BCAS President CA Suhas Paranjpe's Message for the Month of April 2021

 My Dear Members,

On 15th March we lost our evergreen Past President (1964-65) Shri Arvindbhai H. Dalal. He was also Past President (1989-90) of ICAI, our alma mater. A thorough and dedicated professional, he was always ready to guide and provide a helping hand to all professionals and juniors and mentored many. I had occasion to speak to him on call many times and he was very informed and keen to know everything, including new publications, joining BCAS events on a digital platform and so on. The March issue of the BCAJ published a photograph from 1951-52 in which he could be seen and I had occasion to speak to him for the last time – today I recall the saying, ‘coincidence means only a connection that's not seen’. It's the end of an era and the profession will truly miss him. Our sincere prayers for his soul to remain in eternal peace.

Recently, the ICAI Council approved ‘Guidelines for networking of Indian CA firms, 2021’. These were originally framed in 2005, revised in 2011 and in 2020 a group was formed for final revision to make them conducive for CA firms to grow through networking. It is now expected that Indian CA firms will network and grow big to handle larger assignments. These are domestic networking guidelines and do not govern international affiliations of CA firms, which need to be addressed in due course.

Our Taxation Committee submitted its post-Budget memorandum for consideration by Finance Minister Nirmala Sitaraman. The Finance Bill, 2021 was passed in the Lok Sabha on 23rd March with quite a few changes in the original proposals of the Union Budget. The overall theme was the ease of doing business and reduction in compliances. Certain amendments in the charitable trust space are a concern and could pose real challenges in operations and compliance for a genuine charitable organisation.

Recently, we completed one year of the pandemic-induced national lockdown. But we are not out of the woods yet with the anticipated second and third waves and the risk of infection spreading. The vaccination drive is on in full force with the Government agencies and local bodies doing their best. The last year taught us so much. It changed our work culture, our work habits, our work model. It changed our lifestyle with the domination of technology. It also gave us new directions, new possibilities and, on a positive note, taught us how to perform under constraints – physical, financial, and human.

At BCAS, the last year was a virtual year with all events and meetings held digitally. Over a period of time, we realised that it provided us with an opportunity to excel and become even more relevant. Participation in virtual events increased manifold with geographical spread all over India and in some cases international, too. Content is king and under virtual circumstances it became much more structured, disciplined and systematic. The faculties, national and international, happily came to our platform and we could reach more people at a reasonable cost. It was a blessing in disguise with real value unlocking for BCAS events. The message is loud and clear, that virtual realities are here to stay – maybe permanently, even after the pandemic recedes.

The Final CA results for the January, 2021 attempt were declared on 21st March and we congratulate and welcome all fresh CAs entering this noble profession. BCAS has planned a fresh felicitation on 23rd April for all CAs who entered the profession in February and March, 2021. Please remain connected with www.bcasonline.org for more details.

The beginning of a new financial year starts with the bank audit season and corporate audits and finalisation. Financial results will start flowing in and give us the full-year performance of companies in one of the most difficult years in corporate history. New CARO reporting is applicable from 1st April and will need deliberations to create awareness among small and medium-sized practitioners. We at BCAS would plan the same and keep you updated.

I wish everyone a Happy Gudhi Padwa, Ram Navami and Mahavir Jayanti.

With Best Regards,

CA. Suhas Paranjpe

President

 

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