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Society News for the month of February 2024

Details:

LEARNING EVENTS AT BCAS

1. A three-day Mega Conference “R७ima५ine” was held from 4th January to 6th January, 2024 at Jio World Convention Centre, Mumbai.

We take pride in informing you that “R७ima५ine”, organised by the BCAS to celebrate its 75th year, received a thumping response; 1,000+ delegates from 75 Cities attended the event. R७ima५ine was, without a doubt, the biggest and most ambitious event hosted by BCAS in its illustrious history — an exuberant recognition of resilience, growth and the indomitable spirit of the accounting community, guided by over 40 thought leaders from different fields. The event was highly appreciated and acclaimed in the profession and garnered deserving coverage in the press.

For accessing the press coverage,

click here – https://bit.ly/496wOyV

On this occasion, BCAS also received a note of appreciation from the Hon’ble Prime Minister of India recognising the Society’s seven-and-a-half-decade committed service to the nation. The said commendation can be accessed at https://bit.ly/3SBhZhM

A detailed report on “R७ima५ine” is also given in this issue on page no: 11.

2. International Economics Study Group organised a meeting “Israel Palestine Conflict-Issues & Implications” on 19th December, 2023 in an Online Mode.

Group Leaders CA Deepak Karanth and CA K. K. Pahuja shared their practical insights regarding the Israel-Palestine conflict. The discussion on the war, spanning over 75 years with six wars and two uprisings, followed the intricacies of the conflict and noted that it is linked to the Middle East’s complex geopolitics, and that similar to the Russia-Ukraine conflict, involving powerful nations, its escalation could destabilise the global economy, impacting India and the world.

CA Deepak Karanth presented Israel’s perspective, while CA K. K. Pahuja highlighted Palestine’s suffering, revealing dire conditions in Gaza with a 50 per cent unemployment rate, widespread poverty, and a food security crisis. As tensions rise, targeting the US to draw it back into the Middle East may lead to further escalation, leaving the world on edge, uncertain if the US can prevent conflict escalation.

They further elaborated that the fate of the Israel-Palestine conflict is intertwined with global stability and the potential for repercussions that could resonate far beyond the borders of the Middle East, particularly for the economies of India and the world at large. The escalating tensions raise concerns about the fragility of the current state of affairs, akin to a powder keg waiting to explode.

3. Direct Tax Laws Study Circle organised a meeting “Financial Instrument Taxation” on 7th December, 2023 in an Online Mode.

The Group Leader CA Anup Shah shared a detailed analysis of financial instrument taxation, referring to specific sections and case laws to support his insights, showcasing a solid understanding of the topic. He further elaborated on the following:

1. Various trading segments.

2. Rates of taxation for listed and unlisted equity investments.

3. The requirement of audit of accounts as prescribed under section 44AB of the Income-tax Act, 1961 (Act).

4. The prescribed method of calculation of turnover in the case of speculative, derivatives and delivery based transactions.

5. The impact of section 44AD(4) read with section 44AD(1) along with a reference to the recently added proviso.

6. The tax treatment as per the Act of:

a. Shares and securities held as assets vs. stock-in-trade with reference to the CBDT Circular 6/2016, dated 29th February, 2016.

b. On the conversion of shares held as capital assets into stock-in-trade with reference to certain case laws.

c. In the case of the issue of shares in a company in which the public is not substantially interested as per section 56(2)(viib) of the Act.

d. In the case of the receipt of ESOPs.

e. Debt instruments, buyback of shares, and crypto assets.

The meeting was interactive and various issues were deliberated upon by the participants.

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