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

 My Dear Members,

The BCA Foundation, a dedicated charitable off-shoot of the BCAS, recently tied up with NGOs SPARSH and Helping Hand to donate an ambulance purpose-fitted with oxygen support for Covid-19 patients, especially those in tribal and underprivileged areas. I thank all the donors for their spontaneous and generous response and we will disburse the amount on the necessary paperwork and execution. The BCA Foundation was motivated with the response to this project and has decided to undertake two more projects (in association with other NGOs), viz., ‘Helping Covid-affected families with ration kits’ and ‘Adopt a child’s education’. An appeal to this effect is printed elsewhere in this Journal and also on our website and social media handles. I call upon you to HELP us to HELP society.

The BCAS, along with other CA associations of Ahmedabad, Chennai, Karnataka, Lucknow and Surat, made a joint representation to the Reserve Bank of India complimenting it for its common guidelines of 27th April, 2021, bringing in the required transparency and formalisation in the appointment of the statutory auditors of major financial lenders. The representation has made a case to prevent monopolistic positions and concentration of audits within a few firms. The link to the representation is available on our website and social media. I thank all the organisations and contributors.

It was very thoughtful and considerate of the CBDT to provide relief for compliances under Income-tax in Circular No. 9 of 2021 dated 20th May, 2021 owing to the continuing pandemic. All the due dates of ITR / TDS filings and other compliances have been extended. CBIC also provided relief by way of waiver of late fees and reduction of interest for GST returns. May I request all of you to plan your work well in advance so that you are well ahead of the extended due dates to avoid the last-minute rush and technical glitches.

Cyclone Tauktae wreaked havoc across the west coast of India in the latter half of May. A week after that, Cyclone Yaas severely affected Odisha, West Bengal and Jharkhand. Last year, Cyclone Nisarga had devastated the lives of people. As per climate experts, all these can be linked to the climate crisis with the Indian seas becoming warmer than usual. The lives of people are permanently affected with loss of life, livelihood and homes. Nature is time and again giving us a wake-up call to fast-track measures to limit global warming.

As the world marks World Environment Day on 5th June, let us remember that global warming is no longer a philosophical threat, it is no longer a future threat, it is no longer a threat at all. It’s our reality.

In the last few weeks the digital currency – Cryptocurrency (Bitcoins) – saw a lot of volatility with anticipated regulatory risks and transaction reporting requirements at the country level, adverse tweets by a class of people and also volatility driven by varying perceptions of the intrinsic value of the cryptocurrency. To understand the global and Indian perspectives, the legal aspects and the way forward on the subject, BCAS is in the process of planning an LM on Wednesday, 23rd June, by eminent faculties. Please log in to the BCAS website for more details.

Padma Vibhushan Mr. Azim Premji, Founder-Chairman of Wipro Ltd., Founder of Azim Premji Foundation and internationally-acclaimed Indian personality, will address us on a virtual platform on our 73rd Founding Day on Tuesday, 6th July, at 6.15 p.m. on the subject of ‘Professional excellence and social responsibility’. I invite all of you to attend and to hear him.

Please log in to the BCAS website for the link and more details.

I conclude this page with good wishes for International Yoga Day on 21st June.

With Best Regards,

CA. Suhas Paranjpe



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