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.