Hybrid Meeting on The Reality and Depth of Homoeopathy was addressed by CA Rajneesh Agrawal jointly with Ms. Manjula Maheswari – on Meditation to Cure the Mind on Thursday, 15th December, 2022 at Bombay Chartered Accountant Society at the HRD Study Circle Meeting.Listed below are a few Glimpses from the Discussions held at the above Meeting :

1.    CA Rajneesh Agarwal started by narrating his illness, near death experience, hospitalization for over 7 months, numerous surgeries and then miraculous recovery through Homoeopathy. He feels many things in life are beyond reason, beyond belief and also that everything in life is predestined.

2.    After his recovery he has decided to spread the knowledge of homoeopathy healing to all and is now working to take the knowledge of this pure, easy, quick and inexpensive cure from door to door.

3.    Recently he has set up an organization “Kewal Samarpan Foundation” and published a complimentary book “Homoeopathy-Affordable Wellness”. His book is currently in English, Hindi and Bengali and can be downloaded from www.kewalsamarpan.com. He has also made a home kit of 21 medicines, with which the common man can cure numerous day-to-day ailments quickly on one’s own.

4.    He explained many day-to-day symptoms and their simple cures. He said we are highly intelligent and skilled in the pursuit of the outer world, but there is an inner world which connects us to the origin of life which we must all explore. We have to be aware of inner and outer journeys of life.

5.    He said most ailments begin in the mind and the real cure is meditation which is above medication.

6.    Ms. Manjula Maheswari shared some prayers and meditation for attaining a calm mind and thereby remaining peaceful at all times. For 5-7 Minutes Manjula Maheswari spoke on meditation as a cure. We have a conscious and sub conscious mind and 7 major points called chakras. We need to be aware of the different roles they play.

7.    He explained the concept of molecular memory of water, why water is central in all prayers and how the moon cycles and other planetary movements have an impact on the water in our body (like on oceans) and health and several ancient practices revolved around it.

8.    We need to respect age old traditions even if modern science has no tools to discern them as yet. There are many unknown deep energies in nature felt by us and we are still in the process of evolving and discovering the same.

9.    We also need to have knowledge of basic concepts of the human body to face the diseases and to live a healthy life. Our body also gives us many signs and we must understand them and take timely action.

10.    We have natural and synthetic cures. We must learn natural ways of cures so that we are cured from deep inside and not try to suppress the symptoms or disease with harmful synthetic chemicals.

Youtube link: https://www.youtube.com/watch?v=1RGiTNm9bNc

The world is on the verge of experiencing the beginning of a new era of the Internet; and considering this, the BCAS organised a lecture meeting on Metaverse and Web3 Technologies on 14th December 2022. The learned speaker, Mr. Raghav Narsalay elaborated on the background of the evolution of the Internet and related technologies. He defined the metaverse as an evolution of the internet that enables a user to move beyond ‘browsing’ to ‘inhabiting’ in a persistent, shared experience that spans the spectrum of our real world to the entire virtual and in-between. In this regard, the metaverse is not unlike the spatial web of Web3. It’s a virtual immersive experience focused on 3D graphics and the real-world image, rather than 2D graphics and text like the current web experience. Instead of clicking through a site’s links, users walk through it virtually. Many experts consider Metaverse a pervasive network and predict isolated services like iMessage or WhatsApp, Signal, or Telegram will fade. Being more interactive technology, Metaverse will minimize the limitations of interoperability that today’s Internet has. “Indeed, now is the time to think big, start small, and scale fast.” he concluded.

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

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Link – https://www.youtube.com/watch?v=GJ8YgVgc600

The Human Resources Development Committee organized a hybrid study circle meeting titled “Kal, Aaj aur Kal for Budding Entrepreneurs” – Insights about how to win the battle called 2030 with Right Strategies, on 13th December, 2022, at the Bombay Chartered Accountants Society office. The meeting focused on the following points of discussion:1.    Talk is inspired by the books called “Blue Ocean Strategy”, “Reimagine” and various books by Ron Kaufman who has taught his schools, about service mindset. These books are good for those who want to become successful entrepreneurs.

2.    902230 is digitally explained. This is about the topic Kal Aaj aur Kal i.e. 90 is the past Year 1990 i.e. Yesterdays, 22 is about today i.e. Year 2022 and 30 is about tomorrows that lead to the Year 2030.

3.    How do you define Leadership. Definition of Joel Barker, Leader is a person you will follow to go to a place you won’t go by yourself. Leader is a person you choose to follow.

4.    This talk is focussed on Future. Uncertainty is the only thing to be sure of.

5.    If you don’t like change, you are going to like irrelevance.

6.    Some key take aways of the meeting: The author of “Re Imagine” shares his thoughts about service. Get rid of competition. Create the Blue Ocean Strategy. It is not the strongest of the species that survive nor the most intelligent, it is the one who is most responsive to change. Do one thing everyday that scares you. Be Tech Savvy: Absorb technology, Get Hi Tech & Be a Global Citizen. Let us give experience to people which they will never forget. Business consultation or Transformation. Think what you want and take steps to do what is needed to succeed and grow.

7.    Either change and become distinct or become extinct

Nothing that exists today will remain till Year 2030.

Link – https://www.youtube.com/watch?v=A_hy2gQfW4w

The Indirect Tax Study Circle organised a meeting on 9th December, 2022 to highlight the changes in reporting in GSTR 9 and 9C for FY 2021-22 as compared to previous FYs. At the meeting, the group leader prepared eight case studies addressing the practical issues in reporting vis-à-vis books of accounts, assessments and investigations impacts. The presentation and discussion broadly covered the intricacies on the following topics:

1.   ASMT-10 discrepancies wrt ITC mismatch in GSTR 2A vs GSTR 3B and it’s reporting effects in GSTR 9 Table 6 as well as Table 8

2.    Considerations if GSTR 2A is updated after 30th November 2022

3.  Investigation issues for rate differentials due to difference in opinion for classification of supplies.

4.    Effects of free insurance on products and option of payment under protest, it allowability and if allowed then it’s disclosure in GSTR 9

5.    Effects of Reverse Charge mechanism, delayed payments, test of applicability for Form 15CB transactions ?

6.    Whether expensed out ITC can be claimed as credit

7.    Reporting requirements of adjustments of monthly reversals vis-à-vis annual check under Rule 42

8.    Applicability sec 16(4) for ITC claim for IGST paid on Bill of Entries

9.    How to determine the turnover of State under Table 5A of GSTR 9C in case of multiple registrations and consolidated audited books of accounts

Around 78 participants from across India participated in the meeting. They discussed issues concerning various clarificatory circulars, jurisprudence and collective discussion. The mentor was actively involved in sharing his experience to interpret the terms and jurisprudence

On 5th December, 2022, the Direct Tax Study Circle held a meeting on ‘Recent Landmark Rulings’, which was led by CA Krishna Upadhyay, Group Leader. The landmark Supreme Court Rulings discussed included Singapore Airlines Ltd vs. CIT [2022], New Noble Educational Society vs. CCIT [2022], Dinesh Vazirani vs. PCIT [2022], PCIT vs. Wipro Ltd [2022], Seema Jagdish Patil vs. NHRC Ltd & Ors [2022] and S.A. Metro Plots (Pvt.) Ltd vs. ITO [2022].The Group Leader explained the issues raised before the Supreme Court, assessee(s) contentions as well as those of revenue authority, interpretation of the law by the Supreme Court and the impact of the Apex Court’s decisions.

‘ENTERPRISE RISK MANAGEMENT (ERM) 101’- A JOINT PROGRAM WITH IRM, INDIA AFFILIATE

BCAS has entered into an MoU with the Institute of Risk Management (IRM), India Affiliate, to provide knowledge and learning opportunities about ERM concepts to students and young professionals. The Society organised a program titled ‘Enterprise Risk Management (ERM) 101’ on 3rd December, 2022 at the Jio World Convention Centre, Mumbai. BCAS and IRM have entered into an agreement to conduct ERM 101 repeatedly throughout the year.The opening session was graced by Ms. Nidhi Seksaria, Chief Risk Officer, Mahindra & Mahindra Ltd. Welcoming the participants, CA Mihir Sheth, President, BCAS briefed about the workshop and the activities and history of BCAS. CA Uday Sathaye, Chairman, Internal Audit Committee shared his insights about the concept of risk management. Thereafter, CA Nandita Parekh, Co-chair, IA Committee shared her thoughts and experiences. Seksaria discussed the concept of enterprise risk management with examples and elaborated on its various dimensions that need analysis. The participants also engaged in a Q&A with the guest speaker.

CA Hersh Shah, CEO – IRM India affiliate, opened the session by explaining the concept of risk. The focus of the program was on learning the ropes of ERM concept. The session was organised in a scenario-based workshop format wherein all participants participated in a role-play as employees of a company entrusted with the task of responding to the various risks and crises facing the organisation. Participants were given a case-study about a growing company looking for funding while at the same time faces myriad internal and external issues. They were divided into various departments like sales, marketing, operations, HR, IT, etc. and asked to propose strategies to save the organisation from the impacts of these crisis situations. Mr Sunder Natarajan, CRO – India First Life Insurance, urged the participants to devise new solutions to the problems being discussed.

BCAS organised a Lecture Meeting on “Decoding Global Financial Market and Changes in Regulations – Overseas Direct Investment” on 30th November 2022 on Zoom and was telecast live on YouTube.

The session was conducted by Mr. Keval Jambudia and Mr. Suyog Puntambekar. Key session highlights included:

Global Financial Markets-

• Currently, the economies of leading countries are showing signs of stagflation, the cumulative effect of multiple macro-economic factors like quantitative easing, geopolitical tensions, energy crises combined with supply chain challenges. Such macro-economic factors have led most global central banks to raise interest rates.

• The factors causing a slowdown in the US economy and Europe reeling with high inflation and energy crises were discussed.

• Among these global challenges, the rupee is standing strong with India’s CPI inflation holding, likely to result in lower inflation and a pause in rupee depreciation. This was further elaborated in the USD/INR seasonality chart.

Capital Account Transactions and Changes in Overseas Direct Investment regulation-

• The Central Government and the Reserve Bank of India (RBI) have been progressively simplifying the procedures and rationalizing FEMA rules and regulations.

• In this direction, a significant step has been taken with operationalization of a new Overseas Investment regime notified by RBI (Notification No. FEMA 400/2022-RB dated 22nd August, 2022). Key changes related to this notification were explained in detail.

ONLINE MEETING – ‘REVERSE CHANGE MECHANISM’

The Indirect Tax Study Circle organized an online meeting on ‘Reverse Change Mechanism – Is it a better proposition for seamless credit?’ on 28th November, 2022. CA Janak Vaghani presented 11 case studies on Reverse Charge Mechanism. The presentation and discussion broadly covered intricacies of the following topics:

• Identifying the recipient, being the person liable to pay the consideration.

• If liability is discharged by one person, if the other person is concluded as the recipient, then whether it can be recovered again?

• RCM w.r.t. GTA.

• Whether a fee can be considered as tax?

• Sec 7(2)(b) of the CGST Act w.r.t. activities undertaken by Central/State Government or local authorities.

• Notification No. 14/2017.

• Principles laid down in Mohit Minerals, Mahalaxmi Textile Mills, Bajaj Allianz, British Airways, Shri Krishna Das vs. Town Area Committee, Navi Mumbai and Builder’s Association.

• Director providing professional services in individual capacity to company?

The participants discussed six case studies related to various jurisprudence.

ON 23rd November, 2022, the International Economics Study Group conducted a meeting on the topic ‘Decline of British Economy, Downfall of British Empire and Londongrad and Current status of Economy & Markets”.

CA Deepak Karanth presented a case study on challenges faced by the British economy at present. According to him, in the past 30 years, the British economy chose finance over the industry, The British government chose austerity over investment, and British voters chose a closed and poorer economy over an open and richer one with Brexit, which was the turning point for its decades-long economic dysfunction. What was once the world’s most powerful globalized empire has now voted to explicitly reduce global access to trade and talent. The UK, the first nation to industrialize, was also the first to deindustrialize. Britain gave rise to the productivity revolution that changed the world, and now it has some of the worst productivity statistics among major economies.

CA Harshad Shah presented a case study on downfall of the British Empire & Londongrad. At the peak of its power, the British Empire held sway over 412 million people, 23 per cent of the world population and 24 per cent of the Earth’s total land area, it was described as “the empire on which the sun never sets”, as the Sun was always shining on at least one of its territories to now struggling to hold on to Scotland and Northern Ireland, who may seek a vote on their independence post-Brexit. For years, London was nicknamed “Londongrad” for its open-door policy to the Kleptocrats who have reportedly bolstered Putin’s rule for the past two decades. The US secretary of state under President Harry Truman, Dean Acheson, worried that “Great Britain has lost an empire and has not yet found a role”. There have been local media reports of Britain’s Deep State-London’s 9 Lobby Groups @ 55 Tufton Street who control policies and strategic decisions such as Brexit and anti-Global Warming initiatives.

CA Milan Sangani presented a case study on the topic, ‘Current status of Economy & Markets.’ Inflation surged in USA, Europe and many other large economies from the impact of Covid-related supply chain disruptions and Ukraine war sanctions leading to QE by Fed, ECB and BoE which resulted in the excessive money supply. Now, all of them are raising interest rates leading to a fall in many markets with the Dollar Index at a 20-year high. But, recovery is in sight with inflation showing signs of easing and the Fed indicating a lower hike in interest rates. The speaker presented an optimistic outlook for India, eying the opportunity to achieve the target of an $ 8.5 trillion economy in 10 years with initiatives like Atmanirbhar Bharat, PLI Schemes, leverage on China+1 & Europe+1 strategies, opening up the Defence Sector, cut in corporate taxes and GST creating unified domestic market. He also projected a higher global market share in service exports as corporates get more accustomed to remote work practices with opportunities in pharma, chemicals, electronics, defence, IT & allied services. India has also demonstrated an edge in digital infrastructure and 5G rollout.

WORKSHOP – ‘MACROS RECORDING FOR GST COMPLIANCES’

The Indirect Taxation Committee of BCAS organized a half-day workshop on ‘Macros Recording for GST Compliances’ on 19th November, 2022 at the Babubhai Chinai Hall, IMC.

CA Sunil Gabhawalla, Chairman of the Committee, gave a brief introduction of the topic, its importance and how it can be useful to all the stakeholders. CA Mihir Sheth, President briefly introduced the Society to the participants. The speakers included CA Jigar Doshi, CA Yash Goenka and CA Bharat Suthar.

The workshop was directed as how to record a Macro so that repetitive work can be completed using them. The focus was on preparing/formatting the required information for filing Form GSTR-1.

The speakers provided a sample excel file containing raw data received from a client for filing GSTR-1 and explained the process of recording the macros on this raw data and how it simplified the entire process of converting the data into the required format ready to be uploaded. The process of recording a Macro could take up to one hour but once it is done, the required details could be readied in about 2 to 3 minutes from the data provided by the clients.

Participants, who were asked to carry their own laptops, were made to record the Macro using the same data which proved very useful since it was a hands-on training where the speakers helped the participants record the Macro.

SEMINAR – ‘BUSINESS RESTRUCTURING’

On 14th November, 2022, the Taxation Committee of BCAS, in association with the IMC Chamber of Commerce and Industry and Bombay Chamber of Commerce and Industry, organised a hybrid seminar on ‘Business Restructuring’.

The first-panel discussion focused on topics like Amalgamation and Demerger, including Outbound and Inbound Scenarios and Transfer of Business (Slump Sale, Slump Exchange and itemized sale). CA Girish Vanvari and CA Amrish Shah covered the topic in detail with Case Studies. Vanvari, in particular, discussed cross-border mergers, including liquidation and re-domiciliation of the overseas company. CA Amrish Shah also covered the various aspects of slump sale vs. demerger vs. itemized sale in business restructuring. He focused on the multiple features of restructuring a holding structure, inbound merger and outbound merger. He also touched upon various ongoing issues and the jurisprudence on them. CA Gautam Doshi provided his lucid views on multiple issues one would face in the above transactions.

In the second panel discussion, speaker CA Ketan Dalal explained the importance of restructuring of shareholding pattern and issues faced while implementing the same. CA Anup Shah dealt with the topics ‘Gift of Shares’ and ‘Family Arrangement’. He explained the same with two detailed case studies and the issues under various laws like FEMA, Income Tax, Stamp Duty Act etc., while undertaking them. CA Anand Bathiya dealt with issues in the transfer of shares, buyback and capital reduction with the help of case studies. He also explained the points on the above transactions under Companies Act, 2013.

In the final panel discussion of the seminar, CA Gauatm Nayak briefly explained the topics and the issues arising from various amendments brought in the last couple of years regarding taxability at a partner’s retirement and upon dissolution of partnership firms. The speakers, CA Praful Poladia and CA Bhadresh Doshi, dealt with the following issues:

• Scope and meaning of the term receipt for section 45(4) and determination of capital gains.

• Whether sections 9B and 45(4) apply to the receipt of capital assets by a legal heir on the demise of the partner?

• Settlement of retired partner’s account by allotment of stock-in-trade.

• Transfer of capital asset to the partner – computational aspects.

• Conversion of LLP into a company under Chapter XXI of the Companies Act and related tax issues.

• Whether section 45(4) will apply to a case of assignment of a partnership interest by one partner to another?

BCAS seminars are high-quality professional development sessions. Missed the seminar, but still interested in viewing the entire video recording available on E-learn- A Virtual Learning Initiative

Link – https://bit.ly/3HTbQJ4


WORKSHOP – TAX ISSUES IN REDEVELOPMENT OF IMMOVABLE PROPERTIES

The Taxation Committee of BCAS organised a workshop on ‘Income Tax Issues on account of Redevelopment of Immovable Properties’ in hybrid mode on 11th November, 2022.

Adv. Dharan Gandhi educated the participants about relevant tax provisions which are applicable to real estate developers and explained the recent tax issues faced by them and shared his insights. He explained the tax provisions and the latest judicial decisions on the following crucial concepts –

• Accrual of income.
• Conversion of capital asset into stock.
• TDS deductions.
• Project Completion method of Accounting.
• Interest cost.

CA Pradip Kapasi educated the participants about critical tax provisions which apply to owners, landlords, members, tenants and Society on account of the redevelopment of immovable properties. He explained the tax provisions which need to be borne in mind when the self-development of a Society is undertaken. He enlightened the participants on a gamut of tax issues arising on account of redevelopment and elucidated on the following points:

• Development Agreements/Joint Development Agreements.
• Specified Agreement and section 45(5A).
• Self-redevelopment.
• Surrender of tenancy rights.
• Permanent Alternative Accommodation Agreement.
• Treatment of consideration in kind and cash.
• Treatment of compensation and allowances.
• TAA.
• Character of income.
• Computation of Capital Gains (POA, COA, COI, FVC, Valuation)
• Benefits of sections 54, 54EC, 54F, etc.
• Commercial premises.
• TDR and FSI Issues.

BCAS seminars are high-quality professional development sessions. Missed the seminar, but still interested in viewing the entire video recording available on E-learn- A Virtual Learning Initiative

Link – https://bit.ly/3HTbQJ4

LECTURE MEETING – “GROWTH BASED INVESTING”

On 9th November, 2022, BCAS organized a hybrid Lecture Meeting on ‘Growth-based Investing’ in Hybrid mode.The speaker, CA Charandeep Singh, focused on the following topics:

1.    The seven traits of winning stocks: The speaker explained the concept with the abbreviation ‘CANSLIM’ derived from the book ‘How to Make Money in Stocks: A Winning System in Good Times and Bad’ by William O’Neil. Singh explained each element of the CANSLIM terminology in detail with the impact of these factors on the stock price. He also guided how to apply these strategies while selecting stocks.

2.    Further, the meeting emphasized that earnings acceleration is the single largest driver of stock prices. The speaker addressed the topic by discussing the case studies of a few stocks considered meaningful wealth creators. He urged investors to focus on accelerating the potential of recent and future earnings growth while selecting a stock.

3.    Use of P/E in evaluating growth stocks: Explaining the concept of P/E, the speaker suggested they do not play many roles while assessing a stock. He advised sticking with the industry leader.

4.    Risk Management – What Not to Do

• Advising the participants on what not to do, he urged them to abstain from blindly buying and holding at any valuation, especially stocks that do not possess accelerated earnings growth.

• He also urged them not to buy second-grade stocks i.e., non-leaders.

• Averaging price during price correction and stubbornly holding onto losses.

5.    He explained the concept of Nifty 50 Index rebalancing and the inclusion and deletion of stock over the past two decades.

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

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Link – https://www.youtube.com/watch?v=U5DqRzteM54

STUDY CIRCLE MEETING – POSITIVE AGEING

The Human Resource Development Committee of BCAS organised a Study Circle Meeting On the topic of “Positive Ageing” on 8th November, 2022 at the BCAS office, Mumbai.The meeting endeavored to present a positive outlook on the diseases and discomforts faced by senior citizens. It emphasized the need for the elderly to have the right attitude and not expect too much to avoid disturbing the youngsters. The points discussed at the meeting included:

• Stroke, Alzheimer, Diabetes, Blood Pressure, etc, are some of the common diseases faced by seniors. It is an asset to deal with these diseases and enjoy life irrespective of age.

• Who is an elderly: An elderly is not young in mind and body. He understands and respects youth and never really ages.

• The elderly are a part of the unorganized, unrecognized, non-productive, dependent and sadly but genuinely unwanted by society. Not a single hospital in India has a specialized department for the geriatric population. Shamefully, the medical fraternity too is yet to recognize this.

• Elderly – A Problem? Why?

• Attitude – of self and society; Nuclear Family; Longevity; Awareness; Changes in problems and Values.

• We need to Audit Ourselves: Need to examine if we are physically and mentally fit.

• Warning Symptoms:

• Asking an elderly person to visit, or be taken to the family doctor on observing symptoms like mental confusion, impaired intelligence, impaired vision, impaired hearing, change in bowel habits, change in urinary system, skin cracking, bleeding from anywhere, repeated falling, etc.

• Presentation of medical problems: multiplicity, higher incidence, more profound gravity, multiple complications, delayed recovery, tendency to be terminal, etc.

• Methodology of management: Personal attention – hygiene, especially hair, skin, eyes, and ears; toilet discipline; genital care; Walking – footwear, stick; fixtures and furniture at home, aesthetic dental care, hearing and vision care, comfortable footwear, etc.

• Classification of the elderly: The meeting defined the elderly as a group of active, single or couples, either financially self-sufficient or dependent and those whose children reside abroad.

• Causes of illness in the elderly: The causes of disease in the elderly were noted to be retirement, bereavement, relocation, boredom, loneliness, vacuum, financial constraints, interference, etc.

The meeting also urged the elderly to avoid self-medication and doctor shopping. It encouraged them to harness inter-generational relationships. The meeting emphasized, being healthy is a choice; choose to be healthy by taking care, taking the proper steps to eat right, exercising right, thinking right, having the right attitude, etc.

The above topics were discussed in depth by Dr. Arvind Pednekari.

YouTube Link- https://www.youtube.com/watch?v=ZTARZvPXOZs

WEBINAR – SC DECISION ON CHARITABLE TRUSTS EXEMPTIONS

The Taxation Committee of BCAS organised a Webinar on 7th November, 2022 to discuss the recent SC decision laying down the law on Charitable Trust exemptions. The speaker, Adv. Saurabh Soparkar, discussed the far-reaching effects of the SC judgment in the case of Ahmedabad Urban Development Authority on Charitable Trusts.

The speaker shared key takeaways of the decision, including:

• Its effects on all commercial associations like ICAI, and professional associations like BCAS, Bar Association, etc. which render services to its members at cost plus or marginal costs for skills enhancement. The fees received from these services are considered business income.

• The decision also covers education institutions not providing formal schooling, with their income covered as business income.

• The ruling has broad ramifications for all charitable organizations that generate income from general public utility.

• The parameters, such as: whether an organization is charitable or not, whether it is doing any trade business or commerce and it does not exceed more than 20 per cent, and whether separate books of account are to be maintained etc., shall have to be tested for every year.

YouTube Link :  https://www.youtube.com/watch?v=SBqh8urf670

LECTURE MEETING – “INFLATION DYNAMICS – INDIA V/S USA APPROACH”

A lecture meeting on “Inflation Dynamics – India v/s USA Approach” was organized on 19th October 2022 on Zoom and telecast Live on YouTube.

Conducted by CA Atul Joshi and CA Ajay Bagga, the meeting focused on the following key points:

• The main reason for the difference in the impact of demand-push inflation and cost-push inflation between the Indian and American economies is their spending habits and household savings. The meeting noted that the US economy is more sensitive to interest rate due to its higher reliance on debt than the Indian economy.

• Relationship between the exchange rate of the US Dollar and current oil prices along with impact of inflation on currency and overall investment portfolio.

• The supply-side issues on the CPI basket and its cascading effect on inflation and currency depreciation of INR.

• The effect of inflation on the US economy and households on account of the Russia–Ukraine war.

• The speakers shared their ideas on how Indian foreign reserves can be best utilized and protected from loss on account of the appreciation of foreign currency.

• The speakers shared their analysis on how economic models of central banks have failed to provide expected results, resulting in underestimation of fiscal and monetary stimulus thereby leading to negative repercussions on the economy.

• Impact of Inflation in India and the US, based on parameters like demography, spending pattern of citizens and difference in import and export basket of both the countries.

The speakers also addressed queries raised by the participants.

Youtube Link – https://www.youtube.com/watch?v=jSGfc2-241k

WEBINAR – 5G TECHNOLOGY – 360⁰ PERSPECTIVE

The Technology Initiatives Committee of BCAS organised a webinar on the launch of 5G Technology in India. Held on 18th October 2022, the webinar was inaugurated by CA Ameet Patel, Chairman and Past President, BCAS.

The first speaker, Prashanth Periera, touched upon the industry’s evolution from 1G to the latest 5G technology. He emphasized the expectations from the 5G technology and its impact on major industries.

Dr. Ashish Shukla, shared statistics and data from other countries where 5G has already been launched. He focused on its impact on the FinTech industry and the evolution of new products or services owing to the latest tech.

Mr. Atul Joshi shared his views on the impact of the 5G technology on India’s GDP and its contribution towards achieving the goal of $5 Trillion.

The session was moderated by CA Naushad Panjwani who commented on the huge expectations from the new tech.

YouTube link – https://www.youtube.com/watch?v=up0rdkWbU80

The International Tax Committee organized a virtual one-day Workshop on ‘Transfer Pricing Benchmarking and Compliances’ on 14th October, 2022.

CA Vaishali Mane provided an overview of the transfer pricing (TP) provisions including those related to documentation, explaining various concepts which a TP practitioner is required to understand.

CA Namrata Dedhia explained the various TP methods along with practical scenarios to guide the participants in the selection of the most appropriate method.

Listing down the various compliances to be undertaken in India from a TP perspective, CA Anjul Mota explained the various nuances in undertaking the said compliances.

This was followed by a practical benchmarking workshop, wherein CA Naman Shrimal took the participants through the entire benchmarking exercise by way of a live case study on one benchmarking software.

The workshop ended with a brain trust session on TP. CA Arun Saripalli, CA Pankil Sanghvi and CA Archana Choudhary, the brain trustees, ably moderated by CA Siddharth Banwat, provided their views on various issues that a transfer pricing practitioner faces when undertaking benchmarking and compliances.

A small round of Do’s and Don’ts in DSC management were shared to summarize the session.

BCAS seminars are high-quality professional development sessions. Missed the seminar, but still interested in viewing the entire video recording available on E-learn- A Virtual Learning Initiative

Link – https://bit.ly/3HTbQJ4

WEBINAR – DSC MANAGEMENT

The Technology Initiative Committee of BCAS organised a unique session on DSC Management on 8th October, 2022. CS Jigar Shah guided the participants on the topic. He explained the following:What is signature, DSC and e-signature?

Signing the document saves the following general purposes:

• Evidence: It describes identification of the signature with signed document.
• Approval: It describes the signatory’s approval of authorization of writing that has legal effect.
• Efficiency and logistics describe the sense of clarity and finality to the transaction.
• Signer Authentication: A signature identifies the person and authorizes the message.
• Document Authentication: A signature identifies what is signed without detection and even marking the impracticable to falsify.
• Affirmative Act: defines the ceremonial and approval functions of a signature.
• Efficiency: describes the authentication process with the least possible expenditure of resources.

Use of Digital Certificate

Email, E-Commerce, EFT, Websites, Contracts and many more.

Digital Certificate

Digital Certificate are the electronic counterparts to driver licenses, passports and membership cards.

Benefits
Authentication
Digital signatures can be used to authenticate the source of messages. When ownership of a digital signature secret key is bound to a specific user, a valid signature shows that the message was sent by that user.

Integrity

The sender and receiver of a message may have a need for confidence that the message has not been altered during transmission. However, if a message is digitally signed, any change in the message will invalidate the signature.Signature and Document Authentication is known as “non-repudiation service”.

The faculty discussed various rules and regulations under the Information Technology Act, 2000 and challenges faced with the adaptation of technology in each of the processes.

The faculty shared practical tips on how to manage inventory and logistics of DSCs, how to provide value-add to clients and at the same time, keep a track of location of DSCs and how professionals can benefit from providing trustee services towards DSCs. He also guided on various precautions to be taken and the way forward in managing hassles.