BOMBAY CHARTERED ACCOUNTANTS' SOCIETY Learn

64 Pages·2016·8.03 MB·English

BCAS
BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY
Learn | Share | Grow
2015-2016
67th Annual Report
Key Annual Events
66th AGM & 67th Founding Day - 6th July 2015
19th International Tax & Finance Conference,
at Aamby Valley, August 2015
Public Lecture Meeting on “Direct Tax Provisions of The Finance Bill, 2016”
held on 4th March 2016, addressed by Mr S. E. Dastur, Senior Advocate
BCAS Annual Report 2015-2016 2
Learn, Share &
Grow
LEARN - SHARE - GROW is the philosophy behind
BCAS’sjourneyof67years.
Research shows that learning keeps the brain
youthful andgrowing. Sothemoreweuseourbrain
to learn, the better it becomes. At BCAS we
encourage, support and advance constant learning
andnotjustlearninganewsubjectbutlearningasan
inherentcapability.ThusLearninghasremainedand
Contents willbethetouchstoneofeverythingwedo.
Sharing of knowledge is the second touchstone. We
believe that knowledge when shared, betters the
Introduction 02
qualityofourprofession.Asweshare,moreofuswill
Managing Committee 03 have knowledge and therefore improve our service
Managing Committee Attendance 05 and reputation in the world. BCAS is like a blazing
torch thatnot only spreads light but also kindles the
Our Vision 06
flame in many more At BCAS, the experienced
About BCAS 07 membersfreelysharewhathasworkedinpractice.
67thAnnual Report 08 BCAS serves as a platform for the community of
members to think, study and apply our experience
Acknowledgements 13
and knowledge. Technicaldevelopment and material
Notice 15
progress is one aspect of personal growth, however
Clinics 16 the strength of community gives each one of us a
chancetodiscoverournicheandhoneourtalent.As
Our Corporate Members 17
you learn and share here, we will move together
Membership Statistics 18
towards the best that each one of us can possibly
List of Sub Committees 20 become. Growing is then a continuous natural
consequence,awayoflife.
Programs of Sub Committees 23
Publications 33
Thought Mailer Contributors 37
BCAS Web TV 39
Winners of BCAS Quiz 42
Report of Auditors (Society) 43
Financial Statements (Society) 45
Report of Auditors (Foundation) 56
Financial Statements (Foundation) 58
3 Bombay Chartered Accountants’ Society
Managing Committee
2015-16
Raman H. Jokhakar ChetanM. Shah
PRESIDENT VICEPRESIDENT
Narayan R. Pasari Sunil B. Gabhawalla Manish P. Sampat
HON. JOINT SECRETARY HON. JOINT SECRETARY TREASURER
AbhayR. Mehta Anil D. Doshi BharatkumarK. Oza BhaveshP. Gandhi
MEMBER MEMBER MEMBER MEMBER
BCAS Annual Report 2015-2016 4
JagdishT. Punjabi JayantM. Thakur Krishna Kumar Jhunjhunwala MihirC. Sheth
MEMBER MEMBER MEMBER MEMBER
MukeshG. Trivedi Nitin P. Shingala RutvikR. Sanghvi Samir L. Kapadia
MEMBER MEMBER MEMBER MEMBER
SaurabhP. Shah SuhasS. Paranjpe SonaleeA. Godbole Late Narayan K. Varma*
MEMBER MEMBER MEMBER MEMBER
BCAS Foundation Trustees
ArvindH. Dalal PradyumnaN. Shah
MayurB. Nayak ShariqM. Contractor
Pradeep A. Shah Raman H. Jokhakar
PradipN. Kapasi ChetanM. Shah
Late Narayan K. Varma* Anil Sathe**
MEMBER
* Upto24 December 2015
** From 29 January 2016
5 Bombay Chartered Accountants’ Society
Managing Committee Attendance
Date of Meetings
Managing Committee
06.07.15 02.09.15 05.11.15 10.12.15 29.01.16 24.02.16 13.04.16 09.05.16 09.06.16
Members
AbhayR. Mehta Y LOA Y LOA LOA LOA LOA Y Y
Anil D. Doshi LOA Y LOA LOA LOA LOA LOA Y Y
BharatkumarK. Oza Y Y y LOA Y LOA Y Y Y
Bhavesh P. Gandhi Y LOA Y Y Y Y Y Y Y
Chetan M. Shah Y Y Y Y Y Y Y Y Y
Jagdish T. Punjabi LOA LOA Y Y Y Y Y LOA Y
JayantM. Thakur Y LOA Y LOA LOA LOA LOA LOA LOA
Krishna Kumar Jhunjhunwala Y Y Y Y Y Y Y Y Y
Manish P. Sampat Y Y Y LOA Y Y Y Y Y
Mihir C. Sheth LOA Y Y LOA Y Y Y Y Y
MukeshG. Trivedi Y Y Y LOA Y Y Y LOA LOA
Narayan R. Pasari Y Y Y Y LOA LOA LOA Y Y
Nitin P. Shingala Y Y Y LOA Y LOA LOA Y Y
Raman H. Jokhakar Y Y Y Y Y Y Y Y Y
RutvikR. Sanghvi Y Y Y Y Y Y Y LOA Y
Samir L. Kapadia LOA Y Y Y LOA Y Y Y Y
SaurabhP. Shah Y Y Y Y LOA LOA LOA Y LOA
SonaleeA. Godbole Y LOA Y LOA LOA LOA LOA LOA LOA
SuhasS. Paranjpe LOA LOA LOA Y Y Y Y Y Y
Sunil B. Gabhawalla Y Y Y Y Y Y Y LOA LOA
Late Narayan K. Varma* Y Y Y LOA
Anil Sathe** Y LOA LOA Y LOA
LOA -Leave of Absence
*Upto24 December 2015
**From 29 January 2016
BCAS Annual Report 2015-2016 6
Our Vision
BCAS shall be principle-centred and learning oriented
organisationtopromotequalityserviceandexcellencein
the profession of Chartered Accountancy and shall be
proactivetochange.
BCAS shall harness talent ofand disseminate knowledge
tomembers,buildskillsandnetworksamongstthemand
encourage them to adhere to highest ethical standards
andprofessionalintegrity.
BCAS shall provide to students an environment
conducive to the pursuit of knowledge and encourage
them to achieve their potential to become complete
Chartered Accountants. BCAS shall also conduct citizens’
educationprograms.
BCASshallbeacatalystforbringingoutbetterandmore
effective Government policies and laws for clean and
efficientadministrationandgovernance.
7 Bombay Chartered Accountants’ Society
About BCAS
BombayCharteredAccountants’Society(BCAS)istheoldestvoluntaryassociationestablishedover
67 years ago on 6th July 1949 as a non-profit organization, to serve the profession of Chartered
Accountancy. Today, it has nearly 9,000 members from across the country and overseas. BCAS
through its multifarious high quality educational activities ensures that its members keep pace
with the challenges of time. Through these ongoing professional educational events on
contemporary subjects of importance, the BCAS achieves its vision of disseminating knowledge
andharnessingtalent.
Bombay Chartered Accountants’ Society
Harnessing Talent and Providing Quality Service
Thirst for Knowledge Ends Here
Journal & E-Journal Referencer Library
Monthly dose of analysis A Tool For Every Universe of Knowledge
and updates Professional
Publications Events WebTV
Solution for Professionals Learn from the Missed any event,
experienced peers watch here
Clinics Connect with BCAS
RTI Clinic Global
Accounts & Audit Clinic
Follow, Watch, Like,
Charitable Trust Clinic
Connect
BCAS Annual Report 2015-2016 8
67th Annual Report
Dear Members, As a Society, theBCAS is committed toadapt
to change in the spirit of its vision. The nine
We live in extraordinary times. Everything
Committees worked towards harnessing
aroundusisbeing shaped bytechnology like
“Learn-Share-Grow” themewith enthusiasm
neverbefore.Fromthewayweboughtbooks,
to fulfill the thirst for knowledge amongst
to the way we book for travel or movies, to
professionalsacrossindustries.
how we make regulatory filings, things have
changedatapacelikeneverbefore.Notonly In light of the above, we present before you
change, but its speed and scale are the 67th Annual Report of the Society along
unprecedented. Disruption is thenew name with theAudited FinancialStatementsforthe
of the game and the rules are just two – yearended31stMarch2016.
eitherkeepdisruptingorgetdisrupted,either
innovate orperish. Thetimesahead look like Technology Initiatives &
nothing from the past – ending institutions Infrastructure Augmentation
and services that worked for decades have
achieved junk status. Consider the telegraph The poweroftechnology can neither beover
office,afterbeing thelifelineformorethan a emphasizednorneglected.Wearewellaware
century had to shut shop. Jobs and service that to stay relevant, the Society has a long
delivery systems are taken over by way to go in the area of digital technology.
technology as 3 billion people join the This year we have moved further in that
internet in this decade. DIGITAL is all direction.
encompassing, all powerful and
Early in the year, we had a live interactive
unstoppable.Thiscontextcannotbeignored
Lecture Meeting from Google Inc. California
norreversedandsothepastapproachesand
organised at the Society’s hall. We hope to
methods have to change radically and
arrange moresuch sessions, where domestic
rapidly. For the Society, the fundamental
as well international speakers can address
principles will have to remain like a rock,
ourmembersthroughtheuseoftechnology.
howeverthewaywedelivermemberservices,
content and delivery of knowledge Just as technology made the telegraphs and
dissemination havetoundergoachangeand money orders redundant, learning
meettheneedsoftheday. methodologies also have to undergo change
as people have different learning modalities.
The year began with the theme of Learn,
We explored a new modality through Short
Share and Grow. The ethos of the Society is
Videos on the Union Budget. We recorded
centred in learning. From that bedrock of
videos of less than 2 minutes covering
learning; sharing and growingemerged as its
number of important topics of the Finance
naturalextension.IntheAnnualPlan,wehad
Bill, from both experienced and young
included professionally current and
professionals. This approach we believe is
stimulating focus areas for the year. As Ind
easier to produce, faster to transmit, quicker
AS, GST, ICDS, Black Money Act and Internal
to grasp, convenient to absorb and wider in
Financial Controls took shape, BCAS acted as
its reach. We wish to extend this initiative
a catalyst for dissemination of their
furthertootherareasmorefrequentlywhere
intricacies.Inthefollowingpages,youwillsee
experts speaking on emerging themes can
the learning events and publications that
sharetheirviewsthroughShortVideos.
emergedoutofthesethemes.
9 Bombay Chartered Accountants’ Society
We worked towards improving the BCAS premises as per the rules framed for
infrastructure and expanding technological this purpose. This will be an added BCAS
capabilities this year. One of them was membershipbenefit.
converting the existing office into a learning
centre and give more space to the Sad Loss
administrative and support staff of the
This report won’t be complete without a
Society elsewhere. We have reached a
special mention of Shri Narayan K. Varma,
milestone in that direction by finally
our past president, publisher of the BCA
converting the BCAS office at Jolly Bhavan
Journal, an RTI crusader, a generous donor,
into a learning centre which will
andanamazinglyactivememberwhopassed
accommodate more than 100 people in the
awayinDecember2015.Hetouchedsomany
hall and in the overflow area outside. The
lives and organizations guiding their
renovated premises now has better
destinies, carving new pathways, infusing
infrastructure including facilities for
enormous energy and being a living example
recordingandlivestreaming.Thiswillallow
of what dedication was. In his death, the
us to have more events in-house and use
Society has lost a torchbearer and a spirited
technology toreach outstation members and
volunteer.
thosewhocannotremainpresent.
Thisyearwehavealsoreplacedourbackend Taking BCAS events where
operations software that is more customer
members are
centric and will enable seamless online
interactions and payments, better record This year BCAS organised events of two days
keeping and therebyprovidebetterresponse each in Chennai and Coimbatore on a
to members. The Society’s website was also standalonebasis.Theideawastotakeevents
remodelledandnowhasrichcontentofmost where the members are. BCAS decided the
eventsthathaveoccurredinthepastsuchas format, structure and speakers and with the
study material, slide decks of nearly all help oflocalmembers, theeventswereafull
events. house. We have received more requests for
arranging such events of topical interest
Getting the right people for the right job and
where BCAS will provide the structure and
motivating them has always been a key to
speakers, whereas the local members will
member services. The Society this year
makeallotherarrangements.
revamped its staffing roles, positions and
manpower,stabilizeditspeople.Wefilledout
Budget Meetings
open positions and carried out motivational
activities including offsite camp during the This year was the 51st Budget Lecture
year. Meeting of the Society and 28th address by
Mr. S. E. Dastur. The entire Lecture Meeting
Use of Hall for Educational
was webcast live. The web connections far
Purposes by members exceeded the number of people at the Yogi
Sabhagruh auditorium. While the meeting
It is the objective of the Society to wasattendedby3,000plusprofessionalsand
disseminate knowledge in the fields of tax payers, the connections were more than
Chartered Accountancy. The managing 4,000.Theactualnumberofpeoplewatching
committee has decided to make the hall thewebcastlivecouldhavebeenmuchlarger
available to members for their in-house staff than 4,000. We believe that this is a glimpse
training at a nominal cost. This will enable of the times to come, where we are able to
members, especially the start-ups, small and reach many more people through web
medium practices to arrange staff training at streaming,especiallyfromBCASpremises.