Society News for the month of August 2026

Details:

I. LEARNING EVENTS AT BCAS

1. 78th Founding Day Conclave held on Monday, 6th July 2026 @ MCA-The Lounge, Wankhede Stadium, Churchgate, Mumbai

The Fireside Chat featured Advocate Arvind Datar, eminent Senior Advocate, on the topic “Four Hurdles to Overcome for Viksit Bharat,” held on the occasion of the 78th Founding Day of the Bombay Chartered Accountants Society held on Monday, 6th July 2026 at MCA The Lounge, Churchgate, Mumbai. The discussion, moderated by our Past President CA Anil Sathe in conversation with Adv. Arvind Datar, ranged across economic history, manufacturing, governance, judicial reform, and the role of professionals, offering wide-ranging insights on the path to a developed India.

Key takeaways from Advocate Arvind Datar:

1. Reframing India’s Starting Point: Adv. Datar pushed back on the narrative that 1947 India was a “devastated” nation, noting that the country inherited significant infrastructure — 12,000 kilometres of railways, universities, and ports. He argued that India’s real setback was “endless socialism and nationalisation” between 1947 and 1991, not the colonial legacy itself.

2. A Shorter Runway for Viksit Bharat: Citing Elon Musk’s line that “a long goal is a wrong goal,” he suggested India should mentally advance its target from Viksit Bharat 2047 to 2030, since a closer deadline drives greater urgency and action.

3. Manufacturing as the Core Lever: Adv. Datar’s central thesis was that India must raise manufacturing’s share of GDP from around 15% to 25% within six to seven years. He warned that services could shrink due to AI, making manufacturing essential for resilience and durable employment.

4. Lessons from Deng Xiaoping: Drawing on Ezra Vogel’s biography of Deng Xiaoping, he highlighted Deng’s 1978 memo acknowledging China’s backwardness and the need to learn from the capitalist West — a reminder that introspection, not denial, drives national transformation.

5. Atmanirbharata and Globalisation are Compatible: He argued the two are not contradictory: true self-reliance comes from building a stronger domestic manufacturing base, not from insulation. He illustrated import-dependence with examples like China-made luggage trolleys at Indian airports and ₹1,300 crore worth of imported party balloons.

6. Democracy is Not a Growth Impediment: Adv. Datar firmly rejected the idea that authoritarian systems grow faster, calling democracy “non-negotiable” and pointing to its self-correcting power through elections. He noted the human cost of China’s alternative path — around 40 million deaths in the Cultural Revolution — as a price not worth paying.

7. The Case for Decentralisation: He criticised excessive centralisation of power and finance, noting India employs roughly four times more people at the central level relative to local government than developed nations do, the reverse of the ideal ratio. Effective implementation of the 73rd and 74th constitutional amendments on panchayats, he said, remains unrealised.

8. FDI Needs Certainty, Not Just Announcements: He described ease of doing business as the sum of ease of starting, running, and closing a business — the last being the hardest in India. He was critical of the Supreme Court’s Tiger Global ruling for undermining certainty on pre-2017 investments, and argued that policy should court smaller “Mittelstand-style” investors rather than chase only marquee names.

9. Rethinking Bilateral Investment Treaties: Adv. Datar called for treaties that include a fair-and-equitable-treatment clause and cover taxation explicitly, criticising India’s current BIT template for its “exhaustion of remedies” requirement, which he said has deterred all but a handful of countries from signing on.

10. MSMEs as the Backbone: Referencing recent research, he noted that 99% of India’s registered MSMEs are “micro” enterprises employing fewer than 10 people, and only about 5 lakh entities cross that threshold. He called for consolidating overlapping compliance requirements (Shops and Establishments Act, Payment of Bonus Act, Wages Act) that burden small businesses.

11. Judicial Reform, State by State: Citing the National Judicial Data Grid, Adv. Datar noted that 70% of Indian cases are resolved within five years, challenging the perception of universal delay, though he acknowledged real backlogs exist. He proposed appointing ad hoc judges under Article 224A and argued reforms should be tailored to each state’s specific caseload rather than applying blanket fixes.

12. Cutting “Calling Work” to Speed Up Trials: A study he sponsored across Karnataka courts found that up to 52% of court time was consumed by procedural “calling work” rather than actual hearings. He suggested shifting this administrative task to registrars or retired judges to potentially double court productivity.

13. Professionals as Nation-Builders: Adv. Datar said chartered accountants and lawyers are uniquely placed to contribute to nation-building given their grasp of tax, economics, and regulation, but urged the government to at least acknowledge and respond to professional bodies’ policy suggestions, even when rejecting them.

14. On Regulation, Education, and Online Gaming: Adv. Datar spoke of India’s “regulatory cholesterol” and argued for systems built on trust rather than designed solely to catch offenders. He advocated introducing English in government schools to level the playing field, and — drawing on his own appearance in gaming-related litigation — argued that skill-based online games should be regulated, not banned outright.

15. Closing Message: Asked for a single most important step toward Viksit Bharat, Datar returned to his central theme: without a rise in manufacturing, India cannot generate durable employment or reduce its dependence on imports for everyday goods — from electronics to party balloons.

Click to watch online at YouTube – https://www.youtube.com/watch?v=2JwhDJZfhm4&t

2. “Felicitation of Newly Qualified Chartered Accountants of May 2026 Exam” held on Friday, 3rd July 2026@ BCAS

The Seminar, Membership and Public Relations (SMPR) Committee hosted a felicitation ceremony on 3rd July 2026 at the BCAS Hall, Jolly Bhavan, Churchgate, to honour the newly qualified Chartered Accountants from the May 2026 batch. Limited seats of 250 were announced and all the registrations got full in the first two days of declaring the event. The mentor for the event to guide the new passouts was BCAS President CA Kinjal Shah. Before the formal address, he showed a beautifully put-together video which encapsulated all the emotions felt by every CA student, right from the days of struggle and sleepless nights to the day they finally read the words “PASS” on the results screen. The video literally made every person in the room nostalgic and almost teary eyed. After this wonderful start, he guided the students in a very easy and fluid manner as to how the days of struggle in the CA course unknowingly make us more resilient and ready to face real life challenges. He also advised them to try on new things and choose a line of work which interests them the best. He then expressed gratitude towards his association with BCAS and encouraged the new CAs to consider getting associated with BCAS and its activities.

14 rankers attended the event and the then President CA Zubin Billimoria announced a free annual membership for all these rankers. A celebration cake was also cut by the rankers. All the attendees were extremely happy to receive the medals celebrating their achievement.

Speaker: CA Kinjal Shah

Click to watch online at YouTube – https://www.youtube.com/watch?v=PtfXwrxrk34&t

3. Seminar on GST 2.0 and Beyond: Digitisation, Litigation Trends and Policy Directions held on Wednesday, 1st July 2026 @ BCAS – Hybrid

• The seminar was held on the occasion of GST Day. It explored India’s transition from a fragmented indirect tax system to a unified digital framework.
• Mr. Sumit Kumar, highlighted the success of cooperative federalism, noting that the GST Council functions as a unique body in which states and the center make collective, mandatory decisions. The success of GST was reflected in significant revenue growth, with monthly collections crossing the two lakh crore milestone.
• Mr. Pramod Kumar Rai spoke on the 9-year journey of GST and addressed the various “pain points”, such as the challenges of transit checks and the harsh 200% penalties often imposed for minor clerical aberrations. He called for an introspection of Input Tax Credit (ITC) rules, particularly the “foul play” of blocking credits under Section 17(5) for legitimate business expenses.
• Mr. Divyesh Lapsiwala spoke on the next phase of reform, the need for creation of a dedicated GST Tariff Heading (GTH) to harmonize classifications and reduce dependency on customs-based descriptions. He addressed administrative hurdles, including the need for standardized show-cause notices and a centralized audit calendar to reduce the burden of repetitive state-wise audits. Concerns were raised regarding the digital economy, specifically the need for clearer guidelines on the registration front.
• Lastly, the session explored the impact of retrospective amendments, arguing that they should be rare and only used to solve teething problems rather than nullifying favorable court decisions.
• The seminar concluded with a proposal for a “trusted taxpayer framework” and a rating system to reward compliant businesses with reduced audit frequencies.

Speakers: Mr. Sumit Kumar – Pr. Additional Director General of the Directorate General of Taxpayer Services, Mr. Pramod Kumar Rai – Hon’ble Member (J), GSTAT – Rajkot Bench & Mr. Divyesh Lapsiwala (CA.

Click to watch online at YouTube – https://www.youtube.com/watch?v=DKKk_Kw_6TE

4. 20th Residential Study Course (RSC) on GST held on Thursday 25th June 2026 to Sunday 28th June 2026 @ The Grand Chola by ITC, Chennai

• The 20th Residential Study Course (RSC) organised by the Indirect Taxation Committee was on the topics of Goods and Services Tax (GST). This was also the 10th RSC on GST.
• Total Registrations of 395 out of which 13 cancellations prior to the event. Effective registration of 382 from over 60 cities across India
• High delegate participation of 28 group leaders, 12 moot finalist, 30 moot participants in preliminary rounds, 2 T20 speakers, 1 bench member and 1 moderator, thereby RSC harnessing talent of almost 75 delegates plus round 15 volunteer coordinators which accounts for near over 20% of the registered delegates.
• The Keynote address on the “DPDP Law – Impact & Challenges for Tax Professionals” quite informative for tax practitioners. The Keynote speaker also read out the message from the Justice Anita Sumanth, who could not join in due to her service exigencies. Also the interaction with the GSTAT Bench member regarding expectation of the bench from the filings was fruitful for delegates.
• Intense discussions amongst 7 groups for both the group discussion paper as well as panel discussion paper were held. Each group was lead by 2 group leaders.
• The GD Paper covered the Substantial and Practical Issues live in GST.
• The panel discussion was to improvise the basics of understanding and reading of the law and gain clarity in statutory interpretation of taxation laws.
• Final round of National GST Appellate Tribunal Moot was held in RSC wherein 12 finalists argued on the real matters; the preliminary round was held as memorial submissions and virtual hearing supported by 10 members in 5 benches. Total 43 participants had participated in the memorial and virtual round.
• The session on Interplay of Allied Laws with GST underlined the need to look at GST not in isolation but holistically giving due consideration to all the other applicable laws.
• The T20 sessions of the delegates were on the effective use of AI in GST Practice
• The RSC ended with leisure trip to Crocodile Park and UNESCO World Hertiage Sites at Mahabalipuram

5. Use of AI and Big Data in Internal Audit – A Practitioner’s Perspective” event held on 25th June 2026@Virtual.

Speaker: KN Vaidyanathan

• The Technology Initiatives Committee of BCAS organised a webinar on “Use of AI and Big Data in Internal Audit – A Practitioner’s Perspective” on 25th June 2026. The session explained how Artificial Intelligence and Big Data Analytics are reshaping internal audit by enabling predictive, data-driven assurance and helping auditors move beyond traditional sample-based reviews.
• Drawing on Mahindra Group’s implementation journey, the speaker demonstrated practical AI use cases across the audit lifecycle, including pre-audit planning, audit execution, report generation and continuous monitoring. The session showcased how AI can automate repetitive tasks, improve audit quality, analyse entire data populations and generate deeper business insights.
• The webinar also highlighted the role of Big Data Analytics in continuous monitoring, early fraud detection, revenue leakage prevention and strengthening internal controls. Practical examples illustrated how technology can significantly improve audit efficiency while enhancing governance.
• Participants gained valuable insights into the challenges of AI adoption, including data quality, security concerns, AI hallucinations and the importance of developing new skills to effectively leverage AI in audit engagements.
• The session concluded by emphasising that AI is an enabler for auditors rather than a replacement. Audit professionals were encouraged to embrace a technology-first mindset and leverage AI responsibly to deliver greater value, efficiency and strategic insights.

Click to watch online at BCAS Academy – https://academy.bcasonline.org/courses/use-of-ai-and-big-data-in-internal-audit-a-practitioners-perspective/

6. Direct Tax Laws Study Circle Meeting – “Presumptive Taxation under the Income-tax Act, 2025” held on 23rd June 2026@ Virtual.

The session examined the structural shift in presumptive taxation from the Income Tax Act 1961 to the 2025 Act, covering key policy changes and transition issues for residents and non-residents.

Speaker: CA Krishna Upadhya S

1. Section 58 replaces Sections 44AD, 44ADA and 44AE for residents; Sections 59 and 61 replace the non-resident provisions (44DA, 44B, 44BBA, 44BB, 44BBB, 44BBD, 44BBC). 2. The non-obstante clause has been narrowed from a sweeping override (Sections 28–43C) to a conditional override limited to “the manner of computation” under Section 58(1), raising new interpretive questions on what provisions survive alongside Section 58.

3. Section 58(11) eligibility bars assessees earning commission/brokerage, carrying on agency business or specified profession, or claiming Chapter VIII-C deductions. Isolated brokerage income potentially triggering full disqualification is a flagged drafting concern.

4. Section 58(4) bars all losses, allowances and deductions against presumptive income — raising open questions on set-off of house property losses, brought-forward losses and 80C/80D deductions.

5. Multi-business principle: once the gateway test is cleared, each business is independently tested; failure in one does not disqualify another.

6. Section 58 vs. Section 63 (tax audit) interplay was analysed via a comparative matrix; a literal reading may inadvertently sweep in small and first-time businesses.

7. Goods carriage (Sl. No. 2, old 44AE) and profession schemes (Sl. No. 3, 50% deemed profit, threshold ₹50L/₹75L) were explained, including partner salary/interest deductions.

8. Section 62(4) governs by substance of activity, not formal credentials. Non-specified vocations (YouTubers, content creators, motivational speakers) may access the Sl. No. 1 business scheme within the turnover ceiling.

The session was highly interactive. The speaker presented the provisions in a structured and practical manner, enabling participants to gain clarity on key structural shifts, controversies and transition issues.

7. International Yoga Day Celebration held on Sunday 21st June, 2026@ Shree Ghoghari Lohana Mahajan Bhavan Andheri West, Mumbai.

On June 21, 2026, the BCAS Foundation organized “International Yoga Day Celebrations” with assistance from the Human Resource Development Committee. In Andheri East, Mumbai, the event was co-organized with MaBap.

Mr. Pradeep Thakkar, the accredited Yoga Trainer, conducted the session.

The takeaways from the workshop are briefly given below:

1. Participants were guided to do various exercises and were explained the benefits of doing the exercises.

2. The exercises dealt with Asanas and tips for Osteoarthritis, Knee Pain, Blood Pressure, Diabetes and a lot more.

3. Also, breathing exercises, along with their benefits, were explained to the participants.

4. The benefits of yoga for Flexibility, Strength and overall health were explained in detail.

CA Mayur Nayak – assisted in the presentation and ensured the smooth conduct of the yoga. BCAS Foundation was also awarded with the Certificate of Recognition from the Ministry of Ayush.

8. Full day Seminar on Business Restructuring – A Holistic Perspective held on 18th June, 2026@ Hybrid – IMC

The Direct Tax committee of Bombay Chartered Accountants Society alongwith IMC Chamber of Commerce & Industry and The Chamber of Tax Consultants had organised a full day seminar on Business Restructuring – A Holistic Perspective at Walchand Hirachand Hall, IMC Building, Churchgate, Mumbai and virtually on 18th June, 2026. The seminar was to address the new age business restructuring from various perspectives of Income Tax , SEBI, FEMA, Companies Act and various other regulations applicable.

The keynote address was given by the Presidents of all the 3 associations and they gave their thoughts on the seminar subject. CA Ketan Dalal opened the seminar with the commercial aspects that goes around the promoters or the business owners during the business restructuring process. He shared his practical challenges that a professional has to address during such large commercial business restructuring deals. He mentioned that for a promoter, taxation becomes secondary during the course of such deals.

The second session was taken by CA Abhishek Lahoti, on the regulatory aspects for listed companies in the restructuring process. He covered the provisions applicable under the SEBI, FEMA, Companies Act, Competition Act and the Income Tax Act for various mode of restructuring like the acquisition, divestment and scheme of arrangement mode.

CA Binoy Parikh took the next session on the regulatory aspects for unlisted companies in the restructuring process. He discussed the restructuring process regulatory aspects with practical case studies covering the FEMA, Companies Act, Competition Act and the Income Tax Act for various mode for the unlisted entities.

The next session was taken by Mr. Sanjay Doshi on the due diligence process during the business restructuring. He mentioned to the crowd the importance of due diligence in this process. He also shared what areas should be covered from financial and Tax perspective during the restructuring process of any entity. He explained the role of professionals in guiding the parties by sharing the facts of the restructuring entities.

CA Neeraj Garg explained the key role of Valuation in the business restructuring. He explained with practical case studies about the intricacies of valuation from the taxation angle and the business owner thought process. As valuation is more art than science, he highlighted the practical issues that arise in the valuation process.

Lastly the session concluded with CA Amrish Shah session who touched upon the common tax and FEMA Issues in these mergers and acquisition deals. He covered the GAAR implications during such restructuring within the group. Further, the practical challenges which are faced by large corporate entities in slump sale vs itemized sale transactions. The practical cases of deferred consideration and their accounting were discussed. He mentioned the various funding instruments which are nowadays available for such restructuring process.

The full day seminar offered a comprehensive and a holistic perspective in this Business restructuring.

Click to watch online at BCAS Academy – https://academy.bcasonline.org/courses/seminar-on-business-restructuring-a-holistic-perspective/

9. ITF Study Circle meeting on “Virtual Service PE – Recent Developments” held on 16th June, 2026@ Virtual.

The session began with the opening address by the Chairman of the session on the on the Background and brief introduction of concept and Virtual PE.

Post that the Group Leader explained the nuances of the Virtual PE under the UN & OECD Commentary.

The Group Leader discussed the key points from the Recent Rulings on Virtual PE.

The session concluded with closing remarks by the Chairman of the session and the Group Leader.

Speakers: Chairman of the session – CA Bhaumik Goda & Group Leader – CA Sudin Sabnis

10. Webinar on Charitable Trusts – Recent Developments held on Thursday 21st May 2026 @ Virtual.

The Direct Tax Committee of the Bombay Chartered Accountants’ Society, jointly with the IMC Chamber of Commerce and Industry, organised a Webinar on “Charitable Trusts – Recent Developments.” The webinar was conceived in view of the rapidly evolving regulatory framework governing charitable and religious trusts, with significant developments under the Income-tax law, the Maharashtra Public Trusts Act and the Foreign Contribution Regulation Act (FCRA).

The session provided participants with practical guidance on navigating the changing compliance landscape for charitable institutions. The discussions focused on renewal of registrations, recent legislative amendments, regulatory expectations and best practices for ensuring continued tax exemption and statutory compliance. Emphasis was placed on addressing practical challenges faced by trusts and professionals in day-to-day administration rather than limiting the discussions to theoretical provisions.

CA Anil Sathe discussed the recent changes introduced under the Income-tax Act, 2025 affecting charitable and religious trusts. He explained the practical issues surrounding renewal of registrations, scrutiny proceedings, conditions for availing exemptions and the evolving approach of tax authorities towards compliance. Drawing upon practical experiences, he highlighted the importance of maintaining robust governance, documentation and regulatory discipline for preserving charitable status and avoiding disputes.

Mr. Noshir Dadrawala deliberated upon recent developments under the Maharashtra Public Trusts Act and the Foreign Contribution Regulation Act (FCRA). He shared valuable practical insights on governance, regulatory compliance, transparency requirements, and emerging expectations from charitable organisations. The session also covered common compliance pitfalls, evolving litigation trends and measures that trustees and advisors should adopt to strengthen governance and ensure smooth functioning of charitable institutions.

Overall, the webinar provided participants with a comprehensive and practice-oriented understanding of the recent developments impacting the charitable sector and equipped them with actionable guidance for effective compliance and risk management.

Speaker: Panelist-CA Anil Sathe & Mr. Noshir Dadrawala

Moderator: CA Gautam Nayak

Click to watch online at YouTube – https://www.youtube.com/watch?v=mlZ1WJlQZ7o

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/