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

Professionals – Be Future Ready

I recently visited the Museum of Future and also watched a few videos on this topic. I learnt many new things which I would like to share with you with the intention that we should also start thinking about the future of various professions given the kind of changes we are witnessing in the areas of technology, economy, medicine, sustainability, digital currency, metaverse and many more.

Some of the technological advancements and innovations that will make the World a different place in year 2050 and beyond are:

Energy & Environment

a. Solar panels placed on another planet transmitting energy to the receiving stations on the Earth for onward dissemination.
b. Storing of DNA of plants, insects, birds and animals which are in extinction and then using them to recreate these extinct species.
c. A straw that will generate water from air directly.

Food, Clothing, Transport and Education

d. Adding proteins to the roots so the fruits and vegetables are more nutritious.
e. Food at home could be pills only which would give the body the required nutrition and people may go for outside or restaurant food for occasions only.
f. Robots would prepare the food and serve you with minimum human intervention.
g. Artificial intelligence helping evolution of flying cycles, automated or driverless cars, supersonic starships and much more to make travel much easier.
h. Tailors replaced with robots keeping up with different trends and style.
i. Education in online or hybrid mode or huge screens where teachers and students can see other or may be classrooms could be replaced by metaverse environments.

Fintech

j. Traditional banks giving way to people operating in digital currency with distributed ledger technology.
k. Payment through chips in your fingers.

Political and Judicial System

l. Political systems could have more robots even the president or prime minister could be robots who will take informed and unbiased decisions.
m. Judicial systems might still need humans as robots don’t have mercy

Medical & Wellness

n. Robots might perform the surgeries with human doctors guiding them through screens or remote technologies.
o. 3D printers even for human body parts like prosthetic legs, drones delivering them along with other products.
p. Wellness with sound, smell, and music therapies.
q. Replacement of Organs with help of tissues and cells.

Such things also make me think how would our profession be in future; auditing through robots or AI technologies, individual also budgeting like corporates and planning their taxes, would taxes be replaced with social contributions, physical verification through robots and drones, auditing the black-box and no more around the black-box, single tax structure for the globe, single currency in the business world and more.

Emerging professionals could be game changers and would need to think innovative ways to build trust in the technology changes I have mentioned above.

In our day to day operations are we missing to read and research on future of our profession and innovate new ideas relevant to the growth of our profession? Please write to me at vp@bcasonline.org with your innovative ideas related to future of our profession.

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Events

A. The Reality And Depth Of Homoeopathy

Hybrid Meeting on The Reality and Depth of Homoeopathy – on Meditation to Cure the Mind was organized by HRD study circle on Thursday, 15th December, 2022 at Bombay Chartered Accountant Society office.

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

B. 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 Society organised a lecture meeting on Metaverse and Web3 Technologies on 14th December 2022.

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

C. 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

D. 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 re-porting in GSTR 9 and 9C for FY 2021-22 as compared to previous FYs.

E. 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].

F. ‘Enterprise Risk Management (Erm) 101’- A Joint Program With Irm, India Affiliate

The Society 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 Socie-ty organised a program titled ‘Enterprise Risk Management (ERM) 101 on 3rd December, 2022 at the Jio World Convention Centre, Mumbai.

G. Lecture meeting – “decoding global financial market and changes in regulations – odi”

The Society 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.

H. Online meeting – ‘reverse change mechanism’

The Indirect Tax Study Circle of the Society 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.

I. Meeting – British Economy Challenges

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

J. Workshop – ‘Macros recording for GST compliances’

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

K. Seminar – ‘Business Restructuring’

On 14th November, 2022, the Taxation Committee of the Society, 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

L. Workshop – Tax Issues In Redevelopment Of Immovable Properties

The Taxation Committee of BCAS organised a workshop on ‘Income Tax Issues on account of Redevelopment of Immovable Properties’ in hybrid mode on 11th November, 2022.

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

M. Lecture meeting – “Growth Based Investing”

On 9th November, 2022, The Society organized a hybrid Lecture Meeting on ‘Growth-based Investing’ in Hybrid mode.

For more details visit – https://www.youtube.com/watch?v=U5DqRzteM54

N. Study Circle Meeting – Positive Ageing

The Human Resource Development Committee of the Society organised a Study Circle Meeting On the topic of “Positive Ageing” on 8th November, 2022 at the BCAS office, Mumbai.

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

O. Webinar – Sc Decision On Charitable Trusts Exemptions

The Taxation Committee of the Society organised a Webinar on 7th November, 2022 to discuss the recent SC decision laying down the law on Charitable Trust exemptions. The speaker, Adv. Saurabh Soparkar, discussed the far-reaching effects of the SC judgment in the case of Ahmedabad Urban Development Authority on Charitable Trusts.

For more details, visit – https://www.youtube.com/watch?v=SBqh8urf670

Forthcoming Events:

Topics

Date

Speaker Name

Fees

Regn. Link

Workshop on GST Law – Organised Jointly By GSTPAM, AIFTP(WZ), CTC, MCTC
& WIRC OF ICAI

17th January to 16th March 2023

Various Speakers

Member Fees: Rs. 3,000/- plus 18% GST
Non- Member Fees: Rs. 3,500/- plus 18% GST

Member Fees: Virtual Mode Rs. 1,500/- plus 18% GST
Non Member Fees: virtual Mode Rs. 2000/- plus 18% GST

Click here

Workshop on Penalties under Income Tax Act 1961
1.Penalty provisions under sections 271AAC,
271AAD,271D,271DA,271E,271J         2.Penalty provisions under sections
270A,270AA,273B

Thursday, 19th January, 2023

Advocate Mihir Naniwadekar & CA Jagdish Punjabi

Members: Rs 750 + GST
Non-members: Rs 950 + GST

Click here

Training Workshop on Effective Public Speaking and Business Presentation
Skills

3rd, 4th, 10th & 11th Feb 2023

Pramod Palekar (faculty  Mentor)

Jameer Mokashi (Counsellor and motivator)

CA Final Students: Rs 4000 + GST
CA Members: Rs. 6000 + GST
Non-Members: Rs 8000 + GST

Click here

Master class on mergers and acquisitions

February 10th & 11th, 2023

Various Speakers

Members Rs. 5300/- (Incl of GST)

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

Click here

Prosecution for Cheque Bouncing – Overview of the law, issues and
solutions

Monday, 13th February, 2023

Kartik Garg

BCAS MEMBERS ONLY

Click here

56th Residential Refresher Course 

Thursday to Sunday
23rd to 26th February, 2023

Various Speakers

Residential INR Rs.27,730/-  Incl.of GST
Non Residential option

For local BCAS members with

Coimbatore address: Rs. 13,570/- Incl.of GST

Click here

Lecture Meeting on Social Audit of Social Enterprises

Wednesday, 1st March, 2023

CA Sangeeta Kumar

Free to All

Click here

10th YRRC

17th, 18th & 19th March 2023

Various Speakers

Early Bird Upto 31/01/2023

Members: Rs. 15,000 + GST

Non-Members: Rs. 16,000 + GST                            From 01/02/2023                   

Members: Rs.17,000 + GST

Non Members: Rs. 18,000 + GST

Click here

27TH INTERNATIONAL TAX & FINANCE CONFERENCE

Thursday, April 6 2023 to Sunday April 9 2023

Various Speakers

Early birds upto 31st January 2023

Members: Rs. 24,500 + 18% GST

Non-Member: Rs. 27,500 + 18% GST

From 01/02/2023

Members: Rs. 27,500 + 18% GST

Non-Member – Rs. 30,000 + 18% GST

Click here

17th Residential Study Course on GST

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

Various Speakers

DEEP DISCOUNT:
Enrolments on or before 20-01-2023 –             
Members: Rs. 22,000 + GST 3,960 = Rs. 25,960
Non- Members: Rs. 25,000 + GST 4,500 = Rs.29,500

Click here

Thank You!

With Best Regards,

CA Chirag Doshi
Vice President

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