunity
of an uplifting and inspiring 2 day visit to two NGOs:
Muni Seva Ashram at Goraj and Ashaktashram Society
at Dakor, both located in Vadodara District. This noble
social visit was organised by the HDTI Committee of BCAS
jointly with BCAS Foundation.

Muni Seva Ashram at Goraj, Dist. Vadodara

This more than 3 decade old Ashram , generates 70%
of its resources in-house and is an impressive model for
sustainable use of technology generating bio-gas, solar
energy besides also into organic farming. The huge campus
of 300 acres operates programs focussed on agriculture,
education and medicine – a nationally renowned Cancer
Hospital, a big Senior Citizen Centre, school from
Kindergarten to Grade 12, Bhagini mandir for the mentally
challenged, huge Gaushala (cow-shed) and many more.
The Ashram has evolved from a small hut set up by founder
Late Anuben Thakkar to a fairly large campus with selfless
efforts of Dr. Vikram Patel who gave up his budding medical
career for a noble cause considering this ashram as his
place of worship. The most striking feature of this institute
is that nothing is free but every service is on pay-what-youcan
basis! The deficits are made up by generous donations
from well-wishers.

Ashaktashram Society at Dakor, Dist. Vadodara

In the year 1982, the protagonist Late Shri Keshavlal R.
Shah was inspired to build a place where elders can live together till their life. They all live here in complete harmony
like an extended family. Special care is been taken to
meet the medical needs of these elderly by having an inhouse
dispensary and physio care centre. The elderly here
joyfully celebrate all the festivals and also go together for an
annual vacation.

The present President of the Trust, Shri Chandravadan
Shantilal Shah is immensely contributing by giving his
valuable time for the upkeep of this institution.
All the volunteers were deeply moved by hospitality of the
Ashramwasis & serene blissful atmosphere of both the
Ashrams. It was indeed an elevating journey for all the
volunteers who were touched by the caretaker’s love &
warmth for the Ashramwasis, as all the girls at the school
for mentally challenged were referred to as Dikri (daughter
in Gujarati) and the elderly were respectfully addressed as
Maa and Dada.

The generous donation collected by the volunteers through
BCAS Foundation were donated in form of 2100 notebooks
to the Muniseva Ashram Schools, 100 bedsheets to
Ashaktashram and balance contribution to the general fund
of these Ashrams.

All the volunteers returned inspired with fond memories of
the soulful trip and a determination to devote more time for
such noble causes.

SOCIETY NEWS

Full day Seminar on “Capital Gains and Income from Other Sources” held on 18th January 2019 at BCAS Conference Hall

The Taxation Committee organised a full day Seminar on Capital gains and Income from other Sources on 18th January, 2019 at BCAS Conference Hall, with distinguished speakers sharing their in-depth knowledge on the subject. The event garnered overwhelming response and saw an attendance of 104 participants which also included outstation participants from 6 cities. President CA. Sunil Gabhawalla gave the opening remarks.

Following topics were taken up at the Seminar by the Speakers:

Certain Fundamental Concepts Governing Capital Gain on Immovable Property Adv. Vipul Joshi
Overview of provisions of capital gains from transfer of shares and securities – issues in long term capital gains on listed shares – applicability of grand fathering clause – derivatives – business income v/s capital gains CA. Gautam Nayak
Income from Other sources – transfer of shares between relatives and non-relatives including minor – issues in section 56(2) – sale of shares of distressed companies – intergroup transfer and restructuring – recent judicial decisions. CA. (Dr.) Anup Shah
Brain Trust Questions – Capital Gains Issues

Short term – long term – sections 45 & 48 – sections 54, 54EC and 54F – section 47: transfers not liable to tax – clubbing of income – exempt income – winnings from lotteries, prizes etc.

CA. Rajan Vora,

CA. Anil Sathe &

CA. Radhakishan Rawal

Adv. Vipul Joshi started the first session highlighting the fundamental concepts on taxation of Income from Capital gains. He concentrated on various issues arising from Capital Gains on Immovable Property and cited relevant case laws on various issues.

CA. Gautam Nayak explained to the participants about Taxability on Transfer of Shares & Securities. He discussed and explained the basis on which the income should be categorised as Capital Gains or Business income. He gave his insights on taxation of transactions in derivatives. Participants also had the benefit of knowing Mr Nayaks’ views on Capital Gains on listed Equity Shares and EOMFs as amended vide the Finance Act 2018.

CA. (Dr.) Anup Shah spoke on issues under section 56(2) and business restructuring. He covered almost all the issues and gave the recent jurisprudence on the said issues. He also gave his insights on newly inserted section 56(2)(x) and the controversy surrounding Angel Tax. He explained business restructuring in detail including merger, demerger, takeover, slump sale etc.

CA. Rajan Vora, CA. Anil Sathe and CA. Radhakishan Rawal were the trustees for the last session of Brains Trust. All of them were given six questions each to address. CA. Rajan Vora gave his views and answers to questions relating to sections 45(3), 50C, 56 (2) (x), 68, 54, 54F etc. CA Anil Sathe answered questions largely concerning Capital Gains and Income from other sources from transfer of Immovable Property. He also addressed participants on issues concerning joint development agreements between landowners and the developer. CA. Radhakishan Rawal gave his insights on questions relating to taxability from transfer of securities and ESOPs with examples.
The sessions were interactive and the speakers shared their insights on the subject. The participants benefited immensely from the guidance and practical views on various issues by the faculties.

Suburban Study Circle Meeting on “FEMA – Liberalised Remittance Scheme (‘LRS’) and Overseas Direct Investment (‘ODI’)” held on 24th January, 2019

The Suburban Study Circle organised a meeting on “FEMA – Liberalised Remittance Scheme (‘LRS’) and Overseas Direct Investment (‘ODI’)” on 24th January, 2019 at Bathiya & Associates, LLP, Andheri East, which was addressed by CA. Rutvik Sanghvi.

The speaker made a detailed presentation on (i) FEMA vs. FERA (ii) Liberalised Remittance Scheme (iii) Overseas Direct Investment (iv) Investment in Real Estate outside India and (v) FEMA Compliance related to LRS and ODI. He further presented the brief about the FEMA law and how FEMA replaced FERA and also lucidly explained the rules and regulations related to LRS and ODI provisions citing practical examples that helped the participants in understanding the FEMA regulations. The participants benefited from the presentation shared by the speaker.

DIRECT TAX LAWS STUDY CIRCLE

Study Circle Meeting on “Issues under section 56(2) (x) of the Income-tax Act, 1961” held on 31st January 2019 at BCAS Conference Hall

Direct Tax Laws Study Circle organised the captioned meeting on 31st January, 2019 at BCAS Conference Hall. The Chairman of the session, CA. Anil Sathe gave his opening remarks. The Group leader, CA. Navin Gandhi gave a brief overview of the gift tax regime and its back door entry into the Income-tax Act, 1961. Thereafter, the group leader briefly explained the underlying principle and the scope of section 56(2)(x) of the Act. Subsequently, the group leader discussed in detail various issues relating to consideration, exception of ‘relatives’, valuation requirements for the said section and transfer of immovable property being covered under the ambit of section 56(2)(x). Also, the interplay between gift tax provisions and the Act was discussed. The session was quite interactive and participants got highly enriched with the rich experience of the Group Leader.

FEMA STUDY CIRCLE

Meeting on “External Commercial Borrowing- Recent Amendments” held on 5th February 2019 at BCAS Conference Hall

A FEMA Study Circle Meeting was held on 5th February, 2019 at BCAS Conference Hall where CA. Niki Shah led the discussion on the topic of “External Commercial Borrowing – Recent Amendments”. The Group leader discussed a new ECB framework which is divided into two parts now viz. foreign currency denominated ECB and Indian Rupees Denominated ECB. He also deliberated on the expanded list of eligible borrowers, recognised lenders, end use restriction, ECB Liability Equity Ratio, Limit and Leverages, Hedging provision, procedure and reporting requirements etc. The Speaker further elaborated as to whether LLP can take ECB and whether late submission fees is to be paid for each form and under what circumstances. The participants appreciated and benefitted immensely from the efforts put in by the group leaders who made the discussion very live.

“17th Residential Retreat” held on 8th, 9th and 10th February, 2019

Human Resource Development Committee organised 17th Residential Retreat on 8th, 9th and 10th February 2019 which was attended by 28 delegates including 8 couples. The theme of the Programme was ‘Principle Centred Leadership Spectrum’ at picturesque, serene and beautiful Rambhau Mhalgi Prabodhini, Keshav Shrushti, Bhayander West. Senior Mentor Mr. Gopal Sehjpal, ACC (ICF), an International Trainer in Behavioural and Leadership/Management facilitated as trainer.

President CA. Sunil Gabhawalla shared his views on leadership in his inaugural address. He touched upon the important qualities of a good leader i.e. Integrity, Positivity, Understanding, Listening and Smile. He also emphasized the significance of Clarity of purpose, building and grooming the team.
CA. Rajesh Muni, Chairman of HRD Committee, briefed the participants about various activities of the committee and shared details of the past 16 Residential Retreat Programs.

1) Trainer Mr. Gopal Sehjpal had various interactive sessions with the participants and shared the key points such as Principle, Centre and Leadership as under:
(a) Principles are Natural Laws that govern us. They are, never changing, operating everywhere at all time and virtues are personal choices. (b) Important qualities of a leader are passion, courage, humility and love. Love is treating others more than self. (c) Spiritual Quotient is more important than Intellectual and Emotional Quotient. (d) People live their life keeping in centre money, work, pleasure, health, self-image, friend, family, spouse, enemy, religion, etc. The right way is to have “Principles” as centre. (e) Success is optimization of efficiency (speed) and effectiveness (direction).

2) The Speaker also discussed that Spectrum signifies acronym VIBGYOR. (Vision, Introspection, Blue Print for success, Governance, Y Factor, Organisation, Relationship) and explained each characteristic of VIBGYOR as under:

Vision and mission

Organisation or family must evaluate its Strengths and Opportunities. Vision helps to visualise the unknown future and identify the potential obstacles and therefore enables one to come up with possible solutions to overcome them. It also brings enthusiasm in attaining the Goal and to move forward despite obstacles. It provides focus, clarity and a sense of purpose. It should be made in the context of Strength, Weakness, Opportunities and Threats. One must be aware of 35 time wasters categorised in seven areas (Planning, organising, staffing, Leading, Controlling, Communicating and decision making), introspect and overcome such obstacles.

Blue print for success:
It is a process of setting Goals and drawing action plans aligned with the Vision and Mission Statements.

Governance:
Governance relates to the tone at the top. It provides clarity on important parameters like Time, Cost and Resource Allocation, Statutory Compliance, Corporate Social Responsibility, Ethics and Values.

Y Factor: On a graph, Y axis represent results and X axis is for input and resources. It is an exercise of plotting inputs to evaluate productivity, proficiency and efficiency.

Organisation: Structure of reporting relationships vertically and horizontally to provide clarity on accountability.
Relationship: Intrapersonal and Interpersonal relationships have to be appropriate and conducive for synergy.

3) Important 8 Quality Management Principles are:

(i) Customer Focus (ii) Leadership (iii) Involvement of People (iv) Process Approach (v) System approach to management (vi) Continuous improvement (vii) Factual approach to decision making and (viii) Mutual beneficial supplier relationship.

4) Guide to break 12 Ineffective Habits

(i) Reluctance to claim your achievements (ii) Expecting others to spontaneously notice and reward your contribution (iii) Overvaluing expertise (iv) Building rather than leveraging relationship (v) Failing to enlist allies from day one (vi) Putting your Job before your carrier (vii) The Perfection Gap (viii) The Disease to Please (ix) Minimizing (x) Too Much (xi) Ruminating and (xii) Letting your radar distract you.

In the concluding session, on 8th February, a small clip of 10 minutes titled ‘Down the memory lane’, was screened. It took the participants down the memory lane, recounting the experiences of previous camps. It was a tribute to Late Shri Pradeepbhai. The regular participants who were emotionally connected with him were moved as they reminisced the experiences shared with Pradeepbhai. New participants had a very heart-warming experience too. On 9th February, participants enjoyed a campfire in the late evening with some dancing and singing. On 10th February, participants returned with some beautiful memories of the camp. The participants got highly enlightened and refreshed their memories of the past Residential Retreats.

International Taxation Committee

Half Day Seminar on “Selective Issue under FEMA” held on 9th February 2019 at BCAS Conference Hall

A half day seminar was organised by the International taxation committee on 9th February 2019 in the form of a panel discussion. The focus of the seminar was to discuss difficulties being faced in FEMA regulations.

The panellists comprised of senior ex-RBI executives – Mr. G Padmanabhan (Ex-Executive Director), Mr. Himansu Mohanty (ex-General Manager) and Dr. M. K. Singh (ex-Assistant General Manager, New Delhi). The session was chaired and moderated by CA. Rashmin Sanghvi. It was discussed that administration has been delegated to the banks. Different banks take different views. One is not able to clarify matters with RBI as it insists on approaching the banks first. This is causing tremendous difficulties. There were several interpretation issues. Panellists gave the background of the issues and agreed that these issues need to be resolved. One should make representations to RBI so as to bring about clarity. Some of the issues are explained below:

One was the need to have clarity on family Trusts. Today there are rich families with members in India and abroad. They wish to form trusts for succession planning. There is no clarity in case of trusts which is required. It was discussed that people also misuse the laws. In case of Trusts, it should not amount to a situation where non-resident beneficiaries can remit more funds out of India than what they can do without a family trust. The panellists suggested that one may write to RBI and request for a clarification by way of FAQ. As long as remittance of funds does not exceed that which is possible without a trust, it should be all right to create a trust.

Another issue was that there are several proposals from non-residents to purchase real estate and lease the same. RBI has permitted lease of the premises. However, is it possible for Indian entities with FDI to “buy and lease the premises”, or should the Indian entity “construct and lease the premises”? It was discussed that it is safer to take a conservative view. If the entity constructs the premises, it can lease it.

Overall the seminar brought out the issues under FEMA and that one should err on the safer side. Aggressive views can cause difficulties. The Seminar was a huge takeaway for the participants.

HRD STUDY CIRCLE

Study Circle meeting on “Management and Life Lessons from Mt. Everest” held on 12th February, 2019 at BCAS Conference Hall

HRD Study Circle of BCAS organised a meeting on 12th February, 2019 at BCAS Conference Hall which was addressed by Mr. Venkatesh Maheshwari. The Speaker spoke about the mountains calling him. It was his childhood dream to climb the mountain and reach the top. He followed the dream by research, intensive physical and climbing training, educating himself, getting physically and mentally fit etc. It was a tremendous effort.

He had to face fears and prepared himself that there are no short cuts to the top. When you do not prepare well, you will never get the mental strength. Self Belief, patience, commitment, effort, perseverance, honesty were among the many needed traits that helped him achieve his target of being on top of Mt. Everest.

He learnt many lessons in the process like in-resource management and planning every move, facing fear, do not do what you think you cannot do, need to stop and rest when you cannot make it. There is no need to push yourself to do something when you cannot. You have to be focussed and stay focussed to achieve, ask help when you need, team work, to name a few. The Speaker also mentioned that there are passions in life which we need to pursue and achieve satisfaction and fulfilment in life. The participants found the session very inspiring and interesting to emulate the achievers.

Suburban Study Circle Meeting on “GST – Recent Amendments, Notifications and Circulars” held on 15th February, 2019

The Suburban Study Circle had organised a meeting on “GST – Recent Amendments, Notifications and Circulars” on 15th February, 2019 at Bathiya & Associates, Andheri East which was addressed by CA. Jignesh Kansara. The speaker made a detailed presentation on the following amendments and notifications on Goods & Service Tax Act:

(a) GST Amendment Act 2018 (b) 31st GST Council Meeting (c) 32nd GST Council Meeting (d) Removal of Difficulties Orders (e) Recent Circulars and Notifications. The speaker had presented all the amendments highlighting the provisions applicable before the amendments. The practical examples and tabular formats helped the participants in understanding the impact of the changes. The participants benefited from the presentation shared by the speaker.

BCAS IN THE PRINT MEDIA

As always, the Bombay Chartered Accountants’ Society was in the news this last month with its Presidents, both present and past, being sought and quoted on several key issues.

It all started with the report in a leading city newspaper which said that tax officials, with a view to meet steep revenue targets, had started issuing prosecution notices to the directors of several multinationals (Economic Times, January 16, 2019). Among the MNCs issued such notices were Google, Facebook, Samsonite and KraftHeinz.

The report stated that the use of prosecution notices was tantamount to making these cases equivalent to criminal offences and gave the IT officers additional powers just like those with the police. As a result, relief in such cases would only be available from a magistrate’s court.

BCAS President CA. Sunil Gabhawalla was quoted in the report as saying, “Last year and this year, several notices have been issued across the board to several individuals and Indian and multinational companies, which is creating a lot of legal issues for them”.

For its part, the Indian Merchants’ Chamber told the Central Board of Direct Taxes (CBDT) that “these notices project a wrong image of the Indian government… It is driving them (MNCs) away by initiating criminal proceedings on a mechanical basis…” Such notices had previously been used only when concealment of black money or similar wrongdoing was suspected.

However, some prosecution notices had been issued even for cases involving small amounts. Besides, notices had been issued to two directors in each MNC; even directors not based in India had not been spared; in some cases, even companies that had failed to deduct paltry sums like Rs. 1,000 on an employee’s salary had received notices.

Apart from the BCAS and the IMC, the Chartered Accountants’ Association of Ahmedabad (CAA) had also questioned these developments, with the BCAS and the CAA sending a representation to the CBDT in the matter.

The newspaper stated that this development had stemmed from a “quota” that the CBDT had given to the tax officials because of a shortfall in collections. “CBDT imposing a ‘quota’ for assessing officers to file prosecution leads to such a grave situation, said Dilip Lakhani, a senior Chartered Accountant, who added that the attempt to raise revenue by forcing assessees to opt for payment of compounding fees to avoid criminal proceedings could only be termed as arm-twisting.

According to a statement by a senior official, tax officers had been asked to issue about 2,00,000 notices during the financial year. While the actual number of notices could not be confirmed, some sources said that in the case of MNCs at least 500 had been served notice.

In another report published in The Times of India on January 20, 2019, Mr. Sushil Chandra, CBDT Chairman, was said to have issued a circular on January 6 asking his cadre to send prosecution notices to those wilfully evading payment of outstanding taxes and also for substantial defaults in remitting TDS to the government.

The report quoted Mr. Ameet Patel, CA and Chairperson of the Taxation Committee and Past President of the BCAS, as saying that “for the smallest defaults like late payment of TDS; of self-assessment tax; delayed or non-filing of tax returns (including TDS); taxpayers are issued show-cause notices asking why prosecution proceedings should not be launched against them. Even a mere non-filing of appeal against any addition to income or disallowance of expenditure made during assessment is a ground for launching prosecution. Further, tax-payers are given a very short period within which to respond.” The BCAS, the IMC, the CAA and other associations of CAs all over India had filed a representation with Revenue Secretary Ajay Bhushan Pandey protesting against the use of prosecution provisions in a mechanical manner, with minor mistakes being treated as major offences at par with large-scale evasion.

The representation pointed out that such action (prosecution notices) vitiated the promise of a non-adversarial tax regime. Even as many other steps (e-assessment and speedy refunds) had been taken to benefit tax-payers, the spate of prosecution notices sent a bad signal, it added.

SOCIETY NEWS

Full Day Seminar on “GAAR and Anti-avoidance Provisions” held on 16th November 2018

The International Taxation Committee organised a one-day Seminar on GAAR and other Anti-Avoidance Provisions at St. Regis, Parel. The seminar was aimed at appraising the participants of the intricacies and issues coming out of these provisions through panel discussions on burning topics related to the subject.

CA. Pinakin Desai provided a thought-provoking Key Note Address which set the tone for the remainder of the day. The session was chaired by CA. Dilip Thakkar who also released the latest publication by BCAS on “GAAR (Including other Anti-Avoidance Provisions) – A Compendium”. The Compendium comprises of 30 articles spread over 2 volumes authored by some of the best minds in the profession.

The book launch was followed by a panel discussion amongst CA. Geeta Jani, CA. Padamchand Khincha and Mr. Kamlesh Varshney which was chaired by CA. Kishor Karia. The panel dealt with various issues related to GAAR, SAAR, JAAR, PPT and their interplay. Mr. Varshney made insightful remarks in to what could be the Revenue’s approach in applying these provisions.

The second panel was chaired by CA. Rashmin Sanghvi and the panellists – CA. Sushil Lakhani, CA. Yogesh Thar and CA. Karishma Phaterphekar who took up various issues surrounding recent domestic anti-avoidance provisions of POEM, Section 56(2) and Section 94B respectively.

The final panel of the day took up Case Studies on a diverse set of topics which would be impacted by GAAR. The panel was chaired by CA T P Ostwal. CA. Pranav Sayta provided insights on Structuring of inbound investments while CA. Ketal Dalal took up issues related to Holding Company Structures. CA Anup Shah provided his views on issues which would affect Restructuring of companies.

All the panellists ably brought out that GAAR and other anti-avoidance provisions are something that every professional dealing with taxation will need to reckon with; and drove home the point that a fresh look will be required – not only for new structures, but even for existing ones. The Chairman, CA. Mayur Nayak ended the day’s proceedings by thanking the faculty and encouraging the participants to take benefit from BCAS’ publication on GAAR. The meeting was a huge takeaway for the participants.

Full Day Seminar on “Burning Issues in Real Estate” held jointly with IMC Chamber of Commerce and Industry on 17th November, 2018

Corporate & Allied Laws Committee of BCAS organised a Full Day Seminar on Burning Issues in Real Estate, jointly with IMC Chamber of Commerce and Industry, on 17th November, 2018 at IMC, Churchgate wherein the key topics on Direct Tax, RERA, Issues and Opportunities in Funding, GST and JV/JD Structuring were discussed by the eminent speakers and Panellists as under:

Direct Tax: Moderated by CA. Chetan Shah and Panelists: CA. Pinakin Desai, CA. Gautam Nayak, CA Uday Ved and Mr. Yasin Virani of K Raheja Corp.

RERA: Moderated by Advocate Sudip Mullick of Khaitan & Co and Panalists: Advocate Parimal Shroff of Parimal K Shroff & Co, Rajan Bandelkar (Naredco) and Mr. Ravi Sinha (Track2Realty)

Issues and Opportunities in Funding: Moderator Amit Goenka (Nisus) and Panelists: Ram Yadav (Edelwiess), Shobhit Agrawal (Anarock) and Sharad Mittal (Motilal Oswal).

GST: Moderated by CA. Sunil Gabhawalla and Panelists: CA. Parind Mehta, Mr. Sajal Gupta (Rustomjee) and Advocate Vikram Nankani.

JV/JD Structuring: Moderator CA. Ketan Dalal and Panelists: CA. Bhairav Dalal, CA. (Dr) Anup Shah, Mr Piyush Vora (Lodha Developers) and CA. Naushad Panjwani.

The meeting was attended by 110 participants who learnt a lot from the rich experience of the speakers and panelists.

“Half Day Workshop on GST Audit” held on 23rd November, 2018 at BCAS Conference Hall

 

BCAS, as a NACIN accredited training partner has been in the forefront in creating awareness about GST and supported the Government in ushering this reform by organising various lecture meetings, seminars and workshops related to GST. As a part of this endeavour, Indirect Taxation Committee organised a Half Day Workshop on GST Audit on 23rd November, 2018 at BCAS Conference Hall. The workshop was divided into two sessions. The 1st session on “Overview of GST Audit Process, Various Reconciliations involved in GST Audit & Overview of Annual Return and its contents” which was taken up by CA. Udayan Choksi and the 2nd session on “GSTR-9C, Audit Checklist and Issues involved in GST Audit” which was taken up by CA. Jigar Doshi.

 

On this occasion, BCAS Publication “Concept of Supply under GST Law” was also released. The workshop was very well received and the participants took benefit of the same.

Full day programme on “Accounting and Auditing in SAP – Issues in Process and Controls” held on 24th November, 2018 at BCAS Conference Hall

Technology Initiatives Committee conducted a full day programme on “Accounting and Auditing in SAP – Issues in Process and Controls” on 24th November, 2018 at BCAS Conference Hall. The program was jointly led by CA. Jairam Motwani (who has domain experience in Novereof in solutioning, architecting, customizing, execution and coordinating SAP projects and audits) and CA. Mahesh Ahuja, having extensive experience in Internal Audits, Risk & Controls review, SAP Role based controls and GRC implementation and review.

Both the speakers dealt with the topic by providing a step by step process for Accounting and Auditing in SAP. They also discussed various issues and Control points to mitigate the issues while using the SAP.

The session was very interactive and the participants got enlightened a lot from the discussion.
Training Session for CA Article Students on “GST Annual Return’ and ‘GST Audit from Article’s Perspective” held on 30th November, 2018 at BCAS Conference Hall

The Students Forum under the auspices of HRD Committee organised a Training Session for CA Article Students on the above-mentioned topics on 30th November, 2018 at BCAS Conference Hall.

The first session on GST Annual Return was taken by Student Speaker Ms. Neelam Soneja under the mentorship of CA. Raj Khona followed by a session on GST Audit by CA. Jigar Shah. Mr. Jason Joseph, the student co-ordinator introduced the mentor and speakers for the session. CA. Anand Kothari, the convenor of the HRD Committee spoke about various activities conducted by BCAS Students Forum.

CA. Raj Khona in his opening remarks highlighted few key areas which article students should keep in mind while filing the annual returns. Ms. Neelam Soneja then explained the entire Form GSTR-9 clause by clause and dealt with the various issues / complexities involved in the annual return form. In the 2nd session, CA. Jigar Shah gave a brief insight on various aspects of GST Audit with useful tips on how to effectively conduct GST Audit. The training session was attended by 175+ students. Both the sessions were interactive whereby the speakers answered all the queries raised by the participants.

Suburban Study Circle Meeting on “GST Annual Return – GSTR 9 – Detailed Analysis and Issues in Filing” held on 1st December, 2018

The Suburban Study Circle organised a meeting on “GST Annual Return – GSTR 9 – Detailed Analysis and Issues in Filing” on 1st December, 2018 at Bathiya & Associates, Andheri which was addressed by CA. Chirag Mehta.
The Speaker started the session with statutory background and legal provisions regarding the GST Annual Return – GSTR – 9. He explained in detail the various clauses of GSTR 1 and GSTR 3B and the specific clauses to be considered while consolidating the annual figures. He further explained the structure of GSTR – 9 Annual return and what is expected from the registered dealers in each section.

The detailed analysis of each clause of the GSTR – 9 was done along with explanation on the data to be entered under each clause. CA. Chirag Mehta raised very important issues which the dealers may face while preparing the annual return and also provided his views on the said issues. The speaker highlighted the importance of self study and practical exposure to be the key factors in successful filing of annual returns.

The participants got enlightened from the presentation shared by the speaker.

TECHNOLOGY INITIATIVES STUDY CIRCLE

Technology Initiative Study Circle on “Productivity Apps for Workplaces-Part III” held on 4th December, 2018 at BCAS Conference Hall

Technology Initiatives Committee conducted a Study Circle Meeting on Productivity Apps for Workplaces Part III on 4th December, 2018 at BCAS Conference Hall which was led by CA. Rajesh Pabari who is an HR Consultant by Profession and aspiring management consultant by Passion.

It was the third session on Productivity Apps for Workplaces followed by sessions held on 23rd August 2018 and 21st September 2018. CA. Rajesh Pabari covered effective use of few more Google Chrome Extensions which are extremely helpful but were not covered in earlier sessions. He also demonstrated few tips for more effective Google searches syntax which will help to refine search results like search in title of pages, date wise, file type and specific website etc. He also explained some extremely useful tips for enabling to save time while using laptops/desktop shortcuts on day to day basis.

At this session, the Committee tried to experiment Live session online on Youtube for participants to go online through their Desktop and Smartphones. The video is available on Youtube.
The session was followed by Q&A session where the Speaker thoroughly addressed all the queries of the participants. The study circle was truly enthralling, and the participants appreciated the in-depth insight given by the learned speaker.

Intensive Study Course on “Data Analytics for Internal Audit” held on 7th & 8th December, 2018

The GRC subgroup of the Accounting and Auditing Committee organised a 2-day hands-on workshop on “Data Analytics for Internal Audit – using IDEA”: the workshop, anchored by CA. Deepjee Singhal, was divided into 1-day of seminar sessions, followed by 1-day of hands on training on the IDEA data analytics tool, for which each of the participants was provided a limited period IDEA licence along with data sets to get a feel of different IDEA features that can be effectively used for Internal Audit.

The workshop, inaugurated by president CA. Sunil Gabhawalla, had participants from the CA profession as also from the industry. CA. Deepjee Singhal provided a crisp overview of the Current Trends in Use of Data Analytics, with specific reference to internal Audit. A panel discussion with CA. Amit Pandit, CA. Jyotin Mehta and CA. Satish Shenoy provided insights to the participants as to the way in which data analytics has been integrated with the Governance-Risk-Compliance Advisory over the past decade and what the future may hold.

Mr Jairam Rajshekhar and Mr Saurabh Patkar demonstrated the various features of IDEA tool on day-1 and on day-2, they led the hands-on sessions where the participants got an opportunity to actually use these features on their own computers.

The case study based teaching method adopted for the workshop, with real data, enabled the participants to gain a first-hand experience of using the IDEA tool for data analytics.

The participants expressed deep appreciation for the in-depth and hands-on training provided in the upcoming field of data analytics with a special focus on Internal Audit.

INTENSIVE STUDY GROUP ON GST

Intensive Study Group Meeting on “Goods and Services Tax – Clause by Clause Study and Analysis of GST Act” held on 20th & 21st July, 24th & 25th August, 26th & 27th October, 16th November & 7th December, 2018 at BCAS Conference Hall

After the successful in-depth study and response in Batch-I held during March and April 2018, it was decided to further extend the study for few more months specially for some of the uncovered topics during Batch-I. The Batch-II was planned with 8 sessions (During July to December 2018) on Fridays and Saturdays by Bombay Chartered Accountant’s Society wherein section-wise study of the GST Act was held. There was an in-depth study and all the sessions were quite interactive. Each session was held under the guidance of 2 to 3 mentors who have a great expertise on the subject.

Each session was attended by more than 25 participants. It was highly appreciated by the members who shared their practical experience and got benefited as the coverage of the subject was detailed one.

HUMAN DEVELOPMENT AND TECHNOLOGY INITIATIVES COMMITTEE

Human Development Study Circle on the topic “Building Civic Leaders” held on 11th December, 2018 at BCAS Conference Hall

Human Development Study Circle organised a meeting on the topic “Building Civic Leaders” on 11th December, 2018 at BCAS Conference Hall which was addressed by Ms. Sapna Karim. The Speaker explained that we generally face difficulties in the quality of life in our neighbourhoods, clean surroundings in public places, enough water supply and good roads. She explained that Janaagraha is pursuing efforts to ensure that we as citizens are able to have a good quality of life in our cities through improvements in infrastructure and city administration and importantly demonstrate active citizenship. Janaagraha lives by the principle ‘urgent patience’ which would mean – be patient for change, but make urgent efforts to affect it. Quality of citizenship is not just a means to an end, but an end in itself. She emphasised that citizens must meet regularly to see how they can contribute. ChangeMyCity.com is a site that works for this and also powers the Swachhata app for the national government under the Swachh Bharath Mission. The Speaker mentioned that we do not want sporadic solutions but systematic solutions that take time as it involves changing or evolving new laws, policies, practices within government and enabling good citizenship values and behaviours.
The meeting was very participative and was a huge takeaway for the participants.

FEMA STUDY CIRCLE

FEMA Study Circle Meeting on “Current and Capital Account Transactions-Part II” held on 13th December, 2018 at BCAS Conference Hall

A FEMA Study Circle Meeting was held on 13th December, 2018 at BCAS Conference Hall where CA. Manoj Shah led the discussion on the topic of “Current and Capital Account Transactions-Part II”. He did an in-depth analysis of Section 3 – Dealings in Foreign Exchange and dissected clause (a), (b) and (c) of section 3. He deliberated upon the meaning of “dealing” and discussed when a resident can pay on behalf of non-resident. He also explained couple of high court judgements on the subject of payment by resident on behalf of non-resident. He also pointed out that in one compounding matter, amount of FDI proceeds were received from third party intermediary instead of Authorised Person and penalty was levied therein. The members appreciated the efforts put in by the group leader and benefitted a lot from the session.

The Sixteenth Nani A. Palkhivala Memorial Lecture on “Guardian Angel of Fundamental Rights” held by Nani A. Palkhivala Memorial Trust on 15th December, 2018

The Sixteenth Nani A. Palkhivala Memorial Lecture on the topic “Guardian Angel of Fundamental Rights” was held by Nani A. Palkhivala Memorial Trust on 15th December, 2018, in association with Bombay Bar Association, Bombay Chartered Accountants’ Society, The Bombay Incorporated Law Society and Forum of Free Enterprises, at the Tata Theatre, NCPA, Nariman Point, Mumbai. The proceedings commenced with the performance by students of NCPA Special Music Training Programme. The lecture was delivered by Hon’ble Mr. Justice Rohinton F. Nariman, Judge, Supreme Court of India. The lecture meeting was presided over by Mr. Y. H. Malegam, Chairman, Board of Trustees. The Speaker talked about the achievements of Late Palkhivala in the field of legal profession as well as several publications authored by him. He also discussed about the accolades Mr. Palkhivala earned in the domestic and international sphere and his memorable stint with Tata Group and as President, Forum of Free Enterprise and Founder Chairman, The A. D. Shroff Memorial Trust.
On this occasion, The Nani A. Palkhivala Civil Liberties Awards were also presented.

The meeting was attended by over 145 participants who got inspired and enthused with the well explained facts by the learned Speaker. The meeting concluded with a vote of thanks by the Trustee Mr. Deepak S. Parekh.

Lecture Meeting on “Right to Information vs Privacy” held on 17th December, 2018 at BCAS Conference Hall

A Samvad was organised at the Bombay Chartered Accountants’ Society under auspices of BCAS Foundation on the subject ‘Right to Information (RTI) vs. Privacy’ on 17th December, 2018. Panellists invited were Shri Shailesh Gandhi, Former Central Chief RTI Commissioner, Justice Shri Abhay Thipsay (Retired Judge, Bombay High Court) and Shri V. A. Thorat, former Advocate General Maharashtra. Past President CA. Raman Jokhakar acted as a moderator.

President CA. Sunil Gabhawalla in his opening remarks stressed the need to have such debates and dialogue to bring clarity and consensus on the matters relating to the RTI. This he said was needed to bring transparency in the dealings between government and people to achieve true spirit of democracy.

Shri Shailesh Gandhi said that Right to Information is a fundamental right of citizens under Article 8(1) (a) of the constitution which guarantees freedom of speech and expression subject to Article 19 (2) which restricts it only in the interest of sovereignty, integrity and security of the state, public order, decency or morality, friendly relations with foreign state or in relation to contempt of court or defamation.

He further said that there is an adequate safeguard also prescribed under Section 8 (1) (j) of the RTI Act which exempts only that information which relates to personal information, the disclosure of which has no relationship to any public activity or interest and which would cause unwarranted invasion of the privacy of the individual unless the information officer is satisfied that larger public interest justifies disclosure of such information. However, the proviso under the section amply clarifies the intent that only the information which cannot be denied to Parliament or the State Legislature shall not be denied to any person. “Despite this, information is often denied to people mistakenly classifying it as personal information” said Shailesh Gandhi. He lamented that increasingly some Supreme Court judgments were being cited to call every information as private and having no public interest and thus being denied. Among them were details related to service records and asset records labelling them as information between the employers and employees. “This has effect of completely diluting the fundamental right of RTI given to citizens of India under the constitution by misinterpretation of Section 8(1) (j) of the RTI Act, because they could always qualify for disclosure to the Parliament or State Legislature” he concluded.

Justice Thipsay said that when it comes to assets and service records of public servants, they should be provided under the RTI Act. He however cautioned that one needs to maintain a delicate balance to harmonise the conflict between the RTI and Privacy. He said that good society is not guaranteed by the information alone; one also has to keep check on whether this right is exploited to settle personal score. He opined that this was not a fight to finish but a process of evolution.

Shri V. A. Thorat said that information should be given on case-to-case basis when it comes to assets and details of service records. “Even if the provision for disclosing information exists, it cannot be applied universally without applying mind as to whether it will qualify under Article 19)(2). One has to draw the line between information that is necessary having regard to the facts and one what could be abused for personal gain with no public interest. However, he also said that judgements can’t be read as statutes and one needs to distinguish between public information sought in public interest and use of RTI for frivolous queries.

The two speakers while disagreeing with Shri Shailesh Gandhi about disclosure of information opined that use of discretion on the facts and circumstances of each case was necessary in protecting the right of privacy. However, all agreed that constitution is sovereign and not the provision of legislation. It would be ideal that within the ambit of restrictions laid down by Article 19 (2), the spirit of RTI is truly observed.

The debate was mind churning and intellectually enlightening. CA. Raman Jokhakar asked some poignant questions on the tendency of government officers to shirk their obligation cast under RTI Act and questioned logic of creating controversy. These were appropriately answered by the panellists. A lot many questions from enlightened audience augmented the ethos. Widely attended by cross section of people, it engaged the audience completely and prompted lot of spontaneous responses from them sharing their experiences.

Joint Secretary CA. Mihir Sheth gave a deserving vote of thanks to the panellists.

ITF STUDY CIRCLE

Study Circle Meeting on “Taxation of Profits from Shipping and Aircraft (for Non Residents) under DTAA (Part 2)” held on 18th December, 2018 at BCAS Conference Hall

ITF Study Circle organised a meeting on the captioned subject on 18th December, 2018 at BCAS Conference Hall. The Study circle was led by CA. Sonia Agrawal who explained briefly about Part 1 where the Shipping Business Taxation comes under the purview of Domestic Tax Laws. Various issues with regards to Inland Waterways and Water Transport on the coastal ways, inside India and outside India, High Sea Shipping Cargo were also discussed.

There was a detailed discussion on Article 8 of the Treaty. Case laws on recent amendments were also taken up. The participants could resolve their queries with the group leader. The members of the Study Circle shared their experiences on above mentioned issues and all participants benefitted from the discussion on the subject.

Study Circle Meeting on “Contentious Issues under GST “held on 19th December, 2018 at BCAS Conference Hall

A study circle meeting on the topic Contentious Issues under GST was held under the aegis of Indirect Taxation Committee on 19th December, 2018 at BCAS Conference Hall which was addressed by Sr. Advocate P. K. Sahu, who delivered an in-depth analysis of the issues with reasoning. The meeting was very interactive and the learned speaker dealt with all the issues posted before him in detail.

The meeting was a huge takeaway for the participants.

Society News

SECOND BCAS LONG-DURATION COURSE ON GST

 

The second BCAS Long-Duration Course
on GST was conducted at the BCAS Hall from 4th to 19th
October, 2019. It was held over three consecutive Fridays and Saturdays with
six sessions per day and a total of 36 technical sessions on important areas
under GST. Each technical session was conducted by experienced faculty having
vast experience and knowledge in the area of indirect taxation. The course was
aimed at imparting basic and middle-level knowledge on conceptual aspects of
GST law and procedures which were explained in interactive sessions along with
talks, practical examples and case studies. The last two sessions were combined
and designed as a ‘Brain Trust’ session, moderated by BCAS Immediate
Past President and present Co-Chairman of the IDT Committee, Sunil
Gabhawalla
, along with renowned faculties S.S. Gupta and Parind
Mehta
as ‘brain trustees’ who answered innumerable questions put to them by
the participants and highlighted various issues in GST.

 

The course
received very good response. A total of 71 participants enrolled for it; they
came from 12 different cities. The participants were all praise for the course.

 

Those who
attended at least 75% of the course were presented with participation
certificates by the Society. The overall verdict from the feedback forms
received was encouraging, as almost all participants appreciated the design,
structure, timing, faculties and so on.

 

HUMAN RESOURCES DEVELOPMENT COMMITTEE

 

‘Non-violence
is the greatest force at the disposal of mankind. It is mightier than the
mightiest weapon of destruction’,
said Mahatma Gandhi.

 

The HRD Study
Circle organised a talk on ‘Non-Violent Communication’ (NVC) by Ms Leonie
D’Mello at the BCAS Hall on 10th October, 2019. (Earlier, in
memory of the Mahatma, BCAS organised a special programme ‘Bapu@150’ on
2nd October, 2019 in its Conference Hall.)

 

The speaker
made several key points while delivering her talk. Among them were the
following:

 

‘Non-Violent Communication is a simple
tool to defuse arguments and create compassionate communication with family,
friends, etc. It is an amazingly effective language for saying what is on your
mind and in your heart. It is simple on the surface, challenging to use in the
heat of the moment and powerful in its results.

 

Non-Violent
Communication is a way of getting things done in the right way with both sides
willing to dialogue and resolve conflicts.

 

It involves expressing honestly and
receiving emphatically. When we learn to connect our needs with our feelings,
we empathise with ourselves and others. We learn to be compassionate with
ourselves and with others.

 

NVC shows us
to focus on what we truly want, rather than on what is wrong with others or
ourselves. It gives the tools and understanding to create a more peaceful state
of mind.

 

NVC is a very interesting way to
communicate effectively.’

 

Those who attended the talk expressed a
desire to learn even more about non-violent communication – so that they could
communicate with others successfully and more effectively.

 

LECTURE
MEETING ON ‘RECENT DEVELOPMENTS IN GST’

 

A lecture meeting on ’Recent Developments in
GST’ was held on 11th October, 2019 at Bhatia Wadi, near Savarkar
Garden, Borivali (West), on 11th October, 2019.

 

Well over a hundred professionals and others
attended this first-of-its-kind meeting. BCAS President Manish Sampat,
in his opening remarks, underlined the objective of this particular lecture. He
said this was the first initiative to reach out to the suburbs for the benefit
of scores of members and others living and / or working in Borivali and nearby
areas.

 

Immediate Past President Sunil Gabhawalla
explained the various important developments which had taken place due to the
change in the law and also through various notifications and circulars after
its enactment. In a sense, the members were taken on a ‘GST journey’ starting
from inception to execution, the hurdles and hindrances along the way and so
on. The speakers answered all the queries raised from the floor of the house.

 

The interactive meeting ended with
announcements about future BCAS events and a vote of thanks proposed by Dushyant
Bhatt.

 

FEMA STUDY CIRCLE MEETING

 

FEMA Study Circle Conveners Kirit P.
Dedhia
, Niki Shah and Parag Kotak joined hands to organise a
very interesting discussion on ‘ODI Contraventions: Reporting and Regulations’
at the BCAS Conference Hall on 15th October, 2019.

 

The choice of Ms Aarti Karwande as
Group Leader proved to be a good decision. For, in the course of her
presentation she covered various case laws pertaining to ODI contraventions.
This paved the way for a lively and thought-provoking discussion on the
applicable FEMA regulations. The topic of discussion being so interesting, the
room was packed with professionals with a sprinkling of students.

 

Ms Karwande pointed out that Overseas Direct
Investment had rapidly evolved over the years. Therefore, it was important to
understand the regulations and the reporting pertaining to the subject –
because any contravention could have several adverse ramifications.

 

The Study Circle meeting served to clarify
matters and set the professionals on the right track to tackle this key subject
(Overseas Direct Investment).

 

‘ESTATE
DUTY – A TRIGGER FOR SUCCESSION PLANNING’

 

The BCAS organised a lecture meeting
addressed by Mr. Ketan Dalal on ‘Estate Duty – a Trigger for Succession
Planning’ on 16th October, 2019 in the BCAS Conference Hall.

 

Introducing the subject, President Manish
Sampat
pointed out the importance of estate / succession planning all over
the world and in India, too. He stated that in recent times, the focus on
succession planning had increased amongst high net-worth Indian business
families so as to minimise the loss in value while transferring assets /
businesses from one generation to another.

 

In the last few years, especially during the
time of the presentation of the Union Budget, there had been a great deal of hype
about the re-introduction of estate duty (which had been abolished in 1985).
That had triggered the need for succession planning. People had started looking
beyond wills and probates and were approaching lawyers, chartered accountants
and attorneys for succession planning, the President pointed out.

 

Mr. Ketan Dalal started the session with a brief history of estate planning all
over the world, especially in countries like the USA where estate duty laws
have been in force for many years. He then explained the earlier estate duty
law in India and its main features, the challenges it faced and the reasons why it was abolished. He gave an overview
of succession planning and how it was a much wider concept than mere mitigation
of estate duty issues.

 

He stated that succession planning was very
important in India even without any estate duty law being in place. Various
structures were used by people for succession planning; they faced several
issues in doing so and were being made aware of the timelines involved in the
whole succession planning process.

 

Mr. Dalal
described the integrated approach to be adopted for structuring such planning
and shared his experience on the issues that arose, on the basis of the
innumerable cases handled by him.

 

He also explained some of the key issues
that one could come up against under various laws in India dealing with trusts,
family settlements and restructuring. He then answered a plethora of questions
from the eager participants on gifts, nominations, wills, probate, etc.

 

The meeting was
well appreciated as the speaker articulated several aspects of succession
planning very well.

 

President Manish introduced the
speaker, Vice-President Suhas Paranjpe presented a memento to him and
Convener Hardik Mehta proposed the vote of thanks.

 

SUBURBAN STUDY CIRCLE

 

The Suburban Study Circle organised a
meeting on ‘Amendments to Income-tax Act, 1961’ vide an ordinance, the Taxation
Laws (Amendment) Ordinance, 2019, on 18th October, 2019 which was
addressed by Mr. Milin Bakhai.

 

The speaker made a detailed presentation on
the amendments and explained each change clause by clause. The group had a
detailed discussion on the possible outcomes of selecting the option u/s
115BAA.

 

He walked the participants through a
comparison of companies under different tax rates and the various pros and cons
for selection of the new tax rates. He also examined section 115BAB in detail
and the various references which were drawn from different judicial precedents
to explain the same. He gave examples to describe which arrangements would be
considered as reconstruction and / or splitting.

 

The participants lauded the speaker for his
erudition and his easy-to-understand presentation.

 

INTERNATIONAL
ECONOMICS STUDY GROUP

 

The International Economics Study Group held
its meeting on 5th November, 2019 to discuss ‘Issues &
Implications of Banking & Financial Crisis in India’. CA Harshad Shah
and CA Paresh Budhdev led the discussions and presented their thoughts
on the subject.

 

They pointed out that Indian banks (mostly
PSUs and some private banks) had been facing serious NPA crises for the last
five years. Besides, many well-known promoters had been facing huge liquidity
challenges and a few of them had filed for bankruptcy themselves or their
lenders had done so. This got further aggravated and spread to NBFCs and
private banks with problems at some well-known ones. Many more lenders were
likely to be added to the list due to stress in the real estate, automobiles,
MSME sectors and the rural and agricultural economy. At the same time, there
were governance issues in small savings funds, EPF and LIC, too.

 

As per RBI data, the aggregate gross
advances of PSU banks increased from Rs. 11.33 lakh crores as on 31st
March, 2008 to Rs. 34.03 lakh crores as on 31st March, 2014 (a
three-fold increase in six years). The primary reasons for the spurt in
stressed assets had been aggressive lending practices, including phone banking,
directed lendings, wilful default / loan frauds / corruption in some cases and
overall economic slowdown.

 

India’s banks were grappling with roughly $150
billion in stressed assets (Rs. 10 lakh crores)
; about 85% of these NPAs
were from the loans and advances of PSU banks. In the last decade, the gross
NPAs of banks had increased from 2.3% of total loans (2008) to 9.5% (in 2019),
indicating that an increasing proportion of a bank’s assets had ceased to
generate income for the banks, lowering their profitability and ability to
grant further credit. Bank NPAs were expected to shrink 350 bps over two years
to 8% by March, 2020, compared with the peak of 11.5% in March, 2018.

 

The International Economics Study Group also
discussed the NBFC crisis and its domino effect on the Indian economy. There
were 11,400+ shadow banking companies (NBFCs) with a combined balance sheet
worth around Rs. 22.1 trillion ($304 billion) and their loan portfolios had
grown at nearly twice the pace of banks. According to RBI data, gross NPAs
(non-performing assets) or bad loans of NBFCs stood at 6.6% at the end of
March, 2019 against 5.3% a year ago. On the other hand, bank lending to NBFCs
had also seen a substantial rise. NBFCs owed an outstanding amount of Rs. 6.4
lakh crores at the end of March, 2019. This was a 22% increase compared with
the previous year when the debt was Rs. 4.9 lakh crores. NBFCs and HFCs had a
balance sheet of Rs. 36 lakh crores as of March, 2019. If the extent of
under-reporting was around 5% of advances, there could be Rs. 1.8 lakh crores
of more bad news yet to be recognised.

 

The risks of contagion were rising in the
Indian financial sector and any failure of a large shadow lender could lead to
a ‘solvency shock’ to banks. India’s shadow lenders got a substantial part of
their funding from banks – the weaker ones had seen a sharp rise in their
borrowing costs, and a big drop in their equity values. High business risk is
inherent in NBFC business models that rely on short-term market borrowings for
long-term loans. The resulting risk aversion by lenders had landed NBFCs and
HFCs with high asset-liability mismatches in hot water.

 

The way forward suggested was: (1) Regulators and investors need to recognise that both the ALM
(asset liability mismatch) and liquidity crises are restricted to a handful of
NBFCs / HFCs which require closer regulatory supervision, along with the firms
accessing public deposits or retail NCDs requiring close scrutiny. (2) With
default and the string of credit rating downgrades, which undermined market
confidence in credit ratings and the accounting practices of NBFCs, regulator/s
need to undertake special audits. This is essential to shore up market
confidence in the sector. (3) NBFCs / HFCs with retail participation and good
quality books may need a liquidity lifeline to ward off solvency issues. (4) It
is not the absence of regulations but ineffectual supervision by the regulators
that has left the doors open for the NBFC crises to play out. Hence, instead of
adding to their voluminous regulations, regulators need to deploy additional
manpower and acquire forensic capabilities to more closely monitor the frequent
statutory filings of these firms.

SOCIETY NEWS

“Long Duration Course on Goods and Services Tax Act” held on 5th, 6th, 12th, 13th, 19th and 20th October, 2018 at BCAS Conference Hall

BCAS, as a NACIN accredited training partner has been at the forefront of creating awareness about GST and supported the Government in ushering this reform by organising various lecture meetings, seminars and workshops related to GST. As a part of this endeavour, Indirect Taxation Committee of BCAS organised a Long Duration Course on Goods and Services Tax Act at BCAS Conference Hall, spread over 4 weeks in the month of October, 2018 on Fridays and Saturdays. The course consisted of 36 sessions of 1hr 15 min each. It was conducted by 34 domain experts in GST who covered various theoretical as well as practical aspects of the GST law.

The Course was attended by 97 participants including outstation participants as under:

The profile of participants consisted of practising chartered accountants, chartered accounts in employment as well as accounts and finance staff of various entities. The course was interactive and participants discussed various issues such as deemed supply, cross charge/ISD, ineligible ITC under the Act, issues concerning valuations, place of supply including zero rated supplies/deemed exports and imports related provisions, computational provisions, penal provisions, assessment provisions and procedural provisions like accounts and documents, payments, E-way bill, returns and Audit.

With the backup of excellent faculties, participants enriched their knowledge and experience in this collective learning process. The course facilitated GST learning of 45 hours per participants.

Students Study Circle on ‘’Benchmarking under Transfer Pricing” held on 23rd October, 2018 at BCAS Conference Hall

The Students Forum under the auspices of HRD Committee organised a Students’ Study Circle on the topic “Benchmarking under Transfer Pricing” on Tuesday, 23rd October, 2018 BCAS Conference Hall which was led by group leaders Mr. Rishabh Jain and Mr. Piyush Randad under the mentorship of CA. Jitendra Gupta. Ms. Neelam Soneja, the student co-ordinator introduced the mentor and group leaders. CA. Jitendra Gupta, the mentor for the session gave his opening remarks and briefly explained the topic.

Both the group leaders discussed the topic with the help of case studies and shared their practical experience in conducting transfer pricing audit. The study circle was very interactive. Overall, it gave a brief insight on various aspects that should be kept in mind while conducting transfer pricing audit.

The mentor CA. Jitendra Gupta then presented the certificates to the Group Leaders and appreciated the meticulous presentation made by them. Mr. Jason Joseph, the student co-ordinator thanked the group leaders and mentor for sharing their knowledge on the subject and briefed the participants about the forthcoming events which will be organised by the Students Forum.

The participants benefitted a lot from the session.

INTERNATIONAL ECONOMICS STUDY GROUP

Meeting on “21 Lessons for the 21st Century & Clean Disruption” held on 24th October, 2018 at BCAS Conference Hall

International Economics Study Group conducted a meeting on 24th October, 2018 at BCAS Conference Hall to discuss the topic “21 Lessons for the 21st Century & Clean Disruption” which was addressed by CA. Abhay Bhagat.

The Speaker presented the findings from the books: (1) Prof. Yuval Noah Harari’s bestselling books: Sapiens- A Brief History of Humankind (2) Homo Deus- A Brief History of Tomorrow and (3) 21 Lessons for the 21st Century. The book 21 Lessons from the 21st Century brings out that in a world deluged by irrelevant information, clarity is power. The Speaker explained that 21 Lessons for the 21st Century cuts through the muddy waters and confronts some of the most urgent questions on today’s global agenda. Some of the main learnings are: Whoever owns the data wins, which is why everyone struggles for it. Education must show us how to navigate information and not give us more of it.

CA. Abhay Bhagat also presented his findings on Tony Saba’s book – Clean Disruption Technology, Mega Trends Disrupting Public & Private transportation wherein the author brings out Technology based disruption – A disruption happens when a new product or service helps create a new market and significantly weakens, transforms or destroys existing market.

The author explains that the key technologies that are disrupting transportation are Self Driving vehicles, Electric Vehicles, Energy Storage, Mobile Internet/Cloud, Sensors /IoT & Big Data. The self-driving cars are disruptive as these would be 5 times more efficient than existing cars, cheaper fuel (10 times), life cycle of car (from currently 1.5 lakh km to 5.0 lakh km), present car has 2000 moving parts and EV has 18 to 20 moving parts and EV is computer tablet on wheel.

The author brings out the case for Self-driving vehicles because (1) Millions of people die from road accident and main cause of the accident is driver’s mistake 2) No parking space required as these Self-driving cars can run 24 hours (3) all cars will talk to one another and decide fastest route and giving direction to nearest car.
The meeting was quite interactive and had a huge takeaway for the participants.

A D Shroff Memorial Lecture on “The Importance of Independent Regulatory Institution The Case of Central Bank” held jointly by Forum of Free Enterprise, A. D. Shroff Memorial Trust, Bombay Chartered Accountants’ Society and Indian Merchants’ Chamber on 26th October, 2018

The A D Shroff Memorial lecture meeting on The Importance of Independent Regulatory Institution ‘The Case of Central Bank’ was held jointly by Forum of Free Enterprise, A. D. Shroff Memorial Trust, BCAS and Indian Merchants’ Chamber on 26th October, 2018 at IMC Hall. The meeting was addressed by Dr Viral V. Acharya, Deputy Governor, Reserve Bank of India.

The Speaker explained that a central bank performs several important functions for the economy. It controls the money supply, sets the rate of interest on borrowing and lending money, manages the external sector including the exchange rate, supervises and regulates the financial sector notably banks, often regulates credit and foreign exchange markets and seeks to ensure financial stability, domestic as well as on the external front.

He also elaborated as to why is the central bank separate from the Government? He mentioned that the world over, the central bank is set up as an institution separate from the Government. Its powers are enshrined as being separate through relevant legislation. Its tasks being somewhat complex and technical, Central Banks are ideally headed and manned by technocrats or field experts–typically economists, academics, commercial bankers and occasionally private sector representatives, appointed by the Government but not elected to the office and they exercise their powers independently.

He also elucidated the role of Reserve Bank in regulating Monetary Policy, Debt Management and Exchange Rate Management and ongoing challenges in maintaining independence of Reserve Bank i.e. regulation of Public Sector Banks, RBI’s Balance Sheet strength and Regulatory Scope.

In his concluding remarks, the Speaker thanked Mr. Malegam for inviting him to address the lecture meeting and extended his warm gratitudes to late A. D. Shroff for his contribution to the economy and in co-founding of Free Forum Enterprise Think Tank in the year 1954. The meeting was a huge takeaway for the participants who got enlightened from the lecture delivered by the learned Speaker.

DIRECT TAX LAWS STUDY CIRCLE

Meeting on ‘E-Assessments” held on 30th October 2018 at BCAS Conference Hall

Direct Tax Laws Study Circle conducted a meeting on E-Assessments Proceedings under the Income Tax Act on 30th October, 2018 at BCAS Conference Hall. The Chairman of the session, CA. Ameet Patel gave his opening remarks and pointed out to various initiatives taken by the Government and Income Tax Department regarding digitalisation and e-governance of various compliances, reporting and proceedings.

The Group leader CA. Romil Jain gave a brief background regarding the rationale of introduction of e-proceedings which has been a part of E-governance initiative, to facilitate ease of communication between the taxpayer and the Tax Authorities through electronic means. He educated as to how the concept of e-assessments was inserted and integrated in the provisions of the Income tax Act. He pointed that currently there are 3 branches of e-proceedings which are in operation – (1) E-return processing (2) E-assessment and (3) E-issue of refund.

CA. Romil Jain also took the group through step-by-step method for making submissions though e-assessment tab available on the income tax website. He pointed out to certain key points which one needs to keep in mind:

  • Considering the auto-closure of e-filing window 7 days before the time barring date, assessee must act vigilantly and avoid keeping submissions till the last date.
  • Considering the fact that e-filing portal has idle session time of 15 minutes, assessee should be ready till all the attachments to be uploaded in 1 folder, before login to e-filing website.
  • Retain exclusive email address and mobile number of the authorised person for communication with Tax authorities.
  • Any proceedings conducted manually (in case of exceptions, as listed in CBDT Instructions) shall be kept on record by way of mentioning about the same in subsequent online submission.
  • In the absence of personal hearing, legal issues and commercial rationale should be drafted very clearly and concisely, to avoid any incorrect interpretation.

The meeting was very fruitful for the participants experiencing rich knowledge sharing by the learned Speaker.

BEPS STUDY GROUP

Meeting on “Continuation of Action Plans 8 to 10 – Aligning Transfer Pricing Outcomes with Value Creation” held on 2nd November, 2018 at BCAS Conference Hall.

BEPS Study Group organised the captioned meeting on 2nd November, 2018 at BCAS Conference Hall wherein CA. Ganesh Rajgopalan and CA. Shreyas Shah led the discussion. The Speakers put forth several examples and case studies and explained concepts relating to intangibles and their ownership and also to whom returns from intangibles to be allocated. A short presentation on the concept of risk, the principles of control over risk and capacity to assume risk were also deliberated. Some aspects of hard to value intangibles were explained by the group leaders.

The meeting was very interactive and the participants benefitted a lot from the sessions.

HUMAN RESOURCE DEVELOPMENT STUDY CIRCLE

Meeting on “Eye Health and Eye Vision” held on 13th November, 2018 at BCAS Conference Hall by Presenter: Viram Agrawal of Vision Yoga

Human Resource Development Study Circle organised a meeting on the captioned subject at BCAS Conference Hall which was presented by Mr. Viram Agrawal of Vision Yoga who is working to spread awareness about “better eyesight at any age”.

The Speaker provided some useful insights on the subject as listed below:

(1) Preservation of good eyesight is almost impossible without proper eye education and mental relaxation (2) Keep your eyelids half closed, while reading or watching a distant object (3) Shift your glance constantly from one point to another (4) All errors of refraction are functional and therefore curable (5) Mental strain creates an error of refraction and mental relaxation can cure it (6) Eyewash tones up the eye muscles (7) Vision Yoga is a holistic method of treating eye disorders which is a part of the Vedic tradition as given in the Chakshushopanishad and Netra Dwayam – Upanishads of the eyes (8) This Yoga course benefits all eye disorders like myopia, hypermetropia, presbyopia, squint, cataract, nystagmus, etc.

The Speaker believes that exercises can help to avoid Glasses, Lasik Surgery and improve eye vision and also explained some eye treatments for eye ailments.

The participants were hugely benefitted from the presentation by the learned Speaker.

Intensive Study Course on “Data Analytics for Internal Audit” held on 16th and 17th November, 2018

The GRC subgroup of the Accounting and Auditing Committee organised a 2-day hands-on workshop on “Data Analytics for Internal Audit – using Microsoft Excel at Hotel Parle International, Parle East. The Speaker for the entire 2-day workshop was CA. Nikunj Shah.

This workshop was an immersive learning experience that enabled participants to understand, appreciate and experience the power of MS Excel for performing data analytics for Internal Audit. CA. Nikunj Shah captivated the audiences in his multi-lingual style, narrating anecdotes and stories, spinning a magical web for the spell-bound audiences. The case study based teaching method adopted by the Speaker with real data, enabled the participants to gain a first-hand experience of using data analytics with confidence.

His depth of knowledge, his mastery of MS Excel and his love for teaching together made for a workshop that was insightful, entertaining and educating. Nikunj successfully ignited the fire in the participants to explore and integrate Data Analytics to deliver superior internal audits. The meeting was quite participative and was a huge takeaway for the participants.

FEMA STUDY CIRCLE

Meeting on “Current and Capital Account Transactions” held on 22nd November, 2018 at BCAS Conference Hall

A FEMA Study Circle Meeting was held on 22nd Novemeber, 2018 where CA. Manoj Shah led the discussion on the topic of “Current and Capital Account Transactions”. He deliberated upon the concept of current and capital account transaction which draws its importance from “Balance of Payment”. The members present discussed the definition of the Capital Account Transactions at length and raised various issues arising out of inbound and outbound contingent liabilities. The group leader and members discussed at length an issue as to whether indemnity given by Resident to Non Resident can be treated same as guarantee? The group leader also discussed implications under FEMA in relation to the gift of money, foreign security and immovable property by resident to the non-resident and vice-versa. The discussion also took place on setting up of a Trust where beneficiaries are non-resident Indians. The discussion also took place about trade payable outstanding for more than six months and few compounding orders on the same subject were discussed. The members appreciated the efforts put in by the group leader and requested him to take up the balance slides in the next study circle meeting.

HERITAGE WALK 2018 AT LONAVALA

Heritage Walk 2018 jointly with NGO “SAMPARC (Social Action for Manpower Creation)” held on 25th November, 2018 at Lonavala

A heritage walk was organised by the HRD Committee in association with NGO SAMPARC (Social Action for Manpower Creation) with a vision of enlisting heritage monuments – Bhaje, Karla, Bedse Caves and Visapur & Lohagad Fort in UNESCO heritage list.

Apart from supporting a cause, the walk gave all the participants an opportunity to meet new people from different walks of life and interact with them. The walk was enhanced by folk culture such as cultural events and traditional cuisines.

The aim and vision of SAMPARC Heritage Walk 2018 enshrined:

(1) Spreading awareness about the cleanliness and care requirements of heritage monuments. (2) Enabling citizens and tourists to relate to our varied culture and mesmerising history. (3) Attracting tourists and people from urban areas towards a historical heritage of our country. (4) Encouraging and inspiring people to preserve the precious heritage and help enlist Bhaje, Karla, Bedse Caves and Lohagad, Visapur fort in UNESCO Heritage list. (5) Motivating people from different communities to come together for protecting and supporting underprivileged children.

The walk commenced from footsteps of Bhaje Caves up to Lohagad Fort, which is 3,389 feet above the sea level. Total climb uphill and the same route downhill was approx. 7.2 kms. Along the walk the participants savoured the traditional Maharashtrian delicacies such as pithala-bhakari, thecha, vada pav, corn, etc., and enjoyed the undiscovered panoramic views. They also got an opportunity to feel traditional elegance and view various cultural performances including lavani, bhajan, potraj, tulsi vrundavan, Mallakhamb, etc.

The Heritage Walk was indeed a very pleasant and inspiring experience for the participants to preserve the beauty and identity of our ancient heritage.

INTERNATIONAL ECONOMICS STUDY GROUP

Meeting on “Fear: Trump in the White House” and Current Economic Developments held on 28th November, 2018 at BCAS Conference Hall

International Economics Study Group organised the captioned meeting on 28th November, 2018 at BCAS Conference Hall, to discuss Bob Woodward’s book “Fear: Trump in the White House” and Current Economic Developments. CA Harshad Shah led the discussion and presented his findings of the book. He explained that Bob Woodward is an American journalist and author who reported on the Watergate scandal for The Washington Post which led to Nixon’s resignation. The book chronicles initial years of Trump’s presidency and portrays the Trump White House as chaotic and disloyal to the president. The book’s title is derived from a remark that then-candidate Trump made in an interview with Woodward in 2016, “Real power is Fear”. Woodward has a reputation for meticulous note-taking and interviewing, combined with recording nearly all of his interviews.

The main focus of the book is national security, economic policy, North Korea, Trade, Afghanistan, Syria & the Mueller investigation. Probably the most significant and worrying claims are about Trump’s foreign policy impulses and his not understanding the way the US government debt cycle & balance sheet worked, confused of the federal debt and US monetary policy and trade. The Book brings out that Trump was clueless that orders were removed from his desk. Trump ran a campaign and promised to eliminate the entire federal debt during his presidency and offered a solution “Just run the presses – print money” which would be detrimental to the fiscal and economic health of the US.

The Group also discussed 32 % slide in oil prices over past two months in which Brent crude dropped from $86.70 a barrel to a low of $58.41, lowest levels in over a year (Since October 2017) and this decline happened due to increased supply, lower demand forecast, dilution of American sanctions against Iran, Trump`s prompting to Saudi Arabia & massive unwinding of positions by hedge funds. This would bring relief to India in terms of lower energy prices, inflation, current account deficit & currency.
The Group also deliberated on emerging geo political situations in our neighbourhood such as Pakistan & Afghanistan which might have long term impact on our security concerns.

The meeting was a good learning experience and participants benefitted a lot from the session.

Society News

57TH EDITION OF ‘BCAS REFERENCER’ RELEASED

The BCAS Referencer, one of the eagerly-awaited, landmark publications of the Bombay Chartered Accountants Society, entered its 57th year of continuous publication this year – and also the 22nd year of theme-based issues.

The release programme was organised at the M.C. Ghia Hall on 2nd August, 2019 by the Seminar, Public Relations & Membership Development (SPR&MD) Committee. Following the lighting of the auspicious lamp, there was a selection of short glimpses of India’s classical dance forms which is the theme of this year’s Referencer.

CA Toral Mehta compered the event and introduced the chief guests of the evening, Mr. Sameer and Ms Arsh Tanna, eminent Bollywood choreographers, and the sponsor, CA Kamal Poddar of Choice Connect.

BCAS President CA Manish Sampat noted in his remarks that the publication, which is recognised as the most dependable knowledge resource and an unparalleled repository of various laws, had been the hallmark of BCAS for the last six decades. He acknowledged all the contributors, specially the youth, and the tremendous efforts put in by the Committee for the release of the Referencer immediately after the Union Budget.

The various Indian classical dance forms – whether Bharat Natyam, Odissi, Kucchipudi, Kathakali, Kathak or Manipuri – were performed by the artists who were actually the members and students of the BCAS. They were led by CA Manori Shah under the choreography of Nita Shah and Vishrut Doshi. Other artists who performed included Chirag Bohra, Jitesh Kakad, Hrudyesh Pankhania, Rishikesh Joshi, Vidisha Shah, Disha Unadkat, Tanvi Parekh, Kinjal Bhuta, Rishita Shah, Richa Agrawal and Vidhi Parekh. The rapt audience appreciated and enjoyed all the dances.

In his address, Committee Chairman CA Narayan Pasari appreciated the efforts of all the contributors, editors, proof-readers, and specially CA Pranay Marfatia who had been instrumental in the publication of the Referencer for several years and for organising the release event. The Referencer was released in the presence of a galaxy of personalities, including the contributors, editors and others and was unveiled by the chief guests.

Chief guest Ms Arsh Tanna said she was amazed by the performances of the artists of the BCAS fraternity and expressed her delight at attending the event which was brilliantly correlated with the theme – Indian classical dance and the contents of the Referencer.

Convener CA Manmohan Sharma proposed a hearty vote of thanks to all present, especially to Choice Connect, the sponsors of the Referencer, Finesse, the printers, the BCAS Events staff and the organising team of the Committee who had put in a lot of hard work.

SUBURBAN STUDY CIRCLE

The Suburban Study Circle organised two meetings on ‘15CB Certification – Who, What, When and How?’, on 16th July and 13th August, 2019, which were addressed by CA Rutvik Sanghvi who made a detailed presentation on the following Rules and Regulations:

(i) Who all are covered under the provisions of section 195?
(ii) What transactions are covered?
(iii) When is the taxation to a non-resident applicable?
(iv) How is it to be applied?

Rutvik explained the nuisances and complexities involved in payments to non-residents in a lucid manner. He explained the importance and requirement of tax residency certificate and taxability of various kinds of payments to non-residents like fees for technical services, royalty, etc. It required two sessions to cover the topic in detail.

The participants benefited from the presentation made by him.

HRD STUDY CIRCLE

The HRD Study Circle met on 13th August, 2019 to discuss ‘Modern Techniques in Physiotherapy.’

The presentation was made by Dr. Rupa Mehta and Dr. Kritika Poddar. Dr. Rupa Mehta and her team run Healthspace clinic at Opera House and have 30 years of experience. They have kept themselves updated with the latest techniques in physiotherapy.

The presentation covered:
(a) Diagnosis and treatment of spine (neck and back), shoulder, elbow, hip, knee and ankle joint pains. (Through her presentation, Dr. Rupa Mehta gave members a detailed explanation for the possible reasons for pain in the joints. She showed simple exercises to address the pain in the initial stages and explained that neglecting it can cause further damage and addressing it early can help avoid surgery);
(b) Bad posture can have a deleterious effect on the body;
(c) It is necessary to improve the core muscles.

The latest techniques used in Healthspace are as follows:
(I) The McKenzie Protocol of exercises
(II) The Mulligan Protocol
(III) Neurodynamic solutions
(IV) Taping
(V) Dry needling
(VI) Core muscle strengthening
(VII) Pilates on the reformer and customised exercise.

Dr. Kritika Poddar highlighted the benefits of pilates. She projected ergonomics with visual inputs and stressed on the need for the right posture. Work life ergonomics and exercises shown by her could be beneficial for all chartered accountants and professionals.

However, the most important point was to spread awareness so that people do not injure themselves and adopt a better lifestyle.

INTERNATIONAL ECONOMICS STUDY GROUP

The group held its meeting on 16th August, 2019 to discuss ‘Economic Slowdown and Global Flash Points’. CA Harshad Shah led the discussions and presented his thoughts on the subject.

He said that based on the definition of slowdown and recession, the Indian economy had slowed down and might have entered into a recessionary phase as the GDP had come down from the high of 8.2% in Q1 FY19 to 7.2% in Q2 and in the last quarter dropped to 5.8%. This fulfilled the technical definition of a recession of two consecutive quarters of negative economic growth.

At the macro level, the automobile sector was facing its worst crisis in 20 years with the malaise spreading across much of the industry, both in terms of vehicle type and components as well as geographically in the country’s manufacturing hubs, along with the structural reform of pushing for electric vehicles. The real estate sector had been on a downturn since the demonetisation period, with India’s top 30 cities having 1.28 million unsold housing units as of March, 2019. The health of real estate was a major indicator of the state of the economy. It had links with about 250 ancillary industries – bricks, cement, steel, furniture, electrical products, paints, etc., and affected all of them whether there was a boom or gloom in the sector.

FMCG companies had reported a decline in volume growth due to sluggish rural demand which, in turn, indicated less availability of money in villages. All these factors impacted the unemployment rate which had risen to a 45-year high.

India’s household-sector savings, the biggest source of investment for the economy, had ‘worryingly’ come down to 30.5% (as % to GDP) in 2018 compared to nearly 37% in 2008. Poor savings had been a largely ‘unaddressed’ reason for the country’s continuing slowdown. Retail loans to the sector were growing annually in double digits, pointing to profligate consumption by households with a youthful population (70% of the working-age population being aged between 20 and 40 years) that liked to spend. Many economists widely held that a country’s economic growth should be investment-led rather than being driven by consumption, as had been the case with India.

The NITI Aayog CEO attributed the downshift to a spate of measures (structural reforms) such as GST, RERA and IBC that had led to the current slowdown in the country.

The global economy was bracing for a probable recession in 2020 as nearly half (48%) of CFOs in USA and some prominent economists were also predicting this. One of the indicators, the Yield Curve inversion, had already occurred. An inverted yield curve meant that interest rates had flipped on the US. Treasury with short-term bonds paying more than long-term bonds. This was generally regarded as a warning sign for the economy and the markets.

The global economy was also facing some serious headwinds such as Hard Brexit; US vs. China: From Tariff War to Currency War to Economic War, with USA labelling China as a ‘Currency Manipulator’ for the first time; Argentina’s historic market crash with fears of another default; the Hong Kong protests and probable retaliation by Chinese security forces; and the Iran issue. CA Milan Sanghani and many participants expressed their views on all these issues.

FEMA STUDY CIRCLE

The FEMA Study Circle meeting held on 19th August, 2019 covered the issue of ‘FDI in Trading Sector’.

CA Chintan Shah delved into various facets of the subject, viz., Cash and Carry Wholesale Trading, E-commerce, Single Brand Product Retail Trading, Multi-Brand Product Retail Trading and Duty-Free Shops. The FDI in the above activities was covered from scratch, beginning with sectoral caps applicable to each of them and ending with a healthy discussion on understanding the nuances of their respective definitions, the conditions attached thereto and understanding the manner in which businesses were structured in India. It was indeed a very interesting session given the current business environment in the country in which various multinational companies across the globe were exploring business models to expand their markets here.

4TH NARAYAN VARMA LECTURE

The 4th Narayan Varma Memorial Lecture (and the Narayan Varma Memorial Awards) was organised by the Public Concern for Governance Trust, the Bombay Chartered Accountants Society, the Dharma Bharathi Mission and the Chamber of Tax Consultants at the Indian Merchants Chamber on 23rd August, 2019.

The programme was organised in memory of Narayan Bhai who was closely associated with these organisations, held various posts in them and mentored and nurtured them with his values, ideology and hard work. He left behind an enduring legacy as a great professional, a philanthropist and, above all, a great human being.

The memorial lecture was delivered by Mr. Y.H. Malegam, the well-known CA and a legend in the financial sector who has been honoured with the Padma Shri.

Three distinguished persons from Mumbai were also recognised for their humanitarian service. The DBM NV Memorial Award was given to the Adhyayan Sanstha, the BCAS Narayan Varma Memorial Award went to Mr. Vishwas Gore and the PCGT NV Memorial Award was bestowed on Mr. Shailesh Gandhi.

The programme was very well attended with all top CAs, auditors and people associated with the social sector in attendance. Kudos to all the four other partner organisations for coordinating their efforts to organise the memorable event.

TAXATION COMMITTEE

The Taxation Committee organised a full-day seminar on ‘Tax Audit’ at the BCAS Conference Hall on 23rd
August, 2019.

President Manish Sampat gave the opening remarks. Chairman of the Taxation Committee Ameet Patel gave a brief overview of the seminar and explained the importance of tax audit in the current scenario. He also informed the participants about the onerous responsibility cast on the tax auditor, given that the selection as well as the assessment is now going to be online.

The following topics were taken up by the learned speakers:

Programme Speakers
Audit aspect of Tax Audit – overview of Tax Audit provisions, reporting requirements, audit quality, verification of documents, documentation in light of ICDS, obtaining and relying on management representation, reliance on test checks, etc. CA Himanshu Kishnadwala
Issues arising with tax audit of companies following Ind AS reporting in clauses 13 to 17, clause 19 and clause 24 CA Manish Shah
Reporting in Form 3CD – Certain clauses (namely, clauses 20 to 23, clauses 25 to 27, clauses 30A to 30B and clauses 42 to 44) CA Sonalee Godbole
Reporting in Form 3CD – Certain clauses (namely, clauses 28 to 29B, clause 31, clause 32, clause 34, clause 36 and clause 36A) CA Jagdish Punjabi

Himanshu Kishnadwala set the ball rolling by highlighting various audit aspects that one should keep in mind while conducting a tax audit. He gave his practical insights pertaining to some of the clauses and stressed on the importance of documentation in tax audit.

Next came Manish Shah who described the impact of ICDS through case studies. He also took the audience through various case studies to explain the impact of Ind AS on various clauses in a tax audit report. Apart from the discussion on ICDS and Ind AS, he also dealt with clauses dealing with presumptive taxation.

Sonalee Godbole made a detailed presentation on clauses relating to secondary adjustment, thin capitalisation, GAAR and CBCR. She explained the concepts in a lucid manner with the help of examples and case studies. She also discussed the requirement of reporting the filing in Form 61A and Form 61B.

The last session was addressed by Jagdish Punjabi who covered a large number of clauses, including those related to TDS. He also discussed the impact of section 56(2) on hybrid instruments issued by the company and its reporting requirement in Form 3CD. Apart from this, he explained the applicability of sections 269SS and 269T to loans by book entry and their reporting requirement in Form 3CD.

All the sessions were interactive, with the speakers sharing their insights on their respective subjects. The participants benefited immensely with the guidance and practical views on various issues.

DIRECT TAX LAWS STUDY CIRCLE

The Direct Tax Laws Study Circle meeting on ‘Income Computation and Disclosure Standards (ICDS)’ was held on 6th September, 2019 at the BCAS Conference Hall. Group leader CA Darshak Shah gave a brief overview of the applicability of ICDS provisions and the corresponding sections in the Income-tax Act, 1961 (Act). He also explained the general approach to resolve conflicts between the provisions of the Act and ICDS.Thereafter, he discussed in detail the ten ICDS with various examples and relevant case laws. The group leader took questions from the participants with respect to the relevant examples. Besides, he touched upon the possibility of double taxation in case of ICDS – X relating to ‘Provisions, Contingent Assets and Contingent Liabilities’ in a certain scenario.The session concluded with a vote of thanks to the speaker, Darshak Shah.

FELICITATION OF FRESH, YOUNG CAS

Talk on ‘Career Planning & Interview Skills for Fresh CAs’ held on 13th September, 2019 at BCAS Conference Hall

Yet another programme organised by the Seminar, Public Relations and Membership Development (SPR&MD) Committee was the felicitation programme for the newly-qualified chartered accountants who had cleared the June, 2019 examination. In fact, within hours of the announcement, the online enrolments crossed the record figure of 300, forcing BCAS to close registrations for this crucial programme.

There was a full house of 160+ participants, including some walk-ins. They were greeted at the registration desk with a copy of the BCA Journal and a membership form.

The evening started with Coordinator CA Preeti Cherian welcoming the participants and giving an overview of the purpose of the event. She was followed by President CA Manish Sampat who took the opportunity to walk down memory lane and recall his early days as a qualified chartered accountant, the sound advice that he had received from his seniors to associate himself with the BCAS, to the present when he had taken over as its President. He described the various initiatives of the Society and particularly dwelt on the 5G Annual Plan.
Chairman CA Narayan Pasari candidly admitted that the Youth or Yuva Shakti was an integral part of the numerous activities organised by the BCAS. He also appealed to the new CAs to become members and play an active role in its various activities. While speaking about the Committee’s initiatives, he talked about the Referencer, the annual RRC and other programmes. He proudly shared that the BCAS was very active on social media and its handle @BCASGlobal had recently crossed the 30K mark.

The speaker for the evening was CA Himani Shah who spoke at length on the various jobs available in the finance industry for chartered accountants. She shared tips on interview skills, including first impressions, what to do before the interview, what to wear, how to prepare, guidelines to answer questions, asking the right questions, etc. She also elaborated on the power of visual communication, business etiquette and communication. That her talk was well received could be judged from the fact that many participants had numerous questions to ask of her in the interactive session that followed.
As part of the felicitation programme, each of the participants was presented a pen with BCAS and the word ‘Achiever’ inscribed on it. The event showcased the vibrancy of the participants, many of whom showed great interest in signing up to be members of the BCAS.
A unique feature of the evening was when one of the participants thanked the speaker for clearing the many doubts that she and her fellow participants harboured. The evening ended with a vote of thanks by Convener CA Mrinal Mehta.