President’s Message | November 2023

Dear Reader,

Deepavali is here, and we’re all filled with excitement for the celebrations, having successfully met the income tax filing deadlines.  Throughout India, Deepavali is celebrated in diverse ways, called Laxmi Pooja in North India, but in our state, Karnataka in two days as Naraka Chaturdashi and Bali Padyami. In essence, every festival is a means to reinforce and nurture various forms of relationships while expressing gratitude to God for the gift of a wonderful life.

Coming to the theme of the year,” Re-craft yourself”. The theme is set to be achieved through 5D processes. In the last two months, our focus was on Discovering oneself. The next process is to Deliberate. In essence, every attempt would be made to involve in the process of prioritising the opportunities.

To achieve the desired results our actions should be aligned with our aspirations. We cannot desire east and go west. Unless we are tough on ourselves life will not be easy for us. If you want to be the pathfinder you have to be the pathbreaker.  Unless we prioritize our mission over personal preferences, it is not possible to fulfill larger purpose goals.

To be a Numero Uno, you got to be the best in what you do.  Learn more than what others know.  Do more than what others do.  Expect more from yourself than what others expect of you.  If you want Krishna beside you, then you have to qualify yourself as the best warrior.

1.Let us grasp the recent events that are pertinent to our profession

1.1 Exposure Draft on Accounting Standard on LLP:

The Accounting Standards Board of ICAI invites comments on the  Exposure Draft with the last date for submission of being November 27, 2023. Members are urged to share their comments as per details furnished in ICAI website.

1.2 GIFT City:

There is a likely enhanced opportunity for Indian and Global Chartered Accountancy firms to set up offices at the Gujarat International Finance Tech city. The Government may relax norms relating to serving non-financial clients from the firms set up at the International Financial Services Centre at GIFT City.  

1.3 Mera Yuva Bhat

Mera Yuva Bharat (MY Bharat), is a phydigital platform, launched on 31st October 2023,  as an autonomous body that will benefit the youth in the age group of 15-29 years. The primary objective of this platform is to develop young leaders and facilitates youth to connect with government initiatives and other activities of other stakeholders that engage youth.

2.Let us have a look at some of the events that have taken place during the last month.

2.1 Events at KSCAA:

At KSCAA, its activities of spreading knowledge continue persistently with webinar and seminars being conducted by various committees. The varied areas of professional interest were covered during the previous month with (i) Recent Supreme Court Judgments -Direct Taxes (ii) Steering through the recent trends on Transfer Pricing (iii) Court room series –u/s 16(4) of GST (iv) Equity Linked funding instrument & special terms in funding agreements (v) Succession planning 

2.2 Kannada Rajyotsava

Kannada Rajyotsava is an occasion to celebrate the unity and diversity of Karnataka, paying tribute to its language and culture. It’s a significant day for the people of Karnataka, and the entire state comes alive with vibrant celebrations and cultural expressions. During the Eloquent Professionals 145th Meeting, we celebrated Kannada Rajyotsava day as a mark of respect and to understand the linguistic diversity of Karnataka. The entire two-hour leadership and communication development platform was exclusively dedicated to Kannada language, including prepared speeches, impromptu sessions, and a guest address by a Past President. The participants were encouraged to speak in Kannada language. The forum’s captain also announced that for the entire month of November, the forum would operate in a bilingual style 

2.3 Trip to Galibore Nature Camp

The Leadership & Skill Development Committee effectively coordinated a nature walk and trekking excursion to Galibore, completed with coracle rides and bird-watching.

2.4 Mentor’s Meet:

From the words of Mahatria,

Basically, we have to shine the light of awareness on the blind spots repeatedly, not just once or twice.  Awareness has to penetrate deeply.

Anything the mind covers from our view is a blind spot. The first step in overcoming blind spots is to accept that there is such a thing as a blind spot.  Once this is accepted, next is to observe it in others, since we cannot observe it in ourselves.  We then have to assume we have a similar blind spot, though it may not feel so.  Maybe it is not there, but we need to eliminate that possibility.     Having a mentor, guide, guru or life coach is very useful in recognizing our blind spots and dealing with them.

The mentorship meeting for the term took place on 4th November, with the aim of soliciting advice and counsel from former presidents, senior members, well-wishers, and distinguished professionals in our field. The suggestions from mentors were carefully documented and will be implemented at the right time with diligence.

2.5 Interactive meeting with Bengaluru members of BCAS:

We organized an interactive meeting at Palace Club on 4th November, with Bangalore members of the Bombay Chartered Accountant Society. During the event, former presidents of BCAS encouraged the members to participate in the upcoming Mega Conference scheduled for January 2024, celebrating the society’s 75th anniversary

In response to members’ requests, the GST RRC originally planned for November has been rescheduled to a later date.

Please stay connected through our Website and WhatsApp to actively participate in every event of  KSCAA.

Before, I sign off, let me wish everyone a Happy and Prosperous Deepavali!!!


Happy Reading!


Yours’ Faithfully,

Sujatha G