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BCAS Vice President CA Chirag Doshi’s Message for the Month of February 2023

Is the Budget a Visionary budget for India@100

The Budget was first introduced in India on April 7, 1860 when Scottish economist and politician James Wilson from East India Company presented it to the British Crown. Independent India’s first budget was presented on November 26, 1947 by the then Finance Minister R K Shanmukham Chetty.

Some of the historic updates on the budgets:

  1. Longest speech ever was given by Ms Nirmala Sitharaman in 2020
  2. At 18650 words Mr Manmohan Singh delivered the longest budget scheme in terms of words used in 1991
  3. Finance Minister Mr Hirubhai Patel delivered the shortest speech of approx. 800 words in 1977
  4. Moraraji Desai holds the record of delivering the highest number of Budgets. He presented 10 budgets.

The Finance Minister of India called it the first Budget in Amrit Kaal. The vision for the Amrit Kaal is an empowered and inclusive economy that is technology-driven and knowledge-based with a robust financial sector.

The Important elements of this year’s budget are:

a. Inclusive Development – Digital infrastructure for agriculture and accelerated funds for Agri start up, health sector and education and skills development

b. Opportunities for youth – development of Skill India Digital Platform. Centre of Excellence for AI.

c. Reaching the last mile – Building on the success of the Aspirational Districts Programme, the Aspirational Blocks Programme was recently launched covering 500 blocks.

d. Infrastructure and investments – Capital investment outlay increased for the third consecutive year – by 33% to Rs 10 lakh crore making it 3.3% of GDP.

e. Green energy – An outlay of Rs 19,700 crores has been allocated to the National Green Hydrogen Mission to facilitate transition of the economy to low carbon intensity, reduce dependence on fossil fuel imports, and make the country assume technology and market leadership in this sunrise sector.

f. Financial sector – additional collateral-free guaranteed credit of Rs 2 lakh crore. The cost of the credit will be reduced by about 1% and many more.

Ease of doing business – To enhance ease of doing business, more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalised under the amendments to the Companies Act 2013

Budget estimates (2023 – 24)

Particulars

Amount in Rs. Crore

Revenue receipts (Tax and Non Tax)

26,32,281

Capital receipts (including borrowings)

18,70,816

Total Expenditure

45,03,097

 

The Youth of the country is mainly concerned about job security, financial security, and education support and skill development. The budget considers this factors well as it’s a balanced budget with increase in capital outlay creating more jobs, boost to start ups, higher fund allocation towards education and skill development and increasing the tax exemption slabs and limit of presumptive tax.

Overall a well appreciated full budget, before the country witnesses another election next year.The budget booklet published by the Society covers the same in a very lucid manner and is available for purchase now. Jai Hind !

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Events

THE REALITY AND DEPTH OF HOMOEOPATHY

Hybrid Meeting on The Reality and Depth of Homoeopathy – on Meditation to Cure the Mind on Thursday, 15th December, 2022 at Bombay Chartered Accountant Society at the HRD Study Circle Meeting.

For more details visit – https://www.youtube.com/watch?v=1RGiTNm9bNc

LECTURE MEETING ON METAVERSE

The world is on the verge of experiencing the beginning of a new era of the Internet; and considering this, the BCAS organised a lecture meeting on Metaverse and Web3 Technologies on 14th December 2022.

For more details visit – https://www.youtube.com/watch?v=GJ8YgVgc600

STUDY CIRCLE MEETING FOR BUDDING ENTREPRENEURS

The Human Resources Development Committee organized a hybrid study circle meeting titled “Kal, Aaj aur Kal for Budding Entrepreneurs” – Insights about how to win the battle called 2030 with Right Strategies, on 13th December, 2022, at the Bombay Chartered Accountants Society office

For more details visit – https://www.youtube.com/watch?v=A_hy2gQfW4w

MEETING TO HIGHLIGHT CHANGES IN REPORTING IN GSTR 9 AND 9C

The Indirect Tax Study Circle organised a meeting on 9th December, 2022 to highlight the changes in reporting in GSTR 9 and 9C for FY 2021-22 as compared to previous FYs.

MEETING – ‘RECENT LANDMARK SC RULINGS’

On 5th December, 2022, the Direct Tax Study Circle held a meeting on ‘Recent Landmark Rulings’. The landmark Supreme Court Rulings discussed included Singapore Airlines Ltd vs. CIT [2022], New Noble Educational Society vs. CCIT [2022], Dinesh Vazirani vs. PCIT [2022], PCIT vs. Wipro Ltd [2022], Seema Jagdish Patil vs. NHRC Ltd & Ors [2022] and S.A. Metro Plots (Pvt.) Ltd vs. ITO [2022].

‘ENTERPRISE RISK MANAGEMENT (ERM) 101’- A JOINT PROGRAM WITH IRM, INDIA AFFILIATE

BCAS has entered into an MoU with the Institute of Risk Management (IRM), India Affiliate, to provide knowledge and learning opportunities about ERM concepts to students and young professionals. The Society organised a program titled ‘Enterprise Risk Management (ERM) 101’ on 3rd December, 2022 at the Jio World Convention Centre, Mumbai. BCAS and IRM have entered into an agreement to conduct ERM 101 repeatedly throughout the year.

LECTURE MEETING – “DECODING GLOBAL FINANCIAL MARKET AND CHANGES IN REGULATIONS – ODI”

BCAS organised a Lecture Meeting on “Decoding Global Financial Market and Changes in Regulations – Overseas Direct Investment” on 30th November 2022 on Zoom and was telecast live on YouTube.

ONLINE MEETING – ‘REVERSE CHANGE MECHANISM’

The Indirect Tax Study Circle organized an online meeting on ‘Reverse Change Mechanism – Is it a better proposition for seamless credit?’ on 28th November, 2022. The speaker presented 11 case studies on Reverse Charge Mechanism.

MEETING – BRITISH ECONOMY CHALLENGES

ON 23rd November, 2022, the International Economics Study Group conducted a meeting on the topic ‘Decline of British Economy, Downfall of British Empire and Londongrad and Current status of Economy & Markets’.

WORKSHOP – ‘MACROS RECORDING FOR GST COMPLIANCES’

The Indirect Taxation Committee of BCAS organized a half-day workshop on ‘Macros Recording for GST Compliances’ on 19th November, 2022 at the Babubhai Chinai Hall, IMC.

SEMINAR – ‘BUSINESS RESTRUCTURING’

On 14th November, 2022, the Taxation Committee of BCAS, in association with the IMC Chamber of Commerce and Industry and Bombay Chamber of Commerce and Industry, organised a hybrid seminar on ‘Business Restructuring’.

For more details visit – https://bit.ly/3HTbQJ4

Forthcoming Events:

Topics

Date

Speaker Name

Fees

Regn. Link

ChatGPT – An opportunity or a threat to professionals?”

Saturday 18th February 2023

Mr. Vastsal Kanakiya

Free to All

Click here

Brain Trust Session on Case Studies on International Tax

Saturday, 18th February 2023

Moderator – CA Ganesh Rajgopalan
Brain Trustees – CA Gautam Nayak,
Mr. Sanjeev Sharma,
CA Yogesh Thar

Members: Rs. 500 + 18% GST
Non-members: Rs. 500 + 18% GST

Click here

Interactive Session with Students for Success in CA Exams

Sunday, 19th Feb 2023

CA Mayur Nayak

Free to All

Click here

Lecture Meeting on Challenges in implementation of Audit Quality
Maturity Model (AQMM)

Monday, 20th February 2023

CA Durgesh Kabra & CA N. Jayendran

Free to All

Click here

XIIth Residential Study Course on Ind AS

Friday to Sunday 24th to 26th March 2023

Various Speakers

Double Occupancy (In Rs.)

Members – Early bird (till 28th February 2023) Rs. 20,060/-
From 1st March 2023 Rs. 22,420/-

Single Occupancy (In Rs.)
Members Early bird (till 28th February 2023) Rs. 24,780/-
From 1st March 2023 Rs. 29,500/

Double Occupancy (In Rs.)

Non-Members Early bird (till 28th February 2023) Rs. 22,420/-
From 1st March 2023 Rs. 24,780/-

Single Occupancy (In Rs.)

Non-Members Early bird (till 28th February 2023) Rs. 29,500/-
From 1st March 2023 Rs. 31,860/-

Click here

Overview of Deemed Conveyance with Legal Issues and Solutions

Monday, 27th February, 2023

Adv. Viral Shukla

BCAS MEMBERS ONLY

Click here

Lecture Meeting on Social Audit of Social Enterprises

Wednesday, 1st March, 2023

CA Sangeeta Kumar

Free to All

Click here

Power Summit The Time is Ripe!

3rd & 4th March 2023

Various Speakers

Members – Rs. 6750 + GST = Rs.7965/-  (Triple Occupancy)
Rs. 8000 + GST = Rs.9440/-

(Double Occupancy)

Non- Members – Rs. 8750 + GST = Rs.10325/- (Triple Occupancy)
Rs. 10000 + GST = Rs.11800/-

(Double Occupancy)

For members of BCAS born on or after 1st January 1988 (i.e. under the
age of 35 as on 31-12-2022):

Rs. 5,000 + GST = Rs. 5900/-

(Triple Occupancy)

Rs. 6,250 + GST = Rs. 7375/-

(Double Occupancy)

Click here

Master Class on Mergers & Acquisitions

3rd & 4th March 2023

Various Speakers

Members Rs. 5300 /-(Incl of GST)                                 Non
Member Rs. 6500/- (Incl of GST)




Click here

Workshop on Practical Aspects of Audit for SME Practitioners

Friday,10th March 2023 & Saturday,11th March 2023

Various Speakers

Members – Rs. 2,500 + Rs. 450 (18% GST) = Rs. 2,950/-

Non-members – Rs. 3,500 + Rs. 630 (18% GST) = Rs. 4,130/-

Click here

10th YRRC

17th, 18th & 19th March 2023

Various Speakers

Early Bird Upto 15/02/2023

Members: Rs. 15,000 + GST

Non-Members: Rs. 16,000 + GST

From 16/02/2023

Members: Rs.17,000 + GST

Non Members: Rs. 18,000 + GST

Click here

Half-day Seminar on Basic Learning’s to be an IBC Professional 

Friday, 24th March 2023

Various Speakers

Members: Rs. 750 + 18% GST
Non-members: Rs. 1000 + 18% GST

Click here

Full day Workshop – Approach to litigation under GST

Saturday 25th March, 2023

Various Speakers

Members

1,500+ GST = Rs.1770/- (Physical)

1,500 + GST = Rs.1770/- (Virtual)

Non-members

2,000 + GST = Rs.2360/-   (Physical) 

2,000+ GST = Rs.2360/- (Virtual)

Click here

27TH INTERNATIONAL TAX & FINANCE CONFERENCE

Thursday, April 6 2023 to Sunday April 9 2023

Various Speakers

Members:

Rs.27,500 + GST 4,950 = Rs. 32,450

Non-Member:

Rs.30,000 + GST 5,400 = Rs. 35,400

Click here

17th Residential Study Course on GST

Thursday, 22nd June 2023 to Sunday, 25th June 2023

Various Speakers

Enrolments on or before 31-03-2023

Members

Rs. 24,000 + GST 4,410 = Rs. 28,910

Non- Members

Rs. 27,500+ GST 4,950 = Rs.32,450

Click here

 

Thank You!

With Best Regards,

CA Chirag Doshi
Vice President

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