Nagpur Branch of WIRC of ICAI recently organized a study circle titled “Knowledge ki Pathshala” under the Top 10 Series covering 10 latest amendments / judgements / advance rulings / any other important issues under GST, Income Tax & Corporate Law. The basic aim behind organizing this series was to update CA members about latest changes which need to be kept in mind for understanding law provisions and advising clients accordingly.
“You need to update yourself continuously to properly understand and interpret the law and accordingly then advice your clients” said Past President of ICAI, CA Ashok Chandak in his address as Chief Guest while inaugurating “The Top 10 Series”. The changes in law are frequent and a lot of notifications and amendments are done by way of various notifications, circulars, press releases and judgements in all types of laws.
Chartered Accountants are expected to be aware of all such changes on a regular basis. CA Ashok Chandak praised CA Saket Bagdia, Chairman, Nagpur Branch for their initiative of “The Top 10 Series” wherein all such relevant information is provided to members covering all the aspects.
CA Chandak covered all amendments and judicial pronouncements related to the month of April & May’21 in the field of GST. He comprehensively covered all areas in GST like – Issues regarding abolishing of GST Audit, Date extention, late fees waiver, reduction in interest rates, IGST relief for oxygen concentrator & remdisevir announced by government as Covid relief measures, GST on mobilization advance, Faceless ITAT, Faceless CESTAT, Dilemma about GSTR2A / 2B, about RCM provisions, Reversal of GST in case payment not made within 180 days, fast tag system and future of GST administration, Various Supreme court and Madras High Court Judicial rulings etc.
Chandakji cautioned members to exercise due precaution in interpretation of law.
“You need to follow all provisions of Income Tax Act meticulously and you need to enhance your drafting skills in this E-assessment era” remarked Past Chairman of ICAI, CA Rajesh Loya while speaking in “The Top 10 Series- Income Tax I”. There are a lot of changes and circulars along with various interpretations which needs to be understood properly by practising Members under Income Tax Act.
CA Loya covered all recent amendments in Income Tax along with various important judicial pronouncements to make members aware of the importance of referring to judicial pronouncements while appearing in appeals and appearing before the respected Income Tax Authorities.
“The responsibility of following Corporate Law provisions is primarily on the Company” remarked CS Khusboo Pasari, Chairperson, Institute of Company Secretaries, Nagpur Branch while covering provisions related to Company law under “The Top 10 Series” She covered all latest amendments which included extension in due dates of filing returns as well as relevant provisions of Company Law which needs to be followed by all CA professionals while finalizing the audits of Companies this year.
“CA represents alphabets of Trust” said CA Saket Bagdia, Chairman, Nagpur Branch of ICAI while welcoming the learning speakers on the forum of “The Top 10 Series” under Knowledge ki Pathshala initiative. “Updation of knowledge is of paramount importance in today’s E-world and every professional is expected to be aware of all changes in all laws”. It was with this intention this Top 10 series was launched. Nagpur Branch would continue to organize programs of relevance for benefit of members, he said.
Regional Council Member, CA Abhijit Kelkar recognized and appreciated the effort of Nagpur Branch led by CA Saket Bagdia. He termed the event as “Need of the hour”. Continuing Professional Education is the mantra of ICAI to regularly update members.
CA Jaydep Shah, Past President, ICAI praised the initiatives of Branch and urged members to regularly update all provisions of laws.
The Sessions for the days were coordinated by CA Akshay Gulhane, Treasurer, CA Kirit Kalyani, Immediate Past Chairman and CA Naresh Jakhotia, Coordinator for the series. Formal Vote of thanks was proposed by CA Sanjay M. Agrawal, Secretary of the Branch.
Prominently present on the occasion were CA Jiten Saglani, Vice Chairman & WICASA Chairman, CA Suren Duragkar, Past Chairman, CA O.S. Bagdia, CA Anil Parakh, CA Kirti Agrawal, CA Sandeep Jotwani, CA Umang Agrawal, CA Satish Sarda, CA Sudhir Surana, CA Kavita Loya, CA Aniruddha Shenwai, CA Makarand Joshi and a large number of members.