Dear Colleagues,

As I conclude my term as Chairman of the largest Region of the Institute, I reflect on a year filled with accomplishment. We saw every action plan materialize through collective planning, perseverance, and progress, fulfilling the mission we set forth at the beginning with P.R.I.D.E. Over the year we witnessed numerous innovative initiatives and events taking place which brought greater glory to the Institute and the Profession thanks to the dedicated efforts of WIRC and all its stakeholders. I am proud to state that these efforts resulted in WIRC of ICAI being awarded the distinguished awards of "India's Best Region" and "India's Best Student Association" for WICASA by our beloved alma mater.

These awards, achievements and success belong to you - my esteemed colleagues on the Regional Council, Chairpersons at WIRC Branches, and our members & students as they wouldn't have been possible without your active support and cooperation. At the same time, I am deeply grateful for the guidance from our esteemed ICAI President, Vice President, Central Council Members, Regional Council Members and respected Seniors. Throughout my journey, I have deeply valued the advice of these stalwarts and their support has been invaluable.

I have always been inspired by the Bhagavad Gita's teachings on duty, selflessness, and action. Its timeless wisdom guides not only leaders but also all individuals seeking direction and fulfilment. Its tenets on leadership, motivation, and decision-making are relevant across all aspects of life and very closely resonate with the qualities we strive to attain at WIRC. Over the past year I have tried in my own humble way to embody and communicate these principles. As I conclude my term, I want to share some key takeaways from the Bhagavad Gita:

• Leadership: Lead by example and inspire others through your actions and commitment
• Motivation: Encourage self-transcendence, finding fulfilment in our duties, and focusing on progress rather than outcomes.
• Decision-making: Approach choices with integrity, balancing action with inaction, and recognizing the interconnectedness of our decisions.
• Embrace Action: Be an active participant in shaping your future.
• Fulfil Your Duty: Dedicate yourself to your responsibilities with purpose.
• Practice Selflessness: Focus on the process, not personal gain.
• Find Balance: Create harmony between work and personal life.

These lessons hold true for members, students, employees, and entrepreneurs alike. May you find guidance and inspiration in these principles as you navigate your own personal and professional journeys.

Below is a glimpse of the events and initiatives conducted over the past month.

Republic Day Celebration at ICAI Tower, BKC

WIRC of ICAI celebrated our Republic Day at ICAI Tower, BKC with the tricolour unfurled by Chief Guest & humanitarian CA. K K Rathi, Managing Partner, First Bridge Investment Managers Pvt. Ltd. in the presence of CCMs, RCMs, Office-bearers, members and students. The fraternity as a whole reaffirmed its commitment to continue to provide services in the service of our country and be a partner in nation building.

17th ICAI Awards & ICAI Leadership Summit

Organised by the Committee for Members in Industry & Business (CMI&B) of ICAI, the ‘17th ICAI Awards & ICAI Leadership Summit’ were instituted to honour and acknowledge extraordinary achievements of its members who have attained outstanding levels of professional achievements in industry and business and are committed towards their goals. Presented on the theme ‘Leading through Change: Navigating the Future of Finance’, this flagship event was inaugurated by Chief Guest, CA. Kumar Mangalam Birla, Chairman, Aditya Birla Group, in the presence of the Governing Council of ICAI, awardees and members from across the country. The Chief Guest honoured exceptional achievements by members across 10 different categories which covered the CA universe in terms of achievements in services and leadership.

National Conference on GST

The two-day National GST Conference was organized by the GST and Indirect Taxes Committee of ICAI and hosted by WIRC of ICAI in Mumbai. Focused on content to enhance members’ understanding of GST in order better shape the future of finance, the Conference comprised related subjects and panel discussions. Topics focused on litigation, sector-wise tax planning and M&A with respect to GST as well as analysis of GST amendments last year, its interplay with other laws along with discussions on Penalty & Prosecution and a Tax Clinic on Controversies in ITC. WIRC was pleased to host this Conference and attending members from across the Region and the country.

Procedure under the Income Tax Act

To create a stronger foundation for members’ understanding with respect to ‘Procedures under the Income-tax Act’ a full day seminar was organized. This seminar covered an array of relevant subjects including ‘Recent Judgments of Courts/Tribunal’, ‘Penalty and Prosecution Matters’, ‘Section 148 - Re-opening of Assessment - New Provisions’ and ‘Filing Writ Petition to High Court in Income-tax Matters’.

Forensic Accounting & Investigation – Practical Nuances

Demand for domain knowledge in this arena is increasing across industries. WIRC organised the program on Forensic Accounting & Investigation to provide deeper insights into this vertical taking into consideration the interplay the legal considerations which go hand in hand with the investigations, the various acts like the DRDP Act and the legal impact post investigation and information gathering. Attending members were pleased with the information provided and we look forward to organising similar such seminars in the near future.

Financial Transparency & Disclosures

Organised jointly by WIRC of ICAI and WIRC of the ICSI, this seminar on ‘Financial Transparency & Disclosures’ focused on the topics ‘Transparency and Disclosures-Bedrocks of a Robust Governance Systems’ and ‘Financial Transparency and Disclosures (from a Regulatory perspective)’. Members were highly pleased with the insights provided by the renowned speakers as well as the networking opportunities with other professionals at this event.

Stamp Duty Amnesty Scheme 2023-24

The lecture meeting was organised in order to provide clarity on various aspects of the Stamp Duty Amnesty Scheme 2023-24 including stamp duty, registration, and related provisions. This scheme looks to regularise property ownership by providing relief on stamp duty to be paid as well as on the penalty on specified instruments.

Charitable and Religious Trusts

The one-day Seminar on Charitable and Religious Trusts was organised by WIRC of ICAI in order to provide invaluable insights into critical aspects of trust management. It covered the entire gamut of relevant topics ranging from the formation, registration and compliances to FCRA laws and issues of recent Direct Taxes applicable to Charitable Institutions.

Online Knowledge Initiatives

• Workshop on GST Law: This virtual workshop on GST Law from 16th January 2024 to 27th February 2024 is jointly organised by GSTPAM, AIFTP (WZ), BCAS, CTC, MCTC and WIRC of ICAI to share the vast professional experience and expertise of the faculties gained over years of professional interaction and study. Comprising 12 sessions on different topics of GST, the workshop will be of great assistance to members focusing on Indirect Tax.
• Executive Presence & Personal Branding for CAs: Executive presence and personal branding are essential for professionals aiming to excel in leadership roles. The program looks to ramp up executive presence through developing confidence, communication skills, appearance, authenticity and composure.
• WOW Series – Work Life Harmony for a Working Women: This session was focused on discussing strategies for maintaining and achieving work-life harmony in the corporate world with all women members.

NEST Café Session – Impromptu Speaking

The NEST Café sessions have been crafted to enable members to access new information to expand business overseas, learn new skills and in general to grow in a more comprehensive manner. The recent session focused on impromptu speaking. Members were provided highlights on how to make extempore speeches and were then invited to participate in a practical manner. Members appreciated the uniqueness of this initiative and look forward to more sessions organised by WIRC.

S. Vaidyanathan Memorial Lecture

“Approach to a Happier Life: आजीवन खुश रहने का मंत्र” was the topic of the S. Vaidyanathan Memorial Lecture organised by WIRC of ICAI. The speaker was Smt. Rajeshwari Modi (Raj Didi) whose insightful and inspiring speech highlighted the way for members towards a more holistic and contented life.

L. D’Souza Rotating Trophy

The Day & Night cricket match “M. L. D’Souza Rotating Trophy” between the Commissioner of Income Tax XI (CIT XI) and Chartered Accountants XI (CA XI) was a truly exciting display of skills and sportsmanship. CIT XI won the match and were felicitated by Chief Guest Shri Sanjay Kumar, Principal CCIT who presented the ‘M. L. D’Souza Rotating Trophy’ to the Commissioner of Income Tax XI.

“We Care” Alumni program for Senior Members

Good health is a vital factor in the quality of life. To that end, WIRC of ICAI created the "We Care" Alumni program designed exclusively for senior members of our esteemed fraternity. The Health Check-up Camp for CA Senior Citizens was organised along with lucky draw prizes which focused on additional health tests and diagnostics for all senior CA members in attendance. Senior CA members were provided health checks to ensure that related issues were diagnosed, identified and more importantly future issues were checked in advance. A Panel Discussion on the topic "What Next @60" saw spirited discussions on going from strength to strength personally and professionally post 60.

Blood Donation Camp

The WIRC of ICAI jointly with the Lions Club of Heritage galaxy organised a Mega Blood Donation Camp at Mira Road. 151 bottles of blood were collected from donors and given to the blood bank to enable them to distribute to needy patients.

Branch Visits

In the past month, Office Bearers of WIRC of ICAI visited the Akola, Amravati, Ichalkaranji, Sangli, Kolhapur, Dhule, Vapi and Kalyan Dombivali Branches of WIRC as well as the Khamgaon and Yavatmal CPE Study Circles of WIRC.

I am pleased to state that during our visit to the Akola Branch of WIRC we had the special privilege to inaugurate the Accounting Museum at Smt. Laxmibai Radhakisan Toshniwal College of Commerce in Akola and planting a symbolic tree to commemorate the occasion. We are grateful to the visionary Dr. R. D. Sikchi, Principal of Smt. Laxmibai Radhakisan Toshniwal College of Commerce for his remarkable efforts towards making this dream a reality.

As we enter 2024, let's rethink business through the lens of the ancient Vedic concept of "yagna," a ritual of offering and invocation. In this framework, every exchange becomes a sacred act, where the initiator ("yajaman") expresses their commitment ("Svaha!") and the recipient ("devata") responds with blessings ("Tathastu!"). This applies to shareholders, employees, customers – each interaction becomes a yagna.

Modern management often focuses solely on the transactional aspects, neglecting the human dimension. Imagine Sadhana, a fast-food employee forced to follow rigid procedures of communicating only in English despite knowing a better way to serve a customer such as speaking in the local language which is more comfortable for the customer. This reflects a "karya-karta" dynamic, prioritizing obedience over individual spirit.

The yagna emphasizes "bhaav," the emotional intent, which arises from the yajaman's perception of the devata and their own self-worth. Replacing the yajaman alters the exchange, impacting the outcome.

Therefore, the call is not to abandon modern methods, but to incorporate a "human touch." Businesses can learn from the yagna by:

• Valuing employees' feelings and intentions: Foster an environment where open communication and individual expression are encouraged.
• Recognizing the human heart of success: Remember that people, with their unique perspectives and contributions, are the driving force behind any thriving business.
• Striking a balance between efficiency and humanity: Modern systems can be optimized to empower individuals, fostering both productivity and employee well-being.

By integrating these principles, we can transform businesses into spaces where people feel valued, fulfilled, and empowered to contribute their best selves. This reimagined yagna approach has the potential to unlock not just business success, but also a more meaningful and human-centered work experience for all involved.

In the digital age, the accounting profession is at a crossroad. Embracing new technology and collaboration is crucial for survival and growth, but how can we do so while retaining the ethical core and human connection that define our profession? Enter the concept of "CTRL – S: Collaboration Technology Response Learning & Spiritual Connect (Guide)", where we proactively include:

Collaboration of knowledge via professional interactions and digital platforms, software, etc., become invaluable tools.

Technology for automation, analysis, financial insights in an ethical and responsible manner ensuring accuracy, fairness, and human oversight.

Response & Learning to become adaptable and lifelong learners to stay abreast of changes and access professional development opportunities.

Spiritual Connect (Guide) as mentors in order to infuse our work with a sense of purpose and responsibility because Accounting, at its core, is about stewardship, transparency, and upholding ethical values.

By embracing CTRL-S, the accounting profession can navigate the digital age with purpose, relevance, and a renewed sense of human connection.

Society, businesses and the nation looks to us Chartered Accountants to show the way ahead and hence all members should always remember Verse 21 from Chapter 3 of the Bhagavad Gita which says,

‘Whatever a great man does, other men also do; whatever standards he sets, the world follows.’

Once again, Thank You for all your support and look forward to walking step by step with you I the service of the Profession and the Nation.

CA. Arpit Jagdish Kabra

Chairman