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Society News for month of December 2023

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LEARNING EVENTS AT BCAS

1. “Breast Cancer Awareness Talk” held on 2nd November 2023, @ BCAS in Hybrid Mode.

As one of the many social initiatives under #BCASCares, a “Breast Cancer Awareness Talk” was organised by the Seminar, Public Relations & Membership Development Committee of the BCAS in a hybrid mode, with online access available to all outstation participants.

The meeting attracted 127 registrations from various cities. A heartening presence was the men in the audience, bearing testimony to their sensitivity and appreciation of the opportunity to hear the three speakers, Dr. Garvit Chitkara, Senior Consultant, Breast Surgical Oncology and Oncoplasty; Dr. Priti Kulkarni Tambat, M.D. (Kayachikitsa), Ayurveda; and Puriya Onkar, Mandala artist and cancer warrior.

Dr. Garvit Chitkara from Mumbai addressed the audience on various issues, particularly factors associated with an increased risk of breast cancer, how the treatment has evolved, the methods of early detection and the age to start the same.

Dr. Priti Kulkarni Tambat from Indore threw light on how prakriti (the nature of the body in terms of dosha) has an impact on a person’s susceptibility and immunity levels. She underlined the need to eat produce that is local and intrinsic to the region, the power of one’s thoughts and emotional well-being, the healing effects of specific classical raag and also the effect of planetary motions on a person. She emphasised the importance of a yearly nadipariksha (ancient Ayurvedic technique of diagnosis of both physical and mental diseases as well as imbalances by checking the pulse) and yearly horoscope analysis – both being part of Rigveda, and offered that a gaanth (a node) forms first in the mind before it manifests in the physical body.

Puriya Onkar from Mumbai bared her heart and spoke candidly about the various challenges that came her way, the reaction from family and friends and the support systems (both personal and professional) that helped her emerge far stronger and more confident.

The questions posed by the moderators and the audience (both online and offline) made the evening an extremely interactive and informative one.

Link to access the session: https://www.youtube.com/watch?v=sDXng3PlA10

 

2. Lecture Meeting on “Decoding The Digital Personal Data Protection Act” held on 25th October, 2023, in Online Mode.

A lecture meeting “Decoding The Digital Personal Data Protection Act” (DPDPA) was organised in a virtual mode.

The speaker, Sandeep Rao took the audience through a detailed presentation on what constitutes personal data, the roles and responsibilities of the various players in the DPDPA ecosystem, the significance of documenting clear written consent from the party whose data is to be processed, using the data strictly for the agreed purposes, deleting it once the purpose has been served, the requirement for impact assessments, audits and other measures in place, the severe penalties proposed for non-compliance, and the importance of proper staff training to ensure due compliances.

He also dwelled on the merit behind defining a Personal Data Attribute Map to lay out in detail the types of data to be processed, the channels to be employed for the same, the manner and place for data storage and the various reasons for which it is to be used. While large corporations have the wherewithal to set up an in-house infrastructure to ensure due compliance, more particularly for small businesses in the SME sector, opting for a Privacy Management Platform will be both practical and economical.

The speaker focussed on the various professional opportunities for a Chartered Accountant — whether as an auditor, a consultant or a Data Protection Officer. All these would warrant undergoing certain training and obtaining relevant certifications.

While the notification of the Act and the Rules is expected to throw light on several aspects that are hitherto unclear, there is no doubt that the DPDP Act is set to change the way businesses, small or large, will need to handle, store and process personal data.

The meeting attracted 150 registrations from various cities.

Link to access the session: https://www.youtube.com/watch?v=1fc5NikrRMA&t=61s

 

3. Fema Study Circle Meeting on “Recent clarifications received from RBI to AD bank” held on 20th October, 2023, in Online Mode.

The Speaker CA Wrutuja Soni during the Fema Study Circle Meeting covered the following topics:

  • Directions by RBI to AD Banks
  • Last updates in LRS
  • Latest changes in ODI Rules
  • Case Studies

She elaborated on the practical aspects of recent RBI clarifications on various issues including practical approaches and authorities delegated by RBI to AD Banks. The latest updates in LRS with practical issues were also discussed such as consolidated investment in single name after remittance of funds under LRS by different family members.

CA Wrutuja made detailed elaborations on the Updated ODI Directions and Rules including the valuation aspects. In the case studies, she shared her personal experiences with AD Banks as well as RBI’s instructions.

The entire session was wonderfully received by the participants.

4. Suburban Study Circle Meeting on “Case study discussion on Transfer Pricing” held on 20th October 2023, at Bathiya & Associates LLP, Andheri (E).

Group Leader CA Hardik Mehta shared with the group an array of interesting case studies covering various issues that may seem small but play a very significant role in assessments. An educative presentation on important points based on case studies and his views on the same were shared by the leader with the group.

The session was knowledgeable and practical, and all the points were very well covered with numerous real-life examples to make it simpler for the group to understand it better. CA Hardik interpreted some of the important provisions with the help of case studies.

The session had wonderful interactive participation from the group. There were a large number of queries from the participants, which were addressed satisfactorily by the group leader.

The participants benefited from the overall insightful case studies shared by the group leader.

 

5. International Economics Study Group on “Europe: A Continent Forged in Crisis’’ held on 19th October, 2023, in Online Mode.

In this Study Group, CA Harshad Shah presented a detailed analysis of various indicators of a strong economy and Europe’s fulfilment status qua those criteria looking at the prevailing economic situation in the European countries. The challenges faced by the European economy, such as a low GDP of 0.7 per cent for CY 2023 and recessionary tendencies in Germany, ageing population, migration, political fragmentation, security and geopolitical concerns, high debt, energy crisis (post Ukraine conflict), etc., were some of the points of discussion. Historical factors, namely the World Wars, economic factors, geopolitical changes, international pressure, post-war rebuilding, decolonisation movements, etc., and their impact on nine European Empires (including Roman, British, Russian, etc.) were discussed.

CA Harshad further explained how high inflation led to high interest costs, eroding people’s purchasing power, leading to their costs becoming non-competitive, and people finding it challenging to afford even basic necessities like food. Apart from household challenges, there are concerns regarding inefficient Health Care systems and hunger problems. The meeting also evaluated the future of Europe in the current geopolitical uncertain environment.

 

6. Corporate & Commercial Law Study Circle on “An Overview of SME IPO” held on 18th October, 2023, in Online Mode.

In this study circle meeting, speaker CA Hiten Shah briefed participants on the benefits of SME IPO along with the risks and negative optics for the same.

CA Hiten Shah also discussed, in detail, the key features of SME IPO, listing requirements in BSE, listing requirements in NSE, Pricing Methods, and Obligations before and after Listing. He also highlighted the role of a Chartered Accountant and the opportunities unfolding for them.

Many participants attended the event online and took an active part in the discussion.

 

7. Direct Tax Laws Study Circle Meeting on “Taxation Issues in Mergers and Demergers”, held on 17th October, 2023, in Online Mode.

CA Akshar Panchamia led the group discussion and the following points were discussed:

1. Elements of merger

a. Amalgamation as defined under section 2(1B) of the Income-tax Act, 1961 (Act).

b. Exempt Transfer in reference to section 47(vi) and section 47(vii) of the Act.

c. Computation of cost of assets in the hands of amalgamated company as per section 49(1)(iii)(e) and cost of acquisition of shareholders of the amalgamated company as per section 49(2).

d. Carry forward of losses as per section 72A along with the conditions required to be fulfilled by the amalgamating and amalgamated company.

e. Treatment of goodwill generated at the time of merger due to revaluation of assets at fair value and specific exclusion of goodwill from section 32 of the Act.

2. Discussion on types of mergers — namely, Inbound and Outbound mergers.

3. Issues relating to demergers and slump sale transactions.

4. Elements of demerger

a. Demerger as defined under section 2(19AA) of the Act.

b. Computing taxability under the headcapital gains in the hands of the demerged company.

c. Discussion on non-applicability of section 56(2)(x) in the hands of the Resulting Company. Also, discussion on exemption from capital gains in the hands of the shareholders under section 47(vid).

d. Points to consider while determining the cost and period of holding for the purpose of computing tax liability.

e. Treatment of transfer of losses of the undertaking as per section 72A(4).

f. Rationale of slump sale and its taxability.

The speaker highlighted aspects to consider while filing return of income after the completion of a merger / demerger transaction and provided his detailed analysis during the interactive session.

 

8. ITF Study Circle Meeting on “The implications of the ruling of the Chennai Tribunal in the case of Cognizant” held on 12th October, 2023, in Online Mode.

The International Tax and Finance Study Circle organised a meeting on 12th October, 2023. CA Sangeeta Jain and CA Nemin Shah led the group discussion, and the following points were discussed:

  • The detailed and complex facts of the case were explained.
  • The outcome of the proceedings before the lower authorities was summarised.
  • The issue before the Chennai Tribunal was discussed.
  • The arguments made by the taxpayer and the tax authorities were laid out.
  • The observations and rulings of the Chennai Tribunal were discussed in great detail.
  • The potential way forward for the case and some of the arguments not made / considered by the Chennai Tribunal were laid out.
  • The implications of corporate law on the facts of the case were deliberated, with group members expressing divergent views.
  • Even though General Anti Avoidance Rules (GAAR) did not apply to the case (since it pertained to an earlier year), a hypothetical exercise in attempting to apply GAAR to the facts of the case was made, which resulted in an interesting discussion and exchange of ideas.

 

9. A four-day “Foreign Exchange Management Act (FEMA)” Study Course and a Panel Discussion held on 25th & 26th August and 1st & 2nd September, 2023, in Hybrid Mode.

FEMA was introduced to monitor dealings in foreign exchange / securities and transactions affecting the import and export of our currency. FEMA has evolved over the years, and knowledge of this topic has become a crucial factor in advising clients on implementing successful strategies for cross-border transactions in light of India’s positioning in the global arena.

The International Taxation Committee of BCAS organised a four-day FEMA Study Course, including the Panel Discussion, which was attended to by the participants from across the country, online as well as offline.

The Study Course began with introducing the basics — namely, the Structure of FEMA, Capital and Current
Account Transactions, Foreign Direct Investment, Overseas Direct Investment, Liaison / Project / Branch Office to more advanced topics — namely, ECBs, Succession under FEMA including Trust aspects, Compounding and ED Matters and Corporate Restructuring including Cross-Border Acquisition and ended with a Panel Discussion on various FEMA issues.

The host of experts who delved into each of the above topics not only made it interesting by sharing anecdotes from their personal experiences, but also by making it interactive by giving reference to the case precedents and encouraging participants to ask questions. The participants and speakers were enriched by the quality of questions posed by the participants, and their eagerness to know more about the topics in further detail.

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