Western India Regional Council of
The Institute of Chartered Accountants of India

(Setup by an Act of Parliament)

Chairperson Communication

CA. Priti Paras Savla

Dear Professional Colleagues,

‘Once you start working on something, don’t be afraid of failure and don’t abandon it. People who work sincerely are the happiest.’ – Chanakya

Happiness is a journey and not a destination. Friends, I am happy to share that the response to the forthcoming ICAI International Conference hosted by Western Region at Mumbai has been really wonderful as the registrations are closed much in advance of the Conference. I look forward to meeting with our members at ICAI International Conference.

During November 2019, we organised various programs for members as well as students to disseminate knowledge. Considering the need of members and timely sharing of knowledge we organised a seminar and a lecture meeting on GST Annual Returns and Audit Report and Seminar on Transfer Pricing which were very well received by members. We had an interactive lecture meeting with Respected Principal Chief Commissioner Income Tax I– Shri Satish Kumar Gupta along with Chief Commissioner of Income Tax – Shri Ravindra Sai on E Assessment under Income Tax Act – Procedures & Issues where they presented the norms of faceless, jurisdiction less income Tax Assessments. They have also resolved all the issues of participants and answered their queries. A full house audience took the benefit of this interaction. Lecture meetings on Procedure under Settlement Commission, Valuation, Deemed Conveyance & Recent Amendments in Co-operative Societies Act geared towards strengthening the knowledge of members were also conducted. A Seminar on Corporate Tax Issues arising on account of IND AS helped members to upgrade their knowledge. The lecture meeting on ‘Sustaining Happiness with Mindfulness and Ethical Values’ hosted by Mulund CA CPE Study Circle was insightful. The same was also attended and appreciated by CA. Prafulla Chhajed, Hon’ble President, ICAI. All the study groups also organised their meetings during the past month. We had an interactive meet with Commissioner of Income Tax – TDS, Mumbai, for formulating guidelines towards TDS on E–Commerce Transactions. We have released the noteworthy eighth publication of WIRC on ‘Illustrative Ind AS financial Statements’. I compliment the Ind AS Committee of WIRC and all the contributors for bringing out an excellent publication.

‘Efforts and courage are not enough without purpose and direction.’ To encourage newly qualified rank holders and members, we had organised a felicitation program where Padmashri Prof. G. D. Yadav, CA. Sachin Patil, IRS, CA. Nimit Mehta, IPS guided them on the values in the profession and shared their success stories. Further, a panel discussion on professional opportunities in different areas was organised to guide the young CA members.

The Sub Regional Conference at Goa saw the presence of Hon’ble Shri Shripad Naik, Union Minister of State for Ayush (Independent Charge) & Minister of State for Defence. The Western Maharashtra Regional Conclave at Sangli saw the presence of Shri Sanjay Kaka Patil, Member of Parliament. Both the conferences were very well received by the participants and we appreciated their dynamism in hosting and organising the conferences.

Education is the most powerful weapon for changing the world. WIRC along with WICASA has organised various seminars and practical training for students on various topics including GST in various parts of Mumbai. We firmly believe that ‘Knowledge is Power’ and that proper training to CA Students will not only upgrade their knowledge but also benefit the members in turn. We, along with WICASA, have planned the National Students Conference on the theme ‘Path for Success – Learn, Adapt and Accelerate’ at Shanmukhananda Auditorium, Sion, Mumbai on January 7 & 8, 2020. I request members to encourage their article students to participate in this knowledge gaining students’ conference.

‘Climbing to the top demands strength, whether it is to the top of Mountain Everest or top of your career’. – APJ Abdul Kalam. We have conducted Faculty Development program along with the University of Mumbai where the faculties of various colleges of University of Mumbai were trained on GST to impart their knowledge to students. We are also conducting career counselling programs in various commerce colleges to create awareness about CA Course.

WIRC has planned various programs viz. Conference on Capital Market, Start-ups, Pharma Industry, Corporate Social Responsibility – CSR, Procedure under Income Tax Act including Mock Tribunal, various workshops on Technology, National Conference on International Taxation, Residential Refresher Course on GST. The details of these programmes are available in this newsletter as well as on the WIRC website. I request members to participate in large numbers and take benefit of all these programmes. I look forward to meeting you at the programmes.

‘The fragrance of flowers spreads only in the direction of wind, but the goodness of a person spreads in all directions.’

‘Year’s end is neither an end nor a beginning but a going on, with all the wisdom that experience can instill in us’. I wish your Holidays & New Year 2020 be filled with joy, happiness and love!

With Best Wishes,
CA. Priti Paras Savla