Society News for the month of January 2024

Details:

1. 16th Jal Erach Dastur CA Students’ Annual Day — ‘Tarang @75’ at BCAS Hall on 2nd & 3rd December 2023 and CA Member’s event — JhanCAr on 10th December 2023 at M.M. Pupils School, Khar(W), Mumbai

‘Tarang @75’

In its Platinum Jubilee year, BCAS celebrated student’s annual day viz. ‘Tarang @75’ in a grand style with a huge enrolment of around 500 students. The day began with all of the students unleashing their literary journey with the power of words. The Talk Hawk Competition provided a platform where ideas were presented and stage fear was battled for many. The talks were not only enriching but also highlighted very sensitive areas around men’s mental health, feminism, cancel cultures, etc., the narratives left a lasting impression emphasizing the power of communication and their delivery. The Talk Hawk was followed by a Debate Competition, a dynamic forum of intellectual exchanges and challenging thoughts. It was moderated by CA Parth Patani. As arguments clashed and ideas collided, the atmosphere was charged with discussions and controversies. Thought-provoking perspectives came to life as the students put their points forward with well-researched statistics and their own general understanding of the topics.

The next day, started with enthusiasm of treasures and clues, and students running around the streets of south Bombay and taking photos around the place. ‘Treasure Hunt’ was an event largely participated by the students showing the spirit of adventure and teamwork. The spirit of adventure and teamwork took over the day that began with zeal and zest! After all the chaos and actions, students finally gathered at the BCAS hall with all fun and excitement awaiting how the rest of the day unfolds!

The fun of the evening quickened as the spotlight shifted to a dazzling talent hunt, where students showcased their skills in music, dance, and various performing arts categories. The stage came alive with a fusion of creativity and talent, leaving the audience cheering for their friends and enjoying the love and light of the energies around them.

Almost 279 students participated in various activities like Treasure Hunt, Reel Mix Competition, Photography Competition, Antakshari Competition, Talk Hawk’, Essay Writing Competition and Talent show.

‘JhanCAr 20K3’

JhanCAr 2k23 marked its beginning by kicking off with an exhilarating event Corporate Roadies — a multisport adventure — a team play filled with excitement, surprises, and physical challenges with diverse courses of action!!

As the opening bell chimed, signalling the commencement of the Mock Stock Exchange, the room buzzed with excitement and nervous energy. Participants, each armed with a virtual portfolio and a strategy, gathered around their mobile screens, ready to engage in a thrilling financial adventure. Little did we know that the next few hours would be a rollercoaster of fun, thrills, and chaos. The rounds kicked off with a flurry of buy and sell orders. Excitement was palpable as stock prices fluctuated wildly. Laughter and cheers erupted when someone made a brilliant move, while groans echoed across the room when others faced unexpected losses. With CA Jigar Shah creating expert comments and news being read, the entire place was full of screams and laughter!

Following the physically exhausting games, now finally came the mental exhaustion, where teams gathered, each armed with a case file and a determination to uncover the secrets hidden within the financial statements in the event named ‘Investigator’. As the simulated crime scene unfolded on spreadsheets and balance sheets, teams meticulously combed through financial statements, scrutinizing every transaction, entry, and ledger balance. The case study presented a scenario where the cash flow appeared to be at odds with the company’s reported revenues and expenses, creating a financial puzzle. In the end, the true victory lay not just in solving the financial mystery but in the collaborative spirit that had driven each team.

JhanCAr took an innovative turn with the introduction of a captivating ‘Reverse Shark Tank’ — an investment ideology game. Participants showcased their entrepreneurial acumen by justifying the pitching of unconventional and creative business ideas to a panel of judges. This unique twist added a strategic and competitive edge to Jhancar 2k23, challenging participants to think outside the box and answer questions that judges had for them.

The pulse of the evening quickened as the spotlight shifted to a dazzling talent hunt, -Starquest where individuals and teams showcased their skills in music, dance, and various performing arts categories. The stage came alive with a fusion of creativity and talent, leaving the audience in awe of the diverse abilities displayed by the participants. CA Hrudyesh Pankhania truly brought the event to life with his supercharged energy and shayaris!!

A drumroll of anticipation seemed to echo and the winners were announced. Cheers erupted and the smiles and high-fives were not just a celebration of victory but a testament to the dedication, collaboration, and analytical skillset that had propelled them to the top.

The Winners of various competitions are as under:

Winners- 16th Jal Erach Dastur CA Students’ Annual Day

As the night progressed, the rhythm intensified with an electrifying Jamming session that got everyone on their feet, celebrating the success of Jhancar 2k23. The event reached its pinnacle with a dinner, providing a perfect finale to a day filled with excitement and creativity.

Both events were conducted by the Human Resource Development Committee (HRD) Team under the able guidance of CA Anand Kothari, CA Jigar Shah, CA Dnyanesh Patade and CA Utsav Shah. The Society is thankful to the Bank of Baroda and J.K.Shah Classes for partnering with BCAS by sponsoring JhanCAr 20K3.

2. The International Tax and Finance Study Circle organised a meeting “Moving to Singapore — A Singapore Perspective” on 12th December, 2023 in an Online Mode.

Group Leader Mr. Sanjay Iyer shared his practical insights with respect to nuances in setting up the presence in Singapore in the session. The topics covered in the discussion were:

1. Recent amendment of capital gains on foreign assets becoming taxable in Singapore.

2. Various routes of investments along with procedures and relevant government authorities involved.

3. Opening of a bank account in Singapore and the potential difficulties a new investee may face.

4. The concepts of Single and Multi-Family Offices along with key processes and potential issues that may arise.

5. Key aspects of succession planning.

Towards the end, some important practical aspects of living in Singapore including an approximate cost of living were also discussed. The session provided great insight into the overall operational aspects of moving to Singapore.

3. HRD Study Circle Meeting held a Film Screening — “The Power of Vision” on 25th November, 2023 @ BCAS.

The participants watched the film “The Power of Vision” by Joel Barker (known as a futuristic visionary) and discussed the same as a case study. Mr. Vinod Kumar Jain explained about the film. He explained the importance and power of having a vision in a person’s life, in a commercial or one’s socio-economic endeavours.

The participants discussed that the said film demonstrated how having a positive vision of the future is the most forceful motivator for change and success that companies, schools, communities, nations, and individuals possess.The film explained how a prisoner found the will to survive suffering on earth — at Auschwitz concentration camp — so he could help others find the meaning of life. How did most students in a neighbourhood finish high school beating all the odds paving their way to college? How do organisations inspire employees to be more than observers, exercise their choices wisely and create their futures?

Futurist Joel Barker showed why a shared vision makes decision-making easier, why effective visions are never expressed in numbers, and why a vision must be inspiring enough to challenge each member of the vision community to grow and reach beyond their previous limits.

“The Power of Vision” showed how in your organisation thinking together, dreaming together, and acting together can make a difference in the world.

Key Learnings:

1. Creating a compelling vision that goes beyond numbers

2. Challenging others to stretch beyond their perceived limits

3. Inspire a personal, daily connection to a shared vision

4. Improved decision making

5. New employee training

6. Leadership

7. Team building

After the screening of the film, participants discussed their learnings from the film, their experiences and how the same can be applied in their personal lives, educating their students and children. They also discussed how our nation’s present image-building action by our government will help our country grow to much greater heights.

4. Webinar on “Digital Brandscaping for Professionals” held on 25th November, 2023 in Online Mode.

The Technology Initiatives Committee of BCAS conducted a Webinar on Digital Brandscapting for Professionals. The webinar was planned to guide professionals in creating and nurturing their brand digitally within the Code Of Ethics of ICAI.

The webinar began with Mr. Mihir Karkare, a founder of a renowned social media marketing company, sharing with the participants the importance of branding digitally on various social media platforms. He also emphasised and shared insights on why digital branding is important for professionals in this digital age and era.

The webinar in its second part, addressed basic but important and relevant questions on balancing digital branding ourselveswith the Code of Ethics of ICAI as far as CAs in profession are concerned. Speaker CA Aseem Trivedi shared the practical aspects and clarified the ambiguity around using social media without violating the code of conduct.

The third part was quite an eye-opening session where our committee member CA Hrudyesh Pankhania gave participants a hands-on demonstration of how to use social media and make every bit of one’s reach count. The session focussed on refining social media networking and reach.

The webinar had participants from 25 cities across all age groups.

5. Suburban Study Circle Meeting on “Recent Litigation Trends in GST” on Friday 24th November, 2023 at Golden Delicacy Multicuisine Restaurant, Borivali (W).

The Group Leader CA Prerana Shah discussed with the group various issues arising in GST Compliance at the time of filing various returns including annual returns and commonly raised issues during assessments. She shared an educative presentation on important points based on judicial precedents/circulars and notifications and her views thereon.

In a knowledge-oriented and practical session, she lucidly covered all important points. She illustrated the interpretation of some of the important provisions with the help of case studies.The session was very interactive with participants deliberating upon a large number of practical queries. CA Prerana’s experience with the subject area was well appreciated by the group.

6. Indirect Tax Laws Study Circle on “GST Portal — Recent Developments and Challenges” held on 24th November, 2023 in Online Mode.

Group leader CA Umang Talati presented various issues & challenges faced by taxpayers on the GST portal as well as various recent developments on the portal. The presentation covered the following aspects for detailed discussion:

1. Discussion on Circular 170/02/2022-GST and its impact on disclosure to be made while filing GSTR-9.

2. New functionality of Electronic Credit Reversal and Reclaimed Statement enabled on the portal.

3. New functionality of Return Compliance Portal — DRC-01B/ DRC-01C enabled on the portal and manner of replying to such notices.

4. Implementation of Rule 37A and associated issues.

5. Procedural challenges in filing an appeal.

6. Geocoding facility on the portal – applicability & other challenges.

7. Utility of verifying RFN facility introduced on the portal.

Around 60 participants from all over India benefitted while taking an active part in the discussion.

7. ITF Study Circle Meeting held on 16th November, 2023 in Online Mode.

In the study circle meeting, the participants discussed the implications of the landmark Supreme Court ruling in the case of Nestle SA on the MFN Clause in a tax treaty:

• The group leader CA Gunjan Kakkad explained the facts of both the lead cases which were adjudicated in the common order by the Supreme Court, along with providing some background to the controversy at hand.
• The Supreme Court’s ruling was discussed in great detail.
• This was followed by a detailed analysis of the ruling and its reasoning.
• The Way Forward and the potential consequences of the ruling were discussed in detail. Many members expressed divergent views on the potential consequences.
• There was also a discussion on the potential arguments that may be taken in various proceedings initiated as a result of the Supreme Court ruling.