MCCI
The Madras Chamber
The Madras Chamber of Commerce & Industry
MCCI
MONTHLY REPORT - APRIL 2021
The Madras Chamber
SCHEDULE OF VIRTUAL PROGRAMS - APRIL 2021
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1st April 2021 MAMC Arbitra�on webinar series 8: Session on Delay related claims in Construc�ons Projects
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8th April 2021 Virtual Presenta�on on “An Analysis of SEBI circulars, No�fica�ons and Proposals” issued in the month of March 2021
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17th & 24th April 2021 (April - May 2021) MCCI Cer�ficate Program On New Labour Codes
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7th April 2021 Webinar on Business Opportuni�es between USA and India
15th April 2021 Presenta�on on recent Schedule III disclosures and other amendments to the Companies (Accounts Rules ) 2014
23rd April 2021 Interac�ve mee�ng on Faceless Income Tax Assessment Scheme
28th April 2021 Interac�ve mee�ng on New TDS Provisions in Finance Act 2021
General Commi�ee Mee�ng
Expert Commi�ee Mee�ng
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MONTHLY REPORT - APRIL 2021
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MCCI
The Madras Chamber
1st April 2021 MAMC Arbitra�on webinar series 8: Session on Delay related claims in Construc�ons Projects
The Chamber under the auspices of the MCCI Arbitra�on, Media�on and Concilia�on Centre organized the Eighth Arbitra�on webinar series on Thursday, 1st April 2021. Mr.Rohit Singhal, CEO, Masin addressed the Session on the topic “Delay related claims in Construc�ons Projects”. Ms Madhumathi.C, Registrar of Arbitra�on Centre gave a brief introduc�on about the Chamber and the Arbitra�on Centre and introduced the speaker. Mr. K. Vaitheeswaran, Advocate & Tax Consultant and MAMC Governing Council Member set the context for the session. Mr.Rohit Singhal made a detailed presenta�on covering the Challenges in the Construc�on contract, the various reasons for dispute, types of delay and concluded with the essen�als required in the construc�on dispute. In the Q & A session Mr. K. Vaitheeswaran moderated the session and the queries of the par�cipants were clarified by Mr.Rohit Singhal . Mr. K. Vaitheeswaran, proposed the formal vote of thanks thanking Mr.Rohit Singhal for his detailed presenta�on covering the important aspects of delays and cited that arbitra�on is the best form of alternate dispute resolu�on. The Program was well a�ended by more than 60 par�cipants and the feedback was posi�ve.
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7th April 2021 Webinar on Business Opportuni�es between USA and India
The Consulta�ve Commi�ee of City Chambers of Commerce (CCCCC), currently having secretariat under the Tamil Chamber of Commerce scheduled a virtual webinar on Business Opportuni�es between USA and India on April 7, 2021 Ms.Judith Ravin, Consul General of US, Chennai; Mr.Manoj S Desai, Principal Commissioner Officer, US Consulate, Chennai & Ms.Kathrun Flachsbart, Chief of the Consular Sec�on, US Consulate, Chennai addressed the session and made presenta�ons on possible business opportuni�es between USA and India. Mr.Srivats Ram, President, MCCI introduced the speaker Mr.Manoj S.Desai, Principal Commercial Officer, US Consulate, Chennai. The webinar was open to all members of the CCCCC and it was well a�ended.
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MONTHLY REPORT - APRIL 2021
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MCCI
The Madras Chamber
8th April 2021 Virtual Presenta�on on “An Analysis of SEBI circulars, No�fica�ons and Proposals” issued in the month of March 2021
Under the auspices of the Company Law Commi�ee, the Chamber organized a Virtual Presenta�on on “An Analysis of SEBI circulars, No�fica�ons and Proposals” issued in the month of March 2021 on 8th April 2021. This presenta�on was arranged for the benefit of members to understand the no�fica�ons and circulars issues by SEBI Dr.B Ravi ,Chairman ,Company Law Commi�ee Introduced the speaker Ms. Anuradha, Partner, B Chandra Associates and set the context for the mee�ng. Ms. Anuradha, Partner, B Chandra Associates made a detailed presenta�on on the following:1.
Consulta�ve paper provisions rela�ng to Independent Directors
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SEBI (Annual Report) Rules, 2021
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Amendment to SEBI (Alterna�ve Investment Funds) Regula�ons, 2012
4.
Regulatory framework for reclassifica�on of promoter/ promoter group en��es
5.
Review of the Securi�es and Exchange Board of India (Lis�ng Obliga�ons and Disclosure Requirements) Regula�ons, 2015
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Review of SEBI (Delis�ng of Equity Shares) Regula�ons, 2009
In the Q & A session Dr B Ravi, Chairman Company law Commi�ee moderated the session and the queries of the par�cipants were clarified by Ms. Anuradha. Mr V V Naresh , Vice President - Company Secretary & Compliance Officer , Intellect Design Arena Limited proposed the vote of thanks. The Program was a�ended by more than 28 members of the Company Law Commi�ee and the feedback was posi�ve.
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15th April 2021 Presenta�on on recent Schedule III disclosures and other amendments to the Companies (Accounts Rules ) 2014
Under the auspices of the Company Law Commi�ee a “Presenta�on on recent Schedule III disclosures and other amendments to the Companies (Accounts Rules ) 2014 was organized on 15th April 2021. This presenta�on was arranged for the benefit of members to understand the disclosures and amendments Ms. Bhavani Balasubramanian, Chief Strategist -Diversity Evalua�on, AVTAR made a detailed presenta�on covering Changes in the disclosures by way of addi�onal informa�on to stake holders, Format changes –line items and auditors report. In the Q & A session Dr B Ravi, Chairman Company law Commi�ee moderated the session and the queries of the par�cipants were clarified by Mrs Bhavani Balasubramanian and Dr B Ravi.
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MCCI
MONTHLY REPORT - APRIL 2021
The Madras Chamber
Many queries related to share capital disclosure, ageing profile, unbilled dues disclosure, sec�on 123 interpreta�on challenges and MSME repor�ng were discussed and debated in detail. A�er the detailed delibera�on, Dr. Ravi informed the members that the representa�on will be submi�ed to the Ministry from company law commi�ee. The Program was well a�ended by more than 48 members of the Company Law Commi�ee and the feedback was posi�ve.
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17th & 24th April 2021 (April - May 2021) MCCI Cer�ficate Program On New Labour Codes The Chamber under the auspices of the HR and IR Commi�ee organized a cer�ficate course on New Labour Codes in the month of April & May 2021 to understand and to provide an overview of various labour legisla�ons with background and cons�tu�onal provisions. The Union Government converted 44 Labour laws into 4 Labour Codes. The objec�ve of the Cer�ficate course program was to discuss the key features of the 4 labour codes, understand the implica�ons of these Codes and the Dra� Central Rules, compliance & regulatory and provisions under these codes among others. Ms K Saraswathi, Secretary General proposed the welcome address on the Inaugural day. Mr.Shyam Sundar, Chairman, MCCI HR & IR Commi�ee briefed and highlighted about the course and the speakers who are from diversified fields. Leading experts from the legal and HR fraternity handled the first 2 sessions held in the month of April 2021.
Topic and Resource persons were as follows:- dealt in detail were •
Code on Wages - Mr Aditya Joshi, Advocate Pune and Mr F. Israel Inbaraj, General Manager, HR , Tata Consultancy Services Ltd.
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Code on Industrial Rela�ons -Dr.R.Krishnamurthy, Director, Industrial Rela�ons Ins�tute of India, Mumbai & Mr K Vi�ala Rao ,Management Consultant , Bangalore.
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MONTHLY REPORT - APRIL 2021
MCCI
The Madras Chamber
The course was well a�ended by more than 90+ par�cipants and par�cipants were from across Industries in India. The feedback was posi�ve and there are requests to conduct these courses on a regular basis with the necessary updates. The next 2 sessions on Occupa�onal Safety and Health and Social Security would be held in the month of May 2021.
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23rd April 2021 Interac�ve mee�ng on Faceless Income Tax Assessment Scheme
In the Union Budget 2019, the Finance Minister proposed the introduc�on of a scheme of faceless e-assessment and the department now rolled out the pan India Faceless assessment facilitates for all tax payers from August 13, 2020. In order to have the clear understanding of the process and to understand the ground level challenges and procedures the Chamber under the auspices of the Direct Taxes Commi�ee organized an Interac�ve mee�ng on "Faceless Income Tax Assessment Scheme on 23rd April 2021 (Wednesday through Cisco Webex Pla�orm. Ms K Saraswathi, Secretary General anchored the session. Mr.Aravind Srivatsan, Chairman Direct Taxes Commi�ee, gave the opening remarks and introduced the speaker Ms. Jahanzeb Akhtar IRS,Principal Commissioner of Income Tax (ReAC)(AU)-3,Income Tax Department, Chennai . He also informed that MCCI will be submi�ng the memorandum related to faceless assessment a�er the interac�ve mee�ng. Ms. Jahanzeb Akhtar IRS,Principal Commissioner of Income Tax (ReAC)(AU)-3,Income Tax Department, Chennai made a detailed address at the interac�ve session and informed that India’s Income Tax Department has been dependent on human tax assessment officers to assess tax returns filed by individuals. The Faceless Assessment scheme lays down the procedure to carry out a faceless assessment through electronic mode. From 13 August 2020, the e-assessment scheme of 2019 stands amended and hence known as the Faceless Assessment scheme. This is a game changer and new paradigm and the role of assessing officer has been disaggregated. The main aim is to bring in Transparency (T), Efficiency (E) and Accountability (A). The pla�orm will use data analy�cs, ar�ficial intelligence and machine learning (AI/ML) against tax fraud and tax evaders.
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MONTHLY REPORT - APRIL 2021
MCCI
The Madras Chamber
AI can offer new era of visibility into transac�onal data and unlock value, help manage risk, improve efficiency and provide cri�cal business insight. AI will be loaded with informa�on such as tax codes, case law and administra�ve guidelines, and will be able to make certain decisions on this basis. With the aim of making the tax system seamless, painless and faceless, a major step in this regard was the introduc�on of Document Iden�fica�on Number (DIN) wherein every communica�on of the department would carry a computer generated unique document iden�fica�on number. Further she elaborated the 4 important func�onality limbs to faceless and its roles namely assessment unit, verifica�on unit, review unit and Technical Unit. She admi�ed that there are ground level issues and many standardiza�on process are been done. Many learning and unlearning are been done for easing the implementa�on. Finally, she reiterated that the aim is to reduce the li�ga�on and focus on simplifica�on that will also make it easier for the taxpayer to respond to any income tax no�ce. In the Q & A session Mr.Aravind Srivatsan, Chairman Direct Taxes Commi�ee & Mr.Vikram Vijayaraghavan ,Co Chairman , Direct Taxes Commi�ee moderated the session . The structured Ques�ons pertaining to rec�fica�on, �me frame, video conferencing among others where put forth and the queries were clarified by Ms. Jahanzeb Akhtar. Mr. T R Kesavan, Vice President, MCCI proposed the formal vote of thanks. The Interac�ve mee�ng was well a�ended by more than 105 par�cipants and the feedback was posi�ve.
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28th April 2021 Interac�ve mee�ng on New TDS Provisions in Finance Act 2021
The Finance Act 2021 has a "Special provisions in the form of Sec�on 206AB and 206CCA for providing for a higher rate of TDS and TCS for non-filers of income tax return. The Chamber under the auspices of the Direct Taxes Commi�ee organized an interac�ve Mee�ng on "New TDS Provisions in Finance Act 2021", on 28th April 2021 (Wednesday through Cisco Webex Pla�orm. Mr. Srivats Ram, President, MCCI gave the welcome address and while introducing the Chamber, highlighted flagship ac�vi�es under Direct Taxes Commi�ee. He shared that on the direct tax landscape, various proposals were announced and to increase the tax base and plug non-filers, several measures have been announced. The Finance Bill, 2021 contains many provisions rela�ng to amendment and changes in various TDS and TCS provisions and it is stated to be effec�ve from July 1, 2021. Besides, certain provisions of the Income Tax Act have been amended which are related to compliance of the TDS provisions. He added that this session aimed at providing a unique opportunity to understand these provisions and get clarifica�ons from the Department. Mr.Aravind Srivatsan, Chairman Direct Taxes Commi�ee , gave the opening remarks and introduced the speaker Ms.Swapna Nanu Amba� IRS, Commissioner of Income Tax -TDS, Income Tax Department, Chennai . He stated that the queries will be compiled and it will be submi�ed as a memorandum from chamber.
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MCCI
MONTHLY REPORT - APRIL 2021
The Madras Chamber
Ms.Swapna Nanu Amba� IRS, Commissioner of Income Tax-TDS, Income Tax Department, Chennai made a very detailed presenta�on covering Finance Act 2021 & TDS Provisions. In the Q & A session Mr.Aravind Srivatsan, Chairman Direct Taxes Commi�ee & Mr.Vikram Vijayaraghavan, Co Chairman , Direct Taxes Commi�ee moderated the session . The structured Ques�ons pertaining to TDS were put forth and the queries were clarified by Ms.Swapna Nanu Amba�. Apart from the structured Q&A we had an open Q&A ques�ons wherein Mr.Vikram Vijayaraghavan compiled the queries posted by the par�cipants and Ms.Swapna Amba� answered the same. Ms K Saraswathi, Secretary General proposed the formal vote of thanks. The Interac�ve mee�ng was well a�ended by more than 89 par�cipants and the feedback was posi�ve.
General Committee Meeting: Regular GC mee�ng held on 2nd week of April (10th April 2021) Expert committee: 1.
Women Business Council Mee�ng -27th April 2021
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Other core Commi�ee Mee�ngs
Other meetings: 1.
Discussion Mee�ng to understand the UNIDO project proposal -12th April 2021
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President’s update mee�ng with GC members about the call with the Honorable Finance Minister - 19th April 2021
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Mee�ng with McKinsey on Chennai as a R&D Hub -22nd April 2021
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