Society News for the month of September 2026
Details:
LEARNING EVENTS AT BCAS
1. Lecture Meeting on Insights into the Current State of the Indian Economy held on Wednesday, 12th August 2026 @ Virtual | Speaker: Dr. Rumki Majumdar
The session provided an overview of the current Indian economic landscape, highlighting key growth drivers, inflation trends, and investment activity. It examined the impact of global economic developments, geopolitical uncertainties, and trade dynamics on India’s growth prospects.
The discussion also covered the role of policy reforms in supporting economic resilience and long term development. Participants gained insights into emerging economic trends and their implications for businesses and professionals. The session emphasized the importance of monitoring macroeconomic indicators and adapting strategies to a changing environment.
An interactive Q&A further enhanced understanding of India’s economic outlook and future opportunities.
Click to watch online on YouTube
2. Webinar on Maharashtra Co-operative Housing Societies Act, 1960 and Rules, 1961 – Recent Updates held on Saturday, 8th August, 2026 @ Virtual |Speaker: CA Ramesh Prabhu.
The Bombay Chartered Accountants’ Society (BCAS), jointly with The Chamber of Tax Consultants (CTC), organised a virtual session on “Maharashtra Co-operative Housing Societies Act, 1960 & Rules, 1961 – Recent Updates” on Saturday, 8th August 2026. The webinar received an enthusiastic response with 620 registrations.
CA Ramesh Prabhu provided an insightful and practical overview of Chapter XIII-B of the Maharashtra Co-operative Housing Societies (MCS) Act, 1960 and the recently introduced Chapter XI-B of the MCS Rules, 1961. The discussion covered the registration of housing societies, key definitions and different categories of membership, admission of members, associate/joint and provisional membership. The speaker also dealt with the provisions relating to transfer of shares, rights and interest in flats, payment of society dues, nomination, succession and transfer pursuant to family arrangements. Attention was also given to the rights and obligations of members and managing committees, including access to society records, committee disqualifications, and voting rights. The speaker further discussed the management of housing societies under the new Rules, including the functioning of the General Body and Managing Committee. Recent judicial developments and practical issues arising under the housing society framework were discussed enabling participants to better understand the application of the statutory provisions. The session was followed by an engaging Question & Answer segment, wherein the Speaker provided clarifications on the queries raised by the participants.
The webinar concluded on a highly informative note, with participants appreciating the quality of the practical insights shared during the session.
Click to watch online on YouTube
3. Webinar on Income Tax Returns for AY 2026 – 27 held on Thursday, 6th August 2026 @ Virtual | Speaker: CA Ronak Rambhia.
The Direct Tax committee of BCAS had organised a webinar on the Income Tax Returns for AY 2026-27 in virtual mode on Thursday, 6th August, 2026. The webinar was organised to address the changes in the Income Tax Returns and how to be ready for the incoming tax filing season.
CA Ronak Rambhia opened with a detailed explanation of section 139 of the Income Tax Act, 1961 as to the persons applicable to file the Income Tax Returns and under what conditions one in mandatorily required to file an Income Tax Return. He then walked through each return as to which return is applicable to which type of assessee. He covered the applicability from ITR-1 to ITR-7 in detail, and some practical points were explained in detail like in case of partners of a firm, private trust, etc.
He meticulously outlined the pre-requisites for each type of assessee and their specified return so that the professionals would know as to what should be asked from their clients while starting to prepare the Income Tax Returns and what details are required to be mentioned in what schedules. The schedules of all the Income Tax Returns were explained in detail. The reporting of the Future & Option (F&O) income and the intraday trading business schedules was explained through various examples.
He also highlighted key validation points between the reporting in the Tax Audit report and the Income Tax Return, to help avoid mismatches that could trigger adjustments in the intimation under Section 143(1)(a) of the Income Tax Act, 1961.
Lastly, he gave some practical insights on the problems faced while choosing the due date for private trust, disclosing income under Business income or other sources income and he ended with a final checklist from login to the portal to e-verification process.
The webinar offered a comprehensive and practice-oriented walkthrough of the Income Tax Returns for AY 2026-27.
Click to watch online on YouTube
4. Indirect Tax Laws Study Circle Meeting on GST Implications of Business Restructuring, Liquidation & Closure held on Tuesday, 21st July 2026 @ Virtual | Speaker: CA Raj Khona (Group Leader) & CA K. Shivarajan (Group Mentor).
- The discussion deliberated on business swaps between sole proprietorships, emphasizing the taxability exemptions under Notification No. 12/2017-CT(R) and ITC transfer mechanisms via Form GST ITC-02.
- Key insights were shared regarding internal division transfers across distinct GSTINs under the same PAN, highlighting the applicability of Schedule I deemed supplies and valuation under Rule 28.
- The interplay between Section 59 of the IBC and GST recovery proceedings was examined, confirming the extinction of claims post-dissolution while assessing director liabilities under Section 89 of the CGST Act.
- Participants reviewed partnership-to-LLP conversions, confirming statutory vesting benefits, ITC transfers under Section 18(3), and the continuation of export licenses/incentives.
- The session addressed business closures under Section 29(5), contrasting mandatory stock/machinery reversals against the non-reversibility of immovable property.
The study circle session witnessed active participation with around 163 members logging in and engaging in healthy and high-quality technical discussions.
BCAS OUTREACH & ENGAGEMENTS
1. INC 5 session
The Fifth session of the United Nations Intergovernmental Negotiating Committee on the Framework Convention was held at the UN headquarters in New York from August 3 to 13, 2026.
In addition to the government representatives actually negotiating the documents, the UN also allows other stakeholders such as civil society, academia, and the private sector to attend these sessions and make contributions. Bombay Chartered Accountants Society is one such approved stakeholder.
The current work of the intergovernmental negotiating committee (INC) includes three workstreams:
- UN Framework Convention on International Tax Cooperation
- Protocol on Taxation of Income from Cross-Border Services
- Protocol on Prevention and Resolution of Tax Disputes
At the August 2026 session, for the first time, draft documents for all three workstreams were presented and discussed. The key elements of these documents are briefly summarised.
The Framework Convention is like an umbrella agreement, a multilateral instrument, which can have one or more Protocols. Each Protocol generally deals with a specific issue.
In addition to UN STTR provision, the Protocol on services contains various articles dealing with cross-border services recently included in the UN Model i.e. Article 12AA dealing with “fees for services”, Article 12B dealing with “automated digital services” and Article 12C dealing with “insurance premiums”. These provisions give taxing rights to the source countries even when the service provider does not have a permanent establishment in the source country.
The Protocol on disputes contains innovative dispute prevention mechanisms and dispute prevention mechanisms such as bilateral and multilateral advance rulings on issues not related to transfer pricing, APAs, Coordinated advance pricing arrangements, Cooperative compliance arrangements, Simultaneous tax audits, Joint audits etc.
CA Radhakishan Rawal made various interventions during the discussions. The inputs were predominantly on technical issues arising from drafting of various issues, certain desired policy outcomes and approaches to enhance participation by the countries.
Media Links:
2. Meeting with SEBI Chairman
A delegation of BCAS – Bombay Chartered Accountants’ Society, led by CA Kinjal Shah, President, and CA Mandar Telang, Vice President, CA (Adv.) Kinjal Bhuta, Joint Secretary, CA Samit Saraf, Joint Secretary and CA Mrinal Mehta, Treasurer along with former BCAS presidents CA Shariq Contractor and CA Chirag Doshi met Mr. Tuhin Kanta Pandey, Chairman of SEBI on 7th August 2026 at SEBI Bhavan, BKC Mumbai.
The delegation briefed Mr. Pandey on the key initiatives and activities of BCAS and discussed potential areas of future collaboration between BCAS and SEBI. As REACH is one of the main pillars of BCAS – the step in this direction, is aimed to be a long-term and mutually beneficial professional association with SEBI.
3. BCAS President Meets R.A. Podar College Vice-Principal to Explore Academic-Professional Collaboration
A meeting between Dr. (CA) Vibha Singh, Vice-Principal of R.A. Podar College of Commerce & Economics, and CA Kinjal Shah, President, BCAS, was held at the BCAS office on 6th August 2026.
They discussed on the possibility of having a meaningful academic and professional association, with the objective of providing students and faculty with greater exposure to the Chartered Accountancy profession, emerging areas of finance, and practical industry knowledge.
Overall, the proposed collaboration can create a sustained platform for knowledge exchange, skill development and professional orientation, benefiting students, faculty and the broader academic community.
4. Churchgate CPE Study Circle Felicitates BCAS President
The President of the Bombay Chartered Accountants’ Society (BCAS) was felicitated by the Churchgate CPE Study Circle of WIRC of ICAI in a ceremony held at Jolly Bhavan No.2, New Marine lines, Churchgate, Mumbai; on 6th August 2026 recognising his contributions to the accounting profession.
The event was attended by members of BCAS, senior Chartered Accountants, students, and members of the Churchgate CPE Study Circle of WIRC of ICAI.
The President emphasised on the forthcoming seminars of BCAS and need for continuous learning.
Churchgate CPE Study Circle, Coordinator, CA Dilip Jani presented a memento to the President, acknowledging his leadership and support for local chapter activities.
5. Borivali (Central) CPE Study Circle Felicitates BCAS President
The President of the Bombay Chartered Accountants’ Society (BCAS) was felicitated by the Borivali (Central) CPE Study Circle in a ceremony held in Borivali on 11th July 2026, recognising his contributions to the accounting profession and to member engagement across the region.
The event was attended by members of BCAS, senior Chartered Accountants, students, and convenors of the Borivali (Central) CPE Study Circle.
The BCAS President emphasised the need to focus on joint programmes and collaborative initiatives with other professional bodies and associations, fostering greater knowledge-sharing and engagement among members.
III. REPRESENTATION
BCAS Submits Representation to the OECD
The Bombay Chartered Accountants’ Society (BCAS), through its International Taxation Committee, submitted a representation to the OECD Centre for Tax Policy and Administration on 22 July 2026 on the proposed revisions to Chapter VII of the OECD Transfer Pricing Guidelines relating to intra-group services.
The representation, submitted under the leadership of CA Kinjal Shah, President, BCAS, CA Mayur Nayak, Chairman, and CA Anil Doshi, Co-Chairman, International Taxation Committee, provides practical suggestions to improve clarity and consistency in the proposed guidance.
BCAS recommended clearer definitions for subjective terms, better guidance on distinguishing shareholder activities from chargeable services, practical allocation keys for common intra-group services, and dedicated guidance on stock-based compensation. The Society also highlighted the growing impact of Artificial Intelligence (AI) on service delivery and suggested that future guidance may be required in this area.
The representation further recommended reviewing the mark-up for low value-adding services, defining core and support services, and providing a practical documentation framework to reduce disputes and improve compliance.
This representation reflects BCAS’s continued commitment to contributing to the development of practical and internationally accepted transfer pricing principles while representing the views of the profession on global tax policy.
Click to Read the Full Representation
IV. BCAS IN NEWS & MEDIA
BCAS LinkedIn Live: Taking Professional Learning Digital
The Bombay Chartered Accountants’ Society (BCAS) introduced BCAS LinkedIn Live, a digital initiative aimed at making professional learning more accessible, engaging and widely connected. The initiative was launched with a webinar on “Income Tax Returns for AY 2026–27,” enabling professionals to participate in a technical knowledge session directly through LinkedIn. With a growing community of 24,000+ followers on LinkedIn, BCAS leveraged the platform to expand the reach of its professional knowledge initiatives. The first LinkedIn Live webinar received 700+ views, demonstrating strong audience interest and the potential of LinkedIn Live to further extend BCAS’s digital learning outreach.
Key Benefits:
Provides convenient access to BCAS technical sessions and webinars through LinkedIn.
Enables professionals to participate in knowledge-sharing programmes remotely.
Facilitates access to expert insights and technical updates through a digital platform.
Expands the reach of BCAS’s professional education initiatives.
BCAS continues to expand its digital outreach through the BCAS Website, BCAS Academy and YouTube, now further strengthened by LinkedIn Live Streaming.
Click to watch online at LinkedIn Live Streaming
BCAS News
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/
