Society News for the month of January 2026

Details:

1. CA Pariksha Pe Charcha held on Saturday, 6th December 2025@ Virtual.

Speakers: CA K S Ranjani, CA Heramb Maheshwari, CA Utsav Shah, CA Nidhish Naik, CA Naman Gupta, CA Ansh Bhorawat & CA Anjali Shukla

The Human Resource Development Committee of BCAS organised “CA Pariksha Pe Charcha”, an interactive learning session designed to guide CA students in their exam preparation journey. The program commenced with an inspiring keynote by CA K S Ranjani, who spoke on resilience, overcoming setbacks, and developing a success-oriented mindset. This was followed by an insightful session by CA Heramb Maheshwari (AIR 1 – November 2024), who shared his exam preparation journey, practical exam strategies and clarified ICAI evaluation myths.

A dynamic panel discussion featuring top rankers from the September 2025 CA Final exam brought real-life perspectives on study routines, discipline, answer writing, and balancing mental well-being. Students from across the country participated enthusiastically, making the session highly engaging and impactful.

Overall, the program provided a blend of motivation, actionable techniques, and relatable experiences, helping students approach their CA journey with clarity, confidence, and a structured plan.

Scan to watch on Youtube

2. Webinar on New Labour Codes: Legal Framework, Financial Impact & Practical Implementation held on Friday, 5th December 2025@ Virtual.

The Finance, Corporate and Allied Laws Committee of the Bombay Chartered Accountants’ Society organised a webinar on “New Labour Codes: Legal Framework, Financial Impact & Practical Implementation” on Friday, 5th December 2025.

The Finance, Corporate and Allied Laws Committee of the Bombay Chartered Accountants’ Society organised a webinar on “New Labour Codes: Legal Framework, Financial Impact & Practical Implementation” on Friday, 5th December 2025.

The programme was conducted in two segments. Adv. Sundeep Puri covered the legal and conceptual aspects of the Codes, explaining the structure, intent and major changes introduced. CA Alok Agarwal and CA Bhavin Rajput discussed the financial, compliance and implementation-related implications, highlighting areas requiring organisational preparedness, policy review and systems alignment.

The webinar received an encouraging response from members across practice and industry. 316 participants enrolled for this webinar from 50+ cities and towns across India. Participants appreciated the clarity of explanations and the practical insights shared by the speakers.

Scan to watch online at BCAS Academy

3. AARAMBH – Making Articleship Count held on Thursday, 04 December, 2025 @ HR College of Commerce & Economics, Churchgate, Mumbai

Every meaningful journey begins with a purposeful start. Aarambh, meaning a new beginning, represents BCAS’s commitment to guiding CA students at one of the most defining stages of their professional journey – the commencement of articleship.

Through the Aarambh – Making Articleship Count Initiative, BCAS fulfils its professional social responsibility by engaging directly with students and sharing practical insights, real-life experiences, and guidance from young Chartered Accountants who have recently walked the same path. The sessions are designed to bridge the gap between academic learning and professional realities, enabling students to approach articleship with clarity, confidence, and a long-term perspective.

The first session under this initiative was held at H.R. College of Commerce & Economics, Churchgate, Mumbai, on Thursday, 4th December 2025. The programme was made possible through the wholehearted support and cooperation of Principal Mrs. Pooja Ramchandani and Director – Placement, Dr. Navin Punjabi.

The programme witnessed enthusiastic student participation, driven by an engaging panel discussion and vibrant interaction. The presence and encouragement of the team BCAS – President CA Zubin Billimoria, Hon. Joint Secretary CA Mrinal Mehta, Managing Committee member CA Anand Kothari, and the panelists from Core Group CA Mahesh Nayak, CA Aditya Pradhan and CA Vatsal Paun, further reinforced the Society’s collective commitment to nurturing the future torch-bearers of the profession.

BCAS remains steadfast in its mission to mentor, inspire, and support the next generation of Chartered Accountants, contributing meaningfully to the profession and to the nation at large.

4. FALCON – Making Articleship Count held on Wednesday 03rd December, 2025 at N M College of Commerce & Economics, Vile Parle, Mumbai

The falcon bird symbolises vision, power and victory. With this initiative, BCAS offers young CA aspirants an opportunity to interact and learn from young Core Group members – those who have walked the path before them. The panellists dwell on the topics of Articleship, Post Qualification, Professional Association & Networking, and Leadership. To ensure that the aspirants feel both comfortable and confident to engage with the panellists, the initiative has BCAS meet them on their home turf – be it college, or coaching class or even CA firm.

The first session under this initiative was held at N M College of Commerce & Economics on Wednesday, 3rd December 2025. Principal Dr Parag Ajgaonkar and Vice Principal CA Dr Savita A Desai of the college personally welcomed the visiting team from BCAS comprising the President, CA Zubin Billimoria, Managing Committee member, CA Preeti Cherian and the three panellists – Managing Committee members, CA Samit Saraf and CA Sneh Bhuta and Core Group member, CA Vedant Gada. The session was ably supported by the Association of Accountancy Committee of N M College. The audience, comprising degree college students who are set to embark on this wondrous journey, found the discussion both informative and helpful.

From the BCAS perspective, engaging with the students as they commit themselves to a demanding, yet extremely satisfying career choice is imperative – these students are the face of tomorrow of the profession.

In the words of the American author, Mercedes Lackey, “The hatched chick cannot go back to the shell, the falcon who has found the sky does not willingly sit the nest.”

5. CATHON (Marathon) – Run for Fitness, Fun and Purpose held on Sunday, 30th November 2025 @ Iconic Bandra Fort, Mumbai.

India’s Second Edition of CA-Thon 2025 – A Run for Fitness, Fun & Purpose was organized on Sunday, 30th November 2025 near Bandra Fort, Mumbai under the aegis of the Seminar, Membership & Public Relations (SMPR) Committee.

The event attracted 2,000+ participants – Chartered Accountants and non-Chartered Accountants alike – between the age group of 8 to 70 years – drawn from all walks of life, from different corners of the country. An added feature this year was the participation of select CA firms that enlisted their team members for the run.

The annual event helped increase the visibility of Brand BCAS, cement relationships within the community, promote health and fitness among participants drawn from all walks of life and contribute to a righteous cause (part of the proceeds went to donating professional sewing machines to women from marginalized communities, to help them become entrepreneurs in their own right). BCAS Foundation also joined hands in supporting these women through this donation.

Through this annual run, the CA-Thon hopes to encourage runners to incorporate physical activity as part of their daily routine, thereby leading to an agile and healthy life, which is one of the cornerstones of financial well-being.

6. Webinar on Tax Law in Transition- Impact on Landmark Rulings After Introduction of New Income Tax Act 2025 and Recent decisions covering the Real Estate sector held on Saturday, 29th November 2025 @ Virtual.

The Direct Tax Committee of the Bombay Chartered Accountants’ Society organized a Webinar on Tax Law in Transition – Impact on Landmark Rulings after New Era of Reform and Recent Decisions covering the Real Estate Sector.

The session focused on how the real estate sector continues to face complex tax challenges, especially due to frequent litigation, changing business models, and evolving regulatory rules. Participants were taken through key judicial developments and how these decisions affect day-to-day tax positions in the industry.

CA Harsh Kothari spoke on the impact of the New Income Tax Act on landmark decisions under the old Act. He explained how the restructured law attempts to simplify provisions but also creates new interpretational considerations. His session focused on how earlier judicial principles may continue, where they may no longer apply and what tax professionals should keep in mind while interpreting the new Act. The webinar offered clear and practical insights for professionals in a period where both the law and its interpretation are going through a significant transition.

CA Anil Sathe presented a clear and insightful overview of recent and significant rulings impacting the real estate industry. He explained how courts have interpreted issues such as development agreements, joint development models, withholding implications, timing of income recognition, and capital gains triggers. His session helped participants understand how these rulings guide practical tax positions and compliance for developers, landowners, and investors.

Scan to watch online at BCAS Academy

7. Women’s Study Circle meeting — SAKHI CIRCLE! held on Friday, 28th November 2025@ Virtual.

The inaugural session of the Women’s Study Circle was an inspiring and interactive experience. The theme, ‘Celebrate Your Uniqueness’, encouraged participants to embrace individuality and make conscious choices about their personal and professional lives.

CA Nandita Parekh opened the session with a powerful quote from Michelle Obama:

“Each of us carries a bit of inner brightness, something entirely unique and individual. A flame that’s worth protecting. When we recognise our own light, we become empowered to use it.”

Through two engaging stories—one about Michelle Obama’s journey and another about a monkey— CA Nandita Parekh illustrated the importance of self-worth and clarity in decision-making. She posed thought-provoking questions:

– What do you truly want?

– What are you holding on to, and what can you let go?

– Are you trying to fit in or do you truly belong?

The discussion highlighted how women’s paths are diverse and often non-linear.

The session emphasized that success is not about fitting into a mould but about defining your own balance between career, family, hobbies, and aspirations.

Key Takeaways:

– Embrace individuality and celebrate your uniqueness.

– Define priorities and make conscious choices.

– Build support systems and networks for growth.

Motivational Highlight:

“Celebrate who you are today, while creating space for who you want to become.”

8. Lecture Meeting on Boosting Business and Professional Productivity through AI held on Wednesday, 26th November 2025 @ Virtual.

A public lecture meeting was conducted by the Bombay Chartered Accountants’ Society virtually on zoom platform on 26th November 2025.

The speaker CA Umesh Sharma explained how Artificial Intelligence can significantly enhance professional and business productivity, particularly for chartered accountants. The speaker highlighted several core technologies, including machine learning, natural language processing, and generative AI, emphasizing their roles in fraud detection, financial advisory, and process automation. He outlined a strategic framework for AI implementation, moving from individual skill-building to sector-wide integration while maintaining essential human judgment and ethical standards. Practical advice was provided for firms of all sizes to address operational challenges, such as managing document chaos and improving client relations through digital dashboards. Ultimately, the speaker encouraged professionals to view AI as a powerful assistant rather than a threat, urging proactive learning and technical adaptation to stay competitive in a changing financial landscape.

The lecture was well-attended, with over 260 participants joining online.

Scan to watch online on Youtube

9. FEMA Study Circle Meeting on How to Study FEMA held on 25th November 2025 @ Virtual

The FEMA Study Circle held a meeting on the topic “How to study FEMA” which dealt with the core fundamentals of gaining expertise in FEMA.

The session was chaired by CA Naresh Ajwani and led by group leader, CA Vivek Vithlani.

The chairman provided a deep insight into the unique aspects of the exchange control law, which makes this topic worthy of being taken for beginners.

The group leader explained the approach which is required to study and gain expertise in any law in general. Along with the approach, he shared the chronology of steps which he has developed over the years to understand any law. Further, the group leader showed how the generic approach and step-wise chronology can be applied to FEMA in particular and the nuances pertaining to the same. Light was also thrown on different legal documents issued by the Central Government and the RBI to show a 360-degree view of FEMA.

The meeting was concluded by summarising the milestones of gaining expertise in any law.

10. Power Summit 2025 held on 21st & 22nd November 2025 @ Lemon Tree Premier – Pune.

Human Resource Development Committee of BCAS organised a two-day residential program “The Power Summit 2025” on 21 & 22 November 2025 at Hotel Lemon Tree Premier, Pune. This was the 10th season of the Power Summit with the first one being held in 2011.

The theme for the Power Summit was Growth, Governance & Generational Transition – Shaping The Firms of 2030. The Power Summit hosted about 95 participants coming from cities across the country. There were certain participants who had been part of all the previous ninePower Summits as well as participants attending for the first time. This diversity added to the charm of the Summit.

The presentation and panel discussions over the two days were creative, intriguing, and interwoven in a manner that left all participants with valuable insights and a renewed determination to progress along their growth trajectory.

A brief snapshot of the presentation and panel discussions is as follows:

The Summit successfully generated substantial interest among the participants, thereby motivating them to strategically plan for their growth. The participants expressed their profound gratitude to the organising team for their exceptional work and the provision of a high-quality program. All participants shared their testimonials and gratitude via WhatsApp groups and social media platforms.

11. Direct Tax Laws Study Circle Meeting on Succession Planning from a Direct Tax Perspective held on 20th November, 2025@ Virtual.

Succession planning plays a vital role in ensuring smooth intergenerational transfer of wealth and preventing disputes. The session highlighted key tax provisions, legal mechanisms, and practical considerations in designing an effective succession structure.

The following major areas were discussed during the session:

1.  Succession Modes – Wills, trusts, nominations, and family arrangements are the primary structuring options, each carrying different tax outcomes.
2.  Legal Representative Liability – Responsibility of Legal heirs with respect to tax liabilities of the deceased, including interest and penalty till the date of death.
3. Taxation of Executors [S. 168] – Separate assessment of the executor on the income of the estate until its complete distribution.
4. Nominee vs. Legal Heirs – The difference between the two was highlighted with an example of a judgment of the Supreme Court in the case of Shakti Yezdani, wherein it was held that a nominee merely facilitates transmission and does not override the rights of legal heirs.
5. Will-based transfers – Tax Neutrality – transfers under a Will are not regarded as a “transfer” under Section 47(iii), and inheritance is specifically exempt under Section 56(2)(x). Thus, passing assets through a Will is a tax-efficient mechanism.
6. Family Arrangements – Not a Transfer – The session clarified that a genuine family settlement based on antecedent rights is not treated as a transfer for capital gains. It simply realigns existing rights in property to preserve peace and prevent litigation within the family.
7. Situations wherein Family Settlements become taxable – The session clarified that If parties lack pre-existing rights—as in P.P. Mahatme (Bom HC)—payments received may be treated as taxable capital gains. Antecedent rights are therefore key to determining tax neutrality.
8. Specific vs. Discretionary Trusts – The speaker clarified that certain trusts have identifiable beneficiaries with defined shares, while discretionary trusts allow trustees to decide distributions. Discretionary trusts are generally taxed at the maximum marginal rate unless specific exceptions apply.

Conclusion: The session was highly interactive, with participants actively engaging and gaining practical clarity on the tax and legal aspects of succession planning. The discussions helped simplify complex concepts and gave attendees a clear understanding of how to apply the right tools in real-life situations. Overall, the audience left with valuable insights to plan succession more confidently and effectively.

12. Felicitation of Chartered Accountancy pass-outs of the September 2025 Batch held on Monday, 17th November, 2025@ Sydenham College

The Seminar, Membership and Public Relations (SMPR) Committee hosted a felicitation ceremony on 17th November 2025 in the auditorium of the Sydenham College of Commerce & Economics, Churchgate, to honour the newly qualified Chartered Accountants from the September 2025 batch. Out of the 450 registrations, over 325 enthusiastic newly qualified CAs participated in the event. The guest and mentor for the event was CA (Adv.) Kinjal Bhuta, Treasurer of BCAS. In her address, she reminisced about her early days, the support she received from her clientele and elders in the profession, and how her association with BCAS has helped in shaping her career and growth as a professional. She shared six life lessons with the audience and invited them to come within the BCAS fold and partake of the bouquet on offer.

AIR 16, Nidhish Naik, AIR 28 Ansh Bhorawat, AIR 34 Naman Gupta and AIR 46 Anjali Shukla were then felicitated. A celebratory cake was cut post which all the other newly passed CAs were felicitated. The ceremony served as a warm welcome of the newly qualified CAs into the wider professional fraternity.

Scan to watch online on Youtube

13. ITF Study Circle meeting – Black Money Act – Penalty for Non-Disclosure of Foreign Assets: Key Rulings held on 14th November, 2025@ Virtual.

The International Tax and Finance Study Circle organized a meeting (online) on 14 November 2025 to discuss key rulings with respect to penalty for non-disclosure of foreign assets under the Black Money Act:

Chairman of the session – CA Sushil Lakhani

Group Leader CA Kush Vatsaraj

•  The session opened with the initial remarks from the chairman on the topic.
• Post that, the group leader discussed the rationale of the Black Money Act and the basic provisions to set the context for the group.
• Next the group leader discussed a number of rulings with respect to levy of penalty under the Black Money Act, including rulings under other laws but applicable to penalty under the Black Money Act.
• The group leader discussed a recent Special Bench ruling with respect to the penalty being discretionary in greater detail
• The participants debated various nuances with respect to the levy of penalty under the Black Money Act, especially with respect to some divergent views adopted by appellate authorities.
• The group leader took the group through a number of scenarios with respect to the levy of penalty under the Black Money Act and shared his insights on the same. The chairman of the session also shared his insights.
• The session closed with the floor being opened up for Q & A. Participants raised a number of questions and the same were answered by the group leader and the chairman of the session. Other participants also shared their practical experiences.

14. BCAS NXT – Learning & Development Bootcamp – A Deep Dive into GST Annual Return (GSTR-9) and Reconciliation Statement (GSTR -9C) held on 14th November, 2025@ Virtual.

More than 250 students benefited from this session.

Scan to watch online on Youtube

15. Finance, Corporate & Allied Laws Study Circle – Financial Wellness for Professionals held on Thursday, 13th November 2025 @ Virtual

The session on “Financial Wellness for Professionals” by Mr Tarun Birani focused on helping high-earning professionals move from income dependence to true wealth independence through structure and discipline. Using interactive polls and case studies, he highlighted how lifestyle inflation, safety bias and scattered assets often keep professionals financially vulnerable despite strong incomes.

Tarun introduced a clear Wealth Allocation Framework, classifying assets into safety, stability and aspirational buckets, and showed how goal-based cash flows, risk assessment and stress testing can convert affluence into resilient, long-term wealth. He emphasised the power of disciplined equity allocation, behaviour management and periodic rebalancing over market prediction or product selection.

Through real-life client stories, he demonstrated the dangers of concentration in business / profession and real estate, lack of liquidity buffers and poor succession planning, and contrasted this with the benefits of structured family wealth architectures and family offices.

The session concluded with practical action points for professionals to document their finances, separate business and personal wealth, and work with fiduciary, conflict-free advisors to achieve financial wellness with peace of mind.

16. Half-Day Panel Discussions on Transfer Pricing Benchmarking and Compliances held on Friday, 10th October 2025 @ Virtual

The Society successfully conducted its Half-Day Panel Discussions on Transfer Pricing Benchmarking and Compliances via an online platform on Friday, 10th October, 2025 from 2:00 pm to 6:30 pm.

Based on participants’ feedback and consultation with seniors in the Committee, this year BCAS has come up with unique concept of sharing the recordings of the transfer pricing workshop undertaken in October 2023 along with recordings of panel discussions conducted in October 2024 to the participants as pre-reading for the workshop followed by two live panel discussions to take forward the learnings by discussing the intricate and practical issues on transfer pricing making the same more interactive. Details of these two live panel discussions:

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 which the panellists addressed during the panel discussion. Eminent tax professionals of the country were the panelists as well as moderator for such panel discussions.

Both the live sessions including the recorded sessions covered all the concepts of Transfer Pricing under the Income Tax Act, 1961 and the other relevant provisions.

More than 54 Participants from 15 states spread over 30 cities attended these live panel discussions which was well-received and appreciated by the participants.

Scan to watch online on BCAS Academy

II. REPRESENTATIONS

1. BCAS Seeks Extension for GSTR-9 and GSTR-9C Due to Increased Compliance Complexity

On 11 December 2025, BCAS submitted a representation to the Hon’ble Finance Minister, highlighting challenges in filing GSTR-9 and GSTR-9C for FY 2024-25. Recent notifications have withdrawn long-standing relaxations, increasing compliance complexity. Key concerns include detailed ITC reporting (Table 7), new import reconciliation requirements (Table 8H1), changes in auto-population (Table 8A shifting from GSTR-2A to GSTR-2B), and technical glitches on the GST portal causing mismatches.

For GSTR-9C, withdrawal of turnover reconciliation relaxations and mandatory cross-year ITC reporting have made preparation more onerous. Tight timelines due to dependence on audited financial statements further exacerbate the challenge.

BCAS has requested a three-month extensionfor filing to allow professionals sufficient time to adapt, ensure data accuracy, and avoid inadvertent errors.

Readers can read the full representation by scanning the QR code or visiting our website www.bcasonline.org

QR Code:

III. BCAS OUTREACH

• BCAS Delegation Meets Chief Executive, Indian Banks’ Association

A delegation of BCAS – Bombay Chartered Accountants’ Society, led by CA Zubin Billimoria, President, and CA Kinjal Shah, Vice President, met Mr. Atul Kumar Goel, Chief Executive of the Indian Banks’ Association(IBA).

The delegation briefed Mr. Goel on the key initiatives and activities of BCAS and discussed potential areas of future cooperation between BCAS and IBA.

Mr. Daljit Dogra, Board Member of IBA and Managing Director of Zoroastrian Cooperative Bank, was also present and facilitated the interaction.

BCAS looks forward to a long-term and mutually beneficial professional association with the Indian Banks’ Association.

• Meeting of Office Bearers with Mr. Sudhir Hirdekar, ACP Crime Branch, Mumbai Police

IV. 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/

QR Code: