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Society News for the month of May 2024



1. Report on the Members’ HRD Study Circle Meeting held on 11th April, 2024

HRD Study Circle organised a lecture meeting which was attended by 142 participants on the topic ‘8 S Model for success guided by Mahabharata and life of Lord Krishna’. Speaker CA Hitendra Gandhi who is a post graduate in comparative Religions & World University drew a parallel between the ancient knowledge system and the present system of business and governance. He explained that the relevance of each ‘S’ in his model with reference to the modern concepts and theories of business and entrepreneurship. He presented a chart as given below explaining the link between ancient knowledge and modern theory.

He narrated several anecdotes from the Mahabharata and life of Lord Shri Krishna that has inspired generations to succeed in their endeavors. In his opinion the bestpart was that if one delves little deeper, each of this anecdote can be directly related to one of the ‘S’ in his model.

The Chairman Mihir Sheth summarised by saying that every Epic cuts through the prism of time. Though all essential components of storytelling such as Content, Characters, Crisis and Conclusion are common, what differentiates Epic from the ordinary tale is its ability to leave its audience with timeless learning from each of the component -not just the predictably mundane conclusion.

2. Women’s Day Celebrations 2024 “Present Positive = Future Ready” on Thursday, 28th March, 2024 at BCAS Hall by Seminar, Public Relations & Membership Development (SPR&MD) Committee

A specially curated evening to celebrate International Women’s Day was organised under the aegis of the SPR&MD Committee. The event attracted a full house of 60+ participants (including some erudite men too).

The evening commenced with high tea for all those gathered. Chairman, CA Uday Sathaye welcomed the audience and touched upon the origin of this day, and the BCAS context for celebrating this event. In a departure from tradition, the First Lady of BCAS, Ms Khushboo Chirag Doshi addressed those gathered, taking them through the many challenges that women have, since times immemorial, bravely weathered and overcome with grit and determination. The discussion with the two speakers, Ms Naz Chougley and Ms Rupal Tejani was moderated by CA Ashwini Chitale and CA Preeti Cherian.

In her presentation, Ms Chougley elaborated on the techniques behind filling one’s life with joy and happiness. She briefed the audience on Ho’oponopono, the Hawaiian practice of reconciliation and forgiveness which aims to bring about healing, understanding, and connection within oneself and with others. She touched upon the importance of concentrating on one’s breath work, focusing on what one wants (rather than on whatone doesn’t), creating intentions by aligning thoughts, feelings and beliefs, expressing gratitude andappreciation. She also spoke of the benefits of practising CTC (cut the crap) and MYOB (mind your own business) when one is being dragged into vibrations which are negative and harmful. During her talk, she led the audience through exercises such as inner child healing and meditation.

Ms Tejani shared her journey of finding her calling, the enterprising streak that she harbours leading her to successfully cultivate saffron bulbs in the climes of Mahabaleshwar! She elaborated on the immense satisfaction she derives from witnessing the cascading benefits of an empowered local community (especially the women folk) that she employs. Her venture has successfully tied up with local farmers and taught them eco-friendly and sustainable practices, resulting in superior quality of produce.

Both speakers deftly handled floor questions during their talk. A round of rapid-fire questions and a contest by Ms Tejani designed to gauge the participants’ understanding of fruits and vegetables raised the level of excitement in the air. The winners were gifted bountiful hampers sponsored by Ms Tejani.

The vote of thanks was proposed by the Second Lady of BCAS, Ms Silky Anand Bathiya. In keeping with the theme, the entire event was aptly captured in the lens of a professional lady photographer. Ms Kanika Nadkarni. As a parting gift, each and every member in the audience left the venue with a box of lush golden berries sourced from Ms Tejani’s farm in Mahbaleshwar.

3. Suburban Study Circle Meeting on “Critical Issues under GST” on Wednesday 20th March, 2024 at Bathiya& Associates LLP, Andheri (E)

Suburban Study Circle Meeting on “Critical Issues under GST”, was conducted by CA Payal (Prerna) Shah as a Group Leader, was attended by 10 participants.)

Group Leader CA Payal prepared very thought-provoking case-studies through which the group had veryinsightful discussions. She shared her views on the following:

  •  ITC availment – How does one avail ITC? By recording in books or in return?
  •  ITC reversal and re-availment
  •  Cross-charge
  •  Input Service Distributor vs. Cross-charge.
  •  Classification & interplay of Customs and GST

The session was knowledgeable, practical and all the views were very well covered with numerous examples and reasoning to make it enriching for the group to understand it better.

The session had wonderful interactive participationfrom the group. There were large number of queriesfrom the participants which were addressedsatisfactorily by the group leader. CA Payal’scommand on the subject was well appreciated by the group.

4. Students Study Circle – Bank Branch Audit from article’s perspective held on Wednesday, 20th March, 2024 at Zoom.

The BCAS Students Forum, under the auspices of the HRD Committee, organised an interactive session with students on bank branch audit from an article’s perspective. The session took place on Wednesday, 20th March, 2024, from 6:00 PM to 8:00 PM via Zoom meeting.

The Students Forum invited CA Rishikesh Joshi (Mentor) and Ms Sonal Sodhani (Group Leader) to provide guidance on bank branch audit.

CA Raj Khona, a member of the HRD Committee, along with student volunteers, warmly welcomed the speakers and student participants with their kind words. They also provided briefings about the session.

After that, Group Leader Ms Sonal Sodhanitook over the session and shared her knowledge on the topic, which focused on bank branch audit from an article’s perspective. The session mainly covered key aspects such as planning a bank branch audit, the long form of audit report,returns and certificates, and closing & documentation of data during branch audits. Additionally, Ms Sodhani provided a brief overview of Schedule 9 Advances of Bank Financial Statements. Mentor CA. Rishikesh Joshi guided the student participants between the topics, offering deep insights and knowledge on the audit of bank branches to provide more clarity on important topics.

The Student Volunteers thanked the speakers and attendees for the session. About 400 students were benefited from this session, and their feedback was very positive.

Link to access the session:

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5. Students Study Circle on Income Tax held on Monday, 19th February, 2024 on Zoom platform

Mr Vineet Jain, mentored by CA Sharad Sheth, led discussions on critical aspects of taxation, including Faceless Assessments, Penalty Proceedings, and CIT (A), elucidating the evolving landscape of income tax assessments. The session was attended by approximately 176 participants.

Emphasising strategic utilisation, Vineet demonstrated the application of judicial decisions and case laws for effective tax planning and compliance.

A practical walk through of the Income Tax Portal was provided, enabling participants to adeptly respond to notices and navigate the digital platform.

Dispelling prevalent misconceptions, Vineet addressed myths surrounding tax litigations, ensuring participants were equipped with accurate information.

The webinar, conducted on 19th February, 2024, on Zoom platform from 6 pm to 8 pm, served as a comprehensive guide, offering valuable insights and empowering attendees in the field of taxation.

Link to access the session:

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