Society News for the month of July 2024
Details:
LEARNING EVENTS AT BCAS
1. Power Summit 2024 | 28th & 29th June, 2024 | Hotel Fountainhead and Imaginarium AliGunjan, Alibaug
Human Resource Development Committee of BCAS organised a two-day residential program “The Power Summit 2024” on 28th and 29th June, 2024 at Hotel Fountainhead and Imaginarium AliGunjan, Alibaug. This was the 8th season of the Power Summit with the first one being held in 2011.
Much before the last date for early bird was to end, the registrations for the Summit were full. There were many members who had even listed down their names in the Wait List. Such an overwhelming response in itself is a strong testimony of the popularity of the Power Summit amongst our members.
The Power Summit hosted 88 participants from 15 different cities. We witnessed a mixed age group of audience with members in their twenties to experienced patrons and seniors. This diversity added to the charm of the Summit. The Summit had 8 eminent faculties. The program was curated and anchored by a team of 3 esteemed members — CA Nandita Parekh, CA Ameet Patel and CA Vaibhav Manek.
This is the second year in which we continued to hold this program in residential format. The benefits in residential format was truly reaped and cherished by the participants. They got added networking opportunities and chance to have casual interactions with the faculties some of whom were present through the entire duration of the program.
The theme for the Power Summit was “Walk the Talk | Leverage AI, Technology, Capital & Collaboration”. All the sessions had been strategically crafted around this theme.
The presentations by the faculties over the two days were creative, intriguing and intertwined in a way that all the participants came back with good food for thought and also a zeal to walk forward on the growth trajectory.
The program on Day 1 started with a panel discussion on the topic of Leadership Quotient for CA Firms. CA Hitesh Gajaria and CA Milan Mody shared their journeys as panellists and candidly explained the challenges of leading a CA firm. The session was moderated by CA Nandita Parekh.
In the next session, CA J. K. Shah shared his entrepreneurial journey and inspiring everyone by touching upon the values of Courage, Conviction and Commitment.
The next session was creatively crafted by CA Vaibhav Manek in the form of a Workshop. A mock Merger Lab had been organized wherein 4 CA Firms from amongst the participants were selected and divided in group of two firms each in advance. Each group was asked to stimulate a scenario wherein they have approached each other for a potential merger. The discussions that they would have carried out in a closed meeting room was stimulated and held on stage for all the participants to observe. This gave everybody an exposure on how the real-life merger discussions take place.
The last session for the day was a power packed session on Partnering with Technology for Growth by CA Lalit Valecha and CA Rajeev Sharma. They shared their experiences and introduced the Technology Best practices for CA Firms. This session continued late into the evening and yet saw a packed house till the very end.
While Day 1 of the Summit was hosted at Hotel Fountainhead, the Day 2 of Summit was hosted at Imaginarium AliGunjan. Imaginarium AliGunjan is a state-of-the-art research facility developed by Nishith Desai Associates in Alibaug. The philosophy of Blue Sky with which the research centre has been developed inspired our participants and added to their zeal for sessions to be hosted on this Day.
Day 2 began with a session by CA Aniket Talati. He shared insightful statistics around the composition of our current fraternity and the direction in which our fraternity and the profession is moving. He also reminded the participants about the Prime Minister’s wish to have large Indian firms emerging from amongst the existing firms.
The next session was by CA Dinesh Kanabar who shared his own journey and experiences of how one can navigate or sail through the Winds of Change.
The last session of the Summit focused on the new age HR practices for professional services firms. The session was led by Pakzad Nussirabad who has headed the HR function in various organisations in the past including a CA firm. He gave useful inputs to the participants on people management and how to face the challenges of a multi generational workforce.
The Power Summit was concluded with the closing bell session from CA Nandita Parekh, CA Ameet Patel and CA Vaibhav Manek summarising the learnings of the two days and motivating everyone to carry on the energy and zeal and take necessary action on their growth trajectory. They also thanked the convenors and other members of the HRD Committee for the excellent work done in organising the Summit.
The interest of the participants was evident in terms of the involved discussions and the large number of questions raised during and after each session and also during the casual networking interactions.
The Summit succeeded in generating a lot of interest amongst the participants thereby motivating them to strategically plan for their growth. The participants were extremely thankful to the organising team for the excellent work done by them and for providing a top-quality program to them. All the participants graciously shared their Testimonies and Gratitude over WhatsApp group and Social Media platforms.
2. Webinar on Use of Technology for Practice Management in CA Firm held on 18th May, 2024 Zoom Online Meeting
The Technology Initiatives Committee of BCAS conducted a Webinar on “Webinar on Use of Technology for Practice Management in CA Firm” on 18th May, 2024. The webinar was aimed enlightening the participants on how to improve a CA Firm’s practice management techniques through the use of technology.
The webinar began with CA Rahul Bajaj explaining the dashboard of the Practice Management Software BIZALYS. He demonstrated the features of the cloud based software like minimal data entry, auto work flow reports, automated reminders to clients and staff, branch and team management, document management, departmental hearing notices management, billing and receivables, appointment, library base etc. The speaker also answered multiple questions and addressed doubts of the participants.
In the second part of the webinar Mr Kshitiz Bharti, explained the features of MyTasksoftware. He demonstrated the management problems faced by the practicing professional firms and the benefits of using technology with enhanced tracking and control. He further elaborated the unique offerings of the software like Income Tax Return Status checker, geo location based attendance, client portal, GST return status tracker etc.
Key takeaways for the participants from the webinar:
- With increasing complexity in the various laws of the land and with multiple due dates to be taken care of, it is risky to continue to rely on manual ways of managing one’s practice.
- Various practice management software available in the market enable CAs to put in place proper processes and rules for carrying out each task in each assignment that the firm takes up
- Exploring the latest trends and advancements in CA practice management software.
- Understanding how automation can enhance productivity and reduce manual errors.
- Demonstration of the features and dashboards of the software
- Real-life case studies showcasing the transformative impact of software’s on CA Firm operations.
The webinar had 100+ participants from more than 35 cities.
3. ITF Study Circle Meeting held on Friday, 17th May, 2024 in Hybrid mode at BCAS.
Discussion on Case Study 1 of the ITF Conference Paper II: Unraveling GAAR, SAAR, PPT and LOB – Overlap and Intricacies by CA H Padamchand Khincha. The meeting was attended by approximately 28 participants.
The International Tax and Finance Study Circle organised a meeting (hybrid mode) on 17th May, 2024 to discuss the implications and different viewpoints of Case Study 1 of the ITF Conference Paper II
- The basic facts of the Case Study were summarised.
- Discussions began on various questions in the Case Study.
- Several members expressed divergent views on various issues.
- Various rulings and interpretations with respect to GAAR provisions were discussed.
- Some members shared their experiences dealing with GAAR provisions.
- Divergent views on different issues were well summarised.
Speaker: CA Rohit Jethani
4. Workshop on Positive Parenting held virtually on 21st April, 2024, 28th April, 2024 and 5th May, 2024.
The Human Resources Development Committee organised a workshop on “Positive Parenting” on 21st April, 28th April and 5th May, 2024. It was attended by 48 participants.
The faculty, Rev Fr Patrick D’Mello, Dr Janice Morais and Dr Sheryl John showed how parents can enjoy with their kids at the same time bring out the best in them.
The takeaways from the workshop are briefly given below:
1. “A child is the beauty of God’s presence in the world, the greatest gift to a family.” – Mother Teresa
2. The old ways of disciplining — shouting, correcting, spanking, punishing don’t work. They impact the children negatively. They are replaced by new ways — positive incentives, contracts, empathy, environmental control, curiosity questions, ‘and’ and not ‘but’.
3. The parenting process — holding, reassuring and letting go has to be age appropriate.
4. Various problems can be solved by “connect” and “skill-building” techniques
5. How to deal with internet addiction, excessive video games, and gadgets.
6. Spend time with children on activities that will have beneficial effects for their growth and success.
7. Positive parents nurture, discipline and respect their children 8. Universal problems like excessive mobile use, no motivation, disrespect & lying were discussed and the ways to deal with them were shown.
9. Important to be aware of the common mental health problems and seek help for the same.
10. Understanding that annoying and irritating behaviour are not misbehaviour.
11. Encourage children to express themselves and not to whine.
A lot was taught, enabling parents to use new strategies to get children to become more disciplined and grow to their full potential.
5. CAMBA Certified Management Programme for CAs held on 12th to 14th April, 2024 @ ATLAS SkillTech University Mumbai
These represent CAMBA — a certified Management Programme for CAs organised by BCAS in association with the ATLAS SkillTech University, mentored by CA Naushad Panjwani and designed by Dr Chetana Asbe. Approximately 90 participants from over 20 cities attended 10+ enjoyable sessions.
It was a unique program where CAs from across the country gathered not to enhance their technical skills but to dive into the nuances of personal and professional growth. From 12th to 14th April, 2024, participants embarked on an immersive journey designed to stretch their minds and broaden their perspectives. Sessions spanned topics like ‘AI for non-technical professionals’, ‘Leadership Ascendancy’ and ‘Design thinking for goal setting’. What truly set CAMBA apart was its hands-on, experiential approach to learning. Attendees didn’t just passively absorb information; they actively engaged in real-world scenarios, solving challenges, and refining their skills in real-time.
But it wasn’t all business. In between sessions, participants bonded over unique experiences like a Heritage City Bus Tour and a delightful Food Crawl, fostering connections that transcended professional boundaries.
A standout feature was the Speed Mentoring sessions, where eager young professionals had the invaluable opportunity to tap into the wisdom of seasoned experts, gaining insights that textbooks alone could never offer. CAMBA wasn’t just a program; it was a holistic journey of growth, camaraderie, and enlightenment — an experience that left participants not just better professionals, but better equipped to navigate the ever-evolving landscape of the professional world with poise and confidence.
6. Suburban Study Circle Meeting on “Issue-based study and discussion on Section 44AD & 44ADA” on 7th June, 2024 at C/o Bathiya & Associates LLP, Andheri (E), Mumbai.
Suburban Study Circle Meeting on “Issue-based study and discussion on Section 44AD & 44ADA”, was led by CA Viral Shah as Group Leader under the Guidance of CA Ketan Vajani.
In a comprehensive and insightful session, CA Viral Shah, under the chairmanship of CA Ketan Vajani, elucidated the intricacies of Sections 44AD and 44ADA of the Income Tax Act. The session focused on the provisions, applicability, and critical issues related to these sections, which are designed to simplify the taxation process for small businesses and professionals. The meeting was attended by approximately 20 participants. They shared their views on the following:
- Overview of Sections 44AD and 44ADA
- Eligibility and Conditions
- Computation of Income
- Advantages and Limitations
- Practical Scenarios and Case Studies
- Recent Amendments and Judicial Pronouncements
During the course of an engaging question-and-answer segment, participants raised queries about specific concerns and received expert advice from CA Viral Shah and CA Ketan Vajani.
The session was highly informative, providing attendees with a thorough understanding of Sections 44AD and 44ADA. Both speakers effectively highlighted the benefits of these presumptive taxation schemes while also cautioning about potential issues, ensuring that professionals and small business owners are better equipped to make informed decisions regarding their tax filings.
