Society News for the month of July 2025
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1. 19th Residential Study Course on GST @ Kolkata
The Indirect Tax Committee organised its 19th Residential Study Course at The Westin, Rajarhat, Kolkata, between 12th – 15thJune 2025, exclusively on Goods & Service Tax. More than 310 delegates attended the program from over 60 towns and cities in India.
The Study Course started with Shree Ganesh Vandana and the lighting of lamp. Later, it was inaugurated by Shri Shrawan Kumar, Chief Commissioner of Central GST & Central Excise, Kolkata Zone, who spoke on the 8 years of GST and the way forward. Shri Ranjit Kumar Agarwal, immediate Past President of the Institute of Chartered Accountants of India, was the guest of honour. Chairman CA Govind Goyal welcomed all the participants, and Past Chairman CA Deepak Shah spoke about various activities of BCAS.
The first technical session on day 1 was a presentation paper by CA. Mandar Telang on the topic – “Addressing the deficiencies in Returns, Forms & Portal through effective documentation & strategic preventive steps”. The session takeaways primarily covered the facts that inadvertent mistakes are not akin to fraud, and for proper facts, justice is received even though it might be delayed. Committee member CA. Vikram Mehta chaired the session.
On day 2, the participants deliberated on the case studies in the group discussion format on the Panel Discussion paper on the topic “Real Estate Transactions”. The participants were divided into seven groups, each group led by 2 group leaders. As an innovative approach, the role of group leaders in each group was divided into “pro-revenue and pro-taxpayer” so that the participants get an understanding of the likely stand that can be taken by the department also. This format of GD was appreciated by the delegates.
After the GD session, the delegates gathered for the 2nd technical session by Adv. (CA) Ankit Kanodia. It was a presentation session on the topic of “Penalties under GST”. Committee Member CA. Jayesh Gogri chaired the session.
The 3rd technical session was the replies to the Panel Discussion paper on the topic “Real Estate Transactions”. The panel comprised of CA. A R Krishnan, as Moderator, CA. Sunil Gabhawalla & CA. A. Jatin Christopher as panelists. CA. Sunil Gabhawalla’s replies were from the taxpayer’s perspective, while CA. A. Jatin Christopher’s replies were from the Department’s perspective. Past President CA. Govind Goyal chaired the session.
On day 3, the participants deliberated on various case studies involved in the Group Discussion paper on the topic “Assorted Issues in GST”. This was followed by the 4th technical session – “T-20 capsules”. This is the continuous 4th year wherein selected delegates are invited to submit a detailed research paper on the assigned topic and further make a 20 minutes brief presentation on the technical topic at the RSC, thus providing them a forum to express their views on technical topics in just 20 minutes, i.e. in T20 Format. Committee Member CA. Prashant Deshpande chaired the session.
The sightseeing arrangements were made for the delegates, and they were delighted to visit the Victoria Memorial, Belur Math and Dakshineshwar Kali Temple. The delegates enjoyed the outing.
On the concluding day, i.e., day 4, the 5th technical session was the replies on the Group Discussion Paper by CA. S S Gupta. The session was chaired by the Vice President, CA. Zubin Billimoria.
The RSC concluded with acknowledgements and thanks to all those who had worked towards making the event a success, especially the Paper Writers, Group Leaders, Mentors, Panelists, Article contributors to the paper book and others who had worked tirelessly to deliver a seamless experience. Last but not least, thanks were expressed to the participants, without whom the sessions would not have been so interactive. Overall, it was an enriching experience and was appreciated by all the participants. This 4-day Residential Study Course at Kolkata (the city of joy) concluded with sincere appreciation for the tremendous efforts put in by the conveners CA Dushyant Bhatt, CA Gaurav Save and CA Parth Shah.
2. BCAS Town Hall Meeting @ Kolkata
The Bombay Chartered Accountants’ Society (BCAS) successfully conducted a Town Hall Meeting in Kolkata on 14th June 2025, on the sideline of the 19th Residential Study Course on GST. Organised with the support of CA Sanjay Poddar, CA Arup Das Gupta, and CA Abhishek Agarwal, the event brought together members for an open dialogue on professional development, Society initiatives, and future opportunities in the region.
The meeting featured key inputs from BCAS leadership:
- CA Zubin Billimoria, Hon. Vice President, provided an overview of the Society’s structure, committee ecosystem, and the contributions of its 250+ core group members.
- CA Mandar Telang, Hon. Treasurer, outlined recent initiatives, stressed the importance of local study circles, and expressed BCAS’s enthusiasm for future events in Kolkata, supported by active member involvement with the help of other sister organisations and local representatives.
- CA Gaurav Save offered insights into the efforts behind the GST RRC and shared how online Indirect Tax Study Circles have broadened access to national subject matter experts.
The event also featured active participation from attending members, who shared their expectations and ideas. Office bearers engaged constructively, addressed the queries raised and assured members of continued support in tailoring future programs to local needs.
Esteemed professionals, including CA Sushil Kumar Goyal, Past Central Council Member, ICAI, graced the occasion, making it a memorable and impactful exchange of ideas.
This Town Hall reaffirmed BCAS’s focus on regional inclusivity and its resolve to co-create meaningful platforms for professional excellence.
3. Webinar on Opportunities for CAs in Oman held on Tuesday, 10th June 2025@ Virtual
The webinar organised by the Seminar, Membership & Public Relations Committee enhanced the audience’s understanding of the opportunities present in Oman concerning practice, employment, and business. Around 200 participants registered for the event – drawn from across the country and mainly holding senior positions.
India and Oman are on the verge of signing a Comprehensive Economic Partnership Agreement (CEPA), which is expected to create new prospects in accounting, taxation, and transfer pricing for Chartered Accountants.
The Guest of Honour, Ms. Juhaina Al Balushi from the Ministry of Commerce, Industry, and Investment Promotion, addressed the participants regarding the investment climate in Oman and the tax incentives available for newly established businesses.
Dr. Yousuf Hamed Al Balushi, a respected thought leader and former employee of the Central Bank of Oman, provided valuable insights into the mining, renewable energy, and financial services sectors.
CA Jay Duseja discussed the employment opportunities in Oman, along with the practical considerations for relocating to the country. Additionally, CA Abhishek Vaishya outlined the necessary steps to establish an auditing or consultancy firm in Oman.
The webinar concluded with a Q&A session with participants sharing their questions and seeking clarifications.
Youtube link: https://www.youtube.com/watch?v=Jlt6aUSQxig
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4. International Economics Study Group – In the context of the Trade war, what are the Strengths, Weaknesses & Threats to China, and what are the opportunities for India vis-a-vis China held on Monday, 9th June 2025 @ Virtual
The meeting was led by CA Harshad Shah & CA Vijay Maniar and presented the following:
Strength of China: World’s 2nd Largest Economy, Manufacturing Powerhouse, Large Domestic Market, Largest Foreign Reserves, Infrastructure Development, Technological & Innovation, Major Trading Partner to Many Large Economies, Over-Reliance on Many Sectors, Products, & Critical Minerals in many countries, Large, Competent Labor Pool with Unmatched Productivity, World’s Largest Military etc.
China’s Weaknesses: Authoritarian & Police State, Systemic Issues in Governance, Corruption, Chinese Demographic Disaster, Rising Unemployment in Youths, Real Estate Market Collapse, Very High Debt Levels, Export Dependency, Overcapacity, Untested Military (5+ Decades) etc.
Opportunities for India: Manufacturing & Supply Chain Diversification, Export Growth to the U.S. Market, Attracting Foreign Investment, Aviation and Aerospace Opportunities, etc.
Threats to China: Shutdown of Industries reliant on the US Market, Unemployment from Industrial Shutdowns, Disruption of Supply Chains, Infrastructure Overexpansion, Risk of Recession, Risk of Technological Decoupling & Containment, Currency, Financial & Stock Market Volatility, Stress on China’s Fragile Banking System, Potential for Protests and Civil Unrest etc.
5. Four-Day Study Course on Foreign Exchange Management Act (FEMA) held on 30th to 31st May 2025 & 6th to 7th June 2025 @ Virtual (except the last day in Hybrid Mode at BCAS)
Four Day Study Course on Foreign Exchange Management Act, 1999 (FEMA) – on Day 4, it was planned as FEMA Focus – Advanced Perspectives on Foreign Exchange Laws
The first three days of the course were online and Day 4 was in hybrid mode. Many participants (including some from outside Mumbai) were present at the BCAS office and appreciated the personal interaction with speakers and networking opportunities with peers. The course was attended by nearly 300 participants.
This course covered the basic concepts of FEMA. The objective was to simplify extremely complex provisions for the participants. The course was comprehensive, and all key aspects of FEMA were covered. The speakers shared their vast experience with the participants and covered concepts as well as their practical applications. The examples and insight into real-life scenarios deeply enriched the participants.
After 3 days of covering basics, the last day focused on advanced level discussions and participants who were interested only in that day’s proceedings enrolled separately for the seminar “FEMA Focus – Advanced Perspectives on Foreign Exchange Laws”.
Day 4 began with an address by Dr. Aditya Gaiha, Chief General Manager, Foreign Exchange Department, Reserve Bank of India – who shared the regulator’s perspective and shed light on certain developments that are likely to take place over the next few months. It is worthwhile to note that he spoke at a professional forum after a long time and his session was greatly appreciated by the participants.
Other sessions on Day 4 covered advanced concepts and practical insights on succession in cross-border scenarios and cross-border restructuring.
The final session was a panel discussion with esteemed members of the profession. Interesting case studies were discussed during the panel discussion, and panelists shared divergent views on various issues.
Overall, the course was very enriching for the participants in terms of conceptual understanding as well as practical insights on FEMA.
6. Direct & Indirect Tax – Concept & Intricacies of Joint Development Agreements held on Friday, 6th June 2025@ Hyderabad.
The Bombay Chartered Accountants’ Society (BCAS) organised an engaged its first Sherpa Event in Hyderabad on 6th June 2025 at the G. P. Birla Auditorium. The Sherpa Initiative is BCAS’s national reach-out project aimed at deepening relationships with members and the wider community by appointing dedicated BCAS representatives (‘Sherpas’) in various towns and cities across India. These Sherpas act as a vital bridge between BCAS and local Chartered Accountant communities, helping plan and execute high-quality professional development programs while upholding the society’s strong ethical standards.
The session focused on the ‘Concept and Intricacies in Direct & Indirect Tax related to Joint Development Agreements’, featuring insightful presentations by CA Jagdish Punjabi (Direct Tax) and CA Mandar Telang (Indirect Tax). A highlight of the session was an interactive Q&A round lasting over an hour, addressing practical issues and real-world challenges faced by professionals.
The event was efficiently organised by Hyderabad’s Sherpa – CA Siddharth Mantri, whose efforts ensured smooth conduct and meaningful interaction. It saw an overwhelming response with 125+ Chartered Accountants in attendance, including 60+ non-members, reflecting BCAS’s growing reach and relevance. Additionally, an open dialogue led by Past President CA Narayan Pasari and CA Kinjal Bhuta provided participants with a deeper understanding of BCAS’s vision, the Sherpa Initiative, and the society’s ongoing activities and opportunities for members and aspiring professionals alike.
The evening concluded with a lively networking meet and dinner, fostering connections and camaraderie among the participants.
7. Supply Chain – A Gold-mine for Internal Auditors held on Friday, 6th June 2025@ Vile Parle.
The Internal Audit Committee hosted a full-day seminar, “Supply Chain – A Gold Mine for Internal Auditors,” on 6th June 2025, at the Ginger Hotel in Vile Parle. This event brought together over 60 participants eager to learn from distinguished supply chain experts from both industry and consulting practice.
Esteemed speakers included Mr Amit Kumar Baveja, Mr Vineet Jajodia, Mr Venkatadri Ranganathan, Mr Pankaj Raut, Mr Kaushal Mehta, Mr Chetan Thakkar, and Mr Govind Purohit. They generously shared their wealth of experience and insights with an engaged audience. The seminar delved into the complexities of the supply chain, emphasising how internal auditors can play a pivotal role in helping organisations manage risks and disruptions. Key topics explored during the sessions included:
- The dynamics of supply chains amid the rise of AI, automation, sustainability initiatives, and the current geopolitical landscape.
- Technologies employed by companies to mitigate supply chain disruptions.
- Fraud detection and prevention in supply chain audits.
- The digital transformation of supply chains, sustainability, and ESG reporting, particularly within the B2C sector.
- Practical case studies on supplier risk management.
This seminar provided valuable knowledge and strategies for internal auditors, helping them enhance their contributions to the ever-evolving field of supply chain management.
9. Lecture Meeting on Recent Judicial Pronouncements under GST held on Wednesday, 21st May 2025 @ Virtual.
BCAS hosted a virtual lecture meeting on recent jurisprudence in GST, which was delivered by Senior Advocate Mr Vikram Nankani. The session covered over ten significant court rulings, with Mr. Nankani providing clear and insightful explanations that helped demystify complex legal concepts.
Attendees greatly appreciated the depth of his knowledge and the structured manner in which he presented the evolving legal landscape under GST. His perspectives offered valuable guidance for professionals in the field.
The session concluded with a formal vote of thanks, expressing gratitude for Mr. Nankani’s time and contribution. More than 300 Participants acknowledged the enriching nature of the lecture with a round of virtual applause.
Youtube link: https://www.youtube.com/watch?v=QF4ZFe70lGc
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9. Direct Tax Home Refresher Course – 6 held from 17th May 2025 to 31st May 2025 @ Virtual.
Taxation Committee of the Bombay Chartered Accountants’ Society, in collaboration with the Association of Chartered Accountants, Chennai, Chartered Accountants Association, Ahmedabad, CA Association of Jalandhar, The Chartered Accountants Study Circle, Chennai, Hyderabad Chartered Accountants Society, Karnataka State Chartered Accountants’ Association and Lucknow Chartered Accountants’ Society, Maharashtra Tax Practitioners Association, Pune, Chartered Accountants Association, Surat and All India Federation of Tax Practitioners (West Zone), organized its flagship online course known as Direct Tax Home Refresher Course – 6.
The course again this year got a good response from the participants and more than 480 total registrations were received for the course. There were 14 sessions, where 14 speakers from different cities across India covered 14 important topics on direct tax.
Session 1 CA Narendra Jain delved into an overview of Section 536 of the New Income Tax Bill and its impact on the scope and charge of income. He covered the issues which can emerge during this transition from the current Income Tax Act to the New Income Tax bill.
Session 2 was taken by CA T G Suresh, where he gave a detailed presentation on Capital Gains including recent amendments and issues emerging out of that.
Session 3 was on the subject of Transfer Pricing, where CA Vijay Iyer discussed the recent developments and jurisprudence in Transfer Pricing. He also shared his insights on the APA Program and the benefits of the Safe Harbour Rule.
Session 4 was GAAR, TRC and PE, wherein CA Amrish Shah delved deep into the concepts and even explained the recent jurisprudence on all three topics.
Session 5 was on GIFT City and its framework, where CA Jaiman Patel gave a bird’s eye view of the entire framework and explained the regulations of the same under various Laws.
Session 6 was addressed by CA Pradip Kapasi on the topic of the Interplay of Benami and Income tax and other Economic Laws w.s.r.t.s 68 to 69D, SAAR and GAAR provisions. He beautifully explained the critical points that one needs to be aware of while dealing with the relevant provisions of those Acts.
Session 7 was on the subject of Related Party Definitions under various Laws vis-à-vis the Income Tax Act. CA Dr. Anup Shah dealt with the topic holistically and explained the interplay and the differences between those definitions.
Session 8 was addressed by Mr Purshottam, ITO CPC TDS Ghaziabad, wherein he explained the entire TDS/TCS Framework and the recent changes made under the same.
Session 9 was on the topic of Foreign Assets and Overseas Income and its reporting under the Income Tax Act, which was taken up by CA Rutvik Sanghvi in detail. His presentation covered each and every aspect, including the implications under the Black Money Act and various case studies on the same.
Session 10 was on the new age topic of AI and in Legal, Tax and Ethical Issues, which was beautifully explained by Huzefa Tavawalla and Ipsita Agarwalla.
Session 11 was taken up by CA E Chaitanya on the topic of ITR Forms for AY 2025-26 wherein he explained the forms and the changes made this year. He also explained the precautions to be taken while filing tax returns.
Session 12 was on Tax Audit changes for FY 24-25, addressed by CA K Gururaj Acharya wherein he explained the process of tax audit and the Forms and the points one has to be mindful of while conducting a Tax Audit.
Session 13 was addressed by Sr. Advocate Tushar Hemani on the subject of Appeal before CIT(A) & ITAT – Practical Tips – covering the Importance of cross-objections / Additional grounds/etiquette/drafting grounds, etc., which was very detailed and practical. He also addressed some of the common issues which practitioners need to be aware of.
In the last session, 14, CA Ishraq Contractor dealt with features and the recent changes of the Faceless Assessments. He also discussed the challenges faced by the department and assesses possible resolutions for the same.
The course was overall well-received by the participants.
10. Suburban Study Circle Meeting on 360 Degree of TDS held on Friday, 16th May 2025 @ S H B A & CO LLP.
The Suburban Study Circle hosted an insightful session on “360 Degree of TDS” led by CA Ravi Soni.
CA Ravi Soni delivered a practical and comprehensive presentation covering the entire spectrum of TDS—from foundational provisions to the latest amendments introduced by the Finance Act 2024. His expertise and clarity helped demystify common issues related to TRACES, default rectification, and complex sections such as 194Q, 206AB, and the newly introduced 194T (TDS on payments to partners).
Key Takeaways
Concept and Purpose: TDS as a mechanism to ensure regular tax collection and expand the tax base.
Amendments Covered: Several threshold increases and per-transaction applicability across Sections 194, 194A, 194C, 194H, 194M, etc.
Compliance Challenges: Common defaults, interest implications, and correction processes were explained with real-time illustrations.
TRACES Utility: A walkthrough of functionalities like downloading Form 16/16A, correction statements, and justification reports.
Latest Changes: New section introductions and amendments effective from October 2024 and April 2025 were discussed in detail.
The session concluded with an engaging Q&A, where participants discussed practical challenges in monthly filings, reporting, and reconciliations. The speaker also shared compliance checklists and tools to simplify TDS obligations for deductors and firms alike.
11. ITF Study Circle Meeting on Provisions of the New Income Tax Bill 2025 related to International Tax – Part 2 held on Thursday, 15thMay 2025 @ Virtual.
The International Tax and Finance Study Circle organised a meeting (online mode) on 15 May 2025 to discuss the provisions of the Income Tax Bill 2025 related to International Tax. The agenda covered corresponding provisions of Section 44B to 44DA and 92 to 92F of the Income-tax Act, 1961
- CA Siddharth Parekh covered Sections 92 to 92F (the transfer pricing provisions). At the outset, he shared insights on the Income Tax Bill 2025 and various rules for interpretation.
- He then discussed the subtle differences between the language in the current provisions and the provisions in the Income Tax Bill 2025.
- There was a lively discussion on the potential implications of these subtle differences, and divergent views were expressed.
- The group agreed that there will be uncertainty for the initial years when the Income Tax Bill 2025 is implemented.
- Adv Gunjan Kakkad took the group through the provisions of Section 44B to 44DA and the corresponding provisions of the Income Tax Bill 2025.
- He pointed out that there weren’t many differences between the language of the existing provisions and the corresponding provisions of the Income Tax Bill 2025.
- He further pointed out that the provisions in the Income Tax Bill 2025 were more structured with easy to understand tables as compared with the current provisions and took the group through the new provisions.
II. BCAS QUOTED IN NEWS & MEDIA
BCAS was quoted in 18 news and media platforms between May 2025 and June 2025. This coverage reflect our thought leadership and commitment to the profession. For details
Link: https://bcasonline.org/bcas-in-news/
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