Go on efficiently doing your duty at all times without attachment. Doing work without attachment man attains the Supreme. – Bhagavad Gita 3:19

Dear Colleagues,

Over the past eight months we have observed that the Bhagavad Gita lays equal stress on performing your duties while at the same time not having any expectations whatsoever of positive results, success, glory, etc.

In Chapter 3 on Karma Yog, Shri Krishna explains that no one can flee from action, that one should perform selfless rather than selfish actions, that selfless actions in the service of a higher ideal do not create bondage, and that performance of selfless action or yajna is the key to participating in the evolution of oneself and of the universe.

The above shloka is a step forward in that it emphasizes that while you must do your task efficiently, you must not be attached to your duty. As per this shloka, karma yoga should not be restricted only to a few aspects of life but the karma yoga mindset should eventually become second nature. In other words, it should be embedded in each and every action that we perform, from writing an email to eating our meals, we should remember to derive joy from the action itself rather than in the result. By implementing this in our daily lives we will begin to focus on doing the best in the moment and become detached from anticipation of results.

The question then arises that if one has to renounce the fruits of work, why should one be induced to undertake work which is always taxing?

Swami Vivekananda replies to this saying that in this human life, one cannot help doing some kind of work always. When a man has necessarily to do some work, karma-yoga directs him to do it in such a way as will bring freedom through the realization of the Atman. We also read in the Gita that we have to work and constantly work with all our power; to put our whole mind in the work, whatever it be, that we are doing.

Thus, it seems that for us Chartered Accountants, ‘Karma Yoga’ is the way forward for the simple reason that we are one with the profession and the profession with us. We are completely attached not only to doing our duty but doing our duty in a supremely efficient manner. 

National Conference on Capital Market

Organised by the Committee on Financial Markets and Investors Protection of ICAI and hosted by WIRC of ICAI this two day Conference saw India’s top investors, bankers and investment specialists give their insights on the Indian capital markets as well as how to understand and navigate the current and future markets to unlock the secrets of wealth creation. Their presentations as well as the Panel Discussion on the way forward were highly appreciated by all members of the fraternity in attendance.

Sub Regional Conference at Surat

The two day Sub-Regional Conference "Innovating for a Glorious Tomorrow" was hosted by Surat Branch of WIRC of ICAI and structured as a hub of knowledge and innovation, featuring renowned industry experts, thought-provoking discussions, as well as providing networking opportunities. From Tax and Audit systems to Technology, Data Protection & Security, the Conference covered all traditional and contemporary topics of importance.

Residential Refresher Course on GST at Alibaug

Organised by the GST & Indirect Taxes Committee of ICAI and Hosted by the WIRC of ICAI, this three day RRC on GST was conducted in Alibaug and saw enthusiastic participation from members wishing to get a better and deeper understanding of GST and all its nuances delivered by veterans of the profession.

Institute to Institute Connect - Meeting with Principals of Colleges

Organised by the WIRC of ICAI, this unique initiative created a bridge directly connecting WIRC with Institutes of Higher Education. The event discussed the different areas and opportunities under the New Education Policy and more importantly areas of collaboration between Colleges and WIRC keeping in mind the TEL -Students Skill Development Programs by WIRC for the benefit of college students across the Region. Understanding the need and importance of this initiative, over 100 Principals & Authorities participated at this event.

Upskill Knowledge on Financial Reporting Practice

Organised by the Financial Reporting Review Board (FRRB) of ICAI and Hosted by the WIRC of ICAI, the technical sessions at this Seminar highlighted the areas of Non-Compliance of IndAs and Non-Compliances of CARO 2016 for the clarification of members in attendance.

Actuarial Valuation of Employee Benefits & Valuation of Loyalty Points

Valuable insights into this topic as well as related subjects including Comparison of Disclosures under AS-15, IndAs 19 & IFRS, measurement and recognition under various standards, etc., were provided at this highly relevant seminar.

Guidance on Co-operative Empanelment

Renowned speakers representing the Government department as well as industry veterans from practice and members from across the Region participated in this interactive session wherein Co-operative Empanelment was discussed in order to provide better understanding to members in detail. The number of physical and virtually participating members crossed a huge number and I am proud to say ‘Abki baar, kiya 10,000 paar’.

Guidance for Trust Taxation including Form 10B/10BB and ITR

A comprehensive program to provide guidance for Trust Taxation, Form 10B/10BB, and ITR was conducted to guide as well as clarify the various aspects which are part of Trust Taxation. This program was welcomed as it strengthened the portfolio of services provided by our members.

Niryat Series

• Overview of Corporate Compliances (UAE): Members interested in expanding into the UAE took advantage to attend this session on Corporate Compliances (VAT and other compliances), Corporate Tax, Structuring of Business and Opportunities for Indian CAs in the UAE.

Workshops

• Workshop on System Audit: Providing the latest insights and techniques in System Audit, this workshop enabled members to enhance their skills and knowledge in this arena.

WIRC Online Knowledge Initiatives

• WOW Series – Valuation of CA Firm: The ongoing WOW series is attracting more members every week as this initiative continues to cover subjects becoming increasingly more important day by day. The topic ‘Valuation of CA Firms’ which was explained in a lucid and detailed manner was much appreciated as was evident by the large number of attendees.
• Internal Audit Symposium: This eight day symposium comprehensively and exhaustively covered all the relevant aspects of Internal Audit presented by veterans and industry experts for the benefit of all members.
• Tech Edge - Leveraging Machine Learning and Gen AI for Financial Analysis: Presenting the latest tech trends and innovations, this topic portrayed the far reaching impact Gen AI and ML would have on financial analysis as well as its implications for the profession.
• Prerna Series: The program on ‘Executive Presence and Personal Branding for CAs’ was presented to members so as to highlight the importance of developing a personality to take their career forward.

Inauguration of Accounting Museum at J.S.M. College, Alibaug-Raigad

It gives me great pleasure to announce that WIRC of ICAI recently inaugurated an ‘Accounting Museum’ at JSM College - the oldest college in the Raigad district. I thank all our members who undertook and succeeded in carrying out this mission.

Upcoming 37th Regional Conference of WIRC of ICAI

I take this opportunity to invite all WIRC members from across the Region to join us at the 37th Regional Conference of WIRC of ICAI. Based on the theme ‘Chaitanya – Igniting Knowledge, Empowering Excellence’, this Regional Conference will provide deep insights into the latest industry developments as well as provide a platform to network and connect with peers from across the Region and the country at one location.

In closing, I would like to leave everyone with a message from Swami Vivekananda which has always inspired me, “Perfection does not come from belief, faith or talk. Perfection comes through selfless work”.

CA. Arpit Jagdish Kabra

Chairman