President’s Message | November 2022

Dear Professional Friends,

I am delighted to write after a short break of the Deepawali holidays and completion of the annual audit work. Let me start by wishing everyone a ‘Happy Kannada Rajyotsava’.

KSCAA conducted its first Intensive RRC on GST at Mysore on 4th, 5th and 6th of November 2022. The program was structured to delve deep into the law of GST and curate thinking which can be helpful in the professional journey of our members. The participants were segregated into different teams to a manageable size, the participative approach allowed them to work on the presentation and points for more than a month. The Teams were mentored to filter their thought process and percolate the understanding and thought process. RRC saw some of the best minds working throughout the night to get the best from the team. The overall experience was overwhelming to the association and as well as to the teams which were involved in making this programme a grand success.

The association is also coming up with ‘Intensive Training program on Appeals before ITAT’. The course would have mentorship, working on case studies, live cases and grand final event with real moot court for the participants to showcase their preparation. The mentors would be providing their time and effort to train our participants and it would be a lifetime experience for many to encounter such accomplished professionals assisting in journey of learning. The course is specially designed for those who intend to upskill themselves and specialize into ITAT. The programs like the RRC and this coincide to our yearly theme of create, where the mentors are ready to share their experience in a nutshell to participants and the relative outcome would be that of complement.

The Sports and Talent meet as an Event has just got more interesting and larger. The association has seen intense competition amongst professionals in badminton, Cricket, and other sports, now the celebration is spread over three days with badminton being carved out into a separate event. The Gala event of sports on 11th December would have a family day event with celebration for the family.

The association had submitted a representation on registration of Trust under the new Regime, where few trusts could not submit the forms due to the prevailing technical glitch, to provide further time as a one-time window. This was also done to ease the numerous requests which were prevailing with CIT(E) office as condonation application, and to provide relief of Section 115TD which would come to effect due to the operation of law. We are glad to inform you that our representation was responded to favorably by the department through a circular. Aside to this, the SC ruling in the case of Noble Education society has far-reaching impact on education institutions where the word “Solely” is clarified that the same be interpreted narrowly to mean only the “Primary” purpose, not allied purposes or activities.

As a part of complementing our Practicing members, the association is discussing with some of the Insurance/Health subscription companies to provide with reasonable and attractive Health insurance packages to themselves, partners, articles, employees, and their families. The whole idea currently is to provide a tech-based login and make a monthly subscription to our members with options for members for subscribing themselves. We will be coming back soon with an update on these processes.

I am also sad to inform that KSCAA has lost one of its Hardened supporter and silent well-wisher, CA. M C Ramakrishnan. On behalf of all KSCAA members, I pray to God for sadhgati to his soul. I convey our heartfelt condolences to his bereaved family members.

There is a very Famous Quote “Tell me and I forget, teach me and I may remember, involve me and I learn”, which is believed to have been said by Benjamin Franklin. It is first to have been said by Xunzi, a collection of Confucian philosophical writings “Not having heard something is not as good as having heard it; having heard it is not as good as having seen it; having seen it is not as good as knowing it; knowing it is not as good as putting it into practice”. Edgar Dale further explained this through his theory called “Cone of Learning”. This philosophy is very close to our profession in which we work in and, members wouldn’t relate the learning of books without practical training and maturity of learning better each time it is applied and learnt, rather practice gets us into deep thinking. By learning how to think differently and deeply, we will find that it is not only creative thinking but our critical thinking skills that vastly improve. This leads to higher levels of thinking and powerful problem-solving skills that simply did not have before. The programs like that of RRC and the moot court allows participants to explore themselves with live case laws and practices, which otherwise is not available to them.

News Roundup

Direct Tax 

  • CBDT condones the delay in filing of Form 10A up to 25th November, 2022 as per notification no. 22/2022 dated 1st November, 2022.
  • CBDT notifies for the public opinion on the proposed draft ITR which is a common ITR merging all the existing ITRs except ITR-7 as per F No 370133/16/2022-TPL dated 1st November, 2022.
  • CBDT as per circular no.21/2022 dated 27/10/2022 extends the due date of filing of Form 26Q for the second quarter of financial year 2022-23 from 31st of October, 2022 to 30th of November, 2022.

Indirect Taxes

Due dates are not yet over! I know you may have completed the Income Tax and Company Audit filings but GST Annual Return due dates are just around the corner, let us start preparing for the same. Let me also remind my fellow professionals that any amendments/changes in GSTR-1/3B for FY 21-22 can now be made in any returns filed up to 30th November 2022 so let us ensure that we close all our reconciliations prior to this date and incorporate such changes in the October 2022 GSTR-1/3B returns. I also want to take this opportunity to let you know that KSCAA conducted one of a kind Intense GST Residential Course at Mysore from 4th November to 6th November 2022. 40 Participants were divided into 4 teams and live case studies and some important GST topics were given to them, the teams were expected to present the topic before a panel of GST experts, experts comprised of CA Jatin Christopher, CA Rajesh Kumar T R, and Adv CA Sai Prasad. The program was well received and involved a good amount of brainstorming and exchange of knowledge.

Let me once again wish you all ‘Happy Kannada Rajyotsava’.

Happy Reading!

Yours’ faithfully,

CA. Pramod Srihari