1. “Blood Donation & Platelet Donation Awareness Drive” on 16^th May, 2025

On Friday, 16^th May, 2025, the BCAS Foundation, jointly with the Seminar, Membership & Public Relations Committee of BCAS, held the annual “Blood Donation Drive”, enlisting the support of Tata Memorial Hospital (TMH).

Doctors and technicians from TMH screened 74 potential donors through the detailed questionnaire filled in by them. Contrary to popular belief, patients diagnosed with cholesterol, thyroid, blood pressure issues could also donate blood, provided they met certain criteria. 54 units of blood were collected from eligible donors, which included the President, Chairman of the SMPR committee, BCAS members and staff.

To create awareness and dispel the myths about platelet donation, a “Platelet Donation Awareness Drive” was also held with donors giving blood sample for the platelet donation eligibility check.

For their invaluable contribution, each blood donor was presented a “Life Saver” medal, the BCAS Calendar and a BCAS publication from the Book Mela which was held on the same day

2. International Economics Study Group – Operation Sindoor, Ceasefire or Surrender? What Comes After the Silence & Beyond the Battlefield: The Economic Repercussions of India’s Stand-off held on Monday, 12^th May, 2025 @ Virtual

In the meeting, CA Harshad Shah and CA Vijay Maniar presented the following points. Operation Sindoor, named to honour women widowed in the Pahalgam terror attack, marked a paradigm shift in India’s military strategy by challenging Pakistan’s assumption that nuclear threats deter conventional responses. Its objectives included disrupting terrorist infrastructure, preventing future attacks, and establishing a deterrence doctrine equating terrorism with conventional aggression. In 88 hours, India neutralised 9 terror infrastructures and 11 Pakistani airbases with precision strikes using BrahMos, HAMMER, and SCALP missiles while dismantling Pakistan’s air defences. The Indian Integrated Defense System (S-400, Akash platforms, anti-aircraft guns, fighter jets and electronic warfare system) successfully intercepted missile and drone attacks, showcasing cutting-edge technology. Strikes on strategic sites like Kirana Hills and Nur Khan Airbase crippled Pakistan’s nuclear command centres. Operation Sindoor delivered a psychological and tactical blow, signalling zero tolerance for terrorism and elevating India’s defence capabilities. Pakistan’s halt to hostilities under U.S. pressure highlighted its vulnerability. Key outcomes included bolstering India’s resilience, leveraging non-kinetic tools like Indus Waters Treaty suspension, and redefining counter-terrorism norms globally.

3. Indirect Tax Laws Study Circle Meeting on “GST on Societies, Trusts, Charitable Institutions, etc.” held on Monday, 5^th May, 2025 @ Virtual

Group leader, CA Mohit Gupta prepared and presented various case studies on GST on Societies, Trusts, Charitable Institutions, etc.

The presentation covered the following aspects for detailed discussion:

1.  Concept of Clubs, Society, Members, Trust, etc.
2.  Supplies by Resident Welfare Association (RWA), Different charges collected by RWA, Clubs.
3.  Activities undertaken by Trusts, CSR Donation received by Trusts.
4.  Taxability of different charges paid to RWA and Clubs.

Around 75 participants from all over India benefitted while taking an active part in the discussion. Participants appreciated the efforts of the group leader & group mentor.

4. Lecture Meeting on Fund Raising Opportunities through GIFT IFSC

Group leader CA. Nihar Dharod, prepared case studies covering various contentious issues around refunds under GST in consultation with Group Mentor Adv Keval Shah, Mumbai.

The Bombay Chartered Accountants’ Society (BCAS) hosted a lecture meeting detailing fundraising opportunities through GIFT IFSC (Gujarat International Finance Tec-City International Financial Services Centre) on 30th April, 2025. Speakers from the IFSCA, India International Exchange (India INX), and a legal firm discussed the regulatory framework, tax benefits, and strategic advantages for Indian and foreign companies seeking capital.

Arjun Prasad (GM, IFSCA) delivered a Keynote address and explained that the IFSCA acts as the unified regulator for GIFT City’s SEZ, streamlining regulations. He highlighted that GIFT City SEZ is treated as foreign jurisdiction under FEMA, enabling unrestricted capital flows and treating flows to domestic India as foreign investments. GIFT City has experienced substantial growth, with a significant increase in entities, banking assets, funds, and exchange turnover, aiming to compete with global financial hubs.

Riddhi Vora (Head of Listing, India INX) discussed India INX’s role as the first international exchange in GIFT IFSC, aiming to establish Gift City as a global price setter. Recent regulatory changes now permit direct equity listings for Indian companies on IFSC exchanges without mandatory prior domestic listing, facilitating capital raising from both resident and non-resident investors. IFSC listing regulations are designed to be less stringent than domestic ones, with lower minimum public shareholding requirements and flexible issue periods. India INX also promotes Green/ESG bond listings.

Ketki Gor Mehta shared that the IFSC within GIFT City’s SEZ functions as India’s offshore platform and transactions occur in freely convertible foreign currencies. While subject to Indian laws, IFSC entities enjoy specific tax exemptions and fiscal benefits. Beyond equity and debt, the IFSC supports ECBs and a growing fund management market, with advantages in specialized sectors like aircraft and ship leasing.

Vishal Yaduvanshi discussed recent regulatory changes that have created a robust framework for various entities to raise funds on IFSC exchanges through diverse instruments, including equity, debt, REITs, and InvITs. A key attraction is that FATF-compliant foreign companies can undertake fundraising without redomiciling to India. Generating liquidity is crucial for IFSC exchanges to attract more listings and investors.

Speakers responded satisfactorily to the queries raised by the participants. More than 200 participants attended the Lecture Meeting.

Youtube Link: https://www.youtube.com/watch?v=8yh3VNNfEvs

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5. ITF Study Circle Meeting on “Provisions of the New Income Tax Bill 2025 related to International Tax – Part 1” held on Tuesday, 29^th April, 2025 @Zoom

Group Leaders – CA Nemin Shah and CA Hansh Gangar

Decode the New Income Tax Bill, 2025 – International Tax Focus

Corresponding provisions of sections 6, 7 and 115A of the Income-tax Act, 1961 in the Income Tax Bill, 2025- Group Leader CA Nemin Shah

During the session, CA Nemin Shah started the discussion with general changes in the New Income Tax Bill, 2025 (ITB), such as changing the previous year and assessment year to tax year and replacement of provisos and explanations with sub-sections. The Group Leader discussed that broadly, except for the section numbering, there was no change in the language of the corresponding clauses to sections 6, 7 and 115A of the Income-tax Act, 1961(Act). The corresponding clauses in the ITB are sections 6, 7 and section 207. The Group Leader pointed out that in Explanation 1(a) of section 6 of the Act, the language ‘for the purpose of employment been changed to ‘for employment outside India ‘ in the corresponding clause in ITB clause 6(3)(b). The group discussed that this would result in a narrowing of the language. Another thought was whether it was just an attempt to simplify the language or something else. Further, the Group Leader went on to point out that the redundant sections in the Act were removed in the Bill.

Corresponding provisions of sections 9, 9A, 90 to 91of the Income-tax Act, 1961 in the Income Tax Bill, 2025 – Group Leader CA Hansh Gangar

CA Hansh Gangar started with the macro analysis of the changes in sections 9, 9A, 90 to 91. He pointed out that the provisions of business connection and Indirect Transfer were pushed behind in clause 9 of the ITB. Section 9A of the Act is now merged with clause 9 of ITB under clause 9(12). Further, eligibility conditions relating to business connections were listed in Schedule I. In the ITB, the term “for the purpose of” has been removed has been removed from many provisions. Further, provisions which are either redundant or have a sunset clause have also been removed. Provisions with single para with long explanations are now broken down into pointers. In the detailed comparative analysis, the Group Leader pointed out the changes in language, such as section 9(1)(ii) of the Act relating to Salaries has a language ‘…if it is earned in India’. This language has been removed from the ITB. He pointed out that in section 9(1)(vi)(b) of the Act relating to royalty, the restriction imposed by the term “any right, property or information used or services utilized” has been removed in the corresponding section 6(a)(ii) of ITB thereby widening the scope of royalty payments made for business outside India. The Group Leader also pointed out a typographical error in clause 6(a)(iii)(B) wherein the word ‘outside’ has been used. Further, in the definition of ‘royalty’ given in clause 6(b) of the ITB after the term ‘transfer’, the term ‘grant’ has also been inserted under ITB.

6. Direct Tax Laws Study Circle Meeting on Income-Tax Provision Applicable for FY 2025-26 held on Saturday, 26^th April, 2025 @Zoom

CA Avinash Rawani discussed important provisions of the Income Tax Act applicable for FY 2025-26:

i. New Tax Regime (Section 115BAC): Tax slabs have been revised, and the standard deduction under this regime has been increased from ₹50,000 to ₹75,000, effective 01.04.2025.

ii. Capital Gains Tax: Short-term capital gains (STCG) under Section 111A will be taxed at 20% (earlier 15%), and long-term capital gains (LTCG) under Section 112A will be taxed at 12.5% (earlier 10%) with indexation benefits withdrawn for post-23.07.2024 transactions.

iii. Business Income (Section 28): Rental income from residential properties held as stock-in-trade will now be taxed under “Income from House Property,” even if let out as part of the business.

iv. Start-up Incentives (Section 80-IAC): The eligibility period for start-ups to claim a 100% deduction of profits for three consecutive years has been extended to those incorporated before 01.04.2030.

v. Presumptive Taxation (Section 44BBC): Introduced for non-resident cruise ship operators, taxing 20% of gross receipts from passenger carriage.

vi. TDS and TCS Amendments: Numerous threshold limits have been increased across sections like 194A (interest) and 194 (dividends); new sections such as 194T introduced TDS on payments to partners in firms/LLPs. vii. Form 3CD Reporting: Updated with new clauses to include presumptive income reporting, expenditure related to legal contraventions, MSME dues, and buy-back of shares compliance.

viii. Updated Return Filing (Section 139(8A)): Time limits extended up to 48 months post-A.Y. end, with corresponding increases in additional tax liability.

ix. Charitable Trusts: Registration validity for small trusts (income ≤ ₹5 Cr) was extended from 5 to 10 years, and procedural amendments were made for mergers and application errors.

x. Miscellaneous: Sunset clauses for IFSC tax concessions were extended to 31.03.2030, and numerous procedural and compliance changes (e.g., in reassessment, penalty provisions) were introduced.

The presentation was well received and appreciated by the participants.

7. Finance, Corporate and Allied Laws Study Circle – Overview of recent regulatory changes in Company Law & SEBI Listing Regulations and certain important ROC Adjudication Orders held on Thursday, 24^th April, 2025 @ Virtual

The Study Circle session on 24^th April, 2025, led by CS Gaurav Pingle, focused on recent changes in Company Law and, SEBI LODR Regulations and ROC / RD adjudication orders.

Key highlights on Company Law updates covered MCA’s launch of the e-Adjudication platform and CPC, CPACE to also undertake LLP strike-off, and facilitating changes in mobile/email of a DIN holder through DIR-3 KYC, ease of merger of a foreign holding company with its Indian WOS, extension of timelines for compulsory demat, LEAP rules for facilitating listing in IFSC, etc.

SEBI updates inter alia covered rumour verification, new norms for the appointment of secretarial auditors (brought in line with those applicable to statutory auditors), RPT exemptions, and changes in the procedure of reclassification of promoters.

The learned speaker deliberated on some Important ROC/ RD adjudication orders (relevant from CA’s perspective) on CSR lapses, delays in the appointment of internal auditors, private placement, etc.

The session was quite informative, giving an overview of the practical implications of the reforms as well as responding to all the queries raised by the participants.

8. FEMA Study Circle Meeting “Decoding FEMA Draft Regulations and Directions on Foreign Trade” held on Tuesday, 22^nd April, 2025 @Zoom.

Group Leader : CA Naziya Sayyed

•  Overview of Draft Regulations under FEMA:

• Examination of the key objectives behind the draft regulations and directions issued by the Reserve Bank of India (RBI) under the Foreign Exchange Management Act, 1999, focusing on modernisation, simplification, and alignment with current global trade practices.

•  Revised Framework for Import and Export Transactions:

• Discussion on the proposed changes in compliance procedures for cross-border trade, including timelines for realisation and repatriation of export proceeds and settlement of import payments.

•  Liberalisation vs. Control Mechanisms:

• Analysis of how the draft balances ease of doing business with necessary foreign exchange controls to safeguard India’s external sector stability.

•  Impact on Advance Payments and Deferred Payment Terms:

• Clarification of norms regarding advance remittances for imports and extended credit terms for exports, including risk mitigation measures suggested in the draft.

•  Directions on Third-Party Payments in Trade:

• Interpretation of the provisions regulating third-party payments in export/import transactions and their alignment with global banking practices.

•  Trade Credit Regulations:

• Review of updated norms for suppliers’ credit and buyers’ credit, including ceilings, maturity periods, and all-in-cost benchmarks.

•  Treatment of Merchanting Trade Transactions (MTT):

• Discussion on streamlined procedures and compliance requirements for merchanting trade, ensuring transparency and monitoring of such transactions under FEMA.

•  Penal Provisions and Non-Compliance Consequences:

• Overview of the enforcement mechanisms, penalties for contraventions, and the role of Authorized Dealers (AD Banks) in ensuring adherence to the directions.

•  Alignment with WTO and International Trade Norms:

• Evaluation of how the draft regulations harmonise India’s foreign exchange laws with international trade agreements and obligations.

•  Stakeholder Implications and Compliance Challenges:

• Identification of practical challenges for exporters, importers, banks, and consultants in adapting to the new regulatory environment and recommendations for ensuring a smooth transition once these drafts are finalised.

9. Full Day Seminar on “TDS and TCS Provisions – a 360° Perspective” held on Thursday, 17^th April, 2025 @ IMC.

Taxation Committee of the Bombay Chartered Accountants’ Society, in collaboration with the Indian Merchant Chamber of Commerce and Industry and the Chamber of Tax Consultants, organised a full-day seminar on “TDS and TCS Provisions – a 360° Perspective”.

The seminar commenced with a welcome address by office bearers of the organising institutions, followed by a keynote address by Shri Raj Tandon, Principal Chief Commissioner of Income Tax (Mumbai), who emphasised the government’s evolving approach toward compliance and streamlining of tax deduction and collection mechanisms.

Session 1 delved into critical issues under domestic TDS and TCS provisions, particularly Sections 194R, 194Q, 194D, 194J, and TCS on goods. The discussion focused on interpretational ambiguities, industry challenges, and compliance strategies. The session was moderated by CA Vikas Aggarwal, with panel insights from Ms. Vidhi Killa and CA Bhaumik Goda.

Session 2 dealt with enforcement-related aspects such as penalties, prosecutions, and compounding procedures under the TDS/TCS regime. It was chaired by Shri G.M. Doss, CCIT (TDS), Mumbai, who also delivered a keynote on departmental expectations and recent trends. The session was moderated by CA Mahendra Sanghvi and featured expert inputs from CA Rahul Verma and CA Jagdish Punjabi.

Session 3 addressed issues under Section 195 – TDS on payments to non-residents, including complexities involving Significant Economic Presence (SEP) and the Multilateral Instrument (MLI). The session began with a keynote by Smt. Malathi Sridharan, Principal CCIT (International Taxation & Transfer Pricing), West Zone, and was moderated by CA Sushil Lakhani, with panel contributions from Mr Vinod Tanwani (Pr. CIT, Mumbai), CA Sunil Choudhary and CA Ganesh Rajgopalan.

Session 4 focused on procedural and system-level issues, including TDS return filing errors, refund mismatches, credit issues, and lower deduction certificates. The discussion was moderated by CA Ameet Patel and featured participation from senior tax officers, including Mr Mudit Nagpal (CIT-TDS, Mumbai), Mr Sanjeev Kashyap (CIT-TDS), a representative from DGIT (Systems)/CPC, and CA Prayag Kinariwala.

The seminar concluded with closing remarks by Mr. Rajan Vora, Chairman Direct Taxation Committee, IMC. The event was highly appreciated for its expert-led, solution-oriented discussions and its 360° coverage of TDS and TCS provisions, offering valuable insights for both corporates and tax professionals.

10. CAMBA 2025 held on 11^th – 13th April, 2025 @ Atlas SkillTech University, Mumbai.

The Human Resource Development Committee of BCAS recently wrapped up an enriching and impactful event in collaboration with Atlas Skilltech University, Mumbai – CAMBA 2025. CAMBA 2025 was a 3-day course thoughtfully curated to cater to the evolving needs of Chartered Accountants across different stages of their careers.

This year, three specialised batches were conducted to maximize relevance and learning outcomes: below 35, below 35 (advanced) and above 35. Each batch featured content tailored to the specific professional journeys and aspirations of the participants, making CAMBA 2025 more focused and effective than ever before.

The program saw enthusiastic participation from 90+ Chartered Accountants representing almost 20 cities across India, bringing together a vibrant and diverse group of professionals.

A standout element of the course was the Speed Mentoring session, which allowed participants to engage directly with experienced leaders from the profession. This interactive session was particularly well-received and widely appreciated for its practical value and engaging format.

CAMBA 2025 was more than a course—it was a catalyst for transformation. The sessions inspired attendees to think strategically, act like leaders, and embrace the mindset of a visionary problem solver.

Programs like CAMBA continue to reflect the Society’s unwavering commitment to empowering its members with the tools, insights, and confidence they need to thrive in an ever-evolving professional landscape.

11. ESG Essentials seminar held on Friday 4^th April, 2025 @ Hotel Ginger

•  The seminar on ESG Essentials addressed the growing importance of Environmental, Social, and Governance (ESG) frameworks in shaping sustainable business practices and responsible corporate governance.
•  The introductory session established the urgency of integrating sustainability into business, emphasising the need for present actions to preserve resources for future generations and highlighting the pivotal role of professionals, especially Chartered Accountants, in ESG reporting and assurance.
•  The first technical session explained the ESG framework, recent global developments, and the significance of compliance, providing participants with practical insights on implementing ESG standards and building a sustainable foundation for organisations.
•  The session on green financing explored how climate change is influencing investment strategies, the role of public and private funding in supporting green infrastructure, and the current gaps and opportunities in green finance for India’s transition to a green economy.
•  Panel 1 provided an in-depth look at the SEBI-mandated BRSR (Business Responsibility and Sustainability Reporting) framework, discussing the nine guiding principles, the adoption of emerging technologies beyond AI and blockchain for ESG reporting, and the need for materiality and comparability in disclosures.
•  The panel also discussed India’s standing in ESG relative to global benchmarks, the broadening of assurance providers for ESG reports, and strategies for capacity-building within the profession, including the potential for India-specific ESG standards.

•  Panelists examined emissions management, especially the complexities of Scope 1, 2, and 3 emissions, and shared insights on how energy companies are transitioning from thermal to renewable energy, supported by innovative technologies and policy incentives.
•  Panel 2 addressed governance and transparency challenges, including the integration of ESG at the board level, embedding ESG into budgeting and resource allocation, and the importance of stakeholder engagement to ensure meaningful and credible ESG reporting.
•  The risks of greenwashing were discussed, with practical indicators for identifying superficial ESG claims and strategies for enhancing the reliability and value of ESG disclosures, including the proactive role of internal audit.
•  The seminar concluded with a discussion on ESG leadership models, debating the merits of dedicated sustainability roles versus integrated responsibilities and highlighting the need for clear accountability, robust governance, and ongoing professional development to advance ESG maturity.

Speakers: Gandharv Tongia, Himanshu Kishnadwala, Om Prakash Chandak, Priti Savla, Prabhu Narayan Singh, Rakesh Agarwal, Sarita Bahl, Mitika Bajpai, Vijayalakshmi Suresh.

12. One Day Conference on “Practical Issues under FEMA” jointly with CTC held on Saturday, 22^nd February, 2025 @IMC.

The International Taxation Committee of the Bombay Chartered Accountants’ Society, in collaboration with the Chamber of Tax Consultants, organised a full-day Conference on Practical issues under FEMA.

The seminar commenced with a welcome address by office bearers of the organising institutions, followed by a keynote address by Shri Prashant Kumar Dayal, General Manager, RBI. The keynote address was followed by a panel discussion session where General Managers and Deputy General Managers from RBI provided their detailed replies to various queries which were circulated to them and the participants before the conference. The responses of RBI managers, the depth and explanation of the answers and the forthcoming nature of the RBI managers to discuss the practical issues faced by the Professionals and AD banks were well appreciated by the participants.

The post-lunch session was taken up with CA Rutvik Sanghvi delved into certain very important recent developments on capital and current account transactions in FEMA. Dr. CA Mayur Nayak ably chaired the session.

The last session of the day was a Panel Discussion, which featured Shri. Himanshu Mohanty (Ex-General Manager, RBI), Mr Suhas Bendre – ex-AD Banker and CA Shabbir Motorwala as panellists and the discussion was ably chaired and moderated by CA Paresh P. Shah. The panel discussion involved discussion on case studies on practical issues such as cross-border share swap transactions, cross-border mergers, recent foreign investment clarifications and issues on certain specific transactions from an AD banker’s perspective.

The seminar concluded with closing remarks by office bearers of BCAS and CTC. The event was highly appreciated for its expert-led, solution-oriented discussions and practical insights due to the presence of the RBI managers.

II. BCAS QUOTED IN NEWS & MEDIA

BCAS was quoted in 6 news and media platforms during April 2025 and May 2025. These coverage reflect our thought leadership and commitment to the profession. For details

Youtube Link: https://bcasonline.org/bcas-in-news/

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