Society News for the month of October 2025

Details:

1. Indirect Tax Laws Study Circle Meeting on “Section 74 Notices Under GST: Demands, Defenses & Dilemmas” held on Tuesday, 16th September, 2025 @ Virtual.

Group leader CA. Ganesh Prabhu Balakumar prepared five case studies covering various aspects of Section 74 of the CGST Act.

The presentation covered the following aspects with the background of the applicability of section 74 for detailed discussion:

1. Issues relating to the classification of drones, procedural aspects of inspection proceedings u/s section 67 of the CGST Act, and whether misclassification may lead to suppression.
2. Aspects relating to RCM on import of services, implications of treatment of transactions in the books of accounts and allegations of suppression.
3. Whether every mismatch or lapse, classification differences, return reconciliations, delayed RCM, and ITC mismatches amount to fraud, wilful misstatement and suppression u/s 74, or should they be treated as clerical and interpretational errors u/s 73.

Around 102 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.

2. Finance, Corporate & Allied Laws (FCAL) Study Circle –  AGM Related Compliances (W.R.T. Private Companies) including Recent Amendments in Directors’ Report & Annual Filings held on Tuesday, 2nd September 2025 @ Virtual.

The Finance, Corporate and Allied Laws Study Circle of the Bombay Chartered Accountants’ Society (BCAS) organised a virtual session on 02nd September 2025 on the topic “AGM-related compliances (w.r.t. Private Companies) including recent amendments in Directors’ Report and annual filings.” The session focused on providing participants with a comprehensive understanding of the statutory provisions and practical considerations surrounding annual general meetings for private companies.

During the session, the speaker explained the latest regulatory updates and their implications on corporate governance and statutory filings. The discussion covered recent amendments impacting Directors’ Reports and annual filings, key timelines, and documentation requirements under the Companies Act. Various practical issues faced by companies were addressed, including common mistakes in annual filings and strategies to ensure timely and accurate compliance.

The session was highly interactive and was well-received by the attendees. A total of 65 participants benefited from the detailed discussion and gained clarity on evolving compliance requirements and best practices to manage statutory obligations efficiently.

3. Family Offices Summit 2025 held on 30th August 2025@ The Rooftop & Malabar Trident, Nariman point.

The Family Offices Summit 2025, organised by the Finance, Corporate & Allied Laws Committee of Bombay Chartered Accountants’ Society, held on 30th August 2025 at Trident, Nariman Point, Mumbai, was a landmark summit that brought together leading voices from family businesses, investment management, and advisory practices. The day-long summit featured keynote addresses, thought-provoking panels, and engaging conversations that explored the evolving role of family offices in India and in the global arena.

Setting the Context – The Rise of Family Offices

The summit began with a keynote address by Mr Rishabh Mariwala, who eloquently captured the rise of family offices in India. He spoke about why family offices matter now more than ever, emphasising their role in professionalising wealth management, preserving legacies, and empowering the next generation to carry forward values and vision alongside wealth.

The international perspective on structuring family offices in Asia, the Hong Kong Perspective featured insights from Mr Jason Fong, who delivered a short video message, and Ms Joanne Zheng, who gave a presentation. Together, they highlighted Hong Kong’s evolving ecosystem for family offices and noted that Indian families are increasingly exploring global jurisdictions for wealth structuring. This shift underscores Hong Kong’s appeal as a hub for family offices, thanks to its favourable tax policies, strategic location, and professional services.

Ancient Wisdom for Modern Day Family Businesses

National award-winning author Dr Radhakrishnan Pillai delivered an invigorating talk on ancient wisdom for modern family businesses. Drawing from the Arthashastra and Chanakya’s principles, he connected timeless governance and leadership insights with today’s family business challenges. His address reminded participants that while structures and strategies evolve, the essence of values, vision, and governance remains constant.

Session 1: Family Offices in India – Emerging Trends & Realities

The first panel brought together diverse voices across two parallel discussions. Panel 1A, moderated by Mr Avik Ashar featured Ms Anupa Tanna Shah, Mr Rubin Chheda, Mr. Sachin Tagra  and Mr. Samir Shah. The discussion revolved around the growing sophistication of family offices, professional management, and the balance between preserving legacy and seeking growth through new asset classes.

Panel 1B, moderated by Mr Devashish Khanna, hosted Mr Amit Jain, Mr Rahul Khanna, and Mr Subeer Monga. This discussion focused on the realities of structuring, the need for governance frameworks, and the importance of aligning investment philosophy with family objectives. Together, both panels highlighted the vibrancy and evolving maturity of family offices in India.

Session 2: Smart Structuring – Tax-Optimized Wealth Transfer & Succession

Post lunch, the focus shifted to succession and tax-efficient structuring. Moderated by Mr Rutvik Sanghvi, the panel featured Dr Anup Shah, Mr Parthiv Kamdar, and Mr Tanmay Patnaik. The session explored practical approaches to wealth transfer, succession planning tools, and the nuances of tax implications across jurisdictions. The discussion underscored that succession is not merely a legal exercise but a delicate balance of family dynamics, governance, and foresight.

Fireside Chat – Global Playgrounds: Jurisdiction Shopping for Indian Wealth

One of the highlights of the summit was the engaging fireside chat between Mr Dinesh Kanabar and Mr Anand Bathiya. Their candid conversation on jurisdiction shopping unpacked the rationale behind families considering global structures for wealth, covering regulatory considerations, global opportunities, and challenges. The discussion was both practical and visionary, offering participants a clear sense of the opportunities available in an increasingly interconnected world.

Session 3: Family Offices as Strategic Partners in Alternative Funds

The third thematic session focused on family offices as active partners in alternative investment platforms. Moderated by Ms Kinnari Gandhi, the panel included Mr Aditya Jha, Mr Anurag Agrawal, Mr Manish Chhabra, and Mr Nirav Shah. The dialogue highlighted how family offices are now playing a strategic role in shaping investment ecosystems, co-creating ventures, and deploying patient capital to nurture long-term opportunities.

Session 4: Real-Life Case Studies in Succession Planning

The final session was a powerful exploration of succession in action, moderated by Mr. Amit Goenka. Esteemed panellists Mr Aashish Somaiyaa, Mr Ravi Sheth, Mr Shishir Srivastava, and Mr Vivek Rajaraman shared real-life experiences from different sectors. The dwiscussion illuminated both the challenges and best practices in ensuring smooth transitions, underscoring the importance of trust, governance, and preparation in sustaining legacies.

Concluding Note

The day’s deliberations made it abundantly clear that family offices are not merely financial structures but institutions of continuity, vision, and stewardship. The Family Offices Summit, 2025, was attended by 76 participants, 40 were BCAS members, and the remaining 36 were non-members. Further, 19 participants attended from 12 cities outside the Mumbai Metropolitan Region.

This informative Summit was competently coordinated by Kinnari Gandhi with the help of convenors Khubi Shah Sanghvi and Rimple Dedhia and the guidance of Kanubhai, Naushadbhai and Anandbhai.

4. Webinar on Mastering Charitable Trust Compliances held on Friday, 29th August 2025 @ Virtual

The BCAS webinar on “Mastering Charitable Trust Compliances” was successfully conducted on Friday, 29th August 2025, over the Zoom platform. The session was led by CA Gunja Thakrar and CA Ujwal Thakrar, and attracted wide participation from across the country, with over 145 attendees joining in. The audience comprised a diverse mix of professionals, trustees, and compliance officers, with attendees from more than 40 cities, including Mumbai, Bengaluru, Ahmedabad, Chennai, Delhi, Jaipur, Coimbatore, and even remote locations like Tuensang and Bhimavaram.

The webinar was structured around key compliance areas for charitable and religious trusts under the Income-tax Act. CA Gunja Thakrar led the first half of the session, beginning with an explanation of the Audit Report in Form 10B / 10BB, focusing on the interpretation of the 49 clauses, key compliance expectations, and documentation frameworks. This was followed by an overview of ITR-7, highlighting its key schedules and the accurate reporting of total income. She also covered the nuances of Forms 9 and 10, with emphasis on their applicability and disclosure requirements.

In the second half, CA Ujwal Thakrar delved into the increasingly important area of renewal and re-registration under Sections 12AB and 80G. He offered practical guidance on assessing organizational readiness, fulfilling financial compliance prerequisites, and navigating critical timelines. His session also included tips on managing documentation workflows, engaging with regulatory authorities, and monitoring post-registration conditions — all essential for effective compliance in today’s regulatory environment.

The session concluded with an engaging Q&A round, where attendees raised practical concerns from their daily practice. With participants spanning ages from below 30 to above 60, and nearly 45% of them from outside Mumbai, the webinar served as a robust learning platform. The comprehensive structure and clarity of presentation made it especially valuable to professionals managing trust compliance, reinforcing BCAS’s role in continuous learning and capacity building within the profession.

BCAS Academy Link: https://academy.bcasonline.org/courses/webinar-on-mastering-charitable-trust-compliances/

5. Indirect Tax Laws Study Circle Meeting on “Use Of Technology in GST- Part 2” held on Friday, 29th August 2025 @ Virtual

The Bombay Chartered Accountant Society had organized the following Study Circle Meeting under Indirect Taxes on 29th August 2025.

Group leader CA Rahul Gabhawala prepared a step-by-step demonstration of the prompt use of technology in GST.

The Presentation covered the following aspects for detailed discussion:

1. Use of Chat-GPT to create codes in order to carry out Login at the GST Portal.
2. Use of Selenium Wrapper to teach test automation at the GST Portal.
3. Use of Selenium Wrappers to make test automation more efficient, reliable, and user-friendly.
4. Use of Codes in automating certain functions at the GST Portal.

Around 80 participants from all over India benefited while taking an active part in the discussion. Participants appreciated the efforts of the group leader.

This was Part 2 of the session; Part 1 was held on 25th July 2025, and the write-up was published in the September 2025 issue of BCAJ.

5. DigiSetu – The Tech Bridge for Senior Professionals held on 7th, 14th, 21st, & 28th August 2025  @ Virtual

Speakers:

• Ms Mahima Bhalotia, Mumbai
• Mr Rohit Khiste, Nashik
• CA Tanmay Bhavar, Nashik
• CA Anup Tabe, Pune

SUMMARY:

The Bombay Chartered Accountants’ Society hosted a four-part online series, DigiSetu – The Tech Bridge for Senior Professionals, in August 2025 through its Technology Initiatives Committee. Designed to blend technology with simplicity, the initiative empowered senior Chartered Accountants to stay updated in a fast-changing digital world — without jargon or complexity.

The journey began with DigiRakshak – Smartphone Safety Secrets, equipping participants with tools to block spam, manage app permissions, and secure payment apps. DigiSavdhaan – Cyber Safety 101 spotlighted online threats and safe digital habits. DigiSahayak – Gadgets & Apps Every Senior Professional Should Know opened a world of productivity apps and smart gadgets, while the finale, DigiBadlaav – AI Basics for Senior Professionals, demystified AI through practical uses of ChatGPT, automation, and ethical insights.

Short, crisp, and highly practical, DigiSetu proved that technology need not overwhelm senior professionals. Instead, it can serve as a bridge to confidence, efficiency, and ease in daily practice.

BCAS Academy Link: https://academy.bcasonline.org/courses/digisetu-the-tech-bridge-for-senior-professionals/

6. Full Day Workshop on GST Appellate Tribunal held on Friday, 22nd August 2025 @ BCAS (Hybrid)

(1) 123 participants from across 45 cities in India had registered for the workshop, with 32 participants enrolling physically, all the way travelling from Panaji, Satara, Nashik, Navi Mumbai and Vadodara, apart from Mumbai

(2) The first session covered the pre-preparation aspects for the upcoming GSTAT and had a detailed discussion on

– Modes of discharging pre-deposits, acceptance of taxes already paid due to compulsion from the department, discussion on case laws relating to the legal validity of such issues in the erstwhile legacy IDT laws or GST laws for the previous level. Discussions also covered the amendments of 2025 for pre-deposits on penalty orders and their implications

– Understanding the distribution of appeals filed with the Principal Bench and State Bench, and how to segregate the place of supply matters

– Understanding the bandwidth of the professionals to manage the appeals across various benches if virtual hearings are not made available

– Action points for matters remanded back from the high courts

(3) The second session covered understanding the law and procedure pertaining to GSTAT

– A comprehensive discussion amongst the participants on the legal provisions, section 109 to section 113, and CGST Rule 110 to Rule 113A was covered

– Goods and Services Tax Appellate Tribunal (Procedure) Rules, 2025, being notified and covering detailed procedural aspects, were discussed threadbare.

– GSTAT Forms, which are other than the appeal forms, were also covered to complete the procedural aspects.

(4) The last session covered the practical aspects

– Drafting and Filing of GSTAT Appeals

– Paper Book Compilation

– Drafting of Statement of Facts and Grounds of Appeals and prayers

– Curing the defects, communication with Registry

– Condonation of Delay, Miscellaneous Applications, Additional Evidence, Corrections

– This session covered the finer points and care to be taken during the entire process of drafting. The Do’s and Don’ts

(5) The full-day workshop was completely interactive throughout the 3 sessions, with the queries of the participants attending both physically as well as virtually were discussed by the group and answered by the faculty.

BCAS Academy Link: https://academy.bcasonline.org/courses/workshop-on-gst-appellate-tribunal/

7. ITF Study Circle Meeting on the Discussion on Demystifying SC’s Decision in Hyatt International held on 20th August 2025@ BCAS Hybrid.

The International Tax and Finance Study Circle organized a meeting (hybrid mode) on 20th August 2025 to discuss the implications of the Supreme Court’s ruling in the case of Hyatt International.

Chairman of the session – Mr Prashant Maharishi

Group Leaders CA Rohit Jethani and CA Sangeeta Jain

• The session opened with remarks from the chairman on his initial views of the Supreme Court ruling.
• Post that, the group leaders began by discussing the concept of Permanent Establishment.
• Next, the group leaders discussed the facts of the case, the contentions of the taxpayers and the tax authorities and the ruling by the Supreme Court.
• Then the group leaders discussed the implications of the ruling. The chairman of the session also added key points at critical points in the discussion.
• Many participants shared their views on the ruling and their practical experiences in dealing with similar situations.
• The group leaders also presented certain key points from meticulously undertaken research on various aspects of the ruling.

The session closed with concluding remarks by the chairman.

8. Webinar on Filing of Income Tax Returns for AY 2025-26 held on Tuesday, 12th August 2025 @ Virtual

The webinar on “Filing of Income Tax Returns for AY 2025-26 (ITR 1 to 6)” was successfully conducted on Tuesday, 12th August 2025, via Zoom, and witnessed an overwhelming response with 500+ participants. The session was jointly addressed by CA Divya Jokhakar and CA Khyati Vasani, both of whom are eminent professionals with deep domain expertise in direct tax compliance.

The speakers provided a detailed walkthrough of the changes introduced in ITR Forms 1 to 6 for AY 2025-26, including recent disclosure enhancements and practical nuances of reporting under the updated forms. Special emphasis was placed on understanding the granular reporting requirements in light of CBDT’s clarification that the filing due date was extended specifically to accommodate the extensive changes. The session highlighted how even small inaccuracies in ITR filings could lead to serious implications in terms of tax and interest liabilities.

The webinar concluded with an engaging Q&A session where participants actively raised their queries on tricky reporting areas, which were addressed with clarity by the speakers. The event reinforced the critical role of tax professionals in the evolving compliance landscape and was aimed at enhancing the readiness of members and their teams to ensure accurate and timely filing of income tax returns.

YouTube: – https://www.youtube.com/watch?v=fNkRsvnRhzI&t

9. Tree Plantation Drive 2025 held on 02nd and 03rd August 2025@ Vada, Palghar District.

On 2nd and 3rd August 2025, 24 BCAS members along with 6 BCAS staff, participated in a school visit and tree plantation drive organized by the BCAS Foundation. The visit began on the morning of 2nd August at Lakhani School, where the team proudly inaugurated a new Digital Classroom supported by the Foundation. Members interacted with students and teachers to understand their expectations and aspirations around digital learning.

Later that evening, the group visited MM School, where the BCAS Foundation had earlier implemented a Digital Classroom, along with a Library and Science Lab. Members had the opportunity to evaluate the positive impact of these initiatives, observing encouraging outcomes such as increased student engagement, heightened interest in learning, and a noticeable reduction in dropout rates. Witnessing the transformative power of technology and infrastructure in shaping young minds was both humbling and inspiring.

On 3rd August, participants visited Koseri Village in Casa District for a tree plantation drive. The villagers welcomed the BCAS team with a vibrant tribal dance, and school students offered a heartfelt prayer before the plantation began. Together, members, staff, and villagers planted 6,000 saplings across six villages, contributing to long-term environmental sustainability and rejuvenation of green cover in the region.

The visit also included an immersive experience at Keshav Srushti, where members explored the Oxygen Park and learned about the organization’s remarkable Gramya Vikas initiatives aimed at uplifting underprivileged rural and tribal communities. Keshav Srushti’s holistic efforts in education, skill development, and building self-reliant ecosystems left a deep impression on everyone. Planting saplings amidst such an inspiring environment of service and sustainability made the experience even more meaningful. Walking through the Oxygen Park, breathing in the freshness, and witnessing how thoughtfully nature and development coexist offered members a rare pause from their fast-paced urban lives.  The two-day visit concluded with a renewed sense of gratitude and pride in being associated with BCAS Foundation, reaffirming the collective commitment to education, environmental care, and community upliftment.

II. REPRESENTATIONS

The Bombay Chartered Accountants’ Society (BCAS) has submitted three key representations to the Government:

1. Charitable Trust Compliance Extensions: On 4th September 2025, BCAS requested extensions and clarifications for charitable and religious trusts, highlighting practical and procedural difficulties. Key requests include:

• Extending the due date for renewal of registration under section 12AB (Form 10AB) from 30th September 2025 to 31st December 2025.
• Addressing the punitive tax on accreted income under Section 115TD due to procedural hurdles.
• Seeking a single renewal form for Section 12AB and Section 80G approvals.
• Requesting a lenient approach to rejections based on technical grounds.
• Extending the due date for Form 10B/10BB beyond 30 September 2025 due to the late release of the ITR-7 utility (late August 2025).
• Clarifying the filing timelines for Form 9A/Form 10

Link – https://bcasonline.org/wp-content/uploads/2025/09/BCAS-representation-letter-to-CBDT-Form-10A-12A1aci-and-renewal-of-12AB-extension.pdf

2. Income Tax Due Date Extensions for AY 2025–26: On 1st September 2025, BCAS requested extensions for Income Tax Return and Audit Report due dates for Assessment Year 2025–26, especially for audit cases. This request is due to the delayed release of ITR forms and utilities (some as late as August 2025), technical portal issues, overlapping deadlines, reduced working days, and increased compliance burdens. BCAS proposed extending deadlines for:

• Tax Audit Reports (including Firms, Companies, Trusts) to 30th November 2025.
• ITR Filing for audit cases to 31stDecember 2025.
• Transfer Pricing Reports (Form 3CEB) to 31st January 2026

Link : https://bcasonline.org/wp-content/uploads/2025/09/BCAS-Representation-for-extension-of-due-dates.pdf

3. GST Reforms: On 30th August 2025, BCAS proposed “next generational” reforms for Goods and Services Tax (GST). These suggestions focus on structural improvements, rate rationalisation, and ‘Ease of Living’ for taxpayers. Key areas include simplifying registration processes, clarifying grounds for registration cancellation, improving input tax credit (ITC) rules, streamlining invoicing and return systems, and enhancing refund mechanisms.

Link : https://bcasonline.org/wp-content/uploads/2025/09/BCAS-Representation-GST-August-2025.pdf

Readers can read the full representation by scanning the QR code or visit our website www.bcasonline.org

III. 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/