Direct Tax Home Refresher Course – 5 Know More

Society News for the month of April 2024


1. HR Conclave was held on 16th March, 2024 in Hybrid Mode @ BCAS.

The HR Development Committee orchestrated a highly informative and engaging HR Conclave on Saturday, 16th March, 2024, meticulously designed to unravel the intricacies of managing human resources within professional services firms. This one-day event, offered in a hybrid format, brought together esteemed industry experts and HR practitioners to delve into various facets of HR management. 49 participants from 7 cities participated in the event.

Among the distinguished speakers was Ms. Falguuni Sheth, who kicked off the day with an insightful session titled “Well Chosen is Half Done,” emphasising the strategic underpinnings of HR management and its alignment with organisational objectives. Following this, CA Saroj Maniar and Ms. Priya Sawant shared invaluable perspectives in their session “Courtship cues. Employee engagements that lead to a long-term marriage,” shedding light on practical approaches to bolstering employee engagement and fostering enduring professional relationships.

The conclave also delved into the critical domain of performance appraisals and feedback, with CA Mehul Shah leading a session titled “Appraisals and Feedback – appreciate the strengths, help in bridging the gaps.” This session provided attendees with actionable insights into conducting fair and constructive performance assessments, essential for nurturing employee growth and development. Furthermore, Ms. Deepti Sheth facilitated a thought-provoking discussion on gracefully managing employee exits in her session “Grace in goodbyes – parting need not be painful,” highlighting the significance of maintaining positive relationships even during times of transition.

A panel discussion on “Remote Working – A reality or just another topic for Over the Coffee discussions,” moderated by CA Dhruv Shah and featuring panelists CA Samit Saraf, CA Sushrut Chitale, and CA Mitesh Katira, a comprehensive exploration of the dynamics, challenges, and opportunities associated with remote work in the professional services landscape. Throughout the day, participants were equipped with practical insights, actionable solutions, and e-kits containing over 150 HR templates, enriching their understanding and empowering them to navigate the complex terrain of HR management effectively. As the event concluded, attendees departed with a deeper understanding of strategic HR management, employee engagement, performance evaluation, effective communication strategies, and the nuances of remote working, poised to drive positive change within their respective organisations.

2. Indirect Tax Laws Study Circle on “Classifications in GST” was held on 14th March, 2024 in Online Mode.

Group leader CA Tapas Ruparelia along with mentor CA S S Gupta had prepared case studies and a presentation covering various issues & challenges faced by taxpayers in regard to the Classification under the GST law. Around 45 participants from all over India benefitted while taking an active part in the discussion. The case studies covered the following aspects for a detailed discussion on the place of supply:

1. Whether an assessee can adopt different classifications for the same product under customs and GST? If a particular classification under which goods are cleared with Customs is disputed, can the GST department also insist that the correct classification sought (for which an appeal has been filed with GST authorities) should be applied for GST as well?

2. Whether raw materials, being chemicals for the pharmaceutical sector qualify as “bulk drugs” or “drugs” to decide classification under Schedule I (5 per cent) or Schedule III (18 per cent)?

3. Whether GST on the interest component of EMI on Credit Card loans liable to GST or is exempted, being interest on loans and advances?

4. Whether renting of e-bikes, where charges are levied on a use basis, is classifiable under “rental services of transport vehicles” taxable at the standard rate of 18 per cent or as “leasing or rental service without operators” in which case, the GST Rate applicable to the e-bikes would be applicable to the service?

5. Whether services provided by naturopathy centres qualify as health care services and are eligible for exemption?

3. The Webinar on “Recent CBDT Circulars in relation to Charitable Trusts and Institutions” was held on 9th March, 2024 in Online Mode.

The Taxation Committee organised a Webinar on Recent CBDT Circulars in relation to Charitable Trusts and Institutions.

CA Ashok Mehta broadly explained the two CBDT critical Circulars in relation to Charitable Trusts and Institutions-

(1) Circular No. 2/2024, dated 5th March, 2024

(2) Circular No. 3/2024, dated 6th March, 2024

The Speaker highlighted the fact that the CBDT has observed instances where trusts and institutions submitted the wrong audit report form (Form No. 10B or 10BB) for the A.Y. 2023-24. To address this, the CBDT has granted an extension for corrective measures. If a trust or institution has submitted Form No. 10B where Form No. 10BB was applicable, or vice versa, on or before 31st October, 2023, the trust is now permitted to rectify this by submitting the correct audit report in the applicable Form No. 10B or 10BB for the A.Y. 2023-24 on or before March 31, 2024.

The Speaker welcomed the Clarificatory Circular No.3/2024 dated 6th March, 2024 pertaining to inter-trust donations which allows the entire donation to be treated as an application of income and not restricted to only 85 per cent of the donation given.

Link to access the session:


4. The Human Resource Development Committee organised “CA Pariksha Pe Charcha” on 2nd March, 2024 in Online Mode.

The event, “CA Pariksha Pe Charcha,” organised by the BCAS Human Resource Development Committee, was a two-hour session held via Zoom, focusing on strategies for success in CA examinations and dealing with failures. The event aimed to guide CA aspirants and provide them with the motivation and tactics needed to excel in their exams.

CA Pritam Mahure led the first hour with a talk on how to achieve success in CA Exams and cope with failures, sharing insights and practical advice.

The second hour featured a panel discussion with Chartered Accountants who have achieved top ranks in recent CA exams. They discussed their experiences, study techniques, and personal journeys.

The interactive session provided attendees with an opportunity to gain valuable knowledge and ask questions about the CA exam process.


CA Akshay Jain (AIR 1 May 2023)

CA Kalpesh Jain (AIR 2 May 2023)

CA Sanskruti Parolia (AIR 2 Nov 2023)

CA Shruti Parolia (AIR 8 Nov 2023)

Moderator: CA Kartik Srinivasan

Link to access the session:

5. A Panel Discussion “Future Ready Finance Professionals” was held on 1st March, 2024 @ JBIMS Auditorium.

The HRD Committee, in collaboration with Jamnalal Bajaj Institute of Management Studies (JBIMS), organised a discussion on “Future Ready Finance Professionals” on 1st March, 2024 at the JBIMS Auditorium. The event featured a distinguished panel of CFOs from various esteemed organisations, which comprised of CA Sajal Gupta from Rustomjee Group, CA Pinky Mehta from Aditya Birla Capital, Mr. Ramesh Subramanyam from Hinduja Group, and CA NaozodSirwalla from HDFC AMC Ltd, moderated by Dr. CA. Sahrdul Shah. The discussion provided profound insights into the multifaceted responsibilities of CFOs in contemporary business environments.

The panel emphasised the strategic orientation increasingly demanded of CFOs, underscoring the imperative for Chartered Accountants to lead with foresight and agility. Addressing a diverse array of topics, including technological innovation, ethical governance, and sustainability, the panel highlighted the critical role Chartered Accountants play in driving organisational success through astute financial stewardship.

Emphasising the indispensable nature of continuous learning and adaptation, the discussion urged Chartered Accountants to remain abreast of technological advancements and emerging trends. Moreover, it stressed the significance of ethical integrity and professional responsibility in upholding the highest standards of financial practice.

With a focus on preparing Chartered Accountants to navigate the complexities of the modern business landscape, the event served as a platform for knowledge exchange and networking, empowering finance professionals to chart a course toward future readiness.

In summary, the event provided invaluable insights into the evolving role of Chartered Accountants as strategic partners in organisational growth and sustainability. Through collaborative dialogue and shared expertise, the panel reaffirmed the indispensable contributions of Chartered Accountants to the finance profession and underscored their pivotal role in shaping a prosperous future.

6. Direct Tax Laws Study Circle meeting was held on 1st March, 2024 in Online Mode.

CA Manish Dafria covered the newly introduced Section 43B(h) of the Income Tax Act; 1961 (“the Act”)– Analysis and Impact, wherein the speaker provided his perspective and a detailed analysis and shed light on its various aspects as indicated below:

1. The conditions laid down for the applicability of Section 43B(h) of the Act.

2. Classification of enterprises based on the definitions mentioned in the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act).

3. Time limit as mentioned in Section 15 of the MSMED Act and with the relevant definitions.

4. Clarifications to issues namely:

i. Whether the amount payable to enterprises on account of Capital Expenditure would attract disallowance u/s 43B(h) of the Act.

ii. Whether amounts payable to traders / retailers would attract disallowance u/s 43B(h) of the Act.

iii. Applicability of 43B(h) to charitable organisations for determining “Application of Income”.

iv. Whether the GST component of the expenditure would be included in the amount to be disallowed u/s 43B(h) of the Act.

v. Whether 43B(h) would apply to assessees opting for declaring presumptive income u/s 44AD of the Act.

7. The 21st Leadership Camp “Empowering Relationship” was held on 16th–18th February, 2024 @ Leslie Sawhney Training Centre, Devlali by the Human Resource Development Committee.

The 21st Leadership camp on the topic, ‘Empowering Relationship’ was held at Leslie Sawhney Training Centre at Devlali between 16th and 18th February, 2024. Twenty-three participants which included 7 couples and 9 individuals participated in the programme.

The Trainers: Dr. Sudarshan Iyengar (Retired Vice Chancellor of Gujarat University) and Dr. Ashwin Zalathe, guide and mentors.

In his introductory remarks, the Chief Administrator of the venue, Major General (Retd) Pithawalla shared the real-life experience from his days in the Army. He emphasised that in the Military, as a leader one has to empower the relations with the team as dependability is one of the most critical criteria looked upon in every team member.

Important takeaways to empower the relationship are summarised here.

  • Complete attention to the person not just hearing but listening to him
  • Introspection and reflection: Introspect as to what happened and how one can improve the relations. Express unconditional love.
  • In any interaction conflict is bound to be there. Expectation and attachment result in a gap in relations.
  • Express gratitude to all you interact with including five elements of the Universe.
  • Understand the reasons that bring conflict and neutralise them with opposites. Fourteen reasons for conflict were identified. For instance one of the reasons for conflict is selfishness then neutralising it by unconditional love.
  • Other important concepts discussed were Attitude (values), behaviour (attitude in action) and situation (context) in relations and conflicts.
  • Learn to appreciate yourself through your words and actions. A Word without money is cheap, but money without a word is vulgar.

In the concluding session, questions were raised as to whether conflict is necessary. And the views echoed the sentiment that conflicts could be appropriate for understanding of the matter. One can always channelise the conflict into the opportunity for growth, love, and respect.

The camp concluded with a Vote of thanks and thrilling real life story of his war experience by Major General (Retd.) Cyrus Pithawalla about how the empowered relationship between the army teammates helped avert the major terror attack on India despite almost fatal injuries.

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