Stay abreast with the latest developments in the professional domain along with in-depth analysis through
the monthly BCA Journal. Get access to an engaging library of researched publications from the BCAS stable.
BCAS through its advocacy initiatives has been a vital catalyst towards effective regulatory regime
and public policy in areas of accounting, taxation, financial and related domains.
BCAS is a knowledge-driven, apolitical, ethical voluntary organization working towards the professional
development of Chartered Accountants for the past 75 years,
BCAS is a uniquely positioned pan-India voluntary organisation of Chartered Accountants established in
1949 represented by membership across 250+ cities\towns of India. BCAS endeavours to be a principle-centred,
learning-oriented organisation promoting quality professional education, networking and excellence in the
profession of Chartered Accountancy. BCAS acts as a catalyst for better and more effective regulatory
policies for cleaner and more efficient administration and governance.
Introducing you to the Bombay Chartered Accountants’ Society
BCAS is a uniquely positioned pan-India voluntary organisation of Chartered Accountants established in 1949 represented by membership across 400+ cities\towns of India. BCAS endeavours to be a a principle-centred, learning-oriented organisation promoting quality professional education, networking and excellence in the profession of Chartered Accountancy. BCAS acts as a catalyst for better and more effective regulatory policies for cleaner and more efficient administration and governance.
The BCAS Legacy
Founded just six days after the Institute of Chartered Accountants of India in the year 1949, the BCAS is, in many ways, the torchbearer for the profession.
With an intent to inspire and nurture the professional spirit within its members, BCAS introduced novel features such as the long-term residential and non-residential refresher courses, the lecture meetings, the study circles, the workshops, the Referencer, the BCA Journal, publications. BCAS provides its membership base access to a sustainable, cutting edge and holistic learning platform, underlined by a reliable and knowledgeable network to confer and synergise with.
The BCAS Centre of Excellence is a versatile space that caters to the diverse needs of its members – serving as a training centre or as a meeting room for various committee meetings, study circle meetings, lecture meetings, seminars, etc. The well-appointed library has a rich collection of books of professional interest.
BCAS Foundation
Established in May 2002, the BCAS Foundation is the social wing of the BCAS. Recognising the need to channel the philanthropic obligation that rests on the shoulders of every conscientious citizen, the main objectives of the BCAS Foundation are:
Get involved with India’s largest and oldest voluntary body of Chartered Accountants. Learn, Share and Network with peers and mentors towards building lifelong relationships.
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Advocacy & Thought Leadership
Society News
Society News for the month of January 2025
Details:
1. Webinar on Transforming Tax Practice with AI: A Practical Approach for Professionals on Automating Compliance, Litigations and Drafting held on Thursday, 19th December, 2024 @ Virtual
The Technology Initiatives Committee of BCAS conducted this webinar and it was aimed at enlightening the participants on how to improve a CA Firm’s tax practice management techniques through the use of technology. It was a highly informative session that attracted participants from more than 65 different cities. Led by the speaker CA Vijay Srinivas Kothapalli, the webinar focused on how artificial intelligence (AI) is revolutionising the tax profession and practice. The session highlighted the growing role of AI in automating various aspects of tax compliance, litigation processes, and document drafting, offering practical strategies for professionals to leverage these advancements. As tax regulations become increasingly complex, the integration of AI into routine tasks is emerging as a game changer for efficiency and accuracy.
A significant portion of the webinar covered the automation of Income Tax (IT) and Goods and Services Tax (GST) notices using AI. This technology allows tax professionals to quickly generate responses, manage compliance deadlines, and process notices with greater precision. Additionally, AI-powered tools for Income Tax Return pre-scrutiny were discussed, which can help identify potential issues before submission, reducing errors and enhancing the quality of tax filings. The session also delved into documentation demonstrating how AI streamlines the preparation and filing process while ensuring adherence to legal requirements. Managing compliance calendars with AI tools was another key area covered, allowing professionals to stay on top of critical dates and avoid penalties.
Overall, the webinar provided tax professionals with practical insights on how to harness AI to streamline their work, reduce manual errors, and stay competitive in an increasingly digital landscape and received active participation from more than 330 participants.
2. Suburban Study Circle Meeting on “Navigating GST Reforms: Updates and Opportunities under the Amnesty Scheme on Thursday, 5th December, 2024 at C/o Bathiya& Associates LLP, Andheri
The meeting brought together tax professionals and GST enthusiasts to deliberate on the recent GST reforms, including key changes introduced as part of the Amnesty Scheme and was led by Group Leader CA Akshay Sharma and chaired by CA Janak Vaghani.
The speaker provided detailed insights into recent GST Council recommendations, including procedural simplifications, rate revisions, and compliance relief measures under the Amnesty Scheme. The session Chairman provided valuable guidance and support to the session leader, offering relevant examples to enhance the discussion on the topic.
KEY AREAS COVERED INCLUDED:
Analysis of GST Reforms — A comprehensive overview of the latest changes and their practical implications for businesses.
Opportunities under the Amnesty Scheme — Strategies to leverage this scheme for pending returns, late fee waivers, and compliance restoration.
Challenges in Implementation — A discussion on resolving ambiguities and preparing for future reforms.
The meeting was well received and participants actively engaged in the Q&A session, seeking clarity on various provisions and discussing sector-specific challenges.
3. Lecture Meeting on Deciphering The Current State of Indian Capital Markets held on Wednesday, 4th December, 2024@ Virtual.
The Bombay Chartered Accountant Society (BCS) organised a lecture meeting on 4th December, 2024, marking the conclusion of its 75th anniversary celebrations. The session, titled “Deciphering the Current State of Indian Capital Markets,” was presented by Mr. Nilesh Shah, Group President and Managing Director of Kotak Mahindra Asset Management Company.
During the insightful discussion, Mr. Shah delved into significant trends shaping global and Indian capital markets. He highlighted challenges such as rising debt levels in major economies, uneven economic growth within India, and the critical role of domestic investors in sustaining market resilience amidst Foreign Portfolio Investor (FPI) movements.
KEY TAKEAWAYS INCLUDED:
Global Dynamics: The economic leverage seen in global powerhouses like the US and China, underscoring their implications for interest rates and global trade.
Indian Economy: Despite its robust growth trajectory, India faces challenges of uneven development and employment generation. Mr. Shah pointed out structural reforms and sectoral opportunities necessary for sustaining long-term growth.
Market Analysis: He offered an optimistic view on corporate earnings and advised moderation in return expectations for equity markets due to high valuations. He also shared insights into sectoral opportunities, emphasising private banking and telecom, while cautioning about sectors like capital goods and infrastructure.
The session concluded with a lively Q&A, where participants engaged on topics like asset allocation, sectoral outlooks, and strategies for navigating the current investment landscape. Mr. Shah’s data-driven insights, combined with his ability to weave economic trends with relatable analogies, made the session highly impactful. The meeting was well appreciated by 200 plus participants.
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4. The Non-Profit Organization (NPO) Conclave 2.0, 2024 held on Friday, 29th November, 2024 at the Mayor’s Hall, All India Institute of Local Self Government, Andheri West
This event was organised by Finance, Corporate and Allied Laws Committee along with Internal Audit Committee of Bombay Chartered Accountants’ Society.
The details of the program are as follows:
The sessions focused on balancing regulatory compliance with continued growth and uninterrupted charitable work. Key takeaways included actionable steps to stay compliant with evolving regulations, safeguard resources, and ensure financial transparency in the NPO sector.
The program was well received and attended by 70+ participants
5. 7th Long Duration Course on Goods and Services Tax held on 16th August, 2024 to 29th November, 2024 @ Virtual
The 7th Long Duration Course on GST- 2024 was conducted by BCAS Virtually (Online mode) and was spread across 10 live sessions designed on a panel discussion format covering theoretical as well as practical aspects of GST.
The course covered 27 pre-recorded training videos of 90-120 minutes duration each conducted by the proficient faculty having immense expertise in the field of indirect taxation. The pre-recorded videos were made available in advance to the participants. Listening to pre-recorded videos helped the participants to have an interactive session by highlighting various issues in GST before the faculties. The live session covered the queries posted by the participants as well as drafted by the moderators. The presence of multiple faculties at the same time enabled sharing of thoughts and detailed deliberations. The course covered various concepts such as supply, valuation, ITC, place of supply, returns, registration, refunds and litigations etc.
The course received a very good response having 200 + participants enrolled from across the nation. The participants appreciated the program structure, course content and its’ execution.
6. Indirect Tax Law Study Circle — Blocked Credits under GST — clause (c) & (d) of section 17 (5) of CGST Act, 2017 held on Monday, 25th November, 2024 @ Virtual
Group leader, CA Yash Shah prepared case studies covering various contentious issues around clauses (c) & (d) of Section 17(5) of the CGST Act, 2017, especially in light of the recent decision of the Hon’ble Supreme Court in the case of Safari Retreats Private Limited. The discussion was ably supported by insights from mentor- CA Naresh Sheth
The presentation covered the following aspects for detailed discussion:
Availability of ITC on goods & services used for construction of hotels, cold storage facilities, theatres (single screen / multi-screen), auditorium, recreation parks, etc.
Availability of ITC on transfer fee paid to industrial corporations and lease owner in case of assignment of lease when the lease hold land is used for construction of a Mall / manufacturing facility for own use.
Availability of ITC on goods and services used for construction of a R&D department.
Interplay between section clause (c) & (d) of section 17 (5) and availability of ITC to the extent used for construction of premises to be leased out.
Is vivisecting a contract an option to seek exclusion from the scope of clauses (c) & (d)?
Around 75 participants from all over India benefitted and took an active part in the discussion. Participants appreciated the efforts of the group leader & group mentor.
7. Full Day Workshop on Recent Developments in GST held on Saturday, 23rd November, 2024 @ BCAS.
The workshop was organized to cover various judicial & legislative developments in the field of GST.
CA Sunil Gabhawalla covered the legislative amendments and took the participants through the proposed amnesty u/s 128A, amendments relating to section 16 (5) of the CGST Act, 2017 and RCM related amendments from the perspective of time of supply.
CA DivyeshLapsiwalla covered the procedural amendments, such as the introduction of Invoice Management System, TDS on Metal Scrap, etc.
As the due date for filing of annual returns for FY 2023-24 is approaching, CA Chirag Mehta took the participants through the various issues revolving around the filing of annual returns and specific care to be taken in the same.
A panel comprising of CA S S Gupta & CA A R Krishnan moderated by CA Mandar Telang covered recent decisions (Safari Retreats, Mineral Area Development Authority, Creative Infocity, L&T IHI Construction, etc.) under the GST Law.
The participants appreciated the content of the workshop. The workshop was conducted in a hybrid mode with 50 participants attending physically and around 100+ participants attending virtually across India.
8. Finance, Corporate & Allied Laws Study Circle meeting on “All About Fast track merger” held on 18th November, 2024@ Virtual.
Group Leader CA Ankit Davda gave an overall perspective of Fast Track Merger (including demerger).
He covered the applicable provisions under the Companies Act 2013 with the help of case studies. The learned speaker highlighted key elements of a Scheme of Arrangements, key provisions and procedures, broad timelines and critical points for consideration in respect of fast track merger. He touched upon other aspect which have an effect on such mergers in areas of Income tax, GST, Stamp duty, Transfer premium, Other charges and Change of control.
He satisfactorily responded to all the queries of the participants. In limited time, he dealt with all the aspects of Fast Track Merger in a lucid manner. The program was attended by 85+ participants.
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9. International Economics Study Group – Impact Analysis of Trump’s victory on Geo-economics & Geopolitics held on Monday, 18th November, 2024 @ BCAS
The Participants deliberated following points:
A. Geopolitics:
Ukraine-Russia Conflict: Trump’s victory could result in a shift in the U.S. stance towards Ukraine.
Middle East Tensions: Trump may take a more aggressive approach against Iran and its proxies (Hamas, Hezbollah & Houthi).
Heightened tensions with China are expected.
Russia and NATO Expansion: Trump’s policies could challenge NATO’s expansion in Eastern Europe.
India and Neighbouring Challenges: India’s relationship with the U.S. could be impacted favorably over troubled neighbours like China, Pakistan and Bangladesh.
B. Geo-economics:
Trade War with China: The likelihood of a second trade war under Trump could result in higher tariffs on Chinese goods, worsening trade relations, and impacting global supply chains.
Immigration Restrictions: With a focus on reducing illegal immigration, there may be tighter border controls, potentially affecting labour markets and demographic dynamics in the U.S.
Tax Cuts and Healthcare: Trump’s tax policies may reduce taxes, but with concerns about rising deficits and the challenge of controlling government spending.
Economic Impact on India: Economic fallout from tariffs, restrictions on immigration, and shifts in U.S. economic policies could create uncertainties for India’s export-driven economy.
All the Participants, Co-Convener CA Harshad Shah put up their points for discussions.
BCAS in News – BCAS as one of the stakeholders have been quoted in various news for its views, the below is link of the news articles where the Society was quoted. Also, our various other events and alliances are released in press too. Our readers can view these articles through this QR code. and You can then just provide list of articles.
