Society News for the month of April 2026

Details:

I. BCAS HOSTS DISTINGUISHED INTERACTION WITH ICAI LEADERSHIP

On Thursday, 12th March 2026, a close interaction was organised at the BCAS Office, Jolly Bhavan, featuring CA Prasanna Kumar D, President ICAI, and CA Mangesh Pandurang Kinare, Vice President ICAI. The dignitaries were warmly felicitated by CA Zubin Billimoria, President BCAS, and CA Kinjal Shah, Vice President BCAS, in the presence of select BCAS past presidents, office bearers, Western Region Central Council Members, WIRC ICAI office bearers and elected members, and BCAS Core Group members.

The session, moderated by CA Zubin Billimoria, facilitated a structured, time-bound discussion on key professional issues, including:

• Representation before the Charity Commissioner
• Policy sustainability for professional growth
• Freedom to operate and regulatory minimisation
• Clarity in networking guidelines
• Updates on Delhi High Court litigation concerning CAs’ representation rights before Tribunals
• Profession vs industry dynamics
• Top three opportunities and challenges facing the profession
• Future of audit, ethics, and stakeholder expectations
• Capacity building in audit, technology, and AI
• CA employability and syllabus dynamism

CA Prasanna Kumar D and CA Mangesh Pandurang Kinare responded thoughtfully to members’ queries, sharing ICAI’s strategic vision and forthcoming developments. The interaction concluded with collaborative ideas for strengthening BCAS-ICAI coordination to advance the chartered accountancy profession.

II. Learning Events At BCAS

1. Sakhi Circle – International Women’s Day held on 14th March 2026@ BCAS.

Speakers: Panelists – Hetal Kotak, Nisha Gala

Moderator – Kinjal Bhuta

The Women’s Day Celebration hosted by BCAS featured an engaging panel discussion on Ambition without Apology.

The event opened with an insightful panel discussion that highlighted how careers move through varied phases—from moments of doubt to moments where one’s voice is valued. The panel emphasised themes of continuous learning, authenticity, and staying relevant in a dynamic work environment.

A rapid-fire segment added energy to the discussion, drawing spontaneous and practical insights from the panelists. The evening concluded with a networking activity where participants introduced themselves using two adjectives, prompting self-reflection and encouraging authentic engagement within the group.

The session also reinforced that in person interactions create meaningful value, especially for women professionals, as shared experiences often help them draw strength from one another. Participants agreed that opportunities to connect, converse and collaborate play a vital role in personal and professional growth.

2. Seminar on Attachment and Seizure Provisions under Prevention of Money Laundering Act, 2002 held on Friday, 27th February 2026 @ Hybrid

This event was jointly organised by Finance, Corporate and Allied Laws Committee of the Bombay Chartered Accountants’ Society, along with the Commercial & Allied Law Committee of The Chamber of Tax Consultants at the BCAS Auditorium, Churchgate and was conducted as a hybrid event, with participants attending both physically and virtually.

The details of the program was as follows:

The Seminar provided a comprehensive perspective on the framework of search and seizure and attachment proceedings under the Prevention of Money Laundering Act, 2002, and featured two insightful and interactive sessions that simplified the legal and procedural complexities surrounding these provisions.

The program had 10 physical attendees and 108 virtual attendees. 34 of the participants who attended this seminar were from outside Mumbai.

This informative seminar was coordinated by Shardul Shah, with the help of convenors Raj Khona and Khubi Shah Sanghvi, and Team CTC.

3. FEMA Study Circle -“Downstream Investment” held on 27th February 2026@ Virtual

The FEMA Study Circle organised a meeting to deliberate on the Downstream Investment provisions as provided under the FEM (Non-Debt Instruments) Rules, 2019. The session was chaired by CA Hardik Mehta and led by CA Swetha Prasad.

The discussion covered key aspects as provided below:

• Definition of downstream investment & indirect foreign investment
• Aspects to keep in mind before making downstream investments
• Computation of indirect foreign investment
• Procedural compliance in relation to downstream investments
• Pricing & reporting guidelines for downstream investments
• Relaxations/clarifications issued in relation to downstream investments

The group leader also took the participants through various scenarios for the identification of FOCC, computing foreign ownership, etc. There were good discussions about the issuance of stock options and non-equity instruments by the FOCC and how it would trigger downstream investment provisions. There were deliberations on investment holding entities making downstream investments, considering the recent relaxation by the RBI for NBFCs. The meeting concluded with participants sharing practical learnings on downstream investments.

4. 23rd Residential Leadership Retreat held on Friday, 27th February 2026 and Saturday, 28th February 2026 @ Rambhau Mhalgi – Bhayander

The 23rd Residential Leadership Retreat was conducted over two days on the theme Krishna Niti for Life Excellence, at Rambhau Mhalgi Prabodhini.

Dr. Girish Jakhotiya, a renowed author and economist, drew structured lessons from the life journey of Lord Krishna, linking key milestones – from Gokul and Mathura to Dwarka and Kurukshetra – with principles of strategic thinking, leadership and self-transformation.

 Dr. Jakhotiya distinguished excellence from perfection and explained “Life Excellence” through four pillars: economic prosperity, intellectual supremacy, social equality, and cultural bliss. Through case studies and illustrations from Krishna’s life, he encouraged participants to examine strategy, risk versus uncertainty, leadership styles, branding, ethical flexibility and institution building.

The Leadership retreat received an encouraging response from members across practice and industry. Around 50 participants from 8+ cities and towns across India enrolled for this residential program. Participants appreciated the clarity of explanations and the practical insights shared by the faculty.

5. BCAS Women’s Study Circle — SAKHI CIRCLE on Voice to Influence – Build Yourself as a Professional Speaker held on Saturday, 21st February 2026@ Virtual.

Speaker: Ms. Kalpana Thakur

The Women’s Study Circle organized an engaging session titled “Voice to Influence – Build Yourself as a Professional Speaker.” The session focused on how individuals can develop their speaking abilities by strengthening three core elements: Action, Belief and Visibility. Participants were encouraged to take proactive steps toward improving their communication skills and not wait for perfection before beginning their journey. The importance of building strong internal beliefs—particularly the confidence to express ideas and share knowledge—was highlighted as the foundation of impactful speaking.

The faculty emphasized the power of visualizing one’s future self and breaking long-term aspirations into smaller, consistent practice-based goals. Practical guidance was provided on preparing content, practicing delivery, presenting effectively, and developing one’s personal brand through clarity and consistency. The session also covered techniques for narrowing down areas of expertise and leveraging digital platforms to enhance visibility and influence. Attendees found the insights valuable for strengthening their professional presence and building themselves as confident speakers.

Motivational Highlight:The rest of my life is going to the best of my life!!

6. ITF Study Circle meeting on the ruling of “Binny Bansal” held on Tuesday, 17th February 2026@ Virtual.

The International Tax and Finance Study Circle organized an online meeting to discuss the Tribunal ruling in the case of Binny Bansal and its implications.

The session began with brief opening remarks by the Chairman of the session, CA Rashmin Sanghvi. Thereafter, the Group Leader, CA Nithin Surana, explained the case in detail, covering the facts of the case, the arguments of the taxpayer and the tax authorities, and the ruling given by the Tribunal, along with key inputs from the Chairman.

After presenting the case, the Group Leader shared his analysis of the ruling and discussed the legal issues arising from it. The participants actively shared their views on the implications of the ruling.

The Chairman and the Group Leader also shared their perspectives on the possible way forward and the likely outcomes if the matter is taken to higher appellate levels. The discussion was comprehensive and covered the important aspects of the ruling.

7. FEMA Study Circle – “Guarantees under FEMA” held on 13th February 2026@ Virtual.

The FEMA study circle organised a meeting on the revised Guarantee regulations issued by the RBI. The session was chaired by CA Vijay Gupta and led by CA Jigar Mehta.

• The discussion covered the following aspects:
• Concept and classification of Guarantees under FEMA
• Important Definitions
• Exemptions from Guarantee Regulations
• Permissions under the Regulations
• Guarantee as per ODI regulations
• Reporting requirements
• Case studies for discussion

The meeting provided insight into the new regulations for the issuance and receipt of inward as well as outward guarantees.

8. Finance, Corporate & Allied Laws Study Circle – NBFCs: Key Regulatory Developments And Emerging Areas held on Thursday, 12th February 2026 @ Virtual.

Speaker: Mr. Kunal Mehta

The Finance, Corporate & Allied Laws (FCAL) Study Circle organised a virtual session on the Zoom platform to discuss the intricate regulatory framework governing Non-Banking Financial Companies (NBFCs). The meeting, attended by 52 participants, focused on providing practical insights into the rapidly evolving regulatory landscape and recent developments initiated by the RBI. Key discussion points included identifying major compliance challenges faced by NBFCs in the current dynamic environment. The speaker highlighted best practices for maintaining audit readiness and ensuring robust adherence to statutory requirements. Participants explored the essential concepts of the NBFC framework to better navigate evolving legal standards. The session emphasised the importance of staying updated with shifting regulatory expectations to mitigate operational risks. Attendees engaged in a dialogue regarding the practical application of these regulations within their respective professional capacities. The event concluded with a comprehensive overview of how firms can maintain a proactive stance toward future regulatory shifts.

9. Report on Conclave on Union Budget 2026 & Deliberation on New Income Tax

Association of Corporate Advisers & Executives (ACAE), jointly with Bombay Chartered Accountants’ Society (BCAS), successfully organized a full-day programme on Conclave on Union Budget 2026 and Deliberation on the New Income Tax Law on 7th February, 2026 at Williams Court, 40, Shakespeare Sarani Road, 4th Floor, Kolkata – 700017, bringing together eminent professionals and experts to deliberate on key fiscal and legislative developments impacting the nation.

The Inaugural Session commenced with the ceremonial Lighting of the Lamp by CA. Jai Prakash Agarwal, Chairman of ICAI Dubai Chapter, CA. Kinjal M. Shah, Vice President of BCAS, CA. Niraj Kumar Harodia, President of ACAE, other esteemed dignitaries and ACAE Office Bearers symbolizing the pursuit of knowledge and wisdom.

This was followed by a warm and insightful Welcome Address by CA. Niraj Kumar Harodia who highlighted the significance of the Conclave, shared his reflections on his interactions with the esteemed speakers, spoke about the rich legacy and evolution of ACAE as one of the oldest professional associations in Kolkata and welcomed everyone to the Conclave.

The distinguished Guests of Honour, CA. Kinjal M. Shah, Vice President of BCAS, initiated the deliberations with an analytical perspective on Shaping Responsible, Respected and Future Ready Professionals for Decades.

CA. Jai Prakash Agarwal, Chairman of ICAI Dubai Chapter, further enriched the discussion with his practical insights on Emerging Professional Opportunities in the Middle East.

The first technical session was delivered by eminent Guest Speaker, CA. Pradip N. Kapasi, Past President of BCAS, Mumbai, on an in-depth comparative analysis on the Major Changes between the Income Tax Act, 1961 vis a vis Income Tax Act, 2025, clearly outlining structural reforms, simplification measures, and compliance implications.

CA. Padamchand Khincha, Partner at H C Khincha & Co., Chartered Acountants, Bengaluru, in the second technical session elaborated on the Major Amendments proposed through the Income Tax Bill, 2026, explaining the legislative intent, interpretational aspects, and the anticipated impact on tax administration.

Mr. Sameer Narang, Head at Economics Research Group, ICICI Bank, Mumbai, concluded the speaker sessions with a macro-economic perspective on the Impact of Budget on Indian Economy, addressing fiscal discipline, growth projections, capital expenditure focus, and the overall economic outlook.

The Conclave witnessed enthusiastic participation from over 100 delegates, including members, professionals, and representatives from various industries. The sessions were highly interactive, marked by meaningful discussions and thought-provoking queries, making the programme both informative and intellectually stimulating.

The joint initiative with the Bombay Chartered Accountants’ Society reinforced the spirit of professional collaboration and knowledge sharing, ensuring that members remain well-equipped to navigate the evolving taxation landscape.

The programme concluded with a formal Vote of Thanks, expressing sincere gratitude to the esteemed speakers, dignitaries, and participants for contributing to the grand success of the Conclave.

10. ITF Study Circle meeting on “Discussion on Supreme Court Ruling in the case of Tiger Global” held on 27th January 2026@ Virtual.

The International Tax and Finance Study Circle organised an online meeting to discuss the implications of the Supreme Court’s ruling in the case of Tiger Global.

Group Leaders CA Ramesh Khaitan and CA Jimit Devani

The session opened with remarks from the group leaders on their initial thoughts on the Supreme Court ruling, covering the facts of the case, the contentions raised, and the Court’s ruling. Then the group leaders discussed the critical implications of the ruling. Some of the issues discussed included whether a Tax Residence Certificate is sufficient to claim benefits under a tax treaty, the application of the substance-over-form principle, etc. The group leaders discussed the likely next course of action for Tiger Global. The participants also shared divergent views on the implications of the Supreme Court ruling. The participants expressed apprehensions about the wider application of the principles in this ruling and its unintended consequences.

The discussion covered several key issues that will impact similar cases in the future. The session closed with concluding remarks by the Group Leaders.

11. Indirect Tax Laws Study Circle Meeting on Practical Issues under GST in Healthcare Industry held on Thursday, 22nd January 2026 @ Virtual

Group Leader: CA. Shefali Bang

Mentor: CA Parag Mehta

The group leader first presented the Law pertaining to the healthcare industry under GST, followed by five case studies covering the various aspects of Issues in the healthcare industry under GST.

The presentation covered the following aspects of the Healthcare Industry for a detailed discussion:

• Whether treatment for Substance Use Disorder through OPD consultation, counselling, and supervised medicine dispensing qualifies as an exempt healthcare service under GST, or whether it may be treated as a taxable supply of medicines.

• Whether doctor consultation and medicines supplied to outpatients by the hospital pharmacy should be treated as separate taxable supplies or a composite supply of healthcare services, and the related ITC reversal mechanism.
• GST implications in a revenue-sharing arrangement between a diagnostic laboratory and a sample collection centre, focusing on the taxability of sample collection services and diagnostic testing services.
• Whether health check-up packages marketed by a company through empanelled hospitals and diagnostic centres qualify for GST exemption as healthcare services, particularly when sold to healthy individuals or corporate employees.
• Whether naturopathy therapies, along with residential accommodation provided by a wellness retreat, constitute a composite exempt healthcare service or whether accommodation should be taxed separately.
• The reversal of Input Tax Credit (ITC) when certain life-saving drugs become GST-exempt, particularly regarding raw materials, semi-finished goods, finished goods, and capital goods held in stock
• Around 100 participants from all over India benefited while taking an active part in the discussion. Participants appreciated the efforts of the group leader and the mentor.

III. REPRESENTATION

1. Representation to SEBI on Research Analyst Regulations

BCAS has submitted a representation on 24th February 2026 to SEBI highlighting practical issues faced during registration under the Research Analyst (RA) Regulations, 2014. The representation is based on feedback from professionals and applicants.

Key concerns include the absence of a clear framework for transition from individual to corporate entities, leading to disruption and duplication of processes. BCAS has also pointed out delays in processing applications after delegation to BSE.

Further, the Society has raised issues regarding restrictive interpretation of rules, especially relating to the “other employment” of Principal Officers, and lack of clarity on certain operational aspects.

BCAS has requested SEBI to provide necessary clarifications and streamline the process to reduce difficulties faced by applicants while ensuring investor protection.

Link: https://bcasonline.org/wp-content/uploads/2026/02/SEBI-RA-Representation.pdf

IV. BCAS IN NEWS & MEDIA

• BCAS has been featured in several news and media platforms, showing our active involvement, professional contributions, and commitment to the field. This reflects the growing recognition of BCAS in the public and professional space.

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