Society News for the month of October 2024
Details:
1. Workshop on Public Speaking for Professionals: Strategies to Enhance Your Career and Influence held on 31st August, 2024, Venue: BCAS
The HRD Committee of the Bombay Chartered Accountants’ Society organised an engaging workshop conducted by faculty CA Hrudyesh Pankhania.
The workshop focused on effective communication techniques, providing practical strategies for enhancing career growth and professional influence through public speaking. It featured a range of interactive activities, including impromptu speaking exercises, role-playing, and group discussions, fostering a lively and engaging learning environment. A total of 54 participants attended the workshop, and they had the opportunity to practice their speaking skills in a supportive setting, receiving personalised feedback from the speaker.
The interactive format encouraged participants to share their experiences, helping to build confidence and improve their public speaking abilities.
2. Direct Tax Laws’ Study Circle meeting on the topic of Capital Gains Amendments in Finance (No.2) Act, 2024, held on 29th August, 2024. Venue: Zoom Platform.
Group Leader — CA Krishna Upadhya provided insights into the recent significant changes impacting the capital gains tax structure and related provisions by the Finance (No.2) Act, 2024. The discussion was attended by 54 members, and it was well received. Some key takeaways were:
- Period of holding for various capital assets, such as listed/unlisted securities, immovable property, and debentures, comparing the rules before and after the amendments in the Finance (No.2) Act 2024.
- Capital gains tax rates for different assets, highlighting the changes in rates before and after the amendments and their impact on long-term and short-term gains.
- Amendment to Taxation of Buy-Back of Shares: Prior to the amendment, buy-back of shares was exempt for shareholders under section 10(34A) of the Income-tax Act, 1961, with taxes paid by the company under section 115QA.
- Post-amendment, buy-back is treated as a taxable transfer, with TDS under section 194.
- The benefit of grandfathering provisions for land/buildings purchased before 23rd July, 2024, ensuring tax benefits for transfers of such assets.
- New proviso to section 194-IA of TDS on sale of immovable property: The threshold of ₹50 lakhs for TDS is now based on the total property value, not per seller. If the sale value exceeds ₹50 lakh, TDS under Section 194-IA applies, regardless of the number of sellers.
3. Indirect Tax Laws Study Circle on Notices u/s 73 & 74 held on 26th August, 2024, Venue: Zoom Platform.
Group leader, Adv Rushil Shah, in consultation with Group Mentor, Adv Vinaykumar Jain, prepared 6 case studies covering various contentious issues around notices under GST.
The presentation covered the following aspects for detailed discussion:
- Multiple tax periods under one notice.
- Multiple notices for the same tax period.
- Notices issued by multiple officers (parallel proceedings).
- Issuance of the same notice on different dates and in different modes.
- Interplay of section 75 (2) in 73 vs 74 cases.
- Notices for fake invoices
Around 80 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. ‘CA Pariksha Pe Charcha’ held on 24th August 2024, Venue: Zoom Platform.
The Human Resource Development Committee of BCAS organized a special program to guide and support CA students preparing for the exams. The keynote address was delivered by CA Nilesh Vikamsey, who emphasized the importance of resilience in achieving success and provided strategies for effectively dealing with failures. CA Umesh Sharma discussed various practical exam preparation strategies and clarified doubts about the ICAI evaluation process. He also highlighted the role of AI and other technological tools in enhancing study methods.
Following this, a panel discussion took place where top CA rankers from the May 2024 exams — CA Shivam Mishra, CA Ghilman Saalim Ansari, and CA Kiran Manral shared their personal experiences, detailed their study techniques, and discussed approaches to overcoming the challenges faced during their exam journey. The panel was ably moderated by CA Vedant Gada, a committee member, the session saw active participation from 76 students across the country and was well-received.
Youtube Link: https://www.youtube.com/watch?v=IuxNHjd1s_0&t=434s
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5. FEMA Study Circle meeting on “Bank Account & Demat of Shares Mandate for R to NR and NR to R under FEMA” held on 23rd August, 2024, Venue: Zoom Platform.
The study circle meeting was led by Group Leader — CA Divya Jokhakar. She highlighted the nuances around the topic. In the context of FEMA (Foreign Exchange Management Act), the mandate for a bank account and Demat account transition from Resident (R) to Non-Resident (NR) and back to Resident (R) involves specific regulatory requirements. When an individual’s status changes from Resident to Non-Resident, they must re-designate their savings bank account to a Non-Resident Ordinary (NRO) account or open a Non-Resident External (NRE) account. The Demat account must also be converted to a Non-Resident Demat account.
Upon becoming a Resident again, the NRO/NRE accounts should be re-designated as resident savings accounts. Similarly, the Non-Resident Demat account should be converted back to a Resident Demat account. It was also discussed that it is important to note that any investments made while being a Non-Resident must adhere to FEMA regulations, and compliance with tax laws is crucial during these transitions to avoid penalties. Proper documentation and timely communication with the bank and Depository Participants (DPs) are essential for smooth transitions. The study circle meeting was attended by 74 participants and was well received.
6. Felicitation of Chartered Accountancy pass-outs of the May 2024 Batch — “प्रोfessional Career — The Road Ahead”, held on 3rd August, 2024 Venue: Walchand Hirachand Hall — IMC.
In line with the spirit of celebrating achievements while preparing for future endeavors, the Seminar, Membership & Public Relations (SMPR) Committee of the BCAS organized a special session to honor the achievers of the May 2024 CA Final examinations and provide them with valuable guidance for their professional journey. This annual event serves as both a celebration and a platform for emerging professionals to gain insights from distinguished mentors.
The session, titled “Journey to Professional Excellence: Insights from Leading Minds,” featured two prominent Chartered Accountants: CA Raman Jokhakar and CA Gautam Shah. The event was marked by a significant turnout, with 264 newly qualified Chartered Accountants attending the event, including AIR 3 — CA Ghilman Saalim Ansari.
CA Chirag Doshi, Chairman of the SMPR Committee, inspired the attendees to embrace the myriad opportunities available to them in his opening remarks. He also provided an overview of the Committee’s activities, highlighting programs where young professionals take the lead. The speakers addressed a common question among new pass-outs—whether to pursue a career in industry or practice. CA Raman Jokhakar shared valuable insights on the importance of professionalism, emphasizing that conduct often outweighs mere qualification. CA Gautam Shah offered a detailed account of his career in practice, sharing practical experiences. CA Ghilman Saalim Ansari briefly shared his inspiring CA journey. The session concluded with a celebratory cake-cutting ceremony, recognizing the achievements of the new Chartered Accountants.
Youtube Link: https://www.youtube.com/watch?v=f59BCkdfznw
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7. Lecture meeting on Direct Tax Law provisions of the Finance (No.2) Bill, 2024 Held on 27th July, 2024 at Yogi Sabagrah, Dadar.
The Finance (No. 2) Bill, 2024 introduced various direct tax law provisions, including changes in tax rates, capital gains, and withholding requirements for partnerships. While it aims for simplification, concerns arise over potential complications and inequities. Notably, the withdrawal of the Equalization Levy and Angel Tax provisions reflects a shift in tax policy. This public lecture meeting is the most awaited by our members, CA Fraternity, professionals, and the public at large; we had CA Shri Pinakin Desai addressing the participants with his first-hand views on the Finance Bill. He rated the budget as a satisfactory budget overall, which contains positive aspects and points requiring further attention or simplification.
Youtube Link: https://www.youtube.com/watch?v=iweDyhhFqNw
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