Society News for month of April 2023
Details:
LEARNING EVENTS AT BCAS
1. POWER SUMMIT 2023 BY THE HRD COMMITTEE
Human Resource Development Committee organised a two-day residential program “The Power Summit 2023” on the 3rd and 4th March, 2023 at the Byke Suraj Plaza, Mumbai. This was the sixth season of the Power Summit with the first one being held in 2011.
Attended by 67 participants, the Power Summit had 13 eminent faculties. The program was curated and anchored by a team of three faculty members, CA Nandita Parekh, CA Ameet Patel, and CA Vaibhav Manek.
The benefits of holding the program in a residential format were truly reaped and cherished by the participants. They not only got added networking opportunities, but also a chance to have casual interactions with some of the faculties present during the entire duration of the program.
The topics of discussion at the Power Summit were selected to give momentum to the growth of the practicing firms. The summit aimed to help the participants develop and frame strategies to capitalise on the growth opportunities stirred up by the World Congress of Accountants held in Mumbai in November 2022.
The presentations by the faculties over the two days were creative, intriguing, and intertwined in such a way that all the participants returned home with good food for thought, and zeal to walk forward on the growth trajectory.
The program on Day 1 started with a session by CA Dinesh Kanabar, CA Jayesh Sanghrajka, and CA Vaibhav Manek on the importance of brand building for practicing CA firms with insights on how the same can be achieved.
In the next session, CA Druman Patel gave insights on how new-edge technologies like Artificial Intelligence would impact the profession. He also focused on the opportunities that these technologies open up for the CAs. Thereafter, CA Vaibhav Manek and CA Nandita Parekh led an interesting discussion on the importance of capital in CA firms for growth, and the ways and options to exist.
CA Ajay Sethi, CA Arpit Jain, and CA Chetan Shah shared some of their strategies to navigate through road and mind blocks faced during their journeys over thee years.
On Day 2, CA Nitin Shingala talked about his desires he had during the early years of his career. Participants were also recommended several useful books read by the speaker in the past.
CA Rajat Dutta and Anu Chaudhary explained about the new and alternative service areas for CA firms including services around inheritance, succession planning, and ESG. Both speakers captivated the audience with their respective oratory styles as well as the contents of their talks.
CA Nikunj Shah explained how CA firms can use various technology-based tools in their day-to-day practice to improve their service offerings.
Three of the participating firms presented their mock pitch for possible merger and acquisition opportunities before the senior faculty members. The feedback shared by the faculty members helped all the participants.
The program ended with CA Vaibhav Manek, CA Ameet Patel, and CA Nandita Parekh sharing practical ways in which a firm should build up its strategic plan.
The interest of the participants was evident in terms of the involved discussions and the large number of questions raised during and after each session, and also during the casual networking interactions.
2. SEMINAR ON BRAND BUILDING PROFESSIONAL ON ZOOM
A seminar on ‘’Building a Professional and Personal Brand for Professionals,’ was held on 2nd March, 2023 on Zoom.Led by speaker, CA Pankaj Mundra, the session provided insights and examples on ‘How to Build a Brand Personally and Professionally.’He also explained the importance of brand-building, and cited social media as one of the driving factors of brand-building.
Link :- https://www.youtube.com/watch?v=aOtaI683Ah4
3. LECTURE MEETING – SOCIAL AUDIT OF SOCIAL ENTERPRISES
On 1st March, 2023, BCAS organised a virtual lecture meeting on “Social Audit of Social Enterprises” in virtual mode.The speaker, CA Sangeeta Kumar approached the topic in a very simple and logical manner by dividing it into various sections broadly covering the following:
1. Historical background and principles of social audit.
2. The legislative and policy background for setting up a Social Stock Exchange including the formation of relevant working and technical groups.
3. Kumar also focused on the key highlights of the SEBI guidelines dealing with the setting up of Social Stock Exchanges and the regulation of Social Enterprises. She also gave an outline of the two stock exchanges functioning currently i.e. the Bombay Social Stock Exchange and the NSE Social Stock Exchange.
4. The functioning of the various global social stock exchanges in different countries was touched upon covering their success stories and their failures in some countries resulting in closure were highlighted.
5. The modes and procedures for registration and raising funds (including specific financial instruments like Zero Interest Zero Principal Bonds) by Social Enterprises through Social Stock Exchanges coupled with the various disclosure requirements, both initially at the time of raising funds and on an ongoing basis were also dealt with.
6. Additionally, the seminar also discussed changes recommended in tax laws and CSR guidelines arising out of the legislation of social enterprises.
7. Further, it provided an interesting perspective on undertaking social audits by the CAG coupled with a video on a case study on the social audit under the MGNREGA emphasizing the practical aspects like site visits and interviews coupled with the role of Gram Panchayats and Gram Sabha. The legislative support and the various global reporting standards and organisations dealing with the Social Audit were covered along with the draft Standards and Guidelines issued by the ICAI,
8. Finally, the challenges which lie ahead for implementation in our country were highlighted.
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 Q.R. Code with your phone scanner app:
Link:- https://www.youtube.com/watch?v=GM04TqhoyDg
4. STUDY CIRCLE MEETING ON DEEMED CONVEYANCE
Corporate and Commercial Law Study Circle organised a meeting on the topic “an overview of Deemed Conveyance.” At the meeting, Adv. Viral Shukla gave an insight into the position related to Deemed Conveyance before the MOFA (Maharashtra Ownership Flat Act), and legal provisions relating thereto post-MOFA 1963. He also briefly summarized the subsequent amendments made thereto in 2008, 2010, and 2018. Further, he dealt with all the queries of the participants. The meeting was attended by 50 participants.
5. PROGRAM ON SUCCESS IN CA EXAM
The society organized a program titled ‘Success in CA Exam ‘ on 19th February 2023 on Zoom. The program included a Q&A session with the rank holders.
In the first session of this program, Dr. CA Mayur Nayak shared his inspiring journey as a CA student who failed in CA intermediate exams but cracked the CA final exams in the first attempt and thereafter secured an all India rank with his sheer determination, hard work, and positive attitude. He focused on the ways to mentally prepare for the exams, and accept failure. He gave tips on how to mentally calm one’s mind while attempting the paper, besides teaching a few deep breathing techniques. He explained that the greatest danger faced by the students is not in setting their aim too high and falling short but in setting their aim too low and achieving their mark.
In Q&A with the Rank holders Session, students asked live questions to the rank holders. The answers were designed to help the students prepare their best strategy based on the experience of the rank holders. Moderated by CA Vishal Poddar, Penalist CA Radhika Beriwala, and CA Shubham Keshwani, the session was very interactive.
6. CHATGPT – AN OPPORTUNITY OR A THREAT TO PROFESSIONALS?
Artificial Intelligence (AI) has already revolutionized most industries by taking up jobs that could only be performed by skilled and intelligent humans. The next move of AI is the professional services domain like law, medicine, and education, where it is all set to solve problems humanity faces. It looks like; we shall soon be blessed by technology!In the session conducted by the society on 18th February 2023, the speaker CA Vatsal Kanakiya spoke about what is ChatGPT and whether it is an opportunity or a threat for professionals.
The event witnessed a thrilling registration count of 750 participants.
The speaker explained about Chat generative Pre-Trained Transformer (Chat GPT). This was a first-hand and insightful session that focused on how ChatGPT can be an opportunity for professionals.
Link:- https://www.youtube.com/watch?v=DcyqXjSH5f8
7. 23RD DTAA COURSE HELD VIA ONLINE PLATFORM
The society successfully conducted its 23rd Study Course on ‘Double Taxation Avoidance Agreement’ via an online platform spanning from December 2022 to February 2023. The course was spread over 30 days and included over 36 sessions delivered by leading tax professionals of the country.
The course was designed to cover all the articles of DTAA, an overview of FEMA / BEPS / MLI / GAAR, Transfer Pricing, Source Rules under the Income Tax Act, 1961, TDS under section 195, Substance v/s Form, and other relevant provisions. The course introduced complex topics such as taxation of specific structures (e.g., Partnership, triangular cases, AOP, etc.) and selection of structures.
The course concluded with a Brain Trust Session having trustees namely CA Gautam Nayak, CA Yogesh Thar, and Shri Sanjeev Sharma, IRS, and moderated by CA Ganesh Rajgoplan.
About 167 Participants from 15 states spread over 30 cities attended the course which was well-received and appreciated by the participants.
The society will shortly distribute the participation certificates to all the eligible participants.
8. IESG MEETING ON BUDGET 2023
In the meeting held by the IESG (International Economics Study Group) on 16th February, 2023, CA (Dr.) Kishore K. Pahuja made a presentation on the topic,‘Impact of Budget on Indian Economy.’ In this presentation, Pahuja made a detailed analysis of many sectors including Defence, Agriculture, Automotive, Building, Construction & Real Estate, Education & Skill Development, Energy & Natural Resources, Healthcare, Infrastructure, Financial Services, etc.
CA Harshad Shah presented his ‘Vision for Amrit Kaal – an Empowered & Inclusive Economy.’ Amrit Kaal originates from the Vedic astrology and translates to the Golden era. It is the critical time when the gates of greater pleasure open for the inhuman, angels, and human beings, laying out a new roadmap for India for the next 25 years, a blueprint for India@100. The theme of the Amrit Kaal is a technology-driven and knowledge-based economy with strong public finances and a robust financial sector. It also focuses on ushering in the latest technology and digitization and reducing government interference in public life.
