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BCAS Vice President CA Chirag Doshi’s Message for the Month of August 2022

Financial Freedom

On August 15, 2022, our Country completes its glorious Platinum Jubilee of its Independence and we all wholeheartedly participated in this Azadi ka Amrit Mahotsav being celebrated across India.

As finance professionals, our participation can be more meaningful when we help, guide, and support the society at large in achieving Financial Freedom. As per Economic Freedom Index 2021 which has been published by the Heritage Foundation in March 2021, India ranked 26th in the Asia-Pacific region while ranking 121 overall (https://www.heritage.org/index/pdf/2021/book/2021_IndexofEconomicFreedom_CHAPTER01.pdf). Let us resolve to get In-dia’s score on this front improved significantly and enhance our contribution in Nation Building.

Financial freedom is about taking ownership of your finances. It’s achieved when your income from investments is more than our necessities. It’s when you aren’t worrying about how you’ll pay your bills or sudden expenses. Achieving financial independence is more than just about money. It’s also about the freedom of having time and the peace to relish the finer things in life.

One should understand its own balance sheet where the payments for the list of debts if any from the home loan, car loan, education loan, credit card loans or personal loans should be equal to their savings and investment. To achieve the state of Financial Freedom one needs to action at least the following:

a. Write down your Goals: Knowing exactly what you want to achieve makes achieving your Financial Freedom thousand times easier. Ask yourself why you need money, it could be for anything like getting rid of debts, investing in a business, buying a car or house or luxury, overseas travels, perusing hobbies, child education or marriage, health insurance or their own retirement planning.

b. Track your Spending: One should track their spending, budget the regular expenses, and provide for contingencies.

c. Pay for yourself first: As said always pay for your savings first before paying for your expenses, especially the spent-on luxuries of life.

d. Buy Experience not things: Bond over experiences and not things will help you derive long-term satisfaction and peace of mind.

e. Keep upgrading your knowledge: One should always be open to and keep learning new avenues of earning by updating their skills and staying educated on financial issues.

Financial freedom helps you take ownership of your finances and most importantly your life. It’s all about living within your means and making sure that money is spent on necessary things like food, shelter and even vacations. I am sure by following the Financial Freedom tips above, you’ll inch closer to achieving the Financial Freedom you deserve. Take a look at your finances, build additional streams of income, pay down that debt if any, and before you know it you’ll achieve financial freedom.

“To achieve what 1% of the world’s population has (financial freedom),
you must be willing to do what only 1% dare to do … hard work and perseverance of the highest order”

– Manoj Arora

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Events

“POWER SUMMIT 2022”

The Human Resource Development Committee of BCAS organised a one-day programme, “The Power Summit 2022: Thriving in a Transformed Hybrid World”, on 28th May 2022 at the Orchid Hotel, Mumbai. It was attended by 76 members from various cities in India and abroad. The Summit raised im-portant issues dealing with succession planning and sustainability of professional practices, merger mathematics and valuation of professional practices, the challenges and opportunities arising due to technological advances and the need to get ready to “thrive” and not just survive in these disruptive times.

INTERNAL AUDIT CONCLAVE: RE-IMAGINE!

The Internal Audit Conclave was held on 16th and 17th June 2022 via physical mode at the Orchid Hotel in Mumbai. The event was designed to cover various facets of internal audit with an innovative, interactive and practical approach delving into the event theme– “Internal Audit Conclave: Re-imagine”. 81 enthusiastic Internal Audit (IA) professionals from industry, as well as practice, joined the Conclave.

11th RESIDENTIAL STUDY COURSE (RSC) ON IND AS

The Accounting and Auditing Committee of BCAS organised this eagerly awaited 11th Residential Study Course (RSC) on Ind AS (in physical mode) at Deltin Hotel, Daman from 24th to 26th June 2022. Attended by more than 60 participants from across India, The RSC comprised 2 engaging papers for group discussion, 3 interesting presentation papers and an excellent panel discussion.

14TH JAL ERACH DASTUR CA STUDENTS’ ANNUAL DAY – ‘TARANG 2k22’

The 14th edition of Jal Erach Dastur CA Students’ Annual Day under the brand of ‘Tarang’ had to be bigger and better. With this mission, the Students’ Team embarked upon the journey with enthusiasm and dedication for Tarang 2k22, The Students’ Team comprised of a group of 33 dedicated and enthu-siastic students. It was truly an event ‘OF CA students, BY CA students and FOR CA students. This year saw a huge enrolment of 550 students despite the delay in CA exams and the various pending due dates. There were about 260 participants in Tarang 2k22, with the highest number of participants in the Talent Show and the Talk Hawk Competition.

The Event can be viewed on Youtube Link: https://www.youtube.com/watch?v=qz7_sn7aYzQ

FOUNDING DAY LECTURE BY MR. N. CHANDRASEKARAN

The BCAS Founding Day Lecture is a treasured legacy of the last many decades that has culminated into a best-in-class thought-leadership platform witnessing addresses by luminaries and leaders in the fields of profession, industry and government, among others. This year’s Founding Day Lecture further raised the bar with an insightful and engaging lecture by Padmabhushan Shri N. Chandrasekaran, Chairman, Tata Sons.

On 6th July 2022, at the 74th Founding Day of BCAS, Mr. N. Chandrasekaran addressed the BCAS community on ‘Future Trends, Risks and Opportunities’ in the Indian context. In witness of a packed auditorium at MCA The Lounge at Wankhede Stadium, Mr. Chandrasekaran shared his insights into emerging trends in the near future along with the risks and opportunities that they may propagate.

The lecture can be viewed on the following:

YouTube Linkhttps://www.youtube.com/watch?v=4BCEXL1Uv-I

TRAINING SESSION FOR CA ARTICLE STUDENTS ON “CHANGES IN INCOME-TAX FORMS FOR INDIVIDUALS AND HUFS FOR A.Y. 2022-23”

On 8th July, 2022, the Students Forum under the aegis of the HRD Committee organised an online training session on “Changes in Income-Tax Forms for Individuals and HUFs for A.Y. 2022-23”

TRAINING SESSION FOR CA ARTICLE STUDENTS’ ON “ICAI NEW SCHEME FOR CA COURSE”

The only constant in life is change, and to keep up with the pace of change happening in our profession, ICAI has come up with New Scheme for CA Course. To address the doubts arising in the minds of students, the Students Forum, under the auspices of the HRD Committee, organised a session on the Topic “ICAI New Scheme for CA Course” on 12th June 2022

FEMA STUDY CIRCLE

BCAS held its second FEMA Study Circle for the year on 24th June 2022 via Zoom. on the implications of FEMA on Digital Assets. Needless to say, the transactions in digital assets operate in a realm of their own and are more often than not shrouded in mystery.

Thank You!

With Best Regards,

CA Chirag Doshi
Vice President

Please feel free to write to me at vp@bcasonline.org |