Chairman's Communique

CA. Bhat Shivaram Shankar
  • Name:

    CA. Bhat Shivaram Shankar

  • Contact:

    9880633334

  • Email Address:

    blrchairman@icai.org

My Dear Esteemed Members,

It is a great pleasure for me to inform you that, Bengaluru Branch has secured the “Best Branch Award” for the year 2018-19 at SIRC level in the Mega Branch category. It is indeed a big achievement. I congratulate CA Shravan Guduthur, the then Chairman and all the MC Members and staff for their commitment and dedication in achieving this success.

Similarly, I am glad to inform you that, we have secured the “Best SICASA Award” also for the year 2018-19 at SIRC level in the Mega Branch Category. This is yet another big achievement. I congratulate CA Srinivas T, the then SICASA Chairman and all the MC Members and staff for their tireless efforts in this regard.

My Dear Friends,

As you may observe, people spend the valuable part of their life and keep themselves busy in doing activities for generating income or creating wealth. Including and not limited to me, many employees in corporates and particularly in software companies, work under tremendous pressure and that too, for prolonged working hours by withstanding work pressure and tension. It is true that, people tend to work very hard, take no rest, no timely food, untimely and inadequate sleep,  face challenges, difficulties and also risk their happiness, health and ultimately life also in extreme cases.  All that efforts are for the sole purpose of being “happy”. But, the irony is that, except that 'piece of happiness', they get everything else.  That kind of workaholic culture is not Indian culture. It is Japanese / US culture adopted by Indian educated crowd,

People in US, Japan and other capitalist countries treat life as business and want to create materialistic wealth every now and then thinking that, happiness lies in wealth.

But, we, Indians, treat life as an opportunity to be happy. We spend more time to relax, celebrate with family, relatives and friends and enjoy together. Hence, we find many festivals in India as compared to any other countries. We recognize many occasions for people to relax, enjoy and be happy. We find not only the materialistic wealth, but 8 types of wealth and they are called अष्टैश्वर्य and are positioned in the following order of priority :

1.            आयुष्य - Ayushya  (Life span)

2.            आरोग्य -Aarogya  ( Physical and mental health)

3.            अन्न - Anna (food)

4.            वित्त - Vitta  ( Money / Wealth)

5.            विद्या - Vidya ( Education/ knowledge)

6.            वृत्ति  (Occupation / Work)

7.            सन्तान – Santaana (having children)

8.            बल - Bala ( Power to rule)

So, the top most wealth is our आयुष्य (life span) and then आरोग्य (health) and then अन्न (food), thereafter  वित्त (material wealth), after that comes विद्या (education / knowledge). We give

6th place for वृत्ति (earning activities). सन्तान (having children is considered as wealth in the 7th place. The last wealth is बल i.e. power to rule.

It is very important to understand what is real wealth (ऎश्वर्य). We need to reset our perception about life and expectation in life. We have to care about all the 8  ऎश्वर्य, necessary attention and prominence need to be given for all the above अष्टैश्वर्य in the aforesaid order so that, our precious life will be spent in a fruitful manner and thereby be happy.

Happiness lies inside. But, people try to search happiness outside. We have to search the lost treasure in the place where it is lost.  If it is difficult to trace it inside us, it is impossible to trace outside.

My Dear Friends,

Now that, the hectic statutory and tax audit season is over. But, before we relax on that count, there is next due date ahead

i.e. GST Audit /Annual Returns and yet another due date ahead i.e. Transfer Pricing reports and related IT returns. One after the other. Due dates after the due dates. No end.

Many MNC corporates are having December as year end closing and many Members in Industry will get busy in US books closing and consolidation of India subsidiaries with US parent companies in the reporting currency under US GAAP. Lot of work to make Indian books to comply with US GAAP. They will start working for yearend closing from November itself on a very tight delivery schedule.

Hence, there cannot be a perfect time convenient to both Members in practice and in employment to attend to CPE programs. This year being end of the block year for completing CPE hours, Members are required to complete the required CPE hours before the end of December. Therefore, we at Bengaluru Branch are planning to conduct more and more programs to accommodate members to fulfill their CPE credit requirements and request members to register on for the programs at the earliest and it will help us to accommodate more members for each program.

Major Programs in the month of October 2019

Vidwath Sabha : Half Day Seminar on Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 was conducted on 5th October 2019 at Branch Premises. I thank CA. Jatin Christopher and all the eminent speakers who have shared their valuable knowledge and experience in this program.

Vidwath Sabha : One Day Seminar on FEMA was held on 11th October 2019. More than 100 plus members attended the same and got benefitted. I thank CA. Vivek Mallya, Seminar Co-ordinator CA. Chengappa Ponnappa, CA. Chidanand Urs & Mr. Gautham Gururaj, Advocate for sharing their rich experience.

Robotic Process Automation: A session on Robotic Process Automation – How RPA will be a Game Changer in the World of Finance was held on 22nd October 2019. Many members were benefitted. I thank CA. Janardhan Hebbar, VP Global Finance, Dentsu, who is an instrumental in implementing Robotic process Automation in Dentsu, for sharing his knowledge and experience in RPA implementation.

Tarka Sabha: A Technical Session on E-Assessments – Newly Notified Income Tax E-assessment Scheme – Legal and Practical aspects was held on 15th October 2019 at Branch premises. 108 Members were benefitted. I thank CA Narejndra Jain and other speakers for their valuable contribution.

Tantrajnan Sabha: One Day Summit on Information Technology “CAs Leading the Digital Transformation” was held on 25th October 2019. I thank CA. Narasimhan Elangovan, Seminar Co-ordinator and all the expert and eminent speakers for sharing their knowledge on Digital Transformation. 131 Members attended and were benefitted through the same.

Major upcoming programs:

Kannada Rajyotsava : In order to commemorate the richness and grandeur of our culture, Half day Program 3rd year “Kalaa Kruti” - Kannada Rajyotsava is being organized  on 02nd November 2019 at our ICAI Bhavan. Series of very unique and intellectual programs in Kannada are lined up and members are requested to enjoy the same.

Vidwath Sabha: One Day Seminar on Anti Money Laundering Laws & the Interplay with the Income Tax Act, 1961 is being organized on Friday, 8th  November 2019 at S. Narayana Auditorium, ICAI Bhavan.

Neeti Summit : A Special One Day Summit on Awareness on Code of Ethics – 2009 vs 2019 is being organized under the aegis of Ethical Standards Board of ICAI on 16th November 2019 at S. Narayana Auditorium, ICAI Bhavan.

Vidwath Sabha : Half Day Summit for Young Chartered Accountants is being organized jointly with CPA Australia on 15th November 2019 at S. Narayana Auditorium, ICAI Bhavan. These informative sessions are planned to provide more details on the MRA and sharing insights into the emerging trends in the accounting field in Australia & Public Practice Program to ICAI members.

Visharada: Two Day Workshop on Practical approach and important aspects of Companies Act 2013 & Amendment Act 2017 is being organized under the aegis of Corporate Laws & Corporate Governance Committee on Friday & Saturday, 29th & 30th November 2019 at S. Narayana Auditorium, ICAI Bhavan.

Online registration is open for all these programs and request all members to register at the earliest as number of seats are limited and there is increasing demand due to CPE target requirement .

Update on the new Initiatives of Bangalore Branch

Online submission for faculty : We are in the process of strengthening our faculty pool for Orientation ITT and MCS classes.  Interested members may submit application online in our Bengaluru Branch website. A systematic screening process will be adopted to screen and select suitable candidates.

Additional ITT lab. We have received 56 additional systems in the month of October for ITT Lab and with this, we have overall 300 + computer systems for our ITT courses (including 80 systems rented lab in VVN). With that, we can provide ITT facility up to 1,000 + students per month. Another 100 systems are yet to be received from HO. With that, we will be able to cater to the needs of all the students in Bangalore. With this, hope ITT related constraint gets resolved.

Career Counselling Program

        As informed in few of our earlier editions, we have taken the task of making career counselling program in minimum 100 colleges and requested members to volunteer and show interest to go to the college where you have studied and do career counselling program. However, though few members showed interest and we have completed career counselling program in  10 colleges as below:

Sl. No.

College Name

Handled by

1

Haranahalli Ramaswamy Institute of Higher Education

Hassan

CA. Pampanna B.E
CA. Raveendra S Kore
CA. Divya S

2

Govt. First Grade College & PG Studies in Commerce, Yellapur, 

North Canara

CA. Bhat  Shivaram Shankar

3

S.E.A College of Science, Commerce & Arts, K R Puram, Bangalore

CA. Divya S
CA. Sandeep S Kamath

4

Seshadripuram Composite PU College

CA.Swaranalatha T             
CA.Mridual Agrawal

5

Brindavan College, Yelahanka

CA.Panindra Gupta         
CA. Satish M

6

Christ Academy Institute for Advanced Studies & Christ Academy 
Junior College,
Mysore Road, Blore

CA. B T Shetty
CA.Anjan Babu

7

Vijaya Joythi Degree College

Bagalur, Bengaluru 

CA.Panindra Gupta

CA.Vishakha Manchi

8

BMS College

Basavangudhi , Bengaluru

CA.Raveendra S Kore
CA. Divya S
CA. Sudeep Shetty

9

Government First Grade College, Rajajinagar, Bengaluru

CA. Bhat  Shivaram Shankar

CA.Raveendra S Kore

CA. B T Shetty

10

Al-Ameen Institute of Management

CA. Md Abdur Rahman

 

We expect that more members will volunteer in this regard and contribute to reach 100 target before end of December 2019.

Friends,

Before signing off my message, I would like to solicit your continued friendly suggestions and co-operations as always in our efforts to serve for the cause of the profession in our race for relevance, ready for radical change and unleashing the potential.

Thanking you,

Yours faithfully,

Sd/-

CA Bhat Shivaram Shankar
Chairman