BCAS President CA Chirag Doshi’s Message for the Month of July 2024
As I pen down this message for the final time as the President of the Bombay Chartered Accountants’ Society, I am filled with a sense of gratitude and pride. It has been an honour to lead this prestigious institution during its 75th year, a milestone that stands testament to our enduring legacy and unwavering commitment to excellence. This journey has been marked by remarkable achievements, collaborative efforts, and the collective vision of our members, all of which have propelled us to new heights and has reaffirmed the Society as a thought leader in the finance/accounting/tax community. As we look to the future, I am confident that the foundation we have built over the years will continue to foster growth, innovation, and a spirit of camaraderie within our community.
Recently, the election results took an unexpected turn when the NDA secured 293 seats, while the INDI Alliance won 234 seats in the Lok Sabha. Despite been a coalition government, the NDA quickly refocused on “Modi 3.0.” The NDA alliance acted in a very mature manner ensuring within just five days, Prime Minister Narendra Modi and his cabinet ministers took their oaths of office. The key expectation of both B2B sector and B2C sector entities are around ease of business, fast track digitisation, digital infrastructure improvements, faster and easier access to credit facilities, better governance and continuous support. Infrastructure development and research and development expenditure will be pivotal in taking Indian corporates, start-ups and MSME ahead.
This month we had the ICAI torch bearers President CA Ranjeet Kumar Agarwal and Vice President CA Charanjot Singh Nanda along with other Central and regional council members visiting our BCAS office and had an interaction with our office bearers, managing committee, past presidents and core group members. The discussion was very insightful, and many topics related to the profession like impact of technology, globalisation of practices, CA curriculum, articleship, policy related to aggregation of firms and many more relevant topics were also discussed.
During this month our society was also invited to interact with the Revenue Secretary Mr Sanjay Malhotra at the Income Tax Office Mumbai, and we presented our views and expectations in coming times from the Revenue Department.
Our Society concluded an extremely power packed power summit at the Alibaugh with the theme of Walk the talk – Leverage AI, technology capital and collaboration. It was well attended by 90+ CA and the topics ignited lot of requirements the new age practice needs to adopt in the given changing times.
BCAS has also submitted their pre-budget memorandum 2024 -25 to the Hon. Finance Minister of India, highlighting the key concerns affecting the common man and offering recommendations to address them. We recommended reducing the maximum tax rate for individuals to 30% to provide relief to high- income earners, reinstating the exemption for medical reimbursements up to Rs. 50,000 per annum which will help salaried employees cover small and outpatient medical expenses, increasing the threshold for advance tax payment from Rs. 10,000 to Rs. 1,00,000 which will reduce the burden on taxpayers, reinstating the 150% weighted deduction for in-house R&D expenditure to promote innovation and technological advancement, raising the exemption limit under Section 54EC from Rs. 50 lakhs to Rs. 2 crores to provide adequate relief in line with inflation and many other recommendations were submitted. These recommendations aimed to simplify tax compliance, reduce the financial burden on individuals, and promote overall economic growth. We hope they will be considered favourably.
Talking about my journey during this year, it started with a 5-year plan with 5 pillars. Various new initiatives were undertaken:
- Reach – Increase in Social media presence across all platforms, print media coverage, outstation members meeting, PM’s commendation letter praising 75 years journey of BCAS, special invitees to various meetings before current budget, faculty sharing MOU with Comptroller and Audit General of India, Joint events with American Association of Accountants, joint events with IMC, joint programs with BIA and much more.
- Professional Development – Adan Pradaan (Mentor-Mentee initiative) with 75 mentees in a year, youth CAMBA event with Atlas University, various seminars on technology, international webinars, seminar on Forensic Accounting & Investigation Standards (FAIS), 75 hours long duration course on Accounting and Auditing, Professional Accountancy courses, Full Day Workshop –Use of Technology in GST Compliance and many more to continuously upgrade the professional skills and many more.
- Networking – launch of BCAS Engage platform, Pan India Networking events for members, RRC and other events had networking focus initiatives, NFC cards at Reimagine Conference, Outstation members meet in various cities.
- Advocacy / Research and Publications – Research paper on “Ease of Doing KYC”, Study paper on “Disclosure Overload—Issues in Financial Statements”, various representations to regulators, Publication of 75 Laws Relevant for Direct Taxes.
- Yuva Shakti – Student event Tarang@75, CAs got talent – JhanCAr was back with a bang and maximum participation, Digital branding seminar, Vibrant BCAS youth WhatsApp group.
- CA for Change – Digitalisation of schools in tribal areas, providing science lab, and library cum reading room to schools, creating a BCAS Van by planting 7500 trees in the 75th year.
More than 75 events in one year were organized which included lecture meetings on current topics, webinars, outstation meetings, RRCs, NRRC, students’ events, study circle meetings, workshops, seminars and non-technical sessions and events.
Amongst many initiatives and events, we organised this year, the 75th year celebration event, ‘ReImagine’ stood out as a beacon of our commitment to innovation and forward-thinking. This event brought together thought leaders, industry experts, and our vibrant member community to explore the future of our profession. We delved into topics such as the impact of emerging technologies, the evolving landscape of corporate governance and the importance of sustainable practices in finance and more. The insightful discussions and collaborative sessions not only broadened our perspectives but also equipped us with the tools and knowledge to navigate the challenges and opportunities that lie ahead.
‘Reimagine’ was not just an event; it was a movement that underscored our resolve to stay ahead of the curve and lead with vision and purpose.
Reimagine was about opening vision of the members towards the upcoming vistas, which can be explored with renewed vigour to excel and thereby achieve greater heights in the profession.
The crux of creativity is seeing things from a new perspective. The greatest block to creativity is old judgements. It is time to reprogram your minds. So, try the untried – Mahatria Ra
As I conclude my tenure, I extend my heartfelt gratitude to each one of you for your unwavering support, dedication, and contributions. The milestones we achieved together are a testament to our shared vision and collective efforts. This role has been a transformative experience for me personally. I have learned, grown, and been inspired by the dedication and passion of our members. The camaraderie and collaboration within our society are truly exceptional, and I cherish the memories and relationships formed during this period.
Thank you once again for the incredible honour of serving as your President, I am confident that the incoming President Anand Bathiya and his team of office bearers and managing committee will continue to steer the Bombay Chartered Accountants’ Society towards greater success, nurturing the principles of excellence, integrity, and innovation. Let us continue to work together, fostering a legacy that will inspire future generations of chartered accountants.
To end, I will say:
“Goodbyes are not forever, are not the end.
It simply means I will miss you all until we meet again”.
