Society News for the month of September 2025

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1. BCAS Townhall Meeting, Jaipur

The Bombay Chartered Accountants’ Society (BCAS) successfully conducted a vibrant Townhall meeting on 16^th August, 2025, at Jai Club, Jaipur, strategically scheduled alongside the 29th International Tax & Finance (ITF) Conference.

This initiative represents a cornerstone of BCAS’s national reach-out project, strengthening professional relationships through dedicated representatives termed ‘Sherpas’ across India. These Sherpas serve as vital bridges between BCAS and local CA communities, facilitating professional development programs while maintaining the Society’s ethical standards.

The session focused on the ‘New Income Tax Bill, 2025’, masterfully presented by CA Gautam Nayak, Past President of BCAS. His comprehensive presentation addressed fundamental changes in the Bill and their implications across various taxpayer categories. The interactive Q&A session transformed theoretical discussions into practical solutions, addressing real-world challenges faced by tax professionals.

The event was meticulously coordinated by Jaipur Sherpa, CA Naman Shrimal. Approximately 30 Chartered Accountants participated enthusiastically, with a significant majority being non-members, extending BCAS’s reach beyond its immediate membership base.

Media professionals are actively engaged, seeking expert opinions on proposed changes, resulting in comprehensive coverage across local and national media platforms – both print and digital.

An enriching dialogue session, led by Past President CA Gautam Nayak and Vice-President CA Kinjal Shah, provided profound insights into BCAS’s vision and ongoing activities. CA Naman Shrimal shared his inspiring journey, describing how BCAS shaped his professional trajectory, encouraging participants to actively engage with the Society.

The evening culminated with a delightful networking session over High Tea, fostering meaningful connections and professional camaraderie among participants.

This Townhall meeting exemplifies BCAS’s unwavering commitment to professional excellence, knowledge dissemination, and community building across the Indian Chartered Accountancy landscape.

2. Webinar on Navigating the Tax and Regulatory Landscape for Private Equity Transactions in India held on Friday, 8^th August 2025, @ Virtual.

The Taxation Committee of the Bombay Chartered Accountants’ Society organised a webinar on “Navigating the Tax and Regulatory Landscape for Private Equity Transactions in India”.

The session began with an overview of the growing complexity in tax and regulatory rules for private equity (PE) transactions in India. With increasing scrutiny by tax authorities, changes in global tax treaties, and new regulations affecting fund flows and exits, the Speaker educated the participants about the latest developments and practical solutions for smooth deal execution.

The speaker gave an overview of private equity fund structures, including the role of fund managers, pooling vehicles, SPVs, and offshore jurisdictions. The speaker explained how different jurisdictions are used for structuring and highlighted major PE funds currently active in India.

The Speaker also focused on transaction structuring and tax matters, such as pre-acquisition planning, tax implications under Indian law and DTAAs, and recent court rulings on capital gains. Key clauses in transaction agreements and the use of tax insurance to reduce deal risks were also discussed.

The webinar offered useful insights and practical guidance for handling PE transactions in a compliant and effective manner.

Speaker: CA Prem Jain.

3. Lecture Meeting on Recent Developments in Related Party Transactions Disclosures held on 6^th August 2025 @ Virtual.

A public lecture meeting was conducted by the Bombay Chartered Accountants’ Society virtually on the Zoom platform on 6^th August 2025.

The speaker, CS Anoop Deshpande, mentioned that the Securities and Exchange Board of India (SEBI), vide its circular dated 26th June 2025, has introduced revised industry standards specifying the minimum information to be provided to the Audit Committee and shareholders for the approval of Related Party Transactions (RPTs).

These revised standards, effective from 1^st September 2025, will supersede the earlier circulars dated 14^th February 2025 and 1^st March 2025.

The speaker covered the following matters:

1.  Overview of Related Party Transactions
2.  Key features of New ISF Note
3.  Applicability and Exemptions from Reporting
4.  Categorisation for Disclosure in Part A, B & C.
5.  Key Issues on various RPT Transactions

The session provided valuable insights into the updated RPT framework, which replaces earlier guidelines and introduces enhanced disclosure standards for listed companies. Participants gained clarity on the regulatory background, key changes, compliance steps, and practical implications—including the need to revisit approval processes and information templates to align with SEBI’s new expectations.

The lecture was well-attended, with over 190 participants joining online.

BCAS Lecture Meetings are high-quality professional development sessions which are open-to-all to attend and participate. Missed the Lecture Meeting, but still interested in viewing the entire meeting video?

Visit the below link or scan the QR Code with your phone scanner app:

YouTube Link: https://www.youtube.com/watch?v=xBBSsyqY748

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4. Indirect Tax Laws Study Circle Meeting on “Finalisation & Review of Accounts from GST Perspective” held on Tuesday, 5^th August 2025 @ Hybrid.

The Bombay Chartered Accountant Society had organised the following Study Circle Meeting under Indirect Taxes on 5^th August 2025.

Group leader CA Nitin Bhuta prepared a PowerPoint presentation on the Finalisation of Accounts, keeping in mind the GST Implications.

The material covered the following aspects for detailed discussion:

1.  Nature of Business Transfer Agreements, their GST Implications and their treatment in the books of accounts.
2.  Aspects of Revenue Recognition and GST implications on Revenue Recognition done in the books of accounts.
3.  GST Implications on Remuneration to Partners and the correct treatment in the books of accounts.
4.  GST implications on the assesse when an Income tax Raid is conducted on the assessee and its treatment in the books of accounts of the assesse.
5.  Implications of GST on the Cross Charge Valuation
6.  Implications of GST on the Employee Stock Options Plan and its treatment in the books of accounts

Around 80 participants virtually and 10 participants physically from all over India benefited while taking an active part in the discussion. Participants appreciated the efforts of the group leader.

5. Finance, Corporate & Allied Law Study Circle – Recent Regulatory Changes Reshaping the AIF Landscape held on Friday, 1^st August 2025 @ Virtual

The session provided a comprehensive overview of the evolving regulatory framework governing Alternative Investment Funds (AIFs) in India. The speakers discussed the lifecycle of AIFs, recent SEBI circulars, and the phased dematerialisation of AIF units and assets.

They also dealt with key reforms such as standardisation of valuation norms, introduction of dissolution period for illiquid assets, changes in borrowing limits, and enhanced due diligence for investors and investee companies.

The session also addressed pro-rata and pari-passu rights, reforms in angel fund structures, and the operationalisation of co-investment opportunities through regulated AIF structures. Insights were shared on SEBI’s push for greater transparency, investor protection, and systemic oversight through PPM audits, custodian requirements, and cybersecurity compliance.

The lecture was timely and well-received by participants for its clarity and coverage of both technical and practical aspects.

Speaker: CA Eshank Shah, jointly with CA Sivasangari Chinnappa

6. Indirect Tax Laws Study Circle Meeting on “Use of Technology in GST,” held on Friday, 25^th July, 2025, @ Virtual

Group leader CA Rahul Gabhawala prepared a step-by-step demonstration of the prompt use of technology in GST.

The material covered the following aspects for detailed discussion:

1.  Use of Chat-GPT to create code in order to carry out Login at the GST Portal.
2.  Use of Selenium Wrapper to teach test automation at the GST Portal.
3.  Use of Selenium Wrappers to make test automation more efficient, reliable, and user-friendly.
4.  Use of Codes in automating certain functions at the GST Portal.

Around 200 participants from all over India benefited while taking an active part in the discussion. Participants appreciated the efforts of the group leader. Considering the response of the participants and the time required for a detailed demonstration, it is proposed to have Part 2 of the meeting in August 2025.

7. Suburban Study Circle – Interactive Case Studies on Tax Audit held on Friday 25^th July 2025 @ S H B A & CO LLP (formerly Bathiya & Associates LLP)

The Suburban Study Circle of Bombay Chartered Accountants’ Society (BCAS) hosted a power-packed and interactive session on “Tax Audit – Interactive Case Studies & Recent Amendments” on 25^th July 2025. The session was conducted by two distinguished professionals, CA Sonakshi Jhunjhunwala and CA Bandish Hemani, both brought deep technical insight and remarkable clarity to the discussion.

Key Highlights of the Session

•  Recent Amendments to Form 3CD (Applicable from A.Y. 2025-26)

The session began with a structured overview of the recent CBDT Notification No. GSR 207(E) dated 28.03.2025, which introduced significant changes to Form 3CD. Notable changes include:

New clause 36B – Buyback receipts disclosure under section 2(22)(f)

Revised Clause 22 – Extensive reporting of MSME payments under section 43B(h)

Amendment in Clause 21(a) – Reporting of disallowable expenditures under newly notified laws such as SEBI, Competition Act, etc.

Each clause was dissected with comparisons of old vs new provisions, implications, and reporting challenges.

•  Deep Dive into ICDS – III (Construction Contracts) & VI (Foreign Exchange)

Through practical case studies, the speakers navigated the interplay between ICDS, the Act (Sections 43A and 43AA), and accounting standards (AS/IndAS). The complexities of tax vs accounting treatments were clarified with logical reporting approaches under Clauses 13(e), 13(f), and 21(a).

• MSME Disclosure – Clause 22 Revamp

One of the session’s most relevant segments was around new reporting obligations regarding payments to MSMEs. Case studies illustrated the implications of delay in payments, interest disallowance, and classification issues. Practical tips were shared on Udyam verification and Clause 26(A) linkages.

•  Case Study Method – Interactive & Practical

The hallmark of the session was its interactive format—participants were encouraged to debate views and test their understanding through curated scenarios:

• Tax Audit applicability in cases of 44AD/Presumptive tax opt-out
• Multiple businesses – whether the audit applies to each or the combined turnover
• Reporting under section 40A(2)(b) – confusion between P&L expenses and payments
• Controversial issues under section 43B – conversion of interest into loans or debentures

Rapid Fire Round & Compliance Nuggets: The session concluded with a rapid-fire round on common but tricky reporting items in the Tax Audit Report.

Conclusion

The Suburban Study Circle expresses its sincere gratitude to CA Bandish Hemani and CA Sonakshi Jhunjhunwala for delivering a high-calibre, practice-oriented, and thoroughly engaging session. Their lucid style and insightful commentary turned a technical subject into a deeply enriching experience for all attendees.

8. Felicitation of Chartered Accountancy pass-outs of the May 2025 Batch event held on Friday, 18^th July, 2025@IMC.

The Seminar, Membership and Public Relations (SMPR) Committee hosted a felicitation ceremony on 18^th July 2025 at Walchand Hirachand Hall, IMC Building, Churchgate, to honour the newly qualified Chartered Accountants from the May 2025 examination. The felicitation event received an overwhelming response of more than 550 registrations. Out of said registrations, over 460 enthusiastic new qualified CAs participated in the event. The guest and mentor for the event was CA Mandar Telang, Hon. Secretary. In a heartfelt session, he walked the audience through his early days as a young CA and how his involvement with BCAS helped him discover opportunities, build lasting connections, and develop a deeper understanding of the profession beyond books. Through personal anecdotes, he encouraged the newly qualified CAs to actively engage with BCAS and its many initiatives. AIR 33, Ms. Bhawana Gayari was then felicitated, and she addressed the audience. In her address, she made a mention of how she had achieved this remarkable feat without seeking the help of coaching classes – a statement which drew a thunderous applause from the audience. SMPR Committee member, CA Vatsal Paun, also addressed the audience. He recounted the fact that in August 2024, he was felicitated by BCAS in a similar event and mentioned how being a part of BCAS has helped in his professional development. A celebratory cake was cut, and then all the successful newly passed CAs were felicitated. The felicitation ceremony served as a warm welcome of the newly passed CAs into the wider professional fraternity.

Youtube link: https://www.youtube.com/watch?v=tL-8C_iW8Jk&t

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9. Lecture Meeting on Preparation & Audit of Financial Statements for FY 2024-2025 on 16^th July 2025 @ BCAS Hybrid.

A public lecture meeting conducted by CA Himanshu Kishnadwala at the Bombay Chartered Accountants’ Society and also streamed virtually, provided an extensive overview of the preparation and audit of financial statements for the fiscal year 2024-2025. The session commenced with a discussion on the relevant regulatory bodies and applicable laws, including recent amendments to the Indian Accounting Standards (Ind AS) and the Companies Act, 2013, as well as updates to auditing standards and guidelines issued by the Institute of Chartered Accountants of India (ICAI) and other authorities.

The speaker elaborated on the applicability of accounting standards to both corporate and non-corporate entities, including MSMEs, highlighting specific standards such as Ind AS 117, Ind AS 116, Ind AS 21, and various relaxations and guidance notes relevant for MSME financial statements. The audit segment focused on audit methodology, encompassing audit planning, execution, and reporting, emphasising a risk-based audit approach. Detailed insights were provided on Standards on Auditing (SAs) 800, 805, and 810, covering their objectives, applicability, and disclosure requirements.

Key topics included the audit of related party transactions and disclosure mandates under SEBI LODR 2015, the Companies Act 2023, and other applicable standards. The responsibilities of principal auditors, in light of findings by the National Financial Reporting Authority (NFRA), were discussed alongside critical considerations for component auditors, such as independence, fraud risk, internal controls, and risks of material misstatement.

The speaker addressed common challenges faced by auditors, changes in audit reporting requirements, and strategies to ensure compliance with auditing standards, including ethical considerations and fraud detection measures. Additional topics covered included frequent errors, taxation impacts on financial statements, and statutory disclosure requirements, providing participants with a comprehensive understanding of the subject matter.

The program underscored the importance of applying professional judgment alongside technical expertise to manage audit risks and promote transparency in financial reporting. It also offered practical guidance for efficient audit planning and execution tailored to the 2024-2025 financial year.

The lecture was well-attended, with over 700 participants joining both online and in person.

BCAS Lecture Meetings are high-quality professional development sessions which are open-to-all to attend and participate. Missed the Lecture Meeting, but still interested in viewing the entire meeting video?

Visit the below link or scan the QR Code with your phone scanner app:

YouTube Link https://www.youtube.com/watch?v=e__ylNR9jWw

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10. Direct Tax Laws study Circle – Case Studies in Transactions of Immovable Property held on Wednesday, 2^nd July 2025 @ BCAS -Hybrid.

Jagdish T Punjabi took up the above-mentioned topic, wherein cases relating to tax implications on immovable property transactions were discussed:

1.  The cases covered capital gains computation under Sections 45, 50C, and 112 when the sale consideration differs from the stamp duty value, especially in intra-family transfers.
2.  Redevelopment agreements and joint development models were examined – highlighting taxability of rent reimbursement, hardship compensation, and bonus area under Sections 56(2)(x) and 194IC.
3.  Case studies highlighted disputes on valuation, treatment of stock-in-trade conversion, and capital gains deferment under Section 45(5A) in development agreements.
4.  One of the case studies also highlighted the impact of amendments to Sections 54 and 54F, restricting exemption to r 10 crore, especially in the context of investment via Capital Gains Account Scheme (CGAS).
5.  Discussion included interpretation challenges around DVO references, valuation differences, and the role of indexed cost in determining gains.
6.  The implications of new LTCG rates (12.5%) for sales post-23.07.2024, timing of capital gain recognition, and AO actions under reassessment proceedings (Sec. 148A) were explored.
7.  Specific scenarios involving the conversion of inherited property into business assets, advance tax computation, and treatment of unsold flats received under DA were evaluated.
8.  The session concluded with a comprehensive legal analysis, giving participants clear takeaways for client advisory and compliance in light of evolving jurisprudence and legislative updates.

11. Special Premiere Screening of WELL DONE CA SAHAB!! Held on Friday, 27^th June 2025 @ Cinepolis, Fun Republic, Andheri West.

The HRD Committee of Bombay Chartered Accountants’ Society (BCAS) successfully hosted an exclusive paid preview of the film Well Done CA Sahab! on 27^th June 2025 – the day of its national release. The event was held in Mumbai and witnessed an overwhelming participation of around 250 members, including Chartered Accountants, students, and their families.

Well Done CA Sahab! is a unique cinematic initiative created by seven Chartered Accountants from Ahmedabad and has been selected as an official entry to the Dadasaheb Phalke Film Festival. The film beautifully captures the journey, challenges, and resilience of the CA profession.

Attendees were treated to a special interactive session with the star cast and makers of the film after the screening. The event provided not just entertainment but also inspiration and pride in the profession, especially for young members and students who could see their aspirations reflected on screen. The committee received extremely positive feedback, with many appreciating the blend of learning, motivation, and cultural engagement the event offered. The initiative was a creative step toward community building and celebrating the CA identity beyond professional boundaries.

II. BCAS IN NEWS & MEDIA

•  BCAS has been featured in several news and media platforms, showing our active involvement, professional contributions, and commitment to the field. This reflects the growing recognition of BCAS in the public and professional space.

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

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