Society News for the month of March 2024
Details:
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.
