Arpit Jagdish Kabra
Chairman
He whose every action is free from desire and hankering for sense pleasure, having burned all fruitive desires within the fire of pure knowledge, is called a learned man, or paṇḍit, by the wise.
– Bhagavat Gita (4:19)
We, at WIRC, are indeed fortunate to be surrounded by these learned men who are the experienced seniors of the profession. Simply by observing the approach to their professional and personal life we can discern the similarities between them and the description in the above shloka about the individual who has made tremendous sacrifices in ‘the fire of pure knowledge’ to emerge as a learned man.
The Ramayana also has many direct lessons for professionals like us. One such lesson is on the crucial role played by the experienced veterans as highlighted in the story below.
After Sitaji’s abduction by Ravana, a search party was formed comprising Jambavan – the most senior and wise member along with Hanumanji, Angad and a few other vanaras. The search party reached Rameshwaram, the southern tip of India facing Sri Lanka where Sitaji’s presence across the sea in Lanka was confirmed by Sampati, the elder brother of Jatayu.
The question then arose about crossing the sea to reach her. While the search party was discussing this challenge, Hanumanji was quietly thinking about how this could be done. Just then, he felt a reassuring hand on his shoulder and turned to see Jambavan standing beside him. The astute Jambavan had been watching Hanumanji and knew what was troubling him. “Do not doubt yourself, Hanuman,” he said. “You are the son of Vayu, the god of wind. You have the strength to move mountains and the speed to race across the sky. So, remember your true power and believe in yourself.”
With those words, the experienced Jambavan began to coach Hanumanji, reminding him of his many accomplishments, bravery and strength, and the times he had overcome significant obstacles. Hanumanji listened carefully and as his self-doubt faded away, recalled his powers. With renewed confidence, he launched into the air with a mighty leap and soared high above the waves to begin his quest to find Sitaji in Lanka.
If not for Jambavan, the most senior and wise elder, perhaps Hanumanji would never have realised his powers, enabling him to jump across the sea. Such is the power of positive mentoring. From that day on, Hanumanji’s leap across the ocean symbolised the power of self-belief and the importance of having a senior and experienced person to guide you.
Our senior CAs are like Jambavan who spot our hidden talents and help us bring it forward. In the 75th year of the ICAI, we express our heartfelt appreciation and admiration for the immense experience and wisdom possessed by veteran Chartered Accountants. Not only are their experience and wisdom invaluable assets but they serve as stellar mentors and role models, guiding and inspiring the younger generation of professionals in their journey towards excellence.
We acknowledge the dedication, perseverance, and lifelong commitment of senior Chartered Accountants in serving the financial industry and society as a whole. Their contributions have a far-reaching impact, influencing the economic well-being of organizations, governments, and individuals alike.
I am pleased to state that some of the events in the past month at WIRC witnessed the presence and expert insights of these stalwarts of the profession.
75th CA Foundation Day Celebrations
It is with great pride that I announce the commencement of the 75th Year of CA Foundation Day. On this great occasion we were pleased to have with us as Chief Guest CA. Ajoy Sadany, Inspector General and Principal Chief Security Commissioner (PCSC), Central Railway for the flag unfurling ceremony. CA. Ajoy Sadany was also the Chief Guest for our flagship musical celebration ‘Mile Sur Mera Tumhara’. 1st July saw the presence of large number of members from across the Region participating and enjoying the morning musical program of ‘Mile Sur Mera Tumhara’ as well as the evening ‘Cultural Rhythm’ dance and music celebrations.
ICAI StartUP Sphere at Jio World Centre
Jointly organised by the Committee on MSME & Startup and CDITS & WTO of ICAI and hosted by WIRC of ICAI, the ICAI StartUP Sphere brought together the startup community, partners, unicorns, influencers, founders, investors, leaders, and entrepreneurs to discuss a wide range of topics related to startups.
Present at the inauguration were Shri Uday Samant, Hon’ble Minister for Industries, Government of Maharashtra; CA. Aniket S. Talati, President-ICAI, CA. Ranjeet K. Agarwal, Vice President-ICAI, CA.(Dr.) Debashis Mitra, Imm. Past President-ICAI, ICAI Central Council Members & other dignitaries. Hon’ble Former President of India, Shri Ram Nath Kovind was the keynote speaker for the session “Towards Better Tomorrow” at the StartUP Sphere.
The two-day ICAI StartUP Sphere welcomed more than 5000 people from the startup community including investors, founders, entrepreneurs, exhibitors, etc., attesting to the eminence accorded to the Institute across the Indian business environment.
National Conference on ‘Gyan ka Amrit Mahotsav’
Organized by CPE Committee of ICAI and hosted by Vadodara Branch jointly with the Anand, Bharuch, Bhavnagar, Bhuj, Rajkot and Vapi Branches of WIRC of ICAI. This National Conference was a platform to exchange professional knowledge ranging from ‘Artificial Intelligence’ and ‘Notices & Assessments related to Foreign Assets’ to ‘Approach to GST Litigation’ to name just a few sessions. We were honoured by the presence of CA. Aniket S. Talati, President-ICAI and CA. Ranjeet K. Agarwal, Vice President-ICAI at this National Conference.
Direct Tax Refresher Course
Organised over a period of 15 days, this flagship Refresher Course of the WIRC was standing room only as members from across the Region attended the four physical and one virtual course. A wide-ranging deep-dive into Direct Tax, the DTRC not only covered vital sections with updates and amendments but more importantly, the veteran speakers’ experienced insights took the course to another level all together.
Importance of Accounting in Audit Trail, Audit Report, Certificate & Accounting Standards
While the importance, role and relevance of accounting in audit trail is known, in order to showcases the larger picture comprising ‘Applicability of Accounting Standards for Unlisted and Non Corporate Entities’ and ‘Presentation & Disclosure requirements in Financial Statements of Unlisted and Non Corporate Entities’, this event was organised which presented a complete overview for members.
Seminar on Labour Laws
To refresh as well as update member’s knowledge on ‘Labour Laws’ a one day seminar was organised which comprehensively covered this subject ranging from Employees State Insurance Scheme (ESIC) and Payment of Bonus Act to the Maharashtra Labour Welfare Fund Act and Maharashtra Shops & Establishment Act, pleasing all members in attendance with the knowledge disseminated.
Refresher Course on Co-operative Housing Societies
The three day refresher course on Co-operative Housing Societies systematically highlighted and answered all queries ranging from Management of CHS and Litigation to Audits, Redevelopment procedures and Role of PMC, providing practical material for members to provide higher level of services for stakeholders.
Workshop on Financial Modelling & Valuation
Financial modelling and valuation are essential tools for Chartered Accountants to analyse and assess a wide range of financial decisions, including investment analysis, M&As, project finance, risk management, etc., involving the creation of models of situations using relevant software. To ensure members’ complete understanding from the foundational to the modelling and analyses stage, WIRC organised this two day workshop as a strong resource for professional growth.
Direct Tax Aspects of Foreign Shipping Companies
Today, India is an essential part of the global supply chain and many foreign shipping companies are expanding their services in India. This program provided clarity to members in industry as well as professionals interested in this sector. The case studies supplementing the tax aspects greatly helped delegates get a deeper understanding of Direct Taxes as related to foreign shipping companies.
Sub Regional Conference at Goa
The two-day Conference saw presentations on important topics ranging from Direct Tax, Corporate Law and FEMA to the Code of Ethics, Company Law and Auditing Standards. The high member attendance was testimony to the high quality content presented at this Conference.
Panel Discussion on Investment Banking
Investment Banking is a tremendously dynamic as well as lucrative avenue for Chartered Accountants. However, clarity is needed how to make headway into this sector. To addressing this issue, WIRC organised a panel discussion on ‘How to Get Into Investment Banking’ which clarified many questions as well as gave direction on the way forward to enter the Investment Banking industry.
Insight for Social Stock Exchange (SSE)
Social Stock Exchange is a concept which can pave the way for new professional opportunities. To get a better understanding of this SSE and how to capitalise on the prospects therein, WIRC organised a program which provided the necessary background understanding into what comprises social enterprises, fund raising and tax benefits as well as professional opportunities for the same.
Demystifying TDS: Navigating Regulatory Compliance for Effective Tax Deducted at Source
TDS is a standard service provided by most finance professionals. At the same time, it is absolutely crucial to keep up with changes made to this most basic and essential aspect of taxation. Hence, WIRC organised a program on ‘Recent amendment and Practical Issue pertaining to TDS / TCS provisions’ which ensured that all members were apprised of changes and up-to-date on the same.
Crypto Currency
While the Indian Government India has not enacted any special legislation for the regulation of virtual currencies, it has amended its income tax laws to enable the taxation of Virtual Digital Assets to encompass virtual currencies. In order to get the complete picture in this regards, WIRC organised this event which provided the relevant information concerning the ‘Legal & Taxation Aspects of Crypto-currencies.’
International Yoga Day Celebrations
On 21st June, WIRC jointly with the Bharat Vikas Parishad celebrated the ‘International Day of Yoga’ with participating members in the presence of qualified instructors comprising Dr. Manjiri Puranik holding the yoga sessions at ICAI Tower, BKC and Yoga Instructor Hemangi Dani at Borivali to inspire members towards a more balanced way of life.
This year the WIRC is committed to work with all the study chapters and locations where there are CAs but lack support systems like study chapters or study circles. We have to empower them and work in these locations to conduct career counselling for students and work closely with trade associations to create a strong presence and branding for CAs at every tier across the country.
During the course of the past month, I had the privilege of visiting two important Study Chapters just prior to the July 1st celebrations viz. the Parbhani and Jalna Study Chapters of WIRC of ICAI wherein we connected with the enthusiastic members and discussed the way forward for these two locations. I look forward towards growing these as well as other mofussil locations and provide them the support to grow professionally.
Our esteemed President CA. Ankit Talati has set us the task of setting up reading rooms in every district across the country. Let us take this mission forward with enthusiasm and to that end, I request all members to support us in this duty and assist WIRC to strengthen professional infrastructure through the creation of Reading Rooms across the Region.
While we are celebrating our alma mater’s 75th year, it is essential for us to keep in mind that the success and respect we enjoy today is solely due to the profession. It has given us everything and on this special occasion I exhort each and every member to reflect, “Ask not what the profession can give you but ask what you can give back to the profession.”
In 2023-24, let us move forward with P.R.I.D.E. and dynamism by recalling poet Waseem Barelvi’s inspiring words…
I wish all members a Happy 75th CA Day and Year.
- Arpit Jagdish Kabra
Chairman